Beowulf Regulatory News (BEM)

24 October 2016

Beowulf Mining plc

("Beowulf" or the "Company")

Kallak North Exploitation Concession Update

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, is pleased to provide an update on the application process for Kallak North.

The Company understands that the Mining Inspectorate of Sweden, in conducting a further review of the Kallak North application as directed by the Government of Sweden, and in the light of the Supreme Administrative Court judgement in February 2016 in the case of Norr Kärr, has written to the County Administrative Board ("CAB") for Norrbotten County. The CAB has been given a deadline of the 16 December 2016 to respond to several questions, summarised below:

- Does the Kallak North EIA contain the information required under Chapter 6 of the Environmental Code;

- Does the information contained within the EIA, for both mining and ancillary activities applied for by the Company, meet the requirements of Chapters 3 and 4 of the Environmental Code; and

- Does the CAB wish to put conditions, that could be attached to an Exploitation Concession if one is granted by the Mining Inspectorate, on the Company.

The Mining Inspectorate's letter follows the submission made by the Company on the 21 September 2016, revising its application boundary to encompass both the 103-hectare Concession Area, delineated by the Kallak North orebody, and the activities necessary to support a modern and sustainable mining operation.

The Mining Inspectorate has also sent to the CAB, a copy of the Company's submission made on the 21 September 2016, and a copy of the Company's submission dated 4 November 2014. In the November 2014 submission, the Company, in response to the concerns raised by the CAB in October 2014 about a specific transport corridor under consideration, eliminated the transport corridor that passes in a north/north-easterly direction through the Jelka-Rimakåbbå Natura 2000 area. Until now, the CAB has never formally received this submission through the application process.

Kurt Budge, CEO, commented:

"We are very pleased that the Mining Inspectorate has progressed matters.

"As I have written before, the review being conducted is very important and should give all stakeholders confidence, that Beowulf has not taken any shortcuts in bringing the Kallak North project to this juncture.

"Over the last two years, we have demonstrated our desire for becoming a local partner in Jokkmokk and our commitment to developing the Kallak project in a responsible manner, that in 2015 saw the Company gain both the support of the CAB, and the recommendation of the Mining Inspectorate that the Concession be awarded.

"Awarding the Exploitation Concession does not give the Company the right to start constructing a mine, but it does give the Company the opportunity to inject some much needed momentum back into the project, advance design, engineering, and environmental permitting, create jobs, and forge partnerships. Kallak offers the potential to create 250 long term jobs in the mine, allowing people to live and work in Jokkmokk, and be the catalyst for establishing a diverse, thriving and sustainable economy.

"We have a vision for building a modern and sustainable mining operation at Kallak, with the minimum environmental footprint achievable, such that there is no significant impact on Laponia, which covers 940,000 hectares, and which at its closest boundary is situated approximately 40 kilometres from Kallak, and establishing ways to work with the reindeer herding communities, protecting their way of life and livelihoods, while creating new opportunities for the local community."

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.

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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.