|
Beowulf Mining PLC on Friday reported a widened pretax loss during the first half of 2025 as expenses increased, while fundraising efforts enable further progress at the company’s assets. The Nordic-focused mineral resource developer said pretax loss in the six months that ended June 30 was £968,315, widened from £909,148 a year earlier. Administrative expenses increased 7.5% to £915,446 from £851,632, due to an increase in professional fees, directors and staff costs and legal fees. For the second quarter to June 30, pretax loss widened to £564,724 from £511,472, as administrative expenses rose 6.4% to £516,800 from £485,521. Beowulf raised SEK28.1 million, or around $3.0 million, before expenses in May, through a placing and subscription. Net proceeds from the fundraise were used to repay the bridging loan principal and interest of SEK12.4 million. Shares in Beowulf Mining closed down 4.7% at 10.01 pence in London on Friday. The stock is down 55% over the past year. ‘Completing the capital raise during the period allows us to continue to progress our assets, including Kallak. We have made great strides in, and continue to focus on, cultivating positive local stakeholder engagement. The development of a slurry pipeline is an innovative, reliable, low-impact transport solution that we believe significantly mitigates a number of the main concerns of local stakeholders about the project. Importantly, our initial analysis also suggests that given its very low operating costs, it is also value accretive to the project,’ commented Chief Executive Officer Ed Bowie. ‘As a company, we will continue to investigate multiple sources of additional capital to advance our core assets. These include, but are not limited to, institutional and strategic investors, and governmental support from Business Finland and EU entities which offer a range of grants, equity, loans and tax credits. We look forward to providing further updates to the market over the coming months.’ Copyright 2025 Alliance News Ltd. All Rights Reserved
|
