Renewal of exploration licence at Kallak Project

Beowulf (AIM: BEM; Spotlight: BEO) and its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron") are pleased to announce that Jokkmokk Iron has been awarded exploration licence Kallak nr 101. The licence is a renewal of the previous exploration licence, Kallak nr 1, held by the Company and surrounds the Kallak exploitation concession, Kallak K nr 1, awarded in March 2022.

The Kallak nr 101 exploration licence area includes the majority of the Kallak South-North deposit which contains total resources of 21 million tonnes at 26.9% Iron ("Fe") in Indicated category and 6 million tonnes at 23.4% Fe in Inferred category. In combination with the Kallak South-South deposit, which hosts 8 million tonnes at 26.1% Fe in Inferred category, the Kallak South deposits have the potential to add a number of years to the Kallak mine life.

Figure 1: Exploration licence Kallak nr 101 surrounding the Exploitation Concession

The exploration licence was issued with permit identification number 2023:765 according to the Minerals Act (1991:45) by the Mining Inspectorate of Sweden ("Bergsstaten"). The exploration permit covers an area of 397.09 hectares, remains valid from 26 October 2023 until 26 October 2026 and gives the exclusive right for the Company to undertake exploration work within the granted area in order to demonstrate the mineral potential.

The application for Kallak nr 101, over the same area as expired licence Kallak nr 1, was submitted on 29 June 2023 after the Company was awarded an exemption from the customary one year ban on licence renewals following the termination or expiry of licences. This exemption was granted in light of the Company's Exploitation Concession, significant historical work completed and reasonable prospects for discovering additional iron ore.

The terms of Kallak nr 101 are standard for exploration permits with the Company being required to submit a work plan prior to drilling and other exploration activity, reaching agreements with landowners to undertake activity and providing compensation for any impacts caused by this exploration activity.

Jokkmokk Iron will continue to comply with the terms of the Exploitation Concession. Furthermore, the Company remains committed to developing a sustainable mine at Kallak that will benefit all stakeholders.