Greenvale Energy : Receives R&D Tax Incentive Refund

19 July 2023

GREENVALE RECEIVES $0.465 MILLION TAX REBATE

Greenvale Energy Limited (ASX: GRV, "Greenvale" or "the Company") is pleased to announce that it has received a $0.465 million R&D Tax Incentive Rebate for the 2022 financial year.

The rebate relates to eligible R&D activities conducted on the Company's Alpha Torbanite Project in Queensland, which Greenvale is focused on developing as Australia's only sustainable, fully carbon offset producer of bitumen products.

The Australian Government's R&D Tax Incentive program provides companies with a tax offset for eligible R&D activities. The funds received under the R&D Tax Incentive will be reinvested into the continued development of the Alpha Project, most notably on the completion of the project's pre-feasibility study which is targeted for completion in the September 2023 Quarter.

Management Comment

Greenvale's CEO, Mark Turner, said: "Our Research & Development programs are essential in understanding the preferred liquefaction processing route at Alpha. Through these programs, we can ensure the Alpha Project will deliver a high-quality bitumen product while producing substantially less carbon dioxide than the traditional pyrolytic method.

"The receipt of this R&D rebate, when combined with our existing funds, puts the Company in a strong financial position to complete the pre-feasibility study on the Alpha Torbanite Project and commence pilot plant test work."

Authorised for release

The Board of Greenvale has approved this announcement for release.

Contact
Mark Turner	Nicholas Read
Executive Director, CEO	Media & Investor Relations
[e-mail]	[e-mail]
[phone]	[phone]

R E G I S T E R E D O F F I C E :

Level 5, Suite 6 189 Kent Street, Sydney, New South Wales 2000 | GPO Box 2733, Sydney NSW 2001 [phone] | [e-mail] | www.greenvaleenergy.com.au

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