The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement, through the agency of the contact person of the Company set out below, this inside information is now considered to be in the public domain.

29 May 2026

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 31 March 2026

Beowulf Mining (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, announces its unaudited financial results for the three months ended 31 March 2026 (the "Period").

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 for the Kallak Iron Ore Project ("Kallak").

·      Jokkmokk Iron published a Sustainability Strategy setting out the company's vision, principles and approach to managing specific environmental and social impacts relating to the Kallak project. The document is available in English and Swedish on the Jokkmokk Iron website: Jokkmokk Iron Sustainability Strategy.

·      Technical activity focused on mining fleet optimisation with ongoing studies completed in collaboration with two market-leading Nordic truck manufacturers for Kallak. Each offer battery electric, autonomous mining solutions and have demonstrated the ability to meet Jokkmokk Iron's criteria.

·      The Company announced during the Period that a consortium led by Jokkmokk Iron had been conditionally awarded funding of €1.1 million from the European Institute of Innovation and Technology ("EIT") as part of the €2.4 million NordicPipe project ("NordicPipe"). The NordicPipe project's objective is to advance technical and environmental knowledge, that will enable the development and roll-out of slurry pipelines as a sustainable transportation solution in the Nordic region. Following the end of the Period, as announced on 27 April 2026, the consortium decided to withdraw from the EIT funding programme and advance the NordicPipe project independently. The consortium concluded that the project's key objectives can be achieved more efficiently, with greater flexibility, and with a lower overall cost and administrative burden independently from the EIT programme.

Finland

·      Beowulf's wholly owned Finnish subsidiary, Grafintec Oy ("Grafintec"), published a Grafintec Sustainability Strategy setting out the company's vision, principles and approach to managing its environmental and social impacts. The document is available in English and Finnish on the Grafintec website: Grafintec Sustainability Strategy.

·      Grafintec submitted an application for EU Strategic Project status for the Graphite Anode Materials Plant ("GAMP") during the Period.

·      The Company announced that its applications to Business Finland for a Tax Credit and Research, Development and Piloting Loan had been unsuccessful due to the Company failing an eligibility criterion. Business Finland noted the merit of the GAMP project and, subject to the eligibility criterion being addressed, the Company intends to reapply.

Kosovo

·      Vardar Mineral Limited ("Vardar"), the Company's wholly owned subsidiary focused on exploration in Kosovo remained subject to a non-binding offer for its sale for a total of €4 million (approximately £3.5 million) during the Period.

Corporate

·      Following the issue of the £500,000 Convertible Loan announce on 22 December 2025, a total of six conversion notices were received by to the Company for a total of £250,000 resulting in the issue of 4,045,841 shares to the Investor during the Period.

Financial

·      The underlying administration expenses of £375,583 are lower than the previous period of £414,306. This decrease is primarily due to share-based payment expenses of £71,614 (Q1 2025: £92,809), and legal and professional fees of £144,024 (Q1 2025: £167,096).

·      The consolidated loss before tax increased in the Period to £536,816 (Q1 2025: £423,349). This increase is primarily due to a loss on conversion of the convertible loan of £124,217 (Q1 2025: £Nil).

·      The consolidated basic and diluted loss per share from continuing and discontinued operations for the quarter ended 31 March 2026 was 0.95 pence (Q1 2025: loss of 1.16 pence).

·      £87,100 in cash was held at 31 March 2026 (31 March 2025: £668,926).

·      Exploration assets decreased to £15,455,048 at 31 March 2026 compared to £16,763,811 at 31 March 2025. This is due to Vardar exploration assets of £3,608,012 being classified as held for sale as at 31 March 2026. During the Period to 31 March 2026, there were additions of £96,436 and foreign currency losses of £83,732.

·      The cumulative translation losses held in equity increased by £80,796 in the quarter ended 31 March 2026 to £995,547 (31 December 2025: £914,571). Much of the Company's exploration costs are in Swedish Krona which has weakened against the pound since 31 December 2025.

·      At 31 March 2026, the Company had 63,703,707 Ordinary Shares in issue of which 47,179,151 were 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

·      Following the end of the Period, the Company received a further conversion notice for a total of £50,000 resulting in the issue of 1,000,000 shares to the Investor.

·      As detailed above, the consortium led by Jokkmokk Iron decided to withdraw from the EIT funding programme and advance the NordicPipe project independently. The consortium concluded that the project's key objectives can be achieved more efficiently, with greater flexibility, and with a lower overall cost and administrative burden independently from the EIT programme.

·      In April, Grafintec participated in the Power Coast Summit in the municipality of Kotka, visited the Keltakallio industrial site and hosted public meetings at its two graphite projects, Aitolampi and Rääpysjärvi, in Eastern Finland.

·      The engagement with Alternative Resource Capital as Joint Broker was terminated after the end of the Period.

Current financial position

As noted in its 24 April 2026 update, the Company is in advanced discussions in relation to a range of potential funding solutions and has received and is reviewing a number of proposals and term sheets. Discussions are at an advanced stage with a potential strategic investor and it is hoped that a definitive agreement can be reached within the coming weeks. The discussions remain non-binding at this stage and therefore, there can be no certainty that financing can be obtained or on the terms of any financing.

The Company, with support from its advisers, continues to manage its cash and creditor position and anticipates retaining sufficient cash to continue trading through the next few weeks while it seeks to finalise the strategic investment. The Board cautions that the Company now expects that it will need to secure additional financing by the middle of June in order to progress its projects and provide working capital for its operations.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"As work progresses at both Kallak and Grafintec, it is the critical focus of the Board to secure the long-term funding necessary to continue advancing our portfolio of assets. In respect to this, we hope to reach a definitive funding solution within the coming weeks and look forward to updating the market as and when appropriate."

Enquiries:

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.

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/

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS TO 31 MARCH 2026