29th May 2018 11:55
LONDON (Alliance News) - Beowulf Mining PLC said on Tuesday it recorded a narrowed loss in its most recent quarter due to a reduction in director consultancy fees and the reversing of professional fees accrual.
For the three months to March the company, which has assets in Sweden and Finland, said its pretax loss decreased to GBP199,376 from GBP207,922 as Beowulf marginally reduced fees for directors and professionals.
The mining company has faced regulatory difficulties with its Kallak mining project, which awaits a government decision. No timeline for the decision has been provided by the Swedish government.
"Beowulf shareholders have good reason to be frustrated with no definitive timeline for a decision but should continue to be patient, as Kallak is an important project for Jokkmokk and Norrbotten and should be treated with the care and attention it deserves," said Chief Executive Kurt Budge.
The company raised GBP1.5 million through fundraising in May and said it plans to use funds to support its business activities. At the end of March, it had GBP1.1 million in cash.
Shares were down 0.2% on Tuesday at 5.54 pence each.
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