Beowulf Mining (BEM) Q4 2025 earnings summary

Executive summary

• Advanced technical and environmental work for Kallak iron ore project in Sweden, finalizing plant design and logistics studies, with a focus on minimizing environmental impact and engaging stakeholders.

• Completed Pre-Feasibility Study (PFS) for the Graphite Anode Materials Plant (GAMP) in Finland, showing robust economics and securing a site reservation in Kotka.

• Undertook low-cost exploration in Kosovo, with permit applications pending and a non-binding €4 million offer received for the Vardar subsidiary.

• Raised SEK 28.1 million (~£2.2 million) in May 2025 to repay bridge loans and fund project development; secured a £500,000 convertible loan in December for short-term working capital.

Financial highlights

• Consolidated loss for 2025 was £1,747,578, down from £1,789,008 in 2024, mainly due to lower salary and finance costs.

• Administration expenses fell to £1,382,855 from £1,897,365 year-over-year.

• Basic and diluted loss per share for 2025 was 3.34p, improved from 5.13p in 2024.

• Cash at year-end was £329,647, down from £881,349 at the end of 2024.

• Exploration assets decreased to £15.37 million due to Vardar being classified as held for sale.

Outlook and guidance

• Funding strategy focuses on Grafintec equity raise and Vardar sale to finance next development phases and cover costs for at least 12 months.

• If Vardar sale or other funding is delayed, additional financing will be needed by early April 2026.

• Grafintec is appealing a rejected tax credit and plans to reapply for a €7 million loan; alternative non-dilutive funding sources are being explored.