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Beowulf Mining PLC on Friday reported its half-year loss narrowed on higher grant income.
Pretax loss in the six months to June 30 narrowed to £683,607 from £714,871 a year ago. This reflected an increase in grant income, to £51,426 from £3,463.
The firm does not make revenue. ‘The group is engaged in the acquisition, exploration and evaluation of natural resources assets and has not yet generated revenues,’ the London-based natural resource developer and explorer focused on the Nordic region explained.
Looking ahead, the firm said it is preparing for a ‘busy and productive’ autumn.
‘There continues to be activity taking place across Beowulf, with iron ore in Sweden, the creation of opportunities for our graphite assets and drilling base and precious metal targets in Kosovo. The company has many opportunities to grow, each business area displaying strong prospects, with near-term and longer-term value-inflection points,’ said Chief Executive Kurt Budge.
Beowulf Mining shares were 2.7% lower at 5.35 pence each in London on Friday morning.
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