Grafintec (previously Fennoscandian Resources), a wholly owned subsidiary, is developing the Aitolampi graphite asset, which has a contained graphite resource of 1,275,000 tonnes, possessing almost perfect crystallinity, an important prerequisite for high tech applications, such as lithium-ion batteries.  Through its collaboration with Epsilon Advance Materials Limited (“EAMPL”), Grafintec is enhancing its position within the Finnish battery ecosystem, collaborating with a strong and innovative technology/processing partner, with plans to develop an anode materials plant in Vaasa, Finland to supply the growing lithium-ion battery sector in Europe.

In Kosovo, the Company owns approximately 59.5 per cent of Vardar Minerals (“Vardar”), which is focused on exploration in the Tethyan Belt, a major orogenic metallogenic province for gold and base metals.  Vardar is delivering exciting results for its Mitrovica licence which has several exploration targets, including lead, zinc, copper, and gold. It also has the Viti licence which is showing potential for copper-gold porphyry mineralisation. With Beowulf’s support, Vardar is focused on making a discovery.

Kallak is the foundation asset of the Company, but with Vardar and Grafintec, the Company has many opportunities to grow, each business area displaying strong prospects.