REG - Beowulf Mining PLC - Unaudited Financial Results
28/11/2025 07:00
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RNS Number : 3571J Beowulf Mining PLC 28 November 2025
28 November 2025
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 30 September 2025
Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces its unaudited financial results for the nine
months ended 30 September 2025 (the "Period").
Activities in the Period
Sweden
· The Company, through its wholly-owned subsidiary, Jokkmokk Iron
Mines AB ("Jokkmokk Iron") continued to advance the Kallak Iron Ore Project
("Kallak") during the Period, in preparation for the completion of the
Pre-Feasibility Study ("PFS") and application for the Environmental Permit.
· Jokkmokk Iron continued to focus on building community and local
stakeholder engagement during the Period and held a number of meetings.
· Significant work was undertaken on the transport solution for
Kallak's concentrate including completing nature value inventory work along
the transport corridor between the mine and the railhead; the initiation of
reindeer and wildlife management plans along the Inlandsbanan railway;
optimisation of the rail configuration for the project and initial studies on
the concentrate handling facilities at the port of Narvik.
· The Company continued to review opportunities to further enhance
the project and minimise any environmental impacts including the use of
nitrogen-free explosives, and an evaluation of autonomous, fully electric
mining trucks.
Finland
· During the Period, Grafintec, the Company's wholly-owned Finnish
subsidiary, secured a site reservation in the Keltakallio industrial area in
the City of Kotka for the establishment of the Graphite Anode Materials Plant
("GAMP"). The Keltakallio industrial area benefits from exceptional
infrastructure including low-cost renewable energy and water, a strategic
location and excellent logistics with direct access to Finland's largest
container port, the Port of Hamina-Kotka, and skilled local work force.
· During the Period the Company held its first public meeting in
Keltakallio to present GAMP to local residents.
· Grafintec applied for a tax credit under the Business Finland
managed scheme aimed at promoting large clean-transition investments during
the Period. The total potential future Tax Credit amounts to €131.5 million
(£114.8 million) over 11 years and will support the development of the GAMP.
· The Rääpysjärvi exploration licence was renewed from 30
September 2025 for three years.
Kosovo
· Exploration activity in Kosovo, undertaken by wholly owned
subsidiary Vardar Minerals Limited ("Vardar"), focused on infill soil and grab
sampling on the Shala East licence.
· The Shala East licence expired and an application for its renewal
was submitted and formally lodged by the Independent Commission for Mines and
Minerals ("ICMM") in Kosovo on the 17 August 2025 including a reduction in the
licence area of 50%. The application remains pending.
· Licence applications covering the Mitrovica, Viti East, Viti
North and Zvecan licence areas, all of which expired during 2024 in accordance
with their terms, and the Shala licence which expired on 25 February 2025,
have been submitted to the ICMM, and confirmation of receipt has been
received. The Board of ICMM, which is responsible for the award of mineral
permits, was disbanded by the Government in October 2023 and, although it was
reinstated in October 2024, it is working through the backlog of applications
and Vardar's permit applications therefore remain pending.
Financial
· The underlying administration expenses of £340,209 in Q3 2025
were lower than Q3 2024 of £408,605. This decrease is primarily due
reductions in professional fees of £92,089 (Q3 2024: £102,037), share based
payment expense £75,832 (Q3 2024: £100,098) and director and staff costs of
£93,846 (Q3 2024: £112,747).
· The consolidated loss before tax for the nine months to 30
September 2025 was £1,427,410 (30 September 2024: £1,384,496) which is in
line with the previous year.
· Consolidated basic and diluted loss per share for the quarter
ended 30 September 2025 was 0.57 pence (Q3 2024: loss of 1.05 pence).
· £362,020 in cash was held at 30 September 2025 (30 September
2024: £1,763,718).
· Exploration assets increased to £18,355,205 at 30 September 2025
(30 September 2024: £15,586,309)
· The cumulative translation losses held in equity decreased by
£1,272,193 in the nine months ended 30 September 2025 to £1,123,741 (31
December 2024: loss of £2,395,934). Much of the Company's exploration costs
are in Swedish Krona which has strengthened against GB Pound Sterling since 31
December 2024.
· At 30 September 2025, there were 44,396,743 Swedish Depository
Receipts representing 74 per cent of the issued share capital of the Company.
The remaining issued share capital of the Company is held in the UK.
Current financial position and funding strategy
Further to the Company's announcement on 26 November 2025 and as the Company
noted following the capital raise that concluded in May 2025 ("Capital
Raise"), additional funding will be required to complete the Kallak PFS and
Environmental Permit application, and to advance GAMP, with the funds from the
Capital Raise taking the Company through to early 2026. Therefore, the Company
will need to secure additional financing and working capital in the very near
term if it is to continue to advance its projects and to cover its costs on a
care and maintenance basis. Accordingly, the Company is currently working with
its advisers in the UK and Sweden to procure additional near-term financing
without the complexity and cost of a rights issue in Sweden. A number of term
sheets have been received and discussions are at an advanced stage, however,
there can be no certainty that such financing can be obtained or on the terms
of any such financing. In the longer-term to finance the completion of the
Kallak PFS and Environmental Permit application, and the pilot testing phase
for GAMP, Beowulf has been working on a number of potential funding solutions.
The objective has been to secure sufficient investment to ensure the projects
can be advanced to their next milestones whilst at the same time minimising
dilution to existing shareholders.
These potential funding solutions are as follows:
· Beowulf has received a non-binding cash offer of €4 million for
its 100% interest in Vardar and is negotiating a Heads of Terms with the
proposed buyer. This offer is non-binding and remains subject to the
completion of satisfactory due diligence by the buyer, however, Beowulf is
hopeful that the transaction can be concluded within the coming months.
· Beowulf is seeking to secure separate funding for Grafintec, its
wholly owned Finnish subsidiary, both in the form of direct equity into
Grafintec and through support from Business Finland. A financial adviser,
Grannenfelt Finance Oy, has been appointed in Finland to assist with raising
€5 million in equity through the sale of shares in Grafintec. The Company
has also applied to Business Finland's Research, Development and Piloting loan
scheme for a loan of €7 million. The loan scheme, which is focused on
supporting the development and commercialisation of innovative products,
services and production methods, can be for up to 70% of eligible project
costs, for a period of up to 10 years and carries a low interest rate of three
percentage points below the base interest rate, or at least one per cent. It
therefore represents an extremely attractive and non-dilutive source of
capital. It is hoped that progress will be made on both elements of the
Grafintec financing over the coming three to six months.
These potential sources of longer-term funding are anticipated to take up to
six months to complete and are currently at non-binding stages, so no
assurance can be given that they will successfully complete, or on the final
terms of which any such transactions may be completed. Therefore, the Company
is seeking to secure short-term funding to provide the Company with sufficient
working capital in the interim. To this end the Company has engaged with
providers of capital and received a number of term sheets. It is hoped that
funding on reasonable terms can be secured.
In addition to the above, the Company continues to review a range of
additional funding options including EU-backed schemes and is maintaining
dialogue with a number of potential strategic and long-term investors at both
corporate and asset level.
Ed Bowie, Chief Executive Officer of Beowulf, commented:
"The Company continues to make meaningful progress across its core assets -
Kallak and Grafintec.
"At Kallak, our focus has been on refining the transport solution for the
concentrate with baseline environmental and cultural heritage studies being
completed along the proposed pipeline route, and studies undertaken on the
rail and port facilities. The completion of these studies signifies meaningful
progress at Kallak. The team has had regular engagement with local communities
and stakeholders continuing our transparent and constructive communication,
and preparations for the PFS and submission of the Environmental Permit
application are ongoing.
"Securing the site reservation in the City of Kotka is a major step forward
for Grafintec. The Kotka region was previously a major centre for the pulp and
paper industry and as a result offers excellent infrastructure with access to
utilities and Finland's largest container port, a plentiful skilled workforce
and a number of brownfield sites that are being assessed for the development
of the pilot plant. We have received tremendous support from the Municipality
and Cursor, the region's business development agency, for which we are
extremely grateful. We would like to thank the members of the public from
Keltakallio who joined us for the inaugural public meeting, we look forward to
our continued communications and positive engagements.
"In parallel, the Company has been working on securing longer-term funding to
progress our core assets through their next key milestones. The proposed sale
of Vardar would bring in some non-dilutive capital and enable us to focus the
portfolio on our core assets. Separately, Grafintec is now at a development
stage that warrants independent funding. Concluding both funding solutions and
the interim financing highlighted above, will be extremely positive for the
Company. I look forward to updating the market in due course."
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 4530 9160
BlytheRay
Tim Blythe / Megan Ray/Alastair Roberts Tel: +44 (0) 20 7138 3204
Email: Beowulf@BlytheRay.com (mailto:Beowulf@BlytheRay.com)
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 as
at 30 September 2025 was 74 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 39Mt 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.
Kallak and Grafintec are the foundation assets of the Company, and, with
Vardar, each business area displays strong prospects, and presents
opportunities to grow, with near-term and longer-term value-inflection points.
Beowulf strives 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 2025
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 30 September 3 months ended 30 September 2024 9 months ended 30 September 9 months ended 30 September 12 months ended 31 December 2024
2025 2025 2024
£ £
£ £ £
Continuing operations
Administrative expenses (340,209) (408,605) (1,386,660) (1,326,585) (1,658,763)
Impairment of exploration assets - - - - (72,563)
Operating loss (340,209) (408,605) (1,386,660) (1,326,585) (1,731,326)
Finance costs 3 (589) (632) (54,434) (60,807) (61,334)
Finance income 1,189 1,219 2,166 2,896 3,404
Grant income - - - 3,561
Fair value loss on listed investments - - (1,500) - (3,313)
Loss on disposal of right of use asset - - (3,675) - -
Other income 4 - - 16,793 - -
Loss before and after taxation (339,609) (408,018) (1,427,410) (1,384,496) (1,789,008)
Loss attributable to:
Owners of the parent (339,609) (407,370) (1,427,410) (1,366,808) (1,771,325)
Non-controlling interests - (648) - (17,688) (17,683)
(339,609) (408,018) (1,427,410) (1,384,496) (1,789,008)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence) 5 (0.57) (1.05) (2.86) (4.13) (5.13)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 30 September 3 months ended 30 September 9 months ended 30 September 9 months ended 30 September 12 months ended 31 December 2024
2025 2024 2025 2024
£
£ £ £ £
Loss for the period/year (339,609) (408,018) (1,427,410) (1,384,496) (1,789,008)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss:
Exchange gains/(losses) arising on translation of foreign operations 396,278 (272,603) 1,272,193 (738,829) (958,163)
Total comprehensive gain/(loss) 56,669 (680,621) (155,217) (2,123,325) (2,747,171)
Total comprehensive gain /(loss) attributable to:
Owners of the parent 56,669 (679,924) (155,217) (2,085,594) (2,709,387)
Non-controlling interests - (697) - (37,731) (37,784)
56,669 (680,621) (155,217) (2,123,325) (2,747,171)
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS TO 30 SEPTEMBER 2025
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 30 September 2025 3 months ended 30 September 9 months ended 30 September 9 months ended 30 September 12 months ended 31 December 2024
2024 2025 2024
£ £
£ £ £
Continuing operations
Administrative expenses (289,006) (433,969) (1,204,512) (1,285,601) (1,897,365)
Operating loss (289,006) (433,969) (1,204,512) (1,285,601) (1,897,365)
Finance cost 3 - - (52,086) (59,147) (59,147)
Finance income 1,161 1,111 1,878 2,742 3,207
Fair value loss on listed investment - - (1,500) - (3,313)
Loss before and after taxation and total comprehensive loss (287,905) (432,858) (1,256,220) (1,342,006) (1,956,618)
Loss per share attributable to the owners of the parent:
Basic and diluted 5 (0.48) (1.11) (2.52) (4.05) (5.66)
(pence)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 September 30 September 31 December
2025 2024 2024
£ £ £
ASSETS Notes
Non-current assets
Intangible assets 9 18,355,205 15,586,309 16,023,022
Property, plant and equipment 40,566 63,343 56,685
Investments held at fair value through profit or loss 1,750 6,563 3,250
Loans and other financial assets 7,972 5,166 5,138
Right of use asset 44,117 58,903 48,333
18,449,610 15,720,284 16,136,428
Current assets
Trade and other receivables 82,320 272,118 192,512
Cash and cash equivalents 362,020 1,763,718 881,349
444,340 2,035,836 1,073,861
TOTAL ASSETS 18,893,950 17,756,120 17,210,289
EQUITY
Shareholders' equity
Share capital 7 13,397,580 12,356,927 12,356,927
Share premium 30,627,454 29,878,404 29,878,404
Merger reserve 425,497 870,275 425,497
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 8 1,337,373 1,024,033 1,124,131
Translation reserve (1,123,741) (2,176,658) (2,395,934)
Accumulated losses (26,191,464) (24,638,786) (24,764,054)
18,519,150 17,360,646 16,671,422
Non-controlling interests - (165,475) -
TOTAL EQUITY 18,519,150 17,195,171 16,671,422
LIABILITIES
Current liabilities
Trade and other payables 341,374 523,025 508,124
Lease liability 20,725 22,296 20,727
362,099 545,321 528,851
NON-CURRENT LIABILITIES
Lease liability 12,701 15,628 10,016
TOTAL LIABILITIES 374,800 560,949 538,867
TOTAL EQUITY AND LIABILITIES 18,893,950 17,756,120 17,210,289
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
(Unaudited) (Unaudited) (Audited)
As at 30 September As at 30 September As at 31
2025 2024 December
£ £ 2024
£
ASSETS Notes
Non-current assets
Investments held at fair value through profit or loss 1,750 6,563 3,250
Investment in subsidiaries 4,164,088 4,836,590 4,093,692
Loans and other financial assets 16,109,396 14,204,024 14,995,747
Property, plant and equipment 587 783 723
20,275,821 19,047,960 19,093,412
Current assets
Trade and other receivables 14,689 49,946 20,150
Cash and cash equivalents 258,383 1,685,065 714,339
273,072 1,735,011 734,489
TOTAL ASSETS 20,548,893 20,782,971 19,827,901
EQUITY
Shareholders' equity
Share capital 7 13,397,580 12,356,927 12,356,927
Share premium 30,627,454 29,878,404 29,878,404
Merger reserve 425,497 870,275 425,497
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 8 1,337,373 1,024,033 1,124,131
Accumulated losses (25,383,258) (23,512,426) (24,127,038)
TOTAL EQUITY 20,451,097 20,663,664 19,704,372
LIABILITIES
Current liabilities
Trade and other payables 97,796 119,307 123,529
TOTAL LIABILITIES 97,796 119,307 123,529
TOTAL EQUITY AND LIABILITIES 20,548,893 20,782,971 19,827,901
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2025
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 2024 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
Loss for the period - - - - - - (404,517) (404,517) 5 (404,512)
Foreign exchange translation - - - - - (219,276) - (219,276) (58) (219,334)
Total comprehensive loss - - - - - (219,276) (404,517) (623,793) (53) (623,846)
Transactions with owners
Issue of share capital for acquisition of NCI - - (444,778) - - - - (444,778) - (444,778)
Equity-settled share-based payment transactions - - - - 100,098 - - 100,098 - 100,098
Step up interest in subsidiary - - - - - - 279,249 279,249 165,528 444,777
At 31 December 2024 (Audited) 12,356,927 29,878,404 425,497 46,451 1,124,131 (2,395,934) (24,764,054) 16,671,422 - 16,671,422
Loss for the period - - - - - - (1,427,410) (1,427,410) - (1,427,410)
Foreign exchange translation - - - - - 1,272,193 - 1,272,193 - 1,272,193
Total comprehensive loss - - - - - 1,272,193 (1,427,410) (155,217) - (155,217)
Transactions with owners
Issue of share capital 1,040,653 1,123,738 - - - - - 2,164,391 - 2,164,391
Cost of issue - (374,688) - - - - - (374,688) - (374,688)
Equity-settled share-based payment transactions - - - - 213,242 - - 213,242 - 213,242
At 30 September 2025 (Unaudited) 13,397,580 30,627,454 425,497 46,451 1,337,373 (1,123,741) (26,191,464) 18,519,150 - 18,519,150
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2025
Share capital Share premium Merger reserve Capital contribution reserve Share-based payment reserve Accumulated losses Total
£ £ £ £ £ £ £
At 1 January 2024 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
Loss for the period - - - - - (614,612) (614,612)
Total comprehensive loss - - - - - (614,612) (614,612)
Transactions with owners
Issue of share capital for acquisition of NCI - - (444,778) - - - (444,778)
Equity-settled share-based payment transactions - - - - 100,098 - 100,098
At 31 December 2024 (Audited) 12,356,927 29,878,404 425,497 46,451 1,124,131 (24,127,038) 19,704,372
Loss for the period - - - - - (1,256,220) (1,256,220)
Total comprehensive loss - - - - - (1,256,220) (1,256,220)
Transactions with owners
Issue of share capital 1,040,653 1,123,738 - - - - 2,164,390
Cost of issue - (374,688) - - - - (374,688)
Equity-settled share-based payment transactions - - - - 213,242 - 213,242
At 30 September 2025 (Unaudited) 13,397,580 30,627,454 425,497 46,451 1,337,373 (25,383,258) 20,451,097
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR
THE NINE MONTHS TO 30 SEPTEMBER 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 (UK-IAS). 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 period ended 30 September 2025 is unaudited and
has not been reviewed by the auditors.
The financial information for the 12 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 and included 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. £0.74
million) with the underwriters of the rights issue to ensure that the Company
had sufficient financial resources to continue advancing its projects ahead of
the right issue being finalised (see note 6). The bridging loan accrued
interest of 1.5% per 30-day period and was repaid using part of the proceeds
from the capital raise, 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 £1.25 million (see note 6).
Therefore, at the date of this report, based on management prepared cashflow
forecasts, further funding will be required within the very near term to allow
the Group and Company to realise its assets and discharge its liabilities in
the normal course of business. Accordingly, the Company is currently working
with its advisers in Sweden and the UK to procure additional near-term
financing. While discussions are at an advanced stage, 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) (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 2024
2025 2024 2025 2024
£ £ £ £ £
Bridging loan amortised interest - - 52,086 59,147 59,147
Lease liability interest 589 632 2,283 1,660 2,187
Other interest paid - - 165 - -
589 632 54,534 60,807 61,334
Parent
Bridging loan amortised interest - - 52,086 59,147 59,147
- - 52,086 59,147 59,147
4. Other Income
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 6 months 6 months 12 months
ended ended ended ended ended
30 September 30 September 30 September 30 September 31 December
2025 2024 2025 2024 2024
£ £ £ £ £
Other income - - 16,793 - -
- - 16,793 - -
Represents a €20,000 sale of exploration data relating to Åtvidaberg, a
project previously held by the Company but that was fully impaired in the year
ending 31 December 2023.
5. 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 2024
2025 2024 2025 2024
Loss for the period/year attributable to shareholders of the Company (£'s) (339,609) (407,370) (1,427,410) (1,366,808) (1,771,325)
Weighted average number of ordinary shares 59,657,864 38,844,790 49,939,995 33,102,827 34,550,117
Loss per share (p) (0.57) (1.05) (2.86) (4.13) (5.13)
Parent
Loss for the period/year attributable to shareholders of the Company (£'s) (287,905) (432,858) (1,256,220) (1,342,006) (1,956,618)
Weighted average number of ordinary shares 59,657,864 38,844,790 49,939,995 33,102,827 34,550,117
Loss per share (p) (0.48) (1.11) (2.52) (4.05) (5.66)
6. Borrowings
(Unaudited) (Unaudited)
As at As at
30 September 31 December
2025 2024
£ £
Opening balance at 1 January - -
Funds advanced 732,742 723,881
Finance costs 52,086 59,147
Effect of FX 31,954 (24,709)
Funds repaid (816,782) (758,319)
- -
On 21 March 2025, the Company secured a Bridging loan from Nordic investors of
SEK 10 million (approximately £0.74 million). The Loan had a fixed interest
rate of 1.5% per stated 30-day period during the duration. Accrued interest
was compounding. The Loan had a commitment fee of 5.0% and a Maturity Date of
30 June 2025. The bridging loan principal and interest totalling £0.95
million was repaid early in May 2025 using part of the proceeds from the
capital raise.
7. Share capital
(Unaudited) (Unaudited) (Audited)
30 September 2025 30 September 2024 31 December 2024
£ £ £
Allotted, issued and fully paid
Ordinary shares of 5p each 2,982,893 1,942,240 1,942,240
Deferred A shares of 0.9p each 10,414,687 10,414,687 10,414,687
Total 13,397,580 12,356,927 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 15,701,041
Effect of share consolidation (1,134,043,714)
Balance at 30 September 2024 38,844,790
Issued during the period -
Balance at 31 December 2024 38,844,790
Issued during the period 20,813,076
Balance at 30 September 2025 59,657,866
Number
of deferred A shares
Balance at 1 January 2024 1,157,187,463
Issued during the period -
Balance at 30 September 2024 1,157,187,463
Issued during the period -
Balance at 31 December 2024 1,157,187,463
Issued during the period -
Balance at 30 September 2025 1,157,187,463
On 8 May 2025, the Company announced the completion of the Capital Raise which
comprised: the conditional Placing to issue 8,980,877 ordinary shares of
£0.05 which raised a total of £1.0 million (approximately SEK 12.8 million)
before expenses; the Rights Issue which raised SEK 14.9 million (approximately
£1.2 million) before expenses with the issue of 10,714,286 new SDRs; the WRAP
Retail Offer which raised £0.12 million (approximately SEK 1.6 million)
before expenses with the issue of a total of 1,134,436 ordinary shares of
£0.05.
8. Share based payments
During the period ended 30 September 2025, 2,272,000 options were granted
(year ended 31 December 2024: 2,560,000). The options outstanding as at 30
September 2025 have an exercise price in the range of 12 pence to 262.50 pence
(as at 31 December 2024: 37.50 pence to 262.50 pence) and a weighted average
remaining contractual life of 8 years, 259 days (as at 31 December 2024: 8
years, 284 days).
The share-based payments expense for the options for the 3-month period ended
30 September 2025 was £213,241 (Q3 2024: £226,530; 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:
2025 2024 2024 2024 2023 2022 2022
Fair value at grant date 9p 24p 26p 15p 26p 180p 156p
Share price 10p 35p 37p 35p 84p 200p 200p
Exercise price 12p 38p 38p 38p 103p 50p 263p
Expected volatility 129.6% 77.5% 79.9% 77.5% 55.2% 100.0% 100.0%
Expected option life 6 years 6 years 6 years 2 years 2.5 years 5 years 6 years
Contractual option life 10 years 10 years 10 years 10 years 5 years 10 years 10 years
Risk free interest rate 4.130% 4.080% 4.100% 4.480% 4.800% 4.520% 4.480%
The options issued will be settled in the equity of the Company when exercised
and have a vesting period of one year from date of grant.
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
Reconciliation of options in issue Number Weighted average exercise price(£'s)
Outstanding at 1 January 2025 3,170,000 0.65
Granted during the period 2,272,000 0.12
Outstanding at 30 September 2025 5,442,000 0.43
Exercisable at 30 September 2025 1,543,333 0.94
No warrants were granted during the period (2024: Nil).
9. Intangible Assets: Group
Exploration assets Other intangible assets Total
Net book value £ £ £
As at 31 December 2024 (Audited) 15,521,317 501,705 16,023,022
As at 30 September 2025 (Unaudited) 17,648,598 706,607 18,355,205
Exploration costs As at 30 As at 31 December
September 2024
2025
(Unaudited) (Audited)
£ £
Cost
At 1 January 15,521,312 14,797,833
Additions for the period/year 1,235,236 1,751,954
Foreign exchange movements 892,050 (955,907)
Impairment - (72,563)
Total 17,648,598 15,521,317
The net book value of exploration costs is comprised of expenditure on the
following projects:
As at As at
30 31
September December
2025 2024
(Unaudited) (Audited)
£ £
Project Country
Kallak Sweden 12,080,998 10,271,536
Pitkäjärvi Finland 1,747,344 1,627,258
Rääpysjärvi Finland 207,397 188,016
Luopioinen Finland 8,831 7,157
Emas Finland 52,476 48,898
Pirttikoski Finland 12,409 7,347
Mitrovica Kosovo 2,518,610 2,425,900
Viti Kosovo 681,267 663,106
Shala Kosovo 339,266 282,099
17,648,598 15,521,317
Total Group exploration costs of £17,648,598 are currently carried at cost in
the financial statements. No impairment has been recognised during the Period
(Year ended 31 December 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 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. 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 30 September
2025 as an intangible exploration licence with a carrying value of
£12,080,998 (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 As at 30 As at 31 December
September 2024
2025
(Unaudited) (Audited)
£ £
Cost
At 1 January 501,705 75,493
Additions in the period/year 185,032 620,561
Grant income received (12,660) (180,644)
Foreign exchange movements 32,530 (13,705)
Total 706,607 501,705
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.
10. Post balance sheet events
There have been no significant events since the end of the reporting period.
11. 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 201 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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