Beowulf Mining narrows loss as it cuts costs in 2024

(Alliance News) - Beowulf Mining PLC on Friday said 2024 marked a year of "excellent progress" as cost reductions improved its bottom line, and its core assets progressed amid a challenging market.

The Nordic-focused mineral resource developer said its pretax loss narrowed to GBP1.8 million in 2024 from GBP2.9 million the previous year.

Driving this improvement was a reduction in costs, as administrative expenses fell 34% to GBP1.7 million from GBP2.5 million, and finance costs were down 69% to GBP61,334 from GBP197,724.

Impairment of exploration assets also fell markedly, down 79% to GBP72,563 from GBP350,158.

Beowulf Mining said it made "excellent progress" throughout the year at its core assets, as it made headway on its pre-feasibility study at the Kallak iron ore project.

"Metallurgical test-work has demonstrated that Kallak has the potential to produce a market-leading concentrate that should command a significant premium as the steel industry continues towards decarbonisation," said Non-Executive Chair Johan Rostin.

He added that other elements of the PFS have finished or been "significantly advanced", including mineral resourcing.

For the Grafintec project, Beowulf mining noted the conclusion of the Graphite Anode Material Plant PFS following the period end, with this "marking a major milestone".

It added that it continues to assess sites for Gamp, noting the next steps of pilot testing and completion of a definitive feasibility study.

Beowulf Mining further noted its recent equity raise from earlier this month, in which it raised approximately GBP2.1 million to advance its assets.

"The market has been challenging but the company and its assets continue to make significant strides and I remain confident that with the support of our shareholders and stakeholders, the future for Beowulf is bright", added Rostin.

Shares in the miner were up 4.0% at 11.44 pence on Friday morning in London.

By Christopher Ward, Alliance News reporter

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