BEOWULF MINING PLC – Unaudited Results For Period Ended 30 June 2026

28 August 2026

Beowulf Mining plc

(“Beowulf” or the “Company”)

Unaudited Financial Results for the Period Ended 30 June 2026

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the six months ended 30 June 2026 (the “Period”).

Activities in the Period

Corporate

·    Following the issue of the Convertible Loan announced on 22 December 2025, a total of seven conversion notices were received by the Company for a total of £300,000 resulting in the issue of 5,045,841 shares to Alumni Capital Limited (the “Noteholder”) during the Period.

·     On 5 June 2026, the Company announced that it had agreed non-binding terms for a proposed strategic investment (“Strategic Investment”) from Bacchus Capital Advisers Limited (“Bacchus Capital”) and affiliated entities (together “Bacchus Capital & Affiliates”) as part of a wider financing (the “Financing”).

·    In connection with the Financing, the Company and the Noteholder entered into a settlement agreement on 5 June 2026, pursuant to which the Noteholder agreed to certain standstill arrangements while the Strategic Investment is progressed and to the settlement of outstanding convertible notes on completion of the Financing.

·     The Strategic Investment for a total of £3.7 million, forming part of a broader Financing for a total of £4.3 million, became binding on 12 June 2026, but remained subject to a number of regulatory and shareholder approvals. These approvals included:

–     the UK Panel on Takeovers and Mergers (the “Panel”) granting a waiver of the mandatory offer provisions set out in Rule 9 of the Takeover Code that would otherwise arise as a result of the issue of the shares to Bacchus Capital & Affiliates pursuant to the proposed Strategic Investment (the “Rule 9 Waiver”);

–     the Rule 9 Waiver being approved by the Company’s independent shareholders;

–     the passing of resolutions by the Company’s shareholders necessary to (i) enable the issue of new ordinary shares in the Company pursuant to the Financing; and (ii) the sub-division of the Company’s ordinary shares to reduce their nominal value (the “Capital Reorganisation”); and

–     regulatory approvals, including Foreign Direct Investment (“FDI”) approval in Sweden.

·    As part of the Strategic Investment, Bacchus Capital and a third-party investor have acquired in total:

–     a 2.25% royalty over the Company’s Finnish assets for US$200,000 (approx. £149,231) pursuant to two royalty agreements dated 5 June 2026. The Company has an option to repurchase 50% of the Finnish royalties for a total of US$3.0 million (approx. £2.2 million); and

–     a 2.25% royalty over the Company’s Swedish assets for US$100,000 (approx. £74,615), pursuant to a royalty agreement dated 5 June 2026. The Company has the option to repurchase and cancel the Swedish royalty for i) a payment of US$115,000 (approx. £85,767) cash for a period of 30 days after the completion of the proposed Strategic Investment, or ii) after the 30-day period for a payment US$3.0 million (approx. £2.2 million).

Sweden

·   During the Period, through its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB (“Jokkmokk Iron”), the Company continued to progress technical and environmental workstreams for the Kallak Iron Ore Project (“Kallak”).

·    Jokkmokk Iron published a Sustainability Strategy setting out the company’s vision, principles and approach to managing specific environmental and social impacts relating to the Kallak project. The document is available in English and Swedish on the Jokkmokk Iron website: https://jokkmokkiron.se/.

·    Technical activity focused on mining fleet optimisation with ongoing studies completed in collaboration with two market-leading Nordic truck manufacturers for Kallak. In addition, further work was conducted on the transport solutions for iron ore concentrate from the project to the port of Narvik.

·    The Company announced on 18 March 2026 that a consortium led by Jokkmokk Iron has been conditionally awarded funding of €1.1 million from the European Institute of Innovation and Technology (“EIT”) as part of the €2.4 million NordicPipe project (“NordicPipe”). On 27 April 2026, the consortium agreed to proceed with the project but withdrew from the EIT support. NordicPipe’s objective is to advance technical and environmental knowledge, that will enable the development and roll-out of slurry pipelines as a sustainable transportation solution for mineral ores and concentrates in the Nordic region.

Finland

·    Beowulf’s wholly owned Finnish subsidiary, Grafintec Oy (“Grafintec”), published a Sustainability Strategy setting out the company’s vision, principles and approach to managing its environmental and social impacts. The document is available in English and Finnish on the Grafintec website: https://www.grafintec.fi/.

·    Grafintec submitted an application for EU Strategic Project status for the Graphite Anode Materials Plant (“GAMP”) during the Period.

·    The Company announced that its applications to Business Finland for a Tax Credit and Research, Development and Piloting Loan had been unsuccessful due to the Company failing an eligibility criteria. Business Finland noted the merit of the GAMP project and, subject to the eligibility criteria issue being addressed, the Company intends to reapply.

·    During the week commencing 20 April 2026, Grafintec updated local stakeholders on activity at the Aitolampi and Rääpysjärvi projects and in particular on a mining and processing study completed for the Aitolampi project.

·    On 30 June 2026, the Company announced that it had received approval from the City of Kotka to extend the reservation of the site for its planned GAMP in the Keltakallio industrial area.

Kosovo

·    Vardar Minerals Limited (“Vardar”), Beowulf’s wholly owned subsidiary with a number of exploration licences under application in Kosovo, remained subject to a non-binding offer for its acquisition for €4 million during the Period. The Company maintains a dialogue with the offeror and continues to review other options for Vardar. Vardar is also maintaining discussions with authorities in Kosovo and is confident that the licences will be granted in due course.

Financial

·    The administration expenses of £267,542 in quarter ended 30 June 2026 was lower than Q2 2025 at £575,076. This decrease is primarily due to professional fees of £82,276 (Q2 2025: £212,613), directors and staff costs of £69,235 (Q2 2025: £100,366), legal fees of £nil (Q2 2025: £18,563), and a foreign currency loss of £11,636 (Q2 2025: loss of £44,426).

·   The consolidated loss before tax decreased in the six-month Period to 30 June 2026 at £834,022 (H1 2025: £1,030,205). This decrease is primarily due to professional fees of £226,300 (H1 2025: £377,708) and directors and staff costs of £133,663 (H1 2025: £192,676).

·    The consolidated basic and diluted loss per share from continuing and discontinued operations for the quarter ended 30 June 2026 was 0.52 pence (Q2 2025: 1.25 pence).

·    During the Period, the Company announced a proposed Financing to raise a total of £4.3 million, including a binding Strategic Investment of £3.7 million. The Financing is expected to complete during September 2026.  As part of the terms of the Strategic Investment, the Company received US$300,000 (£222,637) through the sale of royalties on its Swedish and Finnish exploration assets during the Period.

·    £208,290 in cash was held at 30 June 2026 (30 June 2025: £773,201).

·    The Company, with the support of its advisers, managed the Company’s cash and creditor position during the Period to ensure the Company retained sufficient cash to continue trading until the Financing is completed.

·    Exploration assets decreased to £15,185,001 at 30 June 2026 compared to £17,776,183 at 30 June 2025. This is due to Vardar exploration asset of £3,590,701 being classified as held for sale as at 31 December 2025. During the Period to 30 June 2026, there were additions of £200,204 (H2 FY25: £588,782), foreign currency losses of £447,485 (H2 FY25: foreign currency gain £601,666) and impairment of £nil (H2 FY25: 12,397).

·   The cumulative translation losses held in equity increased by £491,134 in the Period ended 30 June 2026 to £1,405,705 (31 December 2025: loss of £914,571). Much of the Company’s exploration costs are in Swedish Krona which has weakened against the GB Pound Sterling since 31 December 2025.

·   At 30 June 2026, the Company had 64,703,707 Ordinary Shares in issue of which 47,797,688 were Swedish Depository Receipts representing 74% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK as AIM securities.

Post Period

·    On 7 July 2026, the Company:

–     announced that it had received binding subscriptions, subject to regulatory and other approvals, for gross proceeds of £4.3 million, including the Strategic Investment by Bacchus Capital & Affiliates for £3.7 million;

–     announced that the Panel had granted a waiver of the mandatory offer provisions set out in Rule 9 of the Takeover Code; and

–     released a Shareholder Circular in which resolutions including approval of the Rule 9 Waiver and the capital reorganisation were proposed.

·    A 1,072-metre seven hole infill drilling campaign was initiated and completed at the Kallak project with the objective of converting near surface Inferred resource into higher confidence Measured and Indicated categories for inclusion in a future Mineral Resource Estimate and ultimately the Pre-Feasibility Study.

·    The Company held its Annual General Meeting and the General Meeting to seek shareholder approval for the Financing on 23 July 2026 with all resolutions being passed.

·    Further to the passing of the Capital Reorganisation resolution at the General Meeting, each of the Company’s 64,703,707 Existing Ordinary Shares were sub-divided into one New Ordinary Share of 0.1 pence each and one Deferred B Share of 4.9 pence each. The New Ordinary Shares have the same rights as to voting, dividends and return on capital as the Existing Ordinary Shares. Admission of the 64,703,707 New Ordinary Shares to trading on AIM took place on 24 July 2026.

·    Completion of the Financing remains subject to FDI approval in Sweden. As detailed in the announcement of 12 August 2026, such approval is expected by on or around 11 September 2026 and the Financing is expected to close within two to three days of receipt of the FDI approval.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

“Securing the Strategic Investment from Bacchus Capital & Affiliates is transformational for Beowulf. The Company will be fully funded to advance its assets through to the end of 2027, delivering key workstreams to demonstrate and unlock the value of the portfolio. The final Swedish FDI approval is anticipated within the coming month and will enable us to close the Financing and make additional progress at our flagship assets.

“The completion of the infill drilling campaign at Kallak provides us with positive momentum going into the second half of the year. I look forward to beginning this next chapter in Beowulf’s growth, supported by the augmented Board and management team.”

Enquiries:

Cautionary Statement

Statements and assumptions made in this document with respect to the Company’s current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as “may”, “might”, “seeks”, “expects”, “anticipates”, “estimates”, “believes”, “projects”, “plans”, strategy”, “forecast” and similar expressions. These statements reflect management’s expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.

About Beowulf Mining plc

Beowulf Mining plc is an exploration and development company, listed on the AIM market of the London Stock Exchange and the Spotlight Exchange in Sweden.

Beowulf’s purpose is to generate value for all stakeholders through the sustainable exploration, development and production of raw materials that are critical to support the transition to a greener economy.

The Company has two core assets, an iron ore development project in Sweden and the development of a downstream processing facility for graphite anode materials in Finland.

The Kallak iron ore project in northern Sweden has the potential to produce a ‘market leading’ magnetite concentrate of over 70% iron content.  Jokkmokk Iron, the Company’s wholly-owned subsidiary, has defined a Mineral Resource, classified according to the PERC Standards 2017, of a total of 132 million tonnes (“Mt”) grading 28.3% iron (“Fe”) in the Measured and Indicated categories, with an Inferred Mineral Resource of 39 Mt grading 27.1% Fe. The Company secured the Exploitation Concession for Kallak in 2024 and is working towards the submission of the Environmental Permit application. A Scoping Study was completed in 2023 and the Company is focused on the completion of a Pre-Feasibility Study (“PFS”) to demonstrate the technical and economic viability of the project.

In Finland, Grafintec, a wholly-owned subsidiary, is developing the Graphite Anode Material Plant to supply anode material to the lithium-ion battery industry. The Company completed a PFS in 2025 demonstrating extremely robust economics and has secured a site for the future construction of the downstream processing plant in Kotka in southern Finland. While the intention is to initially import graphite concentrate from a third-party mine, Grafintec has a portfolio of graphite projects in Finland including one of Europe’s largest flake graphite resources in the Aitolampi project in eastern Finland. Grafintec is working towards creating a sustainable value chain in Finland from high quality natural flake graphite resources to anode material production, leveraging renewable power, targeting Net Zero CO₂ emissions across the supply chain.

The Company also holds a number of exploration assets including in Kosovo through its wholly owned subsidiary Vardar.

Beowulf wants to be recognised for living its values of Respect, Responsibility and Integrity. The Company’s ESG Policy is available on the website following the link below: https://beowulfmining.com/about-us/esg-policy/.

BEOWULF MINING PLC

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS TO 30 JUNE 2026