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News will be the ultimate driver, although a little speculation never hurts!

Early days yet; And I think it’s purely speculative, based on the expectation of an early decision. But it is looking very positive...

It looks that way... clearly the post taken from Redeye is just theoretical and should be treated with a degree of caution. But, We know what’s in the ground, we know the state of play with Lkab and dwindling ore resources, and we know that we now have a government. We also have a competent management team. So yes, it’s taking shape!

I’d hope for a slow build-up from here... it dropped back last week, and has breached those highs in Sweden this week. So here’s hoping...

Early days...

Pleasure...

Might be a while... it’s just one order too.

True... cheeky little sell orders just below 0.8 keep popping up. Either way, there’s plenty of interest...

There was 12 sell orders at 0.8... some still to go through. Not so many buy orders at around 0.78/9. So probably... lol!

Another for the filter...

Beat me to it Suzy2...

He’s put out lots of stuff on Avanza and on the FB page... you know an awful lot for someone that until recently didn’t seem to know what an RNS was

‘Halve’... damn iPhone!

Exactly... half the numbers and I’d be very happy. This is exactly why we invest... it’s a one-in-a-lifetime project as far as I’m concerned.

Part 5 Course development in the coming weeks. We believe the share price will rise towards SEK 4-5 within a few weeks. We believe that the first real impulse is about SEK 2, which is likely to happen shortly before the market understands that the decision on processing concession is imminent. We believe that the Beowulf Mining share is a great value for money, with the potential to increase several 100% in both the short and long term. We even believe that Beowulf can become a new "public share", unless purchases are made Disclaimer. We own shares in the company. The analysis should only be considered as information and not as a purchase recommendation. Before any investment, the council is given the opportunity to obtain its own information. All trading in shares entails risk, decisions are made at their own risk. https://www.redeye.se/arena/posts/beowulf-en-chans-man-inte-faar-missa-uppsidan-aer-flera-100

Part 4 Valuation. Assume that the mining takes place over 20+ (14 + 25) years and 10Mt / year, so it gives an annual turnover of about SEK 6 billion. With the operating margin of 10%, EBITA = 6000 x 10% = 600 MSEK. With assumed P / E ratio 12, a reasonable valuation for the share will be: Stock value Norra Kallak = 12 x 600/500 = SEK 12 / share. (excl. premium)   Given the premium, everything else being equal, the value per share Stock value Norra Kallak = 12 x (70 + 40) / 70 = SEK 19 / share (incl. Premium). With the current share price, the upside is 16-16 times per invested krona.   Partnership or buying. In light of LKAB's finding that the ore in Kiruna is significantly faster than expected, it may be interesting to compare the value of the company's assets with regard to both Southern and Northern Kallak and the current market value of the company now. We estimated the value of the entire deposit to approximately SEK 370 billion. The company's market value is now about 300 million. SEK. Which is less than 1 ‰ of its ore resources in Kallak LKAB is said to be willing to invest several billion on new proven deposits in the Malmfälteten and Norrbotten. Kurt Budge has recently said that LKAB is the natural owner of the mine in Kallak. Beowulf's help to develop the mine in Kallak can in principle be via partnership or purely purchase of the entire area. Possible partners or buyers are Rio Tinto or LKAB. The deposit is so attractive that we consider it very likely that partners are invited to "get" 25-50% of the deposit against the fact that Beowulf is with no charge on the remaining part. However, should purely purchases become relevant then it will probably happen before the mine is opened. Possible price for acquisitions is the size of 10% of the mine's total value, which is SEK 350 billion. That is, the purchase price of about SEK 35 billion. Which would correspond to about SEK 70 per share. Let's say that a takeover bid can be in the range of SEK 30-70 per share. In the calculation, we have assumed that both Kallak North and South are included. Note that LKAB is planning to invest about 20 billion for new openings in their existing mines.

Part 3 The value of Norra and Södra Kallak. In this section, we will try to evaluate the entire Kallak deposit at mining. And that is against the background we think the stock should be traded. The model we used is based on producing mining's economic key figures. We do not try for comparative valuation with other exploration companies since the conditions are very different for these companies. Attempts at comparative values ​​have been made by Nordea and Jarl Securities, but the spread between the companies' values ​​is so great as a result of differences in project-specific conditions that it does not make sense. As a comment to the comparative model Jarl Securities uses is that it is extremely sensitive to changes in the discount factor, which include: takes into account the project's borrowing cost and yield requirements. The prerequisites for entering into partnerships are good, Beowulf's management, infrastructure for transport and the ore's quality guarantee a good deal. We also assume that the time to production calculated from today is less than five years. The price is traded within the range of SEK 0.71-0.80 at the time of writing, which is very low considering what is likely to happen in the next few weeks and which, in our opinion, then opens for a potent replacement for LKAB's incoming assets. The current ore price is about 70USD / ton. We assume that the entire deposit amounts to about 600 million. tonnes of iron ore, in northern and southern Kallak together. In our estimate of reasoned share price, we expect what the mine can generate at full break, about 10 million tonnes of ore per year. Furthermore, we ignore the fact that the ore is of extra good quality. The area in Northern Kallak has proven assets of 150 Mt. For southern Kallak there are indications of 450 Mt. Furthermore, we assume the course $ 1 = 9.8 SEK. Average P / E figures 12 based on known Swedish mining companies are reasonable to assume and in light of this valuation, we price Beowulf's share. The number of shares is approximately 500 million. In addition, we assume that the operating margin for production is 10% (normal assumption).

Part 2 Beowulf submitted the first application for processing concession as early as 2013. In a very tough process where the case was balled between the county administrative board, the Bergsstate and the government, no final decisions on processing concession are still taken. The mountain state has dealt with the case three times and advocated that the application be granted. The county administrative board in Norrbotten has also made three decisions in the case; the first time in 2014 when the permit was not granted. The case then ended up with the government, which was referred back to the county administrative board. The County Administrative Board re-examined the matter and decided to grant the application in 2015. Due to a precedent judgment of the Supreme Administrative Court in 2016 regarding Norra Kärr, the case is again returned to the county administrative board and the Bergstaten, and as a result of the precedent, the Swedish Environmental Protection Agency and the National Heritage Board were also asked to submit an opinion. The county administrative board decides not to grant permission, since the Bergsstaten approved the application at an earlier stage and did not have more to add, the matter was referred to the government December 2017. Thus, the government has now had the case for over a year without making a decision. The reason for the decision being delayed is stated to be the 2018 election, but that decisions are taken as soon as a new government is in place. Heavy criticism has been directed against the government from IF Metall, LKAB, Svemin and local politicians in Norrbotten, but also from the Sami Parliament and the Sami villages concerned. The criticism has among other things concerned long processing time and difficulty in predicting the direction of the decisions. The criticism applies in addition to Kallak also four other cases that lie with the government for final decision. Bergsstaten and Copenhagen Economics make the assessment that a mine in Kallak can generate 550 jobs and give Jokkmokk's municipality 1-2 billion SEK in revenues over 14 + 25 years. Which corresponds to approximately SEK 44 million per year for 39 years or for a municipality of Jokkmokk's size an increase of about 20% of the municipality's income per year. Policy. After the 2018 elections, the political landscape in Sweden has changed, which has led to new conditions for licensing. The Green Party, which is part of the current government, saw its mandates in the Riksdag halved. The general view is that the environmental party actively slowed down decisions regarding mines, which is also confirmed by politicians in the government. Gustav Fridolin and Alice B Kuhnke have expressed themselves clearly negative about the mine in Kallak. Damberg, as Minister of Trade and Industry, however, expressed herself positively. We believe that the environmental party, with only 4% of the electorate behind it, has reduced its opportunities to ga

The author has a big following in Sweden... Part 1 Beowulf Mining's rights outside Jokkmokk is one of the world's largest unbroken iron ore deposits. The iron ore has extra high quality and can mean a value of about SEK 370 billion. The duration of the mine in Kallak (north + south) is assumed to be 14 + 25 years. Annual ore outlet about 10 mill. tons / year. After years of the successful process between the County Administrative Board in Norrbotten, Bergsstaten and the government, we inevitably approach the end of the application for processing concession. At the same time, LKAB will announce in October 2018 that the ore in Kiruna's mine will end considerably faster than expected, as early as 2035. LKAB is therefore now investigating the possibilities of exploiting / acquiring proven deposits in, for example, The ore fields and Norrbotten Brief description and history. Sweden is currently the EU's largest supplier of ore, which accounts for as much as 90% of Europe's ore consumption. Today, 90% of iron is already recycled in Europe. As 70% of different products used industrially and privately, ore mining is therefore still necessary to maintain and develop our prosperity. To meet the new environmental requirements for a sustainable society, new technologies based on minerals and iron are required. For Sweden, total tax revenues from the mining industry alone are about SEK 100 billion per year. The importance of Sweden continuing to play a leading role as a mining nation is underlined by the EU's goal of reducing imported ore from China. In addition, in October 2018, LKAB announced that their ore reserve will end faster than the company believed. Overall, new deposits are of great importance for Sweden. Kallak has recently been considered Europe's largest ore deposit. With the relative easy accessibility that the Kallak mine's location constitutes and that it is initially about open pit, its positive significance is assessed to be large both locally and nationally. Kallak is located 34 km south of Laponia's nearest border, see the map below. The surface of the deposit is about 1/1000 part of Laponia.Kallak in relation to Laponia (green colored area). The picture below shows how Kallak is in relation to Laponia and other now active mines.

There have been sell orders at 0.80/81, but no buy orders at that price. Sentiment...