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10 June 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Gállok / Kallak Update

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update to the markets on developments with the Kallak project.

Today, the Company has learnt that Jåhkågasska tjiellde, Sami village, through its lawyers, has issued a press release announcing that it will take legal action against the Government of Sweden following the Government's decision, on 22 March 2022, to award an Exploitation Concession for Gállok / Kallak.

In the press release, the lawyers state that Jåhkågasska tjiellde is the Sami village most affected by mining establishment in Gállok / Kallak and that the mine, which is planned in the middle of the Sami village's winter grazing area, will cut Jåhkågasska tjiellde into two parts, having devastating consequences for reindeer husbandry in the Sami village. In addition, the lawyers state that, in the long run, the establishment of a mine poses a threat to the entire Sami culture in the area.

On 15 June 2022, the Sami village is calling for a press conference in Jokkmokk, where they are expected to describe in more detail how they will proceed.

Kurt Budge, CEO, commented:

"The Company and its employees acknowledge the traditional owners of the lands at Kallak, past elders, present and emerging leaders, and we are grateful for the contribution that Sami culture makes to our lives, and wider society. 

"Last week, I wrote to the Chairman of Jåhkågasska tjiellde, with the wish to respectfully re-engage with him, to build a framework for ongoing good-faith dialogue and the joint development of an Engagement Agreement, which can establish the mutually agreed terms by which engagement and consultation will take place between us in relation to the Kallak project.

"I wrote that we are benefited by the foundation established by the OECD's Rural Policy Review 'Linking the Indigenous Sami People with Regional Development in Sweden', to which, amongst many others, the Sametinget, the Sami Parliament, Sami stakeholder groups, and the Swedish mining sector, including Beowulf, were all contributors.  The Company is integrating the OECD's recommendations into its workstreams and the future development of the Kallak mine.

"Earlier this week, I attended the Fastmarkets' event International Iron Ore 2022, where there was much talk about the many advantages Sweden has, including abundant renewable energy, high-quality iron ore, the capability to produce high-grade concentrates and pellets, and the technological developments taking place in fossil-free steelmaking, which are all critical to achieving a Green Transition that can impede Climate Change and lessen the impact it is having on lives around the world.

"A few weeks ago at the Swedish Mining Research and Innovation Day, I spoke of the emphasis Beowulf is placing on innovation around stakeholder engagement, as it forms an essential element of our ESG Policy (https://beowulfmining.com/about-us/esg-policy/). We will continue to live our values of showing respect to our stakeholders, partnering with communities and being responsible in the development of our operations.

"The evidence in Sweden is that there are many industries that coexist with reindeer herding, mining being just one of them, that Sami culture and livelihoods are protected and wider society benefits.  This will be the case at Kallak and good-faith dialogue is the way to proceed.

"The Company will update shareholders on further developments in this matter, but is continuing with its work on Kallak, the recruitment of a CEO/VD for Jokkmokk Iron, progressing with the Scoping Study, and working with organisations in Jokkmokk and Norrbotten to build capacity and skills in the town and region, so that jobs can be taken by those living in Jokkmokk."

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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 forecast.