Rankings Commodities & uranium Beowulf Mining
Beowulf Mining
28
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Funding and liquidity−16
- Margin−10
- FCF yield−10
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 0.44 DKK
- Market value
- DKK 29m
- Cash runway
- 1 months
- Cash / debt
- – / –m SEK
- Dilution, 12 months
- –
Bull case
The ISP approves, Bacchus completes the investment (company fully funded through 2027), the environmental application is filed, and the market starts pricing the PFS NPV8 of EUR 924m at just 1–2%. That equals EUR 9–18m over about 190m shares after dilution – around 5–10 pence, i.e. 1–2x today's price. A 3–10x requires an environmental permit and a large steel partner.
Bear case
The ISP rejects or drags it out, the bridge financing lasts only a few weeks, and the company has to raise money far below 3 pence or go into administration. With build capex of about 60 times the market value and strong Sami opposition, Kallak could remain a paper project.
Catalysts
- Oct 2026Signing of bridge financing (about GBP 110,000, convertible at 3 pence)binary investegate.co.uk
- Dec 2026–Mar 2027ISP decision on the Bacchus investment (review started 10/9, up to 3–6 months)binary investing.com
- 31 Dec 2026Extended deadline in the settlement agreement with Alumni Capitalbinary investegate.co.uk
Risk of going to zerohigh – the company itself has reported an urgent need for funding within a month, the only large investor is blocked by an FDI review, and there is no revenue.
Next financingUrgent: on 11/9/2026 the company wrote that it must secure funding within a month. The Bacchus investment (GBP 3.7m) lapsed on 30/9 because of the ISP review; Bacchus is willing to resume if the ISP approves (3–6 months). Until then about GBP 110,000 of convertible bridge financing at 3 pence is being sought. Alumni Capital's deadline has been extended to 31/12/2026.
Warrants & convertiblesRealised dilution in the last 12 months not calculated (Nordnet's market cap suggests a share consolidation). The Bacchus agreement would issue 123.2m new shares at 3 pence (+188%, Bacchus 59%). New bridge financing of about GBP 110,000 as a convertible at 3 pence with 3-year warrants at 4.5 pence – both below the share price of about 5.3 pence. Loan from Alumni Capital with conversion right (21/9: GBP 50,000 converted into 961,168 shares, about 5.2 pence).
Insiders, last 12 monthsBoard members have committed to take part in the bridge financing of about GBP 110,000 (not completed). Other insider trades not examined.
Largest ownersNot examined. Bacchus Capital would have owned 59% under the now-lapsed deal; Alumni Capital is a lender with a conversion right.
Circio check(1) Small market value: yes – about DKK 29m (not 591 as on Nordnet). (2) Hot theme: partly – iron ore for fossil-free steel and critical raw materials, but green steel has cooled. (3) Upcoming milestones: yes – the ISP decision and bridge financing, both binary. (4) Large partner: no – Bacchus is a smaller investment bank/fund, and the deal has lapsed. (5) Funding for 2+ years: no – about one month of liquidity. (6) Price near the bottom: yes – −52% in a year, but still above the 3-pence issue price.
Why this asymmetryThe paper economics in the PFS are enormous relative to market cap, but the road there requires FDI approval, an environmental permit against strong opposition and about EUR 225m in construction capital. In the short term the share is priced above the price (3 pence) at which all new capital will come in.
How the score is built
From 100 to 28, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of . Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- –
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−22 of −30
- −10MarginNo revenue; the company has made a loss every year as an exploration company. Q2 2026: pre-tax result −GBP 297k (−GBP 607k a year earlier) – the lower loss comes from cut administration costs, not income.
- −7Capital allocationKallak has been under development for over a decade, funded by repeated share issues and loans from Alumni Capital (with conversion rights and extension fees, most recently GBP 30,000 added to the principal). Shareholders have paid for studies without reaching an environmental permit.
- −5Project maturityPFS for Kallak (phase 1) shows post-tax NPV8 of EUR 924m and IRR of 37% at capex of EUR 225m – but there is no DFS, no environmental permit, and an 'updated scoping study' is still on the plan. The study economics are far from bankable.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −10FCF yieldNegative free cash flow of about GBP 1.2–2.4m a year (based on quarterly losses of GBP 0.3–0.6m) vs a market cap of about GBP 3.5m – FCF yield around −40% or worse.
- −4Price vs latest share issue priceThe price (about 5.3 pence) is about 75% above the agreed issue price of 3 pence in the Bacchus deal and above the 3-pence conversion price in the new bridge financing – the market pays more than professional investors.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−30 of −35
- −16Funding and liquidityThe strategic investment from Bacchus Capital (GBP 3.7m of 4.3m) lapses on 30/9/2026, because the Inspectorate of Strategic Products (ISP) has opened an FDI review of up to 3–6 months. On 11/9 the company warned that funding must be secured within a month, and it is seeking only about GBP 110,000 in bridge financing.
- −8Permits and oppositionFieldwork for the Kallak environmental application has been put on hold to save money; the project lies in a Sami reindeer area near the Laponia World Heritage Site and has met massive local and Sami opposition.
- −6Construction fundingPhase 1 requires about EUR 225m of capex – about 60 times market value. The company cannot currently raise GBP 4m; construction funding would require a large partner and massive dilution.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3). No stockanalysis page (404 on quote/sto/BEO, quote/xsat/BEO and quote/lon/BEM); 'sti' (path) is the best guess. Nordnet's market cap of DKK 591m does not fit: with about 66.6m shares (65.66m at July + 0.96m from conversion 21/9) and a price of SEK 0.666, the market cap is about SEK 44m (about DKK 29m) – Nordnet probably uses an outdated share count from before a consolidation. Cash, debt to Alumni Capital and exact quarterly burn were not found; Q2 2026 had a pre-tax result of −297 tGBP. Insider trades and the full owner list not examined. The SDB on Spotlight represents shares in the UK company (also listed on AIM).
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