Update on Financing

22 October 2026

Beowulf Mining plc

("Beowulf" or the "Company")

Update on Financing

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on the Swedish Inspectorate of Strategic Products ("ISP") review of the proposed Strategic Investment by Bacchus Capital & Affiliates.

The Company understands that the ISP has confirmed to Bacchus Capital’s legal representatives, KANTER Advokatbyrå KB (“KANTER”), that without a binding investment agreement the ISP review will be discontinued. Bacchus Capital’s position, that they are unable to extend the commitments set out in the Investment Agreement for an open-ended period, remains unchanged. Bacchus Capital has, given that there is no prospect of the ISP review continuing, therefore withdrawn their application. As such, there remains no prospect of the Strategic Investment being concluded.

The Company is continuing to carefully manage its cash and creditor position, is maintaining an open and constructive dialogue with Alumni Capital and is continuing to review a range of potential interim and longer term funding options as previously announced.

Further updates will be provided as appropriate.

Unless otherwise indicated, capitalised terms not defined shall have the same meaning as in the Company's Circular dated 7 July 2026.

Enquiries:

Beowulf Mining plc

Ed Bowie, Chief Executive Officer  [email protected]

SP Angel

(Nominated Adviser & Broker) 

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

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.