STOCKHOLM - Beowulf Mining Plc (AIM: BEM; Spotlight: BEO), a European mineral exploration and development company, has provided a year-end update on its portfolio, highlighting advancements in its core projects in Sweden and Finland, and consolidation efforts in Kosovo.
In Sweden, the company has appointed Dmytro Siergieiev as Project Director for the Kallak Iron Ore Project, where a Pre-Feasibility Study (PFS) and Environmental Permit application are underway. A positive ruling from the Supreme Administrative Court in June upheld Kallak's Exploitation Concession, and metallurgical test-work has shown the project's potential to produce high-quality iron concentrate with over 70% iron content. The company is also engaging with local stakeholders as part of the Environmental Impact Assessment for Kallak, with the permit application expected to be submitted in early 2025 and the PFS by mid-2025.
In Finland, Beowulf's focus has shifted to fast-tracking the Graphite Anode Materials Plant (GAMP) to capture more value in the anode material production chain. Test-work has indicated the ability to produce battery-grade material and reduce energy and reagent consumption. The company received €530,000 in grant funding from Business Finland for the BATCircle2.0 project and an additional €232,000 for the BATCircle3.0 program. The GAMP PFS is anticipated to be completed in the first quarter of 2025.
In Kosovo, Beowulf has consolidated a 100% interest in Vardar Minerals, providing full operational control and reducing overhead. Ismet Krasniqi has been appointed to the Board of Vardar Minerals. The company has continued low-cost exploration activities throughout the year and is seeking partners to advance its exploration portfolio.
Beowulf's CEO, Ed Bowie, expressed that 2024 has been a transformative year for the company, with significant progress in de-risking its core assets and building collaborative relationships with stakeholders. Despite the challenging market for junior resource equities, Bowie thanked shareholders, employees, and stakeholders for their support.
The company's strategic advancements and the anticipated completion of the PFS for its key projects in 2025 are poised to mark another significant year for Beowulf Mining. This update is based on a press release statement issued by Beowulf Mining Plc.
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