RCS - Beowulf Mining PLC - Extension of Site Reservation in GigaVaasa Area

Beowulf MiningAnnouncement

30/06/2023 07:00

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RNS Number : 4490E  Beowulf Mining PLC  30 June 2023

30 June 2023

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Extension of Site Reservation in the GigaVaasa Area for Establishing Anode
Materials Production

 

Beowulf (AIM: BEM; Spotlight: BEO), is pleased to announce that its wholly
owned Finnish subsidiary Grafintec Oy ("Grafintec") has been granted an
extension of the advance reservation for Plot 1, Block 3017 in the GigaVaasa
area ("Extension"). The plot will be used for the establishment of a Graphite
Anode Materials Plant ("GAMP"). The Extension was approved by the
municipality of Korsholm on 28 June 2023. The reservation is valid until 31
January 2024, with the option to extend further.

 

Rasmus Blomqvist, Managing Director of Grafintec, commented:

"The extension of the advance reservation in the GigaVaasa area is a
recognition of the good progress we have made in the past few months, and is
an important milestone towards our ambition of becoming one of the Europe's
first producers of graphite anode materials for the fast-developing European
battery market.

 

"During the first half of this year, we have been progressing the first stage
of the process design for the Prefeasibility Study for the GAMP, which we
expect to release in the third quarter of the year. Grafintec has also begun
the workstreams for the Environmental Impact Assessment, having appointed AFRY
Finland Oy. Both the Prefeasibility Study and Environmental Impact Assessment
are key pieces of work that will fast-track the establishment of the GAMP."

 

 

Roadmap and milestones

 

When Grafintec announced the signed initial advance reservation on 21 February
2023, a roadmap with milestones to be achieved in the first half of 2023 was
drawn up. The roadmap included advancement of the Pre-Feasibility Study
("PFS") for the GAMP and commencement of the Environmental Impact Assessment
programme ("EIA"), as well as continued communication with key stakeholders in
Korsholm and GigaVaasa.

 

Grafintec is collaborating with the Engineering Consultancy RB Plant
Construction Ltd. ("RB Plant") to fast-track the development of the GAMP. The
work on the PFS for the GAMP`s first stage of process design has been
progressing well and Grafintec expects to be in the position to announce the
results in the coming weeks.

 

Grafintec has also awarded the Finnish Engineering Consultancy, AFRY Finland
Oy ("AFRY"), the contract to carry out the EIA and Environmental permitting
application procedures. This includes a number of parallel workstreams that
will be carried out in close collaboration between Grafintec, AFRY, RB Plant,
and the local authority, Center for Economic Development, Transport and the
Environment. The progress made on the PFS and EIA are all important pieces
required to fast-track the establishment of the GAMP.

 

A fast-growing market

 

The European battery market is expected to grow exponentially within the next
decade with a forecasted demand of more than 1.3 million tonnes of graphite
anodes by 2030, which can be compared with a current demand of 160 thousand
tonnes of graphite anodes (Benchmark Mineral Intelligence, March 2023). As no
commercial production of graphite anode materials exists within Europe today
and with the increased geopolitical tension in the world, the European Union
has proposed the "Critical Raw Materials Act" which aims to strengthen the
competitiveness and to secure a sustainable supply of the critical
raw-material supply-chain for Europe.

 

The growing demand of critical raw-materials for the emerging European battery
industry and support from the European Union, places Grafintec in a strong
position to contribute and be part of the value-chain.

 

Enquiries:

 Beowulf Mining plc
 Johan Röstin, Chairman                     johan.rostin@beowulfmining.com

 Daniel Lagerqvist
 SP Angel

 (Nominated Adviser & Broker)
 Ewan Leggat / Stuart Gledhill / Adam Cowl  Tel: +44 (0) 20 3470 0470
 BlytheRay
 Tim Blythe / Megan Ray                     Tel: +44 (0) 20 7138 3204

 

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