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2019-03-07

Beowulf: Beowulf Subsidiary Receives Additional Funding

7 March 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Fennoscandian Resources receives additional funding from Business
Finland

Beowulf (AIM: BEM; Spotlight: BEO), the Nordic focused mineral
exploration and development company, is pleased to announce that
Beowulf's wholly-owned subsidiary Oy Fennoscandian Resources AB
("Fennoscandian") will receive additional funding from Business
Finland, 50% contribution to a budget of Euros 224,900, for graphite
purification and spheroidization testwork, and the further assessment
of Fennoscandian's graphite for battery applications. Business
Finland has been granted EUR 10 million funding for a project titled
BATCircle - the development of a Finland-based Circular Ecosystem of
Battery Metals.

Background

BATCircle is part of the European Union ("EU") Strategic Energy
Technology Program ("SET Plan"), where Finland, under the leadership
of Aalto University and Outotec, will coordinate research into
battery recycling. The national BATCircle consortium includes a total
of 22 companies, four universities, two research institutes and two
cities.

The EU has listed graphite as one of 27 critical raw-materials. The
future supply of natural graphite is of significant concern, as the
EU currently uses 14% of the global supply of graphite, but produces
<1% of the world's natural graphite.

The Lithium Ion Battery industry is the fastest growing market for
natural flake graphite as graphite is the most common anode-material.
At least seven new gigawatt-size battery factories are planned to
start production in Europe by 2020. According to some forecasts,
Europe could capture a battery market of up to Euros 250 billion per
annum by 2025:

https:/ec.europa.eu/growth/industry/policy/european-battery-alliance_en

China produces about 70% of the natural graphite used in Lithium Ion
Batteries. As the need for electrified vehicles increases and
European car industry grows, the demand of natural graphite suitable
for anode-material is expected to increase faster than supply. The EU
cannot rely on future supply of natural flake graphite and
anode-material mainly from China and Asia. It needs to ensure that
future demand is met by securing its own production of natural flake
graphite and value-added graphite products.

Both the EU and the Finnish Government have taken on the strategic
importance of battery metals and their value chains, and the enormous
economic potential. However, it is recognised that the battery
industry is currently dominated by Asian companies, and Europe is in
danger of losing new business opportunities, and at the same time
becoming increasingly dependent on imports for both raw materials and
end products.

Please follow link below to Aalto University's announcement (in
Finnish):

https://www.aalto.fi/fi/uutiset/lisaa-kierratysta-ja-miljardiluokan-bisn...

Fennoscandian's role in BATCircle:

· Develop Finnish knowledge of the value chain from the production
of natural graphite to anode-material;

· Demonstrate that graphite powder with optimized particle-size
distribution and shape can be produced from Finnish natural graphite;

· Develop a cost-effective graphite optimization process with as
low environmental impact as possible to be able to compete with
Chinese purified spherical graphite and supply the rapidly growing
European battery market.

· Produce graphite electrodes from Finnish natural graphite for use
in battery manufacturing and test their performance; and

· Attract investment.
Kurt Budge, Chief Executive Officer of Beowulf, commented:

"It is great news that Fennoscandian is the recipient of more funding
from Business Finland, as Finland is moving quickly to play a major
role in the European battery sector, and Beowulf is seeking to
capture the value from moving downstream from natural graphite to
battery feed products for anode production.

"In 2018, Fennoscandian delivered a JORC compliant mineral resource
estimate ("MRE") for the Aitolampi graphite project, and in 2019, we
are focused on further developing a `resource footprint' of graphite
in Finland, that can provide `security of raw material supply' and
enable the country to achieve its ambition of self-sufficiency in
battery manufacturing.

"Playing a committed role in projects such as BATCircle, Fennoscandian
is well-positioned to become a future supplier to the European
Lithium Ion Battery market."

Enquiries:

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
Blytheweigh
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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https://news.cision.com/se/beowulf/r/beowulf-subsidiary-receives-additio...
https://mb.cision.com/Main/11673/2758104/1003530.pdf

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