Beowulf Mining (BEM) AI Stock Analysis

• Market Cap: £5.97M
• Dividend Yield: N/A
• Average Volume (3M): 16.99K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.66
• Revenue Growth: N/A
• EPS Growth: 42.24%
• Country: UK
• Employees: 15
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 59,657,867
• 10 Day Avg. Volume: 10,193
• 30 Day Avg. Volume: 16,986
• PEG Ratio: 0.05
• Price to Book (P/B): 0.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: 10.00p ▼(-4.76% Downside)

The score is primarily held down by the lack of revenue, recurring losses, and continued cash burn, despite some improvement in 2024. Low leverage and a sizable equity base provide balance-sheet support, but the technical picture remains weak with the stock below major moving averages and limited valuation support due to negative earnings.

Positive Factors

Low leverage and sizable equity base

Very low leverage and a meaningful equity base provide durable financial flexibility for a pre‑production explorer. This reduces refinancing and interest burden risk, supports funding of permitting and technical studies, and makes the company more attractive for partner farm‑outs or asset sales.

Focused Nordic project pipeline

Concentrated project focus in established Nordic jurisdictions supports a clearer regulatory and stakeholder pathway to development. The company’s emphasis on permitting and technical de‑risking creates structural optionality for eventual development, farm‑outs, or asset monetisation over the medium term.

Reduced cash burn in 2024

Material reduction in cash burn year‑over‑year indicates improving cost discipline and extends the company’s operational runway. Sustained lower cash consumption improves near‑term funding needs and increases the chance to reach permitting milestones without immediate dilutive financing.

Negative Factors

No revenue across 2019–2024

A multi‑year absence of operating revenue is a fundamental constraint: the business cannot self‑fund exploration or development from operations. This structural lack of revenue makes project advancement contingent on external capital or asset sales, increasing execution and financing risk.

Persistent operating losses and negative cash flow

Recurring operating losses and negative free cash flow erode equity and require repeated funding rounds, which can dilute shareholders and divert management focus. Over the medium term, sustained negative cash generation limits the ability to invest in value‑accretive development work without external support.

Reliance on permits, partnerships and external funding

As a pre‑production explorer, monetisation depends on securing permits, technical de‑risking, farm‑outs or capital raises. Each step is time‑consuming and uncertain; regulatory, commodity and partner risks make cash‑flow outcomes binary and increase the probability of delay or value impairment over the next 2–6 months.

Beowulf Mining Business Overview & Revenue Model

Company Description

Beowulf Mining (BEM) is a mineral exploration and development company focused on identifying and advancing natural resource projects in the Nordic region, primarily Sweden and Finland. The company's portfolio includes a range of activities from early-stage exploration to advanced stages of development, particularly in the mining of iron ore, graphite, and other valuable minerals. Beowulf Mining aims to create long-term value through the responsible and sustainable development of its mineral projects.

How the Company Makes Money

Beowulf Mining makes money primarily through the exploration, development, and potential extraction of mineral resources from its licensed properties. The company generates revenue by moving projects through various stages, from initial exploration to feasibility studies and, eventually, production. Key revenue streams include selling extracted minerals like iron ore and graphite to industrial clients and steel manufacturers. Additionally, Beowulf might partner with other mining companies or enter joint ventures to co-develop projects, further enhancing its revenue potential. The company's earnings are influenced by global commodity prices, exploration success, and strategic partnerships that may provide funding or technical expertise.

Beowulf Mining Financial Statement Overview

Summary

Beowulf Mining faces significant financial challenges, primarily due to the absence of revenue generation resulting in ongoing losses. The balance sheet shows strong equity and low leverage, providing some stability. However, the negative cash flow from operations suggests potential liquidity issues. The company needs to improve revenue streams and manage costs effectively to enhance financial performance.

Income Statement

The company has not reported any revenue over the past years, resulting in negative gross profits and net losses. The lack of revenue growth and negative profit margins indicate challenges in generating sales and managing costs efficiently.

Balance Sheet

The company maintains a strong equity position relative to its total assets, evident in a high equity ratio. However, the lack of revenue and net losses impact return on equity. The low debt levels suggest low financial leverage, which is a positive aspect.

Cash Flow

The company has consistently reported negative free cash flow, indicating struggles with cash generation from operations. Operating cash flow is negative, and there is no positive free cash flow growth, raising concerns about cash sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	-63.33K	-72.75K	-51.49K	-42.42K	-41.38K
EBITDA	-1.84M	-1.66M	-2.67M	-1.69M	-1.44M	-1.05M
Net Income	-1.90M	-1.77M	-2.86M	-1.95M	-1.35M	-1.13M
Balance Sheet
Total Assets	18.78M	17.21M	16.09M	15.15M	14.90M	17.42M
Cash, Cash Equivalents and Short-Term Investments	773.20K	881.35K	905.55K	1.78M	3.34M	4.33M
Total Debt	40.37K	30.73K	37.63K	1.87M	7.49K	2.03K
Total Liabilities	395.36K	538.86K	471.29K	2.49M	404.58K	646.57K
Stockholders Equity	18.39M	16.67M	15.11M	12.09M	14.17M	16.38M
Cash Flow
Free Cash Flow	0.00	-1.25M	-4.51M	-3.11M	-2.17M	-1.59M
Operating Cash Flow	0.00	-1.25M	-2.17M	-1.54M	-1.35M	-881.33K
Investing Cash Flow	0.00	-2.12M	-2.25M	-1.50M	-773.16K	-645.55K
Financing Cash Flow	0.00	3.47M	3.64M	1.55M	1.40M	4.70M

Beowulf Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BEM, the sentiment is Negative. The current price of 10.5 is below the 20-day moving average (MA) of 10.79, below the 50-day MA of 10.71, and below the 200-day MA of 10.98, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 38.84 is Neutral, neither overbought nor oversold. The STOCH value of 20.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:BEM.

Beowulf Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ARCM	49 Neutral	£9.77M	-2.60	-32.02%	―	―	―
PXC	48 Neutral	£7.57M	-1.27	-13.01%	―	―	―
IRON	45 Neutral	£6.89M	―	―	―	―	―
BEM	44 Neutral	£5.97M	-2.49	-10.21%	―	―	42.24%
THR	44 Neutral	£5.92M	-0.64	-66.28%	―	―	4.26%
VAST	40 Underperform	£6.00M	-0.44	―	―	-76.58%	83.44%

Beowulf Mining Corporate Events

Beowulf Mining Converts £25,000 of Loan Notes Into New Shares

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 Issues New Shares Following £25,000 Loan Note Conversion

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 Secures Convertible Loan and Sets Out Funding Plan for Scandinavian Projects

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.

Beowulf Mining Reports Progress and Financial Results Amidst Funding Pursuits

Beowulf Mining has announced its unaudited financial results for the nine months ending September 30, 2025, highlighting ongoing progress in its key projects. In Sweden, the company is advancing the Kallak Iron Ore Project, focusing on community engagement and environmental considerations. In Finland, Beowulf’s subsidiary Grafintec has secured a site for its Graphite Anode Materials Plant and is seeking financial support to promote clean-transition investments. In Kosovo, exploration activities continue, although some license renewals are pending due to administrative delays. Financially, the company reported a consolidated loss similar to the previous year and is actively seeking additional funding to continue its projects, with several potential funding solutions under consideration.

Beowulf Mining Unveils Funding Strategy Amid Financial Update

Beowulf Mining has announced its financial position and funding strategy, highlighting the need for additional financing to advance its key projects, Kallak and GAMP. The company is exploring several funding options, including the potential sale of Vardar Minerals and securing equity and loans for its Finnish subsidiary, Grafintec. These efforts aim to minimize shareholder dilution while ensuring project milestones are met. The successful execution of these strategies is expected to transform Beowulf’s operations by providing the necessary capital to progress its core assets, although the completion of these funding solutions remains uncertain.