The exploration company Beowulf Mining reported a higher loss in the first quarter while the company continued work on the iron ore project Kallak in Sweden and the graphite initiative Grafintec in Finland. The company states that additional financing needs to be secured no later than mid-June in order to continue driving the projects forward.Beowulf Mining reported, in line with the company's development phase, as expected no revenue in the first quarter. Profit before tax from continuing operations amounted to GBP -0.5 million (GBP -0.4). The deterioration is explained mainly by a loss linked to the conversion of convertible loans.Net profit amounted to GBP -0.6 million (GBP -0.5). Cash and cash equivalents amounted to GBP 0.1 million at the end of the quarter, compared with GBP 0.7 million a year earlier."As work progresses in both Kallak and Grafintec, the board's main focus is to secure the long-term financing required to continue developing our portfolio of assets. We therefore hope to reach a definitive financing solution in the coming weeks and look forward to updating the market when appropriate", says Beowulf's CEO Ed Bowie.