Aitolampi Graphite Project – Scoping Study Contract Awarded

12 March 2021

Beowulf Mining plc

(“Beowulf” or the “Company”)

Aitolampi Graphite Project – Scoping Study Contract Awarded

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that a contract has been awarded to Afry Finland Oy (“AFRY”) to conduct a Scoping Study on the Aitolampi Graphite Project in Finland (“Aitolampi”).

Aitolampi, being developed by Beowulf’s 100 per cent. owned Oy Fennoscandian Resources AB (“Fennoscandian”), contains an estimated 1,275,000 tonnes of graphite, possessing almost perfect crystallinity, an important prerequisite for high tech applications, such as anodes in lithium-ion batteries.

The purpose of the Scoping Study is to verify the robustness of the work completed by Fennoscandian, and to provide a roadmap for the next project development stage, most likely a Pre-feasibility Study. The output of the Scoping Study will enable Fennoscandian to better explain the Aitolampi project to the local community and other important stakeholders.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“It’s great to be working with AFRY on the Aitolampi Scoping Study. We will benefit from the AFRY team’s deep competence in environmental matters, permitting and sustainability.

“Fennoscandian is the only natural flake graphite developer in Finland and, following on from the announcement regarding the Memorandum of Understanding with Epsilon Advanced Materials, this is another workstream that pushes Fennoscandian forwards in 2021.

“Since Fennoscandian was acquired in January 2016, Beowulf has invested over €1.56 million in graphite exploration, resource development, metallurgical testwork and the assessment of market applications for graphite from Aitolampi, including lithium-ion battery applications.

“Fennoscandian is pursuing a strategy to develop a resource/production base of natural flake graphite that can provide 'security of supply' and enable Finland and Europe to achieve the shared ambition of self-sufficiency in manufacturing batteries for electric vehicles and renewables storage.”

Recap – RNS Announcement dated 18 May 2020

Aitolampi Graphite Project - Resource, Testwork, Environmental Monitoring

During 2019, further drilling at Aitolampi supported an upgraded Mineral Resource Estimate (“MRE”), with an 81 per cent increase in contained graphite (compared to the 2018 MRE) for the higher-grade western zone, and an updated global Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000 tonnes of contained graphite.  

In March 2019, the Company announced that Fennoscandian had received additional grant funding from Business Finland, a 50 per cent contribution to a budget of Euros 224,900, for graphite purification and spheroidization test work, and the further assessment of Fennoscandian's graphite for battery applications.

Business Finland has been granted Euros 10 million funding for a project titled "BATCircle - the development of a Finland-based Circular Ecosystem of Battery Metals".  BATCircle is part of the European Union ("EU") Strategic Energy Technology Programme, where Finland, under the leadership of Aalto University and Outotec, will coordinate research into battery recycling. The national BATCircle consortium includes a total of 22 companies, four universities, two research institutes and two cities.

Since 2019, Fennoscandian has continued with baseline water quality monitoring at Aitolampi. The Finnish contractor EHP Environment Oy is providing the service, using EHP-QMS monitoring stations to enable 24/7 monitoring of pH and conductivity of surface water, ground water levels, as well as precipitation, wind direction and air temperature data. Surface water flow rate data and samples for chemical analysis are also being collected from four different locations.

About AFRY

AFRY is a European leader in engineering, design, and advisory services. ÅF Ab and Pöyry Oy merged in 2019 to form a leading European engineering and consulting company employing more than 16,000 experts worldwide. AFRY is one of the leading mining and environmental consultants in Finland and it has participated in most of mining projects in Finland during the past few years.

About Beowulf Mining plc

Beowulf Mining plc ("Beowulf" or the "Company") is an exploration and development company, listed on the AIM market  of the London Stock Exchange and the Spotlight Exchange in Sweden. The Company listed in Sweden in 2008 and is approximately 71.5 per cent owned by Nordic shareholders.

Beowulf's vision is to build a sustainable and innovative mining company, which creates value by developing mining assets in partnership with communities, delivering production and generating cash flow, and in so doing meets society's ongoing need for metals.

The Company's asset portfolio is diversified by commodity, geography and the development stage of its various projects, and features metals and minerals in demand to facilitate an economic 'Green Transition' and for addressing the Climate Emergency.

Competent Person Review

The information in this announcement has been reviewed by Mr. Chris Davies, a Competent Person ("CP"), who is a Fellow of the Australasian Institute of Mining and Metallurgy.  Mr. Davies has conducted a desktop review of source documents and data which underpin the technical statements disclosed herein and approves the disclosure of technical information in the form and context in which it appears in this announcement, in his capacity as a CP as required under the AIM rules. 

Mr. Davies has sufficient experience, that is relevant to the content of this announcement, to qualify as a CP as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Davies BSc (Hons) Geology, MSc DIC Mineral Exploration, FAusIMM, is a Non-executive Director of Beowulf and is an exploration/economic geologist with more than 35 years' experience in the mining sector.

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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