Beowulf Mining PLC on Wednesday said its loss widened in the first quarter of 2023, as a result of increasing expenses.
The Sweden, Finland and Kosovo-focused mining company reported pretax loss of £600,437 in the first quarter, widening from £225,907 the year prior.
The increased loss was partly due to rising administrative costs, the firm said. Administrative expenses widened to £405,557, from £225,913.
Loss per share was 0.07 pence, widening from a loss of 0.03p a year ago.
The company did not generate revenue in the first quarter, unchanged from a year ago, as its focus continues to be on the exploration and evolution of natural resource assets.
Acting Chief Executive Johan Rostin said: ‘We are also currently reassessing our timelines for advancing our projects and look forward to a busy schedule ahead. In the short term, we will ensure the continuing advancement of the company’s key projects, Kallak, Mitrovica, and GigaVaasa.
‘I am looking to drive the company forward in alignment with its strategy of being a responsible and innovative company that creates value for our shareholders, wider society and the environment through its diversified asset portfolio by commodity, geography and the development stage of its various projects.’
Beowulf Mining shares closed 1.4% higher at 1.80 pence each in London on Wednesday.