15 April 2025
Beowulf Mining plc
("Beowulf" or the "Company")
Statement of Financial Position at the end of February 2025
Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides a statement of its financial position as at the end of February 2025.
In relation to the ongoing Capital Raise and specifically the Rights Issue as announced on 4 April 2025, the Company intends to publish a prospectus shortly. The prospectus contains certain financial information that must be less than 90 days old, as set out below. For ease of reference, the unaudited Condensed Consolidated Statement of Financial Position as at 28 February 2025 and 31 December 2024 (previously released) in the Company's normal format are also presented below.
|
Unaudited Statement of financial position |
|
|
Amount in GBP |
As of 28 February 2025 |
|
Total current liabilities |
22,141 |
|
Against guarantee or guarantee |
- |
|
Towards security |
- |
|
Without warranty/guarantee or security (a) |
22,141 |
|
Total long-term liabilities |
10,700 |
|
Against guarantee or guarantee |
- |
|
Towards security |
- |
|
Without warranty/guarantee or security (b) |
10,700 |
|
Total equity |
17,210,227 |
|
Share capital (c) |
12,356,927 |
|
Reserve Fund (d+g) |
30,303,901 |
|
Other reserves (e+f+h+i) |
(25,450,601) |
|
Total |
17,243,068 |
|
Note: (a) to (i) refer to Consolidated Statement of Financial Position below |
|
Net debt (unaudited) |
|
|
Amount in GBP |
As of 28 February 2025 |
|
(A) Cash and bank |
293,421 |
|
(B) Other cash and cash equivalents |
- |
|
(C) Other financial assets |
- |
|
(d) Liquidity (A+B+C) |
293,421 |
|
(E) Current financial liabilities1 |
22,141 |
|
(F) Short-term share of long-term financial liabilities |
- |
|
(G) Current financial debt (E+F) 575,509 |
22,141 |
|
(H) Net current financial liabilities (G-D) 282.088 |
-271,280 |
|
(I) Long-term financial liabilities2 |
10,700 |
|
(J) Debt instruments |
- |
|
(K) Current accounts payable and other liabilities - |
- |
|
(L) Net long-term financial debt (I+J+K) 10,700 |
10,700 |
|
(M) Total financial debt (H+L) |
-260,580 |
|
Notes |
|
|
(1) Includes short-term lease liabilities of £22,141 |
|
|
(2) Includes long-term lease liabilities of £10,700 |
BEOWULF MINING PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
|
(Unaudited) |
(Unaudited) |
||
|
£ |
£ |
||
|
ASSETS |
|||
|
NON-CURRENT ASSETS |
|||
|
Intangible assets |
17,157,603 |
16,023,022 |
|
|
Property, plant and equipment |
52,393 |
56,685 |
|
|
Investments |
3,250 |
3,250 |
|
|
Loans and other financial assets |
2,784 |
5,138 |
|
|
Right of use asset |
51,631 |
48,333 |
|
|
17,267,661 |
16,136,428 |
||
|
CURRENT ASSETS |
|||
|
Trade and other receivables |
235,354 |
192,512 |
|
|
Cash and cash equivalents |
293,421 |
881,349 |
|
|
528,775 |
1,073,861 |
||
|
TOTAL ASSETS |
17,796,436 |
17,210,289 |
|
|
EQUITY |
|||
|
SHAREHOLDERS' EQUITY |
|||
|
Share capital (c) |
12,356,927 |
12,356,927 |
|
|
Share premium (d) |
29,878,404 |
29,878,404 |
|
|
Capital contribution reserve (e) |
46,451 |
46,451 |
|
|
Share Based Payment reserve (f) |
1,186,003 |
1,124,131 |
|
|
Merger Reserve (g) |
425,497 |
425,497 |
|
|
Translation reserve (h) |
(1,653,140) |
(2,395,934) |
|
|
Accumulated losses (i) |
(25,029,915) |
(24,764,054) |
|
|
17,210,227 |
16,671,422 |
||
|
Non-controlling interests |
- |
- |
|
|
TOTAL EQUITY |
17,210,227 |
16,671,422 |
|
|
LIABILITIES |
|||
|
CURRENT LIABILITIES |
|||
|
Trade and other payables |
553,368 |
508,124 |
|
|
Lease liability (a) |
22,141 |
20,727 |
|
|
Borrowings |
0 |
- |
|
|
575,509 |
528,851 |
||
|
NON - CURRENT LIABILITIES |
|||
|
Lease liability (b) |
10,700 |
10,016 |
|
|
TOTAL LIABILITIES |
586,209 |
538,867 |
|
|
TOTAL EQUITY AND LIABILITIES |
17,796,436 |
17,210,289 |
Enquiries:
|
Beowulf Mining plc |
|
|
Ed Bowie, Chief Executive Officer |
ed.bowie@beowulfmining.com |
|
SP Angel |
|
|
(Nominated Adviser & Joint Broker) |
|
|
Ewan Leggat / Stuart Gledhill / Adam Cowl |
Tel: +44 (0) 20 3470 0470 |
|
Alternative Resource Capital |
|
|
(Joint Broker) |
|
|
Alex Wood |
Tel: +44 (0) 20 7186 9004 |
|
BlytheRay |
|
|
Tim Blythe / Megan Ray |
Tel: +44 (0) 20 7138 3204 |
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.