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Beowulf: Further Investment of £100,000 in Vardar

Beowulf Mining plc

("Beowulf" or the "Company")

Further Investment of £100,000 in Vardar

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce that the Company has
today invested a further £100,000 in Vardar Minerals Limited
("Vardar"), which increases the Company's ownership of Vardar from
40.1 per cent to 41.5 per cent.

The funds will enable Vardar to conclude its 2019 exploration
programme and to ready itself for starting DC-IP geophysical surveys
in 2020.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Following this autumn's announcements regarding Vardar's exploration
achievements at Mitrovica and Viti, and the Board's excellent visit
to Kosovo, Beowulf has decided to invest a further £100,000 in Vardar
and increase its ownership to 41.5 per cent.

"Vardar represents a significant opportunity for the Company to
continue to invest in exploration. It's pleasantly refreshing to work
in Kosovo, where, on the past year's evidence, Vardar has been able
to make tremendous progress, get things done, and deliver real
exploration success.

"I look forward to keeping the market updated on further progress."

About Beowulf Mining plc

Beowulf's strategy is to build a sustainable and innovative mining
company, which creates shareholder value by developing mining assets,
delivering production and generating cash flow, and in so doing meets
society's ongoing need for minerals, metals and economic prosperity.

Beowulf is developing a high-quality asset base, which is diversified
by geography and commodity, enabling it to simultaneously advance
several projects up the mining value curve and create shareholder

Additionally, the Board of Directors continues to look beyond the
Company for value creation opportunities.

The Company's first priority remains the award of the Exploitation
Concession for Kallak North, and thereafter completing the Scoping
Study. The introduction of a strategic partner/investor who
understands the value of Kallak as a high-quality asset, which could
be in production within four to five years, is an ongoing
consideration, but does not preclude the Company from continuing to
add value to Kallak in the meantime.

Fennoscandian Resources ("Fennoscandian"), the Company's graphite
business, is pursuing a strategy to develop a `resource footprint' of
natural flake graphite prospects that can provide `security of
supply' and enable Finland to achieve its ambition of
self-sufficiency in battery manufacturing. The Company is a
recipient of Business Finland funding, which is supporting
Fennoscandian to move downstream, and develop its knowledge in
processing and manufacturing value-added graphite products.

The Company owns 41.5 per cent of Vardar, a UK registered exploration
company with a focus on the metal endowed Balkan region and one of
the first companies to be awarded exploration licences in Kosovo.
Vardar holds exploration licences for the Mitrovica and Viti
projects. Both projects are located within the Tethyan Belt, a major
orogenic metallogenic province for gold and base metals which extends
from the Alps (Carpathians/Balkans) to Turkey, Iran and Indochina,
and contains several world class discoveries. The Tethyan Belt of
south-east Europe can be regarded as Europe's chief copper-gold
(lead-zinc-silver) province.


Induced Polarisation (IP) - Variations in chargeability can be
diagnostic, for example, when aiming to characterize a mineral
deposit (e.g. Mt. Isa), where the chargeability of the mineralized
zone is often higher than the host rock. Often an induced
polarization (IP) experiment is performed with the Direct Current
Resistivity (DCR) hence they are often called DC-IP survey. Both
conductivity and chargeability distribution can be recovered from a
DC-IP survey.


Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 0470
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

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.


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