Beowulf Mining SDB

Beowulf Mining plc announced its unaudited preliminary financial results for the year ending 31 December 2024. The company, focused on mineral exploration and development, reported a consolidated loss of £1,789,000, an improvement from the previous year's loss of £2,937,909. This reduction in loss was attributed to decreased professional fees, foreign currency losses, salary costs, and other expenses. Beowulf's activities during the period included significant progress at the Kallak Iron Ore Project in Sweden, where metallurgical test-work confirmed the production of high-grade iron ore concentrate. In Finland, the development of the Graphite Anode Materials Plant was advanced, with test-work demonstrating the ability to produce battery-grade material. In Kosovo, Beowulf consolidated full ownership of Vardar Minerals Limited, enhancing operational control. The company raised approximately £4.4 million through a rights issue and other means to fund ongoing projects. Despite these advancements, Beowulf noted challenges in securing additional financing to continue project development. The company is working with advisers to procure near-term financing, though there is no certainty of success. The financial position at the end of 2024 showed cash holdings of £881,349 and an increase in exploration assets to £15,521,317. Beowulf highlighted the need for additional funds to continue its operations and advance its projects.