rns results31 Aug 2018 08:17
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"While an imminent decision on Kallak has been delayed by the Swedish general election, the Company has pushed ahead with the Aitolampi graphite project, most importantly delivering a Maiden Resource Estimate. In early September, the Company has meetings planned with key decision makers in the Heinävesi area, to discuss Aitolampi, and is preparing to initiate a Scoping Study on the project.
"It was pleasing to raise £1.5 million in the quarter, albeit at a price negatively impacted by a delayed decision on Kallak, as it maintains our capability to invest across our portfolio.
"In early July, Almedalen provided an excellent opportunity for me to engage with Swedish Government ministers, members of the Swedish Parliament, regional politicians from Norrbotten and its new Governor. This ensures Kallak stays front-of-mind, that key decision makers are cognisant of the facts of our application, principally that we have fully satisfied the Swedish legal requirements to be granted an Exploitation Concession. I plan to be in Sweden shortly after the general election, once the dust has settled, to press for an early positive decision, something that is unacceptably long overdue.
"With Kallak and Aitolampi, the Company's ambition is to develop modern, sustainable and innovative mining projects in partnership with the communities in which we work.
"I look forward to keeping shareholders updated with any developments."