Rare earths explorer Mount Ridley Mines (ASX:MRD) shares were unchanged today despite the company locking in a Canberra-led R&D tax rebate.
The company took in $1.003 million for research activities carried out through FY23.
The company had an existing $1.433 million in the back at the end of the December quarter, bringing the microcap’s humble cash holdings to around $2.5 million.
MRD inked the presence of high-grade REEs in clay-hosted geology on-site its flagship namesake project in WA.
Those grades were pulled from a single target which, at the time, reflected only one of eleven targets on geotechs’ radars.
One to watch.
MRD shares last traded at 0.2 cents.