Press release from Companies
Published: 2022-11-18 08:00:00
Detta är en svensk sammanfattad översättning av Beowulf Mining plc’s engelska delårsrapport och pressmeddelande daterat 18 november 2022, vilket kan läsas i sin helhet på https://beowulfmining.com/investors/announcements/. Denna information är sådan information som anses utgöra insiderinformation som bolaget är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning ("MAR") (EU) No. 596/2014, vilken är införlivad i brittisk lagstiftning genom European Union (Withdrawal) Act 2018. Genom publicering av detta pressmeddelande anses denna insiderinformation vara publik.
18 november 2022
Beowulf Mining plc
("Beowulf" eller "Bolaget")
Oreviderade finansiella resultat för perioden som slutade den 30 september 2022
Beowulf (AIM: BEM; Spotlight: BEO), mineralprospekterings- och utvecklingsbolaget, tillkännager sina oreviderade finansiella resultat för de nio månader som slutade den 30 september 2022 (“Kvartalet”).
Väsentliga aktiviteter under kvartalet
Efter periodens utgång
Kurt Budge, Beowulfs verkställande direktör, kommenterar:
"Sedan den senaste kvartalsuppdateringen har vi sett betydande framsteg för Bolaget. Vi mottog finansiering, Ulla Sandborgh har tagit hand om Kallak-projektet, vi har gjort en upptäckt i Kosovo och stärkt vår position inom anodområdet i Finland med en ny och etablerad partner, Hensen, för att hjälpa oss att uppnå våra ambitioner om nedströms förädling, och Johan Röstin har anslutit sig till bolaget som styrelseordförande.
"Upptäckten av det stora polymetalliska epitermala systemet vid Majdan Peak var ett spännande fynd och utgör en fantastisk möjlighet för Beowulf som motiverar ytterligare utforskning. Genomskärningarna i Majdan Peak South bidrar till den betydande potential som sedan tidigare påvisats inom Mitrovica-licensen. Detta säger också mycket om Vardar-teamets upptäckt samt förmåga att utforska nya fyndigheter. En viktig nyhet är att borrningen har återupptagits denna vecka.
"Framstegen i Grafintecs portfölj, särskilt det nya MoU med Hensen och resultaten av prospekteringen i Rääpysjärvi, är mycket uppmuntrande. Beowulf och Hensen etablerade sin första kontakt 2015 och jag är glad att vi har gått samman för att arbeta med GigaVaasa-projektet. Det kombinerar Hensens 37 års kunskap och erfarenhet inom grafitindustrin och nästan 20 år inom anodmarknaden, med Grafintecs starka position inom anodområdet i det finska batteriklustret och Bolagets naturliga resurser av flakgrafit som representerar en potentiellt säker och hållbar råvaruförsörjning för att Finland ska kunna uppnå sina ambitioner att bli självförsörjande på batteriråvaror.
"Slutligen ser jag fram emot att arbeta med vår nya styrelseordförande. Johans kunskap och erfarenhet kommer att vara till stor nytta för Bolaget och stöd till Ulla när Jokkmokk Iron går vidare med projektutvecklingsstudier, tillståndsgivning och för att attrahera finansiering för Kallak-projektet, vilket positionerar Kallak som en framtida källa till säker och hållbart producerad samt högkvalitativ järnmalm för fossilfria ståltillverkare i Norden."
Finansiell information
Verksamheten
Sverige
Finland
Kosovo
Bolaget
För frågor:
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 |
BlytheRay | |
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. The Company listed in Sweden in 2008 and, at 30 September 2022, was 76.04 per cent owned by Swedish shareholders.
Beowulf’s purpose is to be a responsible and innovative company that creates value for our shareholders, wider society and the environment, through sustainably producing critical raw materials needed for the transition to a Green Economy.
The Company has an attractive portfolio of assets, including commodities such as iron ore, graphite, base and precious metals, with activities in exploration, the development of mines and downstream production in Sweden, Finland and Kosovo.
The Company’s most advanced project is the Kallak iron ore asset in northern Sweden from which testwork has produced a ‘market leading’ magnetite concentrate of 71.5 per cent iron content. In the Kallak area, 389 million tonnes of iron mineralisation has been estimated, a potential source of high quality iron ore for fossil-free steel making in the Nordic region for decades to come.
In Finland, Grafintec (previously Fennoscandian Resources), a wholly-owned subsidiary, is developing a resource footprint of natural flake graphite and the capability to serve the anode manufacturing. Grafintec is working to towards creating a sustainable value chain in Finland from high quality natural flake graphite resources to anode material production, leveraging renewable power, targeting Net Zero CO2 emissions across the supply chain.
In Kosovo, the Company owns approximately 59.5 per cent of Vardar Minerals (“Vardar”), which is focused 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.
Kallak is the foundation asset of the Company, and, with Grafintec and Vardar, each business area displays strong prospects, presents opportunities to grow, with near-term and longer-term value-inflection points.
Beowulf wants to be recognised for living its values of Respect, Partnership and Responsibility. The Company’s ESG Policy is available on the website following the link below:
https://beowulfmining.com/about-us/esg-policy/
BEOWULF MINING PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTHS TO 30 SEPTEMBER 2022
Notes | (Unaudited) 3 months ended 30 September 2022£ | (Unaudited) 3 months ended 30 September 2021£ | (Unaudited) 9 months ended 30 September 2022£ | (Unaudited) 9 months ended 30 September 2021£ | (Audited) 12 months ended 31 December 2021£ | |
Continuing operations | ||||||
Administrative expenses | (338,378) | (400,657) | (1,073,324) | (1,118,950) | (1,503,049) | |
Share-based payment expense | (127,491) | - | (127,491) | - | - | |
Impairment of property, plant and equipment | - | (48,966) | - | (48,966) | (48,966) | |
Operating loss | (465,869) | (449,623) | (1,200,815) | (1,167,916) | (1,552,015) | |
Finance costs | (146,120) | (91) | (146,237) | (179) | (256) | |
Finance income | 19 | 12 | 49 | 59 | 71 | |
Grant income | 18,792 | 10,741 | 70,218 | 14,204 | 66,589 | |
Loss before and after taxation | (593,178) | (438,961) | (1,276,785) | (1,153,832) | (1,485,611) | |
Loss attributable to: | ||||||
Owners of the parent | (579,997) | (386,637) | (1,224,658) | (1,054,485) | (1,351,179) | |
Non-controlling interests | (13,181) | (52,324) | (52,127) | (99,347) | (134,432) | |
(593,178) | (438,961) | (1,276,785) | (1,153,832) | (1,485,611) | ||
Loss per share attributable to the owners of the parent: | ||||||
Basic and diluted (pence) | 3 | (0.07) | (0.05) | (0.15) | (0.13) | (0.16) |
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2022
(Unaudited) 3 months ended 30 September 2022£ | (Unaudited) 3 months ended 30 September 2021£ | (Unaudited) 9 months ended 30 September 2022£ | (Unaudited) 9 months ended 30 September 2021£ | (Audited) 12 months ended 31 December 2021£ | ||
Loss for the period/year | (593,178) | (438,961) | (1,276,785) | (1,153,831) | (1,485,611) | |
Other comprehensive (loss)/income | ||||||
Items that may be reclassified subsequently to profit or loss: | ||||||
Exchange gain/(losses) arising on translation of foreign operations | 118,105 | 28,869 | 63,197 | (474,602) | (794,368) | |
Total comprehensive loss | (475,073) | (410,092) | (1,213,588) | (1,628,433) | (2,279,979) | |
Total comprehensive loss attributable to: | ||||||
Owners of the parent | (477,478) | (310,291) | (1,193,404) | (1,508,950) | (2,110,892) | |
Non-controlling interests | 2,405 | (99,801) | (20,184) | (119,483) | (169,087) | |
(475,073) | (410,092) | (1,213,588) | (1,628,433) | (2,279,979) | ||
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS TO 30 SEPTEMBER 2022
Notes | (Unaudited) 3 months ended 30 September2022£ | (Unaudited) 3 months ended 30 September 2021£ | (Unaudited) 9 months ended 30 September 2022£ | (Unaudited) 9 months ended 30 September 2021£ | (Audited) 12 months ended 31 December 2021£ | ||
Continuing operations | |||||||
Administrative expenses | (227,030) | (336,231) | (725,736) | (1,023,093) | (1,233,369) | ||
Share-based payment expense | (110,693) | - | (110,693) | - | - | ||
Operating loss | (337,723) | (336,231) | (836,429) | (1,023,093) | (1,233,369) | ||
Finance cost | (146,080) | - | (146,080) | - | |||
Finance income | 18 | 12 | 48 | 59 | 71 | ||
Loss before and after taxation and total comprehensive loss | (483,785) | (336,219) | (982,461) | (1,023,034) | (1,233,298) | ||
Loss per share attributable to the owners of the parent: | |||||||
Basic and diluted (pence) | 3 | (0.06) | (0.04) | (0.12) | (0.12) | (0.15) |
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
(Unaudited)As at30 September 2022£ | (Unaudited)As at30 September2021£ | (Audited)As at 31 December 2021£ | |||||
ASSETS | Notes | ||||||
Non-current assets | |||||||
Intangible assets | 4 | 12,355,983 | 11,295,921 | 11,235,656 | |||
Property, plant and equipment | 118,269 | 66,116 | 133,428 | ||||
Loans and other financial | |||||||
assets | 5,218 | 5,340 | 5,247 | ||||
Right of use asset | 3,386 | 8,986 | 7,401 | ||||
12,482,856 | 11,376,363 | 11,381,732 | |||||
Current assets | |||||||
Trade and other receivables | 150,101 | 183,641 | 183,139 | ||||
Cash and cash equivalents | 2,758,152 | 3,883,749 | 3,336,134 | ||||
2,908,253 | 4,067,390 | 3,519,273 | |||||
TOTAL ASSETS | 15,391,109 | 15,443,753 | 14,901,005 | ||||
EQUITY | |||||||
Shareholders’ equity | |||||||
Share capital | 3 | 8,317,105 | 8,317,105 | 8,317,105 | |||
Share premium | 24,689,311 | 24,689,311 | 24,689,311 | ||||
Merger Reserve | 137,700 | 137,700 | 137,700 | ||||
Capital contribution reserve | 46,451 | 46,451 | 46,451 | ||||
Share-based payment reserve | 403,052 | 732,185 | 668,482 | ||||
Translation reserve | (1,185,731) | (911,746) | (1,216,985) | ||||
Accumulated losses | (19,658,821) | (18,237,683) | (18,470,674) | ||||
12,749,067 | 14,773,323 | 14,171,390 | |||||
Non-controlling interests | 661,265 | 374,650 | 325,039 | ||||
TOTAL EQUITY | 13,410,332 | 15,147,973 | 14,496,429 | ||||
LIABILITIES | |||||||
Current liabilities | |||||||
Trade and other payables | 260,497 | 216,867 | 357,236 | ||||
Grant income | - | 69,860 | 39,849 | ||||
Lease Liability | 3,475 | 9,053 | 7,491 | ||||
Borrowings | 6 | 1,716,805 | - | - | |||
TOTAL LIABILITIES | 1,980,777 | 295,780 | 404,576 | ||||
TOTAL EQUITY AND LIABILITIES | 15,391,109 | 15,443,753 | 14,901,005 |
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
(Unaudited)As at 30 September 2022£ | (Unaudited)As at 30 September2021£ | (Audited)As at 31December 2021£ | ||||
ASSETS | Notes | |||||
Non-current assets | ||||||
Investments | 3,594,786 | 2,377,988 | 2,377,988 | |||
Loans and other financial assets | 10,502,521 | 10,044,632 | 10,179,650 | |||
Property, plant and equipment | 904 | 1,205 | 1,112 | |||
14,098,211 | 12,423,825 | 12,558,750 | ||||
Current assets | ||||||
Trade and other receivables | 24,664 | 22,775 | 41,185 | |||
Cash and cash equivalents | 2,395,871 | 3,451,549 | 3,075,741 | |||
2,420,535 | 3,474,324 | 3,116,926 | ||||
TOTAL ASSETS | 16,518,746 | 15,898,149 | 15,675,676 | |||
EQUITY | ||||||
Shareholders’ equity | ||||||
Share capital | 8,317,105 | 8,317,105 | 8,317,105 | |||
Share premium | 24,689,311 | 24,689,311 | 24,689,311 | |||
Merger Reserve | 137,700 | 137,700 | 137,700 | |||
Capital contribution reserve | 46,451 | 46,451 | 46,451 | |||
Share-based payment reserve | 403,052 | 732,185 | 668,482 | |||
Accumulated losses | (18,927,253) | (18,191,153) | (18,337,713) | |||
TOTAL EQUITY | 14,666,366 | 15,731,599 | 15,521,336 | |||
LIABILITIES | ||||||
Current liabilities | ||||||
Trade and other payables | 135,575 | 96,690 | 114,491 | |||
Grant income | - | 69,860 | 39,849 | |||
Borrowings | 6 | 1,716,805 | - | - | ||
TOTAL LIABILITIES | 1,852,380 | 166,550 | 154,340 | |||
TOTAL EQUITY AND LIABILITIES | 16,518,746 | 15,898,149 | 15,675,676 |
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2022
Share capital | Share premium | Merger reserve | Capital contribution reserve | Share-based payment reserve | Translation reserve | Accumulated losses | Total | Non-controllinginterest | Total equity | |
£ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |
At 1 January 2021 | 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 | - | - | - | - | - | - | (1,054,485) | (1,054,485) | (99,347) | (1,153,832) |
Foreign exchange translation | - | - | - | - | - | (454,474) | - | (454,474) | (20,129) | (474,603) |
Total comprehensive loss | - | - | - | - | - | (454,474) | (1,054,485) | (1,508,959) | (119,476) | (1,628,435) |
Transactions with owners | ||||||||||
Issue of share capital | 35,354 | 23,334 | - | - | - | - | - | 58,688 | - | 58,688 |
Issue costs | - | (18,760) | - | - | - | - | - | (18,760) | - | (18,760) |
Step acquisition of Subsidiary | - | - | - | - | - | - | (100,013) | (100,013) | 100,013 | - |
At 30 September 2021 (Unaudited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 732,185 | (911,746) | (18,237,683) | 14,773,323 | 374,650 | 15,147,973 |
Loss for the period | - | - | - | - | - | - | (296,694) | (296,694) | (35,085) | (331,779) |
Foreign exchange translation | - | - | - | - | - | (305,239) | - | (305,239) | (14,526) | (319,765) |
Total comprehensive loss | - | - | - | - | - | (305,239) | (296,694) | (601,933) | (49,611) | (651,544) |
Transactions with owners | ||||||||||
Transfer of reserve on exercise | - | - | - | - | (63,703) | - | 63,703 | - | - | - |
At 31 December 2021 (Audited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 668,482 | (1,216,985) | (18,470,674) | 14,171,390 | 325,039 | 14,496,429 |
Loss for the period | - | - | - | - | - | - | (1,224,658) | (1,224,658) | (52,127) | (1,276,785) |
Foreign exchange translation | - | - | - | - | - | 31,254 | - | 31,254 | 31,943 | 63,197 |
Total comprehensive loss | - | - | - | - | - | 31,254 | (1,224,658) | (1,193,404) | (20,184) | (1,213,588) |
Transactions with owners | ||||||||||
Equity-settled share-based payment transactions | - | - | - | - | 127,491 | - | - | 127,491 | - | 127,491 |
Step acquisition of Subsidiary | - | - | - | - | - | - | (356,410) | (356,410) | 356,410 | - |
Transfer on lapse of options | - | - | - | - | (392,921) | - | 392,921 | - | - | - |
At 30 September 2022 (Unaudited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 403,052 | (1,185,731) | (19,658,821) | 12,749,067 | 661,265 | 13,410,332 |
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2022
Share capital | Share premium | Merger reserve | Capital contribution reserve | Share-based payment reserve | Accumulated losses | Total | |
£ | £ | £ | £ | £ | £ | £ | |
At 1 January 2021 | 8,281,751 | 24,684,737 | 137,700 | 46,451 | 732,185 | (17,168,118) | 16,714,706 |
Loss for the period | - | - | - | - | - | (1,023,035) | (1,023,035) |
Total comprehensive loss | - | - | - | - | - | (1,023,035) | (1,023,035) |
Transactions with owners | |||||||
Issue of share capital | 35,354 | 23,334 | - | - | - | - | 58,688 |
Issue costs | - | (18,760) | - | - | - | - | (18,760) |
At 30 September 2021 (Unaudited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 732,185 | (18,191,153) | 15,731,599 |
Loss for the period | - | - | - | - | - | (210,263) | (210,263) |
Total comprehensive loss | - | - | - | - | - | (210,263) | (210,263) |
Transactions with owners | |||||||
Issue of share capital | - | - | - | - | - | - | - |
Issue costs | - | - | - | - | (63,703) | 63,703 | - |
At 31 December 2021 (Audited) (Unaudited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 668,482 | (18,337,713) | 15,521,336 |
Loss for the period | - | - | - | - | - | (982,461) | (982,461) |
Total comprehensive loss | - | - | - | - | - | (982,461) | (982,461) |
Transactions with owners | |||||||
Equity-settled share-based payment transactions | - | - | - | - | 127,491 | - | 127,491 |
Transfer on lapse of options | - | - | - | - | (392,921) | 392,921 | - |
At 30 September 2022 (Unaudited) | 8,317,105 | 24,689,311 | 137,700 | 46,451 | 403,052 | (18,927,253) | 14,666,366 |
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.
The condensed consolidated financial information has been prepared on the basis of the recognition and measurement requirements of UK-adopted International Accounting Standards (IFRS). 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 2021.
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 period ended 30 September 2022 is unaudited and has not been reviewed by the auditors. The financial information for the twelve months ended 31 December 2021 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 2021 was unqualified was unqualified but did include a material uncertainty relating to going concern.
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.
Management have prepared cash flow forecasts which indicate that although there is no immediate funding requirement, the Group will need to raise further funds in the next 12 months for corporate overheads and to advance its key projects and investments.
The Directors are confident they are taking all necessary steps to ensure that the required finance will be available, and they have successfully raised equity finance in the past. They have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. However, while they are confident of being able to raise the new funds as they are required, there are currently no agreements in place, and there can be no certainty that they will be successful in raising the required funds within the appropriate timeframe. They have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
(Unaudited) | (Unaudited) | (Audited) | |||
30 September 2022 | 30 September 2021 | 31 December 2021 | |||
£ | £ | £ | |||
Allotted, issued and fully paid | |||||
Ordinary shares of 1p each | 8,317,105 | 8,317,105 | 8,317,105 |
The number of shares in issue was as follows:
Number | |
of shares | |
Balance at 1 January 2021 | 828,175,224 |
Issued during the period | 3,535,412 |
Balance at 30 September 2021 | 831,710,636 |
Issued during the period | - |
Balance at 31 December 2021 | 831,710,636 |
Issued during the period | - |
Balance at 30 September 2022 | 831,710,636 |
During the period ended 30 September 2022, 23,250,000 options were granted (2021: Nil). The options outstanding as at 30 September 2022 have an exercise price in the range of 1.00 pence to 5.25 pence (2021: 7.35 pence to 12.00 pence) and a weighted average remaining contractual life of 7 years, 199 days (2021: 1 year, 234 days).
The share-based payments expense for the options for the period ended 30 September 2022 was £127,491 (2021: £Nil).
The fair value of share options granted and outstanding were measured using the Black-Scholes model, with the following inputs:
2022 | 2019 | ||
Number of options | 20,750,000 | 2,500,000 | 9,250,000 |
Fair value at grant date | 3.12p | 3.59p | 1.15p |
Share price | 4.00p | 4.00p | 5.65p |
Exercise price | 5.25p | 1.00p | 7.35p |
Expected volatility | 100.00% | 100% | 51.89% |
Option life | 10 years | 10 years | 5 years |
Risk free interest rate | 4.480% | 4.520% | 0.718% |
The options issued will be settled in the equity of the Company when exercised and have a vesting period of one year from date of grant.
Reconciliation of options in issue | Number | Weighted average exercise price(£’s) | Number | Weighted average exercise price(£’s) | |||
2022 | 2022 | 2021 | 2021 | ||||
Outstanding at 1 January | 13,750,000 | 0.089 | 22,750,000 | 0.060 | |||
Granted during the period | 23,250,000 | 0.048 | - | - | |||
Exercised during the period | - | - | (9,000,000) | 0.017 | |||
Lapsed during the period | (4,500,000) | 0.120 | - | - | |||
Outstanding at 30 September | 32,500,000 | 0.055 | 13,750,000 | 0.089 | |||
Exercisable at 30 September | 11,750,000 | 0.060 | 13,750,000 | 0.089 |
Exploration costs | As at 30 September 2022 | As at 31 December2021 | ||
(Unaudited) | (Audited) | |||
£ | £ | |||
Cost | ||||
At 1 January | 11,235,656 | 11,371,916 | ||
Additions for the year | 1,067,732 | 682,367 | ||
Foreign exchange movements | 52,595 | (818,627) | ||
Impairment | - | - | ||
Total | 12,355,983 | 11,235,656 |
The net book value of exploration costs is comprised of expenditure on the following projects:
As at 30 September 2022 | As at 31 December 2021 | ||||
(Unaudited) | (Audited) | ||||
£ | £ | ||||
Project | Country | ||||
Kallak | Sweden | 7,369,052 | 7,210,380 | ||
Ågåsjiegge | Sweden | 7,853 | 6,482 | ||
Åtvidaberg | Sweden | 358,597 | 363,131 | ||
Pitkäjärvi | Finland | 1,590,803 | 1,457,826 | ||
Rääpysjärvi | Finland | 111,163 | 73,859 | ||
Karhunmäki | Finland | 54,484 | 51,622 | ||
Merivaara | Finland | 37,887 | 36,096 | ||
Luopioinen | Finland | 4,214 | - | ||
Mitrovica | Kosovo | 2,137,482 | 1,376,598 | ||
Viti | Kosovo | 684,448 | 659,662 | ||
12,355,983 | 11,235,656 |
Total Group exploration costs of £12,355,983 are currently carried at cost in the financial statements. No impairment has been recognised during the period, (2021:£Nil).
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 exploration asset within the Group is Kallak. The Company applied for an Exploitation Concession for Kallak North in April 2013 and this was finally awarded in March 2022.
Kallak is included in the condensed financial statements as at 30 September 2022 as an intangible exploration licence with a carrying value of £7,369,052. Given the Exploitation Concession was awarded, Management have considered that there is no current risk associated with Kallak and thus have not impaired the project.
(Unaudited) | (Unaudited) | (Audited) | |||
30 September 2022 | 30 September 2021 | 31 December 2021 | |||
£ | £ | £ | |||
Current | |||||
Bridging loan | 1,716,805 | - | - | ||
Total | 1,716,805 | - | - |
On 3 July 2022, the Company secured a Bridging loan from Nordic investors of SEK 22 million (approximately £1.76 million). The Loan has a fixed interest rate of 1.5 percent per stated 30-day period during the duration. Accrued interest is non-compounding. The Loan has a commitment fee of 5 per cent and a Maturity Date of 28 February 2023.
Beowulf can repay the Loan and accrued interest at any time prior to the Maturity Date. If the Loan and accrued interest is not repaid by 28 February 2023, at the latest, the Creditors have the right to offset a minimum of SEK 1 million at a time of the Loan and accrued interest into Swedish Depository Receipts ("SDR") at a price per SDR calculated with a 15 per cent discount on the volume weighted average price of the SDR during the preceding 5 trading days to the conversion decision.
There were no significant events to disclose.
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.
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