Interim report
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RNS Number : 5048SBeowulf Mining PLC28 August 2026 28 August 2026 Beowulf Mining plc ("Beowulf" or the "Company") Unaudited Financial Results for the Period Ended 30 June 2026 Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the six months ended 30 June 2026 (the "Period"). Activities in the Period Corporate · Following the issue of the Convertible Loan announced on 22 December 2025, a total of seven conversion notices were received by the Company for a total of £300,000 resulting in the issue of 5,045,841 shares to Alumni Capital Limited (the "Noteholder") during the Period. · On 5 June 2026, the Company announced that it had agreed non-binding terms for a proposed strategic investment ("Strategic Investment") from Bacchus Capital Advisers Limited ("Bacchus Capital") and affiliated entities (together "Bacchus Capital & Affiliates") as part of a wider financing (the "Financing"). · In connection with the Financing, the Company and the Noteholder entered into a settlement agreement on 5 June 2026, pursuant to which the Noteholder agreed to certain standstill arrangements while the Strategic Investment is progressed and to the settlement of outstanding convertible notes on completion of the Financing. · The Strategic Investment for a total of £3.7 million, forming part of a broader Financing for a total of £4.3 million, became binding on 12 June 2026, but remained subject to a number of regulatory and shareholder approvals. These approvals included: - the UK Panel on Takeovers and Mergers (the "Panel") granting a waiver of the mandatory offer provisions set out in Rule 9 of the Takeover Code that would otherwise arise as a result of the issue of the shares to Bacchus Capital & Affiliates pursuant to the proposed Strategic Investment (the "Rule 9 Waiver"); - the Rule 9 Waiver being approved by the Company's independent shareholders; - the passing of resolutions by the Company's shareholders necessary to (i) enable the issue of new ordinary shares in the Company pursuant to the Financing; and (ii) the sub-division of the Company's ordinary shares to reduce their nominal value (the "Capital Reorganisation"); and - regulatory approvals, including Foreign Direct Investment ("FDI") approval in Sweden. · As part of the Strategic Investment, Bacchus Capital and a third-party investor have acquired in total: - a 2.25% royalty over the Company's Finnish assets for US$200,000 (approx. £149,231) pursuant to two royalty agreements dated 5 June 2026. The Company has an option to repurchase 50% of the Finnish royalties for a total of US$3.0 million (approx. £2.2 million); and - a 2.25% royalty over the Company's Swedish assets for US$100,000 (approx. £74,615), pursuant to a royalty agreement dated 5 June 2026. The Company has the option to repurchase and cancel the Swedish royalty for i) a payment of US$115,000 (approx. £85,767) cash for a period of 30 days after the completion of the
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proposed Strategic Investment, or ii) after the 30-day period for a payment US$3.0 million (approx. £2.2 million). Sweden · During the Period, through its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron"), the Company continued to progress technical and environmental workstreams for the Kallak Iron Ore Project ("Kallak"). · Jokkmokk Iron published a Sustainability Strategy setting out the company's vision, principles and approach to managing specific environmental and social impacts relating to the Kallak project. The document is available in English and Swedish on the Jokkmokk Iron website: https://jokkmokkiron.se/. · Technical activity focused on mining fleet optimisation with ongoing studies completed in collaboration with two market-leading Nordic truck manufacturers for Kallak. In addition, further work was conducted on the transport solutions for iron ore concentrate from the project to the port of Narvik. · The Company announced on 18 March 2026 that a consortium led by Jokkmokk Iron has been conditionally awarded funding of €1.1 million from the European Institute of Innovation and Technology ("EIT") as part of the €2.4 million NordicPipe project ("NordicPipe"). On 27 April 2026, the consortium agreed to proceed with the project but withdrew from the EIT support. NordicPipe's objective is to advance technical and environmental knowledge, that will enable the development and roll-out of slurry pipelines as a sustainable transportation solution for mineral ores and concentrates in the Nordic region. Finland · Beowulf's wholly owned Finnish subsidiary, Grafintec Oy ("Grafintec"), published a Sustainability Strategy setting out the company's vision, principles and approach to managing its environmental and social impacts. The document is available in English and Finnish on the Grafintec website: https://www.grafintec.fi/. · Grafintec submitted an application for EU Strategic Project status for the Graphite Anode Materials Plant ("GAMP") during the Period. · The Company announced that its applications to Business Finland for a Tax Credit and Research, Development and Piloting Loan had been unsuccessful due to the Company failing an eligibility criteria. Business Finland noted the merit of the GAMP project and, subject to the eligibility criteria issue being addressed, the Company intends to reapply. · During the week commencing 20 April 2026, Grafintec updated local stakeholders on activity at the Aitolampi and Rääpysjärvi projects and in particular on a mining and processing study completed for the Aitolampi project. · On 30 June 2026, the Company announced that it had received approval from the City of Kotka to extend the reservation of the site for its planned GAMP in the Keltakallio industrial area. Kosovo · Vardar Minerals Limited ("Vardar"), Beowulf's wholly owned subsidiary with a number of exploration licences under application in Kosovo, remained subject to a non-binding offer for its acquisition for €4 million during the Period. The Company maintains a dialogue with the offeror and continues to review other options for Vardar. Vardar is also maintaining discussions with authorities in Kosovo and is confident that the licences will be granted in due course. Financial · The administration expenses of £267,542 in quarter ended 30 June 2026 was lower than Q2 2025 at £575,076. This decrease is primarily due to professional fees of £82,276 (Q2 2025: £212,613), directors and staff costs of £69,235 (Q2 2025: £100,366), legal fees of £nil (Q2 2025: £18,563), and a foreign currency loss of £11,636 (Q2 2025: loss of £44,426). · The consolidated loss before tax decreased in the six-month Period to 30 June 2026 at £834,022 (H1 2025: £1,030,205). This decrease is primarily due to professional fees of £226,300 (H1 2025: £377,708) and directors and
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staff costs of £133,663 (H1 2025: £192,676). · The consolidated basic and diluted loss per share from continuing and discontinued operations for the quarter ended 30 June 2026 was 0.52 pence (Q2 2025: 1.25 pence). · During the Period, the Company announced a proposed Financing to raise a total of £4.3 million, including a binding Strategic Investment of £3.7 million. The Financing is expected to complete during September 2026. As part of the terms of the Strategic Investment, the Company received US$300,000 (£222,637) through the sale of royalties on its Swedish and Finnish exploration assets during the Period. · £208,290 in cash was held at 30 June 2026 (30 June 2025: £773,201). · The Company, with the support of its advisers, managed the Company's cash and creditor position during the Period to ensure the Company retained sufficient cash to continue trading until the Financing is completed. · Exploration assets decreased to £15,185,001 at 30 June 2026 compared to £17,776,183 at 30 June 2025. This is due to Vardar exploration asset of £3,590,701 being classified as held for sale as at 31 December 2025. During the Period to 30 June 2026, there were additions of £200,204 (H2 FY25: £588,782), foreign currency losses of £447,485 (H2 FY25: foreign currency gain £601,666) and impairment of £nil (H2 FY25: 12,397). · The cumulative translation losses held in equity increased by £491,134 in the Period ended 30 June 2026 to £1,405,705 (31 December 2025: loss of £914,571). Much of the Company's exploration costs are in Swedish Krona which has weakened against the GB Pound Sterling since 31 December 2025. · At 30 June 2026, the Company had 64,703,707 Ordinary Shares in issue of which 47,797,688 were Swedish Depository Receipts representing 74% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK as AIM securities. Post Period · On 7 July 2026, the Company: - announced that it had received binding subscriptions, subject to regulatory and other approvals, for gross proceeds of £4.3 million, including the Strategic Investment by Bacchus Capital & Affiliates for £3.7 million; - announced that the Panel had granted a waiver of the mandatory offer provisions set out in Rule 9 of the Takeover Code; and - released a Shareholder Circular in which resolutions including approval of the Rule 9 Waiver and the capital reorganisation were proposed. · A 1,072-metre seven hole infill drilling campaign was initiated and completed at the Kallak project with the objective of converting near surface Inferred resource into higher confidence Measured and Indicated categories for inclusion in a future Mineral Resource Estimate and ultimately the Pre-Feasibility Study. · The Company held its Annual General Meeting and the General Meeting to seek shareholder approval for the Financing on 23 July 2026 with all resolutions being passed. · Further to the passing of the Capital Reorganisation resolution at the General Meeting, each of the Company's 64,703,707 Existing Ordinary Shares were sub-divided into one New Ordinary Share of 0.1 pence each and one Deferred B Share of 4.9 pence each. The New Ordinary Shares have the same rights as to voting, dividends and return on capital as the Existing Ordinary Shares. Admission of the 64,703,707 New Ordinary Shares to trading on AIM took place on 24 July 2026. · Completion of the Financing remains subject to FDI approval in Sweden. As detailed in the announcement of 12 August 2026, such approval is expected by on or around 11 September 2026 and the Financing is expected to close within two to three days of receipt of the FDI approval. Ed Bowie, Chief Executive Officer of Beowulf, commented: "Securing the Strategic Investment from Bacchus Capital & Affiliates is transformational for Beowulf. The Company will be fully funded to advance its assets through to the end of 2027, delivering key workstreams to demonstrate and unlock the value of the portfolio. The final Swedish FDI approval is anticipated within the coming month and will enable us to close the Financing and make additional progress at our flagship assets. "The completion of the infill drilling campaign at Kallak provides us with positive momentum going into the second half of the year. I look forward to beginning this next chapter in Beowulf's growth, supported by the augmented Board and management team."
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Enquiries: Beowulf Mining plc Ed Bowie, Chief Executive Officer ed.bowie@beowulfmining.com SP Angel (Nominated Adviser & Joint Broker) Ewan Leggat / Stuart Gledhill / Adam Cowl Tel: +44 (0) 20 3470 0470 BlytheRay Megan Ray / Rachael Brooks Tel: +44 (0) 20 7138 3204 Email: Beowulf@BlytheRay.com Cautionary Statement Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast. About Beowulf Mining plc Beowulf Mining plc is an exploration and development company, listed on the AIM market of the London Stock Exchange and the Spotlight Exchange in Sweden. Beowulf's purpose is to generate value for all stakeholders through the sustainable exploration, development and production of raw materials that are critical to support the transition to a greener economy. The Company has two core assets, an iron ore development project in Sweden and the development of a downstream processing facility for graphite anode materials in Finland. The Kallak iron ore project in northern Sweden has the potential to produce a 'market leading' magnetite concentrate of over 70% iron content. Jokkmokk Iron, the Company's wholly-owned subsidiary, has defined a Mineral Resource, classified according to the PERC Standards 2017, of a total of 132 million tonnes ("Mt") grading 28.3% iron ("Fe") in the Measured and Indicated categories, with an Inferred Mineral Resource of 39 Mt grading 27.1% Fe. The Company secured the Exploitation Concession for Kallak in 2024 and is working towards the submission of the Environmental Permit application. A Scoping Study was completed in 2023 and the Company is focused on the completion of a Pre-Feasibility Study ("PFS") to demonstrate the technical and economic viability of the project. In Finland, Grafintec, a wholly-owned subsidiary, is developing the Graphite Anode Material Plant to supply anode material to the lithium-ion battery industry. The Company completed a PFS in 2025 demonstrating extremely robust economics and has secured a site for the future construction of the downstream processing plant in Kotka in southern Finland. While the intention is to initially import graphite concentrate from a third-party mine, Grafintec has a portfolio of graphite projects in Finland including one of Europe's largest flake graphite resources in the Aitolampi project in eastern Finland. Grafintec is working towards creating a sustainable value chain in Finland from high quality natural flake graphite resources to anode material production, leveraging renewable power, targeting Net Zero CO2 emissions across the supply chain. The Company also holds a number of exploration assets including in Kosovo through its wholly owned subsidiary Vardar.
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Beowulf wants to be recognised for living its values of Respect, Responsibility and Integrity. The Company's ESG Policy is available on the website following the link below: https://beowulfmining.com/about-us/esg-policy/. BEOWULF MINING PLCCONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS TO 30 JUNE 2026 Notes (Unaudited) 3 months ended 30 June 2026 £ (Unaudited and restated) 3 months ended 30 June 2025 £ (Unaudited) 6 months ended 30 June 2026 £ (Unaudited and restated) 6 months ended 30 June 2025 £ (Audited) 12 months ended 31 December 2025 £ Continuing operations Administrative expenses (267,542) (575,076) (643,125) (989,382) (1,563,475) Impairment of exploration assets - - - - (12,397) Operating loss (267,542) (575,076) (643,125) (989,382) (1,575,872) Finance costs 3 (21,879) (48,896) (58,909) (53,418) (60,766) Finance income 18 698 32 977 2,224 Grant income - - - - 177 Fair value loss on listed investment - (375) - (1,500) (1,500) Loss on disposal of right of use - - - (3,675) (3,715) Loss on conversion of CLN (7,803) - (132,020) - - Other income 4 - 16,793 - 16,793 16,793 Loss before and after taxation from continuing operations (297,206) (606,856) (834,022) (1,030,205) (1,622,659) Discontinued operations Loss for the period/year from discontinued operations (21,435) (30,669) (48,392) (57,596) (124,919) Loss for the period/year (318,641) (637,525) (882,414) (1,087,801) (1,747,578) Loss per share attributable to the owners of the parent: Continuing operations Basic and diluted (pence) 5 (0.49) (1.19) (1.39) (2.29) (3.10) Discontinued operations Basic and diluted (pence) 5 (0.04) (0.06) (0.08) (0.13) (0.24) BEOWULF MINING PLCCONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSSFOR THE SIX MONTHS TO 30 JUNE 2026 (Unaudited) 3 months ended 30 June 2026 (Unaudited) 3 months ended 30 June 2025 (Unaudited) 6 months ended 30 June 2026 (Unaudited) 6 months ended 30 June 2025 (Audited) 12 months ended 31 December 2025
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£ £ £ £ £ Loss for the period/year (318,641) (637,525) (882,414) (1,087,801) (1,747,578) Other comprehensive loss Items that may be reclassified subsequently to profit or loss: Exchange (losses)/gains arising on translation of foreign operations (410,158) 101,699 (491,134) 875,915 1,481,363 Total comprehensive loss (728,799) (535,826) (1,373,548) (211,886) (266,215) BEOWULF MINING PLCCONDENSED COMPANY STATEMENT OF COMPREHENSIVE LOSS FOR THE SIX MONTHS TO 30 JUNE 2026 Notes (Unaudited) 3 months ended 30 June 2026 £ (Unaudited) 3 months ended 30 June 2025 £ (Unaudited) 6 months ended 30 June 2026 £ (Unaudited) 6 months ended 30 June 2025 £ (Audited) 12 months ended 31 December 2025 £ Continuing operations Administrative expenses (299,369) (516,800) (633,212) (915,446) (1,628,086) Operating loss (299,369) (516,800) (633,212) (915,446) (1,628,086) Finance costs 3 (21,612) (48,233) (58,343) (52,086) (58,686) Finance income 5 684 7 717 2,128 Fair value loss on listed investment - (375) - (1,500) (1,500) Loss on conversion of CLN (7,803) - (132,020) - - Loss before and after taxation and total comprehensive loss (328,779) (564,724) (823,568) (968,315) (1,686,144) Loss per share attributable to the owners of the parent: Basic and diluted (pence) 5 (0.54) (1.11) (1.01) (2.15) (3.22) BEOWULF MINING PLCCONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 (Unaudited) As at 30 June 2026 £ (Unaudited) As at 30 June 2025 £ (Audited) As at 31 December 2025 £ ASSETS Notes Non-current assets
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Intangible assets 9 15,185,001 17,776,183 15,373,303 Property, plant and equipment 747 45,718 824 Right of use asset 10,215 53,468 21,245 Investments held at fair value through profit or loss 1,750 1,750 1,750 Loans and other financial assets 2,784 7,814 2,784 15,200,497 17,884,933 15,399,906 Current assets Trade and other receivables 69,628 123,876 88,519 Cash and cash equivalents 208,290 773,201 329,647 Assets classified as held for sale 3,554,376 - 3,600,177 3,832,294 897,077 4,018,343 TOTAL ASSETS 19,032,791 18,782,010 19,418,249 EQUITY Shareholders' equity Share capital 6 13,649,872 13,397,580 13,397,580 Share premium 30,820,532 30,627,454 30,627,454 Capital contribution reserve 46,451 46,451 46,451 Share-based payment reserve 1,535,040 1,261,540 1,413,206 Warrant reserve 68,640 - 68,640 Merger reserve 425,497 425,497 425,497 Translation reserve (1,405,705) (1,520,019) (914,571) Accumulated losses (27,441,752) (25,851,855) (26,511,632) TOTAL EQUITY 17,698,575 18,386,648 18,552,625 LIABILITIES Current liabilities Trade and other payables 996,684 354,989 318,189 Lease liability 8,021 23,772 8,049 Borrowings 11 171,031 - 333,958 Derivative financial liabilities 44,623 - 88,996 Liabilities directly associated with assets held for sale 108,952 - 107,149 1,329,311 378,761 856,341 Non-current liabilities Lease liability 4,907 16,601 9,283 4,907 16,601 9,283 TOTAL LIABILITIES 1,334,218 395,362 865,624 TOTAL EQUITY AND LIABILITIES 19,032,793 18,782,010 19,418,249 BEOWULF MINING PLCCONDENSED COMPANY STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2026 Notes (Unaudited) As at 30 June 2026 £ (Unaudited) As at 30 June 2025 £ (Audited) As at 31 December 2025 £ ASSETS Non-current assets Property, plant and equipment 474 633 542 Investment in subsidiaries 857,063 4,137,333 817,025 Investments held at fair value through profit or loss 1,750 1,750 1,750 Loans and other financial assets 16,355,298 15,889,377 16,187,149 17,214,585 20,029,093 17,006,466 Current assets
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Trade and other receivables 25,354 61,162 28,451 Cash and cash equivalents 179,504 693,517 235,652 Assets classified as held for sale 3,445,424 - 3,493,028 3,650,282 754,679 3,757,131 TOTAL ASSETS 20,864,867 20,783,772 20,763,597 EQUITY Shareholders' equity Share capital 6 13,649,872 13,397,580 13,397,580 Share premium 30,820,533 30,627,454 30,627,454 Capital contribution reserve 46,451 46,451 46,451 Share-based payment reserve 1,535,040 1,261,540 1,413,206 Warrant reserve 68,640 - 68,640 Merger reserve 425,497 425,497 425,497 Accumulated losses (26,684,456) (25,095,353) (25,813,182) TOTAL EQUITY 19,861,577 20,663,169 20,165,646 LIABILITIES Current liabilities Trade and other payables 787,636 120,603 174,997 Borrowings 11 171,031 - 333,958 Derivative financial liabilities 44,623 - 88,996 TOTAL LIABILITIES 1,003,290 120,603 597,951 TOTAL EQUITY AND LIABILITIES 20,864,867 20,783,772 20,763,597 BEOWULF MINING PLCCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 JUNE 2026 Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve Warrant reserve Tr £ £ £ £ £ £ At 1 January 2025 12,356,927 29,878,404 46,451 1,124,131 425,497 - Loss for the period - - - - - - Foreign exchange translation - - - - - - Total comprehensive loss - - - - - - Transactions with owners Issue of share capital 1,040,653 1,123,738 - - - - Cost of issue - (374,688) - - - - Equity-settled share-based payment transactions - - - 137,409 - - At 30 June 2025 (Unaudited) 13,397,580 30,627,454 46,451 1,261,540 425,497 - Loss for the period - - - - - - Foreign exchange translation - - - - - - Total comprehensive loss - - - - - - Transactions with owners Issue of share capital - - - - - - Cost of issue - - - - - - Equity-settled share-based payment transactions - - - 151,666 - - Issue of warrants arising from convertible loan note issue - - - - - 68,640 At 31 December 2025 (Audited) 13,397,580 30,627,454 46,451 1,413,206 425,497 68,640 Loss for the period - - - - - -
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Foreign exchange translation - - - - - - Total comprehensive loss - - - - - - Transactions with owners Issue of shares on conversion of convertible notes 252,292 193,078 - - - - Equity-settled share-based payment transactions - - - 121,834 - - At 30 June 2026 (Unaudited) 13,649,872 30,820,532 46,451 1,535,040 425,497 68,640 BEOWULF MINING PLCCONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 JUNE 2026 Share capital Share premium Capital contribution reserve Share-based payment reserve Merger reserve £ £ £ £ £ At 1 January 2025 12,356,927 29,878,404 46,451 1,124,131 425,497 Loss for the period - - - - - Total comprehensive loss - - - - - Transactions with owners Issue of share capital 1,040,653 1,123,738 - - - Cost of issue - (374,688) - - - Equity-settled share-based payment transactions - - - 137,409 - Transfer from lapse of options - - - - - At 30 June 2025 (Unaudited) 13,397,580 30,627,454 46,451 1,261,540 425,497 Loss for the period - - - - - Total comprehensive loss - - - - - Transactions with owners Issue of share capital - - - - - Cost of issue - - - - - Issue of warrants arising from CLN Issue - - - 151,666 - Equity-settled share-based payment transactions - - - - - At 31 December 2025 (Audited) 13,397,580 30,627,454 46,451 1,413,206 425,497 Loss for the period - - - - - Total comprehensive loss - - - - - Transactions with owners Issue of shares on conversion of convertible notes 252,292 193,078 - - - Equity-settled share-based payment transactions - - - 121,834 - At 30 June 2026 (Unaudited) 13,649,872 30,820,533 46,451 1,535,040 425,497 BEOWULF MINING PLCCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS TO 30 JUNE 2026 (Unaudited) (Unaudited) (Audited) 6 months to 6 months to Year ended 30 June2026 30 June2025 31 December2025 £ £ £Cash flows from operating activities Loss before income tax (882,414) (1,087,801) (1,747,578)Depreciation of property, plant and equipment 11,666 12,819 24,681Amortisation of right-of-use asset 12,823 22,813 44,112Equity-settled share-based transactions 119,125 137,409 286,364Impairment of exploration costs - - 12,397Gain on disposal of right of use assets - 3,752 3,826
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Impairment of disposal groups held for sale 22,236 - 32,423Finance income (32) (977) (2,224) Finance cost 59,103 53,945 61,625 Fair value loss on listed investment - 1,500 1,500 Loss on conversion of CLN 132,020 - - Impairment of fixed financial assets - - 2,523Unrealised foreign exchange gains/(losses) 44,416 681 (10,202) (481,057) (855,859) (1,290,553)Decrease trade and other receivables 14,258 72,493 95,144 Increase/(decrease) in trade and other payables 538,183 (170,467) (110,175) Net cash generated from/(used in) operating activities 71,384 (953,833) (1,305,584) Cash flows from investing activities Purchase of intangible fixed assets (293,344) (889,719) (1,484,938) Initial payments for right of use assets - (3,727) (3,792) Interest received 32 921 2,224 Grant receipt 2,834 10,138 12,750 Net cash used in investing activities (290,478) (882,387) (1,473,756) Cash flows from financing activities Proceeds from issue of shares - 1,999,142 1,999,142 Payment of share issue costs - (209,437) (209,437) Proceeds from royalty agreement 149,231 - - Proceeds from borrowings - - 742,795Repayment of loan principal - - (711,725) Lease principal paid (8,454) (12,963) (28,799) Lease interest paid (667) (1,688) (2,774) Proceeds from issue of convertible loan notes, net ofissue costs - - 484,994 Other interest paid (93) (52,256) (52,251) Net cash from financing activities 140,017 1,722,798 2,221,945 Decrease in cash and cash equivalents (79,077) (113,422) (557,395)Cash and cash equivalents at beginning of period/year 329,647 881,349 881,349Effect of foreign exchange rate changes (42,280) 5,274 5,693 Cash and cash equivalents at end of period/year 208,290 773,201 329,647 BEOWULF MINING PLCCONDENSED COMPANY STATEMENT OF CASH FLOWSFOR THE SIX MONTHS TO 30 JUNE 2026 (Unaudited) (Unaudited) (Audited) 6 months to 6 months to Year ended 30 June2026 30 June2025 31 December2025 £ £ £ Cash flows from operating activities Loss before income tax (823,568) (968,315) (1,686,144) Expected credit losses 34,440 173,983 326,919 Equity-settled share-based transactions 79,086 93,767 191,924 Depreciation of property, plant and equipment 68 90 181 Impairment of assets held for sale 76,914 - 245,231 Impairment of investment in subsidiaries 2,711 - - Finance income (7) (717) (2,128)Finance cost 58,343 52,086 58,686 Loss on conversion of CLN 132,020 - - Fair value loss on listed investment - 1,500 1,500 Unrealised foreign exchange losses 44,416 681 (22,432) (395,577) (646,925) (886,263) Decrease/(increase) in trade and other receivables 3,097 (41,013) (8,303)Increase/(decrease) in trade and other payables 463,407 (2,926) 51,469Net cash generated from/(used in) operatingactivities 70,927 (690,864) (843,097) Cash flows from investing activities Loans to subsidiaries (279,503) (1,054,335) (1,882,762) Interest received 7 717 2,128
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Net cash used in investing activities (279,496) (1,053,618) (1,880,634) Cash flows from financing activities Proceeds from issue of shares - 1,999,142 1,999,142 Payment of share issue costs - (209,437) (209,437) Proceeds from royalty agreement 149,231 - -Proceeds from borrowings - - 742,795Repayment of loan principal - - (711,725)Interest paid - (52,086) (52,086) Proceeds from issue of convertible loan notes, net ofissue costs - - 484,994 Net cash from financing activities 149,231 1,737,619 2,253,683 Decrease in cash and cash equivalents (59,338) (6,863) (470,048) Cash and cash equivalents at beginning of period/year 235,652 714,339 714,339Effect of foreign exchange rate changes 3,190 (13,959) (8,639) Cash and cash equivalents at end of period/year 179,504 693,517 235,652 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FOR THE SIX MONTHS TO 30 JUNE 2026 1. Nature of Operations Beowulf Mining plc (the "Company") is domiciled in England and Wales. The Company's registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. This consolidated financial information comprises that of the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies'). The Group is engaged in the acquisition, exploration and evaluation of natural resources assets and has not yet generated revenues. 2. Basis of preparation The condensed consolidated financial information has been prepared on the basis of the recognition andmeasurement requirements of UK-adopted International Accounting Standards (UK-IAS). The accountingpolicies, methods of computation and presentation used in the preparation of the interim financial informationare the same as those used in the Group's audited financial statements for the year ended 31 December 2025. The financial information in this statement does not constitute full statutory accounts within the meaning ofSection 434 of the UK Companies Act 2006. The financial information for the Period ended 30 June 2026 isunaudited and has not been reviewed by the auditors. The financial information for the twelve months ended 31 December 2025 is an extract from the auditedfinancial statements of the Group and Company. The comparative group income statement has been restatedfor the purposes of the discontinued operations under IFRS 5. The financial statements are presented in GB Pounds Sterling. They are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied. Going concern The Company announced in June 2026 that it had entered into a binding agreement to raise a total of £3.7 million by way of a Strategic Investment from a consortium led by Bacchus Capital as part of total Financing of £4.3 million. The funding is subject to a number of conditions and approvals, a number of which have already been received including: the Takeover Panel granting a waiver of the mandatory offer provisions set out in Rule 9 of the Takeover Code that would otherwise arise under Rule 9 of the Takeover Code for the Bacchus Capital and its Affiliates to make a mandatory offer for the entire issued and to be issued share capital of the Company as a result of the issue of the shares pursuant to the proposed strategic investment, subject to the approval of independent shareholders ("Rule 9 Waiver"); independent shareholder approval of the Rule 9 Waiver; and the passing of resolutions necessary to enable the issue of the new shares, to effect a capital reorganisation and the settlement with the Convertible Loan Noteholder, conduct a share split to reduce the nominal value of the Ordinary Shares ("Capital Reorganisation"). Foreign Direct Investment ("FDI") approvals in Sweden remain outstanding but are anticipated to be received by 11 September 2026 with the completion of the Strategic Investment and Financing to close within two to three days of the receipt of the FDI approval.
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In addition to this long-term funding, the Company secured interim financing for the period in which approvals are sought. Bacchus Capital and a third-party investor have acquired in total: a 2.25% royalty over the Company's Finnish assets for US$200,000 (approx. £149,231) pursuant to two royalty agreements dated 5 June 2026. The Company has an option to repurchase 50% of the Finnish royalties for a total of US$3.0 million (approx. £2.2 million). In addition, Bacchus Capital has acquired a 2.25% royalty over the Company's Swedish assets for US$100,000 (approx. £74,615), pursuant to a royalty agreement dated 5 June 2026. The Company has the option to repurchase and cancel the Swedish royalty for i) a payment of US$115,000 (approx. £85,767) cash for a period of 30 days after the completion of the proposed Strategic Investment or, ii) after the 30-day period for a payment US$3.0 million (approx. £2.2 million). The Strategic Investment remains subject to FDI approvals which indicate the existence of a material uncertainty, which may cast some doubt over the Group's and the Company's ability to continue as going concerns and therefore, the Group and the Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The Directors have a reasonable expectation that completion of the funding is procedural and therefore believe that the going concern basis of preparation is deemed appropriate and as such the financial statements have been prepared on a going concern basis. The financial statements do not include any adjustments that would result if the Group and the Company were unable to continue as going concern. 3. Finance costs (Unaudited) (Unaudited and restated) (Unaudited) (Unaudited and restated) (Audited) 3 months 3 months 6 months 6 months 12 months ended ended ended ended ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 31 December 2025 £ £ £ £ £ Group Lease liability interest 219 663 473 1,161 1,915 Bridging loan amortised interest - 48,233 - 52,086 52,251 Convertible loan interest 21,612 - 58,343 - 6,600 Other interest paid 48 - 93 171 - 21,879 48,896 58,909 53,418 60,766 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 3 months 3 months 6 months 6 months 12 months ended ended ended ended ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 31 December 2025 £ £ £ £ £ Company Bridging loan amortised interest - 48,233 - 52,086 52,086 Convertible loan interest 21,612 - 58,343 - 6,600 21,612 48,233 58,343 52,086 58,686 4. Other income (Unaudited) (Unaudited and restated) (Unaudited) (Unaudited and restated) (Audited) 3 months 3 months 6 months 6 months 12 months ended ended ended ended ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 31 December 2025 £ £ £ £ £
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Other income - 16,793 - 16,793 16,793 - 16,793 - 16,793 16,793 5. Loss per share (Unaudited) (Unaudited and restated) (Unaudited) (Unaudited and restated) (Audited) 3 months 3 months 6 months 6 months 12 months ended ended ended ended ended Group 30 June 2026 30 June 2025 30 June 2026 30 June 2025 31 December 2025 Loss for the period/year attributable to shareholders of the Company (£'s): From continuing operations (297,206) (606,856) (834,022) (1,030,205) (1,622,659) From discontinued operations (21,435) (30,669) (48,392) (57,596) (124,919) Weighted average number of ordinary shares 60,357,866 51,101,379 60,007,866 44,973,085 44,973,085 Loss per share (p): From continuing operations (p) (0.49) (1.19) (1.39) (2.29) (3.10) From discontinued operations (p) (0.04) (0.06) (0.08) (0.13) (0.24) Company Loss for the period/year attributable to shareholders of the Company (£'s) (328,779) (564,724) (823,568) (968,315) (1,686,144) Weighted average number of ordinary shares 60,357,866 51,101,379 81,238,119 44,973,084 44,973,084 Loss per share (p) (0.54) (1.11) (1.01) (2.15) (3.22) 6. Share capital (Unaudited) (Unaudited) (Audited) As at30 June 2026 As at30 June 2025 As at31 December 2025 £ £ £ Allotted, issued and fully paid Ordinary shares of 5p each 3,235,185 2,982,893 2,982,893 Deferred A shares of 0.9p each 10,414,687 10,414,687 10,414,687 Total 13,649,872 13,397,580 13,397,580 The number of shares in issue was as follows: Number of ordinary shares Balance at 1 Jan 2025 38,844,790 Issued during the period - Balance at 30 June 2025 38,844,790 Issued during the period 20,813,076 Balance at 31 December 2025 59,657,866 Issued during the period 5,045,841 Balance at 30 June 2026 64,703,707 Number of deferred A shares Balance at 1 January 2025 - Issued during the period 1,157,187,463
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Balance at 30 June 2025 1,157,187,463 Issued during the period - Balance at 31 December 2025 1,157,187,463 Issued during the period - Balance at 30 June 2026 1,157,187,463 7. Convertible loan notes On 19 December 2025, the Company issued £500,000 unsecured convertible loan notes ("CLN"), at the same time, the Company granted 4,329,004 warrants to the investor with a 3-year term and an exercise price of £0.1155 per warrant. The CLN accrues interest at a rate of 10% per annum and has a term of one year. From an accounting perspective, the CLN consists of three components: - Component 1 is the host debt obligation to not repay the CLN in cash and is recognised as a non- derivative financial liability and therefore measured at amortised cost using the effective interest method. - Component 2 is recognised as the option to convert the CLN into Conversion Shares. This is a derivative, as the number of conversion shares varies based on the share price. The fixed-for-fixed criteria is not met and therefore the conversion option does not meet the definition of equity. The conversion option is therefore a derivative liability accounted for at fair value through profit or loss. - Component 3 is the option to convert the warrants into a fixed number of ordinary shares at a fixed price. This component is therefore classified as equity. Convertible loan debt Convertible loan derivative Convertible loan equity Total £ £ £ £ At 1 January 2025 - - - - Principal 337,487 91,750 70,763 500,000 Cost of issue (10,129) (2,754) (2,123) (15,006) Interest 6,600 - - 6,600 At 31 December 2025 333,958 88,996 68,640 491,594 Interest 58,343 - - 58,343 Fair value movement - (44,373) - (44,373) Conversion (221,270) - - (221,270) At 30 June 2026 171,031 44,623 68,640 284,294 The equity component of the CLN has been recognised in the warrant reserve in the statement of financialposition. Interest on the CLN is recognised using the effective interest method in accordance with IFRS 9. The value of the CLN Conversion Option is a function of the Company's future share price. The value of the of the CLN Conversion Option depends on whether the lowest trading price in the 20 days before Conversion is higher or lower than the nominal value of the shares of the Company, being £0.05. Thus, a computational model is required which creates numerous iterations of possible daily share price evolution paths over the term of the CLN. The fair value of the Conversion Option can then be calculated for each iteration with the average of these values being the final fair value. This is known as the Monte Carlo method. During the Period, £300,000 of the principal amount of the CLN was converted into 5,045,841 ordinary shares of the Company. A loss on conversion of £132,020 was recognised in the statement of profit or loss. 8. Share based payments During the Period, nil options were granted (year ended 31 December 2025: 2,272,000). The options outstanding as at 30 June 2026 have an exercise price in the range of 5.0 pence to 262.5 pence (31 December 2025: 5.0 pence to 262.5 pence) and a weighted average remaining contractual life of 7 years, 351 days (31 December 2025: 8 years, 67 days).
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The share-based payment expense for the options for the quarter ended 30 June 2026 was £47,511 (Q2 2025: £44,601; year ended 31 December 2025: £286,364). The fair value of share options granted and outstanding were measured using the Black-Scholes model, with the following inputs: 2025 2024 2024 2024 2023 2022 2022 Fair value at grant date 9p 24p 25.5p 15p 26p 179.5p 156p Share price 10p 35p 36.5p 35p 84p 200p 200p Exercise price 12p 37.5p 37.5p 37.5p 103p 5p 262.5p Expected volatility 129.6% 77.5% 79.9% 77.5% 55.2% 100.0% 100.0% Expected option life 6 years 6 years 6 years 2 years 2.5 years 5 years 6 years Contractual option life 10 years 10 years 10 years 10 years 5 years 10 years 10 years Risk free interest rate 4.130% 4.080% 4.100% 4.480% 4.800% 4.520% 4.480% Reconciliation of options in issue Number Weighted average exercise price(£'s) Outstanding at 1 January 2025 3,170,000 0.65 Granted during the period 2,272,000 0.12 Outstanding at 31 December 2025 5,442,000 0.43 Exercisable at 31 December 2025 1,543,333 0.93 Reconciliation of options in issue Number Weighted average exercise price(£'s) Outstanding at 1 January 2026 5,442,000 0.43 Outstanding at 30 June 2026 5,442,000 0.43 Exercisable at 30 June 2026 2,356,670 0.75 4,329,004 warrants were granted during the prior year. As the grant of the warrants was attached to the issue of the CLN, they have been treated as a component of the CLN and measured in accordance with IAS 32 (see note 7). 9. Intangible Assets: Group Explorationassets Otherintangibleassets Total Net book value £ £ £ As at 31 December 2025 (Audited) 14,627,273 746,030 15,373,303 As at 30 June 2026 (Unaudited) 14,379,988 805,013 15,185,001 Exploration costs As at 30 June 2026 As at 31 December 2025 (Unaudited) (Audited) £ £ Cost Opening balance 15,373,303 15,521,317 Additions for the period/year 271,787 1,260,152 Grant income received (2,834) - Foreign exchange movements (457,255) 1,448,902 Impairment - (12,397) Reclassified as held for sale - (3,590,701) Closing balance 15,185,001 14,627,273
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The net book value of exploration costs is comprised of expenditure on the following projects: (Unaudited) (Audited) As at 30 June 2026 As at 31 December 2025 £ £ Project Country Kallak Sweden 12,335,296 12,590,319 Pitkäjärvi Finland 1,752,309 1,749,466 Rääpysjärvi Finland 229,025 224,097 Luopioinen Finland 11,149 10,431 Emas Finland 52,209 52,960 14,379,988 14,627,273 Total Group exploration costs of £14,379,988 are currently carried at cost in the financial statements. No impairment has been recognised during the Period (31 December 2025: £12,397). Accounting estimates and judgements are continually evaluated and are based on a number of factors, including expectations of future events that are believed to be reasonable under the circumstances. Management is required to consider whether there are events or changes in circumstances that indicate that the carrying value of this asset may not be recoverable. The most significant exploration asset within the Group is Kallak. During 2024, the Supreme Administrative Court delivered the verdict to uphold the Government's awarding of the Exploitation Concession for Kallak. Kallak is included in the condensed financial statements as at 30 June 2026 as an intangible exploration licence with a carrying value of £12,335,296 (31 December 2025: £12,590,319). Given the Exploitation Concession was awarded and based on Management's assessment of IFRS 6 impairment indicators, Management has concluded that there is no current risk associated with Kallak and thus have not impaired the project. During the year ended 31 December 2025, Vardar was classified as held for sale, and therefore exploration costs in relation to Mitrovica, Viti and Shala are £nil at 31 December 2025 and 30 June 2026 (see note 10). Other intangible assets (Unaudited)As at30 June2026 (Audited)As at31 December 2025 £ £Cost At 1 January 746,030 501,705 Additions for the period/year 68,750 225,618 Grant income received - (12,750)Foreign exchange movements (9,767) 31,457Total 805,013 746,030 Other intangible assets capitalised are development costs incurred following the feasibility of GAMP project. This development has attained a stage where it satisfies the requirements of IAS 38 to be recognised as an intangible asset whereby it has the potential to be completed and used, provide future economic benefits, whereby its costs can be measured reliably and there is the intention and ability to complete. The development costs will be held at cost less impairment until the completion of the GAMP project at which stage they will be transferred to the value of the GAMP. 10. Discontinued operations On 26 November 2025, the Company announced it had received a non-binding cash offer of €4,000,000 (approx. £3,445,424) for its 100% interest in Vardar. Completion of the offer is contingent upon the satisfactory outcome of the due diligence process. Based on the information available at the reporting date, the Directors were not aware of any issues that would prevent a satisfactory conclusion.
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In accordance with IFRS 5, the results of Vardar are presented within discontinued operations in the Consolidated Statement of Profit or Loss (for which the comparative statements and related notes have been restated). The net assets of Vardar have been reclassified as assets and liabilities held for sale. As at 30 June 2026, the net book value of Vardar's net assets of £3,500,102 (31 December 2025: £3,525,450) is higher than the non-binding cash offer of £3,445,424 (31 December 2025: £3,493,028) and therefore an impairment of £54,678 (31 December 2025: £32,423) has been recognised in the statement of profit or loss. Group (Unaudited)As at30 June 2026 (Audited)As at31 December 2025 £ £ Assets classified as held for sale Intangible assets 3,581,382 3,590,701 Property, plant and equipment 5,814 33,783 Right-of-use assets 21,858 8,116 Impairment of disposal group to fair value less cost to sell (54,678) (32,423) Total assets of disposal group held for sale 3,554,376 3,600,177 Liabilities directly associated with assets classified as held for sale Trade and other payables (105,133) (98,770) Lease liabilities (3,819) (8,379) Total liabilities of disposal group held for sale (108,952) (107,149) Net disposal group held for sale 3,445,424 3,493,028 The investment in Vardar of £3,376,529 and the intercompany loan receivable of £391,040 (31 December 2025: £364,441) have been classified as held for sale in the Company's statement of financial position. The total carrying amount of £3,767,569 (31 December 2025: £3,738,259) is higher than the non-binding cash offer of £3,445,424 (31 December 2025: £3,493,028), and therefore an impairment of £76,914 (31 December 2025: £245,231) has been recognised in the statement of profit or loss. 11. Borrowings Group and Company (Unaudited) (Audited) As at30 June2026 As at31 December2025£ £ Current Convertible loan notes - debt 171,031 333,958 Total borrowings 171,031 333,958 12. Post balance sheet events On 7 July 2026, the Company announced receipt of binding subscriptions, subject to a number of approvals, for the £4.3 million gross equity fundraising and includes the £3.7 million strategic investment by Bacchus Capital Advisers Limited and its affiliates. On 12 August 2026, the Company announced completion of the Financing remains subject to Foreign Direct Investment ("FDI") approval in Sweden. Such approval is expected by on or around 11 September, and the Financing is expected to close within two to three days of receipt of the FDI approval. Following the Period end, each of the Company's 64,703,707 Existing Ordinary Shares were sub-divided into one New Ordinary Share of 0.1 pence each and one Deferred B Share of 4.9 pence each. The New Ordinary Shares have the same rights as to voting, dividends and return on capital as the Existing Ordinary Shares. Admission of the 64,703,707 New Ordinary Shares to trading on AIM took place on 24 July 2026. 13. Availability of interim report A copy of these results will be made available for inspection at the Company's registered office during normalbusiness hours on any weekday. The Company's registered office is at 201 Temple Chambers, 3-7 Temple
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Avenue, London, EC4Y 0DT. A copy can also be downloaded from the Company's website atwww.beowulfmining.com. Beowulf Mining plc is registered in England and Wales with registered number02330496. ** Ends ** This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END