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LONDON - Beowulf Mining PLC (AIM: BEM; Spotlight: BEO), a mineral exploration and development company, disclosed its unaudited financial results for the year ending December 31, 2024. The company reported a consolidated loss of £1,789,000 for 2024, an improvement from the £2,937,909 loss in 2023, attributed to reductions in professional fees, foreign currency loss, salary costs, and several other expenses.
During the year, Beowulf made significant progress in its Swedish Kallak Iron Ore Project, including completing metallurgical test-work to produce high-grade iron ore concentrate and advancing the pre-feasibility study (PFS) and environmental permit application. The company appointed Dmytro Siergieiev as Project Director in May and received a positive verdict from the Supreme Administrative Court in June, upholding the Kallak Exploitation Concession.
In Finland, Beowulf’s subsidiary Grafintec Oy completed the BATCircle2.0 project with grant funding from Business Finland and initiated the BATCircle3.0 programme. Test-work for the Graphite Anode Materials Plant (GAMP) PFS demonstrated the ability to produce battery-grade material, with the PFS expected to be completed in the first quarter of 2025.
Beowulf also consolidated its interest in Vardar Minerals Limited in Kosovo, aiming to accelerate exploration programs in the region.
Financially, the company completed a capital raise on April 3, 2024, generating approximately £4.4 million, which was used to repay bridge loan financing and fund project development. Following the raise, a share consolidation was approved at the AGM on June 14, 2024.
As of December 31, 2024, Beowulf held £881,349 in cash and reported an increase in exploration assets to £15,521,317. The company acknowledged the challenging market for junior resource equities and the need for additional near-term financing.
CEO Ed Bowie expressed satisfaction with the progress made in 2024, citing the de-risking of core assets and the potential they hold. He thanked the team and shareholders for their continued support.
This financial update is based on a press release statement from Beowulf Mining PLC.
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