Please take this with a grain of salt, because when I worked for the CRA i did not specialize in mining.

Tax credits are usually non-refundable. this means they get applied when income is generated, and offset any taxes that become payable. As such i do not believe that this will ever be received in cash. that said i also believe that it stays on the balance sheet and should survive an acquisition of control (if one were to happen).

I do not know if there are restrictions on use of the tax credits. ie. income must be generated from mining operations or sale of mining assets (similar to how capital gains and losses get used).

I know it seems like there is more i don't know than i do know. Sorry about that. that said I will almost guarentee that it will not be refunded (i am 99% sure on that).

Nut (on holidays and still waiting :) )