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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Beowulf Mining Plc | LSE:BEM | London | Ordinary Share | GB0033163287 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.65 | 0.60 | 0.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coal Mining Services | 0 | -2.86M | -0.0025 | -2.60 | 7.52M |
From Apr 2019 to Apr 2024
TIDMBEM
RNS Number : 1282D
Beowulf Mining PLC
26 October 2020
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
26 October 2020
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 30 September 2020
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the three months ended 30 September 2020.
Overview of Activities in the Quarter
-- On 6 July 2020, the Company announced results from grab sampling completed across the Majdan Peak gold target at Vardar Mineral's ("Vardar") Mitrovica licence in Northern Kosovo.
-- The Company announced, on 14 July 2020, that plans to drill at Kallak, scheduled for Autumn 2020, had been postponed due to COVID-19, until such time that resources can be fully mobilised and deployed safely.
-- On 13 August 2020, the Company announced that it had secured loan financing from Nordic investors of SEK 12 million (approximately GBP1.0 million) before expenses. The Company also invested a further GBP300,000 in Vardar, increasing its ownership from 42.2 per cent to 46.1 per cent.
Funds have been used to restart exploration works in Kosovo, including geophysical surveys with the objective of defining targets for drilling.
-- The findings of an expert market assessment by Dr Bo Arvidson were announced on 17 September 2020, which investigated the market potential of future products from the Kallak North deposit, based on the results of laboratory and pilot plant test work conducted to date.
Testwork on Kallak ore has produced an exceptionally high-grade magnetite concentrate at 71.5 per cent iron ("Fe") content with minimal detrimental components. This would make Kallak the market leading high-grade product among known current and planned future producers.
-- The Board approved an extension to the exercise period of the share options granted to Kurt Budge, CEO, of over 9,000,000 ordinary shares of the Company now exercisable by 17 July 2021.
-- At the Company's AGM, held on 10 September 2020, all resolutions were passed.
Post Period
-- On 9 October 2020, Beowulf informed the market that the Constitutional Committee in Sweden would be meeting on 13 October 2020, to review the Swedish Government's handling of the Company's application for an Exploitation Concession for Kallak North.
-- On 16 October 2020, Beowulf CEO, Kurt Budge, presented at ProHearings Capital Markets Day. An updated corporate presentation is available on the website: https://beowulfmining.com/wp-content/uploads/2020/10/20201015-Beowulf-Mining-ProHearings-Presentation.pdf
-- On 23 October 2020, the Company announced results from an Induced Polarisation ("IP") and resistivity survey undertaken by Vardar at its Wolf Mountain lead-zinc-silver ("Pb-Zn-Ag") target, situated within the Mitrovica licence.
The survey defined h ighly anomalous IP chargeability zones, considered high priority targets for drill testing, and anomalies follow established regional structural trends suggesting they may be representative of high-grade Pb-Zn-Ag feeder structures.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"There were several highlights of the quarter for me, completing the financing in August, in which we were well-supported by Nordic investors, seeing the Vardar team get 'back to business' in Kosovo, where we are already seeing positive results at Wolf Mountain that indicate the potential for high-grade lead-zinc feeder structures , and receiving the expert assessment of the 'market leading' credentials of Kallak's magnetite concentrate.
"In Sweden, the Company has engaged new advisors in Stockholm to support our efforts in seeking approval of our application for an Exploitation Concession for Kallak North and I am pleased with the effective work that's been done to date.
"The Company continues to assess the possible resource upside at Kallak. While disappointed that we were forced to postpone drilling this Autumn, as we were unable to get personnel to site under COVID-19 travel restrictions, we have been reviewing historic exploration data, as we evaluate the potential 'life of mine'. A continuation from Kallak North to Kallak South could see a mine in production for 25 years, or more if additional resource at Parkijaure nr 6 is defined.
"I visited Jokkmokk a few weeks ago and discussed with stakeholders a vision for the town in 2050, which taps into Swedish mining innovation, excitement around fossil-free enterprise, sustainable development and the Circular Economy. The timeline would see a production start at Kallak within the next five years and 25 years of mining.
"Kallak represents the cornerstone of the foundation on which Jokkmokk's future is built and with connections to Norrbotten's renewable power, railways and the Port of Luleå, a sustainable mine will invigorate the region's basic industry and economy.
"All in all, we are making excellent progress in all areas of our business. Kallak is positioned as a future regional supplier to Sweden's nascent fossil-free streel making industry, a key part of Sweden's 'Green Transition' (grön omställning). Fennoscandian Resources has its part to play in the battery sector and the drive for electrification and Vardar shows potential as a new source of metals supply in Europe.
"I look forward to providing further updates to the markets in due course."
Kurt Budge, CEO, has conducted an interview with BRR Media. The interview can be seen using the link below:
https://www.brrmedia.co.uk/broadcasts/5f92d383c4d0076f2b944cac/beowulf-mining-plc-ceo-update
Operational
Kosovo
-- On 6 July 2020, the Company announced results from grab sampling completed across the Majdan Peak gold target at Vardar's Mitrovica licence in Northern Kosovo.
42 samples have assayed in excess of 0.1 gramme per tonne ("g/t") gold out of a total of 96 samples collected from available outcrop and subcrop.
Anomalous results correlate well with gold in soils and alteration intensity and confirm the significant scale of the gold anomaly, an area 1400 x 700 metres, which remains open to the east.
Sample results over 1 g/t gold include: 7.2 g/t; 4.6 g/t; 2.8 g/t; 2.0 g/t; 1.5 g/t; 1.3 g/t; 1.3 g/t; and 1.1 g/t.
In addition to the primary gold target, a new multi-element anomaly has been delineated to the south of the main peak. This anomaly correlates well with anomalous rock grab samples (including individual samples with 0.79 g/t gold), with galena (lead sulphide) veins apparent in some of the outcropping gossans.
The link below is a plan showing soil sample gold results, with rock sample gold results overlain and multi-element anomalies delineated. All rock samples with assays > 0.1 g/t have been labelled. Results highlight the spatial extent of the Majdan Peak gold target.
https://beowulfmining.com/wp-content/uploads/2020/07/Madjan-Peak-rock-sample-results.jpg
-- On 13 August 2020, the Company announced that it had invested a further GBP300,000 in Vardar, increasing its ownership from 42.2 per cent to 46.1 per cent.
Funds have been used to restart exploration works in Kosovo, with geophysical surveys across the Mitrovica and Viti licences, with the objective of defining drill targets.
-- On 23 October 2020, Beowulf announced results from an Induced Polarisation ("IP") and resistivity survey undertaken by Vardar at its Wolf Mountain lead-zinc-silver ("Pb-Zn-Ag") target, situated within the Mitrovica licence, located in northern Kosovo. Highlights included:
o Highly anomalous IP chargeability zones, considered high priority targets for drill testing, have been defined beneath areas of laterally extensive Pb-Zn gossans and hydrothermal alteration.
o The IP anomalies are located below, often straddling, the contact between younger Oligo-Miocene ("O-M") volcanoclastic rocks and ultramafic ("UM") basement, in agreement with mapped and drill tested mineralisation, adding further support for a source of the observed mineralisation.
o Importantly, anomalies follow established regional structural trends suggesting they may be representative of high-grade Pb-Zn-Ag feeder structures, often a characteristic of the deposit type.
o Resistivity results correlate very well with geological mapping, drilling and trenching, delineating the lateral and vertical extent of the low resistivity volcanoclastic units over the higher resistivity UM basement.
o Vardar is now planning a follow-up drilling programme to test the main anomalies for high-grade mineralisation.
Sweden
-- The findings of an expert market assessment by Dr. Bo Arvidson, were announced on 17 September 2020, which investigated the market potential of future products from the Kallak North deposit, based on the results of laboratory and pilot plant test work conducted to date. Highlights include:
o Testwork on Kallak ore has produced an exceptionally high-grade magnetite concentrate at 71.5 per cent iron ("Fe") content with minimal detrimental components.
o This would make Kallak the market leading high-grade product among known current and planned future producers.
o The next best magnetite product is LKAB's (the state-owned Swedish iron ore company), which produces magnetite fines ("MAF") with a target specification of 70.7 per cent Fe and was regarded as unique, until now, due to its exceptionally high iron content.
o Kallak magnetite concentrate would reduce the carbon footprint of traditional steel manufacturing, improve energy efficiency in any downstream process and reduce waste. Magnetite has inherent energy content, which ultimately results in lower energy demand for steel manufacturing when compared to current common practice.
o Globally, the feedstock for steelmaking is 80 per cent hematite and 20 per cent magnetite. The demand for high-quality feedstock and therefore magnetite should increase as producers look to protect the environment by improving energy efficiency, minimizing waste and the impact of waste disposal.
Financials
-- The consolidated loss remaining largely unchanged in quarter ended 30 September at GBP311,899 (Q3 2019: loss of GBP312,986). The decrease is partly attributable to no share-based payment charge relating to employees and Directors options for the quarter compared to GBP26,566 incurred in the previous quarter. This decrease is offset by a finance charge of GBP40,179 associated with the Bridging loan secured in the quarter.
-- Consolidated basic and diluted loss per share for the quarter ended 30 September 2020 was 0.04 pence (Q3 2019: loss of 0.04 pence).
-- GBP1,207,384 in cash held at the period end (Q3 2019: GBP907,527).
-- The cumulative translation losses held in equity decreased by GBP39,801 in the quarter ended 30 September 2020 to GBP636,664 (31 December 2019: GBP1,291,068). Much of the Company's exploration costs are in Swedish Krona and Euro which has strengthened against the pound since 31 December 2019.
-- As of 30 September 2020, there were 407,758,129 Swedish Depository Receipts representing 67.71 per cent of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.
Enquiries:
Hot Features
Premium
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 3771
Officer 6993
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470
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.
BEOWULF MINING PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTHS TO 30 SEPTEMBER 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended 30 ended 30 ended 30 ended 30 ended 31
September December
2019
2020 September September September
2019 2020 2019
GBP
GBP
Notes GBP GBP GBP
Continuing operations
Other income - - - - -
Administrative expenses (252,520) (286,952) (655,674) (737,082) (904,666)
Impairment of exploration
costs (18,650) - (18,650) - (10,720)
Share based payment
expense - (26,566) - (93,154) (119,720)
Gain on step acquisition - - - 563,431 563,431
------------ ------------ ------------ ------------ -----------
Operating loss (271,170) (313,518) (674,324) (266,805) (471,675)
Finance costs (40,179) - (40,340) - (410)
Finance income 8 532 591 5,715 6,298
Grant (expense)/income (558) - 7,699 - 37,080
------------ ------------ ------------ ------------ -----------
Loss before and after
taxation (311,899) (312,986) (706,374) (261,090) (428,707)
============ ============ ============ ============ ===========
Loss attributable
to:
Owners of the parent (269,869) (255,922) (623,064) (153,976) (267,000)
Non-controlling interests (42,030) (57,064) (83,310) (107,114) (161,707)
(311,899) (312,986) (706,374) (261,090) (428,707)
============ ============ ============ ============ ===========
Loss per share attributable
to the owners of the
parent:
Basic and diluted
(pence) 3 (0.04) (0.04) (0.10) (0.03) (0.04)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended 30 ended 30 ended 30 ended 30 ended 31
September December
2019
2020 September September September
2019 2020 2019
GBP
GBP
GBP GBP GBP
Loss for the period /
year (311,899) (312,986) (706,374) (261,090) (428,707)
Other comprehensive income
Items that may be reclassified
subsequently to profit
or loss:
Exchange gains/(losses)
arising on translation
of foreign operations 39,801 (203,018) 660,160 (515,349) (794,299)
------------ ------------ ------------ ------------ ------------
Total comprehensive loss (272,098) (516,004) (46,214) (776,439) (1,223,006)
============ ============ ============ ============ ============
Total comprehensive income
loss attributable to:
Owners of the parent (207,543) (466,691) 31,339 (661,989) (1,037,811)
Non-controlling interests (64,555) (49,313) (77,553) (114,450) (185,195)
(272,098) (516,004) (46,214) (776,439) (1,223,006)
============ ============ ============ ============ ============
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended 30 ended 30 ended 30 ended 30 ended 31
September December
2019
2020 September September September
2019 2020 2019
GBP
GBP
Notes GBP GBP GBP
Continuing operations
Administrative expenses (211,188) (180,159) (514,800) (563,860) (651,433)
Share based payment
expense - (26,566) - (93,154) (119,720)
Operating Loss (211,188) (206,725) (514,800) (657,014) (771,153)
Finance income 8 532 591 5,715 6,298
Grant Income - - - - 1,425
------------ ------------ ------------ ------------ -----------
Loss before and after
taxation and total
comprehensive loss (211,180) (206,193) (514,209) (651,299) (763,430)
============ ============ ============ ============ ===========
Loss per share attributable
to the owners of the
parent:
Basic and diluted (pence) 3 (0.04) (0.04) (0.09) (0.11) (0.13)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 September 30 September 31 December
2020 2019 2019
GBP GBP GBP
ASSETS Notes
Non-current assets
Intangible assets 5 10,938,145 10,300,147 10,011,494
Property, plant and
equipment 135,887 118,562 86,998
Loans and other financial
assets 5,391 5,280 5,212
Right of use asset 3,438 - 7,324
-------------- -------------- -------------
11,082,861 10,423,989 10,111,028
-------------- -------------- -------------
Current assets
Trade and other receivables 98,459 87,145 167,261
Cash and cash equivalents 1,207,384 907,527 1,124,062
-------------- -------------- -------------
1,305,843 994,672 1,291,323
-------------- -------------- -------------
TOTAL ASSETS 12,388,704 11,418,661 11,402,351
============== ============== =============
EQUITY
Shareholders' equity
Share capital 4 6,022,446 5,886,392 6,022,446
Share premium 20,824,009 20,230,006 20,824,009
Capital contribution
reserve 46,451 46,451 46,451
Share based payment
reserve 732,185 705,619 732,185
Merger Reserve 137,700 137,700 137,700
Translation reserve (636,664) (1,028,270) (1,291,068)
Accumulated losses (16,577,737) (15,465,909) (15,781,161)
-------------- -------------- -------------
Total Equity 10,548,390 10,511,989 10,690,562
-------------- -------------- -------------
Non-controlling interests 462,514 397,300 326,555
-------------- -------------- -------------
TOTAL EQUITY 11,010,904 10,909,289 11,017,117
-------------- -------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 256,484 317,167 242,885
Grant income 149,060 192,205 134,877
Lease Liability 3,573 - 7,472
Borrowings 968,683 - -
-------------- -------------- -------------
TOTAL LIABILITIES 1,377,800 509,372 385,234
-------------- -------------- -------------
TOTAL EQUITY AND LIABILITIES 12,388,704 11,418,661 11,402,351
============== ============== =============
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 September 30 September 31 December
2020 2019 2019
GBP GBP GBP
ASSETS
Non-current assets
Investments 2,077,988 1,482,988 1,697,988
Loans and other financial
assets 9,173,997 8,776,137 8,989,451
11,251,985 10,259,125 10,687,439
-------------- -------------- -------------
Current assets
Trade and other receivables 22,819 24,755 23,260
Cash and cash equivalents 884,176 791,177 978,514
-------------- -------------
906,995 815,932 1,001,774
-------------- -------------- -------------
TOTAL ASSETS 12,158,980 11,075,057 11,689,213
============== ============== =============
EQUITY
Shareholders' equity
Share capital 4 6,022,446 5,886,392 6,022,446
Share premium 20,824,009 20,230,006 20,824,009
Capital contribution
reserve 46,451 46,451 46,451
Share option reserve 732,185 705,619 732,185
Merger Reserve 137,700 137,700 137,700
Accumulated losses (16,813,068) (16,186,728) (16,298,859)
-------------- -------------- -------------
TOTAL EQUITY 10,949,723 10,819,440 11,463,932
-------------- -------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 91,514 63,412 90,404
Grant income 149,060 192,205 134,877
Borrowings 968,683 - -
-------------- -------------
TOTAL LIABILITIES 1,209,257 255,617 225,281
-------------- -------------- -------------
TOTAL EQUITY AND LIABILITIES 12,158,980 11,075,057 11,689,213
============== ============== =============
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2020
Share Share Capital Share-based Merger Translation Accumulated Total Non- Total
capital premium contribution payment reserve reserve losses controlling equity
reserve reserve interest
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2019 5,663,072 19,266,271 46,451 612,465 137,700 (520,257) (15,311,933) 9,893,769 (160,587) 9,733,182
Loss for the
period - - - - - - (153,976) (153,976) (107,114) (261,090)
Foreign
exchange
translation - - - - - (508,013) - (508,013) (7,336) (515,349)
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
Total
comprehensive
loss - - - - - (508,013) (153,976) (661,989) (114,450) (776,439)
Transactions
with
owners
Issue of share
capital 223,320 1,026,680 - - - - - 1,250,000 - 1,250,000
Costs
associated
with the issue
of
new shares - (62,945) - - - - - (62,945) - (62,945)
Equity-settled
share-based
payment
transactions - - - 93,154 - - - 93,154 - 93,154
Acquisition of
subsidiary - - - - - - - - 672,337 672,337
At 30
September
2019
(Unaudited) 5,886,392 20,230,006 46,451 705,619 137,700 (1,028,270) (15,465,909) 10,511,989 397,300 10,909,289
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
Loss for the
period - - - - - - (113,024) (113,024) (54,593) (167,617)
Foreign
exchange
translation - - - - - (262,798) - (262,798) (16,152) (278,950)
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
Total
comprehensive
(loss) - - - - - (262,798) (113,024) (375,822) (70,745) (456,567)
Transactions
with
owners
Issue of share
capital 136,054 624,363 - - - - - 760,417 - 760,417
Costs
associated
with the issue
of
new shares - (30,360) - - - - - (30,360) - (30,360)
Equity-settled
share-based
payment
transactions - - - 26,566 - - - 26,566 - 26,566
Step
acquisition
of subsidiary - - - - - - (202,228) (202,228) - (202,228)
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
At 31 December
2019
(Audited) 6,022,446 20,824,009 46,451 732,185 137,700 (1,291,068) (15,781,161) 10,690,562 326,555 11,017,117
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
Loss for the
period - - - - - - (623,064) (623,064) (83,310) (706,374)
Foreign
exchange
translation - - - - - 654,404 - 654,404 5,756 660,160
---------- ----------- ------------- ------------ -------- ------------ ------------- ----------- ------------ -----------
Total
comprehensive
income - - - - - - (623,064) 31,340 (77,554) (46,214)
Transactions
with
owners
Step
acquisition
of Subsidiary - - - - - - (173,512) (173,512) 213,513 40,001
At 30 September
2020
(Unaudited) 6,022,446 20,824,009 46,451 732,185 137,700 (636,664) (16,577,737) 10,548,390 462,514 11,010,904
========== =========== ============= ============ ======== ============ ============= =========== ============ ===========
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 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
2019 5,663,072 19,266,271 137,700 46,451 612,465 (15,535,429) 10,190,530
Loss for the
period - - - - - (651,299) (651,299)
Total
comprehensive
loss - - - - - (651,299) (651,299)
Transactions
with owners
Issue of share
capital 223,320 1,026,680 - - - - 1,250,000
Costs
associated
with
the issue of
new shares - (62,945) - - - - (62,945)
Equity-settled
share-based
payment
transactions - - - - 93,154 - 93,154
------------- ------------- ------------- ------------ ------------- ------------- -----------
At 30
September
2019
(Unaudited) 5,886,392 20,230,006 137,700 46,451 705,619 (16,186,728) 10,819,440
------------- ------------- ------------- ------------ ------------- ------------- -----------
Loss for the
period - - - - - (112,131) (112,131)
Total
comprehensive
loss - - - - - (112,131) (112,131)
Transactions
with owners
Issue of share
capital 136,054 624,363 - - - - 760,417
Costs
associated
with
the issue of
new shares - (30,360) - - - - (30,360)
Equity-settled
share-based
payment
transactions - - - - 26,566 - 26,566
At 31 December
2019
(Audited)
(Unaudited) 6,022,446 20,824,009 137,700 46,451 732,185 (16,298,859) 11,463,932
------------- ------------- ------------- ------------ ------------- ------------- -----------
Loss for the
period - - - - - (514,209) (514,209)
Total
comprehensive
loss - - - - - (514,209) (514,209)
At 30 September
2020
(Unaudited) 6,022,446 20,824,009 137,700 46,451 732,185 (16,813,068) 10,949,723
============= ============= ============= ============ ============= ============= ===========
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM
FOR THE NINE MONTHS TO 30 SEPTEMBER 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 by the European Union (EU) and implemented in the UK. 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 2019 except as noted below.
The Group applied the provisions of IFRS 10 from 1 April 2019 to its investment in Vardar following a further increase in ownership, and consolidated Vardar effective of this date. The primary impact of this consolidation in the comparatives for the 9 months to 30 September 2020 has been in the inclusion of the gain on acquisition at 1 April of GBP563,431, and the inclusion consolidated operating costs of GBP78,926.
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 2019 is unaudited and for the twelve months ended 31 December 2019 is audited. The financial information for the nine-month period ended 30 September 2020 is unaudited and has not been reviewed by the auditors. The audit of the financial information for the year ended 31 December 2019 has been completed. The auditor's report on the statutory financial statements for the year ended 31 December 2019 was unqualified and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006. The audit report did contain a material uncertainty with respect of going concern, however following additional audit procedures and noting it as key audit matter, it was concluded the going concern basis was appropriate.
The going concern assumption has been assessed by the Directors in light of the impact of Covid-19, taking into consideration the entities current financial position, ability to raise new funds and carry out its operations for the year. The Directors are confident that there is no immediate need for funding following the loan financing in Sweden of SEK 12 million (before expenses) secured in the previous period.
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 . Group and Company loss per share
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended ended ended ended ended
Group 30 September 30 September 30 September 30 September 31 December
2020 2019 2020 2019 2019
Loss for the year attributable
to shareholders of the
Company (GBP's) (269,869) (255,922) (623,064) (153,976) (267,000)
Weighted average number
of ordinary shares 602,244,672 580,770,460 602,244,672 580,770,460 585,102,740
Diluted weighted average
number of ordinary shares 602,244,672 580,770,460 602,244,672 580,770,460 585,102,740
------------- ------------- ------------- ------------- ------------
Loss per share (p) (0.04) (0.04) (0.10) (0.03) (0.04)
------------- ------------- ------------- ------------- ------------
Diluted loss per share
(p) (0.04) (0.04) (0.10) (0.03) (0.04)
------------- ------------- ------------- ------------- ------------
Parent
Loss for the year attributable
to shareholders of the
Company (GBP's) (211,180) (206,193) (514,209) (651,299) (763,430)
Weighted average number
of ordinary shares 602,244,672 580,770,460 602,244,672 580,770,460 585,102,740
Diluted weighted average
number of ordinary shares 602,244,672 580,770,460 602,244,672 580,770,460 585,102,740
------------- ------------- ------------- ------------- ------------
Loss per share (p) (0.04) (0.04) (0.09) (0.11) (0.13)
------------- ------------- ------------- ------------- ------------
Diluted loss per share
(p) (0.04) (0.04) (0.09) (0.11) (0.13)
------------- ------------- ------------- ------------- ------------
4. Share Capital
(Unaudited) (Unaudited) (Audited)
30 September 30 September 31 December
2020 2019 2019
GBP GBP GBP
Allotted, issued and fully paid
Ordinary shares of 1p each
6,022,446 5,886,392 6,022,446
------------ ------------ --------------
The number of shares in issue was as follows:
Number
of shares
Balance at 1 January 2019 566,307,254
Issued during the period 22,332,016
------------
Balance at 30 September 2019 588,639,270
Issued during the period 13,605,402
------------
Balance at 31 December 2019 602,244,672
Balance at 30 September 2020 602,244,672
------------
5 . Intangible Assets: Group
Exploration costs As at 30 As at 30 As at 31
September September December
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
At 1 January 10,011,494 8,285,547 8,285,547
Additions for the year 291,136 528,992 1,304,896
Additions arising from the
step-up in interest in Vardar - 1,389,553 1,203,685
Foreign exchange movements 654,165 (507,299) (771,914)
Impairment (18,650) - (10,720)
10,938,145 9,696,793 10,011,494
============ ============ ===========
The net book value of exploration costs is comprised of expenditure on the following projects:
As at As at As at
30 30 31
September September December
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Project Country
Kallak Sweden 7,210,742 6,724,645 6,675,124
Åtvidaberg Sweden 373,126 352,708 345,978
Ågåsjiegge Sweden - 15,985 15,568
Sala Sweden - 9,251 -
Pitkäjärvi Finland 1,290,465 1,065,208 1,058,078
Joutsijärvi Finland 21,901 19,787 19,095
Rääpysjärvi Finland 47,093 34,042 39,905
Karhunmäki Finland 40,704 20,216 24,078
Merivaara Finland 33,175 15,992 17,846
Polvela Finland 34,043 29,665 31,316
Tammijärvi Finland 27,127 19,741 24,278
Mitrovica Kosovo 1,323,224 959,567 1,243,194
Viti Kosovo 536,545 429,986 517,034
------------
10,938,145 9,696,793 10,011,494
============ ============ ===========
Total Group exploration costs of GBP10,938,145 are currently carried at cost in the financial statements. During the period Ågåsjiegge was identified as a project to be discontinued. The impairment charge arising from the impairment of the project was GBP18,650 (30 September 2019 : GBPNil).
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 30 September 2020 as an intangible exploration licence with a carrying value of GBP7,210,742. 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.
6. Borrowings
As at 30 As at 30 As at 31
September September December
2020 2019 2019
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Current
Bridging loan 968,683 - -
968,683 - -
============ ============ ==========
On 1 3 August 2020, the Company secured a Bridging loan from Nordic investors of SEK 12 million (approximately GBP1.0 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 15 January 2021.
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 15 February 2021, at the latest, the Creditors have the right to convert the Loan and accrued interest into Swedish Depository Receipts ("SDR") at a price per SDR calculated with a 10 per cent discount on the volume weighted average price of the SDR during the preceding 5 trading days to the conversion decision.
The Loan is accounted for using an amortised cost using an effective rate of interest. The conversion feature contained within the loan is considered an embedded derivative and has not been assessed as significant given the available inputs.
7. 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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