Business
Unaudited Results for Period Ended 31 March 2023
Unaudited Results for Period Ended 31 March 2023.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n\n \nThe 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.\n \n31 May 2023\nBeowulf Mining plc\n \n(\"Beowulf\" or the \"Company\")\n \nUnaudited Financial Results for the Period Ended 31 March 2023\n \nBeowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the three months ended 31 March 2023 (the \"Quarter\").\n \nActivities in the Quarter\n \nCorporate\n \n· On 28 February 2023, Beowulf announced the outcome of the Company's Capital Raise. In total, Beowulf received approximately SEK 80.8 million (approximately £6.4 million) (gross). The main purpose of the Capital Raise is to finance the continued development of Kallak North, the start of Pre-feasibility workstreams, and to progress at pace with the preparation of an environmental permit application. Net proceeds from the Capital Raise will also be used to repay bridge loan financing and fund the advancement of Grafintec and Vardar Minerals Ltd (\"Vardar\"). \n \nSweden\n \n· In January 2023, Beowulf announced positive economic results from the Scoping Study (the \"Study\") for Kallak North. It was initiated last summer following the award of the Kallak North Exploitation Concession on 22 March 2022. The Study gives confidence in the underlying value of the Kallak North project, providing appropriate analyses and interpretations to support the Company's key project decisions and development strategies, optimising the project development plan while minimising risks.\n· The Study incorporates a Mineral Resource Estimate (\"MRE\") with effective date of 9 May 2021 and an economic assessment for a mining operation producing up to 2.7 million tonnes per annum (\"Mtpa\") of high-grade iron concentrate over a production life of 14 years. The Study also i...