29 May 2025

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 31 March 2025

Beowulf Mining (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, announces its unaudited financial results for the three months ended 31 March 2025 (the "Period").

Activities in the Period  

Corporate

·      During the Period, the Company initiated a capital raise to fund the continued development of the Company's projects, in particular the Kallak Iron Ore Project ("Kallak") in Sweden and the Graphite Anode Materials Plant ("GAMP") in Finland.

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 Kallak.

Finland

·      On 10 March, Beowulf, through its wholly owned Finnish subsidiary Grafintec Oy ("Grafintec"), announced the results of the PFS for the 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.

Post Period

·      Following the end of the Period, the capital raise was concluded on 8 May 2025, 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. 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.

·      A further extension of the Pitkäjärvi licence in Finland was granted on 26 June 2024. This was appealed, however, the Eastern Finland Administrative Court rejected the appeal on 9 April 2025. No further appeals have been received and therefore the permit became legally binding for 3 years effective from 9 April 2025.

Financial

·      The underlying administration expenses of £440,914 are higher than the previous period of £397,823. This increase is due to share-based payment expenses of £92,809 (Q1 2024: £10,153), offset by legal and professional fees of £167,096 (Q1 2024: £170,035) and foreign currency gain on bank revaluations of £18,197 (Q1 2024: loss of £15,616).  

·      The consolidated loss before tax increased in the Period to £450,276 (Q1 2024: £429,825). This increase is primarily due to expenses outlined in the preceding point offset with a decrease in finance costs in relation to the bridging loan of £3,853 (Q1 2024: £32,400), combined with an increase in loss on disposal of right of use assets of £3,675 (Q1 2024: £nil) and fair value loss on listed investments of £1,125 (Q1 2024: £nil).

·      The consolidated basic and diluted loss per share for the quarter ended 31 March 2025 was 1.16 pence (Q1 2024: loss of 1.78 pence).

·      £668,926 in cash was held at 31 March 2025 (31 March 2024: £851,803).

·      Exploration assets increased to £16,763,811 at 31 March 2025 compared to £14,625,600 at 31 March 2024.

·      The cumulative translation losses held in equity decreased by £774,216 in the quarter ended 31 March 2025 to £1,621,718 (31 December 2024: £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 March 2025, there were 31,704,602 Swedish Depository Receipts representing 81.62% per cent 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 conclusion of the GAMP PFS which has demonstrated that we have a technically and economically robust project to produce anode precursor within Finland. The importance of developing secure domestic supply chains has been highlighted during 2025 by the escalating trade tensions globally. Grafintec is well-placed to play an important role in ensuring Europe has the raw materials it requires for the growing lithium-ion battery sector.

"Completing the capital raise has also been an important step for the Company and it is particularly pleasing that we have been able to attract a number of financial institutions to the register. I would also like to thank our existing and new retail shareholders for their ongoing support.

"We look forward to updating the market on progress across the business over the coming months."  

Enquiries:

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 at 31 March 2025 was 81.62 per cent owned by Swedish shareholders.

Beowulf's purpose is to be a responsible and innovative company that creates value for our shareholders, wider society and the environment, through sustainably producing critical raw materials, which includes iron ore, graphite and base metals, needed for the transition to a Green Economy.

The Company has an attractive portfolio of assets, including commodities such as iron ore, graphite, gold and base metals, with activities in exploration, the development of mines and downstream production in Sweden, Finland and Kosovo.

The Company's most advanced project is the Kallak iron ore asset in northern Sweden from which test-work has produced a 'market leading' magnetite concentrate of over 70% iron content.  In the Kallak area, the Mineral Resources of the deposits have been classified according to the PERC Standards 2017, as was reported by the Company via RNS on 25 May 2021, based on a revised resource estimation by Baker Geological Services. The total Measured and Indicated Resource reports at 132 million tonnes ("Mt") grading 28.3% iron ("Fe"), with an Inferred Mineral Resource of 39 Mt 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 CO₂ 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.

Beowulf wants 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/

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS TO 31 MARCH 2025