Aitolampi Graphite Project

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer.

2 May 2018

Beowulf Mining plc

("Beowulf" or the "Company")

Aitolampi Graphite Project - MRE and ESIA Roadmap Contracts Awarded

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 announce that a Mineral Resource Estimate ("MRE") Contract has been awarded to CSA Global Pty Ltd ("CSA Global"). CSA Global will prepare a MRE in accordance with the guidelines of the JORC Code (2012 edition). The MRE will be led by Dr Andrew Scogings.

Dr Scogings is a geologist with more than 25 years' experience in industrial minerals exploration, product development and sales management. He has published papers on reporting requirements of the JORC Code 2012, with specific reference to Table 1 and Clauses 18 and 19 (Industrial Mineral Exploration Results) and Clause 49 (Industrial Mineral Specifications). He has published numerous articles on industrial minerals in Industrial Minerals Magazine, SEG Mining News, AIG News and AIG Journal, amongst others, addressing aspects of Quality Assurance/Quality Control, bulk density methods and petrography for industrial minerals exploration. He has been senior author of two significant reviews: Natural Graphite Report - Strategic Outlook to 2020 and Drilling Grade Barite - Supply, Demand & Markets, both published in 2015 by Industrial Minerals Research (UK), and he has co-authored several papers ranking global graphite exploration projects. Dr Scogings is a Registered Professional Geoscientist (RP Geo. Industrial Minerals) with the Australian Institute of Geoscientists.

In addition, the Company has awarded a contract to Pöyry Finland Oy ("Pöyry") to prepare an Environmental and Social Impact Assessment ("ESIA") Roadmap, a detailed plan of requirements for completing an ESIA study.

Pöyry is an international consulting and engineering company, founded in 1958. Pöyry's strength is based on extensive knowledge of the mining industry, excellent expert resources and knowledge of international environmental and social performance criteria. Pöyry is one of the leading environmental consultants in the Finnish mining sector and it has participated in most of mining projects in Finland during the past few years.

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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.