29 August 2025

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 30 June 2025

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the six months ended 30 June 2025 (the "Period").

 

Activities in the Period

 

Corporate

 

·      During the Period, the Company completed a capital raise, raising a total of SEK 28.1 million (approximately £2.2 million) by way of a conditional placing and subscription of new ordinary shares of 5 pence each in the capital of the Company ("New Ordinary Shares"), a rights issue of Swedish Depository Receipts in Sweden, and a retail offer in the UK via the Winterflood Retail Access Platform. The use of proceeds from the capital raise will fund the Company's operations through to the first quarter of 2026.

·      In order to complete the capital raise, a General Meeting was held to provide the Board of Directors with the requisite authorisation and flexibility to increase the Company's share capital, where all resolutions tabled were passed.

 

Sweden

 

·      Work, undertaken by wholly owned subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron") continued in preparation for both the Pre-Feasibility Study ("PFS"), Environmental Impact Assessment ("EIA") and Environmental Permit application for the Kallak Iron Ore Project ("Kallak").

·      Following completion of the metallurgical test-work during 2024, which demonstrated that Kallak is capable of producing an extremely high-grade, low-impurity concentrate, the engineering and design work for the processing plant along with ancillary site infrastructure was finalised. In addition, waste management, including the design of the tailings storage facility and waste rock dumps, was significantly advanced.

·      The transportation of concentrate from the mine site to the railhead was identified through the public consultation process as a source of significant concern for local stakeholders. Preliminary studies completed by the Company demonstrated that a buried slurry pipeline offered the preferred option; it is safe, reliable, mitigates noise and dust, creates no physical barrier to the movement of local communities and fauna, and also has the lowest operating cost of the range of options reviewed.

 

Finland

 

·      On 10 March, Beowulf, through its wholly owned Finnish subsidiary Grafintec Oy ("Grafintec"), announced the results of the PFS for the Graphite Anode Materials Plant ("GAMP").

·      The PFS focused on an initial Phase 1 development producing 25,000 tonnes per year of Coated Spherical Purified Graphite ("CSPG") with the potential to expand further to 75,000 tonnes per year.

·      The study demonstrated extremely positive economics for Phase 1 with a post-tax Net Present Value using a discount rate of 8% ("NPV8") of €924 million and post-tax Internal Rate of Return ("IRR") of 37% over 25 years with an initial capital expenditure of €225 million and pay-back period of 3 years from initial production.

·      Phase 2 offers further economic upside with a post-tax NPV8 of €2.2 billion and post-tax IRR of 38% over 25 years.

·      Further potential upside is identified from the vertical integration of Grafintec's graphite projects and access to government and EU support through grant funding schemes and tax incentives aimed at large industrial investments supporting the transition to a net-zero economy.

 

Kosovo

 

·      The Company, through its wholly owned subsidiary Vardar Minerals Limited ("Vardar"), continued low-cost exploration activity on its Shala licences during the Period.

·      Licence applications covering the Mitrovica, Viti East, Viti North and Zvecan licence areas, all of which expired during 2024 in accordance with their terms, and the Shala licence which expired on 25 February 2025, have been submitted to the Independent Commission for Mines and Minerals ("ICMM") in Kosovo, and confirmation of receipt has been received. The Board of ICMM, which is responsible for the award of mineral permits, was disbanded by the Government in October 2023 and, although it has been reinstated, it is working through the backlog of applications and Vardar's permit applications therefore remain pending. The Shala West permit was deemed to have limited prospectivity and was relinquished by the Company during the Period and ahead of its expiry.

 

Post Period

 

·      The Company, through Grafintec, secured a site reservation in the City of Kotka for the planned development of the GAMP. The 13-hectare site within the Keltakallio industrial area for battery value chain companies, benefits from exceptional infrastructure, a strategic location, and excellent logistics, with direct access to Finland's largest container port, the Port of Hamina-Kotka - making it an emerging hub for Europe's battery value chain.

·      The Shala East licence in Kosovo expired on 17 August and an application for a licence renewal with a 50% reduction in the area, was submitted to ICMM

 

Financial

 

·      The underlying administration expenses of £605,537 in Q2 2025 were higher than Q2 2024 at £520,157. This has increased primarily due to professional fees of £212,613 (Q2 2024: £123,744), directors and staff costs of £100,366 (Q2 2024: £130,234), legal fees of £18,563 (Q2 2024: £7,220), a foreign currency loss of £44,426 (Q2 2024: loss of £17,636) and a decrease in share-based payment expenses of £44,601 (Q2 2024: £116,280).

·      The consolidated loss before tax for H1 2025 increased to £1,087,801 (H1 2024: £976,478). This increase is primarily due to share-based payment expenses of £137,409 (H1 2024: £126,432), professional fees of £377,708 (H1 2024: £293,779), a foreign currency loss of £12,667 (H1 2024: £33,253), realised currency loss of £34,643 (H1 2024: £4,938 gain), combined with finance costs in relation to the bridging loan of £53,945 (H1 2024: £59,147).

·      Consolidated basic and diluted loss per share for the quarter ended 30 June 2025 was 1.25 pence (Q2 2024: loss of 1.37 pence restated for the 50 to 1 share consolidation in Q2 FY24).

·      The Company raised SEK 28.1 million (approximately £2.2 million) before expenses as part of the Capital Raise, of which, the net proceeds have been used to repay the bridging loan principal and interest of SEK 12.4 million (approximately £0.95 million).

·      £773,201 in cash was held at 30 June 2025 (31 December 2024: £881,349).

·      Exploration assets increased 6.7% to £17,098,417 at 30 June 2025 compared to £16,023,022 at 31 December 2024.

·      The cumulative translation losses held in equity decreased by £875,915 in the period ended 30 June 2025 to £1,520,019 (31 December 2024: loss of £2,395,934). Much of the Company's exploration costs are in Swedish Krona which has strengthened against the GB Pound Sterling since 31 December 2024.

·      At 30 June 2025, there were 43,937,185 Swedish Depository Receipts representing 73.65% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

 

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"The highlight of the Period was the completion of the GAMP PFS which demonstrated a robust technical project with exceptional economics, positioning Grafintec to be a low-cost, high-margin producer with great value potential. Following the end of the Period, we secured an excellent location for the development of the plant and have begun investigations for the pilot testing and EIA. The identification and reservation of a site for GAMP within a new emerging battery hub marks a key milestone in its development and will serve to help further establish Grafintec's presence in the European and global battery value chains.

 

"Completing the capital raise during the Period allows us to continue to progress our assets, including Kallak. We have made great strides in, and continue to focus on, cultivating positive local stakeholder engagement. The development of a slurry pipeline is an innovative, reliable, low-impact transport solution that we believe significantly mitigates a number of the main concerns of local stakeholders about the project. Importantly, our initial analysis also suggests that given its very low operating costs, it is also value accretive to the project.

 

"As a company, we will continue to investigate multiple sources of additional capital to advance our core assets. These include, but are not limited to, institutional and strategic investors, and governmental support from Business Finland and EU entities which offer a range of grants, equity, loans and tax credits. We look forward to providing further updates to the market over the coming months."

 

Enquiries:

 

Beowulf Mining plc
Ed Bowie, Chief Executive Officer	ed.bowie@beowulfmining.com
SP Angel
(Nominated Adviser & Joint Broker)
Ewan Leggat / Stuart Gledhill / Adam Cowl	Tel: +44 (0) 20 3470 0470
Alternative Resource Capital
(Joint Broker)
Alex Wood	Tel: +44 (0) 20 7186 9004
BlytheRay
Tim Blythe / Megan Ray	Tel: +44 (0) 20 7138 3204
	beowulf@blytheray.com

 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.

About Beowulf Mining plc

Beowulf Mining plc ("Beowulf" or the "Company") is an exploration and development company, listed on the AIM market of the London Stock Exchange and the Spotlight Exchange in Sweden. The Company listed in Sweden in 2008 and, as at 30 June 2025, was 73.65% owned by Swedish shareholders.

Beowulf's purpose is to be a responsible and innovative company that creates value for our shareholders, wider society and the environment, through sustainably producing critical raw materials, which includes iron ore, graphite and base metals, needed for the transition to a Green Economy.

The Company has an attractive portfolio of assets, including commodities such as iron ore, graphite, gold and base metals, with activities in exploration, the development of mines and downstream production in Sweden, Finland and Kosovo.

The Company's most advanced project is the Kallak iron ore asset in northern Sweden from which test-work has produced a 'market leading' magnetite concentrate of over 70% iron content.  In the Kallak area, the Mineral Resources of the deposits have been classified according to the PERC Standards 2017, as was reported by the Company via RNS on 25 May 2021, based on a revised resource estimation by Baker Geological Services. The total Measured and Indicated Resource reports at 132 million tonnes ("Mt") grading 28.3% iron ("Fe"), with an Inferred Mineral Resource of 39Mt grading 27.1% Fe.

In Finland, Grafintec, a wholly-owned subsidiary, is developing the Graphite Anode Material Plant to supply anode material to the lithium-ion battery industry. The Company has completed a Pre-Feasibility Study on the downstream processing plant demonstrating the technical and financial viability of the plant. While the intention is to initially import graphite concentrate from a third-party mine, Grafintec has a portfolio of graphite projects in Finland including one of Europe's largest flake graphite resources in the Aitolampi project in eastern Finland. Grafintec is working towards creating a sustainable value chain in Finland from high quality natural flake graphite resources to anode material production, leveraging renewable power, targeting Net Zero CO₂ emissions across the supply chain.

In Kosovo, the Company, through its wholly owned subsidiary Vardar Minerals ("Vardar"), is focused on exploration in the Tethyan Belt, a major orogenic metallogenic province for base and precious metals.  Vardar is delivering exciting results across its portfolio of licences and has several exploration targets, including lead, zinc, copper, gold and lithium.

Kallak is the foundation asset of the Company, and, with Grafintec and Vardar, each business area displays strong prospects, and presents opportunities to grow, with near-term and longer-term value-inflection points.

Beowulf strives to be recognised for living its values of Respect, Partnership and Responsibility. The Company's ESG Policy is available on the website following the link below:

https://beowulfmining.com/about-us/esg-policy/       

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

 

FOR THE SIX MONTHS TO 30 JUNE 2025

	Notes	(Unaudited) 3 months ended 30 June  2025   £		(Unaudited) 3 months ended 30 June  2024   £		(Unaudited) 6 months ended 30 June  2025   £		(Unaudited) 6 months ended 30 June  2024   £		(Audited)    12 months ended 31 December 2024   £
Continuing operations
Administrative expenses		(605,537)		(520,157)		(1,046,451)		(917,980)		(1,658,763)
Impairment of exploration assets		-		-		-		-		(72,563)
Operating loss		(605,537)		(520,157)		(1,046,451)		(917,980)		(1,731,326)
Finance costs	3	(49,104)		(27,271)		(53,945)		(60,175)		(61,334)
Finance income		698		775		977		1,677		3,404
Grant income		-		-		-		-		3,561
Fair value loss on listed investment		(375)		-		(1,500)		-		(3,313)
Loss on disposal of right of use		-		-		(3,675)		-		-
Other income	4	16,793		-		16,793		-		-
Loss before and after taxation		(637,525)		(546,653)		(1,087,801)		(976,478)		(1,789,008)
Loss attributable to:
Owners of the parent		(637,525)		(546,628)		(1,087,801)		(959,438)		(1,771,325)
Non-controlling interests		-		(25)		-		(17,040)		(17,683)
		(637,525)		(546,653)		(1,087,801)		(976,478)		(1,789,008)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence)	4	(1.25)		(1.47)		(2.42)		(3.18)		(5.13)