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I have not asked that question. Think they know what they are doing. :-)

In recent years, Talga has received extensive financial support in the form of direct grants and favorable loan financing, primarily from the EU and the Swedish state, to develop its graphite extraction and production of battery anodes.

Here are the key occasions when the company was granted support:

1. EU Innovation Fund (October 2024)

Talga was awarded a grant of €70 million (just over SEK 800 million) from the EU Innovation Fund for the construction of its commercial anode refinery in Luleå. This support is earmarked for technical solutions that contribute to the EU's climate goals and reduce dependence on imported raw materials.

2. The Industrial Leap (Industriklivet) – Swedish Energy Agency (October 2025)

The Swedish government, through the Swedish Energy Agency, granted support of SEK 82.6 million within the framework of The Industrial Leap. The purpose of the grant is to co-finance a project for the sustainable production of active anode materials from both natural and recycled graphite, to be validated on a near-industrial scale.

3. European Investment Bank (EIB) (June 2023 & January 2026)

While technically a loan rather than a pure grant (subsidized loan), the EIB has approved debt financing of €150 million for the Vittangi Anode Project. This financing is seen as a central part of the EU's effort to secure critical minerals and was recently re-confirmed as a cornerstone of the company's financing plan ahead of the production start.

4. Strategic Status under the CRMA (March 2025)

In 2025, Talga's graphite project was designated a "Strategic Project" under the EU's Critical Raw Materials Act (CRMA). While this does not represent a direct cash injection in the form of a grant, it provides the company with prioritized access to financing opportunities and accelerated permitting processes throughout the Union.

Paragraph 2 is more Sweden-related, Grafintec is, in the Finnish enviroment, seeking the previously mentioned loan at, in practice, 1% interest of 70 million SEK and a directed issue in Grafintec of 50 million SEK to build its demo facility. From there, further support is sought. Grafintec is actively working within the framework of the EU's Critical Raw Materials Act (CRMA). Grafintec has expressed a clear intention to apply for status as a Strategic Project for its graphite anode material (GAMP) facility in Finland. The deadline for applying for this expired the other day, 15 January. It is reasonable that self-financing plus a loan during the year will be something that will start the demo facility for anode manufacturing and trigger support within these frameworks for the construction of the final production facility.

Investing in Beowulf is perhaps to have an idea of ​​the possibilities for external support for graphite as anodes in batteries.

We have several examples in real world where, par example, Sintana n o t became diluted because the had a lookalike 3b/4B deal when Total entered their concession.

The appraisals have to be done. And further more, we separate recoverable from insitu, oil in ground. All things said before we know if there is a deal with the Guyana gov on parts of the Orinduik block.

I sold at 40 cent in Canada. I was wrong about the sentiment. It is not my intention to be in some kind of lookalike bitter debate here. Good luck to all!

You can't count Joe and Jethro as being 20%, you have to make a Total - 3B/4B calculation. There you have the percentage for the netvalue. Or, before producing, you make a choice of the value in ground per barrel, a story convincing other majors than Total and Qatar. Majors with other "strategic reasons".

The option to become the operator of Orinduik expires in a year, in block 1 in S A it is half the time and double the price.

The risk here is that Guyana wants to see a new player with new, more profitable rules than those that ECO had in Orinduik. This could lead to conflicts and possibly ending up in court. We'll see.

ECO is no longer at 7 p. The path from now on will be influenced by relative valuations of similar companies. I have previously suggested Sintana as a reasonable comparison object.

After 7 years I sold ECO, we'll see if I did the right thing. I have instead invested and am now writing about another company on AIM with a touch of "7 p valuation". Couldn't help but mention it given Brightspot's happy exclamation: "No better risk/reward play on AIM as is Eco."

Humility is a virtue.

I went modern and asked Google's AI three questions, one after the other.

1. What are the various forecasts for the supply of car batteries that require graphite anodes?

Then:

2. Why are battery prices expected to fall?

And then:

3. How does the price of refined graphite relate to this price drop for batteries?

Don't know if the answers are identical when searching in English, but many suggestions for interesting sources on the subject.

Summary: Battery prices are expected to fall and the price of graphite will rise.

You are right, Pocko, actual action is the only thing that matters.

What does that mean, to me?:

1. Finalize the financing plan regarding Beowulf's ability to submit its EIA without dilution through the sale of the Vardar project.

2. Make a private placement in the subsidiary Grafintec for 5 million Euros and support its efforts to obtain 7 million Euros as a loan with a subsidized interest rate of 1%. And - let's see the start of a demo plant for anode manufacturing for batteries in Kotka, Finland.

I see that over 70% of the shares are on Nasdaq in Stockholm, ticker BEO. There are just over 60 million shares at a valuation that would be if the financing were not successful. But in Sthlm, the last few weeks the lows have been higher every time. Upward breakout in progress?

I hope I'm not completely exhausting you. :-)

I'm collecting some texts here in the same thread so it will be easier to find them again. (For those interested in reading the Supreme Administrative Court's ruling, see Avanza's page where that link is included.) This is an old text I wrote on Redeye that might bring som light over the matters in the EIA. Do your own google translation.

https://community.redeye.se/posts/analys-userreport-beowulf-liten-tuva-valter-stort-lass-0/

Wrote this some days ago on Avanza, Placera forum. Google translation from Swedish:

The next step towards the mine is not a political process

The Land and Environmental Court in Umeå will handle Beowulf's environmental application for Kallak. The Environmental Impact Assessment (EIA) in the Environmental Court is fundamentally different from the process for a mining concession.

Mining concession (Mineral Act): This process has historically had a significant political element. In the event of disagreement between the Mining Authority and the County Administrative Board, or in the event of appeals of principle, the decision ends up with the government. The Sami community then appealed the government's decision to the Supreme Administrative Court, formerly the Government Court.

EIA and environmental assessment (Environmental Code): The assessment in a land and environmental court is a purely legal process. The court in Umeå assesses whether the application and its EIA meet the law's strict environmental requirements and technical specifications. The court is independent and does not take political considerations into account in its ruling.

In summary, the application for a mining concession is a mixture of the exercise of authority and political decision-making, while the environmental assessment is a strictly legal process in court. This is important because the time frames used by the court are tight to avoid delay from any party. The slightly exhausted sentiment on this debate page may be able to be made to look up: Now the delaying tactics will end, the court sets the time frames.

Kallak will be an open pit mine. You will have cheap mining costs, ore clean from contaminants and a final product with almost 70% pure iron to sell at premium prices.

If Beowulf raises capital via the financing plan, it can submit an EIA for Kallak this year. Various consulting firms are working on their respective field measurements. An interesting competition is arising internally, which of the two projects Grafintec in Finland or Kallak in Sweden will be closest in terms of cash flow?

I must admit that I have probably underestimated the work that has been done during the 20s at Grafintec. Grafintec is not, at the moment, running a mining start-up with its longer processing times, but the start-up of an industrial plant for anode manufacturing with support from the Finnish state both financially and in permit issues.

Should we guess that Kallak has its EIA approved at about the same time that Grafintec's demo plant has proven credible for prospective car battery customers, the second half of -27? Will Beowulf let partners into Kallak already at the end of -26 in exchange for them carrying Beowulf through the EIA and drilling up the tonnage, e.g. 25% of Kallak in exchange for a couple of times larger tonnage after drilling? Or do you wait until after the EIA to get more out of a partner? Should Grafintec pay Kallak or Kallak pay Grafinte

One more thing about the Finnish business:

The Chinese dominate the battery market, but in Finland they are making a chess move:

The Chinese want to avoid EU's customs duties/tariffs, so they are establishing themselves with a large factory in Finland in one of the support areas identified by the state, namly the town of Kotka. And guess who has booked the land as their neighbor. :-) - Yes, it is Grafintec. By the way, other players in the battery industry are also there, attracted there by the conscious policy of the Finnish state and the EU.

https://battery-news.de/en/2025/03/28/construction-of-finnish-cathode-material-plant-to-begin/

I read Pocko's last 20 posts on this page.

-You have my full respect. I sold when I believed on legal grounds that the mining opponents would succeed in postponing the mining start for a long time. I saw the Vardar project as a sign that K Budge saw the matter the same way.

The upcoming financing is based on the Finnish operations in terms of value, the sale of Vardar is a smaller part in terms of value.

I think it is wise to use relative valuation in this phase in a sharp situation, e.g. Talgas' market value. However, the valuation against other iron mines with similar products is more complicated due to different costs to reach the refined product. All other things being equal, the relative valuation of building an anode plant seems easier to value in my opinion as there are fewer moving parts that can go in other directions than expected.

That said, perhaps my headline about minimal dilution in Beowulf should be given a self-critical evaluation: A dilution in Grafintec is a dilution in what , maybe, takes us fastest towards a cash flow?

Both Kallak and Grafintec can be used through a partnership agreement with the decisive intention of generating cash for the other project. We have been used to only talking about Kallak, perhaps we need to think about that matter?

I see leverage in the upcoming year: First a successful financing, then a construction of the pilot plant in Finland and the submission of the application for an environmental permit for Kallak. Both of these steps are value-creating. Taken together enough for me to reevaluate the situation and being invested here again.

News that brings the company closer to cash flow is probably considered by many in the market as value-creating.

Events that extend the distance to cash flow show the opposite. Is it too simple?

The processing concession gave Beowulf exclusive rights to Kallak's ore. It gave a value boost. The delaying tactics of the mining opponents resulted in lost time and also worse finances for Beowulf. Everything is in Beowulf's chart.

Now they want to make new financing in order to be able to submit an EIA, with minimal dilution. If that financing is successful in the spring, I believe it will be considered value-creating. I think it will be visible in the chart. Despite the fact that there are 2 years to cash flow. As mentioned, Talga, which is at the end of its demo phase for its facility in Luleå, is valued at 11 times Beowulf's market value.

Wrote this on Avanza, Placera (Excuse fore the Google tranlation.):

In the Finnish financial environment, the "base interest rate" is equivalent to what is called, peruskorko,

Here are the details of the base interest rate in Finland:

Current level (January 2026): The base interest rate is set at 2.25% for the period from January 1 to June 30, 2026.

Definition: It is an administrative interest rate set by the Finnish Ministry of Finance twice a year (in June and December).

Calculation basis: It is based on the average of 12-month market interest rates (Euribor) over the previous three months, rounded to the nearest quarter percentage point.

That is, Grafintec can borrow 7 million Euros with a good margin at 1% interest ( 3% under the current interet rate, 1% as a floor) . The sale of shares in Grafintec will bring in 5 million Euros. "Beowulf is expected to retain a significant majority holding post the equity raise."

The financing of Grafintec will enable the company to demonstrate the scaling up of the company's processes. "Successful completion of this phase in the project's development will enable Grafintec to secure off-take agreements with end users, underpinning the financing of the full commercial plant." This phase is estimated to take 1.5-2 years after financing.

Beowulf has an interested actor who is making a DD to buy the Vardar project for 4 million Euros. Here we may get the first announcement of the financing plan.

This means that Beowulf makes 5+4 million Euros visible for its operations. In addition, the subsidiary will receive a loan with 1% interest. (The 5 million in Grafintec will be diluted to a degree we see after the share sale in the company has been made.)

Total: Beowulf's two operations after the sale of Vardar will receive cash of 4+5+7 million Euros, i.e. 97 million SEK plus 75 million in loans at 1% interest.

Beowulf's market value before the results of this financing are completed is 88 million SEK. Beowulf has almost 60 million shares before the financing. If the lender redeems the warrants, the number increases by 4,329,004.

I think the point is that heavy oil will start to flow even more to US refineries.

Love turnarounds. Beowulf now has two substantial projects with crucial news during the year, market cap in Sweden under 100 million SEK.

It was many years ago last time, I participated in Sweden with the signature "gruvgunnar" on Avanza and Redeye. My signature on Avanza disappeared when they took a break with the site, then someone else took the signature. :-) . Now I will write under "resonera".

I liked the bridge financing, especially the paragraph that the lender has the right to subscribe for warrants at a price close to today's price. This indicates that the lender believes that Beowulf's financing strategy will succeed.

I have chosen to believe in that signal from the lender. I bought some in Sthlm. My research has so far been around the Finnish business which in its current form has developed a different technology to produce the refined product. Smart to buy time by choosing to buy the raw material first. Will be a race against Talga's business in Luleå. Talga's market cap is 11 times larger than Beowulf's. Although Beowulf has one more leg: They will submit their application for an environmental permit for Kallak at the end of -26. That court will not accept delays from individual actors. - It will be exciting to follow. :-)

I wont go into detail in what you write, e.g. gross 20% WI versus 4.9% net carried to production. I will refrain from arguing.

ECO has to show consent from the government and a successful appraisal. With heavy oil.

I think there may be good conditions for production. The comparison made with the Norwegian field is not a valid comparison as the geology is different in the two fields. But the apple must be tested before we know how it tastes.

I have let ECO turn at this level a few times as a long holder. But not this time. There will be new opportunities. Good luck, everyone!

Ijwt,

Take a broader outlook.

It is not, in my opinion, OK that ECO have the same market cap as Sintana Energy. No need for further explanations for those following the news from the

market. Sintanas oil is of high quality and have not the reported problems you might find at the Venus find.

Just a gross valuation. Both Co have upcoming interesting targets. But we are where we are. Sintana already have the majors in the boat.

Sintana Energy.

Jethro and Joe, oil characteristics:

https://www.ecooilandgas.com/wp-content/uploads/2019/11/20-11-19_ECO_10_20191120_technicals_on_heavy_oil_Hannam.pdf

Quite obviously, the whole agreement has given the company's value a boost for the future?

From 3B/4B being our most valuable asset, Orinduik has now become the best one. Again. :-) Because of the deal.

The agreement is a whole, that's an important point. Of course, one could wish that Block 1 had a carried well, but then we wouldn't have had the percentage that we have now. Who knows what resources ECO will have when it's time for Block 1 to be drilled. :-) Maybe it's a strategic move? Shell's entry the other day into the neighboring license is interesting.

You're right that the Walvis basin needs to prove its potential. That's also reflected in the structure of the agreement.