Unaudited Results for Period Ended 30 June 2025

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the six months ended 30 June 2025 (the "Period").

Activities in the Period

Corporate

• During the Period, the Company completed a capital raise, raising a total of SEK 28.1 million (approximately £2.2 million) by way of a conditional placing and subscription of new ordinary shares of 5 pence each in the capital of the Company ("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, where all resolutions tabled were passed.

Sweden

• Work, undertaken by wholly owned subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron") continued in preparation for both the Pre-Feasibility Study ("PFS"), Environmental Impact Assessment ("EIA") and Environmental Permit application for the Kallak Iron Ore Project ("Kallak").
• Following completion of the metallurgical test-work during 2024, which demonstrated that Kallak is capable of producing an extremely high-grade, low-impurity concentrate, the engineering and design work for the processing plant along with ancillary site infrastructure was finalised. In addition, waste management, including the design of the tailings storage facility and waste rock dumps, was significantly advanced.
• The transportation of concentrate from the mine site to the railhead was identified through the public consultation process as a source of significant concern for local stakeholders. Preliminary studies completed by the Company demonstrated that a buried slurry pipeline offered the preferred option; it is safe, reliable, mitigates noise and dust, creates no physical barrier to the movement of local communities and fauna, and also has the lowest operating cost of the range of options reviewed.

Finland

• On 10 March, Beowulf, through its wholly owned Finnish subsidiary Grafintec Oy ("Grafintec"), announced the results of the PFS for the Graphite Anode Materials Plant ("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.
• Licence applications covering the Mitrovica, Viti East, Viti North and Zvecan licence areas, all of which expired during 2024 in accordance with their terms, and the Shala licence which expired on 25 February 2025, have been submitted to the Independent Commission for Mines and Minerals ("ICMM") in Kosovo, and confirmation of receipt has been received. The Board of ICMM, which is responsible for the award of mineral permits, was disbanded by the Government in October 2023 and, although it has been reinstated, it is working through the backlog of applications and Vardar's permit applications therefore remain pending. The Shala West permit was deemed to have limited prospectivity and was relinquished by the Company during the Period and ahead of its expiry.

Post Period

• The Company, through Grafintec, secured a site reservation in the City of Kotka for the planned development of the GAMP. The 13-hectare site within the Keltakallio industrial area for battery value chain companies, benefits from exceptional infrastructure, a strategic location, and excellent logistics, with direct access to Finland's largest container port, the Port of Hamina-Kotka - making it an emerging hub for Europe's battery value chain.
• The Shala East licence in Kosovo expired on 17 August and an application for a licence renewal with a 50% reduction in the area, was submitted to ICMM

Financial

• The underlying administration expenses of £605,537 in Q2 2025 were higher than Q2 2024 at £520,157. This has increased primarily due to professional fees of £212,613 (Q2 2024: £123,744), directors and staff costs of £100,366 (Q2 2024: £130,234), legal fees of £18,563 (Q2 2024: £7,220), a foreign currency loss of £44,426 (Q2 2024: loss of £17,636) and a decrease in share-based payment expenses of £44,601 (Q2 2024: £116,280).
• The consolidated loss before tax for H1 2025 increased to £1,087,801 (H1 2024: £976,478). This increase is primarily due to share-based payment expenses of £137,409 (H1 2024: £126,432), professional fees of £377,708 (H1 2024: £293,779), a foreign currency loss of £12,667 (H1 2024: £33,253), realised currency loss of £34,643 (H1 2024: £4,938 gain), combined with finance costs in relation to the bridging loan of £53,945 (H1 2024: £59,147).
• Consolidated basic and diluted loss per share for the quarter ended 30 June 2025 was 1.25 pence (Q2 2024: loss of 1.37 pence restated for the 50 to 1 share consolidation in Q2 FY24).
• The Company raised SEK 28.1 million (approximately £2.2 million) before expenses as part of the Capital Raise, of which, the net proceeds have been used to repay the bridging loan principal and interest of SEK 12.4 million (approximately £0.95 million).
• £773,201 in cash was held at 30 June 2025 (31 December 2024: £881,349).
• Exploration assets increased 6.7% to £17,098,417 at 30 June 2025 compared to £16,023,022 at 31 December 2024.
• The cumulative translation losses held in equity decreased by £875,915 in the period ended 30 June 2025 to £1,520,019 (31 December 2024: loss of £2,395,934). Much of the Company's exploration costs are in Swedish Krona which has strengthened against the GB Pound Sterling since 31 December 2024.
• At 30 June 2025, there were 43,937,185 Swedish Depository Receipts representing 73.65% 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 completion of the GAMP PFS which demonstrated a robust technical project with exceptional economics, positioning Grafintec to be a low-cost, high-margin producer with great value potential. Following the end of the Period, we secured an excellent location for the development of the plant and have begun investigations for the pilot testing and EIA. The identification and reservation of a site for GAMP within a new emerging battery hub marks a key milestone in its development and will serve to help further establish Grafintec's presence in the European and global battery value chains.

"Completing the capital raise during the Period allows us to continue to progress our assets, including Kallak. We have made great strides in, and continue to focus on, cultivating positive local stakeholder engagement. The development of a slurry pipeline is an innovative, reliable, low-impact transport solution that we believe significantly mitigates a number of the main concerns of local stakeholders about the project. Importantly, our initial analysis also suggests that given its very low operating costs, it is also value accretive to the project.

"As a company, we will continue to investigate multiple sources of additional capital to advance our core assets. These include, but are not limited to, institutional and strategic investors, and governmental support from Business Finland and EU entities which offer a range of grants, equity, loans and tax credits. We look forward to providing further updates to the market over the coming months."

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 30 JUNE 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 SIX MONTHS TO 30 JUNE 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 except as noted below.

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 period ended 30 June 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 and included 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. £0.74 million) 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 accrued interest of 1.5% per 30-day period and was repayable on 30 June 2025. The bridging loan principal and interest totalling £0.95 million was repaid early in May 2025 using part of the proceeds from the capital raise on the right issue.

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).

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 continue to progress its key projects, 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 concern. 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

Represents a €20,000 sale of exploration data relating to Åtvidaberg, a project previously held by the Company but that was fully impaired in the year ending 31 December 2023.

Loss per share

The weighted average number presented for the period ending 30 June 2025 above and the year ending 31 December 2024 in the statement of comprehensive income have been adjusted for the effect of a 50 to 1 share consolidation.

Borrowings

On 21 March 2025, the Company secured a Bridging loan from Nordic investors of SEK 10 million (approximately £0.74 million). The Loan had a fixed interest rate of 1.5% per stated 30-day period during the duration. Accrued interest was compounding. The Loan had a commitment fee of 5.0% and a Maturity Date of 30 June 2025. The bridging loan principal and interest totalling £0.95 million was repaid early in May 2025 using part of the proceeds from the capital raise.

Share capital

On 8 May 2025, the Company announced the completion of the Capital Raise which comprised: the conditional Placing to issue 8,980,877 ordinary shares of £0.05 which raised a total of £1.0 million (approximately SEK 12.8 million) before expenses; the Rights Issue which raised SEK 14.9 million (approximately £1.2 million) before expenses with the issue of 10,714,286 new SDRs; the WRAP Retail Offer which raised £0.12 million (approximately SEK 1.6 million) before expenses with the issue of a total of 1,134,436 ordinary shares of £0.05.

Share based payments

During the Period, no options were granted (year ended 31 December 2024: 2,560,000). The options outstanding as at 30 June 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, 67 days (31 December 2024: 8 years, 284 days).

The share-based payment expense for the options for the period ended 30 June 2025 was £44,601 (Q2 2024: £126,433; year ended 31 December 2024: £326,628).

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

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

Intangible Assets: Group

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

Total Group exploration costs of £17,098,417 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 30 June 2025 as an intangible exploration licence with a carrying value of £11,630,726 (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.

Post balance sheet events

On the 17 July 2025, the Company made an award of options for a total of 2,272,000 ordinary shares of 5 pence each in capital of the Company, representing approximately 3.8% of existing issued share capital. Following the award of the options, there will be 5,442,000 ordinary shares of 5 pence each of the Company under option to directors, senior management, and employees of the Company, representing 9.1% of the existing issued share capital of the Company. The options are exercisable at a price of 12 pence per share, vest over three years, in three equal proportions, a third on each subsequent anniversary of the date of grant, and are valid for 10 years from the date of grant

Availability of interim report

A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any weekday. The Company's registered office is at 207 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. A copy can also be downloaded from the Company's website at https://beowulfmining.com/. Beowulf Mining plc is registered in England and Wales with registered number 02330496.