Unaudited Financial Results

29 November 2024

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 30 September 2024

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the nine months ended 30 September 2024 (the "Period").

Activities in the three months ended 30 September 2024 ("Quarter")

Sweden

· Significant progress was made at the Kallak or Gállok Iron Ore Project ("Kallak") during the Quarter, in preparation for the completion of the Pre-Feasibility Study ("PFS") and Environmental Permit application.

· Metallurgical test-work confirmed the ability to produce an exceptionally high-grade, low impurity iron ore concentrate grading over 70% iron content ("Fe") and containing less than 2.0% silica and .

· Additional technical workstreams including mineral processing, site infrastructure, logistics and transportation, and water and waste management were also progressed during the Quarter with the planned conclusion of the PFS in Q2 2025.

· The Consultation Process for Kallak, a critical part of the Environmental Permitting process, was initiated with the publication of a Consultation Document which set out the main parameters and potential impacts of the project.

Finland

· During the Quarter, further progress was made towards conclusion of the PFS for the Graphite Anode Materials Plant ("GAMP") in Finland, which is expected to be completed in Q1 2025.

· Optimisation work, specifically on the water treatment process, demonstrated the ability to recover and recycle over 90% of sodium hydroxide, the key reagent in the Purification process, thereby reducing both the input reagent costs and the environmental impact.

Kosovo

· Exploration activity in Kosovo, undertaken by Beowulf's wholly owned subsidiary Vardar Minerals, focused on infill soil and grab sampling on the Shala East licence.

Financial

· The underlying administration expenses of £408,605 in Q3 2024 were lower than Q3 2023 of £580,203. This decrease is primarily due to professional fees of £102,037 (Q3 2023: £191,394), P.R. services of £10,313 (Q3 2023: £30,704), legal fees of £3,250 (Q3 2023: £52,452) and travelling expenses of £9,356 (Q3 2023: £21,936).

· The consolidated loss before tax for the nine months to 30 September 2024 decreased to £1,384,496 (2023: £2,385,743). This decrease is primarily due to share-based payment expenses of £226,530 (2023: £363,354), professional fees of £395,816 (2023: £596,590), directors and staff costs of £345,896 (2023: £545,257), legal fees of £12,121 (2023: £85,928), P.R. services of £37,679 (2023: £79,471), a foreign currency loss of £64,414 (2023: £172,563), finance costs in relation to a bridging loan of £59,147 (2023: £195,304) and a decrease to £Nil in both downstream processing costs (2023: £168,457) and grant income (2023: £83,955) due to capitlisation of the project during the current period.

· Consolidated basic and diluted loss per share for the quarter ended 30 September 2024 was 1.05 pence (Q3 2023: loss of 2.45 pence restated for the 50 to 1 share consolidation in Q2 FY24).

· £1,763,718 in cash was held at 30 September 2024 (30 September 2023: £1,719,066).

· Exploration assets increased to £15,586,309 at 30 September 2024, compared to £14,356,876 at 30 September 2023.

· The cumulative translation losses held in equity increased by £718,786 in the nine months ended 30 September 2024 to £2,176,658 (31 December 2023: loss of £1,457,872). Much of the Company's exploration costs are in Swedish Krona, which has weakened against the Pound since 31 December 2023.

· At 30 September 2024, there were 31,561,251 Swedish Depository Receipts representing 81.25% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

Post Period Activities

· The Consultation Process for Kallak continued after the end of the Period, with a number of constructive meetings with local stakeholders and authorities.

· Following the end of the Period, the Company announced the completion of the Business Finland funded project 'Spheronisation and Purification of Natural Graphite for the European Lithium-Ion Battery Market'. Grant funding of €530,000 was received, equivalent to 50% of the three-year €1.06 million budget for the project, with the remaining balance funded by Grafintec's cash reserves.

· The Company also announced further grant funding of €232,000 committed by Business Finland, equivalent to 50% of the 3-year €464,000 budget for Grafintec's 'Management and Valorisation of Waste Streams in the Coated Spherical Graphite Production Process' project.

· Coating test-work for GAMP is continuing, with the PFS anticipated to be completed in Q1 2025.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"Excellent progress continues to be made across our two core assets, and we have a busy period ahead as we finalise the studies and environmental work."

"The Consultation Process for Kallak is in full swing with multiple meetings with stakeholders and relevant authorities. Completing the metallurgical test-work was a major step forward for the project, demonstrating that it can produce a market leading high-grade, low-impurity product. Other technical studies in support of both the PFS and Environmental Permit application continue to advance on schedule.

"The majority of the test-work for GAMP is now complete ahead of the PFS, which is targeted for Q1 2025."

Enquiries:

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 ("Beowulf" or the "Company") is an exploration and development company, listed on the AIM market of the London Stock Exchange and the Spotlight Exchange in Sweden. The Company listed in Sweden in 2008 and, at 30 September 2024 was 81.25% owned by Swedish shareholders.

Beowulf's purpose is to be a responsible and innovative company that creates value for our shareholders, wider society and the environment, through sustainably producing critical raw materials, which includes iron ore, graphite and base metals, needed for the transition to a Green Economy.

The Company has an attractive portfolio of assets, including commodities such as iron ore, graphite, gold and base metals, with activities in exploration, the development of mines and downstream production in Sweden, Finland and Kosovo.

The Company's most advanced project is the Kallak iron ore asset in northern Sweden from which testwork has produced a 'market leading' magnetite concentrate of over 70%iron content. In the Kallak area, the Mineral Resources of the deposits have been classified according to the PERC Standards 2017, as was reported by the Company via RNS on 25 May 2021, based on a revised resource estimation by Baker Geological Services. The total Measured and Indicated Resource reports at 132 million tonnes ("Mt") grading 28.3% iron ("Fe"), with an Inferred Mineral Resource of 39 Mt grading 27.1% Fe.

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 has a site reserved at the GigaVaasa industrial hub in western Finland and is completing a Pre-Feasibility Study on the downstream processing plant. 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.

In Kosovo, the Company, through its wholly owned subsidiary Vardar Minerals ("Vardar"), is focused on exploration in the Tethyan Belt, a major orogenic metallogenic province for base and precious metals. Vardar is delivering exciting results across its portfolio of licences and has several exploration targets, including lead, zinc, copper, gold and lithium.

Kallak is the foundation asset of the Company, and, with Grafintec and Vardar, each business area displays strong prospects, presents opportunities to grow, with near-term and longer-term value-inflection points.

Beowulf wants to be recognised for living its values of Respect, Partnership and Responsibility. The Company's ESG Policy is available on the website following the link below:

https://beowulfmining.com/about-us/esg-policy/

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONDENSED COMPANY STATEMENT OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONDENSED COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

BEOWULF MINING PLC

CONDENSED COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS TO 30 SEPTEMBER 2024

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 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 2023.

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 September 2024 is unaudited and has not been reviewed by the auditors. The financial information for the twelve months ended 31 December 2023 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 2023 was unqualified but did include a material uncertainty relating to going concern.

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.

Management have prepared cash flow forecasts which indicate that the Group will need to raise further funds within the next 12 months for corporate overheads and to advance its key projects and investments.

The Directors are confident they are taking all necessary steps to ensure that the required finance will be available, and they have successfully raised equity finance in the past. They have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis. However, while they are confident of being able to raise the new funds as they are required, there are currently no agreements in place, and there can be no certainty that they will be successful in raising the required funds 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 a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

3. Finance costs

4. Loss per share

The weighted average number presented for the period ending 30 September 2023 above and the year ending 31 December 2023 in the statement of comprehensive income have been adjusted for the effect of a 50 to 1 share consolidation.

5. Share capital

The number of shares in issue was as follows:

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% 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. The number of shares prior to share consolidation was 1,157,187,463. At the Period end, the Company had 38,844,790 Ordinary Shares in issue (Q3 2023: 1,157,187,463)

6. Share based payments

During the period ended 30 September 2024, 2,560,000 were granted (year ended 31 December 2023: 465,000). The options outstanding as at 30 September 2024 have an exercise price in the range of 37.50 pence to 262.50 pence (31 December 2023: 50.0 pence to 367.5 pence) a weighted average remaining contractual life of 8 years, 340 days (31 December 2023: 5 years, 294 days).

The share-based payments expense for the options for the period ended 30 September 2024 was £226,530 (Q3 2023: £363,354; year ended 31 December 2023: £387,668).

The fair value of share options granted and outstanding were measured using the Black-Scholes model, with the following inputs:

No warrants were granted during the Period (2023: Nil).

The reconciliation of options in issue presented for the period ending 30 September 2023 has retrospectively adjusted for the effect of a 50 to 1 share consolidation.

7. Intangible Assets: Group