REG - Beowulf Mining PLC - Unaudited Financial Results
29/11/2024 07:00
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RNS Number : 1045O Beowulf Mining PLC 29 November 2024
29 November 2024
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 30 September 2024
Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces its unaudited financial results for the nine
months ended 30 September 2024 (the "Period").
Activities in the three months ended 30 September 2024 ("Quarter")
Sweden
· Significant progress was made at the Kallak or Gállok Iron Ore
Project ("Kallak") during the Quarter, in preparation for the completion of
the Pre-Feasibility Study ("PFS") and Environmental Permit application.
· Metallurgical test-work confirmed the ability to produce an
exceptionally high-grade, low impurity iron ore concentrate grading over 70%
iron content ("Fe") and containing less than 2.0% silica and <0.23%
alumina.
· Additional technical workstreams including mineral processing,
site infrastructure, logistics and transportation, and water and waste
management were also progressed during the Quarter with the planned conclusion
of the PFS in Q2 2025.
· The Consultation Process for Kallak, a critical part of the
Environmental Permitting process, was initiated with the publication of a
Consultation Document which set out the main parameters and potential impacts
of the project.
Finland
· During the Quarter, further progress was made towards conclusion
of the PFS for the Graphite Anode Materials Plant ("GAMP") in Finland, which
is expected to be completed in Q1 2025.
· Optimisation work, specifically on the water treatment process,
demonstrated the ability to recover and recycle over 90% of sodium hydroxide,
the key reagent in the Purification process, thereby reducing both the input
reagent costs and the environmental impact.
Kosovo
· Exploration activity in Kosovo, undertaken by Beowulf's wholly
owned subsidiary Vardar Minerals, focused on infill soil and grab sampling on
the Shala East licence.
Financial
· The underlying administration expenses of £408,605 in Q3 2024
were lower than Q3 2023 of £580,203. This decrease is primarily due to
professional fees of £102,037 (Q3 2023: £191,394), P.R. services of £10,313
(Q3 2023: £30,704), legal fees of £3,250 (Q3 2023: £52,452) and travelling
expenses of £9,356 (Q3 2023: £21,936).
· The consolidated loss before tax for the nine months to 30
September 2024 decreased to £1,384,496 (2023: £2,385,743). This decrease is
primarily due to share-based payment expenses of £226,530 (2023: £363,354),
professional fees of £395,816 (2023: £596,590), directors and staff costs of
£345,896 (2023: £545,257), legal fees of £12,121 (2023: £85,928), P.R.
services of £37,679 (2023: £79,471), a foreign currency loss of £64,414
(2023: £172,563), finance costs in relation to a bridging loan of £59,147
(2023: £195,304) and a decrease to £Nil in both downstream processing costs
(2023: £168,457) and grant income (2023: £83,955) due to capitlisation of
the project during the current period.
· Consolidated basic and diluted loss per share for the quarter
ended 30 September 2024 was 1.05 pence (Q3 2023: loss of 2.45 pence restated
for the 50 to 1 share consolidation in Q2 FY24).
· £1,763,718 in cash was held at 30 September 2024 (30 September
2023: £1,719,066).
· Exploration assets increased to £15,586,309 at 30 September
2024, compared to £14,356,876 at 30 September 2023.
· The cumulative translation losses held in equity increased by
£718,786 in the nine months ended 30 September 2024 to £2,176,658 (31
December 2023: loss of £1,457,872). Much of the Company's exploration costs
are in Swedish Krona, which has weakened against the Pound since 31 December
2023.
· At 30 September 2024, there were 31,561,251 Swedish Depository
Receipts representing 81.25% of the issued share capital of the Company. The
remaining issued share capital of the Company is held in the UK.
Post Period Activities
· The Consultation Process for Kallak continued after the end of the
Period, with a number of constructive meetings with local stakeholders and
authorities.
· Following the end of the Period, the Company announced the completion
of the Business Finland funded project 'Spheronisation and Purification of
Natural Graphite for the European Lithium-Ion Battery Market'. Grant funding
of €530,000 was received, equivalent to 50% of the three-year €1.06
million budget for the project, with the remaining balance funded by
Grafintec's cash reserves.
· The Company also announced further grant funding of €232,000
committed by Business Finland, equivalent to 50% of the 3-year €464,000
budget for Grafintec's 'Management and Valorisation of Waste Streams in the
Coated Spherical Graphite Production Process' project.
· Coating test-work for GAMP is continuing, with the PFS anticipated to
be completed in Q1 2025.
Ed Bowie, Chief Executive Officer of Beowulf, commented:
"Excellent progress continues to be made across our two core assets, and we
have a busy period ahead as we finalise the studies and environmental work."
"The Consultation Process for Kallak is in full swing with multiple meetings
with stakeholders and relevant authorities. Completing the metallurgical
test-work was a major step forward for the project, demonstrating that it can
produce a market leading high-grade, low-impurity product. Other technical
studies in support of both the PFS and Environmental Permit application
continue to advance on schedule.
"The majority of the test-work for GAMP is now complete ahead of the PFS,
which is targeted for Q1 2025."
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
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, at
30 September 2024 was 81.25% 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 testwork 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 39 Mt 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 a site reserved at the GigaVaasa industrial hub in
western Finland and is completing a Pre-Feasibility Study on the downstream
processing 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 CO(2) 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, presents opportunities to grow,
with near-term and longer-term value-inflection points.
Beowulf wants 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/
(https://beowulfmining.com/about-us/esg-policy/)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 9 months ended 9 months ended 12 months ended
30 September 30 September 2023 30 September 30 September 31 December 2023
2024 2024 2023
£ £
£ £ £
Continuing operations
Administrative expenses (408,605) (580,203) (1,326,585) (2,271,676) (2,501,263)
Impairment of exploration assets - (8,232) - (8,232) (350,158)
Operating loss (408,605) (588,435) (1,326,585) (2,279,908) (2,851,421)
Finance costs 3 (632) (166) (60,807) (195,901) (197,724)
Finance income 1,219 2,474 2,896 6,111 7,923
Grant income - - - 83,955 96,750
Recovery of impairment on listed investment - - - - 6,563
Loss before and after taxation (408,018) (586,127) (1,384,496) (2,385,743) (2,937,909)
Loss attributable to:
Owners of the parent (407,370) (567,924) (1,366,808) (2,328,669) (2,863,959)
Non-controlling interests (648) (18,203) (17,688) (57,074) (73,950)
(408,018) (586,127) (1,384,496) (2,385,743) (2,937,909)
Loss per share attributable to the owners of the parent:
Basic and diluted 4 (1.05) (2.45) (4.13) (10.97) (13.20)
(pence)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 9 months ended 9 months ended 12 months ended
30 September 30 September 2023 30 September 30 September 31 December 2023
2024 2024 2023
£ £
£ £ £
Loss for the period/year (408,018) (586,127) (1,384,496) (2,385,743) (2,937,909)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss:
Exchange losses arising on translation of foreign operations (272,603) 242,667 (738,829) (541,940) (196,950)
Total comprehensive loss (680,621) (343,460) (2,123,325) (2,927,683) (3,134,859)
Total comprehensive loss attributable to:
Owners of the parent (679,924) (330,220) (2,085,594) (2,841,861) (3,032,416)
Non-controlling interests (697) (13,240) (37,731) (85,822) (102,443)
(680,621) (343,460) (2,123,325) (2,927,683) (3,134,859)
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 9 months ended 9 months ended 12 months ended
30 September 30 September 2023 30 September 30 September 31 December 2023
2024 2024 2023
£ £
£ £ £
Continuing operations
Administrative expenses (433,969) (584,303) (1,285,601) (2,207,759) (2,778,142)
Operating loss (433,969) (584,303) (1,285,601) (2,207,759) (2,778,142)
Finance costs 3 - - (59,147) (195,304) (195,304)
Finance income 1,111 2,362 2,742 5,849 7,655
Recovery of impairment on listed asset - - - - 6,563
Loss before and after taxation and total comprehensive loss (432,858) (581,941) (1,342,006) (2,397,214) (2,959,228)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence) 4 (1.11) (2.51) (4.05) (11.29) (13.64)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 September 30 September 31 December
2024 2023 2023
£ £ £
ASSETS Notes
Non-current assets
Intangible assets 7 15,586,309 14,356,876 14,873,326
Property, plant and equipment 63,343 98,206 87,755
Investments 6,563 - 6,563
Loans and other financial assets 5,166 5,122 5,209
Right of use asset 58,903 10,324 63,158
15,720,284 14,470,528 15,036,011
Current assets
Trade and other receivables 272,118 149,713 152,004
Cash and cash equivalents 1,763,718 1,719,066 905,555
2,035,836 1,868,779 1,057,559
TOTAL ASSETS 17,756,120 16,339,307 16,093,570
EQUITY
Shareholders' equity
Share capital 5 12,356,927 11,571,875 11,571,875
Share premium 29,878,404 27,141,444 27,141,444
Merger reserve 870,275 137,700 137,700
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 6 1,024,033 879,452 903,766
Translation reserve (2,176,658) (1,802,607) (1,457,872)
Accumulated losses (24,638,786) (22,700,224) (23,235,514)
17,360,646 15,274,091 15,107,850
Non-controlling interests (165,475) 531,051 514,430
TOTAL EQUITY 17,195,171 15,805,142 15,622,280
LIABILITIES
Current liabilities
Trade and other payables 523,025 523,602 433,662
Lease liability 22,296 9,012 22,575
545,321 532,614 456,237
NON-CURRENT LIABILITIES
Lease liability 15,628 1,551 15,053
TOTAL LIABILITIES 560,949 534,165 471,290
TOTAL EQUITY AND LIABILITIES 17,756,120 16,339,307 16,093,570
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
(Unaudited) (Unaudited) (Audited)
As at 30 September As at 30 September As at 31
2024 2023 December
£ £ 2023
£
ASSETS Notes
Non-current assets
Investments 4,843,153 3,944,781 3,967,878
Loans and other financial assets 14,204,024 12,611,534 12,839,865
Property, plant and equipment 783 678 964
19,047,960 16,556,993 16,808,707
Current assets
Trade and other receivables 49,946 58,512 49,155
Cash and cash equivalents 1,685,065 1,572,690 794,909
1,735,011 1,631,202 844,064
TOTAL ASSETS 20,782,971 18,188,195 17,652,771
EQUITY
Shareholders' equity
Share capital 5 12,356,927 11,571,875 11,571,875
Share premium 29,878,404 27,141,444 27,141,444
Merger reserve 870,275 137,700 137,700
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 6 1,024,033 879,452 903,766
Accumulated losses (23,512,426) (21,714,669) (22,276,683)
TOTAL EQUITY 20,663,664 18,062,253 17,524,553
LIABILITIES
Current liabilities
Trade and other payables 119,307 125,942 128,218
TOTAL LIABILITIES 119,307 125,942 128,218
TOTAL EQUITY AND LIABILITIES 20,782,971 18,188,195 17,652,771
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
Share capital Share premium Merger reserve Capital contribution reserve Share-based payment reserve Translation reserve Accumulated losses Total Non- Total equity
controlling
interest
£ £ £ £ £ £ £ £ £ £
At 1 January 2023 8,317,106 24,689,311 137,700 46,451 516,098 (1,289,415) (20,323,414) 12,093,837 568,732 12,662,569
Loss for the period - - - - - - (2,328,669) (2,328,669) (57,074) (2,385,743)
Foreign exchange translation - - - - - (513,192) - (513,192) (28,748) (541,940)
Total comprehensive loss - - - - - (513,192) (2,328,669) (2,841,861) (85,822) (2,927,683)
Transactions with owners
Issue of share capital 3,254,769 3,654,829 - - - - - 6,909,598 - 6,909,598
Cost of issue - (1,202,696) - - - - - (1,202,696) - (1,202,696)
Equity-settled share-based payment transactions - - - - 363,354 - - 363,354 - 363,354
Step up interest in subsidiary - - - - - - (48,141) (48,141) 48,141 -
At 30 September 2023 (Unaudited) 11,571,875 27,141,444 137,700 46,451 879,452 (1,802,607) (22,700,224) 15,274,091 531,051 15,805,142
Loss for the period - - - - - - (535,290) (535,290) (16,876) (552,166)
Foreign exchange translation - - - - - 344,735 - 344,735 255 344,990
Total comprehensive loss - - - - - 344,735 (535,290) (190,555) (16,621) (207,176)
Transactions with owners
Equity-settled share-based payment transactions - - - - 24,314 - - 24,314 - 24,314
At 31 December 2023 (Audited) 11,571,875 27,141,444 137,700 46,451 903,766 (1,457,872) (23,235,514) 15,107,850 514,430 15,622,280
Loss for the period - - - - - - (1,366,808) (1,366,808) (17,688) (1,384,496)
Foreign exchange translation - - - - - (718,786) - (718,786) (20,043) (738,829)
Total comprehensive loss - - - - - (718,786) (1,366,808) (2,085,594) (37,731) (2,123,325)
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - - 4,390,584 - 4,390,584
Cost of issue - (920,899) - - - - - (920,899) - (920,899)
Issue of share capital for acquisition of NCI 52,327 - 732,575 - - - - 784,902 - 784,902
Equity-settled share-based payment transactions - - - - 226,530 - - 226,530 - 226,530
Step up interest in subsidiary - - - - - - (142,727) (142,727) (642,174) (784,901)
Transfer on lapse of options - - - - (106,263) - 106,263 - - -
At 30 September 2024 (Unaudited) 12,356,927 29,878,404 870,275 46,451 1,024,033 (2,176,658) (24,638,786) 17,360,646 (165,475) 17,195,171
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
Share capital Share premium Merger reserve Capital contribution reserve Share-based payment reserve Accumulated losses Total
£ £ £ £ £ £ £
At 1 January 2023 8,317,106 24,689,311 137,700 46,451 516,098 (19,317,455) 14,389,211
Loss for the period - - - - - (2,397,214) (2,397,214)
Total comprehensive loss - - - - - (2,397,214) (2,397,214)
Transactions with owners
Issue of share capital 3,254,769 3,654,829 - - - - 6,909,598
Cost of issue - (1,202,696) - - - - (1,202,696)
Equity-settled share-based payment transactions - - - - 363,354 - 363,354
At 30 September 2023 (Unaudited) 11,571,875 27,141,444 137,700 46,451 879,452 (21,714,669) 18,062,253
Loss for the period - - - - - (562,014) (562,014)
Total comprehensive loss - - - - - (562,014) (562,014)
Transactions with owners
Equity-settled share-based payment transactions - - - - 24,314 - 24,314
At 31 December 2023 (Audited) 11,571,875 27,141,444 137,700 46,451 903,766 (22,276,683) 17,524,553
Loss for the period - - - - - (1,342,006) (1,342,006)
Total comprehensive loss - - - - - (1,342,006) (1,342,006)
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - 4,390,584
Cost of issue - (920,899) - - - - (920,899)
Issue of share capital for acquisition of NCI 52,327 732,575 - - - 784,902
Equity-settled share-based payment transactions - - - - 226,530 - 226,530
Transfer on lapse of options - - - - (106,263) 106,263 -
At 30 September 2024 (Unaudited) 12,356,927 29,878,404 870,275 46,451 1,024,033 (23,512,426) 20,663,664
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR
THE NINE MONTHS TO 30 SEPTEMBER 2024
1. Nature of Operations
Beowulf Mining plc (the "Company") is domiciled in England and Wales. The
Company's registered office is 201 Temple Chambers, 3-7 Temple Avenue, London,
EC4Y 0DT. This consolidated financial information comprises that of the
Company and its subsidiaries (collectively the 'Group' and individually 'Group
companies'). The Group is engaged in the acquisition, exploration and
evaluation of natural resources assets and has not yet generated revenues.
2. Basis of preparation
The condensed consolidated financial information has been prepared on the
basis of the recognition and measurement requirements of UK-adopted
International Accounting Standards (IFRS). The accounting policies, methods of
computation and presentation used in the preparation of the interim financial
information are the same as those used in the Group's audited financial
statements for the year ended 31 December 2023.
The financial information in this statement does not constitute full statutory
accounts within the meaning of Section 434 of the UK Companies Act 2006. The
financial information for the period ended 30 September 2024 is unaudited and
has not been reviewed by the auditors. The financial information for the
twelve months ended 31 December 2023 is an extract from the audited financial
statements of the Group and Company. The auditor's report on the statutory
financial statements for the year ended 31 December 2023 was unqualified but
did include a material uncertainty relating to going concern.
The financial statements are presented in GB Pounds Sterling. They are
prepared on the historical cost basis or the fair value basis where the fair
valuing of relevant assets and liabilities has been applied.
Management have prepared cash flow forecasts which indicate that the Group
will need to raise further funds within the next 12 months for corporate
overheads and to advance its key projects and investments.
The Directors are confident they are taking all necessary steps to ensure that
the required finance will be available, and they have successfully raised
equity finance in the past. They have therefore concluded that it is
appropriate to prepare the financial statements on a going concern basis.
However, while they are confident of being able to raise the new funds as they
are required, there are currently no agreements in place, and there can be no
certainty that they will be successful in raising the required funds within
the appropriate timeframe.
These conditions indicate the existence of a material uncertainty which may
cast significant doubt over the Group's and the Company's ability to continue
as a going concern and that it may be unable to realise its assets and
discharge its liabilities in the normal course of business. The financial
statements do not include any adjustments that would result if the Company was
unable to continue as a going concern.
3. Finance costs
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended ended ended ended ended
Group 30 30 30 30 31
September September September September December 2023
2024 2023 2024 2023
£ £ £ £ £
Bridging loan amortised interest - - 59,147 195,304 195,304
Lease liability interest 632 166 1,660 597 2,420
632 166 60,807 195,901 197,724
Parent
Bridging loan amortised interest - - 59,147 195,304 195,304
- - 59,147 195,304 195,304
4. Loss per share
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 9 months 9 months 12 months
ended ended ended ended ended
Group 30 30 30 30 31
September September September September December 2023
2024 2023 2024 2023
Loss for the period/year attributable to shareholders of the Company (£'s) (407,370) (567,924) (1,366,808) (2,328,669) (2,863,959)
Weighted average number of ordinary shares 38,844,790 23,143,749 33,102,827 21,229,180 21,699,167
Loss per share (p) (1.05) (2.45) (4.13) (10.97) (13.20)
Parent
Loss for the period/year attributable to shareholders of the Company (£'s) (432,858) (581,941) (1,342,006) (2,397,214) (2,959,228)
Weighted average number of ordinary shares 38,844,790 23,143,749 33,102,827 21,229,180 21,699,167
Loss per share (p) (1.11) (2.51) (4.05) (11.29) (13.64)
The weighted average number presented for the period ending 30 September 2023
above and the year ending 31 December 2023 in the statement of comprehensive
income have been adjusted for the effect of a 50 to 1 share consolidation.
5. Share capital
(Unaudited) (Unaudited) (Audited)
30 September 2024 30 September 2023 31 December
2023
£ £ £
Allotted, issued and fully paid
Ordinary shares of 0.1p each - 11,571,875 11,571,875
Ordinary shares of 5p each 1,942,240 - -
Deferred A shares of 0.9p each 10,414,687 - -
12,356,927 11,571,875 11,571,875
The number of shares in issue was as follows:
Number
of ordinary shares
Balance at 1 January 2023 831,710,636
Issued during the period 325,476,827
Balance at 30 September 2023 1,157,187,463
Issued during the period -
Balance at 31 December 2023 1,157,187,463
Issued during the period 15,701,041
Effect of share consolidation (1,134,043,714)
Balance at 30 September 2024 38,844,790
Number
of deferred A shares
Balance at 1 January 2023 -
Issued during the period -
Balance at 30 September 2023 -
Issued during the period -
Balance at 31 December 2023 -
Issued during the period 1,157,187,463
Balance at 30 September 2024 1,157,187,463
On 5 March 2024, each of the existing ordinary shares of 1p each in capital of
the Company was sub-divided and re-classified into 0.1p New Ordinary Share and
0.9p Deferred A Share. The deferred A shares do not entitle the holders
thereof to receive notice of or attend and vote at any general meeting of the
Company or to receive dividends or other distributions or to participate in
any return on capital on a winding up unless the assets of the Company are in
excess of £100,000,000. The Company retains the right to purchase the
deferred shares from any shareholder for a consideration of one pound in
aggregate for all that shareholder's deferred shares.
On 3 April 2024, the Company announced the completion of the Rights Issue to
issue 12,500,000 ordinary shares of £0.30. The PrimaryBid offer raised £3.8
million before expenses. In addition to this, 583,333 ordinary shares were
issued for underwriting commitments. As part of the PrimaryBid offer,
1,571,172 ordinary shares were issued to existing retail investors raising
£0.20 million.
On 9 April 2024, the Company issued 1,046,535 ordinary shares to the Vardar
minority holders for the consolidation of 100% ownership of Vardar.
On 14 June 2024, the Company consolidated its ordinary share capital resulting
in every 50 existing ordinary shares of £0.001 each being consolidated into 1
new ordinary share of £0.05 each. The number of shares prior to share
consolidation was 1,157,187,463. At the Period end, the Company had 38,844,790
Ordinary Shares in issue (Q3 2023: 1,157,187,463)
6. Share based payments
During the period ended 30 September 2024, 2,560,000 were granted (year ended
31 December 2023: 465,000). The options outstanding as at 30 September 2024
have an exercise price in the range of 37.50 pence to 262.50 pence (31
December 2023: 50.0 pence to 367.5 pence) a weighted average remaining
contractual life of 8 years, 340 days (31 December 2023: 5 years, 294 days).
The share-based payments expense for the options for the period ended 30
September 2024 was £226,530 (Q3 2023: £363,354; year ended 31 December 2023:
£387,668).
The fair value of share options granted and outstanding were measured using
the Black-Scholes model, with the following inputs:
2024 2024 2024 2023 2022 2022
Fair value at grant date 0.48p 0.51p 0.30p 0.52p 3.59p 3.59p
Share price 0.70p 0.73p 0.70p 1.68p 4.00p 4.00p
Exercise price 0.75p 0.75p 0.75p 2.06p 1.00p 1.00p
Expected volatility 77.5% 79.9% 77.5% 55.2% 100.0% 100.0%
Expected option life 6 years 6 years 2 years 2.5 years 6 years 6 years
Contractual option life 10 years 10 years 10 years 5 years 10 years 10 years
Risk free interest rate 4.080% 4.100% 4.480% 4.800% 4.520% 4.520%
Reconciliation of options in issue Number Weighted average exercise price(£'s)
Outstanding at 1 January 2023 650,000 2.75
Granted during the period 245,000 1.05
Outstanding at 30 September 2023 895,000 2.30
Exercisable at 30 September 2023 745,000 2.10
Reconciliation of options in issue Number Weighted average exercise price(£'s)
Outstanding at 1 January 2024 895,000 2.30
Granted during the Period 2,560,000 0.38
Lapsed during the Period (285,000) 3.31
Outstanding at 30 September 2024 3,170,000 0.65
Exercisable at 30 September 2024 688,333 1.51
No warrants were granted during the Period (2023: Nil).
The reconciliation of options in issue presented for the period ending 30
September 2023 has retrospectively adjusted for the effect of a 50 to 1 share
consolidation.
7. Intangible Assets: Group
Exploration assets Other intangible assets Total
Net book value £ £ £
As at 31 December 2023 (Audited) 14,797,833 75,493 14,873,326
As at 30 September 2024 (Unaudited) 15,172,146 414,163 15,586,309
Exploration costs As at 30 As at 31 December
September 2023
2024
(Unaudited) (Audited)
£ £
Cost
At 1 January 14,797,833 13,002,465
Additions for the year 1,106,733 2,330,902
Foreign exchange movements (732,420) (185,376)
Impairment - (350,158)
Total 15,172,146 14,797,833
The net book value of exploration costs is comprised of expenditure on the
following projects:
As at As at
30 31
September December
2024 2023
(Unaudited) (Audited)
£ £
Project Country
Kallak Sweden 9,896,295 9,481,130
Pitkäjärvi Finland 1,632,630 1,667,854
Karhunmäki Finland 72,119 55,935
Rääpysjärvi Finland 187,534 174,060
Luopioinen Finland 4,783 4,812
Emas Finland 49,173 41,693
Mitrovica Kosovo 2,435,361 2,527,239
Viti Kosovo 664,701 680,331
Shala Kosovo 229,550 164,779
15,172,146 14,797,833
Total Group exploration costs of £15,172,146 are currently carried at cost in
the financial statements. No impairment has been recognised during the Period
(2023: £350,158 in projects Ågåsjiegge and Åtvidaberg).
Accounting estimates and judgements are continually evaluated and are based on
a number of factors, including expectations of future events that are believed
to be reasonable under the circumstances. Management are required to consider
whether there are events or changes in circumstances that indicate that the
carrying value of this asset may not be recoverable.
The most significant exploration asset within the Group is Kallak. The Company
applied for an Exploitation Concession for Kallak North in April 2013 and this
was finally awarded in March 2022.
Kallak is included in the condensed financial statements as at 30 September
2024 as an intangible exploration licence with a carrying value of £9.9
million. Given the Exploitation Concession was awarded, Management have
considered that there is no current risk associated with Kallak and thus have
not impaired the project.
Other intangible assets As at 30 As at 31 December
September 2023
2024
(Unaudited) (Audited)
£ £
Cost
At 1 January 75,493 -
Additions in the Period 349,563 75,779
Foreign exchange movements (10,893) (286)
Total 414,163 75,493
Other intangible assets capitalised are development costs incurred following
the feasibility of GAMP project. This development has attained a stage that it
satisfies the requirements of IAS 38 to be recognised as intangible asset in
that it has the potential to completed and used, provide future economic
benefits, its costs can be measured reliably and there is the intention and
ability to complete. The development costs will be held at cost less
impairment until the completion of the GAMP project at which stage they will
be transferred to the value of the Plant.
8. Post balance sheet events
There have been no significant events since the end of the reporting period.
9. Availability of interim report
A copy of these results will be made available for inspection at the Company's
registered office during normal business hours on any weekday. The Company's
registered office is at 207 Temple Chambers, 3-7 Temple Avenue, London, EC4Y
0DT. A copy can also be downloaded from the Company's website at
www.beowulfmining.com. Beowulf Mining plc is registered in England and Wales
with registered number 02330496.
** Ends **
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