Statement of Financial Position

Beowulf Mining

15/04/2025 07:00

RNS Number : 9893E

Beowulf Mining PLC

15 April 2025

 

 

 

15 April 2025

Beowulf Mining plc

("Beowulf" or the "Company")

Statement of Financial Position at the end of February 2025

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides a statement of its financial position as at the end of February 2025.

 

In relation to the ongoing Capital Raise and specifically the Rights Issue as announced on 4 April 2025, the Company intends to publish a prospectus shortly. The prospectus contains certain financial information that must be less than 90 days old, as set out below. For ease of reference, the unaudited Condensed Consolidated Statement of Financial Position as at 28 February 2025 and 31 December 2024 (previously released) in the Company's normal format are also presented below.

 

 

Unaudited Statement of financial position
Amount in GBP
As of 28 February 2025
Total current liabilities
22,141
Against guarantee or guarantee
-
Towards security
-
Without warranty/guarantee or security (a)
22,141
Total long-term liabilities
10,700
Against guarantee or guarantee
-
Towards security
-
Without warranty/guarantee or security (b)
10,700
Total equity
17,210,227
Share capital (c)
12,356,927
Reserve Fund (d+g)
30,303,901
Other reserves (e+f+h+i)
(25,450,601)
Total
17,243,068
Note: (a) to (i) refer to Consolidated Statement of Financial Position below


 

Net debt (unaudited)
Amount in GBP
As of 28 February 2025
(A) Cash and bank
293,421
(B) Other cash and cash equivalents
-
(C) Other financial assets
-
(d) Liquidity (A+B+C)
293,421
(E) Current financial liabilities1
22,141
(F) Short-term share of long-term financial liabilities
-
(G) Current financial debt (E+F) 575,509
22,141
(H) Net current financial liabilities (G-D) 282.088
-271,280
(I) Long-term financial liabilities2
10,700
(J) Debt instruments
-
(K) Current accounts payable and other liabilities -
-
(L) Net long-term financial debt (I+J+K) 10,700
10,700
(M) Total financial debt (H+L)
-260,580
Notes
(1) Includes short-term lease liabilities of £22,141
(2) Includes long-term lease liabilities of £10,700


 

 

 

BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

AS AT 28 FEBRUARY 2025

(Unaudited)
 As at
 28 February
 2025
(Unaudited)
 As at
 31 December
 2024
£
£
ASSETS
NON-CURRENT ASSETS
Intangible assets
17,157,603
16,023,022
Property, plant and equipment
52,393
56,685
Investments
3,250
3,250
Loans and other financial assets
2,784
5,138
Right of use asset
51,631
48,333
17,267,661
16,136,428
CURRENT ASSETS
Trade and other receivables
235,354
192,512
Cash and cash equivalents
293,421
881,349
528,775
1,073,861
TOTAL ASSETS
17,796,436
17,210,289
EQUITY
SHAREHOLDERS' EQUITY
Share capital (c)
12,356,927
12,356,927
Share premium (d)
29,878,404
29,878,404
Capital contribution reserve (e)
46,451
46,451
Share Based Payment reserve (f)
1,186,003
1,124,131
Merger Reserve (g)
425,497
425,497
Translation reserve (h)
(1,653,140)
(2,395,934)
Accumulated losses (i)
(25,029,915)
(24,764,054)
17,210,227
16,671,422
Non-controlling interests
-
-
TOTAL EQUITY
17,210,227
16,671,422
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
553,368
508,124
Lease liability (a)
22,141
20,727
Borrowings
0
-
575,509
528,851
NON - CURRENT LIABILITIES
Lease liability (b)
10,700
10,016
TOTAL LIABILITIES
586,209
538,867
TOTAL EQUITY AND LIABILITIES
17,796,436
17,210,289

 

 

 

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.

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