Beowulf Mining (BEM) Q2 2026 earnings summary

Executive summary

• Secured a binding £3.7 million Strategic Investment from Bacchus Capital & Affiliates, part of a £4.3 million total financing, pending final regulatory approval in Sweden.

• Progressed technical and environmental workstreams at the Kallak Iron Ore Project in Sweden and advanced the Graphite Anode Materials Plant (GAMP) in Finland.

• Vardar Minerals in Kosovo remains subject to a non-binding €4 million acquisition offer, with assets classified as held for sale.

Financial highlights

• Consolidated loss before tax for H1 2026 was £834,022, down from £1,030,205 in H1 2025, mainly due to lower professional and staff costs.

• Administrative expenses for Q2 2026 were £267,542, significantly lower than £575,076 in Q2 2025.

• Basic and diluted loss per share for Q2 2026 was 0.52 pence, compared to 1.25 pence in Q2 2025.

• Cash at 30 June 2026 was £208,290, down from £773,201 at 30 June 2025.

• Exploration assets decreased to £15,185,001 at 30 June 2026, reflecting reclassification of Vardar as held for sale.

Outlook and guidance

• Financing expected to close shortly after anticipated Swedish FDI approval by mid-September 2026, providing funding through end of 2027.

• Focus on advancing Kallak to Pre-Feasibility Study and progressing GAMP development.