Financial Results for Period Ended 31 March 2026

596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement, through the agency of the contact person of the Company set out below, this inside information is now considered to be in the public domain.

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 31 March 2026

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 2026 (the "Period").

Activities in the Period

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: Jokkmokk Iron Sustainability Strategy.
• Technical activity focused on mining fleet optimisation with ongoing studies completed in collaboration with two market-leading Nordic truck manufacturers for Kallak. Each offer battery electric, autonomous mining solutions and have demonstrated the ability to meet Jokkmokk Iron's criteria.
• The Company announced during the Period that a consortium led by Jokkmokk Iron had 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"). The NordicPipe project'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 in the Nordic region. Following the end of the Period, as announced on 27 April 2026, the consortium decided to withdraw from the EIT funding programme and advance the NordicPipe project independently. The consortium concluded that the project's key objectives can be achieved more efficiently, with greater flexibility, and with a lower overall cost and administrative burden independently from the EIT programme.

Finland

• Beowulf's wholly owned Finnish subsidiary, Grafintec Oy ("Grafintec"), published a Grafintec 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: Grafintec Sustainability Strategy.
• 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 criterion. Business Finland noted the merit of the GAMP project and, subject to the eligibility criterion being addressed, the Company intends to reapply.

Kosovo

• Vardar Mineral Limited ("Vardar"), the Company's wholly owned subsidiary focused on exploration in Kosovo remained subject to a non-binding offer for its sale for a total of €4 million (approximately £3.5 million) during the Period.

Corporate

• Following the issue of the £500,000 Convertible Loan announce on 22 December 2025, a total of six conversion notices were received by to the Company for a total of £250,000 resulting in the issue of 4,045,841 shares to the Investor during the Period.

Financial

• The underlying administration expenses of £375,583 are lower than the previous period of £414,306. This decrease is primarily due to share-based payment expenses of £71,614 (Q1 2025: £92,809), and legal and professional fees of £144,024 (Q1 2025: £167,096).
• The consolidated loss before tax increased in the Period to £536,816 (Q1 2025: £423,349). This increase is primarily due to a loss on conversion of the convertible loan of £124,217 (Q1 2025: £Nil).
• The consolidated basic and diluted loss per share from continuing and discontinued operations for the quarter ended 31 March 2026 was 0.95 pence (Q1 2025: loss of 1.16 pence).
• £87,100 in cash was held at 31 March 2026 (31 March 2025: £668,926).
• Exploration assets decreased to £15,455,048 at 31 March 2026 compared to £16,763,811 at 31 March 2025. This is due to Vardar exploration assets of £3,608,012 being classified as held for sale as at 31 March 2026. During the Period to 31 March 2026, there were additions of £96,436 and foreign currency losses of £83,732.
• The cumulative translation losses held in equity increased by £80,796 in the quarter ended 31 March 2026 to £995,547 (31 December 2025: £914,571). Much of the Company's exploration costs are in Swedish Krona which has weakened against the pound since 31 December 2025.
• At 31 March 2026, the Company had 63,703,707 Ordinary Shares in issue of which 47,179,151 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

• Following the end of the Period, the Company received a further conversion notice for a total of £50,000 resulting in the issue of 1,000,000 shares to the Investor.
• As detailed above, the consortium led by Jokkmokk Iron decided to withdraw from the EIT funding programme and advance the NordicPipe project independently. The consortium concluded that the project's key objectives can be achieved more efficiently, with greater flexibility, and with a lower overall cost and administrative burden independently from the EIT programme.
• In April, Grafintec participated in the Power Coast Summit in the municipality of Kotka, visited the Keltakallio industrial site and hosted public meetings at its two graphite projects, Aitolampi and Rääpysjärvi, in Eastern Finland.
• The engagement with Alternative Resource Capital as Joint Broker was terminated after the end of the Period.

Current financial position

As noted in its 24 April 2026 update, the Company is in advanced discussions in relation to a range of potential funding solutions and has received and is reviewing a number of proposals and term sheets. Discussions are at an advanced stage with a potential strategic investor and it is hoped that a definitive agreement can be reached within the coming weeks. The discussions remain non-binding at this stage and therefore, there can be no certainty that financing can be obtained or on the terms of any financing.

The Company, with support from its advisers, continues to manage its cash and creditor position and anticipates retaining sufficient cash to continue trading through the next few weeks while it seeks to finalise the strategic investment. The Board cautions that the Company now expects that it will need to secure additional financing by the middle of June in order to progress its projects and provide working capital for its operations.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"As work progresses at both Kallak and Grafintec, it is the critical focus of the Board to secure the long-term funding necessary to continue advancing our portfolio of assets. In respect to this, we hope to reach a definitive funding solution within the coming weeks and look forward to updating the market as and when appropriate."

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE THREE MONTHS TO 31 MARCH 2026

Loss per share attributable to the owners of the parent:

Continuing operations

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 FINANCIAL STATEMENTS

FOR THE THREE MONTHS TO 31 MARCH 2026

• 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 (UK-IAS). 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 2026 is unaudited and has not been reviewed by the auditors.

The financial information for the twelve months ended 31 December 2025 is an extract from the unaudited financial statements of the Group and Company.. The comparative group income statement has been restated for the purposes of the discontinued operations under IFRS 5.

Going concern

The Company announced in April 2026 that it received and was reviewing a number of proposals and term sheets in relation to a range of funding solutions and in particular, the Company is in advanced discussions with a potential strategic investor.

While discussions are progressing, there are currently no definitive 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

Loss for the period/year attributable to shareholders of the Company:

The shares issued during the period were as a result of conversion of the CLN (see note 7).

Number

of deferred A shares

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 obligation to not repay the CLN in cash and is recognised as a non-derivative financial liability and therefore measured at amortised cost.

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.

Share based payments

During the Period, there were no options granted (Q1 2025: Nil; year ended 31 December 2025: 2,272,000). The options outstanding as at 31 March 2026 have an exercise price in the range of 12 pence to 262.50 pence (31 December 2025: 12 pence to 262.5 pence) and a weighted average remaining contractual life of 8 years, 77 days (31 December 2025: 8 years, 158 days).

The share-based payment expense for the options for the period ended 31 March 2026 was £71,614 (Q1 2025: £92,808; year ended 31 December 2025: £286,364).

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).

Intangible Assets: Group

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

Total Group exploration costs of £14,639,977 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.

Kallak is included in the condensed financial statements as at 31 March 2026 as an intangible exploration licence with a carrying value of £12,587,401 (31 December 2025: £12,590,320). Given the Exploitation Concession was awarded, Management have considered 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 31 March 2026 (see note 10).

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 Plant.

Discontinued operations

On 26 November 2025, the Company announced it had received a non-binding cash offer of €4,000,000 (approx. £3,495,465) 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.

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 31 March 2026, the net book value of Vardar's net assets of £3,530,349 (31 December 2025: £3,525,450) is higher than the non-binding cash offer of £3,495,465 (31 December 2025: £3,493,028) and therefore an impairment of £4,897 (31 December 2025: £32,423) has been recognised in the statement of profit or loss.

The investment in Vardar of £3,373,818 and the intercompany loan receivable of £337,958 (31 December 2025: £364,441) have been classified as held for sale in the Company's statement of financial position.

Borrowings

Post balance sheet events

On 23 April 2026, the Company announced it had received notice to convert a further £50,000 of the outstanding balance of the unsecured convertible loan notes into 1,000,000 ordinary shares of the Company.

• Availability of interim report