18th Nov 2022 13:12
(Alliance News) - Beowulf Mining PLC on Thursday said its pretax loss widened in the third quarter of its financial year due to rising expenses.
London-based Beowulf is a natural resource developer and explorer focused on the Nordic region. Its shares were up 7.3% at 4.72 pence each in London on Friday afternoon.
Beowulf's pretax loss widened to GBP593,179 in the three months to September 30, from GBP438,961 a year before. Beowulf said this is due to a share-based payment expense of GBP127,491, as well as finance costs of GBP146,120 which are attributable to the company's bridging loan.
Its loss per share for the period widened to 0.07 pence, compared to a loss of 0.05p a year before.
Beowulf has not generated revenue yet and is engaged in the acquisition, exploration and evaluation of natural resources assets.
In July, Beowulf said it obtained a loan from Nordic investors of SEK22 million, which is about GBP1.76 million, in order to accelerate projects and achieve "key" milestones.
Chief Executive Kurt Budge said: "We have seen substantial progress by the company, we raised finance, Ulla Sandborgh took charge of the Kallak project, we made a discovery in Kosovo, we strengthened our positioning in the anode space in Finland, with a new and established partner, Hensen, to help us achieve our downstream ambitions."
By Jaskeet Briah; [email protected]
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