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Kallak North Exploitation Concession Update

Beowulf Mining plc

(“Beowulf” or the “Company”)

Kallak North Exploitation Concession 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, has received a letter from the Mining Inspectorate of Sweden, asking the Company if it has any comments on the announcement made, 1 February 2017, by the County Administrative Board (“CAB”) for the County of Norrbotten, regarding the Company’s application for an Exploitation Concession for Kallak North.

The Company has been given a deadline of 15 February 2017 to respond to the Mining Inspectorate. The Company is reviewing the CAB’s latest statements, whereby the CAB has referred the Company’s application for an Exploitation Concession for Kallak North back to the Mining Inspectorate with respect to matters regarding the effects of a mining operation at Kallak on Laponia, and will be providing comments to the Mining Inspectorate by the specified deadline.

The Company’s shares will recommence trading on AIM and AktieTorget at 13.45 (UK time).

Kurt Budge, CEO, commented:

“We believe our application for an Exploitation Concession has met the requirements of the Swedish Mining Act and the Environmental Code, and importantly the prescribed review process; having done the work, it is our view that we should be awarded the Concession.

“Since our original submission in April 2013, we have listened and responded to concerns throughout the review process, such as, in November 2014, eliminating the Jelka-Rimakåbbå transport corridor from future design.

“More recently, we have been proactive in providing information to the Mining Inspectorate and the CAB, to assist this latest review of the Kallak North application as directed by the Government of Sweden, and in the light of the Supreme Administrative Court (“SAC”) judgement in February 2016 in the case of Norr Kärr.

“We will now review the CAB’s statement, and comprehensively respond to the Mining Inspectorate by the 15 February 2017 deadline.

“Looking back, on 7 July 2015, the CAB published their response to the Government of Sweden’s request for comments on the national economic assessment of Kallak North. The CAB stated in their response that mining is economically relevant, and that the Kallak North project generates economic benefits at local, regional and national levels, including direct and indirect jobs, tax revenues, and more broadly across mining equipment and services sectors in Sweden.

“The CAB also stated that there are no conflicts within the Concession area where national interests are considered, as the Concession area is designated as an Area of National Interest for minerals.

“The CAB’s announcement also looked to the future, directing the Company towards working with communities that could be affected by the development of a mining project, including Sami reindeer herding communities.

“Subsequent to the CAB’s July 2015 statement, in October 2015, the Mining Inspectorate wrote to the Government of Sweden and recommended that the Exploitation Concession for Kallak North be granted.

“Against this background, and considering the broad review the CAB has undertaken of the Company’s application to date, it is disappointing that the latest announcement neither answers the questions posed by the Mining Inspectorate, nor gives a definitive statement on the Company’s application.

“I presented in Stockholm on Tuesday about the comparative advantages that Sweden offers for building a modern and sustainable mining business, and listened to peers in the Swedish mining industry talk of sustainable mining, partnerships with local communities, working for a ‘social licence to operate’, transparency and certainty in permitting procedures.

“Beowulf is at the centre of all these issues, demonstrating a respectful and responsible approach to the future development of Kallak, in close cooperation with key stakeholders, and in partnership with the community. Kallak provides a real opportunity for Jokkmokk to build a thriving, diversified and sustainable economy.

“While we believe we should be awarded the Concession, on the basis of the completeness of our application for this stage of permitting, there can of course be no guarantee as to if or when the Concession will be awarded. Meanwhile, we will continue to engage with the Mining Inspectorate with whom our application now lies, and provide further updates as and when appropriate.”

Enquiries:

Beowulf Mining plc

Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)

Phil Davies / David Porter /Craig Francis Tel: +44 (0) 20 7894 7000

Blytheweigh

Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204