Kallak Scoping Study Contract Awarded to SRK Consulting

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.

9 October 2017

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project (“KIOP”) and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce that it has appointed SRK Consulting (UK) Limited (“SRK”) to complete a Scoping Study on the KIOP.

SRK has already commenced work, and completion of the Scoping Study is scheduled for the end of February 2018.

Kurt Budge, CEO, commented: 

“I am very pleased to be working with SRK on this next phase of Kallak’s development.

“In SRK we have a consultant who has undertaken a significant number of technical studies for companies operating in the Nordic Region, and has the relevant expertise to work with us on designing and engineering a modern and sustainable mining project at Kallak North, as well as assessing the broader potential of the Kallak South deposit.

“The Scoping Study and associated work streams are a significant investment for the Company, made in the belief that Beowulf has satisfied the Swedish requirements to be granted an Exploitation Concession for the Kallak North deposit. In addition, we have the support of local stakeholders and therefore we must push on, despite the current permitting challenges.

“Over the last 12 months, we have continued to emphasise the interlinkages that can exist between major investments, industrial projects and infrastructure development, and the potential for widespread economic stimulus across a region such as Norrbotten, to politicians, regulators, decision makers and stakeholders.  Our project study with Copenhagen Economics, ‘Kallak – A real asset, and a real opportunity to transform Jokkmokk’, is intended to show the ‘Bigger Picture’, and how it can be successfully realised.

“Current experience suggests that major projects are often looked at in isolation, and the interlinkages are not considered, or ignored.  It’s great to see the Inlandsbanan CEO’s comments in the Swedish news last week, where he stated that the railway could be ready and available to take Kallak production, as they are aligned with what we have been saying.

“As we move forward with the Scoping Study, we are looking forward to building stronger collaborations with key infrastructure, commercial, local and regional partners.

“I am excited to be breathing life into the Kallak project, and further demonstrating our commitment to investing in Jokkmokk’s future.  Initiating a Scoping Study is a step we have been waiting to take for almost three years, and it will be great to share with the community, the project development roadmap for advancing Kallak towards production.”

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