Beowulf Mining (BEM) Q3 2025 earnings summary

Executive summary

• Advanced Kallak Iron Ore Project in Sweden, focusing on pre-feasibility and environmental permitting, with significant progress on transport and environmental solutions.

• Grafintec in Finland secured a site for the Graphite Anode Materials Plant and applied for a €131.5 million tax credit to support development.

• Exploration in Kosovo continued, with licence renewals pending due to regulatory backlog.

Financial highlights

• Underlying administration expenses for Q3 2025 were £340,209, down from £408,605 in Q3 2024, mainly due to lower professional fees, share-based payments, and staff costs.

• Consolidated loss before tax for the nine months to 30 September 2025 was £1,427,410, broadly in line with £1,384,496 for the same period in 2024.

• Basic and diluted loss per share for Q3 2025 was 0.57 pence, improved from 1.05 pence in Q3 2024.

• Cash at 30 September 2025 was £362,020, down from £1,763,718 a year earlier.

• Exploration assets increased to £18,355,205 from £15,586,309 year-over-year.

Outlook and guidance

• Additional funding is required in the near term to complete Kallak PFS, environmental permitting, and to advance GAMP; current funds expected to last until early 2026.

• Several funding options are being pursued, including asset sales, equity raises, and government-backed loans, but no certainty of completion.

• Management remains focused on advancing core assets and securing both interim and long-term financing.