REG - Beowulf Mining PLC - Update on the Kallak Iron Ore Project

Beowulf MiningAnnouncement

25/06/2024 10:00

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RNS Number : 7837T  Beowulf Mining PLC  25 June 2024

 

 

 

25 June 2024

Beowulf Mining plc

("Beowulf" or the "Company")

 

Update on 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 confirm that the
Supreme Administrative Court (the "Court") has upheld the Government's
awarding of the Exploitation Concession for the Gállok/Kallak Iron Ore
Project ("Gállok").

 

 

Court ruling

 

On 25 June 2024 the Swedish Supreme Administrative Court released its judgment
upholding the Government's decision to award the Exploitation Concession for
Gállok in March 2022
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/w0mop8x
(https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/w0mop8x)
). The Exploitation Concession and all attaching conditions therefore remain
in full force.

 

Read the full Swedish Supreme Administrative Court decision:

https://www.domstol.se/globalassets/filer/domstol/hogstaforvaltningsdomstolen/2024/domar-och-beslut/3893-22.pdf
(https://www.domstol.se/globalassets/filer/domstol/hogstaforvaltningsdomstolen/2024/domar-och-beslut/3893-22.pdf)

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"We are delighted that the Court has concluded its process and we can continue
to advance the project towards the conclusion of the Pre-Feasibility Study and
Environmental Impact Assessment. Gállok has an important role to play in
supporting the decarbonisation of the steel industry and therefore has
significance from a global green energy transition perspective. We are also
working extremely hard to engage with all stakeholders to ensure the project
delivers maximum benefit to the local community."

 

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer
ed.bowie@beowulfmining.com

 

SP Angel

(Nominated Adviser & Joint Broker)

Ewan Leggat / Stuart Gledhill / Adam Cowl         Tel: +44 (0) 20 3470
0470

 

Alternative Resource Capital

(Joint Broker)

Alex
Wood
            Tel: +44 (0) 20 7186 9004

 

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.

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