First-half losses narrow slightly for Beowulf
By Josh White
Date: Friday 19 Aug 2022
(Sharecast News) - Beowulf Mining reported a consolidated first-half loss of £0.68m on Friday, narrowing slightly from £0.71m year-on-year.
The AIM-traded firm put the result down to the year-to-date increases in costs for 'BATCircle 2.0' and downstream projects of £0.11m, professional fees of £27k, and directors salaries of £29k, offsetting against a decrease in currency losses of £0.17m.
It held a total of £1.88m in cash at the end of the six months ended 30 June.
Beowulf said the cumulative translation losses held in equity increased by £71,265 in the six months to £1.29m.
Much of the company's exploration costs were in Swedish krona and euro, which had weakened against sterling since the end of December, the board explained.
"There continues to be activity taking place across Beowulf, with iron ore in Sweden, the creation of opportunities for our graphite assets and drilling base and precious metal targets in Kosovo," said chief executive officer Kurt Budge.
"The company has many opportunities to grow, each business area displaying strong prospects, with near-term and longer-term value-inflection points."
Budge said Beowulf was "looking forward" to a "busy and productive" autumn.
"With our strengthened team, great business opportunities, as well as our ambitious strategy and plan, Beowulf and its shareholders face a very interesting future."
At 1153 BST, shares in Beowulf Mining were down 5.38% at 5.2p.
Reporting by Josh White at Sharecast.com.
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