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 <0.23% alumina.
· 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:
|
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
|
|
|
|
|
Alternative Resource Capital
|
|
|
(Joint Broker)
|
|
|
Alex Wood
|
Tel: +44 (0) 20 7186 9004
|
|
|
|
|
BlytheRay
|
|
|
Tim Blythe / Megan Ray
|
Tel: +44 (0) 20 7138 3204
|
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
|
|
Notes
|
(Unaudited)
3 months
ended
30
September
2024
£
|
|
(Unaudited)
3 months
ended
30
September 2023
£
|
|
(Unaudited)
9 months
ended
30
September
2024
£
|
|
(Unaudited)
9 months
ended
30
September
2023
£
|
|
(Audited)
12 months
ended
31
December 2023
£
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(408,605)
|
|
(580,203)
|
|
(1,326,585)
|
|
(2,271,676)
|
|
(2,501,263)
|
|
Impairment of exploration
assets
|
|
-
|
|
(8,232)
|
|
-
|
|
(8,232)
|
|
(350,158)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(408,605)
|
|
(588,435)
|
|
(1,326,585)
|
|
(2,279,908)
|
|
(2,851,421)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
3
|
(632)
|
|
(166)
|
|
(60,807)
|
|
(195,901)
|
|
(197,724)
|
|
Finance income
|
|
1,219
|
|
2,474
|
|
2,896
|
|
6,111
|
|
7,923
|
|
Grant income
|
|
-
|
|
-
|
|
-
|
|
83,955
|
|
96,750
|
|
Recovery of impairment on listed
investment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,563
|
|
Loss before and after taxation
|
|
(408,018)
|
|
(586,127)
|
|
(1,384,496)
|
|
(2,385,743)
|
|
(2,937,909)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
(407,370)
|
|
(567,924)
|
|
(1,366,808)
|
|
(2,328,669)
|
|
(2,863,959)
|
|
Non-controlling
interests
|
|
(648)
|
|
(18,203)
|
|
(17,688)
|
|
(57,074)
|
|
(73,950)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(408,018)
|
|
(586,127)
|
|
(1,384,496)
|
|
(2,385,743)
|
|
(2,937,909)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to the
owners of the parent:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(pence)
|
4
|
(1.05)
|
|
(2.45)
|
|
(4.13)
|
|
(10.97)
|
|
(13.20)
|
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
LOSS
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
|
|
(Unaudited)
3 months
ended
30
September
2024
£
|
|
(Unaudited)
3 months
ended
30
September 2023
£
|
|
(Unaudited)
9 months
ended
30
September
2024
£
|
|
(Unaudited)
9 months
ended
30
September
2023
£
|
|
(Audited)
12 months
ended
31
December 2023
£
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for
the
period/year
|
(408,018)
|
|
(586,127)
|
|
(1,384,496)
|
|
(2,385,743)
|
|
(2,937,909)
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange losses arising on
translation of foreign operations
|
(272,603)
|
|
242,667
|
|
(738,829)
|
|
(541,940)
|
|
(196,950)
|
|
Total comprehensive loss
|
(680,621)
|
|
(343,460)
|
|
(2,123,325)
|
|
(2,927,683)
|
|
(3,134,859)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
(679,924)
|
|
(330,220)
|
|
(2,085,594)
|
|
(2,841,861)
|
|
(3,032,416)
|
|
Non-controlling interests
|
(697)
|
|
(13,240)
|
|
(37,731)
|
|
(85,822)
|
|
(102,443)
|
|
|
(680,621)
|
|
(343,460)
|
|
(2,123,325)
|
|
(2,927,683)
|
|
(3,134,859)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF COMPREHENSIVE
INCOME
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
|
|
Notes
|
(Unaudited)
3 months
ended
30
September
2024
£
|
|
(Unaudited)
3 months
ended
30
September 2023
£
|
|
(Unaudited)
9 months
ended
30
September
2024
£
|
|
(Unaudited)
9 months
ended
30
September
2023
£
|
|
(Audited)
12 months
ended
31
December 2023
£
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(433,969)
|
|
(584,303)
|
|
(1,285,601)
|
|
(2,207,759)
|
|
(2,778,142)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(433,969)
|
|
(584,303)
|
|
(1,285,601)
|
|
(2,207,759)
|
|
(2,778,142)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
3
|
-
|
|
-
|
|
(59,147)
|
|
(195,304)
|
|
(195,304)
|
|
Finance income
|
|
1,111
|
|
2,362
|
|
2,742
|
|
5,849
|
|
7,655
|
|
Recovery of impairment on listed
asset
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before and after taxation and total comprehensive
loss
|
|
(432,858)
|
|
(581,941)
|
|
(1,342,006)
|
|
(2,397,214)
|
|
(2,959,228)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to the
owners of the parent:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(pence)
|
4
|
(1.11)
|
|
(2.51)
|
|
(4.05)
|
|
(11.29)
|
|
(13.64)
|
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS
AT 30 SEPTEMBER 2024
|
|
|
|
(Unaudited)
As
at
30
September
2024
£
|
|
(Unaudited)
As
at
30
September
2023
£
|
|
(Audited)
As
at
31
December
2023
£
|
|
ASSETS
|
Notes
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Intangible assets
|
7
|
|
15,586,309
|
|
14,356,876
|
|
14,873,326
|
|
Property, plant and
equipment
|
|
|
63,343
|
|
98,206
|
|
87,755
|
|
Investments
|
|
|
6,563
|
|
-
|
|
6,563
|
|
Loans and other financial
assets
|
|
|
5,166
|
|
5,122
|
|
5,209
|
|
Right of use asset
|
|
|
58,903
|
|
10,324
|
|
63,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,720,284
|
|
14,470,528
|
|
15,036,011
|
|
Current assets
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
272,118
|
|
149,713
|
|
152,004
|
|
Cash and cash equivalents
|
|
|
1,763,718
|
|
1,719,066
|
|
905,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,035,836
|
|
1,868,779
|
|
1,057,559
|
|
TOTAL ASSETS
|
|
|
17,756,120
|
|
16,339,307
|
|
16,093,570
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Share capital
|
5
|
|
12,356,927
|
|
11,571,875
|
|
11,571,875
|
|
Share premium
|
|
|
29,878,404
|
|
27,141,444
|
|
27,141,444
|
|
Merger reserve
|
|
|
870,275
|
|
137,700
|
|
137,700
|
|
Capital contribution
reserve
|
|
|
46,451
|
|
46,451
|
|
46,451
|
|
Share-based payment
reserve
|
6
|
|
1,024,033
|
|
879,452
|
|
903,766
|
|
Translation reserve
|
|
|
(2,176,658)
|
|
(1,802,607)
|
|
(1,457,872)
|
|
Accumulated losses
|
|
|
(24,638,786)
|
|
(22,700,224)
|
|
(23,235,514)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,360,646
|
|
15,274,091
|
|
15,107,850
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests
|
|
|
(165,475)
|
|
531,051
|
|
514,430
|
|
TOTAL EQUITY
|
|
|
17,195,171
|
|
15,805,142
|
|
15,622,280
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
523,025
|
|
523,602
|
|
433,662
|
|
Lease liability
|
|
|
22,296
|
|
9,012
|
|
22,575
|
|
|
|
|
545,321
|
|
532,614
|
|
456,237
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
Lease liability
|
|
|
15,628
|
|
1,551
|
|
15,053
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
560,949
|
|
534,165
|
|
471,290
|
|
TOTAL EQUITY AND LIABILITIES
|
|
|
17,756,120
|
|
16,339,307
|
|
16,093,570
|
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF FINANCIAL
POSITION
AS
AT 30 SEPTEMBER 2024
|
|
|
|
(Unaudited)
As
at 30 September
2024
£
|
|
(Unaudited)
As
at 30 September
2023
£
|
|
(Audited)
As at
31
December
2023
£
|
|
ASSETS
|
Notes
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Investments
|
|
|
4,843,153
|
|
3,944,781
|
|
3,967,878
|
|
Loans and other financial
assets
|
|
|
14,204,024
|
|
12,611,534
|
|
12,839,865
|
|
Property, plant and
equipment
|
|
|
783
|
|
678
|
|
964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,047,960
|
|
16,556,993
|
|
16,808,707
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
49,946
|
|
58,512
|
|
49,155
|
|
Cash and cash equivalents
|
|
|
1,685,065
|
|
1,572,690
|
|
794,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,735,011
|
|
1,631,202
|
|
844,064
|
|
TOTAL ASSETS
|
|
|
20,782,971
|
|
18,188,195
|
|
17,652,771
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Share capital
|
5
|
|
12,356,927
|
|
11,571,875
|
|
11,571,875
|
|
Share premium
|
|
|
29,878,404
|
|
27,141,444
|
|
27,141,444
|
|
Merger reserve
|
|
|
870,275
|
|
137,700
|
|
137,700
|
|
Capital contribution
reserve
|
|
|
46,451
|
|
46,451
|
|
46,451
|
|
Share-based payment
reserve
|
6
|
|
1,024,033
|
|
879,452
|
|
903,766
|
|
Accumulated losses
|
|
|
(23,512,426)
|
|
(21,714,669)
|
|
(22,276,683)
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
20,663,664
|
|
18,062,253
|
|
17,524,553
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
119,307
|
|
125,942
|
|
128,218
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
119,307
|
|
125,942
|
|
128,218
|
|
TOTAL EQUITY AND LIABILITIES
|
|
|
20,782,971
|
|
18,188,195
|
|
17,652,771
|
BEOWULF MINING PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
|
|
Share
capital
|
Share
premium
|
Merger
reserve
|
Capital
contribution reserve
|
Share-based payment reserve
|
Translation reserve
|
Accumulated losses
|
Total
|
Non-
controlling
interest
|
Total
equity
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At 1
January 2023
|
8,317,106
|
24,689,311
|
137,700
|
46,451
|
516,098
|
(1,289,415)
|
(20,323,414)
|
12,093,837
|
568,732
|
12,662,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,328,669)
|
(2,328,669)
|
(57,074)
|
(2,385,743)
|
|
Foreign exchange
translation
|
-
|
-
|
-
|
-
|
-
|
(513,192)
|
-
|
(513,192)
|
(28,748)
|
(541,940)
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(513,192)
|
(2,328,669)
|
(2,841,861)
|
(85,822)
|
(2,927,683)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Issue of share capital
|
3,254,769
|
3,654,829
|
-
|
-
|
-
|
-
|
-
|
6,909,598
|
-
|
6,909,598
|
|
Cost of issue
|
-
|
(1,202,696)
|
-
|
-
|
-
|
-
|
-
|
(1,202,696)
|
-
|
(1,202,696)
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
363,354
|
-
|
-
|
363,354
|
-
|
363,354
|
|
Step up interest in
subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
(48,141)
|
(48,141)
|
48,141
|
-
|
|
At
30 September 2023 (Unaudited)
|
11,571,875
|
27,141,444
|
137,700
|
46,451
|
879,452
|
(1,802,607)
|
(22,700,224)
|
15,274,091
|
531,051
|
15,805,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(535,290)
|
(535,290)
|
(16,876)
|
(552,166)
|
|
Foreign exchange
translation
|
-
|
-
|
-
|
-
|
-
|
344,735
|
-
|
344,735
|
255
|
344,990
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
344,735
|
(535,290)
|
(190,555)
|
(16,621)
|
(207,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
24,314
|
-
|
-
|
24,314
|
-
|
24,314
|
|
At
31 December 2023 (Audited)
|
11,571,875
|
27,141,444
|
137,700
|
46,451
|
903,766
|
(1,457,872)
|
(23,235,514)
|
15,107,850
|
514,430
|
15,622,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,366,808)
|
(1,366,808)
|
(17,688)
|
(1,384,496)
|
|
Foreign exchange
translation
|
-
|
-
|
-
|
-
|
-
|
(718,786)
|
-
|
(718,786)
|
(20,043)
|
(738,829)
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(718,786)
|
(1,366,808)
|
(2,085,594)
|
(37,731)
|
(2,123,325)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Issue of share capital
|
732,725
|
3,657,859
|
-
|
-
|
-
|
-
|
-
|
4,390,584
|
-
|
4,390,584
|
|
Cost of issue
|
-
|
(920,899)
|
-
|
-
|
-
|
-
|
-
|
(920,899)
|
-
|
(920,899)
|
|
Issue of share capital for
acquisition of NCI
|
52,327
|
-
|
732,575
|
-
|
-
|
-
|
-
|
784,902
|
-
|
784,902
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
226,530
|
-
|
-
|
226,530
|
-
|
226,530
|
|
Step up interest in
subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
(142,727)
|
(142,727)
|
(642,174)
|
(784,901)
|
|
Transfer on lapse of
options
|
-
|
-
|
-
|
-
|
(106,263)
|
-
|
106,263
|
-
|
-
|
-
|
|
At
30 September 2024 (Unaudited)
|
12,356,927
|
29,878,404
|
870,275
|
46,451
|
1,024,033
|
(2,176,658)
|
(24,638,786)
|
17,360,646
|
(165,475)
|
17,195,171
|
BEOWULF MINING PLC
CONDENSED COMPANY STATEMENT OF CHANGES IN
EQUITY
FOR THE NINE MONTHS TO 30 SEPTEMBER 2024
|
|
Share
capital
|
Share
premium
|
Merger
reserve
|
Capital
contribution reserve
|
Share-based payment reserve
|
Accumulated losses
|
Total
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At 1
January 2023
|
8,317,106
|
24,689,311
|
137,700
|
46,451
|
516,098
|
(19,317,455)
|
14,389,211
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
(2,397,214)
|
(2,397,214)
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(2,397,214)
|
(2,397,214)
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Issue of share capital
|
3,254,769
|
3,654,829
|
-
|
-
|
-
|
-
|
6,909,598
|
|
Cost of issue
|
-
|
(1,202,696)
|
-
|
-
|
-
|
-
|
(1,202,696)
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
363,354
|
-
|
363,354
|
|
At
30 September 2023 (Unaudited)
|
11,571,875
|
27,141,444
|
137,700
|
46,451
|
879,452
|
(21,714,669)
|
18,062,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
(562,014)
|
(562,014)
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(562,014)
|
(562,014)
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
24,314
|
-
|
24,314
|
|
At
31 December 2023 (Audited)
|
11,571,875
|
27,141,444
|
137,700
|
46,451
|
903,766
|
(22,276,683)
|
17,524,553
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
(1,342,006)
|
(1,342,006)
|
|
Total comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(1,342,006)
|
(1,342,006)
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
Issue of share capital
|
732,725
|
3,657,859
|
-
|
-
|
-
|
-
|
4,390,584
|
|
Cost of issue
|
-
|
(920,899)
|
-
|
-
|
-
|
-
|
(920,899)
|
|
Issue of share capital for
acquisition of NCI
|
52,327
|
|
732,575
|
-
|
-
|
-
|
784,902
|
|
Equity-settled share-based payment
transactions
|
-
|
-
|
-
|
-
|
226,530
|
-
|
226,530
|
|
Transfer on lapse of
options
|
-
|
-
|
-
|
-
|
(106,263)
|
106,263
|
-
|
|
At
30 September 2024 (Unaudited)
|
12,356,927
|
29,878,404
|
870,275
|
46,451
|
1,024,033
|
(23,512,426)
|
20,663,664
|
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
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
3
months
|
|
3
months
|
|
9
months
|
|
9
months
|
|
12
months
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
Group
|
30
September
2024
|
|
30
September
2023
|
|
30
September
2024
|
|
30
September
2023
|
|
31
December
2023
|
|
|
£
|
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridging loan amortised
interest
|
-
|
|
-
|
|
59,147
|
|
195,304
|
|
195,304
|
|
Lease liability interest
|
632
|
|
166
|
|
1,660
|
|
597
|
|
2,420
|
|
|
632
|
|
166
|
|
60,807
|
|
195,901
|
|
197,724
|
|
Parent
|
|
|
|
|
|
|
|
|
|
|
Bridging loan amortised
interest
|
-
|
|
-
|
|
59,147
|
|
195,304
|
|
195,304
|
|
|
-
|
|
-
|
|
59,147
|
|
195,304
|
|
195,304
|
4. Loss per share
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
3
months
|
|
3
months
|
|
9
months
|
|
9
months
|
|
12
months
|
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
Group
|
30
September
2024
|
|
30
September
2023
|
|
30
September
2024
|
|
30
September
2023
|
|
31
December
2023
|
|
Loss for the period/year attributable
to shareholders of the Company (£'s)
|
(407,370)
|
|
(567,924)
|
|
(1,366,808)
|
|
(2,328,669)
|
|
(2,863,959)
|
|
Weighted average number of ordinary
shares
|
38,844,790
|
|
23,143,749
|
|
33,102,827
|
|
21,229,180
|
|
21,699,167
|
|
Loss per share (p)
|
(1.05)
|
|
(2.45)
|
|
(4.13)
|
|
(10.97)
|
|
(13.20)
|
|
Parent
|
|
|
|
|
|
|
|
|
|
|
Loss for the period/year attributable
to shareholders of the Company (£'s)
|
(432,858)
|
|
(581,941)
|
|
(1,342,006)
|
|
(2,397,214)
|
|
(2,959,228)
|
|
Weighted average number of ordinary
shares
|
38,844,790
|
|
23,143,749
|
|
33,102,827
|
|
21,229,180
|
|
21,699,167
|
|
Loss per share (p)
|
(1.11)
|
|
(2.51)
|
|
(4.05)
|
|
(11.29)
|
|
(13.64)
|
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
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
30
September 2024
|
|
30
September 2023
|
|
31
December
2023
|
|
|
£
|
|
£
|
|
£
|
|
Allotted, issued and fully paid
|
|
|
|
|
|
|
Ordinary shares of 0.1p
each
|
-
|
|
11,571,875
|
|
11,571,875
|
|
Ordinary shares of 5p
each
|
1,942,240
|
|
-
|
|
-
|
|
Deferred A shares of 0.9p
each
|
10,414,687
|
|
-
|
|
-
|
|
|
12,356,927
|
|
11,571,875
|
|
11,571,875
|
The number of shares in issue was
as follows:
|
|
Number
|
|
|
of
ordinary shares
|
|
Balance at 1 January 2023
|
831,710,636
|
|
Issued during the period
|
325,476,827
|
|
Balance at 30 September 2023
|
1,157,187,463
|
|
Issued during the period
|
-
|
|
Balance at 31 December 2023
|
1,157,187,463
|
|
Issued during the period
|
15,701,041
|
|
Effect of share
consolidation
|
(1,134,043,714)
|
|
Balance at 30 September 2024
|
38,844,790
|
|
|
Number
|
|
|
of
deferred A shares
|
|
Balance at 1 January 2023
|
-
|
|
Issued during the period
|
-
|
|
Balance at 30 September 2023
|
-
|
|
Issued during the period
|
-
|
|
Balance at 31 December 2023
|
-
|
|
Issued during the period
|
1,157,187,463
|
|
Balance at 30 September 2024
|
1,157,187,463
|
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:
|
|
2024
|
2024
|
2024
|
2023
|
2022
|
2022
|
|
Fair value at grant date
|
0.48p
|
0.51p
|
0.30p
|
0.52p
|
3.59p
|
3.59p
|
|
Share price
|
0.70p
|
0.73p
|
0.70p
|
1.68p
|
4.00p
|
4.00p
|
|
Exercise price
|
0.75p
|
0.75p
|
0.75p
|
2.06p
|
1.00p
|
1.00p
|
|
Expected volatility
|
77.5%
|
79.9%
|
77.5%
|
55.2%
|
100.0%
|
100.0%
|
|
Expected option life
|
6
years
|
6
years
|
2
years
|
2.5
years
|
6
years
|
6
years
|
|
Contractual option life
|
10
years
|
10
years
|
10
years
|
5
years
|
10
years
|
10
years
|
|
Risk free interest rate
|
4.080%
|
4.100%
|
4.480%
|
4.800%
|
4.520%
|
4.520%
|
|
Reconciliation of options in issue
|
Number
|
|
Weighted
average exercise price(£'s)
|
|
|
|
|
|
|
Outstanding at 1 January
2023
|
650,000
|
|
2.75
|
|
Granted during the
period
|
245,000
|
|
1.05
|
|
Outstanding at 30 September
2023
|
895,000
|
|
2.30
|
|
Exercisable at 30 September
2023
|
745,000
|
|
2.10
|
|
Reconciliation of options in issue
|
Number
|
|
Weighted
average exercise price(£'s)
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at 1 January
2024
|
895,000
|
|
2.30
|
|
Granted during the
Period
|
2,560,000
|
|
0.38
|
|
Lapsed during the Period
|
(285,000)
|
|
3.31
|
|
Outstanding at 30 September
2024
|
3,170,000
|
|
0.65
|
|
Exercisable at 30 September
2024
|
688,333
|
|
1.51
|
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
|
|
Exploration assets
|
|
Other
intangible assets
|
|
Total
|
|
Net book value
|
£
|
|
£
|
|
£
|
|
As at 31 December 2023
(Audited)
|
14,797,833
|
|
75,493
|
|
14,873,326
|
|
As at 30 September 2024
(Unaudited)
|
15,172,146
|
|
414,163
|
|
15,586,309
|
|
Exploration costs
|
|
As
at 30
September
2024
|
|
As at 31
December
2023
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
£
|
|
£
|
|
Cost
|
|
|
|
|
|
At 1 January
|
|
14,797,833
|
|
13,002,465
|
|
Additions for the year
|
|
1,106,733
|
|
2,330,902
|
|
Foreign exchange
movements
|
|
(732,420)
|
|
(185,376)
|
|
Impairment
|
|
-
|
|
(350,158)
|
|
Total
|
|
15,172,146
|
|
14,797,833
|
The net book value of exploration
costs is comprised of expenditure on the following
projects:
|
|
|
|
As
at
30
September
2024
|
|
As
at
31
December
2023
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
£
|
|
£
|
|
Project
|
Country
|
|
|
|
|
|
Kallak
|
Sweden
|
|
9,896,295
|
|
9,481,130
|
|
Pitkäjärvi
|
Finland
|
|
1,632,630
|
|
1,667,854
|
|
Karhunmäki
|
Finland
|
|
72,119
|
|
55,935
|
|
Rääpysjärvi
|
Finland
|
|
187,534
|
|
174,060
|
|
Luopioinen
|
Finland
|
|
4,783
|
|
4,812
|
|
Emas
|
Finland
|
|
49,173
|
|
41,693
|
|
Mitrovica
|
Kosovo
|
|
2,435,361
|
|
2,527,239
|
|
Viti
|
Kosovo
|
|
664,701
|
|
680,331
|
|
Shala
|
Kosovo
|
|
229,550
|
|
164,779
|
|
|
|
|
15,172,146
|
|
14,797,833
|
Total Group exploration costs of
£15,172,146 are currently carried at cost in the financial statements. No
impairment has been recognised during the Period (2023:
£350,158 in projects
Ågåsjiegge and Åtvidaberg).
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 are 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. The Company applied for an
Exploitation Concession for Kallak North in April 2013 and this was
finally awarded in March 2022.
Kallak is included in the
condensed financial statements as at 30 September 2024 as an
intangible exploration licence with a carrying value of
£9.9 million. 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.
|
Other intangible assets
|
|
As
at 30
September
2024
|
|
As at 31
December
2023
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
£
|
|
£
|
|
Cost
|
|
|
|
|
|
At 1 January
|
|
75,493
|
|
-
|
|
Additions in the Period
|
|
349,563
|
|
75,779
|
|
Foreign exchange
movements
|
|
(10,893)
|
|
(286)
|
|
Total
|
|
414,163
|
|
75,493
|
Other intangible assets capitalised
are development costs incurred following the feasibility of GAMP
project. This development has attained a stage that it satisfies
the requirements of IAS 38 to be recognised as intangible asset in
that it has the potential to completed and used, provide future
economic benefits, 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.
8. Post balance
sheet events
There have been no significant
events since the end of the reporting period.
9.
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 www.beowulfmining.com. Beowulf Mining plc is registered
in England and Wales with registered number 02330496.
** Ends
**