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Beowulf Mining
(LSE:BEM)
Beowulf Mining (BEM) vs. iShares MSCI United Kingdom ETF (EWC)
Beowulf Mining Business Overview & Revenue Model
Beowulf Mining Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -68.79K | -63.33K | -72.75K | -51.49K | -42.42K |
| EBITDA | -1.84M | -1.49M | -1.66M | -2.67M | -1.69M | -1.44M |
| Net Income | -1.90M | -1.75M | -1.77M | -2.86M | -1.95M | -1.35M |
Balance Sheet | ||||||
| Total Assets | 18.78M | 19.42M | 17.21M | 16.09M | 15.15M | 14.90M |
| Cash, Cash Equivalents and Short-Term Investments | 773.20K | 329.65K | 881.35K | 905.55K | 1.78M | 3.34M |
| Total Debt | 40.37K | 257.70K | 30.73K | 37.63K | 1.87M | 7.49K |
| Total Liabilities | 395.36K | 901.45K | 538.86K | 471.29K | 2.49M | 404.58K |
| Stockholders Equity | 18.39M | 18.52M | 16.67M | 15.11M | 12.09M | 14.17M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -1.39M | -1.25M | -4.51M | -3.11M | -2.17M |
| Operating Cash Flow | 0.00 | -1.39M | -1.25M | -2.17M | -1.54M | -1.35M |
| Investing Cash Flow | 0.00 | -1.48M | -2.12M | -2.25M | -1.50M | -773.16K |
| Financing Cash Flow | 0.00 | 2.27M | 3.47M | 3.64M | 1.55M | 1.40M |
Beowulf Mining Technical Analysis
Beowulf Mining Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | £7.60M | -3.31 | -32.02% | ― | ― | ― | |
45 Neutral | £6.89M | ― | ― | ― | ― | ― | |
45 Neutral | £3.10M | -4.86 | -13.01% | ― | ― | ― | |
43 Neutral | £5.67M | -1.02 | -66.28% | ― | ― | 4.26% | |
41 Neutral | £4.08M | -3.30 | -10.21% | ― | ― | 42.24% | |
40 Underperform | £6.00M | -0.53 | ― | ― | -76.58% | 83.44% |
Beowulf Mining Corporate Events
Beowulf Mining has received a request from an investor to convert £50,000 of its unsecured convertible loan notes into equity, issuing 793,650 new ordinary shares of 5 pence each. The move reduces outstanding debt and modestly increases the company’s share capital, reflecting ongoing use of equity-linked financing to support its mineral development activities.
The new shares are expected to begin trading on AIM on 12 March 2026, taking Beowulf’s total issued share capital to 62,777,782 ordinary shares with none held in treasury. The enlarged share base will form the new reference point for investors assessing their holdings under UK disclosure rules, slightly diluting existing shareholders while potentially strengthening the balance sheet.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has received a notice from an investor to convert £50,000 of unsecured convertible loan notes into equity, resulting in the issuance of 793,650 new ordinary shares. The move modestly increases the company’s share capital and reduces its outstanding debt, with the new shares expected to begin trading on AIM on 12 March 2026.
Following admission of the new shares, Beowulf’s issued share capital will rise to 62,777,782 ordinary shares, all in free float with none held in treasury. The updated share count will serve as the new reference point for investors assessing disclosure thresholds under UK transparency rules, slightly diluting existing shareholders while improving the company’s balance sheet structure.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining reported unaudited 2025 results alongside operational progress across its Nordic portfolio, highlighting a narrowing annual loss and lower administration expenses despite reduced year-end cash. In Sweden, the company advanced the Kallak iron ore project toward a pre-feasibility study and environmental permitting, completing key engineering, water and waste management workstreams, favouring a buried pipeline for concentrate transport and exploring lower-impact technologies such as nitrogen-free explosives and electric mining trucks while deepening local stakeholder engagement.
In Finland, subsidiary Grafintec delivered a pre-feasibility study for its Graphite Anode Materials Plant in Kotka showing strong projected economics, secured a strategic industrial site with excellent logistics and renewable power, and pursued tax-credit, loan and equity funding to advance vertically integrated graphite anode production. In Kosovo, Beowulf rationalised its exploration portfolio, relinquishing a less prospective licence, reapplying for several expired permits in the face of regulatory backlogs and agreeing non-binding terms to sell its Vardar unit for €4 million as part of a broader funding strategy.
Corporate actions in 2025 included a SEK 28.1 million equity raise to repay bridge financing and progress Kallak and GAMP, approval of LTIP options for management, and the securing of a £500,000 unsecured convertible loan plus new warrants to bridge short-term working capital pending longer-term, still non-binding funding initiatives. The reclassification of Vardar’s exploration assets as held for sale and reduced impairments helped trim the group loss, but low cash levels and reliance on additional financing underscore ongoing funding risk even as Kallak and GAMP move closer to potential development and could materially influence Beowulf’s future cash flows and strategic positioning in European raw materials supply chains.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has reported that its total issued share capital now comprises 61,984,132 ordinary shares of 5 pence each, with none held in treasury. This updated share count provides the reference figure shareholders must use when calculating whether they need to disclose holdings or changes in their interests under the UK Financial Conduct Authority’s Disclosure and Transparency Rules.
The announcement largely serves a compliance function, ensuring investors and the market have clarity on Beowulf’s equity base for regulatory reporting. By confirming that there are no treasury shares, the company underlines that all issued shares are in circulation, which can influence assessments of voting power, ownership thresholds and potential future corporate actions for stakeholders.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has received notice from an investor to convert £50,000 of its unsecured convertible loan notes into equity, resulting in the issuance of 793,650 new ordinary shares. The move marginally dilutes existing shareholders but reduces outstanding debt and reflects continued use of equity-linked financing to support the company’s exploration and development activities.
The new shares are expected to be admitted to trading on AIM on 27 February 2026, bringing Beowulf’s total issued share capital to 61,984,132 ordinary shares, with none held in treasury. The updated share count provides the new reference point for investors’ disclosure obligations under FCA transparency rules and may influence future assessments of ownership stakes and voting power.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has announced the conversion of £25,000 of its unsecured convertible loan notes into equity, issuing 347,222 new ordinary shares of 5 pence each to the investor. The new shares are expected to begin trading on AIM on 11 February 2026, taking the company’s issued share capital to 61,190,482 ordinary shares, a change that marginally dilutes existing shareholders while providing an updated base for disclosure and transparency calculations under FCA rules.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has confirmed that its total issued share capital stands at 60,843,260 ordinary shares of 5 pence each, with no shares held in treasury, providing investors with the reference denominator required for regulatory disclosures of significant shareholdings. The company has also published its 2026 financial reporting calendar, setting dates for the release of its 2025 fourth-quarter and full-year results, subsequent 2026 quarterly results, and its Annual General Meeting, giving shareholders clearer visibility on upcoming disclosures and corporate governance milestones.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has announced the conversion of £50,000 of its unsecured convertible loan notes into equity, resulting in the issue of 790,263 new ordinary shares of 5 pence each to the investor. The new shares are expected to be admitted to trading on AIM on 27 January 2026, taking the company’s issued share capital to 60,843,260 ordinary shares, a change that marginally dilutes existing shareholders while providing a clearer picture of voting rights and potentially strengthening the company’s balance sheet through reduced debt obligations.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has secured short-term funding and is pursuing several longer-term financing avenues, including a proposed sale of Vardar Minerals and a potential €7 million R&D loan for its Finnish subsidiary Grafintec, although these remain non-binding and the company warns it may need additional working capital if transactions are delayed or fail. Operationally, the company is advancing technical and permitting work in Sweden and Finland, including mining fleet optimisation and sustainability planning for the Kallak iron ore project, an EU Strategic Project application and environmental assessments for the GAMP graphite anode plant, and the publication of sustainability strategies for its Swedish and Finnish subsidiaries, positioning Beowulf to play a strategic role in Europe’s efforts to secure resilient, low-carbon raw material supply chains for steel and battery industries.
The most recent analyst rating on (GB:BEM) stock is a Sell with a £9.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has received a notice from its investor to convert £25,000 of unsecured convertible loan notes into 395,131 new ordinary shares of 5 pence each. The new shares are expected to be admitted to trading on AIM on 19 January 2026, taking the company’s issued ordinary share capital to 60,052,997 shares, a change that marginally dilutes existing shareholders and updates the base figure used for regulatory disclosure of significant shareholdings under FCA rules.
The most recent analyst rating on (GB:BEM) stock is a Hold with a £10.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has announced the conversion of £25,000 of its unsecured convertible loan notes into equity, resulting in the issue of 395,131 new ordinary shares of 5 pence each to the investor. The new shares are expected to be admitted to trading on AIM on 19 January 2026, increasing the company’s issued share capital to 60,052,997 ordinary shares and slightly diluting existing shareholders, while simplifying its capital structure and altering voting rights calculations under UK disclosure rules.
The most recent analyst rating on (GB:BEM) stock is a Hold with a £10.00 price target. To see the full list of analyst forecasts on Beowulf Mining stock, see the GB:BEM Stock Forecast page.
Beowulf Mining has secured a £500,000 unsecured convertible loan from Alumni Capital, accompanied by 4,329,004 share warrants, to provide short-term working capital while it pursues larger funding initiatives aimed at advancing its key projects for the next 12 months; the loan carries a 10% annual interest rate, a 12‑month maturity and a conversion price linked to recent market trading, while the warrants include repricing and anti‑dilution protections and can be exercised over three years. The company has also appointed Marex Financial as its corporate adviser and outlined a broader funding strategy that includes a proposed €4 million sale of its Vardar Minerals subsidiary, a planned €5 million equity raise in Finnish unit Grafintec and a potential €7 million low‑interest loan from Business Finland to help finance the €10.4 million pilot testing and feasibility work for its GAMP project, as well as ongoing work to complete pre‑feasibility and permitting milestones at Kallak, underlining its push to de‑risk and progress its Scandinavian iron ore and battery materials assets while balancing near‑term liquidity needs with longer‑term growth objectives.