The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

16 December 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Highly Prospective Vardar Lead-Zinc-Silver Trend - New Licences

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to provide an update regarding two licences added to the Vardar Minerals Ltd ("Vardar") exploration portfolio, both located along the highly prospective Vardar lead-zinc-silver trend in northern Kosovo.   Beowulf's owns 59.5 per cent. of Vardar.

Highlights:

·    Licences situated in the prospective Vardar lead-zinc-silver belt in northern Kosovo along trend from historical mining districts;

·   Covering 115 square kilometres ("km²"), the new licences extend the coverage of Vardar's Mitrovica and Shala exploration projects, both of which display abundant evidence of active epithermal systems with associated lead-zinc-silver and gold-silver-copper mineralisation;

·    New licences include prospective carbonate host rocks along with Oligocene magmatic rocks which provide the heat and metal source in the surrounding lead-zinc ore districts; and

·   Alteration and gossan outcrops have been noted in early reconnaissance visits further demonstrating the potential for lead-zinc-silver mineralisation in both of the licences.

See Figure 1, which shows the position of the new licences relative to Vardar's existing Mitrovica and Shala licences and Vardar's main prospects with sampled and drill tested mineralisation. 

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Since the end of Summer, we have had a number of positive announcements regarding the successes being achieved by the Vardar team in Kosovo. Most recently, the announcement of the Red Lead Target, displaying all the key geological markers of the neighbouring Stan Terg deposit and mine, and now a priority target for drilling in Spring 2023.

"The district being explored in northern Kosovo is highly prospective, with abundant evidence of widespread lead-zinc-silver mineralisation, and the addition of these new licences to Vardar's portfolio is a further exciting development. The Vardar team continues to use state-of-the-art exploration methodologies in the process of identifying new opportunities and is maintaining a competitive first-mover advantage in the region.

"Vardar's expanded licence position has established a dominant land holding in the highly prospective areas surrounding the Stan Terg lead-zinc-silver mine."

Licence Information:                     

The minimum expenditures for each exploration licence for every licence year is €10, €20 and €30 per hectare for the 1^st, 2^nd and 3^rd licence years respectively.

Figure 1. Map illustrating the position of the newly awarded licences relative to the existing Mitrovica and Shala licences. Vardar prospects with sampled and drill tested mineralisation are highlighted in red.

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 has sufficient experience, that is relevant to the content of this announcement, to qualify as a Competent Person ("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.

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.