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2018-08-31

Beowulf: Unaudited Interim Financial Results and Management Update for the Period Ended 30 June 2018

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.

31 August 2018

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Interim Financial Results and Management Update for the
Period Ended 30 June 2018

Beowulf (AIM: BEM; Spotlight: 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 2018 and provides a quarterly management update.

Overview of Activities in the Quarter

· On 12 April 2018, the Company announced that it had been in
communication with the Swedish Government, and that the Government's
review of submissions made by interested parties, with regard to the
Company's application for an Exploitation Concession for Kallak
North, continues.

· The Company, on 17 April 2018, signed a Graphite Collaboration
Agreement (the "Agreement") between the Company's Finnish subsidiary,
Oy Fennoscandian Resources AB ("Fennoscandian") and Åbo Akademi
University ("Åbo"), located in Turku, Finland.

· On 25 April 2018, the Company joined a Cooperation Network of
existing and new entrant raw materials suppliers to the emerging
battery manufacturing industry in Finland.

In addition, Fennoscandian was granted Euros 161,000 by Business
Finland for a research project entitled "Green Minerals - Graphite,
Exploration to Products".

· At the beginning of May 2018, the Company awarded contracts for
its Aitolampi graphite project, including a Mineral Resource Estimate
("MRE") in accordance with the guidelines of the JORC Code (2012
edition) to be undertaken by CSA Global Pty Ltd ("CSA Global") and an
Environmental and Social Impact Assessment ("ESIA") Roadmap, a
detailed plan of requirements for completing an ESIA study, to be
undertaken by Pöyry Finland Oy ("Pöyry").

· On 4 May 2018, the Company announced positive assay results for
its Aitolampi graphite project in Finland.

· On 16 May 2018, the Company learnt that the Administrative Court
in Luleå had rejected the Jokkmokk Iron Mine's AB ("JIMAB") appeal of
the Mining Inspectorate's decision not to extend Kallak nr 2 and
Parkijaure nr 3 exploration licences, in a judgement dated 7 May 2018
and sent to JIMAB by regular post. The two licences are not part of
the Kallak Exploitation Concession application.

JIMAB has applied to the Administrative Court of Appeal in Sundsvall
for its case to be heard, arguing that the court judgement is wrong,
and that JIMAB's decision not to invest in further exploration of
these two licences, while the Kallak application is being handled, is
valid, given the time taken and the performance of the authorities
involved. JIMAB has an approved workplan for Parkijaure nr 3, and
intends to drill, with one objective being to identify an exploration
target for iron ore mineralisation.

· On 16 May 2018, Beowulf completed a subscription for new ordinary
shares to raise £1.5 million before expenses.

Post Period

· As at 31 July 2018, there were 337,696,135 Swedish Depository
Receipts issued representing almost 59.63 per cent of the issued
share capital of the Company. The remaining issued share capital of
the Company is held in the UK.

· On 13 August 2018, the Company announced a MRE for Aitolampi, a
global Indicated and Inferred Resource (JORC Code, 2012 edition) of
19.3 million tonnes (Mt) at 4.5% Total Graphitic Carbon ("TGC") for
878,000 tonnes ("t") of contained graphite, comprising eastern and
western lenses above a 3.0% TGC cut-off grade.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"While an imminent decision on Kallak has been delayed by the Swedish
general election, the Company has pushed ahead with the Aitolampi
graphite project, most importantly delivering a Maiden Resource
Estimate. In early September, the Company has meetings planned with
key decision makers in the Heinävesi area, to discuss Aitolampi, and
is preparing to initiate a Scoping Study on the project.

"It was pleasing to raise £1.5 million in the quarter, albeit at a
price negatively impacted by a delayed decision on Kallak, as it
maintains our capability to invest across our portfolio.

"In early July, Almedalen provided an excellent opportunity for me to
engage with Swedish Government ministers, members of the Swedish
Parliament, regional politicians from Norrbotten and its new
Governor. This ensures Kallak stays front-of-mind, that key decision
makers are cognisant of the facts of our application, principally
that we have fully satisfied the Swedish legal requirements to be
granted an Exploitation Concession. I plan to be in Sweden shortly
after the general election, once the dust has settled, to press for
an early positive decision, something that is unacceptably long
overdue.

"With Kallak and Aitolampi, the Company's ambition is to develop
modern, sustainable and innovative mining projects in partnership
with the communities in which we work.

"I look forward to keeping shareholders updated with any
developments."

Financials

· Loss before and after taxation attributable to the owners of the
parent of £442,238 (2017: loss of £467,100). The loss in the period
was comparable to the prior period, with the current period falling
comparatively due to decreased Director costs and a reversal of an
over accrual for professional fees.

· Basic/diluted loss per share was 0.08 pence (2017: loss of 0.09
pence).

· £2,140,369 in cash held at the period end.
· The translation reserve losses attributable to the owners of
the parent increased from £397,060 at 31 December 2017 to £855,904 at
30 June 2018. Much of the Company's exploration costs are in Swedish
Krona which has weakened against the pound since 31 December 2017.

Operational

Sweden - Kallak

· The Company continues to communicate with the Swedish Government.
A decision on Kallak has been delayed by the Swedish general
election. The CEO plans to be in Sweden shortly after the election,
to press for an early positive decision on the Company's application
for an Exploitation Concession.

Finland - Graphite

· In April, Fennoscandian signed an Agreement with Åbo. The
Agreement formalised the partnership that the Company, and its
subsidiary Fennoscandian, has forged with Åbo over several years.
The Agreement is focused on knowledge sharing, the identification of
graphite prospects, their exploration, and development into
production assets.

· Additionally, the Company published its involvement in a
Cooperation Network of existing and new entrant raw materials
suppliers to the emerging battery manufacturing industry in Finland.

The Cooperation Network includes the cities of Vaasa and Kokkola;
Freeport Cobalt, the world's largest cobalt refinery and producer of
battery chemicals; Nornickel, the producer of world-class nickel
metals and nickel chemicals in Harjavalta; Terrafame Group, the
parent company of Terrafame, producing nickel, zinc, cobalt and
copper in Sotkamo; Keliber, which is preparing to start lithium
production in Kaustinen and Kokkola; as well as Beowulf, the 100 per
cent owner of the Aitolampi graphite deposit.

The official announcement regarding the Cooperation Network, dated 24
April 2018, and titled "The battery industry has enormous potential
to become Finland's new success story. The Vaasa battery factory
project has brought together a large nationwide network of
cooperation partners" can be viewed at:

https://www.gigafactory.fi/press-20180424-en

In addition, Fennoscandian was granted Euros 161,000 by Business
Finland for a research project entitled "Green Minerals - Graphite,
Exploration to Products". The project runs from 1 January 2018 to 31
December 2019 and has a total budget of Euros 323,750. The Company
will contribute the balance of the funding.

· On 4 May 2018, the Company presented assays for intersected
mineralisation at its Aitolampi graphite project, highlights as
follows:

· Drilling confirmed the continuity of mineralisation between
holes drilled in 2017, wide graphite lenses extending along strike,
at least 350 metres ("m") along the main conductive zone (the main
electro-magnetic ("EM") anomaly extends for 700m), and at depth.

· For the two parallel higher-grade zones previously identified,
mineralisation has a strike length of at least 150m (the two parallel
conductive zones extend for 300m and 250m), and these zones seem to
merge to form one body of mineralisation.

· From northwest to southeast along strike, drill holes
AITDD18014, AITDD18016, AITDD18015, AITDD18017 and AITD18018 (drilled
on the same profile), all intersected this higher-grade body of
mineralisation, with intercepts of 89.60m at 4.01% Total Graphite
Carbon ("TGC"), 107.09m at 4.59% TGC, 108.69m at 5.04% TGC, 121.68%
at 5.00% TGC and 121.46m at 5.29% TGC respectively.

· For these holes, intercepts showing greater than 5% TGC were as
follows: AITDD18014 - 30.10m at 5.75% TGC; AITDD18016 - 29.00m at
6.04% TGC; AITDD18017 - 62.42m at 6.08% TGC; and AITDD18018 - 92.46m
at 6.19% TGC, including 44.00m at 7.08% TGC.

· AITDD18018 is the furthest hole drilled to the southeast, to
test the parallel higher-grade conductive zone, which remains open in
all directions.

Follow the link
https://beowulfmining.com/projects/finland/aitolampi/#geology for
plans and sections.

It should be noted that the mineralisation intercepts are the
down-hole widths and are not the true width of mineralisation. All
samples were prepared and analysed by ALS Finland Oy's laboratory in
Outokumpu.

· On 13 August 2018, the Company announced a Maiden Resource
Estimate for Aitolampi, highlights as follows:

· A global Indicated and Inferred Resource (JORC Code, 2012
edition) of 19.3 million tonnes (Mt) at 4.5% TGC for 878,000 tonnes
("t") of contained graphite, comprising eastern and western lenses
above a 3.0% TGC cut-off grade.

· A higher grade Western Zone with an Indicated and Inferred
Resource of 9.8Mt at 5.0% TGC for 490,000t of contained graphite

· An Eastern Zone...

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