Losses widen at Beowolf Mining

The price of shares in AIM-listed Beowulf Mining (LON:BEM) has risen by 1.92% to 6.62p (as of 13:30 BST) after pre-tax losses for 2018 rose by 31%. The company believes that the new Swedish government could allow work to resume at the Kallak North site in the near future.

Chairman Göran Färm commented: “During the year, we have made good progress in developing our various business areas.

“Most importantly, delivering a Mineral Resource Estimate (“MRE”) for our Aitolampi graphite project, and strengthening our position as a future supplier of natural flake graphite to Finland’s emerging battery sector.

“We have also widened the Company’s geographical and commodity reach, investing in Vardar Minerals, a base and precious metals exploration company with assets in Kosovo. We believe this to be an exciting opportunity for Beowulf that allows exposure to highly prospective exploration licences in the Tethyan Belt, and the chance to work with a highly regarded management team.

“For Kallak, it seems we are finally approaching a decision point on our application for an Exploitation Concession. In 2018, progress was thwarted, first by preparations for a Swedish general election, and second by the protracted negotiations to form a new Government. The Government is now back to business and we are assured that our application is being prioritised“.