We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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% | 0.60 | 0.55 | 0.65 | 0.60 | 0.60 | 0.60 | 813,229 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coal Mining Services | 0 | -2.86M | -0.0025 | -2.40 | 6.94M |
From Apr 2019 to Apr 2024
TIDMBEM
RNS Number : 3273Z
Beowulf Mining PLC
31 August 2018
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.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer.
31 August 2018
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Interim Financial Results and Management Update for the Period Ended 30 June 2018
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, announces its unaudited consolidated interim financial results for the six months ended 30 June 2018 and provides a quarterly management update.
Overview of Activities in the Quarter
-- On 12 April 2018, the Company announced that it had been in communication with the Swedish Government, and that the Government's review of submissions made by interested parties, with regard to the Company's application for an Exploitation Concession for Kallak North, continues.
-- The Company, on 17 April 2018, signed a Graphite Collaboration Agreement (the "Agreement") between the Company's Finnish subsidiary, Oy Fennoscandian Resources AB ("Fennoscandian") and Åbo Akademi University ("Åbo"), located in Turku, Finland.
-- On 25 April 2018, the Company joined a Cooperation Network of existing and new entrant raw materials suppliers to the emerging battery manufacturing industry in Finland.
In addition, Fennoscandian was granted Euros 161,000 by Business Finland for a research project entitled "Green Minerals - Graphite, Exploration to Products".
-- At the beginning of May 2018, the Company awarded contracts for its Aitolampi graphite project, including a Mineral Resource Estimate ("MRE") in accordance with the guidelines of the JORC Code (2012 edition) to be undertaken by CSA Global Pty Ltd ("CSA Global") and an Environmental and Social Impact Assessment ("ESIA") Roadmap, a detailed plan of requirements for completing an ESIA study, to be undertaken by Pöyry Finland Oy ("Pöyry").
-- On 4 May 2018, the Company announced positive assay results for its Aitolampi graphite project in Finland.
-- On 16 May 2018, the Company learnt that the Administrative Court in Luleå had rejected the Jokkmokk Iron Mine's AB ("JIMAB") appeal of the Mining Inspectorate's decision not to extend Kallak nr 2 and Parkijaure nr 3 exploration licences, in a judgement dated 7 May 2018 and sent to JIMAB by regular post. The two licences are not part of the Kallak Exploitation Concession application.
JIMAB has applied to the Administrative Court of Appeal in Sundsvall for its case to be heard, arguing that the court judgement is wrong, and that JIMAB's decision not to invest in further exploration of these two licences, while the Kallak application is being handled, is valid, given the time taken and the performance of the authorities involved. JIMAB has an approved workplan for Parkijaure nr 3, and intends to drill, with one objective being to identify an exploration target for iron ore mineralisation.
-- On 16 May 2018, Beowulf completed a subscription for new ordinary shares to raise GBP1.5 million before expenses.
Post Period
-- As at 31 July 2018, there were 337,696,135 Swedish Depository Receipts issued representing almost 59.63 per cent of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.
-- On 13 August 2018, the Company announced a MRE for Aitolampi, a global Indicated and Inferred Resource (JORC Code, 2012 edition) of 19.3 million tonnes (Mt) at 4.5% Total Graphitic Carbon ("TGC") for 878,000 tonnes ("t") of contained graphite, comprising eastern and western lenses above a 3.0% TGC cut-off grade.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"While an imminent decision on Kallak has been delayed by the Swedish general election, the Company has pushed ahead with the Aitolampi graphite project, most importantly delivering a Maiden Resource Estimate. In early September, the Company has meetings planned with key decision makers in the Heinävesi area, to discuss Aitolampi, and is preparing to initiate a Scoping Study on the project.
"It was pleasing to raise GBP1.5 million in the quarter, albeit at a price negatively impacted by a delayed decision on Kallak, as it maintains our capability to invest across our portfolio.
"In early July, Almedalen provided an excellent opportunity for me to engage with Swedish Government ministers, members of the Swedish Parliament, regional politicians from Norrbotten and its new Governor. This ensures Kallak stays front-of-mind, that key decision makers are cognisant of the facts of our application, principally that we have fully satisfied the Swedish legal requirements to be granted an Exploitation Concession. I plan to be in Sweden shortly after the general election, once the dust has settled, to press for an early positive decision, something that is unacceptably long overdue.
"With Kallak and Aitolampi, the Company's ambition is to develop modern, sustainable and innovative mining projects in partnership with the communities in which we work.
"I look forward to keeping shareholders updated with any developments."
Financials
-- Loss before and after taxation attributable to the owners of the parent of GBP442,238 (2017: loss of GBP467,100). The loss in the period was comparable to the prior period, with the current period falling comparatively due to decreased Director costs and a reversal of an over accrual for professional fees.
-- Basic/diluted loss per share was 0.08 pence (2017: loss of 0.09 pence). -- GBP2,140,369 in cash held at the period end.
-- The translation reserve losses attributable to the owners of the parent increased from GBP397,060 at 31 December 2017 to GBP855,904 at 30 June 2018. Much of the Company's exploration costs are in Swedish Krona which has weakened against the pound since 31 December 2017.
Operational
Sweden - Kallak
-- The Company continues to communicate with the Swedish Government. A decision on Kallak has been delayed by the Swedish general election. The CEO plans to be in Sweden shortly after the election, to press for an early positive decision on the Company's application for an Exploitation Concession.
Finland - Graphite
-- In April, Fennoscandian signed an Agreement with Åbo. The Agreement formalised the partnership that the Company, and its subsidiary Fennoscandian, has forged with Åbo over several years. The Agreement is focused on knowledge sharing, the identification of graphite prospects, their exploration, and development into production assets.
-- Additionally, the Company published its involvement in a Cooperation Network of existing and new entrant raw materials suppliers to the emerging battery manufacturing industry in Finland.
The Cooperation Network includes the cities of Vaasa and Kokkola; Freeport Cobalt, the world's largest cobalt refinery and producer of battery chemicals; Nornickel, the producer of world-class nickel metals and nickel chemicals in Harjavalta; Terrafame Group, the parent company of Terrafame, producing nickel, zinc, cobalt and copper in Sotkamo; Keliber, which is preparing to start lithium production in Kaustinen and Kokkola; as well as Beowulf, the 100 per cent owner of the Aitolampi graphite deposit.
The official announcement regarding the Cooperation Network, dated 24 April 2018, and titled "The battery industry has enormous potential to become Finland's new success story. The Vaasa battery factory project has brought together a large nationwide network of cooperation partners" can be viewed at:
https://www.gigafactory.fi/press-20180424-en
In addition, Fennoscandian was granted Euros 161,000 by Business Finland for a research project entitled "Green Minerals - Graphite, Exploration to Products". The project runs from 1 January 2018 to 31 December 2019 and has a total budget of Euros 323,750. The Company will contribute the balance of the funding.
-- On 4 May 2018, the Company presented assays for intersected mineralisation at its Aitolampi graphite project, highlights as follows:
o Drilling confirmed the continuity of mineralisation between holes drilled in 2017, wide graphite lenses extending along strike, at least 350 metres ("m") along the main conductive zone (the main electro-magnetic ("EM") anomaly extends for 700m), and at depth.
o For the two parallel higher-grade zones previously identified, mineralisation has a strike length of at least 150m (the two parallel conductive zones extend for 300m and 250m), and these zones seem to merge to form one body of mineralisation.
o From northwest to southeast along strike, drill holes AITDD18014, AITDD18016, AITDD18015, AITDD18017 and AITD18018 (drilled on the same profile), all intersected this higher-grade body of mineralisation, with intercepts of 89.60m at 4.01% Total Graphite Carbon ("TGC"), 107.09m at 4.59% TGC, 108.69m at 5.04% TGC, 121.68% at 5.00% TGC and 121.46m at 5.29% TGC respectively.
o For these holes, intercepts showing greater than 5% TGC were as follows: AITDD18014 - 30.10m at 5.75% TGC; AITDD18016 - 29.00m at 6.04% TGC; AITDD18017 - 62.42m at 6.08% TGC; and AITDD18018 - 92.46m at 6.19% TGC, including 44.00m at 7.08% TGC.
o AITDD18018 is the furthest hole drilled to the southeast, to test the parallel higher-grade conductive zone, which remains open in all directions.
Follow the link https://beowulfmining.com/projects/finland/aitolampi/#geology for plans and sections.
It should be noted that the mineralisation intercepts are the down-hole widths and are not the true width of mineralisation. All samples were prepared and analysed by ALS Finland Oy's laboratory in Outokumpu.
-- On 13 August 2018, the Company announced a Maiden Resource Estimate for Aitolampi, highlights as follows:
o A global Indicated and Inferred Resource (JORC Code, 2012 edition) of 19.3 million tonnes (Mt) at 4.5% TGC for 878,000 tonnes ("t") of contained graphite, comprising eastern and western lenses above a 3.0% TGC cut-off grade.
o A higher grade Western Zone with an Indicated and Inferred Resource of 9.8Mt at 5.0% TGC for 490,000t of contained graphite
o An Eastern Zone with an Indicated and Inferred Resource of 9.5Mt at 4.1% TGC for 388,000t of contained graphite.
o Using a 4.0% TGC cut-off grade on the grade-tonnage curve for Aitolampi, gives an Indicated and Inferred Resource of 12.8Mt at 5.0% TGC for 639,000t.
o To date, the Company has invested over Euros 760,000 in Aitolampi and approximately Euros 1.4 million across its graphite portfolio.
Corporate
-- On 16 May 2018, the Company completed a subscription for new ordinary shares to raise GBP1.5 million before expenses, with the funds being used for general working capital purposes and to support activities across Beowulf's three main business areas, which are graphite exploration, the Åtvidaberg exploration licence, and Kallak. More specifically:
o a Scoping Study on the Aitolampi project;
o exploration and development activities across the graphite portfolio;
o drilling at Åtvidaberg, following drill target identification; and
o exploration and development work at Kallak, and the surrounding exploration licences, including application of passive seismic technology to define mineralisation at the Parkijaure licence and drilling, and landscape analysis of potential strategic partners/investors for the Kallak project.
Competent Person Review
The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources AB, a 100 per cent owned subsidiary of Beowulf.
Enquiries:
Beowulf Mining plc Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993 Cantor Fitzgerald Europe (Nominated Adviser & Broker) David Porter / Pete Malovany Tel: +44 (0) 20 7894 7000 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 forecasts.
BEOWULF MINING PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2018
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
6 months Year ended
to 30 June 31 Dec 2017
2017
6 months
to
Notes 30 June 2018
GBP GBP GBP
Continuing operations
Administrative expenses (349,027) (364,522) (658,610)
Share based payment expense (97,423) (104,021) (203,059)
Impairment of exploration
costs - - (183,131)
-------------- ------------ -------------
OPERATING LOSS (446,450) (468,543) (1,044,800)
Finance costs - - -
Finance income 4,212 1,443 5,234
-------------- ------------ -------------
LOSS BEFORE TAX (442,238) (467,100) (1,039,566)
Tax - - -
-------------- ------------ -------------
LOSS FOR THE PERIOD (442,238) (467,100) (1,039,566)
-------------- ------------ -------------
Loss attributable to:
Owners of the parent (441,654) (466,451) (1,038,248)
Non-controlling interests (584) (649) (1,318)
-------------- ------------ -------------
(442,238) (467,100) (1,039,566)
-------------- ------------ -------------
Loss per share attributable
to the owners of the parent:
Basic and diluted (pence)
3 (0.08) (0.09) (0.20)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 June 2018
(Unaudited) (Unaudited) (Audited)
6 months Year ended
to 30 June 31 Dec 2017
2017
6 months
to
30 June 2018
GBP GBP GBP
LOSS FOR THE PERIOD (442,238) (467,100) (1,039,566)
OTHER COMPREHENSIVE INCOME
Items that may be reclassified
subsequently to profit or loss:
Exchange (losses) / gains arising
on translation of foreign Operations (458,994) 121,477 67,862
(458,994) 121,477 67,862
TOTAL COMPREHENSIVE (LOSS)
FOR THE PERIOD (901,232) (345,623) (971,704)
------------- -------------- ----------------
Loss attributable to:
Owners of the parent (900,498) (345,035) (970,426)
Non-controlling interests (734) (588) (1,278)
------------- -------------- ----------------
(901,232) (345,623) (971,704)
------------- -------------- ----------------
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
(Unaudited) (Unaudited) As at (Audited)
As at 30 June 2017 As at
Notes 30 June 2018 31 Dec 2017
GBP GBP GBP
ASSETS
Non-current assets
Intangible assets 5 8,215,593 7,945,435 8,191,232
Plant, property and equipment 23,260 36,930 28,580
Loans and other financial assets 5,355 5,558 5,530
-------------- ------------------ -------------
8,244,208 7,987,923 8,225,342
Current assets
Trade and other receivables 80,999 70,732 65,032
Cash and cash equivalents 2,140,369 2,269,964 1,589,897
-------------- ------------------ -------------
2,221,368 2,340,696 1,654,929
TOTAL ASSETS 10,465,576 10,328,619 9,880,271
-------------- ------------------ -------------
EQUITY
Shareholder's equity
Share capital 4 5,663,072 5,257,072 5,342,072
Share premium 19,266,271 18,073,471 18,141,271
Revaluation reserve - 25,664 -
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 513,428 408,381 575,078
Translation reserve (855,904) (343,466) (397,060)
Merger reserve 279,450 137,700 137,700
Accumulated losses (14,521,401) (13,533,614) (14,079,747)
-------------- ------------------ -------------
10,391,367 10,071,659 9,765,765
Non-controlling interest (160,605) (159,181) (159,871)
-------------- ------------------ -------------
TOTAL EQUITY 10,230,762 9,912,478 9,605,894
-------------- ------------------ -------------
LIABILITIES
Current liabilities
Trade and other payables 234,814 416,141 274,377
-------------- ------------------ -------------
TOTAL LIABILITIES 234,814 416,141 274,377
-------------- ------------------ -------------
TOTAL EQUITY AND LIABILITIES 10,465,576 10,328,619 9,880,271
-------------- ------------------ -------------
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 June 2018
Share Share Revaluation Capital Share-based Translation Merger Accumulated Total Non- Total equity
capital premium reserve contribution payment reserve reserve losses controlling
reserve reserve interest
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2017 5,026,302 16,879,241 25,664 46,451 237,803 (464,882) 137,700 (13,067,163) 8,821,116 (158,593) 8,662,523
Loss for the
period - - - - - - - (466,451) (466,451) (649) (467,100)
Foreign
exchange
translation - - - - - 121,416 - - 121,416 61 121,477
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
Total
comprehensive
income - - - - - 121,416 - (466,451) (344,035) (588) (345,623)
Transaction
with
owners
Issue of share
capital 230,770 1,269,230 - - - - - - 1,500,000 - 1,500,000
Costs
associated
with the issue
of new shares - (75,000) - - - - - - (75,000) - (75,000)
Equity-settled
share-based
payment
transactions - - - - 170,578 - - - 170,578 - 170,578
At 30 June
2017 5,257,072 18,073,471 25,664 46,451 408,381 (343,466) 137,700 (13,533,614) 10,071,659 (159,181) 9,912,478
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
Loss for the
period - - - - - - (571,797) (571,797) (669) (572,466)
Foreign
exchange
translation - - - - - (53,594) - - (53,594) (21) (53,615)
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
Total
comprehensive
income - - - - (53,594) - (571,797) (625,391) (690) (626,081)
Transaction
with
owners
Issue of share
capital 85,000 67,800 - - - - - - 152,800 - 152,800
Equity-settled
share-based
payment
transactions - - - - 32,481 - - - 32,481 - 32,481
Acquisition of
subsidiary - - - - 134,216 - - - 134,216 - 134,216
Transfer of
accumulated
losses - - (25,664) - - - - 25,664 - - -
At 31 December
2017 5,342,072 18,141,271 - 46,451 575,078 (397,060) 137,700 (14,079,747) 9,765,765 (159,871) 9,605,894
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
Loss for the
period - - - - - - - (441,654) (441,654) (584) (442,238)
Foreign
exchange
translation - - - - - (458,844) - - (458,844) (150) (458,994)
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
Total
comprehensive
income - - - - - (458,844) (441,654) (900,498) (734) (901,232)
Transaction
with
owners
Issue of share
capital 300,000 1,200,000 - - - - - - 1,500,000 - 1,500,000
Costs
associated
with the issue
of new shares (75,000) - - - - - - (75,000) - (75,000)
Equity-settled
share-based
payment
transactions - - - - 97,423 - - - 97,423 - 97,423
Acquisition of
subsidiary 21,000 - - - (159,073) - 141,750 - 3,677 - 3,677
At 30 June 2018 5,663,072 19,266,271 - 46,451 513,428 (855,904) 279,450 (14,521,401) 10,391,367 160,605 10,230,762
---------- ----------- ------------ ------------- ------------ ------------ -------- ------------- ----------- ------------ -------------
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2018
(Unaudited) (Unaudited) (Audited)
6 months 6 months
to to Year ended
30 June 30 June 31 Dec
2018 2017 2017
GBP GBP GBP
Cash flows from operating
activities
Loss before income tax (442,238) (467,100) (1,039,566)
Depreciation charges 7,446 7,438 15,890
Equity-settled share-based
transactions 97,423 104,021 203,059
Impairment of exploration
costs - - 183,131
Finance income (4,212) (1,443) (5,234)
------------ ------------ ------------
(341,581) (357,084) (642,720)
(Increase) in trade and other
receivables (16,509) (18,321) (12,760)
(Decrease)/increase in trade
and other payables (37,911) 150,763 15,673
------------ ------------ ------------
Net cash used in operating
activities (396,001) (224,642) (639,807)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of intangible fixed
assets (477,160) (526,032) (943,599)
Purchase of property, plant
and equipment (2,779) (20,083) (20,367)
Disposal of fixed asset investments 3 7 14
Interest received 4,212 1,443 5,234
------------ ------------ ------------
Net cash used in investing
activities (475,724) (544,665) (958,718)
------------ ------------ ------------
Cash flows from financing
activities
Proceeds from issue of shares 1,500,000 1,500,000 1,652,800
Payment of share issue costs (75,000) (75,000) (75,000)
------------ ------------ ------------
Net cash from financing activities 1,425,000 1,425,000 1,577,800
------------ ------------ ------------
Increase in cash and cash
equivalents 553,275 655,693 (20,725)
Cash and cash equivalents
at beginning of period 1,589,897 1,609,219 1,609,219
Effect of foreign exchange
rate changes (2,803) 5,052 1,403
------------ ------------ ------------
Cash and cash equivalents
at end of period 2,140,369 2,269,964 1,589,897
------------ ------------ ------------
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
For the 6 months ended 30 June 2018
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 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 2017.
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 six months ended 30 June 2018 is unaudited, and has not been reviewed by the auditors. The financial information for the year ended 31 December 2017 has been derived from the Group's audited financial statements for the year. The auditor's report on the statutory financial statements for the year ended 31 December 2017 was unqualified and did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.
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. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary owners of the parent by the weighted average number of ordinary shares of 542,819,409 (30 June 2017: 508,143,152 and 31 December 2017: 518,728,856) outstanding during the period. There is no difference between the basic and diluted loss per share.
4. Called up share capital
(Unaudited) (Unaudited) (Audited)
30 June 2018 30 June 2017 31 Dec 2017
GBP GBP GBP
Allotted, issued and fully
paid
Ordinary shares of 1p each 5,663,072 5,257,072 5,342,072
The number of shares in issue was as follows:
Number
of shares
Balance at 1 January 2017 502,630,331
Issued during the period 23,076,923
------------
Balance at 30 June 2017 525,707,254
Issued during the period 8,500,000
------------
Balance at 31 December 2017 534,207,254
Issued during the period 32,100,000
------------
Balance at 30 June 2018 566,307,254
------------
5. Intangible Assets: Group
Exploration costs As at As at As at
30 June 30 June 31 Dec
2018 2017 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cost
At 1 January 8,191,232 7,186,576 7,186,576
Additions for the period 480,837 592,587 1,077,815
Foreign exchange movements (456,476) 166,272 109,972
Impairment - - (183,131)
8,215,593 7,945,435 8,191,232
============ ============== ================
The net book value of exploration costs is comprised of expenditure on the following projects:
As at As at As at
30 June 30 June 31 Dec
2018 2017 2017
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Project Country
Kallak Sweden 6,679,440 6,695,760 6,979,844
Nautijaur Sweden - 27,202 -
Åtvidaberg Sweden 275,251 199,883 253,778
Ågåsjiegge Sweden 12,985 7,421 7,365
Sala Sweden 2,791 2,619 2,634
Haapamäki Finland 236,785 174,104 231,132
Kolari1 Finland 156,518 117,145 151,706
Piippumäki Finland - 140,282 -
Viistola Finland 162,051 125,844 147,784
Pitkäjärvi Finland 671,430 455,175 414,372
Joutsijärvi Finland 17,804 - 2,617
Rääpysjärvi Finland 538 -
------------ ------------ ----------
8,215,593 7,945,435 8,191,232
============ ============ ==========
Total Group exploration costs of GBP8,215,593 are currently carried at cost in the financial statements. During the period, no impairment provision was recognised (2017: GBP183,131).
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.
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 condensed financial statements as at 30 June 2018 as an intangible exploration licence with a carrying value of GBP6,679,440. 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. 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. 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 **
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFERTTIIVIT
(END) Dow Jones Newswires
August 31, 2018 02:00 ET (06:00 GMT)
1 Year Beowulf Mining Chart |
1 Month Beowulf Mining Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
