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Beowulf: Unaudited Interim Financial Results and Management Update for the Period Ended 30 June 2019

The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the
public domain.

20 August 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Interim Financial Results and Management Update for the
Period Ended 30 June 2019

Beowulf (AIM: BEM; Spotlight: BEO), the Nordic focused mineral
exploration and development company, announces its unaudited
financial results for the six months ended 30 June 2019 and provides
a quarterly management update.

Overview of Activities in the Quarter

· On 1 April 2019, the Company announced a subscription for
13,636,364 new ordinary shares of £0.01 each to raise £750,000 before
expenses. Principally, the funds have been used for a follow-on
investment in Vardar Minerals Limited ("Vardar").

· On 2 April 2019, Beowulf informed the market that the Company's
Chairman, Mr. Göran Färm had written to Mr. Ibrahim Baylan, the
Minister of Enterprise and Innovation for The Government of Sweden
(the "Government"), regarding the Company's application for an
Exploitation Concession (a "Concession") for the Kallak Iron Ore
Project ("Kallak").

· The Company provided, on 15 April 2019, a management update on its
application for a Concession for Kallak and its investment in Vardar.

· On 16 April 2019, the Company announced a subscription for
8,695,652 new ordinary shares of £0.01 each to raise £500,000 before

· On 22 May 2019, the CEO attended a Quoted Companies Alliance
("QCA") Corporate Governance Workshop. The Company adopted the QCA
Code (the "Code") for Corporate Governance in September 2018, and the
Board is actively looking at the application of the Code's 10
principles, addressing areas of delivering growth, maintaining a
dynamic management framework and building trust with shareholders.

· On 31 May 2019, the Company announced its results for the year
ended 31 December 2018.

· Beowulf announced, on 3 June 2019, that drilling has extended the
higher-grade Western Zone of graphite mineralisation at Aitolampi.
The results from the 2019 drilling programme will be used to upgrade
the maiden Mineral Resource Estimate ("MRE") for Aitolampi.

· The Company provided, on 19 June 2019, a management update on
Kallak North, its continuing support for SME development in Jokkmokk,
the CEO's attendance at the third OECD Meeting for Mining Regions and
Cities held in Sweden, and developments with Vardar Minerals
following a visit to Kosovo by the CEO.

Post Period

· On 8 July 2019, the Company announced the CEO's attendance at the
Almedalen Political Week ("Almedalen") in Sweden, as well as an
outline of Beowulf's immediate plans for Kallak, if the Government
awards the Concession.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"The Company stated in April 2019 that it was reasonable to expect a
decision by the Swedish Government on Kallak before the summer.

"This statement was based on the extensive consultation work
undertaken by the Government before the Swedish election process got
underway in Spring 2018, and allowed time for the new Government,
formed in January this year, to `get up to speed'.

"Despite the Government's acknowledgment that the Company has been
waiting an excessive period of time for a decision, we are still
waiting, and with the holidays in Sweden coming to an end the Company
will be contacting the Government to understanding the causes of this
further delay. The Board continues to keep in mind all options at its
disposal for encouraging a decision.

"At Almedalen, I explained how ridiculous a situation is the Kallak
application process and how badly it reflects on Sweden as a country
`open for business', readily accepted when I explain the history to
Swedes I meet.

"However, this year, I also presented the Company's immediate plans in
the event the Concession is awarded, the completion of a Scoping
Study, the formation of a development taskforce with Jokkmokks Kommun
to plan for the resurgence of Jokkmokk, and the provision by the
Company of support for Sami entrepreneurs.

"It is invigorating to imagine the possibilities around developing
Kallak, for building a sustainable mining operation, and in so doing
transforming Jokkmokk, if you remove yourself from the politics,
albeit temporarily, and believe the Concession is imminent and that
we can soon get on with the `job in hand'.

"As we continue to wait for a decision on Kallak, Fennoscandian's
exploration team has been active in the field investigating other
graphite prospects in the portfolio, and the funds invested in Vardar
have been put to good use, with drilling and other exploration
activities continuing through the summer.

"We have a busy period to the end of the year. If we get a positive
decision on the Concession for Kallak, for which we have done
everything required, that will kick-start the project and multiple
workstreams for the Company. We are prepared and waiting to get

"I look forward to keeping shareholders updated with developments on
Kallak, Fennoscandian and Vardar."


· The consolidated loss held largely comparable for H1 2019
£434,626 vs H1 2018 £442,238. The movements largely attributable to a
lower share-based payment charge in the period, offset by an increase
in director fee costs, lower overall overheads, an increase in the
share of loss from associates and a reversal of a professional fee
accrual in the prior year.

· The £5,406 loss in the associate represents the share of
consolidated loss attributable to the owners of the parent from its
37.55% holding in Vardar Minerals Limited.

· The consolidated loss for the Q2 2019 was lower at £211,529 than
the comparative period (Q2 2018: £242,682) largely attributable to an
overall lower share-based payment charge and lower overhead costs in
the two operating subsidiaries.

· Basic/diluted loss per share for H1 2019 was 0.08 pence (H1 2018:
loss of 0.08 pence).

· £1,177,823 in cash held at the period end (H1 2018: £2,140,369)
· The translation reserve losses attributable to the owners of the
parent increased from £520,257 at 31 December 2018 to £835,102 at the
H1 period ended June 2019. Much of the Company's exploration costs
are in Swedish Krona which has weakened against the pound since 31
December 2018.



· On 2 April 2019, Beowulf informed the market that the Company's
Chairman, Mr Göran Färm had written to Mr. Ibrahim Baylan, the
Minister of Enterprise and Innovation for The Government of Sweden,
regarding the Company's application for a Concession for Kallak.

The letter highlighted the fact that the Company first submitted its
application in 2013. Since then, the case has been sent back and
forth between Swedish authorities and the Government, finding
themselves unable to award a Concession for Europe's largest drill
defined iron ore deposit, having issued exploration permits and
watched the Company invest SEK 77 million, drill circa 28,000 metres,
define a significant resource, and develop the Kallak project to
where it is today.

All this is against a backdrop of LKAB's warning, in October 2018,
that the ore in the Kiruna mine will be depleted earlier than
expected. The media spotlight put on the future of LKAB's operations,
and with this the attention paid to the importance of iron ore to
Sweden, further highlighted the absurdity of the Kallak situation.

· The Company informed the market, on 15 April 2019, that it is
actively communicating with the Government with regards to its Kallak
North application. It has been confirmed that the Kallak application
is being prioritised, and that the Government acknowledges that the
Company has been waiting an excessive period for a decision.

On 19 June 2019, the Company announced it is in regular contact with
the Government but has received no definitive timescale for a
decision to be taken on its application. The Government has confirmed
that the Company will be notified of its decision when markets are
closed, such that the Company can prepare an announcement to markets
in advance of trading re-commencing.

Beowulf also announced that the Company is continuing to support SME
development in Jokkmokk and, in the event that the Concession for
Kallak is awarded, has pledged an additional SEK 300,000 to the
Collaboration Agreement (the "Agreement") it has with Jokkmokks
Allmänning ("Allmänning"). Beowulf has previously invested SEK
500,000 in the partnership Agreement with Allmänning and is pleased
to continue to support SME development in Jokkmokk.

The main purpose of the existing Agreement is to invest funds and
support the development of SMEs in Jokkmokk. The funds will match
Allmänning's investment in Jokkmokks Log, a sustainable construction
company, which uses Allmänning timber production for wooden building
construction. Jokkmokks Log, which is adding value to locally
produced raw materials, could provide opportunities for training
local apprentices, and thereafter employment as its business grows.

The CEO attended the third OECD Meeting for Mining Regions and Cities,
organised to enable knowledge sharing, with a focus on developing
policy recommendations and standards that can help maximise the
benefits that mining can bring to a region or city. Since early 2018,
the Company has also been involved in the OECD's Rural Policy Review
'Linking the Indigenous Sami People with Regional Development in

At the meeting, learnings from past situations and experiences, what
works and what doesn't work, and ongoing challenges, such as gaining
acceptance by communities when it comes to mining development and the
importance of engaging with indigenous communities, were discussed.
In addition, global trends were presented, including the 'Circular
Economy' and the adoption of 'Clean Energy', and the impacts that
these could have on the future demand for minerals and metals.

In the context of all these ideas, the Company's Kallak project is an
ideal candidate for bringing together the best of thinking into the
development of a modern and sustainable mining project, that could
transform a community and a region, while leveraging the mining
heritage and harnessing the innovation that Norrbotten and Sweden

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