REG - Beowulf Mining PLC - Completion of Business Finland Project

Beowulf MiningAnnouncement

31/10/2024 07:00

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RNS Number : 2974K  Beowulf Mining PLC  31 October 2024

 

 

31 October 2024

 

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Completion of €530,000 Grant Funded Business Finland Project

 

 

Beowulf (AIM: BEM; Spotlight: BEO), and its wholly owned Finnish subsidiary
Grafintec Oy ("Grafintec"), are pleased to announce the successful completion
of the Business Finland funded project 'Spheronisation and Purification of
Natural Graphite for the European Lithium-Ion Battery Market'.

 

The grant funding of €530,000 is equivalent to 50 per cent of the
three-year €1.06 million budget for the project, with the rest of the
balance funded by Grafintec's cash reserves.

 

The overall aim of the project was to develop a 'state-of-the-art'
technological solution, utilising renewable energy, to spheronise and purify
graphite for use in the manufacture of lithium-ion battery anodes within a
Finnish industrial ecosystem.

 

The project had three main objectives, which were to:

·      validate a process to support progress to a Bankable Feasibility
Study for construction of a commercial scale unit within three to five years;

·      secure and protect any arising intellectual property; and

·      deliver a detailed strategic marketing and commercialisation
plan.

 

This work undertaken by Grafintec was part of the BATCircle2.0 (Finland-based
Circular Ecosystem of Battery Metals) consortium, led by Aalto University,
which was granted €10.8 million by Business Finland as part of a total
funding budget of €19.3 million. Further information about the full
programme is available at
https://www.aalto.fi/en/news/success-of-batcircle20-bolsters-finnish-leadership-in-li-ion-battery-supply-chain
(https://www.aalto.fi/en/news/success-of-batcircle20-bolsters-finnish-leadership-in-li-ion-battery-supply-chain)
.

 

The three-year project was successfully concluded in August 2024 with the
final report submitted to Business Finland at the end of September. The
project has successfully demonstrated a 'state-of-the-art' and robust process
flowsheet for production of 'battery-grade' spheronised graphite ("SPG") with
significantly lower environmental impact compared to conventional processes
used in China. This process-flowsheet is now being evaluated and forms the
foundation of the on-going Pre-feasibility Study ("PFS") for the Graphite
Anode Materials Plant ("GAMP").

 

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"The support we have received from Business Finland through the BATCircle2.0
project has enabled us to fast-track the testwork and development of a
'state-of-the-art' process flow sheet for the production of anode materials
for the lithium-ion battery sector. We are extremely grateful for this support
and will continue to work closely with Business Finland on future BATCircle
funding rounds."

 

Rasmus Blomqvist, Managing Director of Grafintec, commented:

 

"The test-work undertaken in the last three years under the BATCircle2.0
project has demonstrated that we can produce 'battery-grade' graphite using
more environmentally friendly reagents and processes than the current
industrial norms. Further, test-work has demonstrated that we can recycle key
reagents such as NaOH and Lime, significantly reducing their overall
consumption and volumes going to waste, and therefore minimising the
environmental impact, reducing cost and improving the viability of the
project. This all bodes well for the ongoing PFS."

 

 

GAMP Update

 

Following on from the Spheronisation and Purification test-work, Grafintec and
its technology partner Dorfner Anzaplan GmbH ("Anzaplan") have advanced well
with the Coating test-work to produce Coated Spherical Graphite ("CSPG"). The
Coating process is the final stage in the production of graphite anode
materials and is carried out to further improve the electro-chemical and
physical performance of the anode material. While the test-work has not been
completed, initial results look promising, indicating that the
electro-chemical and physical performance of the anode material can be
significantly improved by the Coating process. Optimisation work is ongoing
and, once complete, will feed into the PFS and Environmental Impact Assessment
("EIA").

 

Due to a slight over-run in the completion of the Coating test-work, the PFS
is now expected to be completed during Q1 2025. The results of the PFS will
then feed into the EIA, which is also expected to be completed within a few
months. Despite these minor delays in the completion of the PFS and EIA, the
overall timeline for GAMP remains unchanged, with first anticipated production
targeted for 2027.

 

Following completion of the PFS, Grafintec believes that the GAMP will be very
well positioned to meet EU Strategic Project status criteria and the Company
intends to apply in the next application round which is expected in early
2025. EU Strategic Project status provides a number of benefits, including
faster permitting processes and access to additional sources of capital.

 

 

Enquiries:

Beowulf Mining plc

Ed Bowie, Chief Executive Officer
         ed.bowie@beowulfmining.com

 

SP Angel

(Nominated Adviser & Joint Broker)

Ewan Leggat / Stuart Gledhill / Adam Cowl
 Tel: +44 (0) 20 3470 0470

 

Alternative Resource Capital

(Joint Broker)

Alex Wood
                             Tel: +44 (0) 20 7186 9004

 

BlytheRay

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
forecast.

 

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