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Beowulf Mining PLC on Thursday said its pretax loss widened in the third quarter of its financial year due to rising expenses.
London-based Beowulf is a natural resource developer and explorer focused on the Nordic region. Its shares were up 7.3% at 4.72 pence each in London on Friday afternoon.
Beowulf's pretax loss widened to £593,179 in the three months to September 30, from £438,961 a year before. Beowulf said this is due to a share-based payment expense of £127,491, as well as finance costs of £146,120 which are attributable to the company's bridging loan.
Its loss per share for the period widened to 0.07 pence, compared to a loss of 0.05p a year before.
Beowulf has not generated revenue yet and is engaged in the acquisition, exploration and evaluation of natural resources assets.
In July, Beowulf said it obtained a loan from Nordic investors of SEK22 million, which is about £1.76 million, in order to accelerate projects and achieve ‘key’ milestones.
Chief Executive Kurt Budge said: ‘We have seen substantial progress by the company, we raised finance, Ulla Sandborgh took charge of the Kallak project, we made a discovery in Kosovo, we strengthened our positioning in the anode space in Finland, with a new and established partner, Hensen, to help us achieve our downstream ambitions.’
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