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LONDON (Alliance News) - Beowulf Mining PLC on Friday said it is "unaware of any reason" for the leap in the price of its shares.
The mineral exploration and development company, which is focused on the Kallak iron ore project in northern Sweden and its Swedish exploration portfolio, said there are "no further material operational or corporate updates" for it to report.
"The company continues its dialogue with the Swedish Government on the Kallak North Project. Further updates will be made as appropriate," Beowulf Mining siad.
Earlier on Friday Beaufort Securities, the company's corporate broker, maintained a Speculative Buy rating on the stock.
The reiteration of the broker's rating on the stock came one day after a stock market filing by Beowulf showed that investment firm Lanstead Capital LP's stake in the mineral exploration and development company fell to 11.90% from 14.68% previously.
Beaufort said that Lanstead's move to reduce shareholding was a "positive development" for Beowulf as it would "reduce the overhang".
"Recently, the company was granted the Exploitation Concession for Kallak North from the Mining Inspectorate of Sweden. We look forward to positive decision by the Government of Sweden which would take the project forward," Beaufort said.
"The Kallak North iron ore deposit has high grade hematite with over 68% Fe content. Despite the downward pressure on benchmark iron ore prices on the back of continued oversupply and slowing economic activity in China, we note that high quality iron ore products continue to fetch premiums relative to the benchmark 62% Fe. In light of the above argument, we maintain a Speculative Buy rating on the stock," Beaufort said.
A new filing on Friday showed that Lanstead's stake has since been reduced to 10.90%.
Shares in Beowulf Mining were up 23% at 5.35 pence on Friday late morning, having risen as high as 6.75p earlier in the day.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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