Parkijaure Exploration Update

21 August 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, is pleased to provide an update on its work programme for its Parkijaure nr 4 and nr 5 exploration licences, which are situated south of the Kallak project area, and are prospective for magnetite iron ore.

The magnetic signature of magnetite mineralisation at Kallak, extends southwards from Kallak North to Kallak South, and then beyond to the Parkijaure licences.  Interpretation of geophysical data suggests the potential for additional magnetite mineralisation, which could add to the Kallak North and Kallak South resource.

In the middle of September, the Company will mobilise its exploration team to conduct a ground-magnetic survey, geological mapping, and to ground-check historic airborne magnetic, ground magnetic and gravimetric anomalies. The Autumn work programme will last approximately four weeks, and enable the Company to identify drill targets that could feature in a 2018 Kallak drilling programme.

With the restart of exploration activity at Kallak and Parkijaure, and with continuing work programmes on its other exploration licences in Sweden, the Company is in the process of hiring a full-time Project Geologist to be based in Jokkmokk.

Kurt Budge, CEO, commented:

“It’s exciting to be starting work at Parkijaure, which we hope, with drilling, will significantly add to the iron ore resource already defined at Kallak.

“To date, we have suspended further exploration on our Kallak and surrounding licences, as we waited for a decision to be made on the Kallak North Exploitation Concession, however, we have now decided to move forward with our investigations.

“We are looking to build a strong, modern and sustainable mining business in Sweden, and, as part of that, we will illustrate that Jokkmokk has a potential iron ore district associated with both the Kallak and Parkijaure licences.  .

“I look forward to updating shareholders on our findings in due course.”

Competent Person Review

The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources AB, a 100 per cent owned subsidiary of Beowulf.

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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.