BEOWULF MINING PLC

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1 in the financial statements, which indicates that the Group and Parent Company will need to raise further funds within the 12 months following the date of approval of the financial statements, in order to continue to realise assets and meet liabilities in the normal course of business. As stated in note 1, these conditions indicate a material uncertainty which may cast significant doubt over the Group's and the Company's ability to continue as going concerns.

1. BEOWULF MINING PLC 2005-03-31 → present
2. BEOWULF GOLD PLC 2003-01-21 → 2005-03-31
3. ALAMOS PLC 2001-04-02 → 2003-01-21
4. E.RUBY PLC 2000-04-07 → 2001-04-02
5. BRITCAN MINERALS PLC 1989-03-02 → 2000-04-07
6. LUXMIT LIMITED 1988-12-21 → 1989-03-02

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1 in the financial statements, which indicates that the Group and Parent Company will need to raise further funds within the 12 months following the date of approval of the financial statements, in order to continue to realise assets and meet liabilities in the normal course of business. As stated in note 1, these conditions indicate a material uncertainty which may cast significant doubt over the Group's and the Company's ability to continue as going concerns.”

Group structure

1. BEOWULF MINING PLC · parent
   1. Grafintec Oy 100% · Finland · Mineral exploration
   2. Jokkmokk Iron Mines AB 100% · Sweden · Mineral exploration
   3. Beowulf Mining Sweden AB 100% · Sweden · Mineral exploration
   4. Wayland Copper Limited 100% · UK · Holding company
   5. Wayland Sweden AB 100% · Sweden · Mineral exploration
   6. Vardar Minerals Ltd 100% · UK · Mineral exploration
   7. UAV Geophysics (UK) Ltd 100% · UK · Dormant
   8. Vardar Geoscience BVI Ltd 100% · British Virgin Islands · Holding company
   9. Vardar Geoscience Kosovo L.L.C 100% · Kosovo · Mineral exploration
   10. Vardar Exploration Kosovo L.L.C 100% · Kosovo · Mineral exploration

Significant events

• “On 21 March 2025, in conjunction with the Company's right issue, the Company entered into a short-term bridging loan of SEK 10 million (approx. £740k) with the underwriters of the rights issue to ensure that the Company had sufficient financial resources to continue advancing its projects ahead of the right issue being finalised. The bridging loan accrues interest of 1.5 per cent per 30-day period, has an administrative charge of 5 per cent and is repayable on 30 June 2025. On 8 May 2025 the Company announced the completion of the capital raise with a total of £2.2 million (SEK 28.1 million) gross raised to fund the development of the Company's assets through their next key valuation milestones. The net funds raised after the loan repayment and share issue transaction costs are £1.0 million.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

10

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -2.7%

  £905,555 → £881,349

• Net assets

  +6.7%

  £15,622,280 → £16,671,422

• Employees

  0%

  12 → 12

• Operating profit

  +39.3%

  -£2,851,421 → -£1,731,326

• Profit before tax

  +39.1%

  -£2,937,909 → -£1,789,008

• Wages

  -36.2%

  £1,156,604 → £737,809

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers