Beowulf Regulatory News (BEM)

11 November 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Statement On Kallak Submitted To The Government of Sweden

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, has today submitted a concluding statement (the "Statement") for the Kallak North Iron Ore Project ("Kallak") to The Government of Sweden (the "Government").

The purpose of the Statement is not to submit any new facts in the Kallak case, as all necessary and relevant facts have already been established as part of the application process. Rather, the Statement summarises the circumstances relevant to a judicial review of whether Beowulf should be awarded the Exploitation Concession ("Concession") for Kallak.

The Statement stresses that, as has previously been demonstrated by the Company, and acknowledged by the County Administrative Board ("CAB") for the County of Norrbotten, the establishment of a mine at Kallak would have significant positive effects on the local economy: creating jobs, generating tax revenues for Jokkmokk municipality, and stimulating and diversifying the business sector in Jokkmokk. In so doing, Kallak would help solve the problems Jokkmokk is facing, a lack of investment in new enterprise and job creation, and a declining and ageing population, which is putting a burden on Jokkmokks Kommun it cannot afford.

The Statement notes that neither the Reindeer Herding Impact Assessment, nor the Environmental Impact Assessment have concluded that mining operations at Kallak would threaten the existence and livelihoods of local reindeer herding communities. Furthermore, the Statement highlights the similarities between Kallak and available case law, which support the approval of the Concession.

For these reasons, the Statement concludes that Beowulf should be awarded the Exploitation Concession for Kallak.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"I note that, the Fröberg & Lundholm and Mannheimer Swartling law firms have found no new facts pertaining to the application for an Exploitation Concession. The case was made in the Company's final detailed submission to Government in February 2018 and over the last 6.5 years.

"The Statement's conclusion, that sufficient facts have been submitted for awarding Beowulf the Concession, speaks for itself.

"The Company and its shareholders have endured delay after delay, and if, as stated by the Government, Swedish law is sufficient for assessing the Kallak application, and the assessment should be 'by the book', then we hope that this Statement will enable the Government to also conclude that a Concession should be awarded.

"The Company looks forward to updating the market on further developments."

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.