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Kallak North Exploitation Concession Update

8 May 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, has been notified that the Mining Inspectorate of Sweden has written to the County Administrative Board for the County of Norrbotten (“CAB”), with respect to the Company’s application for an Exploitation Concession for Kallak North. The Mining Inspectorate has asked the CAB to give an opinion on the Company’s application by 1 June 2017.

Recent Submission to the Mining Inspectorate

On 28 April 2017, the Company presented an analysis of the indirect effects of a mining operation at Kallak on Laponia with respect to reindeer herding, and the effects of transport on Laponia.

The analysis follows UNESCO guidelines for conducting a Heritage Impact Assessment (“HIA”). Typically, a HIA is not required with an application for an Exploitation Concession, but the Company voluntarily produced one, with the support of its expert Swedish technical team and Swedish Advisory Board.

It has already been concluded, by Naturvårdsverket (“NV”) and Riksantikvarieämbetet (“RAÄ”), that a mining operation at Kallak will have no direct impact on Laponia. Kallak is 13.6 square kilometres (“km2) compared to Laponia’s 9,400km2 and, at its closest point, Kallak is approximately 34 kilometres (“km”) away from Laponia.

The Company maintains that its studies into reindeer herding support the case that mining and reindeer herding can cooperate and prosper side by side and, to the Company’s knowledge, there is no evidence to suggest that they cannot. Kallak’s area of 13.6km2 compares to Jåhkågaska reindeer herding community’s 2,640km2 of grazing land or 0.5 per cent, as a percentage.

With regards to transport, solutions will be optimised, and sensibly controlled by the environmental permitting process, such that there should be no material effect on Laponia, and planning will involve other parties, including Trafikverket and Inlandsbanan. It is the Company’s ambition to seek environmentally sensitive solutions with respect to all aspects of the Kallak project.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“We are pleased that the Mining Inspectorate is progressing matters with respect to our application.

“Since the CAB’s statement on 1 February 2017, we have now heard from two Government agencies, who have confirmed that a mining operation at Kallak would have no direct impact on Laponia. We have submitted further analysis to support the case that mining and reindeer herding can cooperate and prosper side by side, and that transport solutions will be optimised, and sensibly controlled by the environmental permitting process, such that there should be no material effect on Laponia.

“There really are no questions left to answer, and it is my firm belief that we have done what is required to be awarded the Exploitation Concession, and take the Kallak project forward in partnership with the community in Jokkmokk.

“Since the original application was submitted in April 2013, we have addressed concerns raised by the CAB and been proactive, providing further information when we believed it would help the authorities.

“In July 2015, the CAB was supportive of our application and the widespread economic benefits it could deliver and, in October 2014, the Mining Inspectorate recommended to the Swedish Government that the Exploitation Concession for Kallak North be awarded.

“Recently, we have read supportive statements in the Swedish media by the Mayor of Jokkmokk and from local entrepreneurs. There is clear recognition of the positive impact that Kallak could have on the future of Jokkmokk, and a shared vision for building a modern and sustainable mining operation.

“We will continue to keep shareholders informed of further developments.”

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