Beowulf Mining PLC — Interim / Quarterly Report 2015

Aug 28, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 2820X

Beowulf Mining PLC

28 August 2015

28 August 2015

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Interim Statement and Management Update for the Quarter Ended 30 June, 2015

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, announces its unaudited interim statement for the six months ended 30 June 2015 and provides a management update.

The next quarterly statement for the nine months ending 30 September 2015 will be released on or around Monday 30 November 2015.

Highlights:

·   As announced in June 2015 metallurgical testwork carried out by GTK in Finland on Kallak North samples confirmed, that the project is capable of producing:

o a 'super' high grade magnetite concentrate, with over 71 per cent. iron content and very low levels of deleterious elements; and

o a 'bonus' high grade hematite concentrate with over 68 per cent. iron content providing additional upside.

·   The Company continues to work closely with key stakeholders in and around Jokkmokk, as well as with communities that could be affected by the development of the Kallak iron ore project.

·   The Company is in the process of completing a desktop review of the historical information on its other exploration projects, which will assist in the design of future exploration plans and capital allocation.

·   The Company has started to rationalise its exploration portfolio in 2015, reducing the total area held, while maintaining those licence areas which demonstrate the greatest potential.

·   Loss before and after taxation attributable to the owners of the parent of £330,276 (2014: loss of £1,317,313).

·   All of the resolutions put forward at the Annual General Meeting ('AGM'), as set out in the Notice of AGM, were unanimously approved by shareholders, as well as receiving the full support of the Company's largest shareholder.

Post Period Highlights:

·      An important step forward has been taken by the County Administrative Board ('CAB') for Norrbotten County when they published their response to the Swedish Government's request for comments on the national economic assessment of the Kallak North iron ore project. The assessment concluded that:

o  mining was economically relevant to the area;

o  the project generates economic benefits at local, regional and national levels; and

o  the Concession area applied for by the Company creates no conflicts where national interests are considered and is designated as an Area of National Interest ("ANI") for minerals.

·     £650,000 (gross) raised in July 2015 by the issue of approximately 52 million new ordinary shares.

Kurt Budge, Chief Executive Officer, commented:

"The Company is looking forward to a busy second half of the year and we are optimistic that momentum is in our favour for a positive decision on the Exploitation Concession for Kallak North. Once the Concession is in place, Kallak North will be significantly de-risked in the eyes of potential investors and strategic partners and well positioned to advance its development. 

"The Board would like to thank Jan-Ola for his enthusiasm and commitment to Beowulf over the past 10 years. Since his retirement on June 12 2015, the Board and management team of Beowulf has changed completely from that of August 2014.  With the change in leadership, Beowulf has re-established itself, strengthened its financial controls and governance procedures, re-focused the Company's strategy and aligned its interests with those of its shareholders. This all means that the Company is now in a stronger position, both operationally and financially.

"The current management team has also demonstrated its commitment to sustaining the Company through a challenging period for junior explorer/developers, and adopted an approach in Sweden which is beginning to yield results."

Operational

Exploitation Concession

An important step forward was taken on 7 July 2015 with the Company's application for an Exploitation Concession for Kallak North, when the CAB for Norrbotten County published their response to the Swedish Government's request for comments on the national economic assessment of Kallak North.

The CAB stated in their response that mining is economically relevant, and that the Kallak North project generates economic benefits at local, regional and national levels, including direct and indirect jobs, tax revenues, and more broadly across mining equipment and services sectors in Sweden.  In addition, the CAB stated that the Concession area applied for by the Company creates no conflicts where national interests are considered and is designated as an ANI for minerals.

In the Company's opinion, the announcement was a positive turnaround from the position taken by the CAB in October 2014 and it also looked to the future, directing the Company towards working with communities that could be affected by the development of a mining project, including reindeer herders and Sami villages.  This is work that the Company has already begun, with regular interactions and meetings with key stakeholders in and around Jokkmokk over the last six months, including a first meeting between the new management team and representatives of the Sami villages in June 2015.

'Super' High Grade Concentrate

On 4 June 2015 the Company announced outstanding testwork results on iron ore samples from Kallak North.  The Board had decided that with the funds raised in March 2015 it would commission further investigation of Kallak North ore, to demonstrate the quality of the orebody, despite the delay in being granted an Exploitation Concession, and in the knowledge that its technical consultants believed it could produce a 'super' high grade concentrate.  As expected by the Company, the final report showed, a 'super' high grade magnetite concentrate, with over 71 per cent. iron content and very low levels of deleterious elements (silica, alumina, phosphorous and sulphur) and a 'bonus' high grade hematite concentrate with over 68 per cent. iron content providing additional upside. 

Beowulf's understanding of the quality of the orebody and the high grade products it can produce are critical to identifying appropriate investors and partners, who understand the fundamental value of Kallak North, the future value of Kallak South, together with the full exploration potential of both projects.  In addition, Kallak significantly benefits from its location, with proximate access to power and transport infrastructure, and positioning in a low sovereign risk jurisdiction, Sweden, a country with a long mining history, developed knowledge, skills and innovation capability.

Exploration Portfolio

The Company has rationalised its exploration portfolio in 2015, reducing the total area held, while maintaining those licence areas which demonstrate the greatest potential.  This has cut running costs, focused our efforts on ground that we believe demands investment and that we can add value to. 

Exploration has for the most part taken a backseat, while limited cash resources have been directed at advancing Kallak North.  However, we are in the process of completing a desktop review of the historical information on our exploration projects, which will assist in the design of future exploration plans and capital allocation. We continue to seek a replacement Chief Operating Officer, with interim support being provided by technical consultants, and look beyond our existing exploration portfolio for acquisition opportunities.

Financials

·        Loss before and after taxation attributable to the owners of the parent of £330,276 (2014: loss of £1,317,313) and basic/diluted loss per share of 0.09p (2014: loss of 0.47p). The main reasons for the lower loss in the period were lower corporate overheads especially directors' remuneration and professional fees, and nil losses on derivative financial assets following the accelerated settlement of equity swap arrangements in January 2015.

·        £172,955 in cash held at the period end.

·        £650,000 (gross) raised in July 2015 by the issue of approximately 52 million new ordinary shares.

Corporate

·        The Board's Salary Sacrifice ended 31 May 2015 and ordinary shares were issued on 9 June 2015 in respect of the cash amount sacrificed between 1 October 2014 and 31 May 2015, totaling £45,798.

·        Dr. Jan-Ola Larsson retired 12 June 2015.

·        Beaufort Securities Limited were appointed as the Company's Joint Broker alongside Cantor Fitzgerald Europe on 18 June 2015.

·        The Company's AGM was held on 29 June 2015.  All of the resolutions put forward at the meeting, as set out in the Notice of AGM, were unanimously approved by shareholders.  The Board received the full support of the Company's largest shareholder.

·        On 17 July 2015 the Company granted options over a total of 17 million ordinary shares to Mr. Budge and Mr. Metcalf.

·        The total number of ordinary shares in circulation at the date of this announcement is 429,079,256 ordinary shares of £0.01 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer	Tel: +44 (0) 20 3771 6993
Cantor Fitzgerald Europe (Nominated Advisor & Joint Broker)
Stewart Dickson / Jeremy Stephenson / Phil Davies / Carrie Drummond	Tel: +44 (0) 20 7894 7000
Beaufort Securities Limited (Joint Broker)
Jon Belliss	Tel: +44 (0) 20 7382 8300
Blytheweigh
Tim Blythe / Megan Ray	Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.

About Us

The Kallak North iron ore project is located about 40km west of the Jokkmokk municipality centre in the Norrbotten County in Northern Sweden.

Local infrastructure is excellent with all-weather gravel roads passing through the project area and all parts are easily reached by well used forestry tracks. A major hydroelectric power station with associated electric power-lines is located only a few kilometres to the south east. The nearest railway (the 'Inland Railway Line') passes approximately 40km to the east. This railway line is connected at Gällivare with the 'Ore Railway Line', which is used by LKAB for delivery of their iron ore material to the Atlantic harbour at Narvik (Norway) or to the Botnian Sea harbour at Luleå (Sweden).

The total Kallak project area is approximately 80km2, and includes the Parkijaure licence granted in 2010 and the Ågåsjiegge nr2 licence granted in 2014.

The Kallak North and Kallak South orebodies are centrally located and cover an area approximately 3,700m in length and 350m in width, as defined by drilling.  The mineral resource estimate for Kallak North and South is based on drilling conducted between 2010-2014, a total 27,895m drilled, including 131 drillholes. 

The latest resource statement for the Kallak project was finalised on 28 November 2014, following the guidelines of the JORC Code 2012 edition, summary as follows:

	Category	Tonnage Mt	Fe %	P %	S %
Kallak North	Indicated	105.9	27.9	0.035	0.001
	Inferred	17.0	28.1	0.037	0.001
Kallak South	Indicated	12.5	24.3	0.041	0.003
	Inferred	16.8	24.3	0.044	0.005
Global	Indicated	118.5	27.5	0.036	0.001
	Inferred	33.8	26.2	0.040	0.003

The Ballek Joint Venture project comprises two exploration permits over a total area of approximately 8.7km2, located in the Norrbotten County in Northern Sweden. In September 2008 Beowulf reported a maiden JORC Code compliant Inferred Resource estimate for the Lulepotten copper-gold deposit of 5.4Mt, grading 0.8% Cu and 0.3g/t Au.

Other attractive portfolio assets include the Nautijaure licence with potential for IOCG, Grundträsk gold project and the Munka licence which hosts Sweden's largest, drill confirmed deposit of molybdenum.

CONSOLIDATED INCOME STATEMENT

For the 6 months ended 30 June 2015

(Unaudited)       (Unaudited)           (Audited)

6 months to       6 months to       Year ended

30 June 2015     30 June 2014     31 Dec 2014

as restated

£                      £                      £

Continuing operations

Administrative expenses                                               (331,370)          (551,103)       (1,032,355)

Operating loss                                                           (331,370)          (551,103)       (1,032,355)

Finance costs                                                                         -               (1,114)                      -

Fair value loss on derivative

financial assets                                                                       -           (777,033)       (2,032,835)

Share of post-tax losses of equity

accounted joint venture                                                            -               (2,928)              (2,552)

Finance income                                                                  638              14,865                6,397

Loss before tax                                                          (330,732)        (1,317,313)       (3,061,345)

Tax                                                                                        -                       -                       -

Loss for the period                                                     (330,732)        (1,317,313)       (3,061,345)

Loss attributable to:

Owners of the parent                                                    (330,276)        (1,317,313)       (3,060,482)

Non-controlling interests                                                     (456)                      -                 (863)

(330,732)        (1,317,313)       (3,061,345)

Loss per share attributable to the owners of the

parent:

Basic and diluted (pence)                                                  (0.09)                (0.47)               (1.00)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the 6 months ended 30 June 2015

(Unaudited)       (Unaudited)           (Audited)

6 months to       6 months to       Year ended

30 June 2015     30 June 2014     31 Dec 2014

as restated

£                      £                      £

Loss for the period                                                     (330,732)        (1,317,313)       (3,061,345)

OTHER COMPREHENSIVE INCOME                                                                                        

Items that will not be reclassified to profit or loss:

Revaluation of listed investments                                     (20,550)               3,656                  986

Items that may be reclassified subsequently

to profit or loss:

Exchange difference arising on translation of foreign

operations                                                                   (410,918)          (383,009)          (758,807)

Share of other comprehensive income of equity

accounted joint venture                                                            -               (5,102)              (8,021)

(410,918)          (388,111)          (766,828)

Other comprehensive income for the

Period, net of income tax                                   (431,468)          (384,455)          (765,842)

Total comprehensive income for the

period                                                                      (762,200)        (1,701,768)       (3,827,187)

Total comprehensive income attributable to:

Owners of the parent                                                    (756,175)        (1,701,768)       (3,819,849)

Non-controlling interests                                                   (6,025)                      -               (7,338)

(762,200)        (1,701,768)       (3,827,187)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2015

(Unaudited)       (Unaudited)           (Audited)

As at                As at                As at

30 June 2015     30 June 2014     31 Dec 2014

as restated

£                      £                      £

ASSETS

Non-current assets

Intangible assets                                                        6,253,448          5,785,708         6,538,752

Property, plant and equipment                                         34,913              50,970              42,394

Investment in equity accounted joint ventures                             -            198,905                       -

Investments                                                                            -              23,220              20,550

Derivative financial assets                                                         -            569,969                       -

Loans and other financial assets                                      49,822            564,994              53,262

6,338,183          7,193,766         6,654,958

Current assets

Trade and other receivables                                             50,603            238,958              42,445

Derivative financial assets                                                         -                       -            150,000

Cash and cash equivalents                                            172,955            554,436            186,889

223,558            793,394            379,334

TOTAL ASSETS                                                        6,561,741          7,987,160         7,034,292

EQUITY

Shareholders' equity

Share capital                                                             3,764,619          2,828,273         3,452,598

Share premium                                                         15,070,648        14,078,466        15,009,812

Revaluation reserve                                                        (30,000)              (6,780)              (9,450)

Capital contribution reserve                                              46,451              46,451              46,451

Share option reserve                                                       72,675              67,760              69,318

Translation reserve                                                    (1,333,184)          (555,593)          (927,835)

Accumulated losses                                                (11,356,110)        (9,283,430)      (11,025,834)

6,235,099          7,175,147         6,615,060

Non-controlling interest                                                  123,109                       -            129,134

Total equity                                                         6,358,208          7,175,147         6,744,194

LIABILITIES

Current liabilities

Trade and other payables                                               203,533            812,013            290,098

Total liabilities                                                     203,533            812,013            290,098

TOTAL EQUITY AND LIABILITIES                             6,561,741          7,987,160         7,034,292

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the 6 months ended 30 June 2015

Capital           Share

Share            Share   Revaluation   contribution           option

capital        premium          reserve          reserve          reserve

£                  £                  £                  £                  £

Balance at 31 December 2013

as restated                                    2,828,273    14,078,466         (10,436)         46,451          67,760

Total comprehensive income                         -                   -            3,656                   -                   -

Balance at 30 June 2014               2,828,273    14,078,466           (6,780)         46,451          67,760

Issue of share capital                         624,325      1,248,650                   -                   -                   -

Costs associated with the issue

of new shares                                              -        (317,304)                  -                   -                   -

Equity-settled share-based

payment transactions                                   -                   -                   -                   -            1,558

Acquisition of subsidiary                               -                   -                   -                   -                   -

Total comprehensive income                         -                   -           (2,670)                  -                   -

Balance at 31 December 2014      3,452,598    15,009,812           (9,450)         46,451          69,318

Issue of share capital                         312,021          83,776                   -                   -                   -

Costs associated with the issue

of new share                                                -         (22,940)                  -                   -                   -

Equity-settled share-based

payment transactions                                   -                   -                   -                   -            3,357

Total comprehensive income                         -                   -         (20,550)                  -                   -

Balance at 30 June 2015               3,764,619    15,070,648         (30,000)         46,451          72,675

Non-

Translation    Accumulated                      controlling             Total

reserve           losses             Total         interest           equity

£                  £                  £                  £                  £

Balance at 31 December 2013

as restated                                     (167,482)    (7,966,117)     8,876,915                   -      8,876,915

Total comprehensive income              (388,111)    (1,317,313)    (1,701,768)                  -     (1,701,768)

Balance at 30 June 2014                (555,593)    (9,283,430)     7,175,147                   -      7,175,147

Issue of share capital                                   -                   -      1,872,975                   -      1,872,975

Costs associated with the issue

of new shares                                              -                   -       (317,304)                  -       (317,304)

Equity-settled share-based

payment transactions                                   -                   -            1,558                   -            1,558

Acquisition of subsidiary                               -                   -                   -         136,472        136,472

Total comprehensive income              (372,242)    (1,742,404)    (2,117,316)          (7,338)    (2,124,654)

Balance at 31 December 2014        (927,835)  (11,025,834)     6,615,060         129,134      6,744,194

Issue of share capital                                   -                   -        395,797                   -        395,797

Costs associated with the issue

of new shares                                              -                   -         (22,940)                  -         (22,940)

Equity-settled share-based

payment transactions                                   -                   -            3,357                   -            3,357

Total comprehensive income              (405,349)       (330,276)      (756,175)          (6,025)      (762,200)

Balance at 30 June 2015              (1,333,184)  (11,356,110)     6,235,099         123,109      6,358,208

CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 months ended 30 June 2015

(Unaudited)       (Unaudited)           (Audited)

6 months to       6 months to       Year ended

30 June 2015     30 June 2014     31 Dec 2014

as restated

£                      £                      £

Cash flows from operating activities

Loss before income tax                                                (330,732)        (1,317,313)       (3,061,345)

Depreciation charges                                                        4,825                2,733                8,227

Equity-settled share-based transactions                             3,357                       -                1,558

Impaired exploration costs recovered                                         -             (36,804)                      -

Impairment of exploration costs                                                -                       -                3,187

Impairment of accrued interest receivable                                   -                9,725                       -

Share of post-tax losses of equity accounted joint

venture                                                                                    -                2,928                2,552

Gain on asset acquisition arising on reclassifying

Joint venture as a subsidiary                                                     -                       -             (59,891)

Finance costs                                                                         -            777,033         2,032,835

Finance income                                                                 (638)            (14,878)              (6,397)

(323,188)          (576,576)       (1,079,274)

(Increase)/Decrease in trade and

other receivables                                                            (8,638)           326,891            200,747

(Decrease)/Increase in trade and

other payables                                                              (90,760)           348,384           (242,953)

Net cash (used in)/from operating activities               (422,586)             98,699        (1,121,480)

Cash flows from investing activities

Purchase of intangible fixed assets                                (113,366)        (1,174,537)       (1,375,121)

Sale of intangible fixed assets                                                  -              36,804                       -

Purchase of property, plant and equipment                                -             (51,713)            (48,631)

Sale/(purchase) of fixed asset investments                              37                  (101)                      -

Sale of investments                                                                 -                       -              49,205

Funding of joint venture                                                            -           (624,373)          (294,639)

Acquisition of subsidiary cash                                                  -                       -                1,168

Interest received                                                                  638                5,153                6,397

Net cash used in investing activities                          (112,691)        (1,808,767)       (1,661,621)

Cash flows from financing activities

Proceeds from issue of shares                                       395,797                       -            887,975

Payment of share issue costs                                         (22,940)                      -           (182,304)

Settlement of derivative financial asset                            150,000            298,608            312,775

Net cash from financing activities                               522,857            298,608         1,018,446

Decrease in cash and cash equivalents                       (12,420)        (1,411,460)       (1,764,655)

Cash and cash equivalents at beginning of period 186,889 1,983,616        1,983,616

Effect of foreign exchange rate changes                             (1,514)            (17,719)            (32,072)

Cash and cash equivalents at end of period               172,955            554,437            186,889

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

For the 6 months ended 30 June 2015

1.  Cash and cash equivalents

The amounts disclosed in the statement of cash flows in respect of cash and cash equivalents are in respect of these statements of financial position amounts:

Period ended 30 June 2015

(Unaudited)           (Audited)

As at                As at

30 June 2015     31 Dec 2014

£                      £

Cash and cash equivalents                                                                    172,955            186,889

Period ended 30 June 2014

(Unaudited)           (Audited)

As at                As at

30 June 2014     31 Dec 2013

as restated       as restated

£                      £

Cash and cash equivalents                                                                    554,436         1,983,616

Period ended 31 December 2014

(Audited)           (Audited)

As at                As at

31 Dec 2014     31 Dec 2013

as restated

£                      £

Cash and cash equivalents                                                                    186,889         1,983,616

Cash and cash equivalents consist of cash in hand and balances with banks.

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION

For the 6 months ended 30 June 2015

1. Basis of preparation

These interim financial statements for the six month period ended 30 June 2015 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable International Financial Reporting Standards as adopted by the European Union ("IFRS") and with those parts of the UK Companies Act 2006 applicable to companies reporting under IFRS as adopted by the European Union. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2015, and which are also consistent with the accounting policies applied for the year ended 31 December 2014 except for the adoption of any new standards and interpretations.

These interim results for the six months ended 30 June 2015 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2014 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.

1. Prior year adjustments

Change in accounting policy

During the year ended 31 December 2014, the Group adopted IFRS 11 'Joint Arrangements' which was effective for periods beginning on 1 January 2014.  The Directors have considered the factors specified within IFRS 11 and classified the interest in the jointly controlled entity, Wayland Copper Limited as a joint venture.  Under the requirements of IFRS 11, joint ventures are accounted for using the equity accounting method.  Joint ventures are initially recognised at cost and subsequently adjusted for the Group's share of the profit and losses and other comprehensive income in the joint venture.  

The accounting policy adopted prior to the implementation of IFRS 11 followed the requirements of IAS 31 'Financial reporting of Interests in Joint Ventures' under which the Group had accounted for the interest in the jointly controlled entity using the proportional consolidation method.

The Group has retrospectively restated the 2014 figures to reflect this change in accounting policy.

Re-classification of impairment of investment

In 2012 a full provision was made in the Revaluation Reserve in respect of a £95,000 investment in Agricola Resources Plc following its de-listing from the PLUS market. A prior year adjustment was made in the financial statements for the year ended 31 December 2014 to transfer this impairment in value of the investment from Revaluation Reserve to Accumulated Losses to reflect the permanent diminution of value following the de-listing.

1. Loss per share

Basic loss per share is calculated by dividing the loss attributable to ordinary owners of the parent by the weighted average number of ordinary shares of 362,187,280 (30 June 2014: 282,827,365 and 31 December 2014: 304,755,824) outstanding during the period. There is no difference between the basic and diluted loss per share.

1. Called up share capital

(Unaudited)       (Unaudited)           (Audited)

30 June 2015     30 June 2014     31 Dec 2014

£                      £                      £

Allotted, issued and fully paid

376,461,972 ordinary shares of 1p each                       3,764,619          2,828,273         3,452,598

NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL INFORMATION

For the 6 months ended 30 June 2015

The number of shares in issue was as follows:

Number                                                                                                of shares

Balance as 31 December 2013                                                                             282,827,365

Issued during the period                                                                                                          -

Balance at 30 June 2014                                                                                      282,827,365

Issued during the period                                                                                           62,432,484

Balance at 31 December 2014                                                                             345,259,849

Issued during the period                                                                                           31,202,123

Balance at 30 June 2015                                                                                      376,461,972

1. Availability of interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at 207 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. A copy can also be downloaded from the Company's website at www.beowulfmining.com. Beowulf Mining plc is registered in England and Wales with registered number 02330496.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR MMGZRLNLGKZG