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Beowulf Mining PLC (BEM)

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Thursday 10 June, 2021

Beowulf Mining PLC

Fennoscandian receives Business Finland funding

RNS Number : 3937B
Beowulf Mining PLC
10 June 2021




The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


10 June 2021

Beowulf Mining plc

("Beowulf" or the "Company")

Fennoscandian Resources receives €791,000 additional funding from Business Finland


Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that Beowulf`s wholly-owned Finnish subsidiary Oy Fennoscandian Resources Ab ("Fennoscandian") has been granted €791,000 by Business Finland.

The grant funding is equivalent to 50 per cent of the 3-year €1.6 million budget for Fennoscandian's 'Spheronisation and Purification of Natural Graphite for the European Lithium-Ion Battery Market' project.

This work is part of the BATCircle2.0 (Finland-based Circular Ecosystem of Battery Metals) consortium which has been granted €10.8 million by Business Finland as part of a total funding budget of €19.3 million. BATCircle2.0 is a key project in Business Finland`s Smart Mobility and Batteries from Finland programmes.

Finland has high-quality natural flake graphite resources and the opportunity exists to create a sustainable value chain for anode material markets in Finland and Europe.  Currently, China is the dominant producer of spheronised graphite, utilising chemical purification and using hazardous hydrofluoric acid.  

The objectives of the project are to develop a chemical free technological solution, utilising renewable energy, to spheronise and purify graphite within a Finnish industrial ecosystem, for use in the manufacture of lithium-ion battery anodes.

The project has three main objectives, which are to:

· Validate a process to support progress to a Bankable Feasibility Study for construction of a commercial scale unit within three to five years.

· Secure and protect any arising intellectual property.

· Deliver a detailed strategic marketing and commercialisation plan.

Kurt Budge, CEO commented:

"Beowulf is extremely pleased that Business Finland continues to support Fennoscandian's ambitions of becoming a producer of anode material for lithium-ion batteries.

"We are proud to be part of the Finnish battery ecosystem and collaborating with Finnish universities, research institutions and companies, all wanting to play their part in addressing the Climate Emergency.

"The Scoping Study for our Aitolampi graphite project is due to be completed in the coming weeks and we continue to work with Epsilon Advance Materials on the establishment of a Strategic Processing Hub for producing pre-cursor anode material.

"The Company will provide further updates in due course."

Background to BATCircle2.0

The BATCircle2.0 consortium continues to build on the first phase of BATCircle which was successfully completed in April 2021. The aim of the project consortium is to create a competitive and sustainable European battery industry through collaboration and joint research between companies and research organisations. The BATCircle2.0 consortium led by Aalto University consists of the following universities, research institutions and companies:

Universities: Aalto University, University of Eastern Finland, LUT University, University of Oulu Research Institutions: Geological Survey of Finland (GTK), VTT Technical Research Centre of Finland

Companies: Boliden Harjavalta Oy, Finnish Minerals Group Oy, Fortum Waste Solutions Oy, Metso Outotec Oyj, Norilsk Nickel Harjavalta Oy, Terrafame Oy, Umicore Finland Oy, AkkuSer Oy, BroadBit Batteries Oy, Oy Fennoscandian Resources Ab, FinnCobalt Oy, Keliber Technology Oy, Latitude 66 Cobalt Oy, Mawson Oy, X-Ray Minerals Services Finland Oy

Targeted carbon emission reduction can only be achieved through a rapid rollout of renewable energy generation, combined with the electrification of major transport networks. Achieving either or both outcomes is fully dependent on the adoption of energy storage technologies at an unprecedented rate.

In less than a decade, Europe's lithium-ion battery cell demand is expected to grow to approximately 603 GWh, with global demand exceeding 3,792 GWh (Benchmark Mineral Intelligence 2021).  European demand for graphite anodes is expected to exceed 723,492 tonnes per annum over the same period. 

Aalto University Official Announcement

In English:  

In Finnish:  

Fennoscandian Resources

Fennoscandian is pursuing a strategy to develop a resource and production base of graphite that can provide security of supply and contribute to Finland's ambitions of achieving battery manufacturing self-sufficiency, focusing on both natural flake graphite production and a Circular Economy/recycling strategy to produce high-value graphite products. The Company is developing its knowledge in processing and manufacturing value-added graphite products, including anode material for lithium-ion batteries.

Fennoscandian's Aitolampi graphite project has an Indicated and Inferred Mineral Resource of 26.7 Million tonnes at 4.8 per cent Total Graphitic Content for 1,275,000 t of contained graphite.

Fennoscandian has this year signed a Memorandum of Understanding ("MoU") with Epsilon Advance Materials Limited ("EAMPL").  The MoU enables Fennoscandian to build its downstream capability, collaborating with a strong and innovative technology/processing partner, and for EAMPL to firmly establish itself in Finland, as a market-entry point for supplying pre-cursor anode material for Finland and into Europe.  The MoU addresses the development of a strategic processing hub for both natural flake and recycled graphite to be located in Finland.

Fennoscandian is focused on the sustainability of its upstream and downstream activities in the production and upgrading of a critical raw material for manufacturing lithium-ion batteries.



Beowulf Mining plc

Kurt Budge, Chief Executive Officer

Tel: +44 (0) 20 7583 8304

SP Angel

(Nominated Adviser & Broker)

Ewan Leggat / Stuart Gledhill / Adam Cowl

Tel: +44 (0) 20 3470 0470


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 forecast .


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