REG - Beowulf Mining PLC - Kallak Iron Ore Project Update

Beowulf MiningAnnouncement

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RNS Number : 1477A  Beowulf Mining PLC  22 September 2025

 

 

 

22 September 2025

 

Beowulf Mining Plc

 

("Beowulf" or the "Company")

 

Kallak Iron Ore Project Update

 

Beowulf (AIM: BEM; Spotlight: BEO) and its wholly owned Swedish
subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron") are pleased to provide
an update on the status of the Kallak Iron Ore Project ("Kallak" or "the
Project").

 

 

Highlights

 

·    The preparation and submission of a robust Environmental Permit
application remains the Company's top priority and to this end a number of
workstreams have been advanced:

o  Community and local stakeholder engagement remains a key focus to foster
trust and transparency, inform and educate and also provide a valuable
feedback loop to ensure that the Project's development aligns with stakeholder
interests and to minimise and mitigate any negative impacts

o  Nature value inventory work was completed during the summer along the
transport corridor between the mine and the railhead

o  Reindeer and wildlife management plan initiated along the Inlandsbanan

o  Sustainability framework developed to steer project development

 

·    Numerous technical workstreams have advanced, which are essential to
the completion of the Pre-Feasibility Study ("PFS"). The Company continues to
collaborate with key partners to explore effective solutions

Mining:

o  Strategy being developed to produce and deploy nitrogen-free explosives,
further reducing emissions

o  Autonomous, fully electric mining trucks being evaluated

Processing:

o  Potential enhancements under review that could enable more cost- and
energy-efficient crushing and grinding

o  Further enhancements planned for the final processing stage, where the
concentrate is upgraded

Logistics and Transportation:

o  Pipeline selected as the preferred transport solution between the mine and
the nearest railway

o  Further steps being taken to optimise the rail configuration for the
Kallak Project

o  Studies being initiated to design and evaluate an efficient magnetite
concentrate handling facility in the port of Narvik, with a view to reducing
permitting risks and minimising upfront capital costs

 

·    The Kallak deposit is one of Europe's largest untapped sources of
iron ore, with the potential to produce a market-leading, high-grade,
low-impurity magnetite concentrate that can support regional and global green
steel production

 

 

Ed Bowie, Chief Executive Officer of Beowulf, commented:

 

"A number of workstreams continue to progress at Kallak as we advance towards
the completion of the PFS and Environmental Permit application. We continue to
successfully leverage industry partnerships to strengthen our understanding of
the operational challenges and opportunities, aiding the technical development
of the Project, and it pleases me to see a steady flow of project enhancements
being implemented.

 

"We recognise that the Kallak Project is located in a region of deep cultural
significance, and community engagement is of vital importance to developing a
sustainable project that respects the needs and desires of all stakeholders.
The implementation of a sustainability framework has supported in informing
key decisions in this area.

 

"Being one of the largest untapped iron ore resources in the region, the
Kallak Project is of great importance to Sweden and Europe. Its potential to
produce a high-grade magnetite concentrate positions it to aid in the
decarbonisation of the steel industry. I look forward to providing further
updates as we continue to progress the Project."

 

 

Further Information

 

Background

 

The Company has continued to focus on systematically de-risking the Project
across multiple dimensions over the course of the summer.

 

Advancing environmental workstreams has remained a top priority, with the
objective of preparing a robust and well-supported application for the
Environmental Permit. In parallel, technical studies essential to the
completion of the PFS have progressed. These studies are critical for
mitigating risks related to social, environmental, operational, and financial
aspects of the Project, and have included assessments of transportation and
logistics, material handling and processing at the mine site, and water and
waste management.

 

Central to all our efforts has been the deepening of our engagement with local
stakeholders, including ongoing dialogue with Sámi and other community
representatives, to foster transparency and trust.

 

 

Introduction to Kallak

 

Kallak is situated within a vast and ecologically rich landscape that supports
a wide range of traditional and recreational activities. The area is actively
used by Sámi communities for reindeer grazing and migration, and by local
residents and tourists for hunting, fishing, and outdoor recreation. It also
lies adjacent to one of the most hydropower-regulated rivers in the world,
placing it at the heart of Sweden's renewable energy infrastructure.

 

The Kallak deposit is one of Europe's largest untapped sources of iron ore,
with the potential to produce a market-leading magnetite concentrate
characterised by high grade and low impurities. These qualities make Kallak
uniquely positioned to support regional and global green steel production.
Combined with its physical properties, strategic location, and access to
existing and emerging technologies, Kallak has the potential to achieve a
record-low climate footprint and deliver the premium product needed to
accelerate decarbonisation in the steel industry.

 

 

Community relations

 

Recognising the unique context of the Kallak Project, the Company has
implemented a stakeholder risk perception strategy to inform project design
and decision-making. This approach has generated valuable input, helping to
align technical and permitting planning with local expectations and concerns.

 

Our local team continue to engage directly with local landowners, residents,
community representatives, and businesses, maintaining a flexible and
responsive approach to stakeholder needs. Notably, the selection of a pipeline
as the preferred transport solution between the mine and the nearest railway
has received encouraging feedback from stakeholders.

 

The Kallak Project is located in a region of deep cultural significance to the
Sámi people, with the immediate area used year-round for reindeer herding.
Respecting and understanding the importance of this land is essential to
developing a long-term, sustainable operation with minimal impact. A
collaborative initiative has been launched by the Company to ensure safe train
operations on the Inlandsbanan railway between Jokkmokk and Gällivare, as the
railway transects an important area for winter grazing by several Sámi
villages and large numbers of reindeer. The Company is committed to further
respecting and integrating indigenous traditions and knowledge into planning
and decision-making throughout the entire project lifecycle - development,
construction, operation, and closure.

 

Building trust through direct engagement, and developing a nuanced
understanding of Sámi land use, traditional life-style, seasonal grazing
cycles, and migration routes, is a critical foundation to a well-informed
dialogue. This, in turn, supports the development of a robust and
well-supported reindeer herding impact assessment.

 

 

Technical work

 

The Company continues to advance the technical development of the Kallak
Project, with major efforts over recent months focused on transportation and
logistics, material handling at the mine site, processing, and water and waste
management.

 

Efficient logistics and transportation are essential for cost-effective,
timely, and safe delivery of our product to market. Collaboration has been
extended with key infrastructure partners, including the Port of Narvik,
Inlandsbanan, and the Swedish Transport Administration, alongside progress on
the pipeline solution between the mine and the railhead. Earlier this summer,
a Memorandum of Understanding (MoU) was signed with the Port of Narvik to
deepen collaboration on a future loading facility from rail to ship. Two
options for unloading, storage, and ship loading are under consideration, with
studies being initiated to design and evaluate an efficient magnetite
concentrate handling facility, reduce permitting risks, and minimise upfront
capital costs.

 

Along Inlandsbanan, the Company, working with the Swedish Transport
Administration (the owner of the infrastructure), Inlandsbanan AB (the
operator of the Inlandsbanan), and affected Sámi villages, has initiated a
reindeer and wildlife management plan. This work aims to ensure safe and
efficient heavy train operations between Jokkmokk Iron's terminal outside
Jokkmokk and Gällivare, where trains will join the Malmbanan railway for
onward transport to Narvik. Simulations of railway transport on Malmbanan,
including Jokkmokk Iron's planned train movements, are being undertaken by the
Swedish Transport Administration, representing an important step towards
future-proofing not only our operations, but the broader Nordic iron ore and
steel cluster.

 

The Company recently visited Kiruna Wagon AB, a leading manufacturer of
heavy-duty rail carts, to review their range of products. With improved
understanding of the terminal setup, Inlandsbanan's future bearing capacity,
Malmbanan's traffic limitations, and the design of the Narvik loading
facility, Jokkmokk Iron is undertaking further steps towards the optimal rail
configuration for the Kallak Project.

 

On site at Kallak, the Company continues to review opportunities to enhance
the Project. A growing trend in the mining sector is the implementation of
autonomous, fully electric mining trucks. These high-mobility, smaller-scale
trucks enable cost-efficient, agile, and safe movement of ore and waste rock,
increasing reliability and uptime, while significantly reducing infrastructure
needs, noise, dust, and emissions. The scalable nature of this solution has
the potential to enhance the project economics and allows flexible production
rates across the Life of Mine.

 

To further reduce emissions, the Company plans to transition away from
conventional nitrogen-based explosives. In collaboration with HypexBio, we are
developing a strategy to produce and deploy a nitrogen-free alternative, which
could reduce greenhouse gas emissions by up to 90% and eliminate undetonated
nitrogen compounds from entering the water system.

 

On the processing side, potential enhancements are under review that could
enable more cost- and energy-efficient crushing and grinding. Discussions with
leading European suppliers have been initiated to challenge conventional plant
layouts, reduce capital and operating costs, and improve uptime, without
compromising recovery rates or final product quality.

 

Further enhancements are planned for the final processing stage, where the
concentrate is upgraded from approximately 69% Fe to over 70% Fe using
high-frequency electromagnetic separation. We are pleased to have established
a closer collaboration with LONGi's testing facilities in China to further
calibrate and optimise this technology.

 

 

Environmental work

 

Nature value inventory work was completed during the summer season along the
transport corridor between the mine and the railhead, including the terminal
area outside Jokkmokk. While careful planning and engineering will be required
to address natural features such as creeks and wetlands along the proposed
transport corridor, no significant environmental concerns have been identified
at this stage.

 

Although the Company has already collected two years of high-frequency,
high-quality environmental data required for the permit application, we
continue to adhere to industry best practices by maintaining ongoing data
collection to support future monitoring and assessments. Our team has
undergone upskilling, enabling employees to independently and cost-effectively
conduct environmental measurements. These include monitoring groundwater
levels via dedicated bores, measuring water flow in creeks surrounding the
mine site, and assessing water quality in adjacent surface water bodies.

 

 

Sustainability framework

 

The Company has developed a guiding sustainability philosophy to steer project
development, align with evolving national and international standards, and
support long-term stakeholder relationships. This philosophy is built on four
core principles:

 

-      Stakeholder risk perception - Ask, Listen, Mitigate

-      Minimise land and climate footprint

-      Safety and efficiency as drivers of profitability

-      Innovation for impact

 

We are committed to responsible mining that contributes to a sustainable
future for Sweden and the global community.

 

 

Industry collaboration

 

Our team takes a proactive approach to industry engagement, leveraging
partnerships to gain valuable insights and build synergies that strengthen the
Kallak Project, and the broader mining community, from permitting, technical,
and investment perspectives. We are grateful for the opportunity to
collaborate with established mining operators, emerging projects, and key
suppliers, allowing us to learn from their experiences, adapt our planned
operations to meet future challenges, and share our own specific learnings and
insights.

 

 

In conclusion

 

Kallak has been defined as Sweden's "largest undeveloped quartz banded iron
ore deposit" and "of national interest" by the Swedish Government in a
statement released on 18 January 2024. The project has the potential to
produce a high-grade, low impurity concentrate that will be an important
feedstock to support the decarbonisation of the steel industry. At the same
time, Kallak is surrounded by communities, culture, and nature that deserve
preservation. It is the Company's top priority to deliver a sustainable,
world-class project that delivers benefit to all stakeholders.

 

Kallak offers a number of specific advantages:

 

·    The orebody outcrops at surface and has a very low strip ratio at
0.5:1, minimising the need to transport waste.

·    The use of nitrogen-free explosives and a fossil-free electric fleet
will reduce impacts from the mining operation.

·    Processing is achieved through a purely physical process without the
need for flotation and associated costs and chemical reagents.

·    Transportation via the pipeline and rail offer a low cost and low
impact solution.

·    The final Kallak product is anticipated to be a market-leading
concentrate commanding a premium and being highly sought-after to support the
decarbonisation of the steel industry.

 

The Company continues to review multiple options to further enhance Kallak and
work with local stakeholders to ensure the Project is positioned to become one
of the world's most sustainable magnetite mines.

 

 

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 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.

 

 

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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