REG - Beowulf Mining PLC - Unaudited Results for year ended 31 December 2025
27/02/2026 07:00
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RNS Number : 6097U Beowulf Mining PLC 27 February 2026
27 February 2026
Beowulf Mining plc
("Beowulf" or the "Company")
Unaudited Preliminary Financial Results for the year ended 31 December 2025
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, announces its unaudited preliminary financial results for the year
ended 31 December 2025 (the "Period") and provides an update on its current
financial position.
Activities in the Period
Sweden
· During the Period, through its wholly owned Swedish subsidiary
Jokkmokk Iron Mines AB ("Jokkmokk Iron"), the Company continued to progress
technical and environmental workstreams in preparation for both the
Pre-Feasibility Study ("PFS") and Environmental Impact Assessment ("EIA") and
subsequent submission of the Environmental Permit application for the Kallak
iron ore project ("Kallak").
· Engineering and design work for the processing plant along with
ancillary site infrastructure was finalised, building on the metallurgical
test-work, which was completed in 2024 and demonstrated that Kallak is capable
of producing an extremely high-grade, low-impurity iron ore concentrate.
· Water management and waste management workstreams, required for
the PFS, were substantially completed, including the design of the tailings
storage facility and waste rock dumps.
· Transportation and logistics requirements for Kallak were also
significantly advanced, including scoping level studies completed on the use
of a buried pipeline to transport Kallak's concentrate the ~40 kilometres from
the mine-site to the railhead on the Inlandsbanan railway. Through these
studies, the pipeline emerged as Beowulf's preferred option for transporting
the concentrate, with the benefits of this method including:
o Safety;
o Reliability;
o Creating no physical barrier, noise or dust; and
o Having the lowest operating cost of the range of options reviewed.
· Nature inventory work along the pipeline corridor was completed
and further studies were initiated, including reindeer and wildlife management
plans along the Inlandsbanan railway, optimisation of the rail configuration
for the project and 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.
· Jokkmokk Iron continued to focus on building community and local
stakeholder engagement and held a number of meetings during the Period.
Finland
· On 10 March 2025, 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 to produce 25,000 tonnes per year of Coated Spherical Purified
Graphite ("CSPG") with the potential to expand further to 75,000 tonnes per
year in Phase 2.
· The study demonstrated extremely positive economics for Phase 1 with
a post-tax Net Present Value using a discount rate of 8% ("NPV(8)") of €924
million and post-tax Internal Rate of Return ("IRR") of 37% over 25 years,
with an initial capital expenditure of €225 million and pay-back period of
three years from initial production. Phase 2 offers further economic upside
with a post-tax NPV(8) of €2.2 billion and post-tax IRR of 38% over 25
years.
· Further potential upside is identified from the vertical
integration of Grafintec's graphite projects.
· On 1 July, Grafintec secured a site reservation in the Keltakallio
industrial area in the City of Kotka for the establishment of the 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 a skilled local workforce.
· 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, and 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 fund up to 70% of eligible project costs, for a period
of up to 10 years, and carries a low interest rate of 3% below the base
interest rate, or at least 1%. To match fund the loan, Grafintec appointed
financial adviser, Grannenfelt Finance Oy, in Finland to assist with raising
€5 million in equity through the sale of shares in Grafintec.
· The Rääpysjärvi exploration licence was renewed from 30
September 2025 for three years.
Kosovo
· The Company, through its wholly owned subsidiary, Vardar Minerals
Limited ("Vardar"), undertook low-cost exploration activity on its Shala East
licence during the first half of 2025. 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, there was a backlog of applications and Vardar's permit
applications 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.
· Beowulf announced on 26 November 2025 that it had received a
non-binding cash offer of €4 million for its 100% interest in Vardar and
subsequently confirmed that a Heads of Terms had been signed with the proposed
buyer.
Corporate
· During May, 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, a rights issue of Swedish
Depository Receipts in Sweden and a retail offer in the UK via the Winterflood
Retail Access Platform. Proceeds of the capital raise were used to repay
bridge loan financing and to fund the continued development of the Company's
projects, in particular, Kallak in Sweden and the GAMP in Finland, through to
the first quarter of 2026.
· In order to complete the capital raise, a General Meeting was held
on 8 April 2025 to provide the Board of Directors with the requisite
authorisation and flexibility to increase the Company's share capital.
· The Company subsequently held its Annual General Meeting ("AGM") on
24 June 2025, passing all resolutions, and following the AGM on 17 July 2025,
the Board of Directors approved the award of 2,272,000 options granted under
the Company's Long-Term Incentive Plan ("LTIP") to certain directors and
senior management.
· Beowulf announced the funding strategy for the Company on 26
November 2025, including the proposed sale of Vardar and the Grafintec equity
and loan financing. The Company also announced that it was seeking to secure
short-term funding as these longer-term sources of funding remained
non-binding and were anticipated to take up to six months to close.
· The Company announced on 22 December 2025 that it had entered into
an unsecured convertible loan of £500,000 to provide short-term working
capital. In connection with the loan, the Company granted the provider of the
convertible loan with warrants to subscribe for 4,329,004 ordinary shares.
· Beowulf also announced the appointment of Marex Financial as
Corporate Adviser on 22 December 2025.
Financial
· The consolidated loss for 2025 of £1,747,578 was lower than
£1,789,008 in 2024. This decrease was primarily due to a decrease in salary
costs of £177,485 (2024: £237,128) and finance costs of £32,713 (2024:
£59,147).
· The administration expenses of the Company of £1,382,855 in 2025
are lower than £1,897,365 in 2024. This decrease is primarily due to a
decrease in the following: the expected credit loss on the intercompany loans
of £326,919 (2024: £467,651), salary costs of £117,782 (2024: £166,227),
foreign currency losses of £31,307 (2024: £97,948) and impairment of
investment in Vardar of £nil (2024: £331,764)
· Consolidated basic and diluted loss per share for continuing and
discontinued operations for the quarter ended 31 December 2025 was 0.54 pence
(Q4 2024: loss of 1.04 pence).
· £329,647 in cash was held at 31 December 2025 (31 December 2024:
£881,349).
· Exploration assets decreased to £15,373,303 at 31 December 2025
compared to £16,023,022 at 31 December 2024. This is due to Vardar
exploration assets of £3,590,700 being classified as held for sale during the
period to 31 December 2025. During the period to 31 December 2025, there were
additions of £1,485,770 and foreign currency gains of £1,480,359.
· The cumulative foreign exchange translation losses held in equity
decreased in the year ended 31 December 2025 to £910,017 (31 December 2024:
loss of £2,395,934). Much of the Company's exploration costs are in Swedish
Krona which has strengthened against the pound since 31 December 2024.
· At 31 December 2025, the Company had 59,657,866 Ordinary Shares in
issue of which 44,196,416 Swedish Depository Receipts representing 74% of the
issued share capital of the Company. The remaining issued share capital of the
Company is held in the UK as AIM securities.
Post Period Activities
· Following the end of the Period, the Company announced that three
conversion notices were served for a total of £100,000 of the £500,000
convertible loan note resulting in a total of 1,532,616 new Ordinary Shares
being issued to the Investor. A further conversion notice for £50,000 was
received as announced on 24 February 2026, for a further 793,650 shares that
are expected to be admitted to trading on AIM effective 27 February 2026.
· The Company announced on 21 January 2026 that Grafintec's
application for the tax credit had been initially rejected but that this
decision had been appealed. Further, Grafintec had completed an application
for EU Strategic Project status for GAMP.
Current financial position
As noted in its 26 November 2025 update, the Company has established a funding
strategy to independently finance the next development phase for Grafintec,
and through the sale of Vardar, raise sufficient capital to complete the
Kallak PFS and Environmental Permit application and cover corporate costs for
at least a 12-month period. The convertible loan note secured at the end of
December 2025 provides additional short-term working capital.
The Heads of Terms for the sale of 100% of Vardar has been signed, although
the transaction remains non-binding. The Company maintains a positive dialogue
with the potential buyer and hopes to be able to conclude the transaction in
the coming months though there can be no certainty that the transaction will
proceed or on the final terms of any transaction.
Grafintec continues to meet with a broad range of potential equity investors
with a number progressing to reviewing the company's data-room under
confidentiality agreements. The intention is to secure the €5 million equity
component of the capital requirement for the construction and operation of the
pilot plant over the next two years. Grafintec has been informed that its
application to Business Finland for a Research, Development and Piloting loan
scheme for a loan of €7 million has not been successful on this occasion,
primarily due to failing one of the eligibility criteria. This is the same
reason that was given for the Business Finland tax credit decision, a decision
that Grafintec has appealed and is awaiting a formal response. Grafintec is
hopeful that its appeal will be successful or that it can address the
eligibility criteria in a different way. The Business Finland project team
commended the loan application and recommended that, following resolution of
the eligibility criteria, Grafintec reapply for the Research, Development and
Piloting loan scheme which is the Board's intention. It is also anticipated
that Business Finland will launch a similar tax credit in the current year
although this has not yet been confirmed nor the details published. Since the
time of its initial application, the Company has continued to advance its
plans for the pilot testing phase for the GAMP and is confident that it can
address the eligibility criteria and submit an enhanced application in the
coming months.
The Company continues to review alternative, non-dilutive sources of capital
to support the development of its portfolio at the asset level and hopes to be
able to update the market in due course.
These potential sources of longer-term funding 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. In
addition, whilst the Company hopes to be able to announce positive progress in
the near-term, the timelines to close each transaction remain open. If the
transactions, and in particular, the sale of Vardar, fail to close or closing
is delayed, the Company will need to secure additional financing and working
capital by early April 2026. Accordingly, the Company is currently working
with its advisers in Sweden and the UK to procure additional near-term
financing. While discussions are progressing, there can be no certainty that
such financing can be obtained or on the terms of any financing.
Ed Bowie, Chief Executive Officer of Beowulf, commented:
"Beowulf made continued progress on its two core assets during 2025.
"The completion of the GAMP PFS represents a major milestone for the Company,
underpinning the technical viability and exceptional economics of the project,
and reaffirming our confidence in its potential to deliver significant value
for the Company and its stakeholders. Having secured the site reservation in
Kotka for the future development of the full-scale operation, the next steps
for GAMP are pilot testing, and the Company has developed a plan for the
funding and delivery of this phase. The pilot testing is designed to
demonstrate the scalability of our process and ultimately secure long-term
offtake agreements that will underpin the financing of the full commercial
operation. The team continues to work on this funding and delivery plan, and
we hope to be able to announce positive progress during the coming months.
During the Period, we also held our first public meeting in Keltakallio; it
was positive to see a strong level of open and productive engagement, and we
look forward to building on this relationship with our local communities.
"At Kallak, we have significantly advanced both technical and environmental
workstreams, focusing on optimising each phase of the project's development
and operation. Completing the PFS and submitting the Environmental Permit
application represent two key future milestones for the project and we remain
focused on securing the capital to enable us to achieve this. Kallak has the
potential, through its extremely high-grade, low-impurity concentrate, to be a
major contributor to the decarbonisation agenda for the steel industry. Our
work around the development of a pipeline solution and logistics and
infrastructure optimisation to the Port of Narvik has strategically enhanced
Kallak's offering by potentially improving project economics and helping
mitigate environmental impacts.
"Concluding the sale of Vardar will bring in non-dilutive capital to support
the advancement of Kallak and will also streamline the business. Whilst the
offer remains non-binding, we hope to be able to conclude the transaction in
the coming months, and we look forward to updating the market in due course."
Enquiries:
Beowulf Mining plc
Ed Bowie, Chief Executive Officer ed.bowie@beowulfmining.com (mailto: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
Megan Ray / Rachael Brooks / Alastair Roberts 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
forecasts.
About Beowulf Mining plc
Beowulf Mining plc ("Beowulf" or the "Company") is an exploration and
development company, listed on the AIM market of the London Stock Exchange and
the Spotlight Exchange in Sweden. The Company listed in Sweden in 2008 and at
27 February 2026 was 72.4 per cent owned by Swedish shareholders.
Beowulf's purpose is to generate value for all stakeholders through the
sustainable exploration, development and production of raw materials that are
critical to support the transition to a greener economy.
The Company has two core assets, an iron ore development project in Sweden and
the development of a downstream processing facility for graphite anode
materials in Finland.
The Kallak iron ore project in northern Sweden has the potential to produce a
'market leading' magnetite concentrate of over 70% iron content. Jokkmokk
Iron, the Company's wholly-owned subsidiary, has defined a Mineral Resource,
classified according to the PERC Standards 2017, of a total of 132 million
tonnes ("Mt") grading 28.3% iron ("Fe") in the Measured and Indicated
categories, with an Inferred Mineral Resource of 39 Mt grading 27.1% Fe. The
Company secured the Exploitation Concession for Kallak in 2024 and is working
towards the submission of the Environmental Permit application. A Scoping
Study was completed in 2023 and the Company is focused on the completion of a
Pre-Feasibility Study ("PFS") to demonstrate the technical and economic
viability of the project.
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 completed a PFS in 2025 demonstrating extremely robust
economics and has secured a site for the future construction of the downstream
processing plant in Kotka in southern Finland. 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.
The Company also holds a number of exploration assets including in Kosovo
through its wholly owned subsidiary Vardar.
Beowulf wants to be recognised for living its values of Respect,
Responsibility and Integrity. 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 TWELVE MONTHS TO 31 DECEMBER 2025 AND THE THREE MONTHS TO 31 DECEMBER
2025
Notes (Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 12 months ended 12 months ended
31 December 31 December 31 December 31 December 2024
2025 2024 2025 (Restated)(1)
(Restated)(1)
£
£ £ £
Continuing operations
Administrative expenses (262,422) (338,172) (1,563,475) (1,541,996)
Impairment of exploration assets (12,397) (72,563) (12,397) (72,563)
Impairment of disposal group held for sale 11 (32,423) - (32,423) -
Operating loss from continuing operations (307,242) (410,735) (1,608,295) (1,614,559)
Finance costs 3 (6,941) (497) (60,766) (61,104)
Finance income 3 58 508 2,224 3,404
Grant income 177 3,561 177 3,561
Fair value losses on investments - (3,313) (1,500) (3,313)
Loss on disposal of right of use asset (40) - (3,715) -
Other income 4 - - 16,793 -
Loss from continuing operations before and after taxation (313,988) (410,476) (1,655,082) (1,672,011)
Discontinued operations
(Loss) / profit for the year from discontinued operations 11 (6,180) 5,974 (92,496) (116,997)
Loss for the year (320,168) (404,502) (1,747,578) (1,789,008)
Loss attributable to:
Owners of the parent (320,168) (404,507) (1,747,578) (1,771,325)
Non-controlling interests - 5 - (17,683)
(320,168) (404,502) (1,747,578) (1,789,008)
Loss per share attributable to the owners of the parent:
Continuing operations 5 (0.53) (1.06) (3.16) (4.84)
Basic and diluted (pence)
Continuing and discontinued operations 5
Basic and diluted (pence) (0.54) (1.04) (3.34) (5.13)
(1)The prior year figures have been restated for the discontinued operations,
refer to Note 11 for further details.
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
FOR THE TWELVE MONTHS TO 31 DECEMBER 2025 AND THE THREE MONTHS TO 31 DECEMBER
2025
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
31 December 31 December 31 December 31 December
2025 2024 2025 2024
£ £ £ £
Loss for the period / year (320,168) (404,502) (1,747,578) (1,789,008)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange gain/ (loss) arising on translation of foreign operations 213,724 (219,335) 1,485,917 (958,163)
Total comprehensive loss (106,444) (623,837) (261,661) (2,747,171)
Total comprehensive loss attributable to:
Owners of the parent (106,444) (623,784) (261,661) (2,709,387)
Non-controlling interests - (53) - (37,784)
(106,444) (623,837) (261,661) (2,747,171)
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE LOSS
FOR THE TWELVE MONTHS TO 31 DECEMBER 2025 AND THE THREE MONTHS TO 31 DECEMBER
2025
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months ended 3 months ended 12 months ended 12 months
31 December 31 December 31 December ended
2025 2024 2025 31 December
2024
£ £ £
Notes £
Continuing operations
Administrative expenses (178,343) (611,764) (1,382,855) (1,897,365)
Operating loss (178,343) (611,764) (1,382,855) (1,897,365)
Finance costs 3 (6,600) - (58,686) (59,147)
Finance income 3 250 465 2,128 3,207
Fair value losses on investments - - (1,500) (3,313)
Loss before and after taxation and total comprehensive loss (184,693) (611,299) (1,440,913) (1,956,618)
Loss per share attributable to the owners of the parent:
Basic and diluted (pence) 5 (0.31) (1.57) (2.75) (5.66)
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
(Unaudited) (Audited)
As at As at
31 December 31 December 2024
2025 £
£
ASSETS Notes
Non-current assets
Intangible assets 10 15,373,303 16,023,022
Property, plant and equipment 824 56,685
Investments held at fair value through profit or loss 1,750 3,250
Loans and other financial assets 2,784 5,138
Right of use asset 25,799 48,333
15,404,460 16,136,428
Current assets
Trade and other receivables 88,519 192,512
Cash and cash equivalents 329,647 881,349
Assets classified as held for sale 11 3,599,191 -
4,017,357 1,073,861
TOTAL ASSETS 19,421,817 17,210,289
EQUITY
Shareholders' equity
Share capital 6 13,397,580 12,356,927
Share premium 30,627,454 29,878,404
Merger reserve 425,497 425,497
Capital contribution reserve 46,451 46,451
Share-based payment reserve 1,413,206 1,124,131
Warrant reserve 31,829 -
Translation reserve (910,017) (2,395,934)
Accumulated losses (26,511,632) (24,764,054)
Total equity 18,520,368 16,671,422
TOTAL EQUITY 18,520,368 16,671,422
LIABILITIES
Current liabilities
Trade and other payables 318,189 508,124
Lease liability 8,049 20,727
Convertible loan - debt 8 231,087 -
Convertible loan - derivative 8 228,678 -
Liabilities directly associated with assets held for sale 11 106,163 -
892,166 528,851
Non-Current liabilities
Lease liability 9,283 10,016
TOTAL LIABILITIES 901,449 538,867
TOTAL EQUITY AND LIABILITIES 19,421,817 17,210,289
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Notes (Unaudited) (Audited)
As at As at
31 December 31 December 2024
2025 £
£
ASSETS
Non-current assets
Investments held at fair value through profit or loss 1,750 3,250
Investments in subsidiaries 817,025 4,093,692
Loans and other financial assets 16,187,149 14,995,747
Property, plant and equipment 542 723
17,006,466 19,093,412
Current assets
Trade and other receivables 28,451 20,150
Cash and cash equivalents 235,652 714,339
Assets classified as held for 11 3,738,259 -
sale
4,002,362 734,489
TOTAL ASSETS 21,008,828 19,827,901
EQUITY
Shareholders' equity
Share capital 6 13,397,580 12,356,927
Share premium 30,627,454 29,878,404
Merger reserve 425,497 425,497
Capital contribution reserve 46,451 46,451
Share-based payment reserve 1,413,206 1,124,131
Warrant reserve 31,829 -
Accumulated losses (25,567,951) (24,127,038)
TOTAL EQUITY 20,374,066 19,704,372
LIABILITIES
Current liabilities
Trade and other payables 174,997 123,529
Convertible loan - debt 8 231,087 -
Convertible loan - derivative 8 228,678 -
634,762 123,529
TOTAL LIABILITIES 634,762 123,529
TOTAL EQUITY AND LIABILITIES 21,008,828 19,827,901
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE TWELVE MONTHS TO 31 DECEMBER 2025
Share capital Share premium Merger relief reserve Capital contribution reserve Share-based payment reserve Warrant 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 year - - - - - - - (1,771,325) (1,771,325) (17,683) (1,789,008)
Foreign exchange translation - - - - - - (938,062) - (938,062) (20,101) (958,163)
Total comprehensive loss - - - - - - (938,062) (1,771,325) (2,709,387) (37,784) (2,747,171)
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - - - 4,390,584 - 4,390,584
Cost of issue - (920,899) - - - - - - (920,899) - (920,899)
Issue of share capital for acquisition of NCI 52,327 - 287,797 - - - - - 340,124 - 340,124
Equity-settled share-based payment transactions - - - - 326,628 - - - 326,628 - 326,628
Step up interest in subsidiary - - - - - - 136,522 136,522 (476,646) (340,124)
Transfer on lapse of options - - - - (106,263) - - 106,263 - - -
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 year - - - - - - - (1,747,578) (1,747,578) - (1,747,578)
Foreign exchange translation - - - - - - 1,485,917 - 1,485,917 - 1,485,917
Total comprehensive loss - - - - - - 1,485,917 (1,747,578) (261,661) - (261,661)
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 - - - - 289,075 - - - 289,075 - 289,075
Issue of warrants arising from convertible loan note issue - - - - - 31,829 - - 31,829 - 31,829
At 31 December 2025 (Unaudited) 13,397,580 30,627,454 425,497 46,451 1,413,206 31,829 (910,017) (26,511,632) 18,520,368 - 18,520,368
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE TWELVE MONTHS TO 31 DECEMBER 2025
Share capital Share premium Merger relief reserve Capital contribution reserve Share-based payment reserve Warrant 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 year - - - - - - (1,956,618) (1,956,618)
Total comprehensive loss - - - - - - (1,956,618) (1,956,618)
Transactions with owners
Issue of share capital 732,725 3,657,859 - - - - - 4,390,584
Cost of issue - (920,899) - - - - - (920,899)
Issue of share capital for acquisition of NCI 52,327 - 287,797 - - - - 340,124
Equity-settled share-based payment transactions - - - - 326,628 - - 326,628
Transfer on lapse of options - - - - (106,263) - 106,263
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 year - - - - - - (1,440,913) (1,440,913)
Total comprehensive loss - - - - - - (1,440,913) (1,440,913)
Transactions with owners
Issue of share capital 1,040,653 1,123,738 - - - - - 2,164,391
Cost of issue - (374,688) - - - - - (374,688)
Equity-settled share-based payment transactions - - - - 289,075 - - 289,075
Issue of warrants arising from convertible loan note issue - - - - - 31,829 - 31,829
At 31 December 2025 (Unaudited) 13,397,580 30,627,454 425,497 46,451 1,413,206 31,829 (25,567,951) 20,374,066
BEOWULF MINING PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
AS AT 31 DECEMBER 2025
(Unaudited) (Audited)
31 December 2025 31 December
2024
(Restated)(1)
Cash flows from operating activities £ £
Loss from continuing operations before income tax (1,655,082) (1,672,011)
Loss for the year from discontinued operations (92,496) (116,997)
Depreciation 24,681 26,127
Amortisation 44,112 37,205
Loss on disposal of property, plant and equipment - 778
Loss on disposal of right of use assets 3,826 -
Equity-settled share-based transactions 286,364 326,628
Impairment of exploration costs 12,397 72,563
Impairment of disposal group held for sale 32,423 -
Finance income (2,171) (3,403)
Finance cost 68,228 61,334
Fair value losses 1,500 3,313
Unrealised FX (gains)/losses (41,848) 102,813
Impairment of financial fixed assets 2,523 -
(1,315,543) (1,161,650)
Decrease /(increase) in trade and other receivables 95,147 (39,177)
(Decrease)/increase in trade and other payables (110,176) 8,545
Net cash used in operating activities (1,330,572) (1,192,282)
Cash flows from investing activities
Purchase of intangible assets (1,484,938) (2,265,113)
Initial payments for right of use assets (3,792) (6,108)
Interest received 2,171 3,404
Grant receipt 12,750 152,941
Net cash used in investing activities (1,473,809) (2,114,876)
Cash flows from financing activities
Proceeds from issue of shares 1,999,142 4,246,105
Payment of share issue costs (209,437) (776,421)
Lease principal paid (28,799) (24,945)
Lease interest paid (2,774) (2,187)
Proceeds from borrowings, net of issue costs 736,194 723,881
Repayment of loan principal (705,125) (699,172)
Interest paid (58,852) (59,147)
Proceeds from issue of convertible loan note 500,000 -
Cost of convertible loan note issue (15,007) -
Net cash generated from financing activities 2,215,342 3,408,114
(Decrease)/increase in cash and cash equivalents (589,039) 100,956
Net (decrease)/increase in cash from discontinued operations (3,655) 1,636
Net (decrease)/increase in cash in continued operations (585,384) 99,320
Cash and cash equivalents at beginning of year 881,349 905,555
Effect of foreign exchange rate changes 37,337 (125,162)
Cash and cash equivalents at end of year 329,647 881,349
(1) The prior year figures have been restated for the discontinued operations,
refer to Note 11 for further details.( )
BEOWULF MINING PLC
CONDENSED COMPANY CASH FLOW STATEMENT
AS AT 31 DECEMBER 2025
(Unaudited) (Audited)
31 December 2025 31 December
2024
£ £
Cash flows from operating activities
Loss before income tax (1,440,913) (1,956,618)
Expected credit losses 326,919 467,651
Equity-settled share-based payments 191,924 202,611
Depreciation 181 241
Finance income (2,128) (3,207)
Finance cost 65,287 59,147
Fair value losses 1,500 3,313
Unrealised FX losses (41,848) 102,813
Impairment of investments in subsidiaries - 331,764
(899,078) (792,285)
(Increase)/decrease in trade and other receivables (8,302) 29,007
Increase/(decrease) in trade and other payables 51,469 (4,688)
Net cash used in operating activities (855,911) (767,967)
Cash flows from investing activities
Loans to subsidiaries (1,863,346) (2,633,108)
Interest received 2,128 3,207
Net cash used in investing activities (1,861,218) (2,629,901)
Cash flows from financing activities
Proceeds from issue of shares 1,999,142 4,246,105
Payment of share issue costs (209,437) (776,421)
Proceeds from borrowings 736,194 723,881
Repayment of loan principal (705,125) (699,172)
Interest paid (58,686) (59,147)
Proceeds from issue of convertible loan note 500,000 -
Cost of convertible loan note issue (15,007) -
Net cash generated from financing activities 2,247,081 3,435,246
(Decrease)/increase in cash and cash equivalents (470,048) 37,378
Cash and cash equivalents at beginning of year 714,339 794,909
Effect of foreign exchange rate changes (8,639) (117,948)
Cash and cash equivalents at end of year 235,652 714,339
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR
THE TWELVE MONTHS TO 31 DECEMBER 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 except as stated
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 31 December 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 a material uncertainty relating to
going concern. The comparative group cash flows and group income statement has
been restated for the purposes of the discontinued operations under IFRS 5.
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.
Disposal groups held for sale and discontinued operations
Disposal groups are classified as held for sale if their carrying amount will
be recovered principally through a sale transaction rather than through
continuing use and a sale is considered highly probable. They are measured at
the lower of their carrying amount and fair value less costs to sell. An
impairment loss is recognised for any initial or subsequent write-down of the
disposal group to fair value less costs to sell. Following their
classification as held for sale, non-current assets (including those in a
disposal group) are not depreciated.
Non-current assets classified as held for sale and the assets of a disposal
group classified as held for sale are presented separately from the other
assets in the statement of financial position. The liabilities of a disposal
group classified as held for sale are presented separately from other
liabilities in the statement of financial position.
A discontinued operation is a component of the entity that has been disposed
of or is classified as held for sale and that represents a separate major line
of business or geographical area of operations, is part of a single
co-ordinated plan to dispose of such a line of business or area of operations,
or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are presented separately in the statement of
comprehensive income.
Going concern
On 21 March 2025, in conjunction with the Company's right issue, the Company
entered into a short-term bridging loan of SEK 10 million (approx. £0.74m)
with the underwriters of the rights issue to ensure that the Company 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).
The Company announced in November 2025 that it received a non-binding offer
for the purchase of Vardar and was seeking to secure a Business Finland loan
and raise equity at the Grafintec level. The Company secured the £500,000
convertible loan note on 22 December 2025 to provide short-term working
capital to provide time for the sale of Vardar to proceed, however, at the
date of this report the sale had not been concluded and remains non-binding.
Accordingly, the Company is currently working with its advisers in Sweden and
the UK to procure additional near-term financing. While discussions are
progressing, 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 cost
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
Group 31 December 2025 31 December 2024 31 December 2025 31 December 2024
(Restated)(1) (Restated) (1)
Other interest receivable 58 508 2,224 3,404
Total finance income 58 508 2,224 3,404
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
Parent 31 December 2025 31 December 2024 31 December 2025 31 December 2024
Other interest receivable 250 465 2,128 2,742
Total finance income 250 465 2,128 2,742
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
Group 31 December 2025 31 December 2024 31 December 2025 31 December 2024
(Restated) (1) (Restated) (1)
Bridging loan amortised interest - - 52,251 59,147
Lease liability interest 341 497 1,915 1,957
Convertible loan - interest 6,600 - 6,600 -
Total finance expense 6,941 497 60,766 61,104
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended Ended
Parent 31 December 2025 31 December 31 December 2025 31 December 2024
2024
Bridging loan amortised interest - - 52,086 59,147
Convertible loan - interest 6,600 - 6,600 -
Total finance expense 6,600 - 58,686 59,147
( )
(1)The prior year figures have been restated for the discontinued operations,
refer to Note 11 for further details.
4. Other income
(Unaudited) (Unaudited) (Unaudited) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
31 December 2025 31 December 2024 31 December 2025 31 December
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) (Audited)
3 months 3 months 12 months 12 months
ended ended ended ended
Group 31 December 2025 31 December 2024 31 December 2025 31 December 2024
(Restated)(1) (Restated)(1)
Loss for the Period/year attributable from continuing operations to (313,988) (410,476) (1,655,082) (1,672,011)
shareholders of the Company (£'s)
Loss for the Period/year attributable from continuing and discontinued (320,168) (404,507) (1,747,578) (1,771,315)
operations to shareholders of the Company (£'s)
Weighted average number of ordinary shares 59,657,866 38,844,790 52,396,160 34,550,117
Loss per share from continuing operations (p) (0.53) (1.06) (3.16) (4.84)
Loss per share from continuing and discontinued operations (p) (0.54) (1.04) (3.34) (5.13)
Parent
Loss for the Period/year attributable to shareholders of the Company (£'s) (184,693) (611,299) (1,440,913) (1,956,618)
Weighted average number of ordinary shares 59,657,866 38,844,790 52,396,160 34,550,117
Loss per share (p) (0.31) (1.57) (2.75) (5.66)
(1)The prior year figures have been restated for the discontinued operations,
refer to Note 11 for further details
6. Share capital
(Unaudited) (Audited)
31 December 31 December
2025 2024
£ £
Allotted, issued and fully paid
Ordinary shares of 5p each 2,982,893 1,942,240
Deferred A shares of 0.9p each 10,414,687 10,414,687
13,397,580 12,356,927
The number of shares in issue was as follows:
Number
of shares
Balance at 1 January 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 31 December 2025 59,657,866
Number
of deferred A shares
Balance at 1 January 2024 -
Issued during the year 1,157,187,463
Balance at 31 December 2024 1,157,187,463
Issued during the year -
Balance at 31 December 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.
7. Borrowings
(Unaudited) (Audited)
As at As at
31 December 31 December
2025 2024
£ £
Opening balance at 1 January - -
Funds advanced 736,194 723,881
Finance costs 58,686 59,147
Effect of FX (89,756) (24,709)
Funds repaid (705,125) (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.
8. Convertible loan notes
On 19 December 2025, the Company issued £500,000 unsecured convertible loan
notes (CLN), at the same time, the Company granted 4,329,004 warrants to the
investor at a price of £0.1155 per warrant. The CLN accrues interest at a
rate of 10% per annum and has a term of one year.
From an accounting perspective, the CLN consists of three components:
- Component 1 is the obligation to not repay the CLN in cash and
is recognised as a non-derivative financial liability and therefore measured
at amortised cost.
- Component 2 is recognised as the option to convert the CLN into
Conversion Shares. This is a derivative, as the number of conversion shares
varies based on the share price. The fixed-for-fixed criteria is not met and
therefore the conversion option does not meet the definition of equity. The
conversion option is therefore a derivative liability accounted for at fair
value through profit or loss.
- Component 3 is the option to convert the warrants into a fixed
number of ordinary shares at a fixed price. This component is therefore
classified as equity.
Convertible loan Convertible loan Convertible loan Total
debt derivative equity
£ £ £ £
Principal 231,433 235,753 32,814 500,000
Cost of issue (6,946) (7,075) (985) (15,006)
Interest 6,600 - - 6,600
Carrying value 231,087 228,678 31,829 491,594
The equity component of the CLN has been recognised in the warrant reserve in
the statement of financial position.
Interest on the CLN is recognised using the effective interest method in
accordance with IFRS 9.
9. Share based payments
During the year ended 31 December 2025, 2,272,000 options were granted (year
ended 31 December 2024: 2,560,000). One third of the options vest after one
year, with the remaining two thirds vesting in equal portions after two and
three years. The options outstanding as at 31 December 2025 have an exercise
price in the range of 12 pence to 262.50 pence (31 December 2024: 37.50 pence
to 262.50 pence) and a weighted average remaining contractual life of 8 years,
167 days (31 December 2024: 8 years, 248 days).
The share-based payments expense for the options for the year ended 31
December 2025 was £286,364 (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 31 December 2024 3,170,000 0.65
Exercisable at 31 December 2024 688,333 1.51
Reconciliation of options in issue Number Weighted average exercise price(£'s)
Outstanding at 1 January 2025 3,170,000 0.65
Granted during the period 2,272,000 0.12
Outstanding at 31 December 2025 5,442,000 0.43
Exercisable at 31 December 2025 1,543,333 0.94
4,329,004 warrants were granted during the year (2024: Nil). As the grant of
the warrants was attached to the issue of the CLN, they have been treated as a
component of the CLN and measured in accordance with IAS 32 (see note 8).
10. 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 31 December 2025 (Unaudited) 14,627,273 746,030 15,373,303
Exploration costs (Unaudited) (Audited)
As at As at
31 December 31 December
2025 2024
£ £
Cost
At 1 January 15,521,317 14,797,833
Additions for the year 1,260,152 1,751,954
Foreign exchange movements 1,448,902 (955,907)
Impairment (12,397) (72,563)
Transfer to assets held for sale (3,590,701) -
14,627,273 15,521,317
The net book value of exploration costs is comprised of expenditure on the
following projects:
(Unaudited) (Audited)
As at As at
31 December 31 December
2025 2024
(Restated)
£ £
Project Country
Kallak Sweden 12,590,319 10,271,536
Pitkäjärvi Finland 1,749,466 1,627,258
Rääpysjärvi Finland 224,097 188,016
Luopioinen Finland 10,431 7,157
Emas Finland 52,960 48,898
Pirttikoski Finland - 7,347
Mitrovica Kosovo - 2,425,900
Viti Kosovo - 663,106
Shala Kosovo - 282,099
14,627,273 15,521,317
Total Group exploration costs of £14,639,667 are currently carried at cost in
the financial statements. Impairment of £12,397 has been recognised during
the year for projects relating to Pirttikoski due to the expiration of the
exploration reservation in which the Company made a decision not to apply for
an exploration licence. (Year ended 31 December 2024: £72,563 in
Karhunmäki). During the period to December 2025, Vardar was classified as
held for sale and therefore exploration costs in relation to Mitrovica, Viti
and Shala have been transferred to current assets held for sale.
Accounting estimates and judgements are continually evaluated and are based on
a number of factors, including expectations of future events that are believed
to be reasonable under the circumstances. Management is required to consider
whether there are events or changes in circumstances that indicate that the
carrying value of this asset may not be recoverable.
The most significant exploration asset within the Group is Kallak. During
2024, the Supreme Administrative Court delivered the verdict to uphold the
Government's awarding of the Exploitation Concession for Kallak.
Kallak is included in the condensed financial statements as at 31 December
2025 as an intangible exploration licence with a carrying value of
£12,590,316 (31 December 2024: £10,271,536). Given the Exploitation
Concession was awarded, Management have considered that there is no current
risk associated with Kallak and thus have not impaired the project.
Other intangible assets (Unaudited) (Audited)
As at As at
31 December 31 December
2025 2024
£ £
Cost
At 1 January 501,705 75,493
Additions in the year 225,618 620,561
Grant income received (12,750) (180,644)
Foreign exchange movements 31,457 (13,705)
Total 746,030 501,705
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.
11. Discontinued operations
On 26 November 2025, the Company announced it had received a non-binding cash
offer for its 100% interest in Vardar. Completion of the offer is contingent
upon the satisfactory outcome of the due diligence process. Based on the
information available at the reporting date, the Directors were not aware of
any issues that would prevent a satisfactory conclusion.
In accordance with IFRS 5, the results of Vardar are presented within
discontinued operations in the Consolidated Statement of Profit or Loss (for
which the comparative statements and related notes have been restated). The
net assets of Vardar have been reclassified as assets and liabilities held for
sale. At 31 December 2025, Vardar's net book value of £3,525,450
(€4,042,916) is higher than the non-binding cash offer of £3,493,027
(€4,000,000) and therefore an impairment of £32,423 has been recognised in
the statement of profit or loss.
The investment in Vardar of £3,373,818 and the intercompany loan receivable
of £364,441 have been classified as held for sale in the Company's statement
of financial position.
12. Post balance sheet events
On 6 February 2026, the Company announced that three conversion notices were
served for a total of £100,000 of the £500,000 convertible loan note
resulting in a total of 1,532,616 new Ordinary Shares issued to the Investor.
A further conversion notice for £50,000 was received as announced on 24
February 2026, for a further 793,650 shares that are expected to be admitted
to trading on AIM effective 27 February 2026.
13. Availability of announcement
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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