The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Kurt Budge, Chief Executive Officer. 

16 February 2018

Beowulf (AIM: BEM; Aktietorget: BEO), the mineral exploration and development company, focused on the Kallak magnetite iron ore project and the Åtvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, is pleased to announce that drilling at its Aitolampi graphite project is now underway. Aitolampi is part of the Company's 100 per cent owned Exploration Permit Pitkäjärvi 1.

The Company has plans to drill approximately 2,000 metres, up to 15 drill holes, with the drilling programme split into two phases. The drilling contract has been awarded to a local Finnish contractor, Oy Northdrill.

The first phase will be drilled on snow covered ground and take three to four weeks to complete, with samples being sent for analysis and testwork concurrently with drilling. After the information collected from the first phase of drilling has been fully analysed, the second phase of drilling will commence, most likely in the summer of 2018.

The drilling programme for this year will support our objectives of defining a maiden resource of 4-5 million tonnes, following the guidelines of the JORC Code 2012 edition, and conducting a Scoping Study.

Kurt Budge, CEO, commented:

"It's great to be back drilling at Aitolampi, and working again with local Finnish contractor Northdrill, who did an excellent job for us in 2017.

"There's a growing buzz in Finland regarding battery minerals and metals, and we hope to take advantage of this.

"I look forward to making further updates on our progress".

Competent Person Review

The information in this announcement has been reviewed by Mr. Rasmus Blomqvist, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy.  Mr. Rasmus Blomqvist has sufficient experience, that is relevant to the style of mineralisation and type of deposit taken into consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Rasmus Blomqvist is a full-time employee of Oy Fennoscandian Resources AB, a 100 per cent owned subsidiary of Beowulf.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
Cantor Fitzgerald Europe(Nominated Adviser & Broker)
David Porter Tel: +44 (0) 20 7894 7000
Blytheweigh  
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecasts.