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Kallak North Exploitation Concession Update

28 April 2017

Beowulf Mining plc

(“Beowulf” or the “Company”)

Kallak North Exploitation Concession Update

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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 Kallak North Exploitation Concession application process.

On 27 March 2017, the Mining Inspectorate received comments and opinions from the Swedish National Heritage Board (Riksantikvarieämbetet, “RAÄ”) and the Swedish Environmental Protection Agency (Naturvårdsverket, “NV”), with respect to the Company’s application for an Exploitation Concession for Kallak North, and the interaction of Kallak and Laponia.

On 28 March 2017, the Mining Inspectorate wrote to the Company, and gave the Company the opportunity to submit its own comments and supplementary information further to the NV and RAÄ’s comments. Today, the Company has provided to the Mining Inspectorate its response, prepared by its expert Swedish technical team, with guidance from its Swedish Advisory Board.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“As requested, we have provided further comments to the Mining Inspectorate regarding the possible effects of a mining operation at Kallak on Laponia.

“We have responded to the concerns raised by RAÄ and NV, and further demonstrated that we have done what is required to be awarded an Exploitation Concession for Kallak North.

“In addition, this week, I have been meeting key stakeholders in Jokkmokk and have had positive discussions.

“We will continue to keep the market informed regarding developments in the Kallak North application process.”

Enquiries:

Beowulf Mining plc

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

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)

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

Blytheweigh

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