Beowulf Mining (BEM) Q3 2024 earnings summary

Executive summary

• Significant progress at Kallak iron ore project in Sweden, with metallurgical test-work confirming high-grade, low-impurity concentrate and PFS on track for Q2 2025.

• Graphite Anode Materials Plant (GAMP) in Finland advanced, with PFS expected in Q1 2025 and successful water treatment optimization reducing costs and environmental impact.

• Exploration in Kosovo focused on infill soil and grab sampling at Shala East.

• Post-period, further grant funding secured for Finnish graphite projects and continued stakeholder engagement for Kallak.

Financial highlights

• Underlying administration expenses in Q3 2024 decreased to £408,605 from £580,203 in Q3 2023, mainly due to lower professional, legal, and PR fees.

• Consolidated loss before tax for the nine months to 30 September 2024 reduced to £1,384,496 from £2,385,743 year-over-year.

• Basic and diluted loss per share for Q3 2024 was 1.05 pence, compared to 2.45 pence in Q3 2023 (restated for share consolidation).

• Cash at 30 September 2024 was £1,763,718, up from £1,719,066 a year earlier.

• Exploration assets increased to £15,586,309 at 30 September 2024 from £14,356,876 at 30 September 2023.

Outlook and guidance

• Kallak PFS expected to conclude in Q2 2025, with environmental permitting process underway and ongoing stakeholder consultations.

• GAMP PFS targeted for completion in Q1 2025, with coating test-work ongoing and additional grant funding secured.