Brisbane-based silica sands developer Diatreme Resources Ltd (ASX: DRX) has announced the receipt of a $226,894 cash refund, inclusive of $3,048 in interest, from the Australian Government. This rebate is provided under the Research and Development (R&D) Tax Incentive Rebate for the company’s 2024 financial year and is specifically related to Diatreme’s Cyclone Zircon Project in Western Australia. Diatreme Resources is an emerging Australian producer of mineral and silica sands. Its key projects comprise the Northern Silica Project and Galalar Silica Sand Project in Far North Queensland, located adjacent to the world’s biggest silica sand mine at Cape Flattery, together with the Cape Flattery Silica Project.
The rebate follows a successful application with the Department of Industry, Science, Energy and Resources (AusIndustry) under the Australian Government’s R&D Tax Incentive Program. The claim covers eligible R&D activities conducted by Diatreme throughout 2024, with a focus on developing new processes to extract high-purity critical mineral products from mineral sands at the Cyclone Zircon Project. Diatreme also intends to submit further claims for eligible R&D expenditure incurred during the current financial year ending 31 December 2025.
Diatreme’s CEO, Neil McIntyre, welcomed the rebate, stating that the funds would support further advancements at the company’s critical minerals projects, including Cyclone, as well as its Queensland silica sand projects. He noted that the Northern Silica Project, which was recently awarded ‘Major Project Status’ by the federal government, is currently undergoing a pre-feasibility study, finalising its EIS submissions, and progressing towards definitive feasibility studies.
Mr. McIntyre also highlighted the federal government’s commitment to R&D and its support for the development of Diatreme’s critical minerals projects, which are contributing to Australia’s clean energy transition. Diatreme is focused on advancing its mineral and silica sands projects to benefit all stakeholders, facilitating regional economic development in line with the government’s critical minerals strategy.
