REG - Beowulf Mining PLC - Grafintec Update

Beowulf MiningAnnouncement

01/10/2025 07:00

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RNS Number : 4996B  Beowulf Mining PLC  01 October 2025

 

 

01 October 2025

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Grafintec update

 

Beowulf (AIM: BEM; Spotlight: BEO) and its wholly owned Finnish subsidiary,
Grafintec Oy ("Grafintec"), are pleased to provide an update on the
development of Grafintec's Graphite Anode Materials Plant ("GAMP") and
exploration portfolio in Finland.

Highlights

 

·    Initial public meeting held in Keltakallio to present GAMP to local
residents

·    Visited potential sites for the development of the demonstration
plant in the Kotka area

·    Aitolampi and Rääpysjärvi projects visited to review historic, and
plan future activity

·    Rääpysjärvi exploration licence renewed from 30 September 2025 for
three years

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"The Grafintec team and I had a full and productive week in Finland.

 

"Our first public meeting in Keltakallio represents an important milestone for
the GAMP project. The process of disseminating information, listening to
feedback and addressing questions and concerns is a critical step in building
local support for any development project. The event was well-organised by the
Municipality of Kotka and the Cursor team and was co-hosted by Easpring. I
would like to thank all three groups for their ongoing support and
collaboration and all participants for attending.

"Preparations are underway for the next phase of development of the GAMP. The
team visited a number of potential sites for the development of the
demonstration plant and had further meetings with consultants ahead of the
initiation of the site-specific Environmental Impact Assessment.

 

"It is pleasing to receive the renewal for the Rääpysjärvi exploration
licence, and I enjoyed visiting our two flagship exploration assets to better
understand the historic work completed and begin the planning process for the
next phases of exploration."

GAMP update

 

The initial public meeting for the GAMP was held on 23 September in
Keltakallio. The event was hosted by Cursor Ltd. ("Cursor"), the organisation
focused on regional economic development, with presentations from Easpring
Finland New Materials Oy ("Easpring"), the Municipality of Kotka, and
Grafintec. Rasmus Blomqvist, Grafintec's Managing Director, presented the
Company's plans for the site and answered questions. Easpring have
demonstrated significant progress since initiating construction of their
Cathode Active Materials plant in April 2025.

Figure 1: Rasmus Blomqvist presenting at public meeting

 

Grafintec will participate in a number of public events during the development
and operation of the GAMP to ensure local stakeholders are kept appraised of
activities and have a forum to ask questions and raise concerns. The Company's
objective is to be open, transparent and accountable, listening to our local
stakeholders so that their concerns can be addressed or mitigated.

 

Figure 2: Construction progress at Easpring site, viewed from the GAMP site

Whilst in the Kotka area, the team visited several brownfield sites to assess
suitability for the development of the demonstration plant for the GAMP. Pilot
testing is the next key technical step for the project to demonstrate the
technology is scalable and to produce sufficient material for qualification
with potential customers. A number of the options visited appear to be
suitable, so further assessments will follow.

 

In parallel with the pilot testing phase, the Company will initiate the
site-specific Environmental Impact Assessment ("EIA") and permitting process
for the GAMP. The Company has had a series of meetings with consultants and
intends to appoint the lead consultant for the EIA work in due course.

 
Exploration projects update

 

The Grafintec team visited the Aitolampi and Rääpysjärvi projects in
Eastern Finland.

 

Figure 3: Graphite mineralisation from Rääpysjärvi project

 

Aitolampi, with a Mineral Resource Estimate of 26.7 million tonnes at 4.8 per
cent total graphic carbon ("TGC") for 1,275,000 tonnes of contained graphite,
is one of Europe's largest flake graphite resources. Metallurgical test-work
has demonstrated the ability to produce a high-grade flotation concentrate,
the potential feedstock for GAMP, that the particle size distribution for the
project is amenable to Coated Spherical Graphite ("CSPG") production, and that
the concentrate can be purified to over the 99.95% TGC level required for use
in anodes.

 

Figure 4: Aitolampi project showing electromagnetic anomalism, drillhole
collars and resource envelope

 

The Rääpysjärvi project, which lies 8 km to the north of Aitolampi, has not
been drilled so has no defined resource. However, extensive surface sampling
including trenching and geophysics has been undertaken. Results from this
exploration activity indicate that Rääpysjärvi has the potential to be at
least as large as the Aitolampi project, and the grades of surface material
indicate that it may also be higher grade, with some samples exceeding 50%
TGC, the limit of the analyses methodology. Metallurgical test-work of surface
samples indicates it is similar to Aitolampi and amenable to use in anode
manufacture.

 

Figure 5: Rääpysjärvi project showing electromagnetic anomalism, specific
target areas and trench results

 

The primary focus of the next phase of exploration, when financial resources
allow, will be to drill and define a mineral resource at Rääpysjärvi, with
the objective of demonstrating the scale potential and confirming the surface
grades extend to depth. If Rääpysjärvi proves to be a higher-grade deposit
than Aitolampi, this has potentially significant implications for reducing
operating costs, with lower volumes of ore to be mined and processed, and less
tailings material produced for the same volume of product.

On 30 September 2025, the renewal of the Rääpysjärvi exploration licence
came into full legal force. The licence, number ML2017:0104-02, covers an area
of 479 hectares and remains valid for three years.

 

Enquiries:

 

Beowulf Mining plc

Ed Bowie, Chief Executive Officer
ed.bowie@beowulfmining.com (mailto: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 4530 9160

BlytheRay

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

beowulf@blytheray.com (mailto:beowulf@blytheray.com)

 

 

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.

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