REG - Beowulf Mining PLC - Unaudited Results for Period Ended 31 March 2025
Thu 07:00
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RNS Number : 5131K Beowulf Mining PLC 29 May 2025
29 May 2025
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 31 March 2025
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 2025 (the "Period").
Activities in the Period
Corporate
· During the Period, the Company initiated a capital raise to fund
the continued development of the Company's projects, in particular the Kallak
Iron Ore Project ("Kallak") in Sweden and the Graphite Anode Materials Plant
("GAMP") in Finland.
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 Kallak.
Finland
· On 10 March, Beowulf, through its wholly owned Finnish subsidiary
Grafintec Oy ("Grafintec"), announced the results of the PFS for the 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% ("NPV(8)") 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 NPV(8) 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.
Post Period
· Following the end of the Period, the capital raise was concluded
on 8 May 2025, 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. 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.
· A further extension of the Pitkäjärvi licence in Finland was
granted on 26 June 2024. This was appealed, however, the Eastern Finland
Administrative Court rejected the appeal on 9 April 2025. No further appeals
have been received and therefore the permit became legally binding for 3 years
effective from 9 April 2025.
Financial
· The underlying administration expenses of £440,914 are higher
than the previous period of £397,823. This increase is due to share-based
payment expenses of £92,809 (Q1 2024: £10,153), offset by legal and
professional fees of £167,096 (Q1 2024: £170,035) and foreign currency gain
on bank revaluations of £18,197 (Q1 2024: loss of £15,616).
· The consolidated loss before tax increased in the Period to
£450,276 (Q1 2024: £429,825). This increase is primarily due to expenses
outlined in the preceding point offset with a decrease in finance costs in
relation to the bridging loan of £3,853 (Q1 2024: £32,400), combined with an
increase in loss on disposal of right of use assets of £3,675 (Q1 2024:
£nil) and fair value loss on listed investments of £1,125 (Q1 2024: £nil).
· The consolidated basic and diluted loss per share for the quarter
ended 31 March 2025 was 1.16 pence (Q1 2024: loss of 1.78 pence).
· £668,926 in cash was held at 31 March 2025 (31 March 2024:
£851,803).
· Exploration assets increased to £16,763,811 at 31 March 2025
compared to £14,625,600 at 31 March 2024.
· The cumulative translation losses held in equity decreased by
£774,216 in the quarter ended 31 March 2025 to £1,621,718 (31 December 2024:
£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 March 2025, there were 31,704,602 Swedish Depository
Receipts representing 81.62% per cent 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 conclusion of the GAMP PFS which has
demonstrated that we have a technically and economically robust project to
produce anode precursor within Finland. The importance of developing secure
domestic supply chains has been highlighted during 2025 by the escalating
trade tensions globally. Grafintec is well-placed to play an important role in
ensuring Europe has the raw materials it requires for the growing lithium-ion
battery sector.
"Completing the capital raise has also been an important step for the Company
and it is particularly pleasing that we have been able to attract a number of
financial institutions to the register. I would also like to thank our
existing and new retail shareholders for their ongoing support.
"We look forward to updating the market on progress across the business 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
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
31 March 2025 was 81.62 per cent 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 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 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 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.
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 THREE MONTHS TO 31 MARCH 2025
Notes (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 12 months ended
31 March 31 March 31 December 2024
2025 2024
£
£ £
Continuing operations
Administrative expenses (440,914) (397,823) (1,658,763)
Impairment of exploration assets - - (72,563)
Operating loss (440,914) (397,823) (1,731,326)
Finance costs 3 (4,841) (32,904) (61,334)
Finance income 279 902 3,404
Grant income - - 3,561
Fair value loss on listed investment (1,125) - (3,313)
Loss on disposal of right of use asset (3,675) - -
Loss before and after taxation (450,276) (429,825) (1,789,008)
Loss attributable to:
Owners of the parent (450,276) (412,810) (1,771,325)
Non-controlling interests - (17,015) (17,683)
(450,276) (429,825) (1,789,008)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence) 4 (1.16) (1.78) (5.13)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTHS TO 31 MARCH 2025
(Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 12 months
31 March 31 March ended
2025 2024 31 December 2024
£ £ £
Loss for the period/year (450,276) (429,825) (1,789,008)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss:
Exchange gains/(losses) arising on translation of foreign operations 774,216 (516,034) (958,163)
Total comprehensive income/(loss) 323,940 (945,859) (2,747,171)
Total comprehensive income/(loss) attributable to:
Owners of the parent 323,940 (908,822) (2,709,387)
Non-controlling interests - (37,037) (37,784)
323,940 (945,859) (2,747,171)
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE LOSS
FOR THE THREE MONTHS TO 31 MARCH 2025
Notes (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 12 months ended
31 March 31 March 31 December 2024
2025 2024
£
£ £
Continuing operations
Administrative expenses (398,646) (366,111) (1,897,365)
Operating loss (398,646) (366,111) (1,897,365)
Finance costs 3 (3,853) (32,400) (59,147)
Finance income 33 835 3,207
Fair value loss on listed investment (1,125) - (3,313)
Loss before and after taxation and total comprehensive loss (403,591) (397,676) (1,956,618)
Loss per share attributable to the owners of the parent:
Basic and diluted 4 (1.04) (1.72) (5.66)
(pence)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 March 31 March 31 December
2025 2024 2024
£ £ £
ASSETS Notes
Non-current assets
Property, plant and equipment 51,026 79,598 56,685
Intangible assets 7 17,389,814 14,625,600 16,023,022
Investments held at fair value through profit or loss 2,125 6,563 3,250
Loans and other financial assets 2,784 5,117 5,138
Right of use assets 59,234 52,200 48,333
17,504,983 14,769,078 16,136,428
Current assets
Trade and other receivables 279,707 239,747 192,512
Cash and cash equivalents 668,926 851,803 881,349
948,633 1,091,550 1,073,861
TOTAL ASSETS 18,453,616 15,860,628 17,210,289
EQUITY
Shareholders' equity
Share capital 5 12,356,927 11,571,875 12,356,927
Share premium 29,878,404 27,141,444 29,878,404
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 1,216,939 807,656 1,124,131
Merger reserve 425,497 137,700 425,497
Translation reserve (1,621,718) (1,953,884) (2,395,934)
Accumulated losses (25,214,330) (23,542,060) (24,764,054)
Total equity 17,088,170 14,209,182 16,671,422
Non-controlling interests - 477,392 -
TOTAL EQUITY 17,088,170 14,686,574 16,671,422
LIABILITIES
Current liabilities
Trade and other payables 703,533 406,606 508,124
Lease liabilities 27,049 19,709 20,727
Borrowings 8 614,233 736,857 -
1,344,815 1,163,172 528,851
Non-current liabilities
Lease liabilities 20,631 10,882 10,016
20,631 10,882 10,016
TOTAL LIABILITIES 1,365,446 1,174,054 538,867
TOTAL EQUITY AND LIABILITIES 18,453,616 15,860,628 17,210,289
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 March 31 March 31 December 2024
2025 2024 £
£ £
ASSETS Notes
Non-current assets
Property, plant and equipment 678 904 723
Investments held at fair value through profit or loss 2,125 6,563 3,250
Investments in subsidiaries 4,122,379 3,968,219 4,093,692
Loans and other financial assets 15,407,471 13,237,122 14,995,747
19,532,653 17,212,808 19,093,412
Current assets
Trade and other receivables 136,678 77,519 20,150
Cash and cash equivalents 657,196 715,171 714,339
793,874 792,690 734,489
TOTAL ASSETS 20,326,527 18,005,498 19,827,901
EQUITY
Shareholders' equity
Share capital 5 12,356,927 11,571,875 12,356,927
Share premium 29,878,404 27,141,444 29,878,404
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 1,216,939 807,656 1,124,131
Merger reserve 425,497 137,700 425,497
Accumulated losses (24,530,629) (22,568,096) (24,127,038)
TOTAL EQUITY 19,393,589 17,137,030 19,704,372
LIABILITIES
Current liabilities
Trade and other payables 318,705 131,611 123,529
Borrowings 8 614,233 736,857 -
932,938 868,468 123,529
TOTAL LIABILITIES 932,938 868,468 123,529
TOTAL EQUITY AND LIABILITIES 20,326,527 18,005,498 19,827,901
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS TO 31 MARCH 2025
Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve Translation reserve Accumulated losses Total Non- Total equity
controlling
interest
£ £ £ £ £ £ £ £ £ £
At 1 January 2024 (Audited) 11,571,875 27,141,444 46,451 903,766 137,700 (1,457,872) (23,235,514) 15,107,850 514,430 15,622,280
Loss for the period - - - - - - (412,810) (412,810) (17,015) (429,825)
Foreign exchange translation - - - - - (496,012) - (496,012) (20,022) (516,034)
Total comprehensive loss - - - - - (496,012) (412,810) (908,822) (37,037) (945,859)
Transactions with owners
Equity-settled share-based payment transactions - - - 10,153 - - - 10,153 - 10,153
Transfer on lapse of options - - - (106,263) - - 106,263 - - -
At 31 March 2024 (Unaudited) 11,571,875 27,141,444 46,451 807,656 137,700 (1,953,884) (23,542,061) 14,209,181 477,393 14,686,574
Loss for the period - - - - - - (1,221,993) (1,221,993) (668) (1,222,661)
Foreign exchange translation - - - - - (442,050) - (442,050) (79) (442,129)
Total comprehensive loss - - - - - (442,050) (1,221,993) (1,664,043) (747) (1,664,790)
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 - - - 287,797 - - 340,124 - 340,124
Equity-settled share-based payment transactions - - - 316,475 - - - 316,475 - 316,475
Step up interest in subsidiary - - - - - - - - (476,646) (476,646)
At 31 December 2024 (Audited) 12,356,927 29,878,404 46,451 1,124,131 425,497 (2,395,934) (24,764,054) 16,671,422 - 16,671,422
Loss for the period - - - - - - (450,276) (450,276) - (450,276)
Foreign exchange translation - - - - - 774,216 - 774,216 - 774,216
Total comprehensive income - - - - - 774,216 (450,276) 323,940 - 323,940
Transactions with owners
Equity-settled share-based payment transactions - - - 92,808 - - - 92,808 - 92,808
At 31 March 2025 (Unaudited) 12,356,927 29,878,404 46,451 1,216,939 425,497 (1,621,718) (25,214,330) 17,088,170 - 17,088,170
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS TO 31 MARCH 2025
Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve Accumulated losses Total
£ £ £ £ £ £ £
At 1 January 2024 11,571,875 27,141,444 46,451 903,766 137,700 (22,276,683) 17,524,553
Loss for the period - - - - - (397,676) (397,676)
Total comprehensive loss - - - - - (397,676) (397,676)
Transactions with owners
Equity-settled share-based payment transactions - - - 10,153 - - 10,153
Transfer on lapse of options - - - (106,263) - 106,263 -
At 31 March 2024 (Unaudited) 11,571,875 27,141,444 46,451 807,656 137,700 (22,568,096) 17,137,030
Loss for the period - - - - - (1,558,942) (1,558,942)
Total comprehensive loss - - - - - (1,558,942) (1,558,942)
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 - - - 287,797 - 340,124
Equity-settled share-based payment transactions - - - 316,475 - - 316,475
At 31 December 2024 (Audited) 12,356,927 29,878,404 46,451 1,124,131 425,497 (24,127,038) 19,704,372
Loss for the period - - - - - (403,591) (403,591)
Total comprehensive loss - - - - - (403,591) (403,591)
Transactions with owners
Equity-settled share-based payment transactions - - - 92,808 - - 92,808
At 31 March 2025 (Unaudited) 12,356,927 29,878,404 46,451 1,216,939 425,497 (24,530,629) 19,393,589
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM
FOR THE THREE MONTHS TO 31 MARCH 2025
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 2024.
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 quarter ended 31 March 2025 is unaudited and has
not been reviewed by the auditors.
The financial information for the twelve months ended 31 December 2024 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 2024 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.
On 21 March 2025, in conjunction with the Company's right issue, the Company
entered into a short-term bridging loan of SEK 10 million (approx. £0.74m)
with the underwriters of the rights issue to ensure that the Company has
sufficient financial resources to continue advancing its projects ahead of the
right issue being finalised (see note 8). The bridging loan accrues interest
of 1.5% per 30-day period and is repayable on 30 June 2025. The bridging loan
is due to be repaid using part of the proceeds from the capital raise on the
right issue, noted below.
On 8 May 2025 the Company announced the completion of the capital raise with a
total of £2.2 million (SEK 28.1 million) gross raised to fund the development
of the Company's assets through their next key valuation milestones. The net
funds raised after the loan repayment and share issue transaction costs are
£1.8 million (see note 9).
Therefore, at the date of this report, based on management prepared cashflow
forecasts, further funding will be required within the next 12 months to allow
the Group and Company to realise its assets and discharge its liabilities in
the normal course of business. There are currently no agreements in place and
there is no certainty that the funds will be raised 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 going concerns and therefore, the Group and the Company may be
unable to realise their assets and discharge their liabilities in the normal
course of business. The Directors will continue to explore funding
opportunities at both asset and corporate levels. The Directors have a
reasonable expectation that funding will be forthcoming based on their past
experience and therefore believe that the going concern basis of preparation
is deemed appropriate and as such the financial statements have been prepared
on a going concern basis. The financial statements do not include any
adjustments that would result if the Group and the Company were unable to
continue as going concern.
3. Finance costs
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended ended ended
Group 31 March 2025 31 March 2024 31 December 2024
£ £ £
Bridging loan amortised interest 3,853 32,400 59,147
Lease liability interest 988 504 2,187
4,841 32,904 61,334
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended ended ended
Parent 31 March 2025 31 March 2024 31 December 2024
£ £ £
Bridging loan amortised interest 3,853 32,400 59,147
3,853 32,400 59,147
4. Loss per share
(Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months
ended ended ended
Group 31 March 2025 31 March 31 December 2024
2024
Loss for the period/year attributable to shareholders of the Company (£'s) (450,276) (412,810) (1,771,315)
Weighted average number of ordinary shares 38,844,790 23,143,749 34,550,117
Loss per share (p) (1.16) (1.78) (5.13)
Parent
Loss for the period/year attributable to shareholders of the Company (£'s) (403,591) (397,676) (1,956,618)
Weighted average number of ordinary shares 38,844,790 23,143,749 34,550,117
Loss per share (p) (1.04) (1.72) (5.66)
5. Share Capital
(Unaudited) (Unaudited) (Audited)
As at As at As at
31 March 31 March 31 December 2024
2025 2024
£ £ £
Allotted, issued and fully paid
Ordinary shares of 0.1p each - 1,157,188 -
Ordinary shares of 5p each 1,942,240 - 1,942,240
Deferred A shares of 0.9p each 10,414,687 10,414,687 10,414,687
Total 12,356,927 11,571,875 12,356,927
The number of shares in issue was as follows:
Number
of ordinary shares
Balance at 1 January 2024 1,157,187,463
Issued during the period -
Balance at 31 March 2024 1,157,187,463
Effect of share consolidation (1,134,043,714)
Balance after share consolidation 23,143,749
Issued during the period 15,701,041
Balance at 31 December 2024 38,844,790
Issued during the period -
Balance at 31 March 2025 38,844,790
Number
of deferred A shares
Balance at 1 January 2024 -
Issued during the period 1,157,187,463
Balance at 31 March 2024 1,157,187,463
Issued during the period -
Balance at 31 December 2024 1,157,187,463
Issued during the period -
Balance at 31 March 2025 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 per cent 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.
6. Share based payments
During the Period, no options were granted (Q1 2024: Nil; year ended 31
December 2024: 2,560,000). The options outstanding as at 31 March 2025 have an
exercise price in the range of 37.5 pence to 262.5 pence (31 December 2024:
37.5 pence to 262.5 pence) and a weighted average remaining contractual life
of 8 years, 158 days (31 December 2024: 8 years, 284 days).
The share-based payment expense for the options for the period ended 31 March
2025 was £92,808 (Q1 2024: £10,153; year ended 31 December 2024: £326,628).
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 24p 25.5p 15p 26p 179.5p 156p
Share price 35p 36.5p 35p 84p 200p 200p
Exercise price 37.5p 37.5p 37.5p 103p 50p 262.5p
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 5 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% 4.480%
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 31 December 2024 3,170,000 0.65
Exercisable at 31 December 2024 688,333 1.51
Reconciliation of options in issue Number Weighted average exercise price (£'s)
Outstanding at 1 January 2025 3,170,000 0.65
Outstanding at 31 March 2025 3,170,000 0.65
Exercisable at 31 March 2025 688,333 1.51
The reconciliation of options in issue presented for the year ended 31
December 2024 has been retrospectively adjusted for the effect of a 50 to 1
share consolidation.
No warrants were granted during the period (2024: Nil).
7. Intangible Assets: Group
Exploration assets Other intangible assets Total
£ £ £
Cost
As at 31 December 2024 (Audited) 15,521,317 501,705 16,023,022
As at 31 March 2025 (Unaudited) 16,763,811 626,003 17,389,814
Exploration costs (Unaudited) (Audited)
As at As at
31 March 31 December
2025 2024
£ £
Cost
Opening balance 15,521,317 14,797,833
Additions for the period/year 468,056 1,751,954
Foreign exchange movements 774,438 (955,907)
Impairment - (72,563)
Closing balance 16,763,811 15,521,317
The net book value of exploration costs is comprised of expenditure on the
following projects:
(Unaudited) (Unaudited)
As at As at
31 March 31 December
2025 2024
£ £
Project Country
Kallak Sweden 11,439,547 10,271,536
Pitkäjärvi Finland 1,649,430 1,627,258
Rääpysjärvi Finland 192,629 188,016
Luopioinen Finland 8,289 7,157
Emas Finland 50,190 48,898
Pirttikoski Finland 9,880 7,347
Mitrovica Kosovo 2,446,919 2,425,900
Viti Kosovo 667,223 663,106
Shala Kosovo 299,704 282,099
16,763,811 15,521,317
Total Group exploration costs of £16,763,811 are currently carried at cost in
the financial statements. No impairment has been recognised during the period
(2024: £72,563 in Karhunmäki).
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 is 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. During
2024, the Supreme Administrative Court delivered the verdict to uphold the
Government's awarding of the Exploitation Concession for Kallak.
Kallak is included in the condensed financial statements as at 31 March 2025
as an intangible exploration licence with a carrying value of £11,439,547 (31
December 2024: £10,271,536). Management have considered that there is no
current risk associated with Kallak and thus have not impaired the project.
Other intangible assets (Unaudited) (Audited)
As at As at
31 March 31 December
2025 2024
£ £
Cost
At 1 January 501,705 75,493
Additions for the period/year 128,604 620,561
Grant income received (10,948) (180,644)
Foreign exchange movements 6,642 (13,705)
Total 626,003 501,705
Other intangible assets capitalised are development costs incurred following
the feasibility of GAMP project. This development has attained a stage where
it satisfies the requirements of IAS 38 to be recognised as an intangible
asset whereby it has the potential to be completed and used, provide future
economic benefits, whereby 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. Borrowings
(Unaudited) (Audited)
As at As at
31 March 31 December
2025 2024
£ £
Opening balance - -
Funds advanced 609,813 723,881
Finance costs 3,853 59,147
Effect of FX 567 (24,709)
Funds repaid - (758,319)
614,233 -
On 21 March 2025, the Company secured a Bridging loan from Nordic investors of
SEK 10 million (approximately £0.74 million). The Loan has a fixed interest
rate of 1.5 per cent per stated 30-day period during the duration. Accrued
interest is compounding. The Loan has a commitment fee of 5.0 per cent and a
Maturity Date of 30 June 2025.
At 31 March 2025, SEK 1.7 million (approximately £0.1 million) of the
bridging loan was pending receipt.
9. Post balance sheet events
Subsequent to the reporting date, on 28 April 2025, the outstanding balance of
the bridging loan amounting to SEK 1.7 million (approximately £0.1 million),
which was pending receipt at 31 March 2025, was received in full.
On 8 May 2025 the Company announced the completion of the capital raise with a
total of £2.2 million (SEK 28.1 million) gross raised to fund the development
of the Company's assets through their next key valuation milestones. The net
funds raised after the loan repayment and share issue transaction costs are
£1.0 million. The use of proceeds from the capital raise will fund the
Company's operations through to the first quarter of 2026.
10. 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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