- Dreadnought Resources (ASX:DRE) is the beneficiary of an R&D rebate from Canberra
- DRE takes back $2.1 million into its coffers
- The company is starting to ramp up 2024 operations
- Shares last traded at 2.1 cents
Polymetals explorer Dreadnought Resources (ASX:DRE) has won back $2.1 million from Canberra.
That comes as part of the well-established R&D rebate deal which gives companies the right to file a tax cut for advancing new technologies.
Dreadnought announced this morning the rebate “underscores Mangaroon rare earths”. This refers to the company’s Mangaroon acreage in northwest WA.
The explorer used the same announcement to generally highlight the strength of its Mangaroon project.
Calling it a “strategically important Tier I critical minerals project,” Dreadnought has outlined its intentions to fulfil Canberra’s desires elsewhere – namely, securing domestic supply of critmins.
“Use critical minerals to help Australia become a renewable energy superpower” is one of Dreadnought’s goals – and that isn’t fanciful talk.
The rare earth neodymium is well-known for being needed in large volumes in wind turbines and other like-for-like technologies.
How Australia will refine these commodities at home remains to be seen but no shortage of companies are in the space.
DRE shares last traded at 1.9 cents.