@seaemayThe JMEI annual amount for the 19/20 Financial year was...

@seaemay

The JMEI annual amount for the 19/20 Financial year was capped at 30m, Core lithium got allocated 1.5m of this (found here https://data.gov.au/data/dataset/junior-minerals-exploration-incentive-credit-allocations), as you pointed out. So as part of the CR, CXO issued 48,807,821 new shares under the SPP to retail investors, and 129,808,860 to SI investors for a total of 178,616,681 million shares, which results in 0.008397 per share. A 15,000 purchase under the SPP would had got you 352,941, which in turn works out to be a JMEI return of $2,963.64. Issuing JMEI credits reduces the carried forward losses that CXO can carry - after having look at the annual report, our carried forward exploration losses actually decreased for the year because of the LRC payment, from the report in note 4:

"During the period, the Group received a payment in advance of $6.875 million from Lithium Royalty Corp (LRC) for the right to receive 2.115% of gross revenue from the sale of products from the Finniss Lithium Project. This has been treated as a credit to exploration as funds received represent the fair value for the disposal of a portion of interest in future production at the area of interest."

From the note, I can see where the 1.5m was applied to the exploration costs of Finniss, but perhaps because the LRC payment was applied against the same account, it reduces the amount that the company can pay out?