REG - Beowulf Mining PLC - Grafintec Activities Update

Beowulf MiningAnnouncement

27/04/2026 07:00

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RNS Number : 9984B  Beowulf Mining PLC  27 April 2026

 

 

27 April 2026

 

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Grafintec Activities Update

 

Beowulf (AIM: BEM; Spotlight: BEO), and its wholly owned Finnish subsidiary
Grafintec Oy ("Grafintec"), are pleased to provide an update on recent
activities.

 

During the week commencing 20 April 2026, the Company participated in the
Power Coast Summit (the "Summit") in the municipality of Kotka, visited the
Keltakallio industrial site and hosted public meetings at its two graphite
projects, Aitolampi and Rääpysjärvi, in Eastern Finland. During the public
meetings, management provided updates to local stakeholders about planned and
completed activities, including the completion of the preliminary technical
study undertaken on the Aitolampi project.

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"It was a busy week for the Grafintec team, participating in the Power Coast
Summit, hosting two public meetings and conducting a site visit in Kotka.
Early, consistent and transparent engagement is critical to garnering support
and trust with local stakeholders, and it is great that the meetings were so
well-attended. Whilst still at an early stage, the preliminary technical
designs for the Aitolampi project provide an initial basis to describe what a
future mine might look like and so support a more informed discussion."

 

Rasmus Blomqvist, Managing Director of Grafintec, commented:

 

"The completion of the preliminary technical study represents an important
milestone for the Aitolampi project. It confirms a clear technical development
pathway and highlights the strong potential of the broader project area. In
addition to advancing Aitolampi, we see significant upside in the nearby
Rääpysjärvi prospect, which could support a larger, integrated operation in
the future."

 

Power Coast Summit

 

The Power Coast Summit is an initiative focused on driving the development of
new technologies and in particular battery material plants, data centres and
energy sector investments in the Kotka-Hamina region in southeast Finland.
Grafintec attended the Summit's  inaugural event, which brought together key
participants developing new technologies, where the company hosted a booth and
its Managing Director, Rasmus Blomqvist, gave a presentation.  The Summit was
attended by over 600 people and following its success, is expected to become
an annual event.

 

Figure 1: Rasmus Blomqvist presenting at the inaugural Power Coast Summit

 

Public Meetings

 

The Grafintec team hosted public meetings in the municipalities of Heinävesi
and Tuusniemi, in which the Company's Aitolampi and Rääpysjärvi projects
are located, respectively. The public meetings where well attended with
approximately 60 people in attendance, and further participants joining via an
online platform. The meetings provided a forum for the company to appraise
local stakeholders of activities across the projects and offered attendees the
opportunity to ask questions and raise concerns.

 

Rasmus Blomqvist gave presentations on the completed activity and future plans
for both projects and provided detail on the preliminary technical study
undertaken on the Aitolampi project. The study, supported by engineering
consultant AFRY Finland Oy, establishes an initial technical framework for the
potential development of the Aitolampi deposit, including mining, processing
and environmental management. The work is based on currently available
geological, metallurgical and engineering data and represents a preliminary
assessment. All technical solutions will be subject to further optimisation
and verification as the project advances.

 

 

Figure 2: Rasmus Blomqvist presenting at public meeting in municipality of
Heinävesi

 

Aitoplampi Project Overview

 

The Aitolampi graphite project is located in Eastern Finland, approximately 40
km southwest of the historic mining town of Outokumpu. The deposit comprises
graphite-bearing schists hosted within metamorphic rocks and is interpreted to
originate from carbon-rich sedimentary material that has undergone
amphibolite-grade metamorphism.

 

Aitolampi is one of the largest defined flake graphite deposits in Europe,
with a current Indicated and Inferred Mineral Resource, reported in accordance
with the JORC Code, of approximately 26.7 million tonnes at an average grade
of 4.8% total graphitic carbon ("TGC").

 

The mineralisation is divided into a higher-grade western zone and a larger
eastern zone, both extending over several hundred metres. Exploration
programmes completed between 2017 and 2019 form the basis for the current
resource estimate.

 

Mining and Processing Concept

 

The preliminary technical study is based on an initial production scenario of
approximately 700,000 tonnes of ore per annum, with expected annual production
of approximately 35,700 tonnes of graphite concentrate at 95% TGC, supporting
a multi-year mine life. A conventional open pit mining operation combined with
on-site beneficiation is assumed comprising:

·    Open pit mining in phased development stages

·    Processing of run-of-mine ore through crushing, grinding and
flotation

·    Production of both coarse and fine high purity graphite concentrates

·    Consideration of ore sorting technologies to enhance feed quality

·    On-site handling and storage of process residues

 

 

Figure 3: Conceptual site layout at Aitolampi project

 

The process flowsheet is based on bench-scale metallurgical test work and is
designed to produce graphite concentrates of consistent quality. The concept
also allows flexibility for future optimisation, including potential increases
in production capacity or extended mine life depending on further exploration
success.

 

Tailings and Environmental Management

 

The preliminary technical study places strong emphasis on responsible
environmental management. Key considerations include:

·    Separation of tailings into high-sulphur and low-sulphur fractions

·    Engineered storage solutions for waste rock and tailings

·    Development of an on-site water management and treatment system

·    Evaluation of potential methods to reduce sulphur content and
associated environmental risks

 

Preliminary studies indicate that mechanical separation methods, such as
magnetic and gravity separation, may enable recovery of a significant
proportion of sulphides and associated metals from tailings, thereby reducing
environmental impact. These solutions remain at a conceptual stage and will be
further developed in subsequent study phases.

 

Opportunities for Further Development

 

The preliminary technical study highlights several opportunities to enhance
the project and identifies key workstreams required to advance development:

·      Potential extensions of mineralisation beyond the current
conceptual open pit design, supporting resource growth, production expansion
and mine life extension

·      Optimisation of the process flowsheet and processing concept
through further pilot-scale metallurgical testing

·      Continued development and optimisation of tailings management
solutions, including handling of sulphur-bearing material

·      Further engineering studies to refine the overall mining,
processing and infrastructure concepts

·      Progression of environmental baseline studies and preparation for
environmental impact assessment ("EIA")

 

Regional Development Potential - Rääpysjärvi

 

In addition to the Aitolampi project, Grafintec presented updates at the
Rääpysjärvi graphite prospect, located approximately 8 km north of
Aitolampi.

 

Exploration work at Rääpysjärvi, including electromagnetic surveys,
trenching, surface sampling and metallurgical testwork, indicates the
potential for a graphite mineralised system that could be of similar scale to
Aitolampi and potentially of higher grade. However, drilling is required to
define the scale, continuity and grade of the mineralisation and to establish
a Mineral Resource Estimate.

 

Subject to the outcome of further exploration and resource definition at
Rääpysjärvi, there is potential to evaluate a regional development concept,
including:

·    A shared or centralised processing facility

·    Optimised logistics and infrastructure solutions

·    Integration of multiple ore sources within a single project
development

 

The optimal location and configuration of any future processing facilities
will be assessed as the project progresses.

 

Integration with GAMP Project, Kotka

 

In parallel with the development of its upstream graphite assets, Grafintec is
progressing the Graphite Anode Materials Plant ("GAMP") at the Keltakallio
industrial site in Kotka, Finland.

 

GAMP is expected to initially utilise imported graphite concentrate; however,
Aitolampi and Rääpysjärvi represent potential future sources of feedstock
for the plant, subject to further technical studies, development and
permitting. This presents an opportunity to establish a vertically integrated
graphite value chain in Finland.

 

Previous battery anode materials processing test work conducted on
representative Aitolampi graphite concentrate has demonstrated its suitability
as a feedstock for anode material production, including the production of
spherical graphite with a purity of greater than 99.95% TGC.

 

The Company undertook a visit to the Keltakallio site and witnessed, in just
under a year, the significant progress being made on construction of the
Easpring Finland New Materials Oy ("Easpring") cathode plant on the
neighbouring plot, and also visited the Port of Hamina-Kotka.

 

Figure 4: Easpring cathode plant in Keltakallio site

 

Figure 5: Port of Hamina-Kotka

 

Next Steps for Development of Exploration Projects

 

Over the next two to three years, the Company plans to:

·      Continue to work closely with local stakeholders and strengthen
stakeholder engagement

·      Continue exploration and resource definition at both Aitolampi
and Rääpysjärvi

·      Optimise the process flowsheet and continue development of
tailings management solutions

·      Undertake an assessment of capital and operating costs and
complete an economic analysis of an upstream mining project

·      Continue environmental baseline studies to support progression to
a future EIA process

·      Prepare for a potential future mining permit application

 

 

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
 Megan Ray / Rachael Brooks                 Tel: +44 (0) 20 7138 3204

                                            beowulf@blytheray.com (mailto: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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