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Beowulf: Unaudited Interim Financial Results and Management Update for the Period Ended 30 June 2017

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.

29 August 2017

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Interim Financial Results and Management Update for the
Period Ended 30 June 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, announces its unaudited
consolidated interim financial results for the six months ended 30
June 2017 and provides a management update.

The unaudited consolidated interim financial results for nine months
ending 30 September 2017 and the next management update will be
released on or before 30 November 2017.

Overview of Activities in the Quarter

· On 28 April 2017, the Company submitted a Heritage Impact
Assessment ("HIA") for Kallak North to the Mining Inspectorate. The
Company also presented an analysis of the indirect effects of a
mining operation at Kallak on Laponia with respect to reindeer
herding, and the effects of transport on Laponia.

· The Company was notified, on 8 May 2017, that the Mining
Inspectorate had written to the County Administrative Board for the
County of Norrbotten ("CAB"), asking the CAB to give an opinion on
the Company's Kallak North Application ("Application") by 1 June
2017. Subsequently, the CAB requested, and was granted, an extension
to 16 June 2017.

· The Company announced on 17 May 2017 a subscription for new
ordinary shares to raise £1,500,000 before expenses, at a price of
6.5 pence per new ordinary share.

· On 24 May 2017, the Company announced further results from its
recently completed eight-hole diamond drill programme at its
Aitolampi graphite project in Finland.

Drilling confirmed that electromagnetic ("EM") anomalies identified at
Aitolampi are associated with wide zones of graphite mineralisation,
with a mineralised strike length of at least 350 metres ("m") along
the main conductive zone drill-tested, dipping between 40 and 50
degrees to the southwest. The main EM zone extends for 700m.

· On 16 June 2017, the Company provided an update on exploration
activities at its Åtvidaberg licence. The Company had a team of
geologists in the field to conduct geological mapping and to
ground-check airborne magnetic targets, Versatile Time Domain
Electromagnetic ("VTEM") targets, and geochemical anomalies from the
till sampling programme completed in 2016. In addition, a ground
magnetic survey was conducted in the Mormor area, to supplement
existing airborne magnetic data.

In late April, the Company held a three-day field workshop at
Åtvidaberg, which brought together the Company's exploration team and
external experts with major mining company exploration experience,
relevant to Bergslagen, volcanogenic massive sulphide mineralisation
and modern exploration technologies.

· On 16 June 2017, the Company announced the CAB had responded to
the Mining Inspectorate on the Company's Kallak North Application.
The CAB failed again to answer the Mining Inspectorate's questions,
but suggested that the Company needs to provide more information, to
further assess the potential impact of a mining operation at Kallak
on Laponia. The CAB did not state what information needs to be

The CAB has made no request to the Company at any time to provide
further information, and it has neither provided feedback on the
Company's submission to the CAB in December 2016, nor the Company's

· Afnan Khabiri was appointed, on 16 June 2017, to the position of
Stakeholder Communications Officer, based in Jokkmokk. Afnan will
lead the Company's communication efforts in the community.

· On 29 June 2017, the Mining Inspectorate of Sweden returned the
Company's Kallak North Application to the Government of Sweden. The
Mining Inspectorate has asked the Government to decide who should
determine what, if any, impact a mining operation at Kallak could
have on Laponia.

As part of its latest review, as requested by the Government almost 12
months before, the Mining Inspectorate has stated that the Company's
Environmental Impact Assessment ("EIA") is consistent, in the detail
provided, in meeting the requirements of the Supreme Administrative
Court ("SAC") judgement in the Norra K?rr case.

· Loss after tax attributable to owners of the parent for the six
months ended 30 June 2017 is £466,451, £133,399 higher than the same
period last year (2016: loss £333,052).

· Cash and cash equivalents at 30 June 2017 at £2,269,964, are
£1,038,370 above the corresponding period last year and £660,745
above the level at 31 December 2016.

Post Period End

· On 10 July 2017, the Company provided an update on Kurt Budge's,
Chief Executive Officer ("CEO"), attendance at Almedalen during the
week of the 3 July 2017.

At Almedalen, the CEO met with representatives of the Swedish mining
industry, politicians, and government agencies. During these
meetings, the CEO detailed the chronology of the application process
for an Exploitation Concession for Kallak North, and presented the
case that the Company's application, and recent supplementary
documentation, including a HIA, have more than satisfied the
requirements of the prescribed permitting process.

The CEO shared the Company's "Big Picture" vision of Jokkmokk's
economic transformation, that could be delivered by a mining
operation at Kallak, and explained the Company's development
philosophy towards designing, engineering, and building a modern and
sustainable mining operation.

The CEO talked of the political support in Jokkmokk and Norrbotten,
and local business support for the Kallak project, the frustration
being felt by many with the permitting process, the Company's future
investment plans for Kallak, including a Scoping Study and further
drilling, as well as the value the Company places on forming strong
partnerships with stakeholders in Jokkmokk and Norrbotten, to take
the Kallak project forward.

· On 21 July 2017, the Company announced that Copenhagen Economics
had been awarded a contract to study the local and regional economic
benefits of a mining operation at Kallak ("the Project").

The Project will build on the work carried out to date, by the Company
and others, including the 2015 independent socio-economic study
initiated by Jokkmokks Kommun, completed by consultants Ramböll,
which in its findings concluded that a mining development at Kallak
would create direct and indirect jobs, increase tax revenues and slow
down population decline, and the 2010 study by the Economics Unit of
Luleå University of Technology, 'Mining Investment and Regional
Development: A Scenario-based Assessment for Northern Sweden'.

Copenhagen Economics has relevant expertise in the regional mining
sector, and has recently finalised a review of the attractiveness of
the Swedish mining sector on a number of parameters, including
licensing and regulation. This review was commissioned by the Swedish
Agency for Growth Policy Analysis, part of the Government of Sweden.

· As at 23 August 2017, there were 301,680,626 Swedish Depository
Receipts issued representing almost 57.4 per cent of the issued share
capital of the Company. The remaining issued share capital of the
Company is held in the UK.

Kurt Budge, CEO, commented:

"Beowulf has a busy period from September onwards, with active work
programmes across our three business areas. We look forward to
providing updates on the Kallak North Application process, and
exploration activities at Åtvidaberg and on our graphite projects.
The strengthening of our cash position following the fundraise in May
2017 means that we can keep pushing ahead on all fronts.

"I will be spending plenty of time in Sweden, now that our Kallak
North Application is back with the Government. With the new
parliamentary session starting in mid-September, we will be seeking a
clear understanding of what happens next in the process, and making
it clear to the Government that the required work has been carried
out, that relevant authorities have exhaustively reviewed our
Application, and made all necessary statements, such that the award
of an Exploitation Concession is fully deserved and warranted.

"At Almedalen, I listened to a senior Government minister state that
development in rural areas only happens where there is investment. I
made the point to him that Beowulf has invested SEK 72 million in
Kallak, a project which will transform Jokkmokk.

"I also stated to several parliamentary members, that there is a
spotlight on Sweden, specifically looking at how the Kallak project
is being handled, and how Beowulf, as an investor and public company,
is being treated. Questions are being asked about Sweden's
permitting processes, and pointedly Sweden's attractiveness as a
place to invest and do business.

"Despite the fact we still wait on a decision, the Board has decided
to start new work programmes at Kallak.

"As announced, we are collaborating with Copenhagen Economics on
articulating the economic benefits, to Jokkmokk and Norrbotten, of a
modern and sustainable mining operation at Kallak - the "Big Picture"
- and how it meets the objectives and ambitions of Swedish government

"Additionally, we have tendered a Scoping Study for Kallak North,
which, excitingly, will be the first step forward in project
development that we have taken during my time as CEO. Currently, we
are waiting for Scoping Study proposals to be sent in, and planning
exploration work programmes, including drilling, on Kallak and our
Parkijaure licences.

"I look forward to updating shareholders on progress in due course."


Kallak North Exploitation Concession

On 29 June 2017, the Mining Inspectorate returned the Company's
Application to the Government of Sweden; almost 12 months to the day
when the Government asked the Mining Inspectorate of Sweden to review
the Company's Application in the context of the SAC judgement in the
Norra K?rr case. The Mining Inspectorate has stated that the
Company's EIA is consistent, in the detail provided, in meeting the
requirements of the SAC judgement.

However, the Mining Inspectorate has asked th...

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