Beowulf Mining posted a first half loss as it continued to develop its Kallak metals prospect in Sweden and a graphite portfolio in Finland.
Pre-tax losses for the six months through June were £442k, compared to losses of £467k on-year.
‘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,’ chief executive Kurt Budge said.
‘In early September, the company has meetings planned with key decision makers in the Heinavesi area, to discuss Aitolampi, and is preparing to initiate a scoping study on the project.’
‘It was pleasing to raise £1.5m 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.’