- Nordic-focused Beowulf Mining booked a first-quarter loss following a rise in director pay and as it continued to develop its prospects in Sweden and elsewhere.

Net losses for the three months through March amounted to £223k, compared to losses of £199k on-year.

'The loss in the period was higher comparable to the prior year due to an increase in director's remuneration, offset against a reversal of an accrual for professional fees,' the company said.

Beowulf Mining held cash of £1.2m at 31 March.

'We continue to share the company's vision for a modern and sustainable mine at Kallak, that has the potential to positively transform Jokkmokk, and showcases the best of Swedish innovation, design and engineering,' said chief executive Kurt Budge said.

'In the year to date, we have made good progress in Finland and with Vardar.'

'The Kallak process is moving forward, slower than our shareholders and the company would like, but there are positive developments, visible and strong local support, and we have met 'face to face' with the government.'

At 2:25pm: [LON:BEM] Beowulf Mining PLC share price was 0p at 6.5p

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