TIDMBEM
RNS Number : 1041A
Beowulf Mining PLC
28 May 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.
28 May 2021
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 31 March
2021
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces its unaudited financial results for
the three months ended 31 March 2021.
Overview of Activities in the Quarter
-- On the 8 February 2021, Beowulf announced that the Company
had invested GBP200,000 in Vardar Minerals Ltd ("Vardar"),
increasing its ownership of the company from 46.1 per cent to 48.4
per cent. The funds are to be used for preparatory works in advance
of drilling across the Mitrovica licence in northern Kosovo,
lead-zinc targets at Wolf Mountain and gold targets at Majdan
Peak.
-- The Company announced the signing of a Memorandum of
Understanding ("MoU") between its 100 per cent owned graphite
subsidiary, Oy Fennoscandian Resources AB ("Fennoscandian"), and
Epsilon Advanced Materials Private Limited ("EAMPL"), a subsidiary
of Epsilon Carbon on 8 March 2021.
The MoU will enable Fennoscandian to build its downstream
capability, collaborating with a strong and innovative
technology/processing partner, as it develops its business to be a
future supplier of anode material to lithium-ion battery
manufacturers in Finland and Europe.
-- On the 12 March 2021, it was announced that a contract had
been awarded to Afry Finland Oy ("AFRY") to conduct a Scoping Study
on Fennoscandian's Aitolampi Graphite Project in Finland.
Post Period
-- On 20 April 2021, Beowulf announced that a letter had been
sent from its Chairman, Sven Otto Littorin, to Sweden's Minister of
Enterprise and Innovation, Ibrahim Baylan, concerning the status of
Beowulf's Kallak application. The Company received a brief
administrative response from the Government.
-- On 19 May 2021, the Company co-sponsored, with Eurobattery
Minerals AB, a webinar titled 'Hållbar Gruvnäring' (Sustainable
Mining) in Stockholm aimed at educating stakeholders on the rapid
increase in smart and green technologies and the demands this
creates for new supply of innovation-critical metals and
minerals.
The Swedish Government has set-up an inquiry aimed at ensuring a
sustainable supply of innovation-critical metals and minerals from
primary and secondary sources. It is recognised that sustainable
and lasting access to innovation-critical metals and minerals is of
great importance to Sweden, but at the same time, no new mine has
been established in Sweden in over a decade.
-- On 25 May 2021, the Company announced results of a Mineral
Resource Estimate ("MRE") Upgrade for the Kallak Iron Ore Project
("Kallak" or the "Project") prepared by Baker Geological Services
Ltd ("BGS"), which included an additional 19 million tonnes ("Mt")
of iron mineralisation equating to a 12.5 per cent increase in the
resource, giving a Measured and Indicated Mineral Resource of 132
Mt grading 27.8 per cent iron ("Fe") and an Inferred Mineral
Resource of 39 Mt grading 27.1 per cent Fe.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"As the Chairman wrote in the 2020 Annual Report, we are at a
tipping point where global issues are converging to drive demand
for primary raw materials. Metals are critical to achieving the
transition to a Green Economy to address the Climate Emergency;
transparent, secure, and sustainable supply chains need to be
established; and Governments are considering how to power economic
growth in a post-pandemic recovery.
"Beowulf is seeking to be a leader in sustainability, as the
Company recognises its ESG policies, procedures and performance are
essential to demonstrating the Company is well-run and fulfilling
its purpose in society.
"The results of the upgraded Mineral Resource Estimate for
Kallak and the doubling of the Exploration Target, clearly
demonstrate the potential for a mine at Kallak to supply
high-quality iron ore over several decades for fossil-free steel
production in Sweden. The potential global resource now stands at
389 million tonnes, which could support mining for 40 years.
"To the community in Jokkmokk, Kallak is about investment, jobs
and a sustainable economic future. When it comes to Sweden's
ambitious plans for fossil-free steel production, Kallak represents
a strategic source of high-quality iron ore for projects such as H2
Green Steel. When investors look to upstream and downstream
investment opportunities in Norrbotten, an integrated fossil-free
supply chain is a compelling investment and business case.
"The Company continues to engage with politicians in Sweden,
such that, when UNESCO has returned comments and Kallak is back on
the Government's desk, a decision on the Company's application can
be 'forthcoming'.
"During the first part of the year, we have made significant
progress in Finland with Fennoscandian Resources and we are very
pleased with our collaboration with EAMPL. In the coming weeks we
will be dispatching Aitolampi graphite concentrate to EAMPL, for
batch testing through their pilot plant with the aim of producing
pre-cursor anode material from Finnish graphite. We are also
assessing sites in Finland for a strategic processing hub, one of
the key elements for a Joint Venture Agreement with EAMPL.
"In Kosovo, we are looking forward to the commencement of
drilling in the summer. Towards the end of last year, the Company
published a sequence of announcements with results from Induced
Polarisation ("IP") and resistivity ground surveys, coupled with
'state-of-the-art' high-resolution airborne magnetic drone surveys
for lead-zinc targets at Wolf Mountain and gold at Majdan Peak in
Mitrovica, and copper-gold at Viti. With these results, the
correlation of the IP anomalies with anomalous metals in soils and
mapped alteration, the potential grows for discovering lead-zinc
and gold deposits and defining much larger mineralised systems at
both Mitrovica and Viti. There is no shortage of high priority
drill targets and we are eager to make a start.
"I look forward to providing further updates in due course."
Kurt Budge, VD för Beowulf, kommenterar:
"Som vår styrelseordförande skrev i årsredovisningen 2020
befinner vi oss vid en brytpunkt där globala frågor konvergerar för
att driva efterfrågan på primära råvaror. Metaller är avgörande för
att uppnå övergången till en grön ekonomi för att hantera
klimatnödläget; transparenta, säkra och hållbara försörjningskedjor
måste inrättas och regeringar överväger hur man ska driva ekonomisk
tillväxt i en återhämtning efter pandemin.
"Beowulf strävar efter att vara ledande inom hållbarhet,
eftersom vi vet att våra ESG-policyer, rutiner och resultat är
avgörande för att uppvisa ett välskött bolag, som uppfyller sitt
syfte i samhället.
"Resultaten från den uppgraderade uppskattningen av
mineraltillgångar för Kallak och fördubblingen av
prospekteringsmålet, visar tydligt potentialen för en gruva vid
Kallak att leverera högkvalitativ järnmalm under flera decennier
för fossilfri stålproduktion i Sverige. Den potentiella globala
resursen uppgår nu till 389 miljoner ton, vilket kan stödja
gruvdrift i nästan 40 år.
"För samhället i Jokkmokk handlar Kallak om investeringar, jobb
och en hållbar ekonomisk framtid. När det gäller Sveriges ambitiösa
planer för fossilfri stålproduktion utgör Kallak en strategisk
källa till högkvalitativ järnmalm för projekt som H2 Green Steel.
När investerare ser till investeringsmöjligheter upstream och
downstream i Norrbotten är en integrerad fossilfri
försörjningskedja ett övertygande investeringscase.
"Bolaget fortsätter att samverka med politiker i Sverige, så att
när UNESCO har svarat och Kallak är tillbaka på regeringens
skrivbord kan ett beslut vara 'förestående'.
"Under första delen av året har vi gjort betydande framsteg i
Finland med Fennoscandian Resources och vi är mycket nöjda med vårt
samarbete med EAMPL. Under de kommande veckorna skickar vi
Aitolampi-grafitkoncentrat till EAMPL för batch-testning genom
deras pilotanläggning i syfte att producera ledande anodmaterial
från finsk grafit. Vi utvärderar också platser i Finland för ett
strategiskt bearbetningsnav, ett av nyckelelementen för ett joint
venture-avtal med EAMPL.
"I Kosovo ser vi fram emot att börja borrning under sommaren.
Mot slutet av förra året publicerade Bolaget en rad
tillkännagivanden med resultat från Induced Polarisation ("IP") och
resistivitetsundersökningar, i kombination med toppmoderna
högupplösta luftburna magnetiska drönarundersökningar för
bly-zinkmål vid Wolf Mountain och guld vid Majdan Peak i Mitrovica
samt kopparguld vid Viti. Med dessa resultat, korrelationen mellan
IP-anomalier och avvikande metaller i jord och kartlagda
förändringar, växer potentialen för att upptäcka bly-zink och
guldavlagringar och definiera mycket större mineraliserade system
vid både Mitrovica och Viti. Det finns ingen brist på borrmål med
hög prioritet och vi är angelägna att börja.
"Jag ser fram emot att tillhandahålla ytterligare uppdateringar
i sinom tid."
Financials
-- The consolidated loss increased in the quarter ended 31 March
2021 to GBP526,578 (Q1 2020: GBP217,342). This increase is largely
attributable to a translation loss of GBP265,985 on the revaluation
of the Swedish Krona bank account. Further contributing to the loss
was an increase in consultants and legal costs of GBP28,679, and
staff training costs of GBP13,449.
-- Consolidated basic and diluted loss per share for the quarter
ended 31 March 2021 was 0.06 pence (Q1 2020: loss of 0.03
pence).
-- GBP4,724,385 in cash held at the period end (Q1 2020: GBP789,310).
-- The cumulative translation losses held in equity increased by
GBP625,752 in the quarter ended 31 March 2021 to GBP1,083,024 (31
December 2020: loss of GBP457,272). Much of the Company's
exploration costs are in Swedish Krona and Euro which have weakened
against the pound since 31 December 2020.
-- At 30 April 2021 there were 595,950,484 Swedish Depository
Receipts representing 71.96 per cent of the issued share capital of
the Company. The remaining issued share capital of the Company is
held in the UK.
Operational
Vardar Minerals, Kosovo
-- On 8 February 2021, Beowulf announced that the Company
invested a further GBP200,000 in Vardar, increasing its ownership
of the company from 46.1 to 48.4 per cent. The funds being used for
preparatory works, building access roads and drilling platforms,
across the Mitrovica licence in northern Kosovo, lead-zinc targets
at Wolf Mountain and gold targets at Majdan Peak.
Finland
-- The Company announced the signing of a MoU with EAMPL on 8 March 2021. The MoU enables Fennoscandian to build its downstream capability, collaborating with a strong and innovative technology/processing partner. The purpose of the MoU is to:
o Develop the concept of a strategic processing hub for both
natural flake and recycled graphite to be located in Finland;
o Target the market for pre-cursor anode material for the
lithium-ion batteries in the Nordics and Europe; and
o Establish a Joint Venture between Fennoscandian and EAMPL.
-- On 12 March 2021, Beowulf announced that a contract had been
awarded to AFRY to conduct a Scoping Study on the Fennoscandian
owned Aitolampi Graphite Project.
The purpose of the Scoping Study is to verify the robustness of
the work completed by Fennoscandian, and to provide a roadmap for
the next project development stage, most likely a Pre-feasibility
Study. The output of the Scoping Study will enable Fennoscandian to
better explain the Aitolampi project to the local community and
other important stakeholders.
Sweden
-- On 20 April 2021, Beowulf announced that it had sent a letter
from its Chairman, Sven Otto Littorin, to Sweden's Minister of
Enterprise and Innovation, Ibrahim Baylan, concerning the status of
Beowulf's Kallak application. In the letter the Chairman cited.
o A statement in 2019 from the Minister regarding a
'forthcoming' decision on the Kallak application and the need for
upstream availability of sustainably mined high-quality iron ore,
following announced investments in downstream fossil-free steel
manufacturing in Norrbotten;
o Jokkmokk's need for economic stimulus, even more so given the
Municipality's budget cuts over the last two years regarding public
services and infrastructure, and how Kallak would go a long way in
providing this much needed stimulus; and
o The lack of any timeline for UNESCO to return comments to the
Government.
The Company received a brief administrative response from the
Government:
"Thank you for your message to Minister of Trade and Industry
Ibrahim Baylan. I answer because I am the administrator of the case
to which the communication relates.
In your message, you wonder when the government will make a
decision in the matter. The case is being prepared. The application
contains an extensive document that reflects the complex issues
that the case includes. In order for the matter to be investigated
to the extent required by its nature, UNESCO has been given the
opportunity to comment. Documentation has therefore been translated
and sent to the organization on 3 November 2020 and 17 December
2020. We currently have no further information on when UNESCO's
response can be expected."
-- On 25 May 2021, the Company announced results of a Mineral
Resource Estimate Upgrade for the Kallak Iron Ore Project prepared
by Baker Geological Services Ltd, which included an additional 19
million tonnes of iron mineralisation equating to a 12.5 per cent
increase in the resource, giving a Measured and Indicated Mineral
Resource of 132 Mt grading 27.8 per cent iron and an Inferred
Mineral Resource of 39 Mt grading 27.1 per cent Fe.
In addition to the MRE, BGS has updated the Exploration Target
for the Project with inclusion of the Parkijaure permit area. In
total, BGS has reported an Exploration Target of between 73 Mt and
218 Mt grading between 20 per cent Fe to 30 per cent Fe. The
potential quantity and grade are conceptual in nature as there has
been insufficient exploration to estimate a Mineral Resource; and
that it is uncertain if further exploration will result in the
estimation of a Mineral Resource.
ESG
-- Beowulf is a strong supporter of the Sustainable Development
Goals ("SDGs") and is currently reviewing how the Company can best
proactively support their implementation in our areas of
influence.
-- The Company has adopted the following Disclosure Topics
listed by the Sustainability Accounting Standards Board for the
Metals and Mining sector ( https://www.sasb.org/standards/ ) as
material to the Company's stakeholders:
o Energy Management including Green House Gas Emissions;
o Water Management;
o Biodiversity Impacts;
o Rights of Indigenous Peoples;
o Community Relations; and
o Business Ethics and Transparency.
-- As at this time Beowulf has no active mining operations,
these Disclosure Topics will be integrated into the Company's
policies, corporate strategy, project development plans and
management systems.
-- As the Company moves forward with its ESG agenda, it will be
transparent in its communications, the progress it is making, and
sustainability results.
Enquiries:
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 7583
Officer 8304
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
/ Adam Cowl 0470
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
forecast .
About Beowulf Mining plc
Beowulf Mining plc ("Beowulf" or the "Company") is an
exploration and development company, listed on the AIM market of
the London Stock Exchange and the Spotlight Exchange in Sweden.
Beowulf's purpose to be a responsible and innovative company
that creates value for our shareholders, wider society and the
environment, through sustainably producing critical raw materials,
which includes iron ore, graphite and base metals, needed for the
transition to a Green Economy and to address the Climate
Emergency.
The Company's asset portfolio is diversified by commodity,
geography and the development stage of its various projects.
The Company's most advanced project is the Kallak iron ore asset
in northern Sweden. A potential 389 million tonne global resource
which has produced a 'market leading' concentrate of 71.5 per cent
iron content and could supply Sweden's rapidly developing
fossil-free steel sector for decades to come.
Fennoscandian Resources ("Fennoscandian"), a wholly-owned
subsidiary, 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 also
developing its knowledge in processing and manufacturing
value-added graphite products, including anode material for
lithium-ion batteries.
Since Fennoscandian was acquired by Beowulf in January 2016, the
Company has invested approximately EUR2.2 million in graphite
exploration, resource development, metallurgical testwork and the
assessment of market applications for graphite supplied from its
Aitolampi project, including lithium-ion battery applications.
Fennoscandian has recently 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 into
Europe. The MoU addresses the development of a strategic processing
hub for both natural flake and recycled graphite to be located in
Finland.
In addition, a Scoping Study contract for the Aitolampi graphite
project has been awarded to AFRY Finland Oy. The purpose of the
Scoping Study is to verify the robustness of the work completed by
Fennoscandian, and to provide a roadmap for the next project
development stage, most likely a Pre-feasibility Study. The output
of the Scoping Study will enable Fennoscandian to share information
on the Aitolampi project and communicate with the local community
and other important stakeholders.
In Kosovo, the Company owns approximately 48.4 per cent of
Vardar Minerals Limited, which is focus on exploration in the
Tethyan Belt, a major orogenic metallogenic province for gold and
base metals. Vardar is delivering exciting results for its
Mitrovica licence which has several exploration targets, including
lead, zinc, copper and gold. It also has the Viti licence which is
showing potential for copper-gold porphyry mineralisation. With
Beowulf's support, Vardar is focused on making a discovery.
Kallak is the foundation asset of the Company, but with Vardar
and Fennoscandian, the Company has many opportunities to grow, each
business area displaying strong prospects.
BEOWULF MINING PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS TO 31 MARCH 2021
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended 31 ended 31 ended 31
March March December
2020
2021 2020
GBP
Notes GBP GBP
Continuing operations
Administrative expenses (527,883) (217,651) (1,005,547)
Impairment of exploration
costs - - (98,799)
Operating (Loss) (527,833) (217,651) (1,104,346)
Finance costs (18) (88) (203,576)
Finance income 26 397 594
Grant Income 1,247 - 12,637
------------ ------------ ------------
(Loss) before and after
taxation (526,578) (217,342) (1,294,691)
============ ============ ============
Loss attributable to:
Owners of the parent (497,635) (191,543) (1,128,512)
Non-controlling interests (28,943) (25,799) (166,179)
(526,578) (217,342) (1,294,691)
============ ============ ============
Loss per share attributable
to the owners of the
parent:
Basic and diluted (pence) 3 (0.06) (0.03) (0.19)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE THREE MONTHS TO 31 MARCH 2021
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended ended
31 March 31 March ended
2021 2020 31 December
2020
GBP GBP GBP
(Loss) for the period
/ year (526,578) (217,342) (1,294,691)
Other comprehensive (loss)
/ income
Items that may be reclassified
subsequently to profit
or loss:
Exchange (losses)/gain
arising on translation
of foreign operations (645,923) 124,676 854,020
------------ ------------ -------------
Total comprehensive (loss) (1,172,501) (92,666) (440,671)
============ ============ =============
Total comprehensive (loss)
attributable to:
Owners of the parent (1,123,388) (70,725) (294,716)
Non-controlling interests (49,113) (21,941) (145,955)
(1,172,501) (92,666) (440,671)
============ ============ =============
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS TO 31 MARCH 2021
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended ended ended
31 March 31 March 31 December
2020
2021 2020
GBP
Notes GBP GBP
Continuing operations
Administrative expenses (483,751) (157,336) (869,853)
Operating Loss (483,751) (157,336) (869,853)
Finance income 26 396 594
Loss before and after
taxation and total comprehensive
loss (483,725) (156,940) (869,259)
============ ============ =============
Loss per share attributable
to the owners of the
parent:
Basic and diluted (pence) 3 (0.06) (0.03) (0.14)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 March 31 March 31 December
2021 2020 2020
GBP GBP GBP
ASSETS Notes
Non-current assets
Intangible assets 5 10,917,186 10,427,186 11,371,916
Property, plant and
equipment 132,045 126,637 145,094
Loans and other financial
assets 5,291 5,234 5,468
Right of use asset 460 6,018 1,937
------------- ------------- -------------
11,054,982 10,565,075 11,524,415
------------- ------------- -------------
Current assets
Trade and other receivables 118,983 201,572 1,566,848
Cash and cash equivalents 4,724,385 789,310 4,329,414
------------- ------------- -------------
4,843,368 990,882 5,896,262
------------- ------------- -------------
TOTAL ASSETS 15,898,350 11,555,957 17,420,677
============= ============= =============
EQUITY
Shareholders' equity
Share capital 4 8,281,751 6,022,446 8,281,751
Share premium 24,665,977 20,824,009 24,684,737
Merger Reserve 137,700 137,700 137,700
Capital contribution
reserve 46,451 46,451 46,451
Share-based payment
reserve 732,185 732,185 732,185
Translation reserve (1,083,024) (1,170,250) (457,272)
Accumulated losses (17,647,927) (15,770,476) (17,083,185)
------------- ------------- -------------
Total Equity 15,133,113 10,822,065 16,342,367
------------- ------------- -------------
Non-controlling interests 412,106 365,469 394,113
------------- ------------- -------------
TOTAL EQUITY 15,545,219 11,187,534 16,736,480
------------- ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 217,142 229,412 538,772
Grant income 135,505 132,833 143,399
Lease Liability 484 6,178 2,026
------------- ------------- -------------
TOTAL LIABILITIES 353,131 368,423 684,197
------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 15,898,350 11,555,957 17,420,677
============= ============= =============
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 March 31 March 31 December
2021 2020 2020
GBP GBP GBP
ASSETS
Non-current assets
Investments 2,277,988 1,777,988 2,077,988
Loans and other financial
assets 9,526,244 9,078,455 9,341,315
Property, plant and
equipment 1,390 - 1,483
11,805,622 10,856,443 11,420,786
------------- ------------- -------------
Current assets
Trade and other receivables 40,897 32,278 1,476,755
Cash and cash equivalents 4,574,079 679,445 4,241,426
------------- -------------
4,614,976 711,723 5,718,181
------------- ------------- -------------
TOTAL ASSETS 16,420,598 11,568,166 17,138,967
============= ============= =============
EQUITY
Shareholders' equity
Share capital 8,281,751 6,022,446 8,281,751
Share premium 24,665,977 20,824,009 24,684,737
Merger Reserve 137,700 137,700 137,700
Capital contribution
reserve 46,451 46,451 46,451
Share-based payment
reserve 732,185 732,185 732,185
Accumulated losses (17,651,843) (16,455,799) (17,168,118)
------------- ------------- -------------
TOTAL EQUITY 16,212,221 11,306,992 16,714,706
------------- ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 72,872 128,341 280,862
Grant income 135,505 132,833 143,399
------------- -------------
TOTAL LIABILITIES 208,377 261,174 424,261
------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 16,420,598 11,568,166 17,138,967
============= ============= =============
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS TO 31 MARCH 2020
Share Share Merger Capital Share-based Translation Accumulated Total Non- Total
capital premium reserve contribution payment reserve losses controlling equity
reserve reserve interest
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2020 6,022,446 20,824,009 137,700 46,451 732,185 (1,291,068) (15,781,161) 10,690,562 326,555 11,017,117
Loss for the
period - - - - - - (191,543) (191,543) (25,799) (217,342)
Foreign
exchange
translation - - - - - 120,818 - 120,818 3,858 124,676
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
Total
comprehensive
loss - 120,818 (191,543) (70,725) (21,941) (92,666)
At 31 March
2020
(Unaudited) 6,022,446 20,824,009 137,700 46,451 732,185 (1,170,250) (15,972,704) 10,619,837 304,614 10,924,451
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
Loss for the
period - - - - - - (936,969) (936,969) (140,380) (1,077,349)
Foreign
exchange
translation - - - - - 712,978 - 712,978 16,366 729,344
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
Total
comprehensive
loss - - - - - 712,978 (936,969) (223,991) (124,014) (348,005)
Transactions
with
owners
Issue of share
capital 2,259,305 5,165,060 - - - - - 7,424,365 - 7,424,365
Issue costs - (1,304,332) - - - - - (1,304,332) - (1,304,332)
Issue of
shares - - - - - - (173,512) (173,512) 213,513 40,001
At 31 December
2020
(Audited) 8,281,751 24,684,737 137,700 46,451 732,185 (457,272) (17,083,185) 16,342,367 394,113 16,736,480
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
Loss for the
period - - - - - - (497,635) (497,635) (28,943) (526,578)
Foreign
exchange
translation - - - - - (625,752) - (625,752) (20,171) (645,923)
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
Total
comprehensive
loss - (625,752) (497,635) (1,123,387) (49,114) (1,172,501)
Transactions
with
owners
Issue costs - (18,760) - - - - - (18,760) - (18,760)
Issue of
shares - - - - - - (67,107) (67,107) 67,107 -
At 31 March
2021
(Unaudited) 8,281,751 24,665,977 137,700 46,451 732,185 (1,083,024) (17,647,927) 15,133,113 412,106 15,545,219
---------- ------------ -------- ------------- ------------ ------------ ------------- ------------ ------------ ------------
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS TO 31 MARCH 2020
Share Share Merger Capital Share-based Accumulated Total
capital premium reserve contribution payment losses
reserve reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 January
2020 6,022,446 20,824,009 137,700 46,451 732,185 (16,298,859) 11,463,932
Loss for the
period - - - - - (156,940) (156,940)
Total
comprehensive
loss - - - - - (156,940) (156,940)
At 31 March
2020
(Unaudited) 6,022,446 20,824,009 137,700 46,451 732,185 (16,455,799) 11,306,992
------------- ------------- ---------- ------------- ------------ --------------- -------------
Loss for the
period - - (712,319) (712,319)
Total
comprehensive
loss - - (712,319) (712,319)
Transactions
with owners
Issue of share
capital 2,259,305 5,165,060 - - - - 7,424,365
Issue costs - (1,304,332) - - - - (1,304,332)
At 31 December
2020
(Audited)
(Unaudited) 8,281,751 24,684,737 137,700 46,451 732,185 (17,168,118) 16,714,706
------------- ------------- ---------- ------------- ------------ --------------- -------------
Loss for the
period - - - - - (483,725) (483,725)
Total
comprehensive
loss - - - - - (483,725) (483,725)
Transactions
with owners
Issue costs - (18,760) - - - - (18,760)
------------- ------------- ---------- ------------- ------------ --------------- -------------
At 31 March
2020
(Unaudited) 8,281,751 24,665,977 137,700 46,451 732,185 (17,651,843) 16,212,221
------------- ------------- ---------- ------------- ------------ --------------- -------------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FOR THE
THREE MONTHS TO 31 MARCH 2020
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 that of 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 in accordance with the provisions of the Companies Act
2006 . 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 2020.
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 quarter ended
31 March 2020 is unaudited and has not been reviewed by the
auditors. The financial information for the twelve months ended 31
December 2020 is an extract from the audited financial statements
of the Group and Company. The auditor's report on the statutory
financial statements for the year ended 31 December 2020 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. Share Capital
(Unaudited) (Unaudited) (Unaudited)
31 March 31 March
2021 2020 31 Dec 2020
GBP GBP GBP
Allotted, issued and fully paid
Ordinary shares of 1p each 8,281,751 6,022,446 6,022,446
----------- ----------- --------------
The number of shares in issue was as follows:
Number
of shares
Balance at 1 January 2020 602,244,672
Issued during the period -
------------
Balance at 31 March 2020 602,244,672
Issued during the period 225,930,552
------------
Balance at 31 December 2020 828,175,224
Issued during the period -
------------
Balance at 31 March 2021 828,175,224
------------
4 . Intangible Assets: Group
Exploration costs As at 31 As at 31
March December
2021 2020
(Unaudited) (Audited)
GBP GBP
Cost
At 1 January 11,371,916 10,011,494
Additions for the year 186,828 612,062
Foreign exchange movements (641,558) 847,159
Impairment - (98,799)
10,917,186 11,371,916
============ ===========
The net book value of exploration costs is comprised of
expenditure on the following projects:
As at As at
31 31
March December
2021 2020
(Unaudited) (Audited)
GBP GBP
Project Country
Kallak Sweden 7,099,530 7,533,388
Åtvidaberg Sweden 369,170 393,303
Pitkäjärvi Finland 1,352,126 1,333,114
Rääpysjärvi Finland 46,623 47,053
Karhunmäki Finland 40,501 41,017
Merivaara Finland 36,479 36,965
Mitrovica Kosovo 1,338,299 1,387,030
Viti Kosovo 634,458 600,046
10,917,186 11,371,916
=============== ===========
Total Group exploration costs of GBP 10,917,186 are currently
carried at cost in the financial statements. No impairment has been
recognised during the period, (2020: Ågåsjiegge, Joutsijärvi,
Polvela and Tammijärvi GBP 98,799 ).
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. 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.
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 the condensed financial statements as at
31 March 2021 as an intangible exploration licence with a carrying
value of GBP7,099,529. 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.
5. 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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