Beowulf Mining outlines £14m funding strategy
By Josh White
Date: Wednesday 26 Nov 2025
(Sharecast News) - Beowulf Mining outlined a funding strategy to secure more than £14m of primarily non-dilutive capital on Wednesday, warning it needs additional near-term financing to continue advancing its flagship projects in Sweden and Finland beyond early 2026.
The AIM-traded miner said proceeds from a capital raise completed in May would only fund operations into early next year.
It said it was now in discussions over short-term funding to provide working capital while it pursued longer-term solutions to finance the Kallak iron ore project in Sweden and its Finnish Graphite Anode Materials Plant, known as GAMP.
The company said several term sheets had been received, but none had yet been agreed, and cautioned that there was no certainty a transaction would be completed.
Beowulf's strategy centred on three potential funding avenues - the sale of its Vardar Minerals unit in Kosovo, a targeted equity raise at its Finnish subsidiary Grafintec, and a loan application to Finland's Business Finland agency.
The firm said it had received a non-binding €4m cash offer for Vardar and was negotiating heads of terms, with the proceeds expected to fully fund the completion of the Kallak pre-feasibility study, its environmental permit application and provide working capital for up to 12 months.
In Finland, Beowulf said it had appointed Grannenfelt Finance to raise €5m in direct equity for Grafintec and had applied for a €7m low-interest loan under a government-backed scheme.
The loan could cover up to 70% of eligible costs over as long as 10 years.
If successful, the combined €12m financing package would fund pilot testing for GAMP, including a demonstration plant, permitting work and a definitive feasibility study.
Beowulf said completing pilot testing would enable it to secure offtake agreements for anode materials and underpin the eventual funding of a commercial-scale plant.
Chief executive Ed Bowie said the proposals, if completed, would transform the company's financial position.
"It is a pleasure to announce the proposed funding strategy for Beowulf and our subsidiaries. In total we are hoping to raise over £14m in non-dilutive capital to enable us to advance both of our core assets through their next critical development stages," he said.
"Delivering these funding solutions will be transformational for Beowulf.
"In the interim we hope to conclude a shorter-term funding solution and will update the market in due course."
At Kallak, many workstreams for the pre-feasibility study had been completed or were nearing completion, including metallurgy, mineral processing, infrastructure and water management studies.
Outstanding tasks included infill drilling, an updated resource estimate, mine scheduling and further analysis of a proposed slurry pipeline and port storage options.
The company said it expected the sale of Vardar - if finalised - to fund the completion of the PFS and permit application.
Beowulf said it was continuing to explore additional funding options, including EU-backed schemes and potential strategic partners at both corporate and project level.
Bowie said the board aimed to minimise dilution while securing sufficient capital to advance the company's assets.
"We will work hard to conclude these transactions and position the company to unlock the value of its core assets," he added.
At 1035 GMT, shares in Beowulf Mining were down 5.55% at 10.39p.
Reporting by Josh White for Sharecast.com.
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