The total JORC-compliant indicated and inferred mineral resource was 19.3 million tonnes at 4.5% total graphite carbon for 878,000 tonnes of contained graphite.

It said this was for all material from the western and eastern zones, which was interpreted above a nominal 3% TGC cut-off grade.

Separately, the company reported an indicated and inferred mineral resource of 9.8Mt at 5% TGC for 490,000t of contained graphite at the higher-grade Western Zone, and an indicated and inferred resource of 9.5Mt at 4.1% TGC for 388,000t of contained graphite at the Eastern Zone.

"Reporting above a 4% TGC cut-off grade based on the grade-tonnage curve for Aitolampi, gives an indicated and inferred mineral resource of 12.8Mt at 5% TGC for 639,000t," Beowulf said.

It added it had spent €760,000 (US$864,319) on the project to date.

Beowulf CEO Kurt Budge said the maiden resource highlighted the potential of Aitolampi to supply the developing battery manufacturing market in Finland and Sweden.

"Tonnes are not in short supply at Aitolampi, as evidenced by the maiden 19.3Mt resource, but it's pleasing to see a higher-grade5% TGC Western Zone, that could be the focus for initial production," he said.

"Aitolampi is benefited by its location in Finland, a stable political, fiscal, legal and permitting jurisdiction, its access to cheap power, reliable transport infrastructure (roads and ports), a highly skilled workforce, and by Finland's desire to become a world-class platform for battery manufacturing."

The company is currently busy tendering a scoping study to provide a preliminary technical and economic assessment of the project.

Beowulf did not give an update on its other projects, including the Kallak magnetite iron ore project in Sweden, where it has been having ongoing permitting delays.

The company's shares were steady Monday morning at 4.7p (US6c).