27 February 2026

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Preliminary Financial Results for the year ended 31 December 2025

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited preliminary financial results for the year ended 31 December 2025 (the "Period") and provides an update on its current financial position.

 

Activities in the Period

 

Sweden

 

·    During the Period, through its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron"), the Company continued to progress technical and environmental workstreams in preparation for both the Pre-Feasibility Study ("PFS") and Environmental Impact Assessment ("EIA") and subsequent submission of the Environmental Permit application for the Kallak iron ore project ("Kallak").

·     Engineering and design work for the processing plant along with ancillary site infrastructure was finalised, building on the metallurgical test-work, which was completed in 2024 and demonstrated that Kallak is capable of producing an extremely high-grade, low-impurity iron ore concentrate.

·      Water management and waste management workstreams, required for the PFS, were substantially completed, including the design of the tailings storage facility and waste rock dumps.

·    Transportation and logistics requirements for Kallak were also significantly advanced, including scoping level studies completed on the use of a buried pipeline to transport Kallak's concentrate the ~40 kilometres from the mine-site to the railhead on the Inlandsbanan railway. Through these studies, the pipeline emerged as Beowulf's preferred option for transporting the concentrate, with the benefits of this method including:

o  Safety;

o  Reliability;

o  Creating no physical barrier, noise or dust; and

o  Having the lowest operating cost of the range of options reviewed.

·      Nature inventory work along the pipeline corridor was completed and further studies were initiated, including reindeer and wildlife management plans along the Inlandsbanan railway, optimisation of the rail configuration for the project and concentrate handling facilities at the port of Narvik.

·    The Company continued to review opportunities to further enhance the project and minimise any environmental impacts, including the use of nitrogen-free explosives, and an evaluation of autonomous, fully electric mining trucks.

·    Jokkmokk Iron continued to focus on building community and local stakeholder engagement and held a number of meetings during the Period.

 

Finland

 

·   On 10 March 2025, 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 to produce 25,000 tonnes per year of Coated Spherical Purified Graphite ("CSPG") with the potential to expand further to 75,000 tonnes per year in Phase 2.

·     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 three 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.

·     On 1 July, Grafintec secured a site reservation in the Keltakallio industrial area in the City of Kotka for the establishment of the GAMP. The Keltakallio industrial area benefits from exceptional infrastructure, including low-cost renewable energy and water, a strategic location and excellent logistics, with direct access to Finland's largest container port, the Port of Hamina-Kotka, and a skilled local workforce.

·      The Company held its first public meeting in Keltakallio to present GAMP to local residents.

·      Grafintec applied for a tax credit under the Business Finland managed scheme aimed at promoting large clean-transition investments, and also applied to Business Finland's Research, Development and Piloting loan scheme for a loan of €7 million. The loan scheme, which is focused on supporting the development and commercialisation of innovative products, services and production methods, can fund up to 70% of eligible project costs, for a period of up to 10 years, and carries a low interest rate of 3% below the base interest rate, or at least 1%. To match fund the loan, Grafintec appointed financial adviser, Grannenfelt Finance Oy, in Finland to assist with raising €5 million in equity through the sale of shares in Grafintec.

·      The Rääpysjärvi exploration licence was renewed from 30 September 2025 for three years.

 

Kosovo

 

·    The Company, through its wholly owned subsidiary, Vardar Minerals Limited ("Vardar"), undertook low-cost exploration activity on its Shala East licence during the first half of 2025. The Shala East licence expired and an application for its renewal was submitted and formally lodged by the Independent Commission for Mines and Minerals ("ICMM") in Kosovo on the 17 August 2025, including a reduction in the licence area of 50%. The application remains pending.

·    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 ICMM, 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 was reinstated in October 2024, there was a backlog of applications and Vardar's permit applications 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.

·     Beowulf announced on 26 November 2025 that it had received a non-binding cash offer of €4 million for its 100% interest in Vardar and subsequently confirmed that a Heads of Terms had been signed with the proposed buyer.

 

Corporate

 

·     During May, 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, a rights issue of Swedish Depository Receipts in Sweden and a retail offer in the UK via the Winterflood Retail Access Platform. Proceeds of the capital raise were used to repay bridge loan financing and to fund the continued development of the Company's projects, in particular, Kallak in Sweden and the GAMP in Finland, through to the first quarter of 2026.

·     In order to complete the capital raise, a General Meeting was held on 8 April 2025 to provide the Board of Directors with the requisite authorisation and flexibility to increase the Company's share capital.

·    The Company subsequently held its Annual General Meeting ("AGM") on 24 June 2025, passing all resolutions, and following the AGM on 17 July 2025, the Board of Directors approved the award of 2,272,000 options granted under the Company's Long-Term Incentive Plan ("LTIP") to certain directors and senior management.

·      Beowulf announced the funding strategy for the Company on 26 November 2025, including the proposed sale of Vardar and the Grafintec equity and loan financing. The Company also announced that it was seeking to secure short-term funding as these longer-term sources of funding remained non-binding and were anticipated to take up to six months to close.

·    The Company announced on 22 December 2025 that it had entered into an unsecured convertible loan of £500,000 to provide short-term working capital. In connection with the loan, the Company granted the provider of the convertible loan with warrants to subscribe for 4,329,004 ordinary shares.

·      Beowulf also announced the appointment of Marex Financial as Corporate Adviser on 22 December 2025.

 

Financial

 

·     The consolidated loss for 2025 of £1,747,578 was lower than £1,789,008 in 2024. This decrease was primarily due to a decrease in salary costs of £177,485 (2024: £237,128) and finance costs of £32,713 (2024: £59,147).

·     The administration expenses of the Company of £1,382,855 in 2025 are lower than £1,897,365 in 2024. This decrease is primarily due to a decrease in the following: the expected credit loss on the intercompany loans of £326,919 (2024: £467,651), salary costs of £117,782 (2024: £166,227), foreign currency losses of £31,307 (2024: £97,948) and impairment of investment in Vardar of £nil (2024: £331,764)

·   Consolidated basic and diluted loss per share for continuing and discontinued operations for the quarter ended 31 December 2025 was 0.54 pence (Q4 2024: loss of 1.04 pence).

·      £329,647 in cash was held at 31 December 2025 (31 December 2024: £881,349).

·     Exploration assets decreased to £15,373,303 at 31 December 2025 compared to £16,023,022 at 31 December 2024. This is due to Vardar exploration assets of £3,590,700 being classified as held for sale during the period to 31 December 2025. During the period to 31 December 2025, there were additions of £1,485,770 and foreign currency gains of £1,480,359.

·    The cumulative foreign exchange translation losses held in equity decreased in the year ended 31 December 2025 to £910,017 (31 December 2024: loss of £2,395,934). Much of the Company's exploration costs are in Swedish Krona which has strengthened against the pound since 31 December 2024.

·     At 31 December 2025, the Company had 59,657,866 Ordinary Shares in issue of which 44,196,416 Swedish Depository Receipts representing 74% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK as AIM securities.

 

Post Period Activities

 

·    Following the end of the Period, the Company announced that three conversion notices were served for a total of £100,000 of the £500,000 convertible loan note resulting in a total of 1,532,616 new Ordinary Shares being issued to the Investor. A further conversion notice for £50,000 was received as announced on 24 February 2026, for a further 793,650 shares that are expected to be admitted to trading on AIM effective 27 February 2026.

·     The Company announced on 21 January 2026 that Grafintec's application for the tax credit had been initially rejected but that this decision had been appealed. Further, Grafintec had completed an application for EU Strategic Project status for GAMP.

 

Current financial position

 

As noted in its 26 November 2025 update, the Company has established a funding strategy to independently finance the next development phase for Grafintec, and through the sale of Vardar, raise sufficient capital to complete the Kallak PFS and Environmental Permit application and cover corporate costs for at least a 12-month period. The convertible loan note secured at the end of December 2025 provides additional short-term working capital.

The Heads of Terms for the sale of 100% of Vardar has been signed, although the transaction remains non-binding. The Company maintains a positive dialogue with the potential buyer and hopes to be able to conclude the transaction in the coming months though there can be no certainty that the transaction will proceed or on the final terms of any transaction.

Grafintec continues to meet with a broad range of potential equity investors with a number progressing to reviewing the company's data-room under confidentiality agreements. The intention is to secure the €5 million equity component of the capital requirement for the construction and operation of the pilot plant over the next two years. Grafintec has been informed that its application to Business Finland for a Research, Development and Piloting loan scheme for a loan of €7 million has not been successful on this occasion, primarily due to failing one of the eligibility criteria. This is the same reason that was given for the Business Finland tax credit decision, a decision that Grafintec has appealed and is awaiting a formal response. Grafintec is hopeful that its appeal will be successful or that it can address the eligibility criteria in a different way. The Business Finland project team commended the loan application and recommended that, following resolution of the eligibility criteria, Grafintec reapply for the Research, Development and Piloting loan scheme which is the Board's intention. It is also anticipated that Business Finland will launch a similar tax credit in the current year although this has not yet been confirmed nor the details published. Since the time of its initial application, the Company has continued to advance its plans for the pilot testing phase for the GAMP and is confident that it can address the eligibility criteria and submit an enhanced application in the coming months.

The Company continues to review alternative, non-dilutive sources of capital to support the development of its portfolio at the asset level and hopes to be able to update the market in due course.

These potential sources of longer-term funding are currently at non-binding stages, so no assurance can be given that they will successfully complete, or on the final terms of which any such transactions may be completed. In addition, whilst the Company hopes to be able to announce positive progress in the near-term, the timelines to close each transaction remain open. If the transactions, and in particular, the sale of Vardar, fail to close or closing is delayed, the Company will need to secure additional financing and working capital by early April 2026. Accordingly, the Company is currently working with its advisers in Sweden and the UK to procure additional near-term financing. While discussions are progressing, there can be no certainty that such financing can be obtained or on the terms of any financing.

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"Beowulf made continued progress on its two core assets during 2025.

"The completion of the GAMP PFS represents a major milestone for the Company, underpinning the technical viability and exceptional economics of the project, and reaffirming our confidence in its potential to deliver significant value for the Company and its stakeholders. Having secured the site reservation in Kotka for the future development of the full-scale operation, the next steps for GAMP are pilot testing, and the Company has developed a plan for the funding and delivery of this phase. The pilot testing is designed to demonstrate the scalability of our process and ultimately secure long-term offtake agreements that will underpin the financing of the full commercial operation. The team continues to work on this funding and delivery plan, and we hope to be able to announce positive progress during the coming months. During the Period, we also held our first public meeting in Keltakallio; it was positive to see a strong level of open and productive engagement, and we look forward to building on this relationship with our local communities.

"At Kallak, we have significantly advanced both technical and environmental workstreams, focusing on optimising each phase of the project's development and operation. Completing the PFS and submitting the Environmental Permit application represent two key future milestones for the project and we remain focused on securing the capital to enable us to achieve this. Kallak has the potential, through its extremely high-grade, low-impurity concentrate, to be a major contributor to the decarbonisation agenda for the steel industry. Our work around the development of a pipeline solution and logistics and infrastructure optimisation to the Port of Narvik has strategically enhanced Kallak's offering by potentially improving project economics and helping mitigate environmental impacts.

"Concluding the sale of Vardar will bring in non-dilutive capital to support the advancement of Kallak and will also streamline the business. Whilst the offer remains non-binding, we hope to be able to conclude the transaction in the coming months, and we look forward to updating the market in due course."

 

 

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 4530 9160
BlytheRay
Megan Ray / Rachael Brooks / Alastair Roberts	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 forecasts.

 

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 at 27 February 2026 was 72.4 per cent owned by Swedish shareholders.

Beowulf's purpose is to generate value for all stakeholders through the sustainable exploration, development and production of raw materials that are critical to support the transition to a greener economy.

The Company has two core assets, an iron ore development project in Sweden and the development of a downstream processing facility for graphite anode materials in Finland.

The Kallak iron ore project in northern Sweden has the potential to produce a 'market leading' magnetite concentrate of over 70% iron content.  Jokkmokk Iron, the Company's wholly-owned subsidiary, has defined a Mineral Resource, classified according to the PERC Standards 2017, of a total of 132 million tonnes ("Mt") grading 28.3% iron ("Fe") in the Measured and Indicated categories, with an Inferred Mineral Resource of 39 Mt grading 27.1% Fe. The Company secured the Exploitation Concession for Kallak in 2024 and is working towards the submission of the Environmental Permit application. A Scoping Study was completed in 2023 and the Company is focused on the completion of a Pre-Feasibility Study ("PFS") to demonstrate the technical and economic viability of the project.

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 completed a PFS in 2025 demonstrating extremely robust economics and has secured a site for the future construction of the downstream processing plant in Kotka in southern Finland. 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.

The Company also holds a number of exploration assets including in Kosovo through its wholly owned subsidiary Vardar.

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

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