Member Info for PAYJJ

What time is the meeting today?

To get a timeline of key steps to see out the year

If your talking about busterhogdog, I filtered this guy a year ago. Best decision I ever made. All his posts are useless and abusive

LSE changed my "thumbs up" emoji into 2 question marks, I wasn't questioning anything

I was hoping to God he would say Baylan! Quality! Top man Kurt ??

I think this is the lowest it can go on no news, you know what this share is like...a whiff of good news and it will start creeping

Sorry to be "that guy"....but what does this mean for us Suzy?

From what Kurt has said - I would expect after trading hours today

I agree with 3cardbrag on this, could of sent it sooner as Baylan may have already prepared his response...however, it may make him rethink it. GLA

So Kurt has asked for a response after trading hours (if the response greatly affects market sway).
Are we going to see a steady "anticipation" rise today?

The Green Party may, in part, be using Länsstyrelsen Norrbotten’s statement from November 2017 as justification for obstructing the Kallak Concession being awarded. Länsstyrelsen Norrbotten concluded that reindeer herding is a better use of the 13.6 square kilometres of land at Kallak, ignoring the SGU’s ANI designation, effectively deeming Kallak a ‘stranded asset’. Länsstyrelsen Norrbotten’s statement was erroneous and contradicted its response to the Government on the economic case for Kallak, made in July 2015, when it described positive local, regional and national economic effects.

Beowulf has several thousand Swedish shareholders, who own over 67 per cent of the Company. They have witnessed the Government’s unacceptable mishandling of the Kallak application and false promises; the opportunity cost of which is incalculable. They are demanding the Government be fully transparent now and remove all uncertainty as to when a decision on Kallak will be taken.

Beowulf is ready to play its part in Sweden’s economic recovery, to advance Kallak in partnership with the community in Jokkmokk, which includes Sami reindeer herders. Benchmark iron ore prices have risen above US$ 100 per tonne this week and investors with cash are looking for investment opportunities, such as Kallak, and towards mining jurisdictions that function effectively.

Yours sincerely,

Kurt Budge

Chief Executive Officer

Bergsstaten recommended to the Government in October 2015, that the Concession for Kallak should be awarded, and last October awarded an Exploration Permit for Parkijaure nr 6, which covers approximately 1,000 hectares and lies immediately to the south of the Kallak deposits.

On the evidence, the authorities are happy for Beowulf to continue to invest in iron ore exploration, which in the context of LKAB’s announcement, in October 2018, on diminishing reserves at Kiruna and the need to replenish, recent seismic activity disrupting production at Kiruna, while thankfully sparing lives, and Government statements on a sustainable mining industry, makes sense. Yet, over 4.5 years after Bergsstaten recommended to the Government that the Concession for Kallak be awarded and with Beowulf planning to drill the 90-100 million tonnes Exploration Target at Kallak South this Autumn, we have no decision.

In Toronto, the ‘rule of law’ was mentioned as one of Sweden’s attributes. Both Social Democrat and Green parties in Sweden have said that a decision on Kallak should be taken in accordance with the law. Beowulf has demonstrated with the Concluding Statement submitted to the Government last November, prepared by lawyers Mannheimer Swartling and Fröberg and Lundholm, that, under judicial review, Beowulf’s application has satisfied all requirements.

In May 2019, the State Secretary said to Göran Färm, Beowulf’s Chairman, and me, in a face to face meeting in Stockholm, that the Government understood the importance of Kallak to Jokkmokk. Jokkmokk’s need for investment and jobs is acute, and, with the added pressure of COVID-19, it would seem logical that a project such as Kallak, which has the potential to bring billions of SEK in investment and hundreds of jobs to northern Sweden, should be approved.

What is often overlooked in the debate around mining projects is the risk capital needed to develop a mine, the timeline for investment and the ‘big picture’ economic impact that a mining project, such as Kallak, can create.

The first exploration licence for Kallak was granted in 2006 and to date over SEK 80 million has been invested. If a Concession were to be granted today, then it would take ~ 18 years from the beginning to get to a producing mine. The investment in building a mine can support further investments and commercial opportunities in rail, port, downstream processing and end-uses.

Bergsstaten, as part of the SGU, a Government Office, has seen the Company drill almost 28,000 metres, 131 drill holes, to define a potential 250 million tonnes of iron ore, which is an asset to Sweden’s iron ore resource inventory. The SGU first discovered Kallak in the 1940s, designated it an Area of National Interest ("ANI") in 2013 and produced its latest study, headlined 'New light on iron ore at Kallak', last month. Kallak has been on the SGU's radar for 80 years!

In late January 2017, after a public statement by Länsstyrelsen Norrbotten, with no forewarning to Beowulf, the Company’s shares were suspended from trading for 24-hours, until such time that a full explanation of the statement could be disclosed to markets. However, the damage had already been done, with the Company’s share price falling 40 per cent in Stockholm.

Since you, and I, attended the Mining Nordic Day in Toronto in early March, the Government has understandably prioritised its response to the COVID-19 pandemic, the short-medium term need for Government support to protect businesses, safeguard jobs, livelihoods and the wellbeing of Swedish society, as economic activity is constrained.

In Toronto, you saved your biggest welcome for investors. I reminded you that Beowulf has been invested in Sweden and working on Kallak for 14 years. You also said that I was welcome to do business in Sweden. The fact of the matter is, Beowulf is unable to do business in Sweden, because we cannot get a decision on Kallak from the Government.

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces that Kurt Budge CEO has written to Mr Ibrahim Baylan, Minister for Business, Industry and Innovation, The Government of Sweden.

The letter, sent yesterday, is below:

London 2020.06.02

Statsrådet Ibrahim Baylan

Näringsdepartementet

Minister,

There is considerable stock market anticipation as to your response this Wednesday to the Parliamentary Question put to you by Mr Lars Hjälmered.

I politely remind you that Beowulf Mining is a public company and any statements made public when stock markets are open can generate unwarranted volatility in trading and pricing of the Company’s shares.