Update on Financial Position & Total Voting Rights

596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement, through the agency of the contact person of the Company set out below, this inside information is now considered to be in the public domain.

Beowulf Mining plc

("Beowulf" or the "Company")

Update on Financial Position and Total Voting Rights

Beowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, provides an update on its financial position and announces that the total issued share capital of the Company consists of 63,703,707 ordinary shares of 5 pence each, none of which are held in treasury.

Financial Position

Further to the Company's preliminary results announcement of 27 February 2026, the Company is continuing to progress discussions in relation to a potential financing. The Board cautions that the Company will need to secure additional financing in the very near term in order to progress its projects and provide working capital for its operations.

While discussions are at an advanced stage and term sheets have been received, there can be no certainty that such financing can be obtained or on the terms of any financing. Further updates will be provided as appropriate.

The Company's longer-term funding strategy remains to independently finance the next development phase for Grafintec, and through the sale of Vardar, raise sufficient capital to complete the Kallak PFS and Environmental Permit application and cover corporate costs for at least a 12-month period.

The Heads of Terms for the sale of 100% of Vardar has been signed, although the transaction remains non-binding. The Company maintains a positive dialogue with the potential buyer and hopes to be able to conclude the transaction in the coming months though there can be no certainty that the transaction will proceed or on the final terms of any transaction.

Grafintec continues to meet with a broad range of potential equity investors with a number progressing to reviewing the company's data-room under confidentiality agreements. The intention is to secure the €5 million equity component of the capital requirement for the construction and operation of the pilot plant over the next two years. Grafintec has been informed that its application to Business Finland for a Research, Development and Piloting loan scheme for a loan of €7 million has not been successful on this occasion, primarily due to failing one of the eligibility criteria. The Company continues to engage with Business Finland and review options for addressing this eligibility criteria and intends to reapply in the coming months.

These potential sources of longer-term funding are currently at non-binding stages, so no assurance can be given that they will successfully complete, or on the final terms of which any such transactions may be completed.

Total Voting Rights

Beowulf, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, announces that the total issued share capital of the Company consists of 63,703,707 ordinary shares of 5 pence each, none of which are held in treasury.

The above figure of 63,703,707 may be used by shareholders in the Company as the denominator for the

calculations by which they will determine if they are required to notify their interest in, or a change in their

interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.