REG - Beowulf Mining PLC - Update on Financial Position & Total Voting Rights

Beowulf MiningAnnouncement

31/03/2026 07:00

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RNS Number : 7227Y  Beowulf Mining PLC  31 March 2026

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(EU) No. 596/2014, as incorporated into UK law by the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this announcement,
through the agency of the contact person of the Company set out below, this
inside information is now considered to be in the public domain.

 

 

31 March 2026

 

 

Beowulf Mining plc

 

("Beowulf" or the "Company")

 

 

Update on Financial Position and Total Voting Rights

 

Beowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and
development company, provides an update on its financial position and
announces that the total issued share capital of the Company consists of
63,703,707 ordinary shares of 5 pence each, none of which are held in
treasury.

 

Financial Position

 

Further to the Company's preliminary results announcement of 27 February 2026,
the Company is continuing to progress discussions in relation to a potential
financing. The Board cautions that the Company will need to secure additional
financing in the very near term in order to progress its projects and provide
working capital for its operations.

 

While discussions are at an advanced stage and term sheets have been received,
there can be no certainty that such financing can be obtained or on the terms
of any financing. Further updates will be provided as appropriate.

 

The Company's longer-term funding strategy remains 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 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. The Company
continues to engage with Business Finland and review options for addressing
this eligibility criteria and intends to reapply in the coming months.

 

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.

 

Total Voting Rights

 

Beowulf, in accordance with the Financial Conduct Authority's Disclosure and
Transparency Rules, announces that the total issued share capital of the
Company consists of 63,703,707 ordinary shares of 5 pence each, none of which
are held in treasury.

 

The above figure of 63,703,707 may be used by shareholders in the Company as
the denominator for the

calculations by which they will determine if they are required to notify their
interest in, or a change in their

interest in, the share capital of the Company under the FCA's Disclosure and
Transparency Rules.

 

 

 

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 (020) 4530 9160

 

BlytheRay

Megan Ray / Rachael Brooks
            Tel: +44 (0) 20 7138 3204

 
beowulf@blytheray.com (mailto:beowulf@blytheray.com)

 

Cautionary Statement

 

Statements and assumptions made in this document with respect to the Company's
current plans, estimates, strategies and beliefs, and other statements that
are not historical facts, are forward-looking statements about the future
performance of Beowulf. Forward-looking statements include, but are not
limited to, those using words such as "may", "might", "seeks", "expects",
"anticipates", "estimates", "believes", "projects", "plans", strategy",
"forecast" and similar expressions. These statements reflect management's
expectations and assumptions in light of currently available information. They
are subject to a number of risks and uncertainties, including, but not limited
to , (i) changes in the economic, regulatory and political environments in the
countries where Beowulf operates; (ii) changes relating to the geological
information available in respect of the various projects undertaken; (iii)
Beowulf's continued ability to secure enough financing to carry on its
operations as a going concern; (iv) the success of its potential joint
ventures and alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any mineral
project at an early stage of its development, the actual results could differ
materially from those presented and forecast in this document. Beowulf assumes
no unconditional obligation to immediately update any such statements and/or
forecast.

 

 

 

 

 

 

 

 

 

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