Beowulf Mining Reports Strong Pre-Feasibility Study for Graphite Anode Plant and H1 2025 Results

Beowulf Mining’s H1 2025: stand-out PFS for Finnish graphite anode plant, steady progress at Kallak, and a rebuilt balance sheet

Beowulf Mining has released its unaudited results for the six months to 30 June 2025. The headline is simple: the Graphite Anode Materials Plant (GAMP) Pre-Feasibility Study came in with punchy economics, the Kallak iron ore project kept moving through technical work and stakeholder engagement, and the company plugged the funding gap with a SEK 28.1 million (£2.2 million) raise – repaying its short-term bridge along the way.

Below I break down what matters, the key numbers, and my take on the risks and upside.

Key financials and capital raise at a glance

Metric	H1 2025 / Q2 2025
Loss before tax (H1)	£1,087,801 (H1 2024: £976,478)
Administrative expenses (Q2)	£605,537 (Q2 2024: £520,157)
Cash at 30 June 2025	£773,201 (31 Dec 2024: £881,349)
Exploration assets	£17,098,417 (up 6.7% vs 31 Dec 2024)
Capital raised	SEK 28.1 million (c. £2.2 million) gross
Bridge loan repaid	SEK 12.4 million (c. £0.95 million) principal and interest
Q2 basic/diluted loss per share	1.25 pence (Q2 2024: 1.37 pence, restated)
Ordinary shares in issue	59,657,866 (at 30 June 2025)
SDRs in Sweden	43,937,185 (73.65% of issued share capital)

Costs were higher in the quarter, driven by professional fees of £212,613, legal fees of £18,563, and a £44,426 foreign currency loss. Finance costs of £53,945 in H1 mainly reflect the bridging loan taken in March and repaid in May.

Graphite Anode Materials Plant PFS – big numbers, clear optionality

The PFS for the Kotka-based GAMP is the star of the show. A PFS is an early engineering and economics study that frames a project’s design, costs and returns before full feasibility work. Beowulf’s Phase 1 case targets 25,000 tonnes per year of coated spherical purified graphite (CSPG), with expansion potential to 75,000 tonnes per year.

GAMP economics	Phase 1	Phase 2 (expanded)
NPV8 (post-tax)	€924 million	€2.2 billion
IRR (post-tax)	37%	38%
Life	25 years	25 years
Initial capex	€225 million	Not disclosed
Pay-back	3 years from first production	Not disclosed

Those are exceptional headline returns for a downstream battery materials plant. Management also flags potential upside from vertical integration with Grafintec’s Finnish graphite projects and access to government and EU support mechanisms. Post period, Grafintec secured a 13-hectare site reservation in Kotka’s Keltakallio industrial area with direct access to the Port of Hamina-Kotka – described as an emerging hub for Europe’s battery value chain. That location and logistics setup matter for future customers and cost competitiveness.

My take: the PFS economics are very strong on paper. Funding, permits and offtake remain to be delivered, but the site reservation is a concrete step. Expect pilot testing and the Environmental Impact Assessment (EIA) work to be the next milestones.

Kallak iron ore – engineering advances and a pragmatic transport solution

In Sweden, Jokkmokk Iron Mines AB continued work to support a Pre-Feasibility Study, EIA and Environmental Permit application for Kallak. Following 2024 metallurgical test-work – which showed an extremely high-grade, low-impurity magnetite concentrate – the company finalised the processing plant engineering and ancillary infrastructure design. Waste management (tailings storage and waste rock dumps) is well advanced.

Transport was a hot topic in public consultations. Beowulf’s preliminary studies point to a buried slurry pipeline from mine to railhead as the preferred option. Why? It is presented as safer, quieter, and with lower dust, does not create physical barriers for people or wildlife, and it has the lowest operating cost of the options reviewed. Management believes it is also value accretive to the project.

My view: tackling transport early and choosing a lower-impact option should help the permitting narrative. Timelines to permit submission and capex for Kallak are not disclosed here, so investors will want clearer schedules in upcoming updates.

Kosovo exploration – licences in the queue

Vardar Minerals ran low-cost exploration on the Shala licences. Multiple licence renewals and applications (Mitrovica, Viti East, Viti North, Zvecan and Shala) are sitting with Kosovo’s ICMM. The ICMM board was disbanded in October 2023, has now been reinstated, and is working through a backlog, so Beowulf’s permits remain pending. The Shala West permit was relinquished for limited prospectivity, and post period the Shala East licence expired with a renewal application submitted (with a 50% area reduction).

Translation: progress is constrained by the permitting queue rather than geology right now.

Cash runway, going concern and dilution watch

Beowulf raised SEK 28.1 million (£2.2 million) via a placing, SDR rights issue and UK retail offer, and repaid the SEK 10 million bridge plus interest in May. The company states the raise will fund operations through to the first quarter of 2026. However, the going concern note is clear: based on management’s cash flow forecasts, further funding will be required within the next 12 months to progress projects and meet obligations. No funding agreements are yet in place.

I read that as: there is a cushion today, but execution of the work programme needs more capital sooner than the broad “Q1 2026” guidance implies. Expect more activity around grants, strategic partners or further equity. The CEO explicitly lists potential sources, including Business Finland and EU entities (grants, equity, loans and tax credits).

Operational odds and ends worth noting

• Other income of £16,793 came from the sale of exploration data relating to Åtvidaberg.
• Exchange movements helped: the cumulative translation loss in equity improved by £875,915 to a £1,520,019 loss as the Swedish krona strengthened versus sterling.
• No borrowings at period end and minimal lease liabilities.
• Post period, 2,272,000 options were granted at 12 pence, vesting over three years; total options outstanding will be 5,442,000, equal to 9.1% of the current share count.

Why it matters for shareholders

Two assets, two very different paths to value:

• GAMP offers near-to-mid-term industrial returns if permits, financing and offtake line up. The PFS numbers – €924 million NPV8 and 37% IRR for Phase 1 on €225 million capex – put it firmly on the radar for strategic and public funding discussions.
• Kallak remains the cornerstone, with technical de-risking and community engagement front and centre. Choosing a buried slurry pipeline should lower permitting friction and costs, though timelines and capital needs are not disclosed.

Across the group, exploration assets rose to £17,098,417, with Kallak the largest component at £11,630,726. The portfolio gives Beowulf multiple shots on goal – iron ore in Sweden, battery materials in Finland, and base/precious metals in Kosovo – but it also stretches the funding task.

Risks and red flags

• Funding risk: the going concern statement highlights a need for more cash within 12 months. That could mean further dilution if non-dilutive sources do not materialise.
• Permitting risk: GAMP still needs EIA and permits; Kallak’s environmental permit application is in preparation; Kosovo licences are pending due to ICMM backlog.
• Execution risk: scaling a CSPG plant to 25,000 tonnes per year is complex. Offtake and supply chain plans are not disclosed in this RNS.

What to watch next

• GAMP: pilot testing plans, EIA initiation and scope, progress on grants or other financing, and any early customer engagement.
• Kallak: visibility on PFS status, EIA timeline, and details on the slurry pipeline route and costs.
• Kosovo: ICMM decisions on licence renewals and applications.
• Balance sheet: further funding steps, and how any capital is allocated between Kallak and GAMP.

Josh’s bottom line

The GAMP PFS is a genuine step-change for Beowulf – the numbers are compelling and the Kotka site reservation adds credibility. Kallak continues to inch forward with practical engineering that could ease stakeholder concerns. The trade-off is clear: the story is improving operationally, but it will need fresh capital to keep momentum. If management can convert the PFS into permits, partners and funding, the value uplift could be meaningful. Until then, expect newsflow to focus on financing and permitting milestones.