Beowulf reports progress with Grafintec, NordicPipe
By Josh White
Date: Monday 27 Apr 2026
(Sharecast News) - Beowulf Mining said on Monday its Finnish graphite subsidiary Grafintec had completed a preliminary technical study for the Aitolampi graphite project, while also confirming that work on the NordicPipe slurry pipeline project would continue independently after withdrawing from an EIT funding programme.
The AIM-traded company said Grafintec had taken part in the inaugural Power Coast Summit in Kotka, visited the Keltakallio industrial site, and hosted public meetings at its Aitolampi and Rääpysjärvi graphite projects in eastern Finland during the week beginning 20 April.
"It was a busy week for the Grafintec team, participating in the Power Coast Summit, hosting two public meetings and conducting a site visit in Kotka," said chief executive Ed Bowie.
"Early, consistent and transparent engagement is critical to garnering support and trust with local stakeholders, and it is great that the meetings were so well-attended.
"Whilst still at an early stage, the preliminary technical designs for the Aitolampi project provide an initial basis to describe what a future mine might look like and so support a more informed discussion."
Grafintec managing director Rasmus Blomqvist said the completion of the preliminary technical study was "an important milestone" for Aitolampi, adding that it confirmed "a clear technical development pathway" and highlighted the potential of the broader project area.
"In addition to advancing Aitolampi, we see significant upside in the nearby Rääpysjärvi prospect, which could support a larger, integrated operation in the future," Blomqvist said.
Beowulf said the Aitolampi project, located about 40 kilometres southwest of Outokumpu in eastern Finland, is one of Europe's largest defined flake graphite deposits.
It has a JORC-compliant indicated and inferred mineral resource of about 26.7 million tonnes at an average grade of 4.8% total graphitic carbon.
The preliminary technical study, supported by engineering consultant AFRY Finland, sets out an initial development framework covering mining, processing and environmental management.
Beowulf said the work remained preliminary and would be subject to further optimisation and verification.
The study was based on an initial production scenario of about 700,000 tonnes of ore per year, with expected annual production of around 35,700 tonnes of graphite concentrate at 95% total graphitic carbon.
The concept assumed a conventional open-pit mine with on-site beneficiation, including crushing, grinding and flotation, production of coarse and fine high-purity graphite concentrates, possible use of ore sorting technologies and on-site handling of process residues.
Beowulf said the process flowsheet was based on bench-scale metallurgical test work and designed to produce graphite concentrates of consistent quality, while allowing scope for future optimisation, higher production capacity or longer mine life depending on further exploration success.
The study also placed emphasis on environmental management, including the separation of tailings into high-sulphur and low-sulphur fractions, engineered storage for waste rock and tailings, on-site water management and treatment, and further work to reduce sulphur content and environmental risks.
Preliminary studies indicated that magnetic and gravity separation could recover a significant proportion of sulphides and associated metals from tailings, although Beowulf said those solutions remained conceptual.
At Rääpysjärvi, about eight kilometres north of Aitolampi, exploration work including electromagnetic surveys, trenching, surface sampling and metallurgical test work indicated potential for a graphite mineralised system of similar scale to Aitolampi and potentially higher grade.
The company said drilling would be required to define the scale, continuity and grade of mineralisation and establish a mineral resource estimate.
Subject to further exploration, Beowulf said it could evaluate a regional development concept involving a shared or centralised processing facility, optimised logistics and infrastructure, and integration of multiple ore sources within a single development.
Grafintec was also advancing the Graphite Anode Materials Plant at the Keltakallio industrial site in Kotka.
The plant was expected initially to use imported graphite concentrate, but Aitolampi and Rääpysjärvi could become future feedstock sources, subject to further technical studies, development and permitting.
Beowulf said previous battery anode materials test work on representative Aitolampi concentrate had shown its suitability for anode production, including spherical graphite with purity above 99.95% total graphitic carbon.
Over the next two to three years, Beowulf said it planned to continue stakeholder engagement, exploration and resource definition at Aitolampi and Rääpysjärvi, optimise the process flowsheet and tailings management, assess capital and operating costs, complete economic analysis, continue environmental baseline studies and prepare for a potential mining permit application.
Separately, Beowulf said the consortium formed for the NordicPipe project, led by its Jokkmokk Iron Mines subsidiary, would continue work on the project but had withdrawn from the European Institute of Innovation and Technology funding programme.
The consortium had been conditionally awarded funding in March to advance technical and environmental knowledge for slurry pipelines as a sustainable transport solution in the Nordic region.
Beowulf said the consortium was later informed of additional administrative requirements and costs beyond the co-funding obligations and partial payback provisions included in the original proposal.
After reviewing the requirements, the consortium concluded that NordicPipe's key objectives could be achieved more efficiently, with greater flexibility and at lower overall cost and administrative burden, independently of the EIT programme.
Beowulf said Jokkmokk Iron remained committed to advancing the pipeline solution with consortium members and expected the work to progress on a timetable aligned with broader infrastructure development for the Kallak project.
At 1202 BST, shares in Beowulf Mining were up 23.76% at 6.19p.
Reporting by Josh White for Sharecast.com.
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