Kallak North Exploitation Concession Update

12 May 2017

Beowulf Mining plc

("Beowulf" or the "Company")

Kallak North Exploitation Concession Update

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.

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, has been notified that the Mining Inspectorate of Sweden has granted the County Administrative Board for the County of Norrbotten ("CAB"), with respect to the Company's application for an Exploitation Concession for Kallak North, an extension of time to provide its opinion. The new deadline is 16 June 2017.

Enquiries:

Beowulf Mining plc

Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)

David Porter /Craig Francis Tel: +44 (0) 20 7894 7000

Blytheweigh

Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204