Beowulf Mining PLC Share Chat (BEM)

Https://forum.placera.se/inlagg/54bc374c-5e57-49a5-8346-62039959f6d2

You may also want to see the comment I made to the first post down below the first post (1):

"Inom ramen för scopingstudien genomförde företaget en marknadsstudie för att bedöma värdet av varje produkt – vid den tidpunkten förväntades det finnas två produkter – en som representerade 2/3 av totalen, en högkvalitativ masugnsmatning med en kvalitet på ﹤70 % Fe och ﹥3,5 % kiseldioxid och aluminiumoxid med en prispremie över riktmärket 62 % på 29 USD/ton. Den andra högkvalitativa direktreducerade järnprodukten (1/3 av totalen) med ﹥70 % Fe och ﹤2,5 % kiseldioxid och aluminiumoxid som hade en prispremie på 45 USD/ton.

Nu väntar sig management med det nya tredje steget sälja en (1) högvärdig produkt."

I'll make a small addition here on this thread. Management is often criticized on these pages. I think it might be worth trying to understand more thoroughly the value-adding work management has contributed during years of economic scarcity.

5.50...0.00 (0.00%) ...Bid: 4.00...Ask: 7.00....Spread: 3.00 (75.00%)

Market Cap: £3.56m.

No change here since last look 28 Apr 2026 .

https://www.google.com/finance/beta/quote/BEM:LON?window=1Y

The company is currently in "advanced discussions" for emergency funding. Management has cautioned that without securing additional financing by the end of May 2026, there is no certainty it can continue operations or progress its projects.

Close Monday .. 5.50...0.50 (10.00%) ...Bid: 4.00...Ask: 7.00...Spread: 3.00 (75.00%)

Market Cap: £3.50m.

.....................................................................................................................................................................................................

31st March 2026.

Share Price..4.50...-1.50 (-25.00%) ...Bid: 3.00..Ask: 6.00..Spread: 3.00 (100.00%)

Market Cap: £2.83m.

Rns Update on Financial Position & Total Voting Rights.

Only gets worse with these AIM losers.

https://markets.investorschronicle.co.uk/data/equities/tearsheet/summary?s=BEM:LSE

PS And it isn't 100% correct to say EB is my beloved CEO, I've never had any communication with him at all, written or spoken...I do believe he's doing his best, as he should because that's what he's paid for and whether he has achieved anything or not still remains to be seen. Times are tough in all manner of ways.

Good Afternoon Ibjj. I have never doubted your right to express your view of this company and it isn't 100% correct of you to say I'm attempting to censure your opinion...I'm not, but I am expressing my opinion that you haven't always been right 100% as you claim and your tone is to ridicule those people who are still invested here, which isn't that nice. You don't have to be nice, that's OK and neither do I.

Good afternoon Suzy.

I have many passionate and intellectual interests. BEM is an occasional flirtation. Your mantra of " you don't own any shares, so you have no right to post " is typical of your facile attempts at censorship. I've never agreed with you. So what?

My view of this dog of a share continues to be ratified by it's relentless failure to produce any value.

Believe I'm wrong. I don't care. It's not me you need to take issue with, it is your beloved CEO.

Sounds good.. let's hope they can pull off a funding by the end of this month 😅

Clauris on Placera has asked how this affects Beowulf; a short excerpt from Gruv's answer is this...if I may:

"It is reasonable to assume that Stegra's accelerating process and new turns in politics regarding the design of the reindeer husbandry law have given air to Beo's negotiations about its strategic situation."

uppgifter: stegra säkrar 1,5 miljarder euro i lånefinansiering - bn

avatar for finwire

finwire

idag, 07:25

dela

industribolaget stegra har nått en överenskommelse med sina långivare om att frigöra omkring 1,5 miljarder euro i outnyttjade kreditlinor för att ****föra bolagets gröna stålverk, som väntas bli världens största i sitt slag. det rapporterar bloomberg news med hänvisning till källor.

samtliga långivare bakom kreditfaciliteter på över 4 miljarder euro ska ha godkänt att stegra ökar upplåningen. bolaget hade tidigare inte uppfyllt vissa villkor och milstolpar som krävdes för att få tillgång till lånen.

Överenskommelsen kommer efter att stegra nyligen säkrat ytterligare 1,4 miljarder euro i nytt kapital från investerare, däribland wallenbergsfären. avtalet omfattar även en justering av delar av låneåterbetalningarna och möjligheten att betala ränta med ytterligare skuld under en period.

bland långivarna finns svensk exportkredit, europeiska investeringsbanken, bnp paribas, ing och kfw ipex-bank.

Överenskommelsen väntar fortfarande på regulatoriska godkännanden.

Eric, I found your post elegant. Really. My later one was meant as a joking comment on previous discussions about using AI.

The slightly more serious question is whether we want to deal with only description or whether we want to predict. Also.

A description is always chosen, so is a prediction. Both rest on prerequisites that are, more or less, openly exposed.

As for whether the company's management has announced for a long time that they are making strategic considerations for the company's financing, it is open to finding out whether it is true or false by reading various documents from the company. If it is true or false that the company has several different such business proposals on the table, as mentioned in a release a week ago, we may experience that at the end of May if we have not seen a Vardar sale before then that makes these business proposals obsolete.

Incidentally, speaking of context, off topic, it was interesting to see how Vance clapping his hands had a delay when the rest of the delegates stood up and applauded King Charles.

Imagine the Ohio Valley, where lilies might have grown,

Instead of tea, a café au lait, upon the royal throne.

If Montcalm held the fortress high, and Wolfe had lost his way,

Perhaps our Yankee Doodle would have sang a French Marseillaise.

From New Orleans to Montreal, a single, flowing tongue,

No tea-soaked harbor, no July, a different story sung.

But the Redcoats held the frontier line, in a story we all know,

And kept the English accent, where the Mississippi flows.

Great enterprises have a habit of running short of cash....if this project succeeds I shall be very proud indeed that I helped it along in a teeny weeny way...and confidence is hard to sustain along a difficult path. We could talk about something nice while we wait...I liked the King's joke that the Americans would be speaking French today if it were not for the British. Which reminds me of a poem, but I'll leave that for another time...people have a very short tolerance of poetry unfortunately. The World would be a lot better if people read a bit more of it.

Irrelevant, as always, unclemad.

What is relevant is that, unlike you and grub, I'm not losing money hand over fist on this dog.

Lbjj unlike you both himself and me are shareholders, saddo,!

No disagreement with that, Eric.

A fool doth think he's wise a wise man knoweth himself to be a fool....I'll agree with you on the seems to be, few things are ever certain.

To trust implicitly something unproven, and which admits, in it's name, artificially, seems to be a fool's paradise.

There are several definitions of magic...AI is definitely at least some of them and possibly most of them....sleighty of hand, beneficial, bridging a gap between the known and unknown, yes...all of those things but not supernatural that's a slander because nobody can fly on a broomstick...not even me.

I have reached the position of not agreeing by using my critical faculties - simples.

AI is not magic, and to assert so shows you have surrendered your critical faculties.

These are worth a punt at 0.5p!

Seriously folks, why the gloom and doom...not sure if you've read the following posted earlier this month:

https://europe-times.net/news/beowulfmining260415

'The company is currently advancing the Swedish project through a pre-feasibility study and preparing to submit an environmental permit application. Bowie indicated that the permitting process may take approximately two years, followed by around 18 months of construction once approvals are secured.'

It's only another 3 and a half years and we'll all get our money back!!!!

Ha ha...I love that Ed's kicking timelines down the road. How many more cash calls will there be...how many dilutions? He might as well do another 50:1 consolidation today as we're getting close to a penny. I'm also loving the spread. Basically all current shareholders are shafted. You'll need to be a very young and optimistic investor to ever see this story playing out...even then, not sure how much money you'll have to lose before you see a turn around?!?

Good luck all, this will remain my biggest mistake...believing in Clive, Kurt and now Ed...

It's like the sinking of the titanic here.

It’s difficult to tell if some posters on here have a form of ‘Bulletin Board Stockholm Syndrome’, or they’re just gaslighting other posters?

Did anyone actually read the RNS yesterday? The company is out of cash in 3-weeks. They are still working on short term finance.

Loans for, and the sale of equity in Grafintec, plus the sale of Vardar all now seem completely fanciful.

Gunnar, yes, add a touch of light to this if you like, good that you are optimistic. A personal choice, even though it’s based on ‘what ifs’ at the moment and not on what we actually do know to be the case, the harsh reality of our situation.

Anyhow, best wishes to you.

Suzy, fair comment, but what has Ismet done so far exactly? It’s almost May and we have yet to hear of anyone coming in to make a firm offer for Vardar. When we absolutely need it to be sold.

I’m only going off what we do know, not musing anymore about what may be occurring.

Can I remind people that 5 fundraises ago, the money raised was designated for completion of the EIA. It didn't happen, and 4 further cash calls have been equal in failing to achieve the same objective.

Since the granting of the mining concession, the SP has fallen 99.8%

Reality.

Good...thanks! :-)

Sorry, MKB is Swedish for EIA. MKBn in definitive form. :-)

an s l u t a is connect. :-) No sexual reference.

Thanks Gruv...and I pretty much agree with you....could you remind me what MKBN stands for, please.

ja, du har rätt i att det finns en anledning till att vi är där vi är. jag sålde när vardar togs in, sålde du när bearbetningskoncessionen erhölls? du behöver förstås inte vara öppen med det här, bara en tanke.

det är en omfattande diskussion om varför det dragit ut på tiden, jag har valt att gå in nu då jag menar att nuvarande vd med sina rekryteringar runt arbetet med mkbn visat vägen framåt. då jag i min närhet har professionella när det gäller bidragsansökningar på nationell och eu-nivå, hoppas jag att detsamma gäller detta område. det ser vi under våren. jag tror det i den situation vi faktiskt befinner oss, som ju är ett uppenbart faktum, så får vi skilja på vad bolaget kan påverka och vad som är externa faktorer:

bolaget har mkbn för kallak i sin egen hand, antingen på ett vardarfinansierat sätt eller, under andra omständigheter. det är min uppfattning.

finansieringen av den finska verksamheten vad gäller möjligheten till utfarmning genom privat placement har jag inte samma inblick för att kunna ha en uppfattning om. vi väntar på nyheter i maj runt ansökan till eu för att bli utsedd till strategiskt projekt, en dörröppnare för bidragsdelen.

när det gäller externa frågor bolaget inte kan påverka menar jag att det nyhetsflöde som varit senaste 10 dagarna är extremt lyckosamt till företagets fördel. järnvägsvagnarna behöver inte gå halvfulla till narvik, ett avtal med större aktör om att sälja ut hela eller delar av produktionen med ett stegra smältverk utvecklat just för den produkt kallak har, och - möjligen - en process där företagsetableringar sker med ömsesidig respekt på lika villkor med den omgivande miljön - nog är det intressant. låt mig tillägga: personligen är jag noga med att inte hemfalla till bitterhet mot den behandling samebyarna givit gruvindustrin, låt oss samverka för allas bästa. jag ser slurrypipelinen som det faktiska uttrycket för detta. men jag ser också en framtid när slurrypipelinen kopplas vidare på botten av sjön randijaure och an****er till de stora mineraliseringarna söder om sjön där bolaget också har koncessioner.

ursäkta språkvalet har lite bråttom.

My points are borne out of experience, facts and a knowledge of the history of the company.

Its in this predicament for a reason.

Very helpful to have a Swede posting here...we've been trying to follow the politics for many years and it has always seemed to me there was only one, minor Party opposing such development.

Morning All.

PS “It feels almost unreal,” says Otto Nilsson, CEO of Inlandsbanan. And...“We have been working for this for many, many years” . The Inlandsbanan is a resource that can be used more if it is upgraded.

Yep...tell us about it! :-)

Https://www.svt.se/nyheter/lokalt/jamtland/inlandsbanan-ska-rustas-upp

Thanks Barnes on Placera Forum

Https://www.svt.se/nyheter/ekonomi/wallenbergs-namn-mer-vart-for-stegra-an-miljarderna

Wallenberg is the leading financial family in Sweden since WW2.

Tack Gruv.....Our turn next?

"It has been achieved in a very challenging macroeconomic environment and reflects significant efforts from all involved,” says Stegra’s CEO Henrik Henriksson according to the press release."

Improve your swedish, :-) :

https://www.placera.se/nyheter/wallenberg-kliver-in--sakrar-stegras-finansiering-2026-04-14

Stegra will use DIR ore.

There you are! X

Lozan still about? 😂

Interesting perspective, Pocko. Then we know what your view is here, or do we? It is presented in att descriptive manner som that you will have right both ways. Except for the last statement about longterm shareholders. What about that we all have a choise at any given time? What is the most rational investment today, if you find it somewhere else, good luck. I look forward following your argument on that CO's board. We will see if my prediction is wrong. If so, it's my own money and a risk - reward that I personally will take. We all have to do our own DD.

Having ore in the ground and a approved ownership of the ore for 25 years there is a value 3-4 times todays market cap, selling the property next weekend. More if the process gives more time. Every buyer knows the extrem demand in the market for the typ of ore we have in Kallak, note Anglos deal with Grangex.

Without the sale of Vardar, the EIA for Kallak will not be submitted before the end of 2026.

Without the sale of equity in Grafintec, and the loan from the government, the EIA will not be completed in 2026.

Without short term finance, which has yet to be announced, the lights go off.

So yes, by all means invest now for pennies, and you May, just may triple your investment. That remains an impossible dream for long term holders that remained invested.

Good, I agree with all that Gruv...especially the bit about tripling my investment. But dialectician...I had to look it up. :-)

Nighty night All X

I understand Eric, I left Beowulf when Vardar was bought. With that I missed the rise for the processing concession, an increase of 1000% from my entry. We all make our choices. I have now re-entered. Why?:

1. The processing concession was a political process, the EIA processing is a strictly legal process in the Umeå Environmental Court. I back that with my Phd studies in political science, for what it's worth, ibjj.

2. The concrete steps taken in the final work with the EIA are crucial for the final quality of the EIA, here I think transparency is good.

3. I see that it has been a long Golgotha, but my assessment is that the share price is extra pressured due to financial problems that can be solved and that will certainly cause a movement in the share price when that happens.

4. I mean that before the end of the year we can have two completed EIAs and PFS. Both with a basis for partnership, if you will. I will communicate details about this with the CEO. I do not see that the ball is anywhere else than in the company's lap when it comes to completing the EIA work and submitting the application.

With this slightly different view of the possibilities in the legal system in Sweden, I also see opportunities to discuss how the path forward after a submitted EIA should be financed.

I am really sorry for those who have completely lost faith in the political system in Sweden, I am not here to defend it. I have only invested to triple my invested money.

Suzy, love Herakleitos. Use to call him the first dialectician. Things both are and are not, right?

Absolutely, Eric.

This has been tortuous for too long. A ( lack of ) process which serves solely to line the pockets of successive lack lustre CEOs.

The last thing anyone needs is random AI assisted musings suggesting private investors submit their own business plans the a BOD incapable of dealing with the bureaucracy of Sweden and Finland.

Lose on holding £22 thous now £104 .80 , but i gained a bit when they were well up, mug for not selling them all on the high.

Happy Easter to you too Sooz. x

Morning Eric. Hope you don't mind if I go off topic and wish everyone Happy Easter. The World is an unhappy place at the moment but we can always hope for better times, hope is a virtue. And I agree it's not our job to formulate a plan here, it's Ed's job.

Best wishes. x

It's a risk now. Any LTH's value will be so low it isn't worth exiting. Refinancing could result in the company going private and surely the Vardar 'buyers' will decide to renegotiate soon. GLA everyone still here

I’m back in after 10 years or so away from bem ,market cap seems cheap with all its issues ,but worth a punt now ,nice to see some of the old posters who’ve been here for years ,they definitely deserve some rewards .

Exactly… which is why counter any argument that suggests a buying frenzy in Sweden, and that somehow they are loading up in anticipation of news - It’s currently -24% on the day

Yes, the uncertainty over funding is currently playing havoc with the market cap. It’s creating a significant problem, unsurprisingly.

I mean market cap £3.77 million. This is priced like the worst garbage on AIM with no real assets. Even with a doubling of SP it's still in junk status. Basically the market doesn't think Vardar will be sold soon or they will get the grafintec funding away.

Comments on a rising SP never age well. It’s currently down 14% in Sweden, following on from the losses on Friday.

So why are investors keen to sell before any announcement?

I wrote:

"I am trying to interpret the rising price in Stockholm, which is an empirical fact. Why are investors keen to buy before there is an announcement?

"I think the answer is that the value of two EIAs with a low risk of being delayed for supplementary work, gives, not 100% of the current valuation, but ten times the same. It also gives strength in partner negotiations. The last a new question rising over the horizon, we will see. :-)"

That's why I concluded with this paragraph:

"It is reasonable that the next presentation from Beowulf should contain more detailed information on how the Co specifically intends to lower the permit risk in Kallak as well as in Kotka. Two EIAs with a low risk (and there fore high chance, Suzy) of reaching approval in the various projects are the best value enhancer the company has since the approval of the processing concession. Both applications provide strength in partnership negotiations."

We do not have any information, except speculations, on the outcome of the financing. Looking forward to an update on the EIA work in Sweden and Finland as well as the plans for the mid term future that takes Beowulf out of the current ad hoc situation. Could it be that both of these things are mutually reinforcing?

The pipeline is surely an integral part of the EIA? What with if being used instead of vehicles for environmental purposes?

It’s all smoke and mirrors. Where’s the finance when we need it?

Thanks, yes...pipeline study will exceed the requirements of the EIA. Good, anticipated at least.

No, building permits are processed under a different law after the EIA has been approved.

"NordicPipe is a collaborative innovation project that builds on work already completed by the Company with support from a number of its partners."

It is further pointed out in the release: " It is anticipated that this work will exceed the requirements for a Feasibility Study." I do not know which details the Co chooses to work on in parallel with the submission and processing of the EIA and which ones the Co chooses to include in the submitted EIA. Reasonably, the things one initially wants to include in the EIA with the slurry pipeline that, possibly, are not already in place are prioritized in time. I think it is reasonable to see the matter as the company's hypotheses about the slurry pipeline based on international standards. The study will verify these hypotheses at the specific location in sweden.

In Summary: A strategic derisking of the whole projekt having the EU entering the project with financial support.

I guess managements work concerning Kallak is under the heading "slurry pipeline" .

In what sense is the EIA a process? For instance, could planning permission be gained during the 'process'?

But AI can't think...as I've said already, it's lies, damn lies and statistics.

You could ask AI?

Maddog....There's no answer to that.

Suzy2 , would you invest millions to build a mine that can not remove the product unless a pipe line was installed , i donot think so, no one in their right mine would at this stage first this line has to be aproved that it works no one has a clue as yet , trust me if this mine gets built it will be at least 8 years away, i wish i had a magic wand to make it 3 years but i havent,i am just being a realist , no,one wants this mine to work more than me i invested quit a lot and it would of being nice just to get my money back.

And, it’s only going to take 2-years to “ advance technical and environmental knowledge”. Then we can get on with planning and actually building it.

The fact that this process will take 2-years ought to give a truer indication of when we might actually start to mine?

Any news on funding I wonder?

Thank you Gruv and Eric for 3 well written posts. Restores my faith, in Beowulf, again. My losses are so large I really need some good news. Keep up the good work, and well done for raising my spirits, and the spirits of some other investers. Thanks again Gruv, its been a long journey for me. I remember the man with the smart shoes . That was over 10 yearsago, I think. Keep posting Gruv andEric. We will get there one day, or rather Beowulf will! Good luck to us all.Not forgetting Susie or S74.

A very reasonable response to my post. Thank you for your thoughtfulness, Eric.

You say several true things. As I said, I myself left when Vardar was taken into the company.

The victim mentality is not for me. Can the company blame the slowness of the authorities in Kosovo and the tough economic thresholds in Finland? Generally speaking, no. In this special situation that prevails in April-May: Yes. That said, there is room for maneuver for Grafintec for financing, see other post.

The prolonged value increase in Finland is partly due to the choice to move the project from Vaasa to Kotka, which delayed the PFS and EIA. I don't have the whole picture here, but I understand that the infrastructure is better and the land situation specifically so. It is the vertical integration in the value chain that has given Kotka. But time is money. But, again, do not underestimate the CEO and Rasmus they have together through technical collaborations enabled the production of high battery quality for graphite in Finland. Moreover, in an environmentally friendly way that provides external financing. It is no small thing. Personally, I have underestimated the Finnish business in its infancy when I was an owner myself.

There is much more to say, but I will stop there for now. Thanks again for illustrating the dilemma of long-term investors. I think a new medium-term business plan for the period after the EIA and PFS can clarify things.. :-)

Good post Gunnar.

We’ve been waiting so long though with this potential, and the actual assets in the ground, that the market cap has only eroded over time. It’s not necessarily what we have, it’s how risky it is for someone to invest. Bearing in mind the red tape and obstructive forces aligned to hamper our progress in Sweden, and with extremely slow progress at Grafintec over the last decade.

It’s difficult to include Vardar into the equation, simply because we have nothing yet proven of commercial value. And a problem with keeping the licences current, due to the nature of the beast, operating in Kosovo.

So while your post is what we want to hear, the reality is what we are faced with trying to get the projects over the line. Money has been raised a number of times as well, to move on with Kallak, and we still aren’t in a position to have effected the issuance of an environmental permit.

Ed taking away our nominal value and mass dilution/share restructuring has had a negative impact, I would suggest, on any major player previously taking an interest in investing here. It is much more precarious.

However, we are still afloat. Thankfully, yet at a huge cost to long-term shareholders.

That’s how I see it.

Only my opinion though.

All the best.

No, Beowulfs substantial value is n o t eroding. The company's net worth consists of a 25-year mining concession. It gives exclusive rights to the ore in the area. It is, economicaly, a high quality asset.

Beowulf is debt-free and, financially speaking, close to submitting a completed EIA. The whole point of the work done under the CEO's leadership with the EIA has been to reduce the risk of a lengthy process in the environmental court in Umeå. Perhaps this has not been explained in a way that those who do not follow the industry understand. (The design of the slurry pipe, the new design of the facilities in the mine, reduction of nitrogen during blasting, water management, etc.) This risk minimization increases the value of the company as the EIA becomes a lever for mining start-up once the completed document is submitted to the authority. The document itself has a corporate value as it presents a plan for mining start-up that the market has to decide on. An approved EIA can then be 1.5 years away.

Do your own AI search for what the different steps are worth in the Kallak case. Look up other similar cases.

The company is not suspending payments, the ore h a s a value in the ground for which there are buyers.

Added to this is the value of Grafintec. Remember the value of the grafite projekt in Luleå that I mentioned in other posts.

I hope to be part of a turnaround where both projects are given their potential value. Ten times the money from here. Grafintec has news in May from the EU. Do we have other news before then? :-)

Can't dilute much further so who will stump up the cash, except by convertable loans. Our mcap is just £4m, little more than we are supposed to get from Kosovo. This co had such promise in the past but now its just withering away.

And the work streams are all dependent upon either sale of Vardar (Kallak) or the largesse of the Finnish state, which has been declined. Meaning further delays. So it’s critical…

We need to get Vardar over the line asap, cash isn't going to last much longer.

“Grafintec has been informed that its application to Business Finland for a Research, Development and Piloting loan scheme for a loan of €7 million has not been successful on this occasion, primarily due to failing one of the eligibility criteria.”

And you have to admire Bowie - Trying to flog Vardar when it currently has no actual exploration licences!

But the team still found time to award itself share options.

Another loan and therefore more share dilution to follow, contrary to what he stated about shareholder dilution in a previous RNS.

It is 14% per share and it is not a gamble

Morning Maddog...Thanks for the tip which I have to resist because I need some new windows and they're going to cost a lot. Good luck with it.

Take my tip buy some ADIG shares and grab 3.92% yuo must buy before the 25th straight cash and sell on the 26th

Its coming suz....europes waking up...especially in the sparsley populated north

https://www.rcinet.ca/eye-on-the-arctic/2026/02/16/finland-invests-e65m-in-state-firms-lapland-rare-earth-elements-project/

Yes, indeed...that's the way the cookie crumbles in the finance world. That speech from Macron ...he ephasised the desperate need for private investment in our industries....the Swedish Government so far has done plenty to obstruct us but precious little to help.

Loan conversion - 347,222 shares issued at .775

So not only do they profit from the costs of financing, they get issued shares at discount when converted.

Like a pawnbroker preying on the desperate.

Time is ticking on - The end of Q1 beckons.

Troaj...That was very interesting from Macron...Europe remains dangerously exposed...protection is the only way we can preserve our industrial footprint...we have to simplify and accelerate our decisions, we cannot wait.

Sigh!

Nighty night X

13.50 mins in ....and macron mentioning critical mineral supply this week

https://www.youtube.com/watch?v=CA3NFk705Jo