Beowulf Regulatory News (BEM)

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2 March 2016

Beowulf Mining plc

("Beowulf" or the "Company")

Exercise of Overallotment Option

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company focused on the Kallak magnetite iron ore project in northern Sweden and its graphite portfolio in Finland, announces that the over-allotment option set out in the Company's announcement dated 25 February 2016 has been exercised due to continued demand. As a result, 7,692,307 new ordinary shares ("Overallotment Shares") will be issued as a result of the exercise of options.

Application will be made to the London Stock Exchange for the Overallotment Shares to be admitted to trading on AIM on or around 8 March 2016 ("Admission"). In addition, due to a discrepancy in the documentation for the financing announced on 25 February 2016, 180 fewer shares were admitted to trading on AIM than previously announced. As a result, an application will also be made to the London Stock Exchange for 180 new ordinary shares ("New Ordinary Shares") together with the Overallotment Shares for Admission. The Overallotment Shares and New Ordinary Shares will rank pari passu with the existing ordinary shares.

Following Admission and in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company hereby announces that it will have 479,296,998 ordinary shares of £0.01 each in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

Following Admission, the above figure of 479,296,998 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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