31st May 2019 12:55
LONDON (Alliance News) - Beowulf Mining PLC on Friday said its loss widened in 2018 and in the first quarter of 2019 as it progresses the development of its projects in Europe.
The mineral exploration company said its loss widened in 2018 to GBP1.4 million from GBP1.0 million reported a year prior, as exploration costs jumped to GBP571,456 from GBP183,131.
Meanwhile, administrative expenses were lower, at GBP794,851 compared to GBP861,669 in 2017.
During the year, Beowulf Mining focused on the Kallak magnetite iron ore project in northern Sweden, where the company said it is "finally" approaching a decision point on its application for an exploitation concession.
Looking ahead, Beowulf Mining said it expects 2019 to be "busy", as it intends to push forward with Kallak and see what Vardar can deliver.
Vardar is an exploration company with a focus on the metal endowed Balkan region and one of the first companies to be awarded exploration licences in Kosovo. Beowulf Mining holds 14% interest in Vardar.
Vardar is exploring the Mitrovica and Viti projects, both of which are located within the Tethyan belt, a major orogenic metallogenic province for gold and base metals.
In the separate statement Friday, Beowulf Mining said pretax loss in the three months to the end of March widened to GBP223,055 from GBP199,333 a year prior, due to an increase in director's remuneration, offset against a reversal of an accrual for professional fees.
The company said that drilling, targeting both higher-grade mineralisation and high-priority geophysical anomalies, had started at its Aitolampi graphite project in Finland during the first quarter.
The drill plan includes seven holes for a total of 1,040 metres and was awarded to the Finnish contractor Northdrill Oy.
"While we continue to wait for a decision on Kallak in 2019, the Company has completed a third drilling programme at Aitolampi, with plans now to upgrade the resource for the project and to initiate a scoping study later in the year," said Chief Executive Kurt Budge.
Beowulf Mining shares were trading 3.3% higher on Friday at 6.71 pence each.
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