Miramar Resources Secures A$238K R&D Refund Boosting Whaleshark and Bangemall Exploration
Miramar Resources has received a A$238,456 refundable R&D tax offset for FY2025, supporting innovative exploration techniques at its Whaleshark and Bangemall projects. This non-dilutive funding strengthens the company’s cash position ahead of planned drilling and surveys.
- A$238K R&D tax refund received for FY2025 exploration activities
- Funding supports advanced methods targeting IOCG and Ni-Cu-Co-PGE mineralisation
- Over A$1 million in combined government grants secured since 2023
- Round 33 EIS co-funding of up to A$180K awarded for Whaleshark drilling
- Bangemall project to advance with ground EM surveys and rock chip sampling
R&D Refund Enhances Exploration Funding
Miramar Resources Limited (ASX:M2R) has bolstered its financial firepower with a A$238,456 refundable tax offset under the Australian Government’s R&D Tax Incentive for the 2025 financial year. This cash injection rewards the company’s innovative exploration and technical work focused on uncovering Iron Oxide Copper-Gold (IOCG) and Nickel-Copper-Cobalt-PGE (Ni-Cu-Co-PGE) mineral systems at its flagship Whaleshark and Bangemall projects.
The refund represents 43.5% of eligible R&D expenditure, reflecting the government’s commitment to supporting technical advancement in Australian mineral exploration. Miramar’s Managing Director, Marion Bush, highlighted how this non-dilutive funding complements nearly A$800,000 in Exploration Incentive Scheme (EIS) grants awarded since 2023, pushing total government-backed support past the A$1 million mark. This financial backing underpins ongoing exploration and working capital needs.
Whaleshark Project Drilling to Accelerate
At the Whaleshark IOCG project in Western Australia’s Ashburton region, Miramar recently secured up to A$180,000 in Round 33 EIS co-funding. The grant will finance aircore and reverse circulation (RC) drilling targeting large, shallow, high-priority anomalies identified through advanced Magnetisation Vector Inversion modelling completed in 2025. The project area benefits from proximity to significant infrastructure including highways, gas pipelines, ports, and existing iron ore operations, enhancing its strategic appeal.
Bangemall Exploration to Build on VTEM Survey
Miramar’s Bangemall project, spanning over 1,230 square kilometres across the Edmund and Collier Basins, continues to target Norilsk-style Ni-Cu-Co-PGE mineralisation. The company plans to follow up its 2025 airborne Versatile Time Domain Electromagnetic (VTEM) survey with ground electromagnetic surveys and rock chip sampling to refine drill targets. Previous co-funded RC drilling at Mount Vernon confirmed the presence of nickel and copper sulphides within mafic intrusions, validating the project’s prospectivity.
Miramar is actively seeking joint venture partners to accelerate discovery potential at Bangemall, aiming to leverage its strategic landholding in a region recognised by government geological agencies for its mineralisation potential.
Innovative Exploration Techniques Driving Progress
The R&D refund specifically supports Miramar’s development of new exploration methodologies designed to detect mineralisation beneath transported cover, a common challenge in Australian terrains. These techniques improve the identification of IOCG deposits at Whaleshark and fertile Ni-Cu-Co-PGE systems at Bangemall, positioning the company at the forefront of technical innovation in mineral exploration.
While Miramar’s broader portfolio includes gold and base metals exploration in the Eastern Goldfields and Gascoyne regions, this latest funding milestone underscores the company’s focused push to unlock value from its key projects with government-backed financial incentives.
Bottom Line?
Miramar’s R&D refund and government co-funding provide critical non-dilutive capital, enabling the company to advance drilling and geophysical programs that could materially enhance its project valuations.
Questions in the middle?
- How will upcoming drilling results at Whaleshark influence Miramar’s exploration strategy and capital allocation?
- What potential joint venture partnerships might emerge to accelerate Bangemall’s development?
- Can Miramar’s innovative exploration techniques translate into significant new mineral discoveries beneath cover?
