kurt on rns16 May 2018 08:19
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"It is disappointing to raise funds at a lower price than one year ago, a result of further delays in the Kallak permitting process, but we are very pleased to have completed this fundraising, which maintains our strong cash position, and enables us to keep investing and developing projects across Beowulf's three main business areas.
"We are busy with our Aitolampi graphite project, the Mineral Resource Estimate is progressing, and we have plans for a Scoping Study thereafter. We are also active across our graphite portfolio in Finland, as we seek to leverage the enthusiasm and supportive environment for battery minerals and metals in the Nordic region.
"In the coming weeks, we are bringing together our exploration team and external experts, to review our �tvidaberg licence, with a view to defining drill targets there.
"The upcoming General Election in Sweden may delay a decision on the Exploitation Concession, as in my experience, political elections in any country affect a permitting process, often causing delays.
"At Kallak, our application has met the requirements of the prescribed process, in accordance with the Minerals Act and the Environmental Code, and in compliance with Swedish law. We have gone further, providing additional studies, including the Copenhagen Economics "Big Picture" Study, and a Heritage Impact Assessment.
"We have invested SEK77 million in Kallak, a project that has the potential to positively transform Jokkmokk, and our commitment is firm to the responsible development of a modern, sustainable, and innovative mining operation in partnership with the local community.
"While we wait for the Government to decide on our application, we are not sitting idle. I am excited with the progress we are making with both our graphite portfolio and with our �tvidaberg licence, and we continue to look outside the Company for merger and acquisition opportunities.
"We look forward to keeping shareholders updated on our progress across all areas of our business."