REG - Beowulf Mining PLC - Corporate update

Beowulf MiningAnnouncement

21/01/2026 07:00

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RNS Number : 6811P  Beowulf Mining PLC  21 January 2026

 

21 January 2026

Beowulf Mining Plc

("Beowulf" or the "Company")

 

Corporate update

 

Beowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and
development company, is pleased to provide an update on progress made across
its portfolio of assets.

 

Highlights

Corporate:

·    Short-term funding secured in December with longer-term funding
strategy announced and progressing

·    Updated Corporate Presentation available on the Company's website at:
Beowulf Corporate Presentation
(https://beowulfmining.com/investors/reports-presentations/)

In Sweden:

·      Technical activity focused on mining fleet optimisation with
ongoing studies completed in collaboration with two market-leading Nordic
truck manufacturers for the Kallak Iron Ore Project ("Kallak")

·      Sustainability Strategy for Beowulf's wholly owned Swedish
subsidiary, Jokkmokk Iron Mines AB ("Jokkmokk Iron"), published at: Jokkmokk
Iron Sustainability Strategy (https://jokkmokkiron.se/hallbarhet)

In Finland:

·    EU Strategic Project application submitted for the Graphite Anode
Materials Plant ("GAMP")

·    Rectification request submitted following initial Business Finland
Tax Credit assessment

·    Sustainability Strategy for Beowulf's wholly owned Finnish
subsidiary, Grafintec Oy ("Grafintec"), published at: Grafintec Sustainability
Strategy
(https://www.grafintec.fi/wp-content/uploads/2026/01/Grafintec-Sustainability-Strategy-Jan-2026.pdf)

 

Ed Bowie, CEO of Beowulf, commented:

"As we progress our core assets and funding strategy, the importance of
resilient, domestic supply chains for raw materials continues to dominate
headlines even if political leaders have softened their positions on climate
change. This demand is further highlighted in a recent report - "Resilient by
Design
(https://ippr-org.files.svdcdn.com/production/Downloads/Supply_chains_Jan26.pdf?dm=1768396838)
" - from the Institute for Public Policy Research. The report highlights the
anticipated 100% dependence of the UK on imports of Anode materials in 2030
and details the impacts that supply chain disruptions would likely have.
Europe is cited as a source of battery cell imports into the UK but the
current lack of European anode manufacturing capacity is also noted. GAMP
could therefore be of strategic importance for the UK as well as the rest of
Europe.

"The report also highlights the importance of steel in the green energy
transition - for example, it accounts for approximately 60% of all material
input costs for a wind turbine. The steel industry has also been at the heart
of international trade disputes with the US raising tariffs on imports to 50%
in June 2025 whilst European countries have sought to protect their domestic
production and support its decarbonisation.

"Through our graphite and iron ore projects, Beowulf can play a critical role
in the development of secure, resilient supply chains within Europe and
deliver raw materials that can support the transition to a greener future."

 

Corporate

The Company has been focused on securing the funding needed to progress its
portfolio. To this end, short-term funding was secured (see announcement of 22
December 2025) and the Company continues to progress with the longer-term
sources of capital.

The Heads of Terms for the sale of 100% of Vardar Minerals Limited has been
signed, although the transaction remains non-binding (see announcement of 26
November 2025).

Further, Grafintec is awaiting feedback from its application to Business
Finland for the Research, Development and Piloting loan scheme for a loan of
€7 million. This loan will need to be matched with €5 million of equity
that the Company is actively seeking to raise at the subsidiary level with the
support of Finnish financial advisory and capital-raising firm Grannenfelt
Finance Oy.

These potential sources of longer-term funding are currently at non-binding
stages, so no assurance can be given that they will successfully complete, or
on the final terms of which any such transactions may be completed. In
addition, whilst the Company hopes to be able to announce positive progress in
the near-term, the timelines to close each transaction remain open. If the
transactions, and in particular, the sale of Vardar, fail to close or closing
is delayed, the Company will need to secure additional financing and working
capital before the end of the current quarter.

The Company has updated its corporate presentation which is available on the
Company's website at Beowulf Corporate Presentation
(https://beowulfmining.com/investors/reports-presentations/) .

 

Sweden

Jokkmokk Iron continues to advance a number of work streams in preparation of
the Pre-Feasibility Study ("PFS") and Environmental Permit application for
Kallak. In particular, the Company has continued to optimise its mining
transport solution with a focus on reducing emissions and cost and maximising
reliability, flexibility and safety. Sweden is home to two innovative and
market-leading truck manufacturers and Jokkmokk Iron has been working with
both companies to identify the best solution for the Kallak project. Each
offer battery electric, autonomous mining solutions and have demonstrated the
ability to meet the Jokkmokk Iron's criteria. This innovative approach is set
to transform mining operations over the coming years as traditional large
diesel mining trucks are replaced with smaller, more flexible and lower cost
electric and autonomous vehicles. Work is also ongoing reviewing opportunities
for processing and energy consumption optimisation.

Jokkmokk Iron has published a Sustainability Strategy on its website at
Jokkmokk Iron Sustainability Strategy (https://jokkmokkiron.se/hallbarhet)
setting out the company's vision, principles and approach to managing its
environmental and social impacts. The document is currently in English, with a
Swedish version to be uploaded in due course.

When fully funded, Jokkmokk Iron anticipates that it will take approximately
six months to complete the remaining workstreams to conclude the PFS and
submit the Environmental Permit application.

 

Finland

Grafintec has submitted an application for Strategic Project status under the
EU's Critical Raw Materials Act for the GAMP. The window for applications
closed on 15 January 2026 with the Commission targeting four months to
complete the assessment. Strategic Project status should support faster
permitting processes, easier access to finance and enhanced levels of support.

Grafintec announced on 15 September 2025 that it had applied for a Business
Finland Tax Credit. The Company has been informed that it did not meet the
criteria for approval of this Tax Credit although the Company does not agree
with the implementation of the criteria and has formally requested a
rectification of this decision. A further announcement will be made if the
Company is successful in this application.

Grafintec has initiated site-specific Environmental Impact Assessment work at
its site in Kotka. In addition, further progress has been made both by the
municipality with site infrastructure and ground-levelling, and Grafintec's
neighbour, Easpring Finland New Materials Oy ("Easpring"), with the
construction of their cathode active material plant. This progress is clearly
illustrated in the photograph on slide 17 of the Corporate Presentation
(Beowulf Corporate Presentation
(https://beowulfmining.com/investors/reports-presentations/) ).

Grafintec has published a Sustainability Strategy on its website at Grafintec
Sustainability Strategy
(https://www.grafintec.fi/wp-content/uploads/2026/01/Grafintec-Sustainability-Strategy-Jan-2026.pdf)
setting out the company's vision, principles and approach to managing its
environmental and social impacts in support of long-term responsible growth.

 

 

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 (020) 4530 9160

 

BlytheRay

Tim Blythe / Megan Ray
     Tel: +44 (0) 20 7138 3204

 
                               beowulf@blytheray.com

 

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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