Kallak North Exploitation Concession Application Update

4 August 2016

Beowulf Mining plc

(“Beowulf” or the “Company”)

Kallak North Exploitation Concession Application Update

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to provide an update on the application process for Kallak North.

Kallak North

On the 1 July 2016, the Government of Sweden asked the Mining Inspectorate of Sweden to review the Company’s application for an Exploitation Concession for Kallak North in the context of the Supreme Administrative Court’s judgement in the case of the Norra Kӓrr project.

Since the Government’s request to the Mining Inspectorate, the Company has continued its dialogue with key stakeholders, but this has been interrupted by the summer holidays.

In all discussions, the Company has stated that it believed it is in the best interests of its stakeholders in Sweden, and its Swedish and non-Swedish shareholders, that the Company’s application be further reviewed by the Mining Inspectorate, so that any future award of the Exploitation Concession is consistent with the Supreme Administrative Court’s judgement in the case of the Norra Kӓrr project.

Beowulf has maintained that for this stage of permitting, the Company’s Environmental Impact Assessment has provided the required level of technical detail, including comprehensive studies, covering all activities associated with a future mining operation and its impacts. We are firm in our belief that we have met all legal requirements for being awarded the Concession.


Kurt Budge, Chief Executive Officer (“CEO”) of Beowulf, attended Almedalen during the week of the 4 July 2016. Almedalen takes place each year in Visby, Sweden, and provides a unique arena for Swedish decision-makers in business, politics and NGOs to meet, build relationships, discuss and debate.

At Almedalen, the CEO was able to meet with representatives of the Swedish mining industry, unions, politicians, local government representatives from mining areas in Sweden and regulators. During these meetings, the CEO was able to present Beowulf, the Kallak project and our Åtvidaberg exploration licence, to key influencers and stakeholders, listen to feedback and respond to questions.

The CEO explained Beowulf’s progress, since the end of 2014, improved relationships with key stakeholders, in and around Jokkmokk, in the County of Norrbotten, with the mining industry in Sweden and with regulators, manifesting itself in the support of the County Administrative Board for the Kallak North application in July 2015 and the recommendation of the Mining Inspectorate that the Concession be awarded in November 2015.

The CEO reinforced the Company’s key messages, of being respectful towards all our stakeholders, looking forward to becoming a local partner in Jokkmokk, with a focus on delivering responsible development at Kallak, and voiced the Company’s ambition to build a sustainable and modern mining business in Sweden.

Almedalen provided the Company with an opportunity to further demonstrate its commitment to Sweden, by participating in a significant event for the country, taking a leadership position on issues we believe are important to the Swedish mining industry, and seeking to be involved in future discussions.

Kurt Budge, CEO, commented:

“We have had a busy few days updating shareholders on Beowulf’s activities.

“We are pleased to provide exciting findings on Åtvidaberg, our Swedish exploration licence, and our Finnish graphite, both early stage exploration efforts, but showing their potential for creating shareholder value, yet to be recognised in our share price.

“These new business lines do not remove the focus and attention from Kallak North, and our ‘behind the scenes’ efforts to securing the Exploitation Concession continue. I remain firmly committed to working with our Swedish stakeholders over the coming months.

“As we wrote in our last letter to the Government of Sweden, Beowulf will be looking for transparency and a definite timeline by which we can expect a decision on Kallak North, and I hope that once discussions restart after the summer holidays, we can provide more details to shareholders on these aspects.

“I look forward to updating shareholders on our progress in due course.”

Please use the following link to hear an interview with Kurt Budge, CEO:



Beowulf Mining plc


Kurt Budge, Chief Executive Officer

Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)


Stewart Dickson / Phil Davies / Carrie Drummond

Tel: +44 (0) 20 7894 7000



Tim Blythe / Megan Ray

Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the Company’s current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as “may”, “might”, “seeks”, “expects”, “anticipates”, “estimates”, “believes”, “projects”, “plans”, strategy”, “forecast” and similar expressions. These statements reflect management’s expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.