Start of Drilling in Kosovo

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.

30 March 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Start of Drilling in Kosovo

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that the Company has invested £1,000,000 in Vardar Minerals Ltd (“Vardar”) to fund drilling. The investment increases the Company’s ownership in Vardar from 51.4 per cent to 59.5 per cent approximately.

The rig has arrived on the Mitrovica licence and drilling is expected to start on Wolf Mountain zinc-lead-silver (“Zn-Pb-Ag”) targets, before attention is turned to the Majdan Peak gold (“Au”) prospect.  A total programme of approximately 3,400 metres is planned.

Wolf Mountain Drill Programme

Previous drilling and trenching at Wolf Mountain, completed in 2019, focussed on testing the depth extension and lateral continuity of mineralisation associated with widespread gossanous hydrothermal breccias. While results were able to prove the lateral continuity of mineralisation with several sub-economic intersections, further work was required to target potential higher-grade feeder structures which could produce economic results.

In 2020, the area was covered with extensive 3D Induced Polarisation (“IP”) campaign which identified a series of exceptionally high IP anomalies located on distinct northwest trends. The anomaly trends are clearly visible in ultra-high resolution drone magnetics collected during the same campaign and link with neighbouring Stan Terg and Zijika deposits as well as being supported by significant soil and rock sample anomalies.

The 2022 drill programme will focus on testing these anomalies to determine if they represent important feeder structures to the widespread mineralisation identified across Wolf Mountain.

The targets and planned drill holes are illustrated in Figure 1, follow link:

https://beowulfmining.com/wp-content/uploads/2022/03/220329-WM-drill-planning.pdf

Majdan Peak Drill Programme

The Majdan Peak prospect, located adjacent to the Stan Terg deposit, is defined by a blanket of advanced argillic alteration typical of high sulphidation epithermal systems. Rock and soil sampling programmes have identified widespread and significant Au anomalies (<11 grammes per tonne (“g/t”) in rock samples and <0.36 g/t in soils). Results from 3D IP surveys have delineated prominent IP anomalies which are clearly associated with soil and rock anomalies at shallow depth. Associated resistivity results correlate well with mapped alteration, and likely model a resistive silica-rich cap. Importantly the IP suggests the best target is located at greater depth to the north of the soil anomalies below the modelled silica cap as would be expected in typical high-sulphidation Au deposits.

The 2022 drill programme will focus on drilling a selection of the most compelling IP targets on this prospect.

The targets and planned drill holes are illustrated in Figure 2, follow link:

https://beowulfmining.com/wp-content/uploads/2022/03/220329-MP-drill-planning.pdf

Licences

Documentation has now been received for both Mitrovica and Viti renewals as well as the newly awarded Shala licence, as detailed below:

Kurt Budge, Chief Executive Officer of Beowulf, commented:

“I am delighted that that Vardar has finally secured both licence renewals and been awarded the promising Shala licence; even more so that we are ready to start drilling a host of exciting targets across the Mitrovica licence.

“With this volume and extent of mineralisation across Wolf Mountain and Majdan Peak, we are optimistic that the IP anomalies represent high-grade portions of the mineralised systems we believe are present.

“Despite the unexplained share price movements over the last week, the Company’s prospects continue to improve across the business, and I will do a better job of communicating the same to shareholders.

“I look forward to updating the market with results from Kosovo.”

Qualified Person Review

The information in this announcement has been reviewed by Mr. Chris Davies, a Qualified Person ("QP"), 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 QP as required under the AIM rules.  Mr. Davies has visited Vardar's Mitrovica and Viti projects in Kosovo.

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.

Enquiries:

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.