Beowulf Mining (BEM) Q2 2025 earnings summary

Executive summary

• Completed a capital raise of SEK 28.1 million (£2.2 million) to fund operations through Q1 2026, including repayment of a bridging loan.

• Advanced Kallak Iron Ore Project in Sweden with finalised engineering and design work, and identified a slurry pipeline as the preferred transport solution.

• Completed Pre-Feasibility Study (PFS) for the Graphite Anode Materials Plant (GAMP) in Finland, showing strong economics and secured a strategic site post-period.

• Continued low-cost exploration in Kosovo, with licence applications pending due to regulatory backlog.

Financial highlights

• Consolidated loss before tax for H1 2025 increased to £1,087,801 (H1 2024: £976,478).

• Administrative expenses rose to £605,537 in Q2 2025 (Q2 2024: £520,157), mainly due to higher professional and legal fees.

• Basic and diluted loss per share for Q2 2025 was 1.25 pence (Q2 2024: 1.37 pence, restated for share consolidation).

• Cash at 30 June 2025 was £773,201 (31 December 2024: £881,349).

• Exploration assets increased 6.7% to £17,098,417 at 30 June 2025 (31 December 2024: £16,023,022).

Outlook and guidance

• Proceeds from the capital raise expected to fund operations through Q1 2026.

• Management continues to seek additional capital from institutional, strategic, and governmental sources.

• Further funding required within 12 months to progress key projects; material uncertainty exists regarding going concern.