Ann: Successful Junior Minerals Exploration Incentive Application, page-11

Did a bit of reading on the JMEI.

Approved allocation cannot be used directly by the company, it can only be allocated to approved NEW shareholders as a tax credit or franking credit.
New shareholders are classified as those that participate in a capital raise in the year the JMEI was allocated.

"This provides a significant advantage for explorers who are allocated credits by the Commissioner of Taxation (Commissioner) to go into a capital raise stating that they have the ability to distribute those credits to investors. Investors only qualify if they are issued new shares after the Commissioner has allocated credits to an explorer, within the income year in which the exploration expenditure will be incurred.In other words: explorers should apply pre-emptively for the JMEI if they expect a capital raise"

Therefore, DRE will have to undertake another capital raise before 30 June 2024 to allow the allocation of the JMEI (as a tax credit or franking credit) to those that purchase shares in the capital raise.

I do not wish to indicate that DRE will soon be doing a capital raise due to this, as we know they have the funds to get them through their plan for most of this financial year. I think it is VERY astute of DRE that towards the end of this financial year, when they will have to do another capital raise, that they can incentivise the raise by offering the tax credit/franking credit to those that invest in the capital raise.

DRE played the last CR very well as we know, I am sure they have a plan how to use the JMEI to the best of all shareholders (new and existing).

Chucky