Pre-tax losses increased to £443,000 - up from £320,000 previously.

Beowulf currently has 10 exploration projects in northern Sweden primarily prospecting for iron, copper, gold and uranium.

Executive chairman Clive Sinclair-Poulton said: "Against a backdrop of extremely challenging global macroeconomic conditions, the company has continued to work hard to convey its strategy and demonstrate the quality and breadth of its asset portfolio.

"To put it mildly, there has been, and continues to be, considerable turmoil and volatility in global economies and capital markets, as we all await concerted action from governments to restore a sense of order and renewed grounds for optimism and growth.

"This sense of uncertainty has clearly had a detrimental impact on global share prices, exchange rates and the general price of commodities such as iron ore, which has slipped as the year has progressed."

At 9:28am: (LON:BEM) share price was -0.75p at 16.38p

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