(Alliance News) - Beowulf Mining PLC on Friday said it is set to make "significant" progress in the year ahead, as it reported a widened loss for 2020.
The Nordic-focused exploration and development company said its pretax loss widened in 2020 to GBP1.3 million from GBP428,707 in 2019. This includes wider loss in the last three months of 2020 to GBP588,317 from GBP167,618 a year prior.
Beowulf Mining explained the worsened loss reflects an increase in administrative expenses to GBP1.0 million in 2020 from GBP904,666 in 2019. Beowulf took a higher impairment charge on mine assets in 2020 of GBP98,799, up from just GBP10,270 the year before. In addition, the company recorded a GBP563,431 gain in 2019 on its investment in Vardar Minerals Ltd, with no such gain reported for 2020.
Finance costs in 2020 rose to GBP203,576 from just GBP410 the year before.
Beowulf recorded no revenue in either year, as it is still developing its mining projects.
"Beowulf has started 2021 with focus and the cash to fund investment plans across its diversified and attractive portfolio, with growth options in all business areas," said Chief Executive Kurt Budge.
"Beowulf has a busy year ahead and our intent is to make significant progress," added Budge.
Beowulf Mining shares were trading 3.6% lower in London on Friday at 4.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Beowulf (BEM)