REG - Beowulf Mining PLC - Retraction Statement - Kallak

Beowulf MiningAnnouncement

25/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230525:nRSY5761Aa&default-theme=true

RNS Number : 5761A  Beowulf Mining PLC  25 May 2023

25 May 2023

 

Beowulf Mining plc

("Beowulf" or the "Company")

Retraction Statement - Kallak

 

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development
company, through its subsidiary Jokkmokk Iron Mines AB operates the Kallak
Project, for which Jokkmokk Iron holds the exploitation licence. The Mineral
Resources of the deposits have been classified according to the PERC Standards
2017, by Howard Baker (FAusIMM(CP)) an independent Competent Person. As was
reported by the Company via RNS on 25 May 2021, the total Measured and
Indicated resource, as prepared by Baker Geological Services ("BGS"), is 132
million tonnes ("Mt") grading 28.3 per cent iron ("Fe"), with an Inferred
Mineral Resource of 39 Mt grading 27.1 per cent Fe.

 

However, contrary to the PERC Standards and erroneously, the Company
aggregated a number of areas of mineralisation and potential mineralisation
which should be reported separately informing that the Kallak Project area is
"estimated to contain 389 million tonnes of iron mineralisation", in an RNS
Reach press release (dated 22 February 2023), and also at a presentation
delivered at the Mining Journal Select conference (held in London on 28 March
2023). As this figure is not compliant with the PERC Standard it is
erroneously reported and should be disregarded. The Company wishes to
emphasise that no new studies have been carried out and that this explanatory
communication should be seen as a clarification according to industry
standards.

 

 

Enquires

 Beowulf Mining plc
 Daniel Lagerqvist                              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

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPUGGAUPWGBC