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Beowulf: Statement On Kallak Submitted To The Government of Sweden

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


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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