Beowulf Mining (BEM) Q4 2025 earnings summary

Executive summary

• Advanced and de-risked core assets: Kallak iron ore project in Sweden and Grafintec's graphite anode material plant (GAMP) in Finland, with significant technical and permitting progress in 2025.

• Kallak PFS and environmental permit application preparations are well underway, with technical and environmental workstreams largely completed.

• Grafintec completed a robust PFS for GAMP, demonstrating strong economics and securing a strategic site in Kotka, Finland.

• Streamlined portfolio with a non-binding offer to sell Vardar Minerals and a proposed strategic investment from Bacchus Capital to fund operations through 2027.

Financial highlights

• Group loss after tax attributable to owners: £1,747,578 for 2025 (2024: £1,771,325).

• Administrative expenses: £1,563,475 (2024: £1,541,996).

• Year-end cash position: £0.33 million (2024: £0.88 million).

• Capital raise of £2.2 million in May 2025 and £0.5 million convertible loan note in December 2025.

• Total equity at year-end: £18.55 million (2024: £16.67 million).

Outlook and guidance

• Strategic investment of £3.7 million (part of £4.3 million total raise) announced in June 2026, subject to approvals, expected to fund operations through 2027.

• Kallak PFS and Environmental Permit application targeted for completion in 2026, subject to funding.

• GAMP pilot testing planned for 2026, with DFS and permitting to follow.

• Intention to complete the sale of Vardar Minerals.