Chairman Retirement

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer.

1 September 2017

Beowulf Mining plc

(“Beowulf” or the “Company”)

Chairman Retirement

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, announces that Bevan Metcalf, Non-Executive Chairman, has notified the Board of his intention to retire from his role with the Company once his successor has been appointed.  Bevan has served as Non-Executive Chairman of the Company since 8 May 2015, and prior to that as Non-Executive Director from 23 September 2014.

The Company has begun the process of appointing a successor.

Kurt Budge, CEO, commented:

Bevan played a key role in the turnaround of Beowulf, after we both joined the Company as Non-Executive Directors in September 2014.

“I am very grateful for his support throughout my time as Chief Executive Officer, and for his significant contribution to the development of the Company.

“On behalf of Chris Davies, myself and everyone that has worked alongside Bevan at Beowulf, I wish Bevan a long and happy retirement.

“I look forward to updating shareholders on progress to appoint a successor in due course.” 


Beowulf Mining plc


Kurt Budge, Chief Executive Officer

Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)


David Porter

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.