Beowulf Mining (AIM:BEM), the AIM-listed minerals developer, said its wholly owned Finnish subsidiary Grafintec Oy has received City of Kotka approval to extend its site reservation for a planned Graphite Anode Materials Plant by a further twelve months to 30 June 2027.
The reservation covers approximately 13 hectares in the Keltakallio industrial area under an agreement originally signed in July 2025, with a further extension possible subject to the City's approval.
The timing follows Beowulf's announcement earlier this month that it entered a binding investment agreement with Bacchus Capital Advisers and affiliated entities, a deal the company says will allow it to recommence and accelerate key development activities once completed.
Those activities include completing an Environmental Impact Assessment, advancing environmental permitting, detailed engineering and process optimisation, and continuing product qualification talks with potential customers and strategic partners.
"With the continued geopolitical instability, developing secure, resilient supply chains for critical raw materials within Europe has never been more important," said Chief Executive Ed Bowie.
The Keltakallio site sits adjacent to Easpring Finland New Materials' cathode active materials plant, which is targeting commercial production in 2027.
Completion of the Bacchus Capital financing remains the immediate trigger for restarting substantive project work.
