REG - Beowulf Mining PLC - Unaudited Results for Period Ended 30 June 2025
29/08/2025 07:00
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RNS Number : 1313X Beowulf Mining PLC 29 August 2025
29 August 2025
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Financial Results for the Period Ended 30 June 2025
Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces its unaudited financial results for the six
months ended 30 June 2025 (the "Period").
Activities in the Period
Corporate
· During the Period, the Company completed a capital raise, raising
a total of SEK 28.1 million (approximately £2.2 million) by way of a
conditional placing and subscription of new ordinary shares of 5 pence each in
the capital of the Company ("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, where all resolutions
tabled were passed.
Sweden
· Work, undertaken by wholly owned subsidiary Jokkmokk Iron Mines
AB ("Jokkmokk Iron") continued in preparation for both the Pre-Feasibility
Study ("PFS"), Environmental Impact Assessment ("EIA") and Environmental
Permit application for the Kallak Iron Ore Project ("Kallak").
· Following completion of the metallurgical test-work during 2024,
which demonstrated that Kallak is capable of producing an extremely
high-grade, low-impurity concentrate, the engineering and design work for the
processing plant along with ancillary site infrastructure was finalised. In
addition, waste management, including the design of the tailings storage
facility and waste rock dumps, was significantly advanced.
· The transportation of concentrate from the mine site to the
railhead was identified through the public consultation process as a source of
significant concern for local stakeholders. Preliminary studies completed by
the Company demonstrated that a buried slurry pipeline offered the preferred
option; it is safe, reliable, mitigates noise and dust, creates no physical
barrier to the movement of local communities and fauna, and also has the
lowest operating cost of the range of options reviewed.
Finland
· On 10 March, Beowulf, through its wholly owned Finnish subsidiary
Grafintec Oy ("Grafintec"), announced the results of the PFS for the Graphite
Anode Materials Plant ("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% ("NPV8") 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 NPV8 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.
· 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 Independent Commission for Mines and Minerals
("ICMM") in Kosovo, 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 has been reinstated, it is
working through the backlog of applications and Vardar's permit applications
therefore remain pending. The Shala West permit was deemed to have limited
prospectivity and was relinquished by the Company during the Period and ahead
of its expiry.
Post Period
· The Company, through Grafintec, secured a site reservation in the
City of Kotka for the planned development of the GAMP. The 13-hectare site
within the Keltakallio industrial area for battery value chain companies,
benefits from exceptional infrastructure, a strategic location, and excellent
logistics, with direct access to Finland's largest container port, the Port of
Hamina-Kotka - making it an emerging hub for Europe's battery value chain.
· The Shala East licence in Kosovo expired on 17 August and an
application for a licence renewal with a 50% reduction in the area, was
submitted to ICMM
Financial
· The underlying administration expenses of £605,537 in Q2 2025
were higher than Q2 2024 at £520,157. This has increased primarily due to
professional fees of £212,613 (Q2 2024: £123,744), directors and staff costs
of £100,366 (Q2 2024: £130,234), legal fees of £18,563 (Q2 2024: £7,220),
a foreign currency loss of £44,426 (Q2 2024: loss of £17,636) and a decrease
in share-based payment expenses of £44,601 (Q2 2024: £116,280).
· The consolidated loss before tax for H1 2025 increased to
£1,087,801 (H1 2024: £976,478). This increase is primarily due to
share-based payment expenses of £137,409 (H1 2024: £126,432), professional
fees of £377,708 (H1 2024: £293,779), a foreign currency loss of £12,667
(H1 2024: £33,253), realised currency loss of £34,643 (H1 2024: £4,938
gain), combined with finance costs in relation to the bridging loan of
£53,945 (H1 2024: £59,147).
· Consolidated basic and diluted loss per share for the quarter
ended 30 June 2025 was 1.25 pence (Q2 2024: loss of 1.37 pence restated for
the 50 to 1 share consolidation in Q2 FY24).
· The Company raised SEK 28.1 million (approximately £2.2
million) before expenses as part of the Capital Raise, of which, the net
proceeds have been used to repay the bridging loan principal and interest of
SEK 12.4 million (approximately £0.95 million).
· £773,201 in cash was held at 30 June 2025 (31 December 2024:
£881,349).
· Exploration assets increased 6.7% to £17,098,417 at 30 June 2025
compared to £16,023,022 at 31 December 2024.
· The cumulative translation losses held in equity decreased by
£875,915 in the period ended 30 June 2025 to £1,520,019 (31 December 2024:
loss of £2,395,934). Much of the Company's exploration costs are in Swedish
Krona which has strengthened against the GB Pound Sterling since 31 December
2024.
· At 30 June 2025, there were 43,937,185 Swedish Depository
Receipts representing 73.65% 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 completion of the GAMP PFS which
demonstrated a robust technical project with exceptional economics,
positioning Grafintec to be a low-cost, high-margin producer with great value
potential. Following the end of the Period, we secured an excellent location
for the development of the plant and have begun investigations for the pilot
testing and EIA. The identification and reservation of a site for GAMP within
a new emerging battery hub marks a key milestone in its development and will
serve to help further establish Grafintec's presence in the European and
global battery value chains.
"Completing the capital raise during the Period allows us to continue to
progress our assets, including Kallak. We have made great strides in, and
continue to focus on, cultivating positive local stakeholder engagement. The
development of a slurry pipeline is an innovative, reliable, low-impact
transport solution that we believe significantly mitigates a number of the
main concerns of local stakeholders about the project. Importantly, our
initial analysis also suggests that given its very low operating costs, it is
also value accretive to the project.
"As a company, we will continue to investigate multiple sources of additional
capital to advance our core assets. These include, but are not limited to,
institutional and strategic investors, and governmental support from Business
Finland and EU entities which offer a range of grants, equity, loans and tax
credits. We look forward to providing further updates to the market 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
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 June 2025, was 73.65% 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 is the foundation asset of the Company, and, with Grafintec and 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 SIX MONTHS TO 30 JUNE 2025
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 6 months ended 6 months ended 12 months ended
30 30 30 30 31 December 2024
June June June June
2025 2024 2025 2024 £
£ £ £ £
Continuing operations
Administrative expenses (605,537) (520,157) (1,046,451) (917,980) (1,658,763)
Impairment of exploration assets - - - - (72,563)
Operating loss (605,537) (520,157) (1,046,451) (917,980) (1,731,326)
Finance costs 3 (49,104) (27,271) (53,945) (60,175) (61,334)
Finance income 698 775 977 1,677 3,404
Grant income - - - - 3,561
Fair value loss on listed investment (375) - (1,500) - (3,313)
Loss on disposal of right of use - - (3,675) - -
Other income 4 16,793 - 16,793 - -
Loss before and after taxation (637,525) (546,653) (1,087,801) (976,478) (1,789,008)
Loss attributable to:
Owners of the parent (637,525) (546,628) (1,087,801) (959,438) (1,771,325)
Non-controlling interests - (25) - (17,040) (17,683)
(637,525) (546,653) (1,087,801) (976,478) (1,789,008)
Loss per share attributable to the owners of the parent:
Basic and diluted 4 (1.25) (1.47) (2.42) (3.18) (5.13)
(pence)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 6 months ended 6 months ended 12 months
30 30 30 30 ended
June June June June 31 December 2024
2025 2024 2025 2024
£ £
£ £ £
Loss for the period/year (637,525) (546,653) (1,087,801) (976,478) (1,789,008)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss:
Exchange losses arising on translation of foreign operations 101,699 49,808 875,915 (466,226) (958,163)
Total comprehensive loss (535,826) (496,845) (211,886) (1,442,704) (2,747,171)
Total comprehensive loss attributable to:
Owners of the parent (535,826) (496,850) (211,886) (1,405,670) (2,709,387)
Non-controlling interests - 5 - (37,034) (37,784)
(535,826) (496,845) (211,886) (1,442,704) (2,747,171)
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE LOSS
FOR THE SIX MONTHS TO 30 JUNE 2025
Notes (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 6 months ended 6 months ended 12 months ended
30 30 30 30 31 December 2024
June June June June
2025 2024 2025 2024 £
£ £ £ £
Continuing operations
Administrative expenses (516,800) (485,521) (915,446) (851,632) (1,897,365)
Operating loss (516,800) (485,521) (915,446) (851,632) (1,897,365)
Finance costs 3 (48,233) (26,747) (52,086) (59,147) (59,147)
Finance income 684 796 717 1,631 3,207
Fair value loss on listed investment (375) - (1,500) - (3,313)
Loss before and after taxation and total comprehensive loss (564,724) (511,472) (968,315) (909,148) (1,956,618)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence) 5 (1.11) (1.37) (2.15) (3.01) (5.66)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
2025 2024 2024
£ £ £
ASSETS Notes
Non-current assets
Intangible assets 9 17,776,183 15,211,731 16,023,022
Property, plant and equipment 45,718 72,456 56,685
Investments held at fair value through profit or loss 1,750 6,563 3,250
Loans and other financial assets 7,814 5,162 5,138
Right of use asset 53,468 70,421 48,333
17,884,933 15,366,333 16,136,428
Current assets
Trade and other receivables 123,876 278,472 192,512
Cash and cash equivalents 773,201 2,686,189 881,349
897,077 2,964,661 1,073,861
TOTAL ASSETS 18,782,010 18,330,994 17,210,289
EQUITY
Shareholders' equity
Share capital 7 13,397,580 12,356,927 12,356,927
Share premium 30,627,454 29,888,289 29,878,404
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 8 1,261,540 923,936 1,124,131
Merger reserve 425,497 870,275 425,497
Translation reserve (1,520,019) (1,904,104) (2,395,934)
Accumulated losses (25,851,855) (24,231,417) (24,764,054)
Total equity 18,386,648 17,950,357 16,671,422
Non-controlling interests - (164,778) -
TOTAL EQUITY 18,386,648 17,785,579 16,671,422
LIABILITIES
Current liabilities
Trade and other payables 354,989 499,479 508,124
Borrowings 6 - - -
Lease liability 23,772 24,609 20,727
378,761 524,088 456,237
Non-current liabilities
Lease liability 16,601 21,327 10,016
16,601 21,327 10,016
TOTAL LIABILITIES 395,362 545,415 538,867
TOTAL EQUITY AND LIABILITIES 18,782,010 18,330,994 17,210,289
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Notes (Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December 2024
2025 2024 £
£ £
ASSETS
Non-current assets
Investments held at fair value through profit or loss 1,750 6,563 3,250
Investment in subsidiaries 4,137,333 4,802,946 4,093,692
Loans and other financial assets 15,889,377 13,664,383 14,995,747
Office equipment 633 843 723
20,029,093 18,474,735 19,093,412
Current assets
Trade and other receivables 61,162 62,416 20,150
Cash and cash equivalents 693,517 2,571,639 714,339
754,679 2,634,055 734,489
TOTAL ASSETS 21,108,790 19,827,901
20,783,772
EQUITY
Shareholders' equity
Share capital 7 13,397,580 12,356,927 12,356,927
Share premium 30,627,454 29,888,289 29,878,404
Capital contribution reserve 46,451 46,451 46,451
Share-based payment reserve 1,261,540 923,936 1,124,131
Merger reserve 425,497 870,275 425,497
Accumulated losses (25,095,353) (23,079,568) (24,127,038)
TOTAL EQUITY 20,663,169 21,006,310 19,704,372
LIABILITIES
Current liabilities
Trade and other payables 120,603 102,480 123,529
Borrowings 6 - - -
TOTAL LIABILITIES 120,603 102,480 123,529
TOTAL EQUITY AND LIABILITIES 20,783,772 21,108,790 19,827,901
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2025
Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve Translation reserve Accumulated losses Total Non- Total equity
controlling
interest
£ £ £ £ £ £ £ £ £ £
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
At 1 January 2024
Loss for the period - - - - - - (959,438) (959,438) (17,040) -
Foreign exchange translation - - - - - (446,232) - (446,232) (19,994) -
Total comprehensive loss - - - - - (446,232) (959,438) (1,405,670) (37,034) -
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - - 4,390,584 - 4,390,584
Issue costs - (911,014) - - - - - (911,014) - (911,014)
Issue of share capital for acquisition of NCI 52,327 - - - 732,575 - - 784,902 - 784,902
Equity-settled share-based payment transactions - - - 126,433 - - - 126,433 - 126,433
Step acquisition of Subsidiary - - - - - - (142,728) (142,728) (642,174) (784,902)
Transfer on lapse of options - - - (106,263) - - 106,263 - - -
At 30 June 2024 (Unaudited) 12,356,927 29,888,289 46,451 923,936 870,275 (1,904,104) (24,231,417) 17,950,357 (164,778) 17,785,579
Loss for the period - - - - - - (811,887) (811,887) (643) (812,530)
Foreign exchange translation - - - - - (491,830) - (491,830) (107) (491,937)
Total comprehensive loss - - - - - (491,830) (811,887) (1,303,717) (750) (1,304,467)
Transactions with owners
Issue costs - (9,885) - - - - - (9,885) - (9,885)
Issue of share capital for acquisition of NCI - - - - (444,778) - - (444,778) - (444,778)
Equity-settled share-based payment transactions - - - 200,195 - - - 200,195 - 200,195
Step acquisition of Subsidiary 279,250 279,250 165,528 444,778
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 - - - - - - (1,087,801) (1,087,801) - (1,087,801)
Foreign exchange translation - - - - - 875,915 - 875,915 - 875,915
Total comprehensive loss - - - - - 875,915 (1,087,801) (211,886) - (211,886)
Transactions with owners
Issue of share capital 1,040,653 1,123,738 - - - - - 2,164,390 - 2,164,390
Cost of issue - (374,688) - - - - - (374,687) - (374,687)
Equity-settled share-based payment transactions - - - 137,409 - - - 137,409 - 137,409
At 30 June 2025 (Unaudited) 13,397,580 30,627,454 46,451 1,261,540 425,497 (1,520,019) (25,851,855) 18,386,648 - 18,386,648
BEOWULF MINING PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2025
Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve Accumulated losses Total
£ £ £ £ £ £ £
11,571,875 27,141,444 46,451 903,766 137,700 (22,276,683) 17,524,553
At 1 January 2024
Loss for the period - - - - - (909,148) (909,148)
Total comprehensive loss - - - - - (909,148) (909,148)
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - 4,390,584
Issue costs - (911,014) - - - - (911,014)
Issue of share capital for acquisition of NCI 52,327 - - - 732,575 - 784,902
Equity-settled share-based payment transactions - - - 126,433 - - 126,433
Transfer from lapse of options - - - (106,263) - 106,263 -
At 30 June 2024 (Unaudited) 12,356,927 29,888,289 46,451 923,936 870,275 (23,079,568) 21,006,310
Loss for the period - - - - - (1,047,470) (1,047,470)
Total comprehensive loss - - - - - (1,047,470) (1,047,470)
Transactions with owners
Cost of issue - (9,885) - - - - (9,885)
Issue of share capital for acquisition of NCI - - - - (444,778) - (444,778)
Equity-settled share-based payment trans - - - 200,195 - - 200,195
actions
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 - - - - - (968,315) (968,315)
Total comprehensive loss - - - - - (968,315) (968,315)
Transactions with owners 1,040,653 1,123,738 - - - - 2,164,390
Issue of share capital (374,688) - - - - (374,688)
Equity-settled share-based payment transactions - - - 137,409 - - 137,409
At 30 June 2025 (Unaudited) 13,397,580 30,627,454 46,451 1,261,540 425,497 (25,095,353) 20,663,168
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 30 June 31 December
2025 2024 2024
£ £ £
Cash flows from operating activities
Loss before income tax (1,087,801) (976,478) (1,789,008)
Depreciation of property, plant and equipment 12,819 13,390 26,127
Amortisation of right-of-use asset 22,813 17,334 37,205
Equity-settled share-based transactions 137,409 126,433 326,628
Impairment of exploration costs - - 72,563
Loss on disposal of property, plant and equipment - - 778
Gain on disposal of right of use assets 3,752 - -
Finance income (977) (1,677) (3,404)
Finance cost 53,945 60,175 61,334
Fair value loss on listed investment 1,500 - 3,313
Unrealised foreign exchange 681 56,187 102,813
(855,859) (704,636) (1,161,651)
Decrease/(increase) trade and other receivables 72,493 (126,291) (39,177)
(Decrease)/increase in trade and other payables (170,467) (26,270) 8,545
Net cash used in operating activities (953,833) (857,197) (1,192,283)
Cash flows from investing activities
Purchase of intangible fixed assets (889,719) (853,180) (2,265,113)
Purchase of property, plant and equipment - (5,257) -
Initial payments for right of use assets (3,727) - (6,108)
Interest received 921 1,678 152,941
Grant receipt 10,138 143,639 3,404
Net cash used in investing activities (882,387) (713,120) (2,114,876)
Cash flows from financing activities
Proceeds from issue of shares 1,999,142 4,390,584 4,246,105
Payment of share issue costs (209,437) (911,014) (776,421)
Proceeds from borrowings - 723,881 723,881
Repayment of loan principal - (699,172) (699,172)
Interest paid on borrowings (52,256) (59,147) (59,147)
Lease principal paid (12,963) (12,025) (24,495)
Lease interest paid (1,688) (1,028) (2,187)
Net cash from financing activities 1,722,798 3,432,079 3,408,114
(Decrease)/increase in cash and cash equivalents (113,422) 1,861,762 100,955
Cash and cash equivalents at beginning of period/year 881,349 905,555 905,555
Effect of foreign exchange rate changes 5,274 (81,128) (125,161)
Cash and cash equivalents at end of period/year 773,201 2,686,189 881,349
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30 JUNE 2025
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year ended
30 June 30 June 31 December 2024
2025 2024
£ £ £
Cash flows from operating activities
Loss before income tax (968,315) (909,148) (1,956,618)
Expected credit losses 173,983 181,922 467,651
Equity-settled share-based transactions 93,767 69,864 202,611
Depreciation of property, plant and equipment 90 120 241
Impairment of investments in subsidiaries - - 331,764
Finance income (717) (1,631) (3,207)
Finance cost 52,086 59,147 59,147
Fair value loss on listed investment 1,500 - 3,313
Unrealised foreign exchange 681 56,187 102,813
(646,925) (543,539) (792,285)
(Increase)/decrease in trade and other receivables (41,013) (13,261) 29,007
Decrease in trade and other payables (2,926) (25,735) (4,689)
Net cash used in operating activities (690,864) (582,535) (767,967)
Cash flows from investing activities
Loans to subsidiaries (1,054,335) (1,006,440) (2,633,108)
Interest received 717 1,631 3,207
Net cash used in investing activities (1,053,618) (1,004,809) (2,629,901)
Cash flows from financing activities
Proceeds from issue of shares 1,999,142 4,390,584 4,246,105
Payment of share issue costs (209,437) (911,014) (776,421)
Proceeds from borrowings - 723,881 723,881
Repayment of loan principal - (699,172) (699,172)
Interest paid on borrowings (52,086) (59,147) (59,147)
Net cash from financing activities 1,737,619 3,445,132 3,435,246
(Decrease)/increase in cash and cash equivalents (6,863) 1,857,788 (37,378)
Cash and cash equivalents at beginning of period/year 714,339 794,909 794,909
Effect of foreign exchange rate changes (13,959) (81,058) (117,948)
Cash and cash equivalents at end of period/year 693,517 2,571,639 714,339
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FOR THE SIX MONTHS TO 30
JUNE 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 except as noted
below.
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 June 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 and included 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
has sufficient financial resources to continue advancing its projects ahead of
the right issue being finalised (see note 8). The bridging loan accrued
interest of 1.5% per 30-day period and was repayable on 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 on the right
issue.
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).
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 continue to progress its key projects, 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 concern. 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 6 months 6 months 12 months
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December 2024
2025 2024 2025 2024
£ £ £ £ £
Group
Bridging loan amortised interest 48,233 26,747 52,086 59,147 59,147
Lease liability interest 871 524 1,688 1,028 2,187
Other interest paid - - 171 - -
49,104 27,271 53,945 60,175 61,334
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 6 months 6 months 12 months
ended ended ended ended ended
30 June 30 June 30 June 30 June 31 December 2024
2025 2024 2025 2024
£ £ £ £ £
Parent
Bridging loan amortised interest 48,233 26,747 52,086 59,147 59,147
48,233 26,747 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 June 30 June 30 June 30 June 31 December 2024
2025 2024 2025 2024
£ £ £ £ £
Other income 16,793 - 16,793 - -
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 6 months 6 months 12 months
ended ended ended ended ended
Group 30 30 30 30 31
June June June June December 2024
2025 2024 2025 2024
Loss for the period/year attributable to shareholders of the Company (£'s) (637,525) (546,628) (1,087,801) (959,438) (1,956,618)
Weighted average number of ordinary shares 51,101,378 37,303,000 44,973,084 30,184,261 34,550,117
Loss per share (p) (1.25) (1.47) (2.42) (3.18) (5.66)
Parent
Loss for the period/year attributable to shareholders of the Company (£'s) (564,724) (511,472) (968,315) (909,148) (1,956,618)
Weighted average number of ordinary shares 51,101,378 37,303,000 44,973,084 30,184,261 34,550,117
Loss per share (p) (1.11) (1.37) (2.15) (3.01) (5.66)
The weighted average number presented for the period ending 30 June 2025 above
and the year ending 31 December 2024 in the statement of comprehensive income
have been adjusted for the effect of a 50 to 1 share consolidation.
6. Borrowings
(Unaudited) (Audited)
As at As at
30 June 2025 31 December 2024
£ £
Opening balance - -
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)
As at As at As at
30 June 30 June 31 December
2025 2024 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 Jan 2024 1,157,187,463
Issued during the period -
Effect of share consolidation (1,134,043,714)
Balance at 30 June 2024 23,143,749
Issued during the period 15,701,041
Balance at 31 December 2024 38,844,790
Issued during the period 20,813,076
Balance at 30 June 2025 59,657,866
Number
of deferred A shares
Balance at 1 January 2024 -
Issued during the period 1,157,187,463
Balance at 30 June 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 June 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, no options were granted (year ended 31 December 2024:
2,560,000). The options outstanding as at 30 June 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, 67
days (31 December 2024: 8 years, 284 days).
The share-based payment expense for the options for the period ended 30 June
2025 was £44,601 (Q2 2024: £126,433; 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 2.300
Granted during the period 2,560,000 0.375
Lapsed during the period (285,000) 3.307
Outstanding at 30 June 2024 3,170,000 0.651
Exercisable at 30 June 2024 646,667 1.369
Reconciliation of options in issue Number Weighted average exercise price(£'s)
Outstanding at 1 January 2025 3,170,000 0.65
Outstanding at 30 June 2025 3,170,000 0.65
Exercisable at 30 June 2025 1,501,667 0.90
No warrants were granted during the Period (2024: Nil).
The reconciliation of options in issue presented for the year ended 31
December 2024 has retrospectively adjusted for the effect of a 50 to 1 share
consolidation.
9. Intangible Assets: Group
Exploration assets Other Total
intangible
assets
Net book value £ £ £
As at 31 December 2024 (Audited) 15,521,317 501,705 16,023,022
As at 30 June 2025 (Unaudited) 17,098,417 677,766 17,776,183
Exploration costs As at As at
30 June 31 December
2025 2024
(Unaudited) (Audited)
£ £
Cost
Opening balance 15,521,317 14,797,833
Additions for the period/year 724,147 1,751,954
Foreign exchange movements 852,953 (955,907)
Impairment - (72,563)
Closing balance 17,098,417 15,521,317
The net book value of exploration costs is comprised of expenditure on the
following projects:
(Unaudited) (Audited)
As at As at
30 June 31 December
2025 2024
£ £
Project Country
Kallak Sweden 11,630,726 10,271,536
Pitkäjärvi Finland 1,712,348 1,627,258
Rääpysjärvi Finland 199,313 188,016
Luopioinen Finland 8,681 7,157
Emas Finland 51,584 48,898
Pirttikoski Finland 12,056 7,347
Mitrovica Kosovo 2,488,478 2,425,900
Viti Kosovo 675,364 663,106
Shala Kosovo 319,867 282,099
17,098,417 15,521,317
Total Group exploration costs of £17,098,417 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 30 June 2025 as
an intangible exploration licence with a carrying value of £11,630,726 (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
30 June 31 December
2025 2024
£ £
Cost
At 1 January 501,705 75,493
Additions for the period/year 154,309 620,561
Grant income received - (180,644)
Foreign exchange movements 21,752 (13,705)
Total 677,766 501,705
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.
10. Post balance sheet events
On the 17 July 2025, the Company made an award of options for a total of
2,272,000 ordinary shares of 5 pence each in capital of the Company,
representing approximately 3.8% of existing issued share capital. Following
the award of the options, there will be 5,442,000 ordinary shares of 5 pence
each of the Company under option to directors, senior management, and
employees of the Company, representing 9.1% of the existing issued share
capital of the Company. The options are exercisable at a price of 12 pence per
share, vest over three years, in three equal proportions, a third on each
subsequent anniversary of the date of grant, and are valid for 10 years from
the date of grant
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 207 Temple Chambers, 3-7 Temple Avenue, London, EC4Y
0DT. A copy can also be downloaded from the Company's website at
https://beowulfmining.com/ (https://beowulfmining.com/) . Beowulf Mining plc
is registered in England and Wales with registered number 02330496.
** Ends **
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