Outcome of Capital Raise

Beowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, hereby announces the outcome of the Company's conditional placing and subscription of new ordinary shares of 5 pence each in the capital of the Company ("New Ordinary Shares") (the "Placing"), rights issue of Swedish Depository Receipts ("SDRs") (the "Rights Issue") and retail offer in the UK via the Winterflood Retail Access Platform (the "WRAP Retail Offer" and together with the Placing, the "UK Issue", and together with the Rights Issue, the "Capital Raise"), which ended on 5 May 2025.

The conditional Placing raised a total of £1.0 million (approximately SEK 12.8 million). A total of 8,980,877 New Ordinary Shares will be issued through the Placing.

The Rights Issue was subscribed with total subscription requests of approximately SEK 14.9 million (approximately £1.2 million). As a result, underwriting commitments of approximately SEK 0.1 million will be activated.

A total of 10,714,286 New SDRs will be issued through the Rights Issue and Beowulf will receive SEK 15.0 million (approximately £1.2 million) (gross). Settlement notes connected to the Rights Issue are expected to be sent out today, 8 May 2025.

The WRAP Retail Offer raised gross proceeds of approximately £0.12 million (approximately SEK 1.6 million). A total of 1,134,436 New Ordinary Shares will be issued through the WRAP Retail Offer.

In total, Beowulf will receive approximately SEK 28.1 million (approximately £2.2 million) (gross) from the Capital Raise and net proceeds of approximately SEK 23.5 million (£1.8 million).

Background

The main purpose of the Capital Raise is to finance the continued development of the Kallak Iron Ore Project ("Kallak") and the Graphite Anode Materials Plant ("GAMP") and in particular advancing the Kallak Pre-feasibility Study ("PFS") and environmental permit application. Net proceeds from the Capital Raise will also be used to repay the SEK 10 million bridge loan financing and for general corporate and working capital purposes. The Capital Raise provides the Company with funding through to early 2026 and the board will continue to explore funding opportunities at both the asset and corporate levels.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"Concluding the Capital Raise enables Beowulf to continue to advance both Kallak and the GAMP. We have multiple workstreams building towards the completion of the Kallak PFS and environmental permitting application and at GAMP, following the successful conclusion of the PFS, we will begin preparing for pilot testing.

"Further funding to complete all the planned activities will be required and the Company continues to explore opportunities to attract strategic partners and investors, both at the corporate and asset level.

"I would like to thank existing and new shareholders for their support."

Subscription and allotment in the Rights Issue

The Rights Issue ended on 5 May 2025 and was subscribed to a total of approximately SEK 14.9 million (approximately £1.2 million). As a result, underwriting commitments of approximately SEK 0.1 million will be activated.

A total of 10,714,286 New SDRs will be issued through the Rights Issue and Beowulf will receive SEK 15.0 million (approximately £1.2 million) (gross).

9,899,771 New SDRs, corresponding to approximately SEK 13.9 million (approximately £1.1 million) and 93 per cent of the Rights Issue, were subscribed for with the support of subscription rights. 742,597 New SDRs, corresponding to approximately SEK 1.0 million (approximately £0.1 million) and 7 per cent of the Rights Issue, were subscribed for without support of subscription rights.

Allotment of New SDRs has been decided upon by the Board of Directors in accordance with the principles stated in the Company's prospectus dated 16 April 2025 ("Prospectus"). Settlement notes are expected to be sent out today, 8 May 2025.

Subscription and allotment in the UK Issue

The conditional Placing raised a total of £ 1.0 million (approximately SEK 12.8 million). A total of 8,980,877 New Ordinary Shares will be issued through the Placing.

The WRAP Retail Offer ended on 2 May 2025 and was subscribed to a total of approximately £0.12 million (approxima tely SEK 1.6 million). A total of 1,134,436 New Ordinary Shares will be issued through the WRAP Retail Offer. The first £0.1 million of the Retail Offer is subject to a clawback arrangement in connection with the Placing and will not add to the aggregate maximum fundraising.

A total of 10,115,313 New Ordinary Shares will be issued as part of the UK Issue and Beowulf will receive approximately £1.0 million (approximately SEK 12.7 million) (gross) as part of the Capital Raise. Shares issued include in respect of commissions payable to Placing investors.

Allotment of New Ordinary Shares has been decided upon by the Board of Directors in accordance with the principles stated in the Company's announcement dated 4 April 2025 https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/rgv6njr.

Board and Senior Management Participation

Further to the announcement dated 21 March 2025, the Board and Senior Management of Beowulf subscribed for SEK 2.15 million or £169,000 as part of the Capital Raise, as follows:

Related Party Transaction

The subscriptions from Ed Bowie (Chief Executive Officer), Chris Davies (Independent Non-Executive Director), Johan Rostin (Non-Executive Chairman), Mikael Schauman (Independent Non-Executive Director) and Rasmus Blomqvist (Managing Director, Grafintec) are considered related-party transactions for the purposes of Rule 13 of the AIM Rules. The Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Board and Senior Management subscription to be fair and reasonable insofar as Beowulf's shareholders are concerned.

Total Voting Rights

Application will be made for admission of the new Ordinary Shares to be admitted to trading on AIM on or around 22 May 2025. 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 59,674,389. 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.

Expected Timetable of Principal Events

Each of the times and dates in the tables below is indicative only and may be subject to change. References to times in this timetable and in the rest of this announcement are to London time unless otherwise stated.

Summarised indicative timetable for the Rights Issue

Exchange rate

This announcement contains certain translations of pounds sterling into amounts in SEK for convenience of the reader based on the exchange rate of £1.00 = SEK 12.73778, being the relevant exchange rate on 4 April 2025. These exchange rates were obtained from the homepage of the Central Bank of Sweden.

Definitions

Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Company's announcement dated 4 April 2025 (https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/rgv6njr).