Unaudited Interim Financial Results

RNS Number : 3273Z
Beowulf Mining PLC
31 August 2018
 

 

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer.

31 August 2018

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Interim Financial Results and Management Update for the Period Ended 30 June 2018

 

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, announces its unaudited consolidated interim financial results for the six months ended 30 June 2018 and provides a quarterly management update.

 

 

Overview of Activities in the Quarter

 

·      On 12 April 2018, the Company announced that it had been in communication with the Swedish Government, and that the Government's review of submissions made by interested parties, with regard to the Company's application for an Exploitation Concession for Kallak North, continues. 

·      The Company, on 17 April 2018, signed a Graphite Collaboration Agreement (the "Agreement") between the Company's Finnish subsidiary, Oy Fennoscandian Resources AB ("Fennoscandian") and Åbo Akademi University ("Åbo"), located in Turku, Finland. 

·      On 25 April 2018, the Company joined a Cooperation Network of existing and new entrant raw materials suppliers to the emerging battery manufacturing industry in Finland. 

In addition, Fennoscandian was granted Euros 161,000 by Business Finland for a research project entitled "Green Minerals - Graphite, Exploration to Products". 

·      At the beginning of May 2018, the Company awarded contracts for its Aitolampi graphite project, including a Mineral Resource Estimate ("MRE") in accordance with the guidelines of the JORC Code (2012 edition) to be undertaken by CSA Global Pty Ltd ("CSA Global") and an Environmental and Social Impact Assessment ("ESIA") Roadmap, a detailed plan of requirements for completing an ESIA study, to be undertaken by Pöyry Finland Oy ("Pöyry"). 

·      On 4 May 2018, the Company announced positive assay results for its Aitolampi graphite project in Finland.

·      On 16 May 2018, the Company learnt that the Administrative Court in Luleå had rejected the Jokkmokk Iron Mine's AB ("JIMAB") appeal of the Mining Inspectorate's decision not to extend Kallak nr 2 and Parkijaure nr 3 exploration licences, in a judgement dated 7 May 2018 and sent to JIMAB by regular post.  The two licences are not part of the Kallak Exploitation Concession application.

JIMAB has applied to the Administrative Court of Appeal in Sundsvall for its case to be heard, arguing that the court judgement is wrong, and that JIMAB's decision not to invest in further exploration of these two licences, while the Kallak application is being handled, is valid, given the time taken and the performance of the authorities involved.  JIMAB has an approved workplan for Parkijaure nr 3, and intends to drill, with one objective being to identify an exploration target for iron ore mineralisation.  

·      On 16 May 2018, Beowulf completed a subscription for new ordinary shares to raise £1.5 million before expenses.

Post Period

·      As at 31 July 2018, there were 337,696,135 Swedish Depository Receipts issued representing almost 59.63 per cent of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

·      On 13 August 2018, the Company announced a MRE for Aitolampi, a global Indicated and Inferred Resource (JORC Code, 2012 edition) of 19.3 million tonnes (Mt) at 4.5% Total Graphitic Carbon ("TGC") for 878,000 tonnes ("t") of contained graphite, comprising eastern and western lenses above a 3.0% TGC cut-off grade.

 

Kurt Budge, Chief Executive Officer of Beowulf, commented:

 

"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. In early September, the Company has meetings planned with key decision makers in the Heinävesi area, to discuss Aitolampi, and is preparing to initiate a Scoping Study on the project.

 

"It was pleasing to raise £1.5 million 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.

 

"In early July, Almedalen provided an excellent opportunity for me to engage with Swedish Government ministers, members of the Swedish Parliament, regional politicians from Norrbotten and its new Governor.  This ensures Kallak stays front-of-mind, that key decision makers are cognisant of the facts of our application, principally that we have fully satisfied the Swedish legal requirements to be granted an Exploitation Concession.  I plan to be in Sweden shortly after the general election, once the dust has settled, to press for an early positive decision, something that is unacceptably long overdue.

 

"With Kallak and Aitolampi, the Company's ambition is to develop modern, sustainable and innovative mining projects in partnership with the communities in which we work.

 

"I look forward to keeping shareholders updated with any developments."

 

 

 

Financials

 

·           Loss before and after taxation attributable to the owners of the parent of £442,238 (2017: loss of £467,100). The loss in the period was comparable to the prior period, with the current period falling comparatively due to decreased Director costs and a reversal of an over accrual for professional fees.

·           Basic/diluted loss per share was 0.08 pence (2017: loss of 0.09 pence).

·           £2,140,369 in cash held at the period end.

·           The translation reserve losses attributable to the owners of the parent increased from £397,060 at 31 December 2017 to £855,904 at 30 June 2018. Much of the Company's exploration costs are in Swedish Krona which has weakened against the pound since 31 December 2017.

 

Operational

 

Sweden - Kallak

 

·      The Company continues to communicate with the Swedish Government.  A decision on Kallak has been delayed by the Swedish general election. The CEO plans to be in Sweden shortly after the election, to press for an early positive decision on the Company's application for an Exploitation Concession.

Finland - Graphite

 

·      In April, Fennoscandian signed an Agreement with Åbo. The Agreement formalised the partnership that the Company, and its subsidiary Fennoscandian, has forged with Åbo over several years.  The Agreement is focused on knowledge sharing, the identification of graphite prospects, their exploration, and development into production assets. 

·      Additionally, the Company published its involvement in a Cooperation Network of existing and new entrant raw materials suppliers to the emerging battery manufacturing industry in Finland.

The Cooperation Network includes the cities of Vaasa and Kokkola; Freeport Cobalt, the world's largest cobalt refinery and producer of battery chemicals; Nornickel, the producer of world-class nickel metals and nickel chemicals in Harjavalta; Terrafame Group, the parent company of Terrafame, producing nickel, zinc, cobalt and copper in Sotkamo; Keliber, which is preparing to start lithium production in Kaustinen and Kokkola; as well as Beowulf, the 100 per cent owner of the Aitolampi graphite deposit.

The official announcement regarding the Cooperation Network, dated 24 April 2018, and titled "The battery industry has enormous potential to become Finland's new success story. The Vaasa battery factory project has brought together a large nationwide network of cooperation partners" can be viewed at:

https://www.gigafactory.fi/press-20180424-en

In addition, Fennoscandian was granted Euros 161,000 by Business Finland for a research project entitled "Green Minerals - Graphite, Exploration to Products".  The project runs from 1 January 2018 to 31 December 2019 and has a total budget of Euros 323,750.  The Company will contribute the balance of the funding.

·      On 4 May 2018, the Company presented assays for intersected mineralisation at its Aitolampi graphite project, highlights as follows:

Drilling confirmed the continuity of mineralisation between holes drilled in 2017, wide graphite lenses extending along strike, at least 350 metres ("m") along the main conductive zone (the main electro-magnetic ("EM") anomaly extends for 700m), and at depth.

For the two parallel higher-grade zones previously identified, mineralisation has a strike length of at least 150m (the two parallel conductive zones extend for 300m and 250m), and these zones seem to merge to form one body of mineralisation.

From northwest to southeast along strike, drill holes AITDD18014, AITDD18016, AITDD18015, AITDD18017 and AITD18018 (drilled on the same profile), all intersected this higher-grade body of mineralisation, with intercepts of 89.60m at 4.01% Total Graphite Carbon ("TGC"), 107.09m at 4.59% TGC, 108.69m at 5.04% TGC, 121.68% at 5.00% TGC and 121.46m at 5.29% TGC respectively.

For these holes, intercepts showing greater than 5% TGC were as follows: AITDD18014 - 30.10m at 5.75% TGC; AITDD18016 - 29.00m at 6.04% TGC; AITDD18017 - 62.42m at 6.08% TGC; and AITDD18018 - 92.46m at 6.19% TGC, including 44.00m at 7.08% TGC.

AITDD18018 is the furthest hole drilled to the southeast, to test the parallel higher-grade conductive zone, which remains open in all directions.

Follow the link https://beowulfmining.com/projects/finland/aitolampi/#geology for plans and sections.

It should be noted that the mineralisation intercepts are the down-hole widths and are not the true width of mineralisation.  All samples were prepared and analysed by ALS Finland Oy's laboratory in Outokumpu.

·      On 13 August 2018, the Company announced a Maiden Resource Estimate for Aitolampi, highlights as follows:

A global Indicated and Inferred Resource (JORC Code, 2012 edition) of 19.3 million tonnes (Mt) at 4.5% TGC for 878,000 tonnes ("t") of contained graphite, comprising eastern and western lenses above a 3.0% TGC cut-off grade.

A higher grade Western Zone with an Indicated and Inferred Resource of 9.8Mt at 5.0% TGC for 490,000t of contained graphite

An Eastern Zone with an Indicated and Inferred Resource of 9.5Mt at 4.1% TGC for 388,000t of contained graphite.

Using a 4.0% TGC cut-off grade on the grade-tonnage curve for Aitolampi, gives an Indicated and Inferred Resource of 12.8Mt at 5.0% TGC for 639,000t.

To date, the Company has invested over Euros 760,000 in Aitolampi and approximately Euros 1.4 million across its graphite portfolio.

Corporate

·      On 16 May 2018, the Company completed a subscription for new ordinary shares to raise £1.5 million before expenses, with the funds being used for general working capital purposes and to support activities across Beowulf's three main business areas, which are graphite exploration, the Åtvidaberg exploration licence, and Kallak.  More specifically:

a Scoping Study on the Aitolampi project;

exploration and development activities across the graphite portfolio;

drilling at Åtvidaberg, following drill target identification; and

exploration and development work at Kallak, and the surrounding exploration licences, including application of passive seismic technology to define mineralisation at the Parkijaure licence and drilling, and landscape analysis of potential strategic partners/investors for the Kallak project.

 

Competent Person Review

The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy.  Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources AB, a 100 per cent owned subsidiary of Beowulf.

Enquiries:

Beowulf Mining plc


Kurt Budge, Chief Executive Officer

Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Adviser & Broker)


David Porter / Pete Malovany

Tel: +44 (0) 20 7894 7000

Blytheweigh 


Tim Blythe / Megan Ray 

Tel: +44 (0) 20 7138 3204

 

Cautionary Statement

 

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.

 

 



 

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

 

FOR THE SIX MONTHS TO 30 JUNE 2018

 

 

 

 

                                                              Notes

(Unaudited)    

6 months to

30 June 2018

(Unaudited)            6 months to      30 June 2017

(Audited)   Year ended   31 Dec 2017


£

£

£

Continuing operations




Administrative expenses


(349,027)


(364,522)


(658,610)

 

Share based payment expense


(97,423)


(104,021)


(203,059)

 

Impairment of exploration costs


-


-


(183,131)

 

OPERATING LOSS


(446,450)


(468,543)


(1,044,800)

 

Finance costs


-


-


-

 

Finance income


4,212


1,443


5,234

 

LOSS BEFORE TAX


(442,238)


(467,100)


(1,039,566)

 

Tax


-


-


-

 

LOSS FOR THE PERIOD


(442,238)


(467,100)


(1,039,566)

 








 

Loss attributable to:







 

Owners of the parent


(441,654)


(466,451)


(1,038,248)

 

Non-controlling interests


(584)


(649)


(1,318)

 



(442,238)


(467,100)


(1,039,566)

 








 

Loss per share attributable to the owners of the parent:







 

Basic and diluted (pence)                              3


(0.08)


(0.09)


(0.20)

 


BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

For the 6 months ended 30 June 2018

 

 

 

                                                             

(Unaudited) 

 6 months to

30 June 2018

(Unaudited)            6 months to      30 June 2017

(Audited)   Year ended   31 Dec 2017

 


£

£

£

 

LOSS FOR THE PERIOD

(442,238)

(467,100)

(1,039,566)

 





 

OTHER COMPREHENSIVE INCOME




 

Items that may be reclassified subsequently to profit or loss:




 





 

Exchange (losses) / gains arising on translation of foreign Operations

(458,994)

121,477

67,862

 

 








 



(458,994)


121,477


67,862

 

TOTAL COMPREHENSIVE (LOSS)







 

FOR THE PERIOD


(901,232)


(345,623)


(971,704)

 








 








 

Loss attributable to:







 

Owners of the parent


(900,498)


(345,035)


(970,426)

 

Non-controlling interests


(734)


(588)


(1,278)

 



(901,232)


(345,623)


(971,704)

 








 











BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

As at 30 June 2018

 

 

 

 

                                                         Notes

(Unaudited)      

As at

30 June 2018


(Unaudited) As at

30 June 2017


(Audited)

  As at      

 31 Dec 2017


£


£


£

ASSETS






Non-current assets






Intangible assets                                 5

8,215,593


7,945,435


8,191,232

Plant, property and equipment

23,260


36,930


28,580

Loans and other financial assets

5,355


5,558


5,530


8,244,208


7,987,923


8,225,342







Current assets






Trade and other receivables

80,999


70,732


65,032

Cash and cash equivalents

2,140,369


2,269,964


1,589,897


2,221,368


2,340,696


1,654,929

TOTAL ASSETS

10,465,576


10,328,619


9,880,271







EQUITY






Shareholder's equity






Share capital                                         4

5,663,072


5,257,072


5,342,072

Share premium

19,266,271


18,073,471


18,141,271

Revaluation reserve

-


25,664


-

Capital contribution reserve

46,451


46,451


46,451

Share-based payment reserve

513,428


408,381


575,078

Translation reserve

(855,904)


(343,466)


(397,060)

Merger reserve

279,450


137,700


137,700

Accumulated losses

(14,521,401)


(13,533,614)


(14,079,747)


10,391,367


10,071,659


9,765,765

Non-controlling interest

(160,605)


(159,181)


(159,871)

TOTAL EQUITY

10,230,762


9,912,478


9,605,894







LIABILITIES






Current liabilities






Trade and other payables

234,814


416,141


274,377

TOTAL LIABILITIES

234,814


416,141


274,377







TOTAL EQUITY AND LIABILITIES

10,465,576


10,328,619


9,880,271

 

 

 

 

 

 

 


BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

For the 6 months ended 30 June 2018          

 

 

 

Share capital

Share premium

Revaluation reserve

Capital contribution reserve

Share-based payment reserve

Translation reserve

Merger reserve

Accumulated losses

Total

Non-

controlling

interest

Total equity


£

£

£

£

£

£

£

£

£

£

£

 

At 1 January 2017

5,026,302

16,879,241

25,664

46,451

237,803

(464,882)

137,700

(13,067,163)

8,821,116

(158,593)

8,662,523

Loss for the period

-

-

-

-

-

-

-

(466,451)

(466,451)

(649)

(467,100)

Foreign exchange translation

-

-

-

-

-

121,416

-

-

121,416

61

121,477

Total comprehensive income

-

-

-

-

-

121,416

-

(466,451)

(344,035)

(588)

(345,623)













Transaction with owners












Issue of share capital

230,770

1,269,230

-

-

-

-

-

-

1,500,000

-

1,500,000

Costs associated with the issue of new shares

-

(75,000)

-

-

-

-

-

-

(75,000)

-

(75,000)

Equity-settled share-based payment transactions

-

-

-

-

170,578

-

-

-

170,578

-

170,578

 

At 30 June 2017

5,257,072

18,073,471

25,664

46,451

408,381

(343,466)

137,700

(13,533,614)

10,071,659

(159,181)

9,912,478













Loss for the period

-

-


-

-

-

(571,797)

(571,797)

(669)

(572,466)

Foreign exchange translation

-

-

-

-

-

(53,594)

-

-

(53,594)

(21)

(53,615)

Total comprehensive income

-

-


-

-

(53,594)

-

(571,797)

(625,391)

(690)

(626,081)












Transaction with owners











Issue of share capital

85,000

67,800

-

-

-

-

-

152,800

-

152,800

Equity-settled share-based payment transactions

-

-

-

-

-

-

-

32,481

-

32,481

Acquisition of subsidiary

-

-

-

-

-

-

-

134,216

-

134,216

Transfer of accumulated losses

-

-

(25,664)

-

-

-

25,664

-

-

-

At 31 December 2017

5,342,072

18,141,271

-

46,451

575,078

 

(397,060)

137,700

(14,079,747)

9,765,765

(159,871)

9,605,894













Loss for the period

-

-

-

-

-

-

(441,654)

(441,654)

(584)

(442,238)

Foreign exchange translation

-

-

-

-

-

(458,844)

-

-

(458,844)

(150)

(458,994)

Total comprehensive income

-

-

-

-

-

(458,844)


(441,654)

(900,498)

(734)

(901,232)












Transaction with owners











Issue of share capital

300,000

1,200,000

-

-

-

-

-

1,500,000

-

1,500,000

Costs associated with the issue of new shares


(75,000)

-

-

-

-

-

(75,000)

-

(75,000)

Equity-settled share-based payment transactions

-

-

-

-

-

-

-

97,423

-

97,423

Acquisition of subsidiary

21,000

-

-

-

-

141,750

-

3,677

-

3,677

At 30 June 2018

5,663,072

19,266,271

-

46,451

513,428

(855,904)

279,450

(14,521,401)

10,391,367

160,605

10,230,762


BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

For the 6 months ended 30 June 2018

 

                                                                                              

 



 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

For the 6 months ended 30 June 2018

 

1. Nature of Operations

 

Beowulf Mining plc (the "Company") is domiciled in England and Wales. The Company's registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. This consolidated financial information comprises the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies'). The Group is engaged in the acquisition, exploration and evaluation of natural resources assets and has not yet generated revenues.

 

2. Basis of preparation

 

The condensed consolidated financial information has been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and implemented in the UK. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31 December 2017.

 

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the UK Companies Act 2006. The financial information for the six months ended 30 June 2018 is unaudited, and has not been reviewed by the auditors. The financial information for the year ended 31 December 2017 has been derived from the Group's audited financial statements for the year. The auditor's report on the statutory financial statements for the year ended 31 December 2017 was unqualified and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.

 

The financial statements are presented in GB Pounds Sterling. They are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied.

 

3. Loss per share

 

Basic loss per share is calculated by dividing the loss attributable to ordinary owners of the parent by the weighted average number of ordinary shares of 542,819,409 (30 June 2017: 508,143,152 and 31 December 2017: 518,728,856) outstanding during the period. There is no difference between the basic and diluted loss per share.

 

4. Called up share capital







 

(Unaudited)

(Unaudited)

 

(Audited)


30 June 2018

30 June 2017

31 Dec 2017


£

£

£

Allotted, issued and fully paid







Ordinary shares of 1p each

5,663,072

5,257,072

5,342,072








 

 

The number of shares in issue was as follows:

 

 


Number


of shares

Balance at 1 January 2017

502,630,331

Issued during the period

23,076,923

Balance at 30 June 2017

525,707,254

Issued during the period

8,500,000

Balance at 31 December 2017

534,207,254

Issued during the period

32,100,000

Balance at 30 June 2018

566,307,254

 

 

5. Intangible Assets: Group

 

Exploration costs

As at

30 June

2018


As at

30 June

2017


As at

31 Dec

2017

 


(Unaudited)


(Unaudited)


(Audited)

 


£


£


£

 

Cost






 

At 1 January 

8,191,232


7,186,576


7,186,576

 

Additions for the period

480,837


592,587


1,077,815

 

Foreign exchange movements

(456,476)


166,272


109,972

 

Impairment

-


-


(183,131)

 







 

 

 

8,215,593


7,945,435


8,191,232

 







The net book value of exploration costs is comprised of expenditure on the following projects:

 



As at

          30 June                                   2018


As at

30 June  2017


As at

31 Dec

2017



(Unaudited)


(Unaudited)


(Audited)



£


£


£

Project

Country






Kallak

Sweden

6,679,440


6,695,760


6,979,844

Nautijaur

Sweden

-


27,202


-

Åtvidaberg

Sweden

275,251


199,883


253,778

Ågåsjiegge

Sweden

12,985


7,421


7,365

Sala

Sweden

2,791


2,619


2,634

Haapamäki

Finland

236,785


174,104


231,132

Kolari1

Finland

156,518


117,145


151,706

Piippumäki

Finland

-


140,282


-

Viistola

Finland

162,051


125,844


147,784

Pitkäjärvi

Finland

671,430


455,175


414,372

Joutsijärvi

Finland

17,804


-


2,617

Rääpysjärvi

Finland

538


-





8,215,593


7,945,435


8,191,232

 

Total Group exploration costs of £8,215,593 are currently carried at cost in the financial statements. During the period, no impairment provision was recognised (2017: £183,131).

 

Accounting estimates and judgements are continually evaluated and are based on a number of factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

The most significant risk currently facing the Group is that it does not receive an Exploitation Concession for Kallak. The Company originally applied for the Exploitation Concession in April 2013 and throughout 2017, and since the year-end, management have actively sought to progress the application, engaging with the various government bodies and other stakeholders. These activities are summarised above.

 

Kallak is included in condensed financial statements as at 30 June 2018 as an intangible exploration licence with a carrying value of £6,679,440. Management are required to consider whether there are events or changes in circumstances that indicate that the carrying value of this asset may not be recoverable. Management have considered the status of the application for the Exploitation Concession and in their judgement, they believe it is appropriate to be optimistic about the chances of being awarded the Exploitation Concession and thus have not impaired the project.

 

 

 

 

6. Availability of interim report

 

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at 207 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. A copy can also be downloaded from the Company's website at www.beowulfmining.com. Beowulf Mining plc is registered in England and Wales with registered number 02330496.

 

 

** Ends **

 


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