Beowulf first-half losses widen as development work continues
By Josh White
Date: Friday 29 Aug 2025
(Sharecast News) - Beowulf Mining reported a wider first-half loss on Friday, as it pressed ahead with development work across Sweden, Finland, and Kosovo, while completing a £2.2m capital raise to fund operations through early 2026.
The AIM-traded miner posted a consolidated loss before tax of £1.09m for the six months ended 30 June, up from £976,478 a year earlier, driven by higher professional fees, share-based payments and finance costs.
Cash at period-end stood at £773,201, down from £881,349 at year-end, while exploration assets rose 6.7% to £17.1m.
During the period, Beowulf raised SEK 28.1m (£2.2m) via a conditional placing, a Swedish rights issue, and a UK retail offer.
Proceeds were used partly to repay a SEK 12.4m bridging loan, with the remainder to support project development.
All resolutions enabling the capital raise were approved at a general meeting.
In Sweden, subsidiary Jokkmokk Iron Mines advanced engineering and environmental work at the Kallak iron ore project, including finalising processing plant designs and selecting a buried slurry pipeline to transport concentrate after local concerns over noise, dust, and community impact.
In Finland, Beowulf's Grafintec unit completed a pre-feasibility study for its Graphite Anode Materials Plant in Kotka, with phase one economics showing a post-tax net present value of €924m, internal rate of return of 37%, and a three-year payback on €225m in initial capex.
A site reservation for the plant was secured post-period, positioning it within an emerging European battery hub.
Kosovo exploration continued at low cost while licence renewals awaited regulatory processing after delays at the country's mining commission.
"The highlight of the period was the completion of the GAMP PFS which demonstrated a robust technical project with exceptional economics, positioning Grafintec to be a low-cost, high-margin producer with great value potential," said chief executive Ed Bowie.
He added that the capital raise would allow Beowulf to "continue to progress our assets, including Kallak", while work on the slurry pipeline had "significantly mitigated" local stakeholder concerns.
Bowie said the company was investigating further funding options, including institutional, strategic, and governmental sources, to advance its projects.
At 0807 BST, shares in Beowulf Mining were down 3.62% at 10.12p.
Reporting by Josh White for Sharecast.com.
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