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Beowulf: Unaudited Preliminary Financial Results for the year ended 31 December 2019

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.

2 March 2020

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Preliminary Financial Results for the year ended 31 December

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces its unaudited preliminary financial
results for the year ended 31 December 2019.

Overview of Activities


· The Company provided, on 15 April 2019, a management update on its
investment in Vardar Minerals Limited ("Vardar"). Beowulf, committed
a total of £750,000 in Vardar, taking its ownership from 31.3 per
cent to approximately 37.6 per cent, fully funding Vardar's 2019
Kosovan exploration programme at the Mitrovica and Viti projects.

· The Company announced, on the 24 September 2019, exploration
results for Vardar's Wolf Mountain lead-zinc-silver target, part of
the Mitrovica Project situated in northern Kosovo. Later in the
month, soil sampling results and the definition of three exploration
targets were announced for the southern part of Mitrovica.

· On 8 October 2019, the Company announced exploration results for
Vardar's prospective Viti license in south eastern Kosovo,
intersections showing copper and gold, following the completion of an
orientation drill programme over a target prospective for porphyry
related mineralisation.

· On 14 October 2019, Beowulf exercised its option in Vardar,
investing a further £115,000 and taking the Company's ownership of
Vardar from approximately 37.6 per cent to 40.1 per cent. A further
investment of £100,000 in November took the Company's ownership to
41.5 per cent.


· On 7 March 2019, the Company announced that Beowulf's wholly owned
subsidiary, Oy Fennoscandian Resources AB ("Fennoscandian"), received
additional funding from Business Finland, a 50 per cent contribution
to a budget of Euros 224,900.

· Beowulf announced, on 27 March 2019, that drilling, targeting both
higher-grade mineralisation and high-priority geophysical anomalies,
had started at its Aitolampi graphite project ("Aitolampi").

· On 30 October 2019, the Company announced an upgraded Mineral
Resource Estimate ("MRE") for Aitolampi, which included an 81 per
cent increase in contained graphite (compared to the 2018 MRE) for
the higher-grade western zone with an Indicated and Inferred Mineral
Resource of 17.2 million tonnes ("Mt") at 5.2 per cent Total
Graphitic Carbon ("TGC") containing 887,000 tonnes ("t") of contained


· On 1 February 2019, Beowulf informed the market that it attended
the Future Mine and Mineral 2019 Conference, where Kurt Budge, CEO,
delivered a presentation titled 'Sustainability in the heart -
partnership, the lifecycle of mining projects, balancing the interest
of stakeholders'.

· On several occasions throughout the period, the Company wrote to
Mr. Baylan, Minister for Business, Industry and Innovation for The
Government of Sweden (the "Swedish Government"), regarding the
Company's application for an Exploitation Concession for Kallak.

· The Company provided, on 19 June 2019, a management update on
Kallak, its continuing support for SME development in Jokkmokk and
the CEO's attendance at the third OECD Meeting for Mining Regions and
Cities held in Sweden.

· On 8 July 2019 and further to the CEO's attendance at the
Almedalen Political Week ("Almedalen") in Sweden, the Company
outlined its immediate plans for Kallak in the event that the Swedish
Government awards the Concession.

· On 24 October, the Company was awarded an Exploration Licence for
Parkijaure nr 6, covering almost 1,000 hectares immediately to the
south of the Kallak deposits, and similarly prospective for magnetite
iron ore.

· On 11 November 2019, the Company announced it had submitted a
concluding statement for Kallak to the Swedish Government, prepared
by law firms Mannheimer Swartling and Fröberg & Lundholm. The
Statement summarised the circumstances relevant to a judicial review
of whether the Company should be awarded the Concession for Kallak.


· The Company announced, on 14 January 2019, that options were
granted to Directors and a senior manager over a total of 8,000,000
ordinary shares of £0.01 each in the capital of the Company,
representing approximately 1.41 per cent of the issued share capital
of the Company.

· On 1 April 2019, the Company announced a subscription for
13,636,364 new ordinary shares of £0.01 each to raise £750,000 before

· On 16 April 2019, the Company announced a subscription for
8,695,652 new ordinary shares of £0.01 each to raise £500,000 before

· The Company announced, on 24 October 2019, a subscription for
9,090,909 new ordinary shares of £0.01 each to raise £500,000.

· The Company announced, on 8 November 2019, a subscription for
4,347,826 new ordinary shares of £0.01 each to raise £250,000.

Post Period Overview

· The Company announced, on 3 February 2020, a management update on
Kallak and the Company's business areas, where the Company reiterated
its frustrations with the delays regarding the Concession.

· On 4 February 2020, the Company announced that in response to the
CEO's letter sent to Minister Baylan, the Swedish Government stated
that it was not able to comment on when a decision is expected to be
taken, in respect of the Concession for Kallak, however, the
Government had taken careful note of information provided.

· As of 5 February 2020, there were 392,995,504 Swedish Depository
Receipts representing 65.26 per cent of the issued share capital of
the Company. The remaining issued share capital of the Company is
held in the UK.

· The Company provided, on 13 February 2020, a management update on
Kallak where the Company stated that contrary to media reports, no
legal action has yet been taken against the Swedish Government, but
that all options to take legal action remain under active

· On 17 February 2020, the Company announced that Vardar, has
identified a copper-zinc exploration target at Mitrovica. Beowulf
has also invested a further £50,000 in Vardar, increasing the
Company's ownership from 41.5 per cent to 42.2 per cent.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"During 2018, we made significant progress in Kosovo with Vardar.
Exploration success, developing our understanding of copper and gold
porphyry potential at both the Mitrovica and Viti projects, has
provided the basis for continued investment and increased ownership,
with Beowulf now owning 42.2 per cent of Vardar.

"Porphyry deposits are very large, low grade, polymetallic systems,
that typically contain copper along with other metals, such as gold,
silver, zinc and lead.

"At Mitrovica, located near to the world class Stan Terg
lead-zinc-silver mine, potential not only exists for the discovery of
additional lead-zinc-silver deposits, but also for the discovery of
high-level epithermal gold deposits and for copper-zinc deposits.

"It is simplistic to think of these targets, which occur along a seven
kilometre trend, in isolation. However, Vardar believes the targets
are all related to a potentially much larger porphyry style
mineralised system, based on meticulous geological mapping of
hydrothermal alteration and interpretation of trench, drill and soil
geochemical exploration data.

"At Viti, initial stratigraphic holes, drilled last year, intersected
the correct alteration type, returning gold and visible copper
mineralisation, that indicates potential for the discovery of a
mineralised copper-gold porphyry in a hitherto unexplored area.

"Fennoscandian has had another strong year. Further drilling at
Aitolampi supported an upgraded Mineral Resource Estimate, announced
in October, with significant increases in contained graphite, and the
global Indicated and Inferred Mineral Resource.

"Fennoscandian continues to develop a `resource footprint' of natural
flake graphite to provide `security of supply' to Finland's emerging
battery sector and to benefit from Business Finland funding, as it
seeks to establish its battery grade anode material credentials.

"Kallak remains the foundation asset of the Company. I do not need to
repeat my comments from recent announcements, save to say we have met
the requirements of Swedish minerals and environmental legislation to
be granted the Concession.

"Beowulf is in the business of exploring for minerals and developing
mining projects, thereby creating shareholder value. We are not
interested in fighting legal battles, but if forced to do so to get a
fair outcome, we will pursue that course of action with vigour. We
have completed the groundwork with our legal advisors, making our
case for being awarded the Concession and assessing our legal options
should the Swedish Government continue to stall on a decision.

"Vardar has been a clear highlight for the period and an exciting
addition to Beowulf. Fennoscandian is cementing its position in
Finland's emerging battery sector. When it comes to Kallak, we have
been steadfast in our commitment to the project since we were first
granted an exploration licence in 2006. We have invested over SEK 80

"Most importantly, there is significant local support for Kallak,
which we intend to honour by partnering with the community in the
development of a modern, sustainable and innovative mining operation,
thereby contributing to the resurgence of Jokkmokk; a brighter
economic future for the town, one that it deserves.

"We look forward to keeping the market updated on further developments
across our business areas."


· As of 1 April 2019, following an increase in Investment from 14.1%
to 31.3% the Company has met the definition of control as outlined in
the provisions of IFRS 10. The consolidated Vardar Group has been
consolidated into the Company effective of this date. Further
investments in Vardar have increased the holding in Vardar to 41.5%
with the resulting fair value gain to 31 December 19 of £563,431.

· The consolidated loss fell in the year from £1,374,58 to £419,334.
This decrease is primarily attributable to a £563,43...

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