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18 March 2026

Beowulf Mining plc

("Beowulf" or the "Company")

Jokkmokk Iron and partners secure conditional €1.1m EIT funding for €2.4m NordicPipe project

Beowulf (AIM: BEM; Spotlight: BEO), and its wholly-owned subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron"), are pleased to announce that a consortium led by Jokkmokk Iron has been conditionally awarded funding of €1.1 million from the European Institute of Innovation and Technology ("EIT") as part of the €2.4 million NordicPipe project ("NordicPipe"). This funding is to be provided under the EIT RawMaterials KAVA Call 13 - Upscaling programme.

NordicPipe is a collaborative innovation project that builds on work already completed by the Company with support from a number of its partners. The project's objective is to advance technical and environmental knowledge, that will enable the development and roll-out of slurry pipelines as a sustainable transportation solution in the Nordic region. Slurry pipelines are widely used by the global mining industry, delivering sustainability benefits by reducing impacts on existing infrastructure, local communities and the environment, but have yet to be adopted within the Nordic region. NordicPipe, with EIT's support for the project, has the opportunity to make this a reality and advance Jokkmokk Iron's pipeline towards full development.

Highlights

·      Conditional award of €1.1 million to a consortium led by Jokkmokk Iron as part of the EIT Raw Materials support for the €2.4 million NordicPipe innovation project 

·      Two-year project focused on the development of the slurry pipeline within the Nordic region, taking technical, and local environmental and social factors into consideration

·      A consortium spanning industry, engineering, academia, and communication led by Jokkmokk Iron and including:

·      Paterson & Cooke Ltd;

·      Sweco Sverige AB;

·      Luleå University of Technology;

·      FormSmedjan AB; and

·      A regional industry partner

·      Ambition to develop first-of-its-kind long-distance slurry pipeline suited for Nordic conditions 

·      Developing a replicable model for sustainable mining infrastructure in environmentally and socially sensitive regions and supporting European self-sufficiency and resilient raw material supply chains 

·      Award subject to conditions including signing of final project agreement

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"I am delighted that we have been successful in the awarding of the  EIT Raw Materials funding and we can embark on the next phase of the pipeline development. I am looking forward to working alongside such a strong consortium, not only to further the work at Jokkmokk but to provide a benefit to the wider Nordic region. Jokkmokk Iron identified the pipeline as our preferred transport option from the Kallak mine site to the railhead, and with this funding we will be able to materially advance the technical, environmental and social work required for its permitting and deployment.

"I would like to thank the full Jokkmokk and Beowulf team for their efforts in delivering this successful application together, utilising the feedback from our previous two applications, and strengthening the consortium, in a process that can be complex and take considerable time and effort."

EIT RawMaterials KAVA Call 13

The European Institute for Innovation and Technology, EIT, is a European Union funded organisation with the objective of harnessing innovation across Europe. The EIT RawMaterials division recognises the need to create greater resilience within the European raw material supply chains necessary to support sustainability and is focused in fostering growth and investment attractiveness for the European raw materials sector through innovation, education and strategic advisory. Its activities focus on three key areas: closing material loops, securing raw materials supply, and designing sustainable materials solutions.

The KAVA Call 13 - Upscaling programme is an EIT RawMaterials funding programme focused on Upscaling, Regional Innovation Scheme (RIS) Innovation, and Capacity Building. Knowledge and Innovation Community (KIC) Added-Value Activities (KAVA), are projects  and activities carried out by a Knowledge and Innovation Community that are funded (either fully or partially) by the EIT. EIT KICs are Europe-wide networks focused on addressing specific societal challenges, ranging from sustainable energy and climate change to healthy food and green transport. They are consortia of higher education institutions; research centres; businesses and investors; and public and non-profit organisations.

EIT RawMaterials ran four separate KAVA 13 calls during 2025 with the objective of accelerating the launch of promising new technologies, products, and services in the raw materials industry. It targets projects with validated technologies that require additional steps to attain market readiness. with Jokkmokk Iron and its partners submitting applications in the latter three with the final application being successful. Feedback from the two preceding calls enabled Jokkmokk Iron to strengthen the consortium to enhance its application. The successful €2.4 million proposal will receive €1.1 million in funding from EIT RawMaterials with the balance funded through direct disbursements and through in-kind (time allocated) costs. The EIT support requires a partial repayment mechanism with the NordicPipe proposal of 50% of the funding to be repaid to EIT from commercial deployment of the pipeline with a modest rate of return. The EIT funding remains subject to a number of administrative and clarification points, adopting a number of recommendations within the project scope and signing the project agreement.

NordicPipe project

The two-year project will focus on the design and development of a state-of-the-art long-distance slurry pipeline tailored to transport mineral ores specifically in Nordic conditions. As Europe seeks to strengthen self-sufficiency in critical raw materials, the project addresses the growing need for resilient, efficient, and sustainable transport solutions as demand increases and existing infrastructure comes under pressure.

NordicPipe will enable the efficient transport of magnetite concentrate while reducing environmental impact and alleviating permitting and socio-economic challenges associated with conventional transport alternatives. The pipeline system will be engineered to perform reliably under both normal and extreme operating conditions, including sub-zero temperatures, complex soil conditions, and glacial and post-glacial terrains.

Key technical activities within the project include detailed rheological testing of slurry, comprehensive geotechnical investigations to identify construction challenges, and the development of robust engineering solutions for road and bridge crossings as well as installations in populated areas. In parallel, the project will address permitting, environmental, and social considerations to ensure regulatory compliance.

The project's outputs will include a complete strategy for route selection, material and slurry testing, pumping and piping design, and construction principles. In addition, NordicPipe will deliver detailed capital and operating expenditure estimates to support long-term cost efficiency. It is anticipated that this work will exceed the requirements for a Feasibility Study. In addition, a demonstration facility will be established in a cold-climate environment , incorporating advanced instrumentation, data collection, and performance analysis.

To support transparency and knowledge sharing, a documentary will be produced by FormSmedjan, the communications agency involved in the consortium, to communicate the progress, learnings, and outcomes of the project to stakeholders and the wider public.

The objective of the NordicPipe project is to deliver a safe, environmentally sound, and cost-effective transport solution for iron ore concentrate. Importantly, it is designed to serve as a replicable model for sustainable mining infrastructure across the Nordic region and other environmentally and socially sensitive areas.

The consortium is enthusiastic about the opportunity, with project work commencing imminently.

Consortium

Jokkmokk Iron is the project lead and will have overall responsibility for managing the project.

Paterson & Cooke Ltd is an international specialist engineering firm with leading expertise in the design and operation of long-distance slurry pipeline systems for the mining industry. The company also has additional global expertise in mine backfill, tailings management, mineral processing and operates its own laboratory test work facilities. Paterson & Cooke will lead the technical and engineering workstreams for the project.

Sweco Sverige AB is one of Europe's leading design, engineering, environment and regulatory consultancies. The company will provide Nordic-specific support including a focus on site specific engineering, construction principles and bridge passages.

Luleå University of Technology (LTU) is a research-intensive institution with nearly 21,600 students and 1,800 employees in 2025. Renowned for strong industry collaboration, it offers over 200 programs focusing on sustainable energy, AI, space technology, and engineering. The university operates campuses in Luleå, Kiruna, Piteå, and Skellefteå in northern Sweden. The university will be responsible for studying implications of freezing and thawing conditions on slurry pipeline behaviour.

FormSmedjan is a communications agency based in Boden in northern Sweden. The company adopts a strategic approach to communication and will be responsible for systematic communication and production of a documentary featuring slurry pipeline development

A regional industry partner is also involved in the project.

Enquiries:

Beowulf Mining plc

Ed Bowie, Chief Executive Officer                                    [email protected]

SP Angel

(Nominated Adviser & Joint Broker)               

Ewan Leggat / Stuart Gledhill / Adam Cowl                     Tel: +44 (0) 20 3470 0470

Alternative Resource Capital

(Joint Broker)

Alex Wood                                                                            Tel: +44 (0) 20 4530 9160

BlytheRay             

Megan Ray / Rachael Brooks                                             Tel: +44 (0) 20 7138 3204

                                                                                                [email protected]

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.