Beowulf Mining (BEM) Q1 2026 earnings summary

Executive summary

• Advanced technical and environmental workstreams for the Kallak Iron Ore Project in Sweden, including mining fleet optimisation and sustainability strategy publication.

• Grafintec in Finland published a sustainability strategy and applied for EU Strategic Project status for its Graphite Anode Materials Plant.

• Vardar Mineral in Kosovo remained subject to a non-binding €4 million sale offer; classified as held for sale.

• The company is in advanced discussions for strategic funding, with a need to secure financing by mid-June 2026 to continue operations.

Financial highlights

• Administration expenses decreased to £375,583 from £414,306 year-over-year, mainly due to lower share-based payments and legal fees.

• Consolidated loss before tax increased to £536,816 (Q1 2025: £423,349), primarily due to a £124,217 loss on convertible loan conversion.

• Basic and diluted loss per share from all operations was 0.95p (Q1 2025: 1.16p loss).

• Cash at 31 March 2026 was £87,100, down from £668,926 a year earlier.

• Exploration assets decreased to £15.46 million, reflecting reclassification of Vardar assets as held for sale.

Outlook and guidance

• The board is focused on securing long-term funding to advance its asset portfolio, with hopes to finalize a strategic investment in the coming weeks.

• There is material uncertainty regarding going concern status if funding is not secured by mid-June 2026.