Beowulf Mining reports narrower loss, solid development progress

Beowulf Mining announced reduced losses for the nine months ended 30 September on Friday, reflecting disciplined cost management and ongoing advancements in its core projects in Sweden, Finland, and Kosovo.

The AIM-traded company reported a consolidated pre-tax loss of £1.38m, narrowing from £2.39m in the same period in 2023, driven by reductions in professional fees, staff costs, and finance costs.

Exploration assets grew to £15.59m from £14.36m a year earlier, while cash reserves stood at £1.76m at the end of the period.

The firm noted cumulative translation losses of £2.18m due to a weaker Swedish krona, reflecting its significant exploration spending in the currency.

In Sweden, Beowulf advanced its Kallak iron ore project, achieving metallurgical test results confirming the production of high-grade, low-impurity iron ore concentrate exceeding 70% iron content.

The project’s pre-feasibility study and environmental permit application remained on track for the second quarter of 2025, with ongoing consultations addressing project parameters and potential impacts.

In Finland, work progressed on the Graphite Anode Materials Plant (GAMP) project, with a focus on water treatment process optimisation, achieving a 90% recovery rate for sodium hydroxide.

The pre-feasibility study for GAMP was expected in the first quarter of next year.

Additionally, post-period, the company secured €0.23m in grant funding for waste valorisation research, complementing the completion of a €0.53m Business Finland-funded project on graphite processing for lithium-ion batteries.

In Kosovo, exploration efforts at the Shala East licence included detailed soil and grab sampling, led by Beowulf's subsidiary Vardar Minerals.

Looking ahead, Beowulf said it was focussed on advancing its portfolio of critical mineral projects, with key milestones in Sweden and Finland anticipated in 2025.

“Excellent progress continues to be made across our two core assets, and we have a busy period ahead as we finalise the studies and environmental work,” said chief executive officer Ed Bowie.

“The consultation process for Kallak is in full swing with multiple meetings with stakeholders and relevant authorities.

“Completing the metallurgical test-work was a major step forward for the project, demonstrating that it can produce a market leading high-grade, low-impurity product.”

Bowie said that other technical studies in support of both the pre-feasibility study and environmental permit application were advancing on schedule.

“The majority of the test-work for GAMP is now complete ahead of the PFS, which is targeted for the first quarter of 2025.”

At 1003 GMT, shares in Beowulf Mining were down 0.13% at 18.98p.

Reporting by Josh White for Sharecast.com.