Beowulf Mining PLC on Friday said its loss narrowed as administration expenses decreased in results that show ‘excellent progress’.

The Nordic-focused mineral resource developer said its pretax loss for the nine months to the end of September narrowed to £1.4 million from £2.4 million year-on-year.

Loss for the quarter to September also narrowed, to £408,018 from £586,127 in the prior year.

Administrative expenses in the nine months to September fell by 42% to £1.3 million from £2.3 million. The company said the fall in administrative costs was primarily due to decreased professional and legal fees, PR services and travelling expenses.

In the quarter to September, administrative expenses were down by 30% to £408,605 from £580,203 year-on-year.

The company highlighted the progress made at the Kallak iron ore project during the quarter, in preparation for a pre-feasibility study.

On Tuesday, Beowulf mining said it been granted €232,000 from Business Finland for the development of the graphite anode materials plant production process.

Chief Executive Officer Ed Bowie said: ‘Excellent progress continues to be made across our two core assets, and we have a busy period ahead as we finalise the studies and environmental work...The majority of the test-work for GAMP is now complete ahead of the pre-feasibility study, which is targeted for Q1 2025.’

Shares in Beowulf Mining were down 5.2% to 18.02 pence in London on Friday afternoon.

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