(Alliance News) - Beowulf Mining PLC on Monday said its loss narrowed in 2019 as it progresses the development of its projects in Kosovo and Scandinavia.
The mineral exploration and development company reported a pretax loss of GBP419,334 for 2019 compared to a GBP1.4 million loss a year earlier, as it has secured a GBP563,431 gain on acquisition. In comparison, in 2018, the company recorded GBP571,456 impairment of exploration costs.
"Exploration success, developing our understanding of copper and gold porphyry potential at both the Mitrovica and Viti projects, has provided the basis for continued investment and increased ownership, with Beowulf now owning 42% of Vardar," said Chief Executive Kurt Budge.
The Mitrovica and Viti projects are located in Kosovo and operated by Vardar Minerals Ltd.
Elsewhere, the company said its subsidiary Oy Fennoscandian Resources AB has had another strong year, as it reported an 81% increase in contained graphite at Aitolampi project in Finland following the most recent drilling.
In Sweden, Beowulf said Kallak remains its foundation asset, as the company has met the requirements of Swedish minerals & environmental legislation to be granted the exploration concession.
AIM-listed Beowulf shares were trading 4.3% lower in London on Monday morning at 4.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Beowulf (BEM)