WRAP Retail Offer for up to £738,000

Beowulf Mining plc, (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, is pleased to announce a retail offer via the Winterflood Retail Access Platform ("WRAP") to raise up to £738,027 (the "WRAP Retail Offer") through the issue of new ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares"). Under the WRAP Retail Offer up to 6,709,336 new Ordinary Shares (the "WRAP Retail Offer Shares") will be made available at a price of 11 pence per share (the "Placing Price").

In addition to the WRAP Retail Offer, the Company has also announced a plan to conduct a capital raise comprising a preferential rights issue of up to 27,279,854 Swedish Depository Receipts ("SDRs") (the "Rights Issue") and a placing of 9,869,318 Ordinary Shares (the "Placing"). As previously announced, the Placing has conditionally raised £1.0 million before the deduction of transaction related costs and the Rights Issue will raise up to £3.0 million, approximately 40 per cent of which the Company has received underwriting commitments for. The aggregate amount to be raised under the Placing, the Rights Issue and the WRAP Retail Offer (together, the "Capital Raise") is up to approximately £4.6 million (SEK 59.1 million).

The WRAP Retail Offer is approximately proportionate in size to the Rights Issue relative to shareholdings in the Company, and subscriptions under the WRAP Retail Offer will be considered by the Company with preference to be given to the Company's existing retail investors, subject to certain customary conditions.

A separate announcement has been made regarding the Rights Issue and the Placing and their terms and sets out the reasons for the Capital Raise and use of proceeds. The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing and Rights Issue.

The WRAP Retail Offer and the Placing are conditional on the New Ordinary Shares being admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM, at 8.00 a.m. on 22 May 2025.

WRAP Retail Offer

Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being new or existing shareholders of Beowulf, following release of this announcement and through certain financial intermediaries.

The Retail Offer is expected to close at 2.00 p.m. on 2 May 2025. Eligible retail investors should note that financial intermediaries may have earlier closing times. The result of the Retail Offer is expected to be announced by the Company alongside the result of the Capital Raise on or around 8 May 2025.

There is a minimum subscription of £100 per investor under the Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.

The first £100,000 of the WRAP Retail Offer is subject to a clawback arrangement in connection with the Placing and will not add to the aggregate maximum fundraising.

The Company's LEI is 213800MV3XGAOASPT433.