REG - Beowulf Mining PLC - Statement of Financial Position

Beowulf MiningAnnouncement

15/04/2025 07:02

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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 liabilities(1)                     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 liabilities(2)                   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)       (Unaudited)

As at
As at

28 February
31 December

2025
 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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