Beowulf Mining Third Quarter Loss Unchanged As Operations Progress

(Alliance News) - Beowulf Mining PLC on Monday said it did not see much change to its loss in the third quarter, but operations continue to make good progress.

The mineral exploration and development company posted a pretax loss for the three months to September 30 of GBP311,899, essentially unchanged from GBP312,986 a year prior.

Beowulf noted that testwork on Kallak ore, its project in Sweden, has produced an exceptionally high-grade magnetite concentrate at 72% iron content with minimal detrimental components. Kallak magnetite concentrate would reduce the carbon footprint of traditional steel manufacturing, improve energy efficiency in any downstream process and reduce waste, Beowulf Mining said.

With regards to Kosovo operations, the company is planning a follow-up drilling programme to test the previously identified main anomalies for high-grade mineralisation.

Chief Executive Kurt Budge said: "All in all, we are making excellent progress in all areas of our business. Kallak is positioned as a future regional supplier to Sweden's nascent fossil-free streel making industry, a key part of Sweden's 'Green Transition'. Fennoscandian Resources has its part to play in the battery sector and the drive for electrification and Vardar shows potential as a new source of metals supply in Europe."

Beowulf Mining shares were down 7.7% at 6.00 pence each in London on Monday.

By Greg Roxburgh; gregroxburgh@alliancenews.com

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