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Beowulf Mining PLC shares jump on Friday as it disclosed a potential £3.5 million investment from Bacchus Capital Advisers Ltd. Beowulf is an explorer of iron ore, graphite, gold and base metals, targeting Sweden, Finland and Kosovo. It described Bacchus as ‘an independent investment banking and ventures platform, with extensive expertise in strategic natural resources’. Bacchus founded London-listed Yellow Cake PLC, a Jersey-headquartered investor in physical uranium, alongside BG Gold Corp, which targets Canada, and ASX-listed Skylark Minerals Ltd, which targets the Ivory Coast. The two firms have entered a non-binding agreement which sees Bacchus and its affliates invest at least £3.0 million in Beowulf, as part of a total proposed financing of £4.0 million. Beowulf shares doubled to 11.00 pence on Friday afternoon in London. This arrangement sees Beowulf recapitalised through the investment, which will be priced at 3 pence per share. The investment would involve the issue of 123.2 million shares to Bacchus Capital and its affiliates, which will then own about 59.0% of Beowulf. Through this agreement, Beowulf expects to ‘be fully funded to advance technical and environmental workstreams at the Kallak iron ore project in Sweden and support strategic growth opportunities for Grafintec in Finland, through 2027 as well as consider opportunities to expand its asset base in key strategic minerals’. In addition to funding, the arrangement would bring fresh leadership to Beowulf in the form of new advisory board, including Peter Bacchus, the chair and chief executive of the company which shares his name. Bacchus previously worked at Citigroup Inc and Morgan Stanley, as well as Johannesburg-listed Gold Fields Ltd. Once the investment is completed, he will assume the role of non-executive chair at Beowulf. Also on the new board will be Bacchus Director Shea O’Callaghan, alongside Jeff Townsend, founder of the UK Critical Minerals Association, and Ashley Zumwalt-Forbes, former US Deputy Director for Critical Minerals. The investment from Bacchus remains subject to regulatory approval. Definitive documentation is expected to be signed by June 12. A general meeting of Beowulf shareholders to approve the arrangement is targeted by July 24 and the long-stop date for the investment’s completion is September 30. As part of the arrangement, Bacchus, its affiliates and a third-party investor have acquired 2.25% royalty over Beowulf’s assets in Finland for $200,000 and a 2.25% royalty over its assets in Sweden for $100,000. Beowulf has the option to repurchase and cancel the Sweden royalty for a payment of $115,000 cash for 30 days after the investment completes, or a payment $3.0 million, and also has an option to repurchase 50% of the Finland Royalty for $3.0 million. Separately, Beowulf and Alumni Capital Ltd have agreed on standstill arrangements while the Bacchus investment is in progress, and the settlement of outstanding convertible notes once the financing completes, through the issue of 3.6 million new shares to Alumni and payment of £117,343.82. A further £213,757.25 will be payable to Alumni once the Bacchus investment completes. Beowulf Chief Executive Ed Bowie hailed this ‘watershed moment’ and said: ‘The company’s core assets have been significantly advanced and derisked over the last three years, and with this support, the company now has a pathway to a robust financial position to move to the next stage.’ Peter Bacchus commented: ‘The resilience of raw material supply chains has never been more important, driven by global instability and conflict, coupled with China’s near monopoly on many critical raw materials. Beowulf is ideally positioned, with advanced assets in tier one jurisdictions, to meaningfully support European supply chains and help drive the transition to a cleaner, greener future. We are fully aligned in the objective of building a sustainable minerals and mining business for the benefit of all stakeholders. We believe this represents an excellent investment opportunity and look forward to concluding this investment and then, alongside the company’s existing shareholders, supporting Beowulf’s growth.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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