Beowulf Mining plc has released its unaudited preliminary financial results for the year ended 31 December 2025, revealing key developments in its strategic projects across Sweden and Finland. The company, listed on AIM and the Spotlight Exchange, continues to focus on its core assets: the Kallak iron ore project in Sweden and the Graphite Anode Materials Plant (GAMP) in Finland.

In Sweden, Beowulf's subsidiary Jokkmokk Iron Mines AB has advanced the Kallak project by finalizing engineering and design work for a processing plant capable of producing high-grade, low-impurity iron ore concentrate. The company also made significant progress in water and waste management, as well as transportation logistics, opting for a buried pipeline to transport concentrate to the railhead, thereby enhancing safety and reducing environmental impact.

Meanwhile, in Finland, Beowulf's subsidiary Grafintec Oy reported positive economics for Phase 1 of the GAMP, with a post-tax NPV8 of €924 million and an IRR of 37%. The company secured a site reservation in Kotka and is working to obtain tax credits and loans to fund the project. However, challenges remain as applications for financial support were initially rejected, prompting Grafintec to appeal and explore alternative funding avenues.

In Kosovo, Beowulf is in the process of selling its subsidiary Vardar Minerals Limited, having received a non-binding offer of €4 million. The sale is expected to provide non-dilutive capital to support the Kallak project and streamline operations.

Financially, Beowulf reported a consolidated loss of £1.75 million for 2025, slightly lower than the previous year. The company raised SEK 28.1 million through a capital raise to fund ongoing projects, but it remains under pressure to secure additional financing as current funding sources are non-binding.

Given the company's strategic progress and ongoing financial challenges, investors may consider holding their positions as Beowulf continues to advance its projects and seek long-term funding solutions.