Beowulf Regulatory News (BEM)

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16 November 2022

Beowulf Mining plc

("Beowulf" or "the Company")

Jokkmokk Iron - Progress Update Regarding the Kallak Iron Ore Project

Beowulf (AIM: BEM; Spotlight: BEO), provides a progress update for the Kallak Iron Ore Project ("Kallak") being developed by the Company's 100 per cent owned subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron").

Highlights:

· Kallak North Scoping Study is on schedule to be completed this quarter, Q4 2022. The Scoping Study includes analysis of options and trade-offs for different aspects of the project, for delivering on 'Net Zero' ambitions and developing a sustainable mine.

· In support of the Scoping Study, the Company has engaged Vulcan Technologies Pty Ltd ("Vulcan Tech"), an Australian company, to complete a Marketing Study to consider traditional and non-traditional market opportunities that might be served by Kallak concentrates. Vulcan Tech specialises in modelling of iron and steel making processes.

· Workstreams associated with the Environmental Permit application are progressing, including updating investigations regarding nature values, water management and options for transporting Kallak products from mine to market.

· Consultations regarding reindeer herding have started and broader information meetings with the public are being planned.

Progress Update:

Ulla Sandborgh became CEO of Jokkmokk Iron in June 2022 and, since starting, she has accelerated the pace of development of the Company's application for an Environmental Permit for Kallak North, which is on schedule to be submitted in Q4 2023.

Expert consultants have been contracted to support the Environmental Permit application, including extensive investigations over the Kallak area, surveys, sampling and analysis, and the development of a robust understanding of the nature values and inventory. The Company is focused on meeting, in full, the requirements of the permit application process, to support an expedited review and decision, while honouring its commitment to the provisions attached to the Exploitation Concession, awarded in March 2022, for Kallak North.

The Scoping Study, due to be completed this quarter, will establish the foundation for moving to pre-feasibility, and thereafter a feasibility study, in line with Jokkmokk Iron's strategic plan to have a mine in production in 2026; well timed to serve fossil-free steelmakers in the Nordic region.

In recent months, Jokkmokk Iron has participated in several important meetings with authorities and strategic partners, to ensure a good dialogue and establish the conditions for collaborations that are critical to delivering primary raw materials, high-grade iron concentrate, critical to downstream processes and essential to enabling a Green Transition.

Timeline to Production from Kallak:

Ulla Sandborgh, CEO of Jokkmokk Iron, commented:

"There are very many exciting activities taking place at Jokkmokk Iron right now, with the delivery of the Environmental Permit application our major focus.

"We see that, thanks to the extensive and detailed application process for the Exploitation Concession, we have a lot of material that can be used in the Environmental Permit application, which we are supplementing with further studies and analyses in the area, being undertaken by consultants who, as individuals, have worked on the Kallak project over many years and have significant knowledge and experience. We see that there is a solid foundation for us to create a plan for sustainable mining, encompassing the mining lifecycle, from start to finish, to conclusion, restored and rehabilitated.

"In parallel with the Environmental Permit Application and the Scoping Study, we have been meeting with key stakeholders to discuss areas such as infrastructure and the possibilities for innovation projects. We see that innovation is necessary to ensure sustainable mining and we will be evaluating opportunities to realise our ambitions.

"Additionally, we are making plans for how the Company will honour its commitment and fully implement the provisions attached to the Exploitation Concession.  Jokkmokk Iron seeks to become a trusted local partner, and we believe that by working in partnership with the community in Jokkmokk, the Kallak project will make a real and positive transformation to the town.

"The real opportunity for Jokkmokk is much greater than simply the investment and jobs that Kallak brings, it's the opportunity to have a thriving, diversified and sustainable economy and town, where people can live and work; a strong and vibrant local community."

About Jokkmokk Iron and Kallak

The Kallak deposit is located west of Jokkmokk in the County of Norrbotten. Kallak was discovered by The Swedish Geological Survey ("SGU") in the 1940s. The first exploration licence for Kallak was awarded by the Mining Inspectorate of Sweden in 2006. Drilling was conducted at Kallak North and South between 2010-2014, a total of 131 holes and 27,895 metres ("m"). An Exploitation Concession for Kallak North was awarded in March 2022.

At Kallak, the iron mineralisation in the ground, that is to be mined, contains approximately 28 per cent iron content ("Fe") which, through enrichment, can be upgraded to a 'market leading' concentrate containing 71.5 per cent Fe. The high-grade concentrate makes Kallak production attractive to downstream markets, such as fossil-free steelmakers.

It is the Company's ambition for the operation at Kallak to be Sweden's most sustainable mining operation, where the start of fossil-free steel production begins with primary raw material from Kallak. Kallak is excellently positioned as a potential secure and sustainable supplier of high-quality iron concentrate to Sweden's growing fossil-free steel making sector.

In the Kallak area, 389 million tonnes of iron mineralisation have been estimated and when it comes to sustainable mining in the north of Sweden, mines can be powered by renewable electricity, with the goal of being 'Net Zero' mining operations. Kallak magnetite concentrate would reduce the carbon footprint of traditional steel manufacturing, improve energy efficiency in any downstream process and reduce waste; magnetite's inherent energy content, ultimately results in lower energy demand for steel manufacturing when compared to current common practice.

The development of Kallak will also bring opportunities for the local community in Jokkmokk. Investment and the creation of much needed jobs at Jokkmokk Iron will indirectly create further jobs locally, encouraging the establishment of new companies and a reversal of the depopulation that has afflicted Jokkmokk over recent years. This will contribute to a strong and vibrant Jokkmokk community.

The Kallak deposit is being developed by Jokkmokk Iron, a 100 per cent owned subsidiary of Beowulf Mining plc. The Jokkmokk Iron CEO is Ulla Sandborgh, who is a civil engineer and has held senior positions in the private sector as well as in public administration, in the infrastructure, electricity and water sectors. Ulla has extensive experience from managing application procedures and, as part of this, experience in collaborating with various stakeholders and ensuring that mutual interests and benefits are shared and secured.

Enquiries:

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.