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2017-10-10

Beowulf: Kallak North Exploitation Concession Update

Beowulf Mining plc

("Beowulf" or the "Company")

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.

10 October 2017

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, provides an update on the Kallak
North Exploitation Concession application process.

The Government of Sweden has requested additional information from the
County Administrative Board ("CAB") for the County of Norrbotten,
including a statement of the CAB's position on whether the Company's
Environmental Impact Assessment ("EIA") meets the requirements of the
Environmental Code, and on whether mining is an appropriate land use
for Kallak, with reference to Chapters 3 and 4 of the Environmental
Code. Within its statement, the CAB is asked to consider matters
regarding Laponia and national interests.

The CAB has been given a deadline of 1 December 2017 to provide its
statement to the Government.

Exploitation Concession - Recap

On 1 October 2014, the CAB confirmed that the Company's EIA was
sufficient with respect to Chapters 3, 4 and 6 of the Environmental
Code. At the time, the Company also addressed a concern raised by
the CAB and eliminated the Jelka-Rimakåbbå transport route option,
and the potential risk to reindeer herding that might have arisen
through using that route.

On 7 July 2015, the CAB wrote to the Government of Sweden indicating
that the Company's application could be permissible with respect to
Chapters 3 and 4 of the Environmental Code. The CAB supported the
Company's application, and in October 2015 the Mining Inspectorate
recommended to the Government that the Concession be awarded.

In March 2017, the Swedish National Heritage Board
(Riksantikvarieämbetet, "RAÄ") and the Swedish Environmental
Protection Agency (Naturvårdsverket, "NV") provided comments to the
Mining Inspectorate, acknowledging that Kallak does not directly
affect Laponia.

In April 2017, the Company submitted a Heritage Impact Assessment to
the Mining Inspectorate to describe the possible indirect effects of
a mining operation at Kallak on Laponia, the interaction of mining
and reindeer herding, and matters related to transport.

Kurt Budge, CEO, commented:

"It is welcome to see that the Government has acted expediently with
regards to our application for an Exploitation Concession, and that
it has been direct in its questioning to the CAB.

"Given the chronology of statements made and positions taken
throughout this process, and the facts, we are steadfast in the
belief that we have satisfied all requirements, we are moving forward
with the Scoping Study, and further investment in Kallak.

"If the CAB fully considers its own past statements, and the work
carried out by the Company, then there should be no impediment to
awarding the Concession.

"We will provide further updates to shareholders in due course."

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
Cantor Fitzgerald Europe(Nominated Advisor & Broker)
David Porter Tel: +44 (0) 20 7894 7000
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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http://news.cision.com/se/beowulf/r/kallak-north-exploitation-concession...
http://mb.cision.com/Main/11673/2363985/734014.pdf

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