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Update for Graphite Drilling in Finland

27 March 2017

Beowulf Mining plc

(“Beowulf” or the “Company”)

Update for Graphite Drilling in Finland

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 announce that graphite drilling at its Aitolampi prospect has finished, and provides further information for the drill holes completed since the last update.

Highlights:

  • Eight holes drilled, approximately 1,197 metres (“m”) in total, with the first four drill holes, AITDD17001-004, extending 350m along strike for the main conductive zone.
  • Drill holes AITDD17005-008 tested the extent of mineralisation down-dip of the main conductive zone.
  • Substantial graphite mineralisation intersections in all holes, including up to 113.5m down-hole width for the longest drill hole AITDD17006, which correspond with identified electromagnetic (“EM”) conductors. It should be noted that the mineralisation intercept is the down-hole width and may not be the true width.
  • Drill holes AITDD17005-006 tested two parallel conductors to the main conductive zone and intersected graphite mineralisation for both conductors.
  • The Company’s geologists have completed core logging for all holes, and samples have been sent to ALS Minerals in Finland for assay.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“We are very pleased to have completed an intense five week drilling programme at Aitolampi, drilling eight holes and almost 1,200m in total.

“We have observed significant lengths of graphite mineralisation in each drill hole, in

the areas where we have previously identified EM conductors.

“We are now waiting for assay results for samples taken throughout the drilling programme and will provide further updates in due course.”

Summary of work

  • Objectives for the drilling programme were to assess the extent, width, depth, and continuity, of sub-surface graphite mineralisation along a major EM conductive zone trending 700m in length, and 200m to 300m in width, and to provide representative sample material for assaying and metallurgical testwork.
  • Observed graphite mineralisation from the eight drill holes is summarised in the table below. It should be noted that these are observations made by the Company’s geologists, which are based on examination of the recovered drill core, and cannot be considered a definitive assessment until the results of assays and metallurgical testwork have been taken into consideration. Grades will be reported when assay certificates have been received from a certified laboratory.

· Drill Hole (lengths in metres)

Total length of drill hole

· Initial graphite intersection – depth from collar

· *Total observed graphite intersection

Maximum individual graphite intersection

· AITDD17001

175.0

23.9

100.0

35.15

· AITDD17002

138.21

9.1

69.4

44.20

· AITDD17003

100.3

13.7

39.4

19.96

AITDD17004

88.1

15.3

34.3

15.75

AITDD17005

149.3

2.9

39.9

10.65

AITDD17006

289.21

20.6

113.5

31.14

AITDD17007

171.7

20.1

74.4

41.91

AITDD17008

85.15

8.7

61.6

34.43

*It should be noted that the mineralisation intercept is the down-hole width and may not be the true width.

· Drill Hole

Objectives for the drill hole

· AITDD17001

Test main conductor

· AITDD17002

Test main conductor

· AITDD17003

Test main conductor

AITDD17004

Test main conductor

AITDD17005

Test parallel conductor + down-dip of graphite intersected in AITDD17004, started in graphite

AITDD17006

Test two parallel conductors + down-dip of graphite intersected in AITDD17003

AITDD17007

Test down-dip of graphite intersected in AITDD17001

AITDD17008

Test down-dip of graphite intersected in AITDD17002

Competent Person Review

The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources, a 100 per cent owned subsidiary of the Company.

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

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.

Glossary:

Micron – a unit of length equal to one millionth of a metre.

Mesh size – the number of openings in a one US inch of screen is the mesh size e.g. a 4-mesh screen means there are four squares across one linear inch of screen. A 100-mesh screen has 100 openings, and so on. As the number describing the mesh size increases, the size of the particles passing through the mesh decreases. Higher numbers equal finer material. Mesh size is not a precise measurement of particle size. If minus (-) and plus (+) plus signs are shown when describing mesh sizes, this is best explained with an example: –200-mesh would mean that all particles smaller than 200-mesh would pass through. +200 mesh means that all the particles 200-mesh or larger are retained.