Issue of SDRs to underwriters

Beowulf (AIM: BEM; Spotlight: BEO) hereby announces that, following the completed rights issue of Swedish Depository Receipts (the "SDRs"), the outcome of which was notified on 3 April 2024 (the "Rights Issue"), the Company will carry out an issue of 29,166,667 SDRs to an underwriter which has elected to receive compensation in the form of SDRs (the "Commission Issue") instead of cash. The subscription price of the Compensation Issue is equal to the subscription price of the Rights Issue of SEK 0.08 per SDR.

In accordance with the underwriting agreements connected to the Rights Issue, the underwriters had the option to receive the underwriter fee in the form of cash or in the form of SDRs, or a combination thereof. Formue Nord Markedsneutral A/S has chosen to receive its underwriter fee as SDRs and will subscribe for 29,166,667 new SDRs.

Admission and Total Voting Rights

Application has been made for admission of the new Ordinary Shares to be admitted to trading on AIM on or around 15 April 2024 ("Admission"), with the SDRs reflecting these Ordinary Shares being issued on or around 17 April 2024, being the same dates as the Capital Raise.

The new Ordinary Shares will rank pari passu in all respects with the Company's existing Ordinary Shares. Following Admission, the total number of ordinary shares in the Company in issue will be 1,942,239,479. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

Definitions

Capitalised terms used but not otherwise defi ned in this announcement shall have the meaning given to them in the Company's announcement dated 4 March 2024 (https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/x81m25w).