Beowulf Mining puts another £0.1m into Vardar Minerals

The AIM-traded firm said the transaction increased its ownership of Vardar to 41.5% from 40.1%.

It said the funds would enable Vardar to conclude its 2019 exploration programme, and to ready itself for starting DC-IP geophysical surveys in 2020.

“Following this autumn's announcements regarding Vardar's exploration achievements at Mitrovica and Viti, and the board's excellent visit to Kosovo, Beowulf has decided to invest a further £0.1m in Vardar and increase its ownership to 41.5%,” said chief executive officer Kurt Budge.

“Vardar represents a significant opportunity for the company to continue to invest in exploration.

“It's pleasantly refreshing to work in Kosovo, where, on the past year's evidence, Vardar has been able to make tremendous progress, get things done, and deliver real exploration success.”

As at 1104 GMT, shares in Beowulf Mining were up 3.2% at 6.45p.