NordicPipe to proceed independently of EIT

596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 (as amended).

Beowulf Mining plc

("Beowulf" or the "Company")

NordicPipe development to proceed independently of EIT

Beowulf (AIM: BEM; Spotlight: BEO), and its wholly-owned subsidiary Jokkmokk Iron Mines AB ("Jokkmokk Iron"), announce that the consortium formed for the NordicPipe project ("NordicPipe") will continue work on the project but has withdrawn from the European Institute of Innovation and Technology ("EIT") funding programme.

As announced on 18 March 2026, the consortium, led by Jokkmokk Iron, was conditionally awarded funding to advance technical and environmental knowledge to support the development and roll out of slurry pipelines as a sustainable transportation solution in the Nordic region. Following this conditional award, the consortium was informed of certain additional administrative requirements and associated costs, above and beyond the co-funding obligations and partial payback provisions already accounted for in the initial proposal.

After careful evaluation, the consortium concluded that the project's key objectives can be achieved more efficiently, with greater flexibility, and with a lower overall cost and administrative burden independently from the EIT programme, and therefore has collectively decided to withdraw its application.

Jokkmokk Iron remains committed to advancing the pipeline solution with the support of the consortium members and expects to progress this work on a timetable aligned with the broader Kallak infrastructure development.