BEM announced its unaudited financial results for the 9-month period ended 30 September 2023. The Company has progressed significantly across its portfolio.

At Kallak, the strategic review defined and initiated a metallurgical test-work programme as part of the PFS to demonstrate the potential to produce a high-grade #iron ore concentrate. Meanwhile, technical and environmental studies continue to progress.

Subsidiary Grafintec Oy PFS showed strong economics with post-tax net present value of $242m and a 39% internal rate of return, with a subsequent DFS due to begin mid-2024. In addition, following EIA conclusion in Q1 2024, the Environmental Permit process will be initiated.

In Kosovo, subsidiary Vardar Minerals completed crucial low-cost mapping and sampling at the Shala licences, identifying significant base and precious metal content, with extensive follow-up work to define future drill targets.