Unaudited Results for Period Ended 31 March 2025

Beowulf Mining (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, announces its unaudited financial results for the three months ended 31 March 2025 (the "Period").

Activities in the Period

Corporate

• During the Period, the Company initiated a capital raise to fund the continued development of the Company's projects, in particular the Kallak Iron Ore Project ("Kallak") in Sweden and the Graphite Anode Materials Plant ("GAMP") in Finland.

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 in preparation for both the Pre-Feasibility Study ("PFS") and Environmental Impact Assessment ("EIA") and subsequent submission of the environmental permit application for Kallak.

Finland

• On 10 March, Beowulf, through its wholly owned Finnish subsidiary Grafintec Oy ("Grafintec"), announced the results of the PFS for the GAMP.
• The PFS focused on an initial Phase 1 development producing 25,000 tonnes per year of Coated Spherical Purified Graphite ("CSPG") with the potential to expand further to 75,000 tonnes per year.
• The study demonstrated extremely positive economics for Phase 1 with a post-tax Net Present Value using a discount rate of 8% ("NPV8") of €924 million and post-tax Internal Rate of Return ("IRR") of 37% over 25 years with an initial capital expenditure of €225 million and pay-back period of 3 years from initial production.
• Phase 2 offers further economic upside with a post-tax NPV8 of €2.2 billion and post-tax IRR of 38% over 25 years.
• Further potential upside is identified from the vertical integration of Grafintec's graphite projects and access to government and EU support through grant funding schemes and tax incentives aimed at large industrial investments supporting the transition to a net-zero economy.

Kosovo

• The Company, through its wholly owned subsidiary Vardar Minerals Limited ("Vardar"), continued low-cost exploration activity on its Shala licences during the Period.

Post Period

• Following the end of the Period, the capital raise was concluded on 8 May 2025, raising a total of SEK 28.1 million (approximately £2.2 million) by way of a conditional placing and subscription of new ordinary shares, a rights issue of Swedish Depository Receipts in Sweden and a retail offer in the UK via the Winterflood Retail Access Platform. The use of proceeds from the capital raise will fund the Company's operations through to the first quarter of 2026.
• In order to complete the capital raise, a General Meeting was held to provide the Board of Directors with the requisite authorisation and flexibility to increase the Company's share capital.
• A further extension of the Pitkäjärvi licence in Finland was granted on 26 June 2024. This was appealed, however, the Eastern Finland Administrative Court rejected the appeal on 9 April 2025. No further appeals have been received and therefore the permit became legally binding for 3 years effective from 9 April 2025.

Financial

• The underlying administration expenses of £440,914 are higher than the previous period of £397,823. This increase is due to share-based payment expenses of £92,809 (Q1 2024: £10,153), offset by legal and professional fees of £167,096 (Q1 2024: £170,035) and foreign currency gain on bank revaluations of £18,197 (Q1 2024: loss of £15,616).
• The consolidated loss before tax increased in the Period to £450,276 (Q1 2024: £429,825). This increase is primarily due to expenses outlined in the preceding point offset with a decrease in finance costs in relation to the bridging loan of £3,853 (Q1 2024: £32,400), combined with an increase in loss on disposal of right of use assets of £3,675 (Q1 2024: £nil) and fair value loss on listed investments of £1,125 (Q1 2024: £nil).
• The consolidated basic and diluted loss per share for the quarter ended 31 March 2025 was 1.16 pence (Q1 2024: loss of 1.78 pence).
• £668,926 in cash was held at 31 March 2025 (31 March 2024: £851,803).
• Exploration assets increased to £16,763,811 at 31 March 2025 compared to £14,625,600 at 31 March 2024.
• The cumulative translation losses held in equity decreased by £774,216 in the quarter ended 31 March 2025 to £1,621,718 (31 December 2024: £2,395,934). Much of the Company's exploration costs are in Swedish Krona which has strengthened against the pound since 31 December 2024.
• At 31 March 2025, there were 31,704,602 Swedish Depository Receipts representing 81.62% per cent of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"The highlight of the Period was the conclusion of the GAMP PFS which has demonstrated that we have a technically and economically robust project to produce anode precursor within Finland. The importance of developing secure domestic supply chains has been highlighted during 2025 by the escalating trade tensions globally. Grafintec is well-placed to play an important role in ensuring Europe has the raw materials it requires for the growing lithium-ion battery sector.

"Completing the capital raise has also been an important step for the Company and it is particularly pleasing that we have been able to attract a number of financial institutions to the register. I would also like to thank our existing and new retail shareholders for their ongoing support.

"We look forward to updating the market on progress across the business over the coming months."

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS TO 31 MARCH 2025

Loss per share attributable to the owners of the parent:

Other comprehensive loss

Items that may be reclassified subsequently to profit or loss:

Loss per share attributable to the owners of the parent:

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM

FOR THE THREE MONTHS TO 31 MARCH 2025

• Nature of operations
• Basis of preparation

The condensed consolidated financial information has been prepared on the basis of the recognition and measurement requirements of UK-adopted International Accounting Standards ("IFRS"). The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Group's audited financial statements for the year ended 31 December 2024.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the UK Companies Act 2006. The financial information for the quarter ended 31 March 2025 is unaudited and has not been reviewed by the auditors.

The financial information for the twelve months ended 31 December 2024 is an extract from the audited financial statements of the Group and Company. The auditor's report on the statutory financial statements for the year ended 31 December 2024 was unqualified but did include a material uncertainty relating to going concern.

On 21 March 2025, in conjunction with the Company's right issue, the Company entered into a short-term bridging loan of SEK 10 million (approx. £0.74m) with the underwriters of the rights issue to ensure that the Company has sufficient financial resources to continue advancing its projects ahead of the right issue being finalised (see note 8). The bridging loan accrues interest of 1.5% per 30-day period and is repayable on 30 June 2025. The bridging loan is due to be repaid using part of the proceeds from the capital raise on the right issue, noted below.

On 8 May 2025 the Company announced the completion of the capital raise with a total of £2.2 million (SEK 28.1 million) gross raised to fund the development of the Company's assets through their next key valuation milestones. The net funds raised after the loan repayment and share issue transaction costs are £1.8 million (see note 9).

Therefore, at the date of this report, based on management prepared cashflow forecasts, further funding will be required within the next 12 months to allow the Group and Company to realise its assets and discharge its liabilities in the normal course of business. There are currently no agreements in place and there is no certainty that the funds will be raised within the appropriate timeframe. These conditions indicate the existence of a material uncertainty which may cast significant 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 will continue to explore funding opportunities at both asset and corporate levels. The Directors have a reasonable expectation that funding will be forthcoming based on their past experience 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.

Finance costs

On 5 March 2024, each of the existing ordinary shares of 1p each in capital of the Company was sub-divided and re-classified into 0.1p New Ordinary Share and 0.9p Deferred A Share. The deferred A shares do not entitle the holders thereof to receive notice of or attend and vote at any general meeting of the Company or to receive dividends or other distributions or to participate in any return on capital on a winding up unless the assets of the Company are in excess of £100,000,000. The Company retains the right to purchase the deferred shares from any shareholder for a consideration of one pound in aggregate for all that shareholder's deferred shares.

On 3 April 2024, the Company announced the completion of the Rights Issue to issue 12,500,000 ordinary shares of £0.30. The PrimaryBid offer raised £3.8 million before expenses. In addition to this, 583,333 ordinary shares were issued for underwriting commitments. As part of the PrimaryBid offer, 1,571,172 ordinary shares were issued to existing retail investors raising £0.20 million.

On 9 April 2024, the Company issued 1,046,535 ordinary shares to the Vardar minority holders for the consolidation of 100 per cent ownership of Vardar.

On 14 June 2024, the Company consolidated its ordinary share capital resulting in every 50 existing ordinary shares of £0.001 each being consolidated into 1 new ordinary share of £0.05 each.

Share based payments

During the Period, no options were granted (Q1 2024: Nil; year ended 31 December 2024: 2,560,000). The options outstanding as at 31 March 2025 have an exercise price in the range of 37.5 pence to 262.5 pence (31 December 2024: 37.5 pence to 262.5 pence) and a weighted average remaining contractual life of 8 years, 158 days (31 December 2024: 8 years, 284 days).

The share-based payment expense for the options for the period ended 31 March 2025 was £92,808 (Q1 2024: £10,153; year ended 31 December 2024: £326,628).

The reconciliation of options in issue presented for the year ended 31 December 2024 has been retrospectively adjusted for the effect of a 50 to 1 share consolidation.

No warrants were granted during the period (2024: Nil).

Intangible Assets: Group

The net book value of exploration costs is comprised of expenditure on the following projects:

Total Group exploration costs of £16,763,811 are currently carried at cost in the financial statements. No impairment has been recognised during the period (2024: £72,563 in Karhunmäki).

Kallak is included in the condensed financial statements as at 31 March 2025 as an intangible exploration licence with a carrying value of £11,439,547 (31 December 2024: £10,271,536). Management have considered that there is no current risk associated with Kallak and thus have not impaired the project.

On 21 March 2025, the Company secured a Bridging loan from Nordic investors of SEK 10 million (approximately £0.74 million). The Loan has a fixed interest rate of 1.5 per cent per stated 30-day period during the duration. Accrued interest is compounding. The Loan has a commitment fee of 5.0 per cent and a Maturity Date of 30 June 2025.

At 31 March 2025, SEK 1.7 million (approximately £0.1 million) of the bridging loan was pending receipt.

Post balance sheet events

Subsequent to the reporting date, on 28 April 2025, the outstanding balance of the bridging loan amounting to SEK 1.7 million (approximately £0.1 million), which was pending receipt at 31 March 2025, was received in full.

On 8 May 2025 the Company announced the completion of the capital raise with a total of £2.2 million (SEK 28.1 million) gross raised to fund the development of the Company's assets through their next key valuation milestones. The net funds raised after the loan repayment and share issue transaction costs are £1.0 million. The use of proceeds from the capital raise will fund the Company's operations through to the first quarter of 2026.

• Availability of interim report