Update on Financial Position

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

Beowulf (AIM: BEM; Spotlight: BEO), the European mineral exploration and development company, provides an update on its financial position.

Further to the Company's preliminary results announcement of 27 February 2026 and further update on 31 March 2026, the Company is in advanced discussions in relation to a range of potential funding solutions and has received and is reviewing a number of proposals and term sheets. While discussions are at an advanced stage, there can be no certainty that financing can be obtained or on the terms of any financing.

The Company, with support from its advisers, is managing its cash and creditor position and anticipates retaining sufficient cash to continue trading through into the second half of May while it finalises funding. The Board cautions that the Company will need to secure additional financing before the end of May in order to progress its projects and provide working capital for its operations.

Further updates will be provided as appropriate.