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2017-11-14

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.

14 November 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 Company understands that the Swedish National Heritage Board
(Riksantikvarieämbetet, "RAÄ") and the Swedish Environmental
Protection Agency (Naturvårdsverket, "NV") have provided comments in
a letter to the County Administrative Board ("CAB") for the County of
Norrbotten, ahead of the CAB's response to The Government of Sweden
due 1 December 2017.

RAÄ and NV have confirmed to the CAB that the information provided by
the Company is possibly sufficient for the CAB to provide its opinion
to the Government, on whether mining is an appropriate land use for
Kallak with reference to Chapters 3 and 4 of the Environmental Code.

The CAB has previously stated, on 1 October 2014, that the Company's
Environmental Impact Assessment ("EIA") is sufficient with respect to
Chapters 3, 4 and 6 of the Environmental Code, and, on 7 July 2015,
the CAB wrote to the Government indicating that the Company's
application could be permissible with respect to Chapters 3 and 4 of
the Environmental Code. The CAB confirmed its support for the
Company's application to the Mining Inspectorate, and in October
2015, the Mining Inspectorate recommended to the Government that the
Exploitation Concession be awarded.

In addition, on 29 June 2017, the Mining Inspectorate confirmed to the
Government that the Company's EIA is consistent, in the detail
provided, in meeting the requirements of the Supreme Administrative
Court ("SAC") judgement in the case of Norra K?rr.

RAÄ and NV have given the Company recognition for the additional
information that has been provided, namely a submission to the CAB in
December 2016 and the Heritage Impact Assessment ("HIA") submitted to
the Mining Inspectorate in April 2017.

Each document was produced voluntarily by the Company, as the
prescribed application process for an Exploitation Concession, in
accordance with Swedish law, does not require the Company to produce
any further information, beyond its original, and later supplemented
application, and the EIA for Kallak.

RAÄ and NV have not taken any position regarding the potential impact
on reindeer herding caused by Kallak, and have suggested that the CAB
may wish to consult with Sametinget on this matter. RAÄ and NV
consider that the claim by Sametinget for a national interest for
reindeer herding at Kallak, despite being made four years after the
Swedish Geological Unit's designation, is relevant and needs to be
considered. Previously, the Company has written to RAÄ and NV,
suggesting that to most observers, the timing of Sametinget's claim,
given no attempt has been made in the four years prior to make such a
claim, should look like an attempt to frustrate the Company's
application.

It remains the Company's belief, that mining and reindeer herding can
cooperate and prosper. Our submission to the CAB in December 2016,
shows that reindeer herding in Sweden is on the increase, and that
there is no evidence of any reindeer herding cooperative in Sweden
having ever been forced out of business, by any form of industrial
activity. To the contrary, there are many examples of mining
companies reaching agreement with Sami communities, cooperating, and
working side by side.

Kurt Budge, CEO, commented:

"It is good to see that the Company's additional work, in support of
its application, has been acknowledged by RAÄ and NV.

"Recently, the Company has written to the two agencies, to ensure they
are well-informed on the latest developments with respect to Kallak
and Beowulf, providing them with documentation submitted to the CAB
and the Mining Inspectorate, the Copenhagen Economics Study, and
details on the Scoping Study.

"We made RAÄ and NV aware of what I, and Göran Färm our new Swedish
Chairman have been saying about the Company's development philosophy
for Kallak, the design, engineering, and operation of a modern and
sustainable mine. As is RAÄ and NV's remit, their comments are
restricted to their specific areas of expertise.

"While deliberations continue with the Company's application, the
Company has been maintaining itself for four and a half years, and by
the time the Scoping Study is complete we will have invested circa
SEK 100 million in Kallak.

"We continue to invest on the basis that we have satisfied the
requirements to be granted an Exploitation Concession, in accordance
with the prescribed process, and Swedish law, and as validated by
statements from the Swedish authorities, the CAB and the Mining
Inspectorate, in 2015 and 2017.

"Jokkmokk needs Kallak - new enterprise, new jobs, and the hope of an
economic future to improve its current situation. A brighter future
for Jokkmokk will benefit all members of the community.

"The Company has gained the trust and support of the Kommun,
landowners, and local entrepreneurs, and remains committed to working
with the Sami reindeer herders as we move forward. This is entirely
consistent with the approach that I have adopted since I became CEO
three years ago, and the focus of our new Chairman.

"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/11673/2390763/751256.pdf

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