Kallak North Exploitation Concession Update

22 February 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 met with the Mining Inspectorate of Sweden, on 20 February 2017, and discussed the next steps in the review process for the Kallak North Exploitation Concession.

The Company notes the media comments by the Mining Inspectorate following the meeting and confirms that it has been invited to supplement its existing Environmental Impact Assessment for Kallak North even further should it wish to do so. The Company is reviewing the Environmental Impact Assessment for Kallak North, first submitted to the County Administrative Board (“CAB”) for the County of Norrbotten in April 2013 and significantly supplemented in April 2014, and will determine if any further submission is required before the Mining Inspectorate sends all information to the Swedish National Heritage Board (Riksantikvarieämbetet) and the Swedish Environmental Protection Agency (Naturvårdsverket) for their review and opinions on the sufficiency of information provided, with respect to the interaction between Kallak and Laponia.

The Company will provide a further update to shareholders should it make any further submission or material developments in relation to the application process. While the Company remains hopeful of an award of the Exploitation Concession, there can be no guarantee if, or when, the Concession might be awarded.


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



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.