Interim Financial Report
Perth, Feb 27, 2017 AEST (ABN Newswire) - The directors of Strategic Elements Limited submit the interim financial report of Strategic Elements Limited and its subsidiaries ("Consolidated entity" or "Group") (ASX:SOR) for the half-year ended 31 December 2016.
REVIEW OF OPERATIONS
The Company remains registered under the Pooled Development Fund program. Benefits for shareholders are described on the Company's website.
During the half-year ended 31 December 2016, the Company focused its resources on progressing the Nanocube technology held in 100% owned subsidiary Australian Advanced Materials Pty Ltd. Australian Advanced Materials has rapidly developed the Nanocube technology throughout the period, achieving a number of key development milestones. Research and development is ongoing in conjunction with UNSW and the VTT group in Finland.
Maria Resources has started work on the Officer Project with an initial reconnaissance trip completed late in 2016 and further exploration planned for early 2017. Strategic Materials has continued maintaining its New Zealand Exploration Permit whilst consultations are continuing on logistics and permit access.
During the half-year Australian Advanced Materials received $112,154 under the R&D Tax Incentive Program for Research and Development conducted during the 2015 financial year. Australian Advanced Materials and Maria Resources have successfully registered under the R&D Tax Incentive Program for research and development conducted during the 2016 financial year, consequently a significant proportion of research and development expenditure may be rebated.
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About Strategic Elements Ltd
Strategic Elements (ASX:SOR) shares are listed on the Australian Stock Exchange under the code “SOR”. The Company is registered under the Pooled Development Program run by the Australian Federal Government to encourage investment into SME’s. To assist Pooled Development Fund’s to invest and raise capital, the Federal Government enables most shareholders in a Pooled Development Fund to make capital gains and receive dividends tax-free.