REG - Beowulf Mining PLC - Board Changes

Beowulf MiningAnnouncement

03/05/2023 18:15

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RNS Number : 3363Y  Beowulf Mining PLC  03 May 2023

 

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03 May 2023

Beowulf Mining plc

("Beowulf" or the "Company")

 

Board Changes

 

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, announces  that CEO, Kurt Budge, is stepping down from the Company
and will cease to be a director with immediate effect to pursue other business
interests. Kurt Budge has been with the Company for nine years and has been
instrumental in the its growth, including the award of the Exploitation
Concession for Kallak North.

 

Kurt Budge will be replaced by Johan Röstin who will serve as Executive
Chairman and interim CEO until a permanent successor is appointed.

 

The board is confident in this interim solution and Johan's ability to lead
the Company during this transitional period. Beowulf remains committed to its
mission and values and the Company is looking forward to continuing its work
to provide sustainable mining operations at Jokkmokk Iron (Sweden), Grafintec
(Finland) and Vardar Minerals (Kosovo).

 

Johan Röstin, Executive Chairman and interim CEO, commented:

 

"Kurt has a deep understanding of the industry and market trends, and has been
able to develop and execute effective strategies to meet the Company's
objectives. His presence has been pivotal to the Company, especially in
achieving the successful delivery of the Exploitation Concession for Kallak
North. Additionally, over his tenure, Kurt has helped build three successful
businesses which can all operate independently to provide future value to
Beowulf and its stakeholders. We want to thank Kurt for his many years of
service and wish him all the best in his future endeavours.

 

"New, climate-smart technologies require more minerals than fossil-based
technologies. The demand for minerals will therefore increase significantly
and our operations are excellently positioned as potential safe and
sustainable supplier of high-quality raw materials."

 

Kurt Budge commented:

 

"I was appointed CEO of Beowulf in 2014 and during these nine years I have
endeavoured to deliver growth and value for all stakeholders. The world needs
a green transition, and this is where the mining industry can play a crucial
role in the supply of critical raw minerals. With the Exploitation Concession
for Kallak North having been awarded and, due to the nature of the project and
its location, now is the time for me to step down as the project and the
Company progresses to the next phase. I will continue to follow the Company's
continued exciting journey and wish the team success."

For more information, please contact:

 

Daniel Lagerqvist

daniel.lagerqvist@jokkmokkiron.se (mailto:daniel.lagerqvist@jokkmokkiron.se)

Tel: +46 (079) 060 56 62

 

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

 

 

About

Beowulf Mining is a mining company with main activities in exploration and
development in Sweden, Finland and Kosovo. Beowulf's portfolio is diversified
by commodity, geography and stage of development of the projects. Development
consists primarily of iron ore, graphite, gold and other base metals. Beowulf
Mining was founded in 1988 and is headquartered in London, England.

 

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.

 

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