Ann: R&D Refund, page-2

$1.2 million! That's nice!

TNG FINALISES $1.2M R&D TAX
INCENTIVE REFUND
Set to further strengthen cash position to underpin ongoing
evaluation and development of Mount Peake Project
TNG Limited (ASX: TNG) is pleased to advise that it has finalised its
Research & Development refund claims amounting to approximately
$1.2 million under the Federal Government’s R&D tax incentive
scheme.
It is currently anticipated that the Company should receive payment
of the amounts claimed by early November, although the process
may take longer than anticipated.
Under the R&D tax incentive scheme, companies with a turnover of
less than $20 million which undertake research & development
activities are entitled to a cash refund of 45 cents per dollar spent on
eligible research and development in Australia.
This incentive provides direct assistance for companies like TNG to
continue their research and development activities with a view to
potentially building further value for shareholders.
TNG’s research relates to the commercial extraction of vanadium,
titanium and iron from vanadiferous titanomagnetite using the
Company’s 100%-owned TIVAN®
hydrometallurgical process. The
TIVAN®
process forms a key component of TNG’s Mount Peake
Vanadium-Iron-Titanium Project in the Northern Territory.
The R&D claim will further strengthen the Company’s cash
resources, enabling it to continue to progress feasibility and
development activities at Mount Peake.
Paul E Burton
Managing Director