Beowulf Mining : Establishment of Swedish Advisory Board

24 October 2016

Beowulf Mining plc

('Beowulf' or the 'Company')

Establishment of Swedish Advisory Board

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce the establishment of a Swedish Advisory Board, and the appointment of two members, Mr Per G. Broman and Mr Jan-Olof Hedström.

Overview

The Swedish Advisory Board has been established, to support the development of Beowulf's projects in Sweden, first and foremost for Kallak, to provide expert advice as the Company seeks an Exploitation Concession for Kallak North, and thereafter the environmental permitting of that project. The Board will ensure that we continue to adopt best practice, in the preparation of our permit applications, meeting the requirements of legislation and Environmental Codes, and in our dealings with the Mining Inspectorate, the County Administrative Board ('CAB') for Norrbotten County and the Government of Sweden.

Backgrounds of Swedish Advisory Board Members

Mr. Per G. Broman

Mr Broman led the team which prepared the Environmental Impact Assessment for Kallak North and represented and supported the Company in its work with the CAB throughout the application process, ensuring that the application met the requirements of the Swedish Environmental Code. Mr Broman has a career spanning over 40 years in mineral processing and environmental management, is a member of The Royal Swedish Academy of Engineering Sciences, has a Licentiate of Technology (Lic. Eng.) in Mineral Processing, and a Master of Science in Mining and Metallurgy, both from The Royal Institute of Technology, Stockholm. Mr Broman has held senior environmental management roles, as Senior Vice President (Environment) with Stora, later Stora Enso, from 1996 until his retirement in 2005, and earlier as Environment Director and Member of the Executive Management Group between 1989 and 1997, first with Boliden Mineral AB and then Boliden AB. Mr Broman began his career in 1974, working in research and development at Sala International, before moving to Boliden Mineral AB, becoming Chief Metallurgist for Boliden Mineral AB and later Head of Research at Boliden's Rönnskär smelter.

Mr. Jan-Olof Hedström

Mr Hedström served as the Chief Mine Inspector and Head of the Mining Inspectorate of Sweden from 1997 to 2010. Mr Hedström has a Master of Science and Engineering from The Royal Institute of Technology, Stockholm, and serves as a Member of Senior Advisory Council at Raw Materials Group. Mr Hedström has a career spanning over 40 years, and was in public service with the CAB for Norrbotten County from 1968 to 1997. Mr Hedström served as Deputy County Governor from 1986 to 1997, acting Governor between 1991 and 1992, and again in 1995, and before that was Division Head, with responsibility for the Governor's administrative staff from 1981 to 1986. Mr Hedström also served as a member of an expert committee for the Ministry of Environment, between 1993 and 1994, looking at the Ministry's dealings with the progress and development of the County Administrative Boards of Sweden.

Kurt Budge, CEO, commented:

'I am delighted that Per Broman and Jan-Olof Hedström have accepted the Company's invitation to join our Swedish Advisory Board.

'Per and Jan-Olof bring relevant and significant experience of how mining projects should be developed and permitted in Sweden, given their careers in industry, the CAB and Mining Inspectorate, respectively.

'Beowulf is very fortunate to be able to call upon such expertise and I look forward to working closely with them both as we continue to work towards the award of an Exploitation Concession for Kallak North, and the development of a modern and sustainable mining business in Sweden.'

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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 forecasts.