REG - Beowulf Mining PLC - Renewal of exploration licence at Kallak Project

Beowulf MiningAnnouncement

31/10/2023 07:00

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RNS Number : 7707R  Beowulf Mining PLC  31 October 2023

 

 

31 October 2023

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Renewal of exploration licence at the Kallak Iron Ore Project

 

Beowulf (AIM: BEM; Spotlight: BEO) and its wholly owned Swedish subsidiary
Jokkmokk Iron Mines AB ("Jokkmokk Iron") are pleased to announce that Jokkmokk
Iron has been awarded exploration licence Kallak nr 101. The licence is a
renewal of the previous exploration licence, Kallak nr 1, held by the Company
and surrounds the Kallak exploitation concession, Kallak K nr 1, awarded in
March 2022.

 

The Kallak nr 101 exploration licence area includes the majority of the Kallak
South-North deposit which contains total resources of 21 million tonnes at
26.9% Iron ("Fe") in Indicated category and 6 million tonnes at 23.4% Fe in
Inferred category. In combination with the Kallak South-South deposit, which
hosts 8 million tonnes at 26.1% Fe in Inferred category, the Kallak South
deposits have the potential to add a number of years to the Kallak mine life.

Figure 1: Exploration licence Kallak nr 101 surrounding the Exploitation
Concession

 

The exploration licence was issued with permit identification number 2023:765
according to the Minerals Act (1991:45) by the Mining Inspectorate of Sweden
("Bergsstaten"). The exploration permit covers an area of 397.09 hectares,
remains valid from 26 October 2023 until 26 October 2026 and gives the
exclusive right for the Company to undertake exploration work within the
granted area in order to demonstrate the mineral potential.

 

The application for Kallak nr 101, over the same area as expired licence
Kallak nr 1, was submitted on 29 June 2023 after the Company was awarded an
exemption from the customary one year ban on licence renewals following the
termination or expiry of licences. This exemption was granted in light of the
Company's Exploitation Concession, significant historical work completed and
reasonable prospects for discovering additional iron ore.

 

The terms of Kallak nr 101 are standard for exploration permits with the
Company being required to submit a work plan prior to drilling and other
exploration activity, reaching agreements with landowners to undertake
activity and providing compensation for any impacts caused by this exploration
activity.

 

Jokkmokk Iron will continue to comply with the terms of the Exploitation
Concession. Furthermore, the Company remains committed to developing a
sustainable mine at Kallak that will benefit all stakeholders.

 

 

Enquiries:

 Beowulf Mining plc
 Ed Bowie, CEO                              ed.bowie@beowulfmining.com
 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 plc

 

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, and consists primarily of iron ore, graphite, gold, and base
metals. Beowulf Mining 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
forecast.

 

 

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