RNS Number : 2201O

Beowulf Mining PLC

08 February 2021

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.

8 February 2021

Beowulf Mining plc

("Beowulf" or the " Company ")

GBP200,000 investment in Vardar Minerals

Beowulf (AIM: BEM; Spotlight : BEO), the mineral exploration and development company, is pleased to announce that the Company has invested GBP200,000 in Vardar Minerals Ltd ("Vardar").

The funds will be used for preparatory works, building access roads and drilling platforms, across the Mitrovica licence in northern Kosovo, lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak.

The investment increases the Company's ownership in Vardar from 46.1 per cent to 48.4 per cent approximately.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"With the Capital Raising complete, we have been working with Vardar on the results from last year's 'state of the art' geophysics programme, which produced an exceptionally high-quality dataset for analysis and interpretation.

"We will soon finalise the exploration plan for this year, initially focusing on the Mitrovica licence, the lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak. This investment will enable Vardar to 'hit the ground running' with drilling.

"It remains a good time to have a gold target in the portfolio and last year's geophysics results for Majdan Peak, indicate a potentially large source of gold mineralisation below the anomaly defined at surface through gold in soils and alteration intensity.

"Similar to Wolf Mountain, we have significant anomalies, which again are connected to surface mineralisation that has been sampled; these present excellent drill targets.

"With each phase of work at Mitrovica, there is seemingly growing potential for a discovery. We are not there yet, but with targets at Wolf Mountain, Majdan Peak and Mitrovica South there is a real opportunity.

"I look forward to providing further updates on progress in Kosovo."

Swedish Translation (the English version shall prevail in case of any discrepancy or inconsistency between the English version and the Swedish translation)

Beowulf (AIM: BEM; Spotlight : BEO), mineralprospekterings- och utvecklingsbolaget, meddelar härmed att Bolaget har investerat 200,000 GBP i Vardar Minerals Ltd ("Vardar").

Medlen kommer att användas för förberedande arbeten samt att bygga tillfartsvägar och borrplattformar vid Mitrovica-licenset i norra Kosovo, vid bly-zinkfyndighetsmål på Wolf Mountain samt guldfyndighetsmål vid Majdan Peak.

Investeringen ökar Bolagets ägarandel i Vardar från cirka 46,1 procent till cirka 48,4 procent.

Kurt Budge, VD Beowulf, kommenterade:

"Med kapitalanskaffningen ("Capital Raising") slutförd har vi arbetat med Vardar med resultaten från förra årets "state-of-the-art" geofysikprogram, som producerade ett exceptionellt högkvalitativt dataset för analys och tolkning.

"Vi kommer inom kort att slutföra prospekteringsplanen för i år, inledningsvis med fokus på licensen för Mitrovica, bly-zinkfyndighetsmålen vid Wolf Mountain samt guldfyndighetsmålen vid Majdan Peak. Denna investering kommer att göra det möjligt för Vardar att utan fördröjning sätta igång med borrning.

"Det är fortfarande bra tider att ha ett guldfyndighetsmål i portföljen och förra årets geofysiska resultat för Majdan Peak indikerar en potentiellt stor källa till guldmineralisering under den anomali som definierats vid ytan genom ytguld och förändringsintensitet.

"I likhet med Wolf Mountain har vi betydande anomalier, som också är kopplade till ytmineralisering som visats vid provtagning; dessa utgör utmärkta mål för borrning.

"För varje fas av arbetet på Mitrovica finns det till synes allt större potential för en upptäckt. Vi är inte där ännu, men med våra mål vid Wolf Mountain, Majdan Peak och Mitrovica South finns det en reell möjlighet.

"Jag ser fram emot att ge ytterligare uppdateringar om framstegen i Kosovo."

Competent Person Review

The information in this announcement has been reviewed by Mr. Chris Davies, a Competent Person ("CP"), who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Davies has conducted a desktop review of source documents and data which underpin the technical statements disclosed herein and approves the disclosure of technical information in the form and context in which it appears in this announcement, in his capacity as a CP as required under the AIM rules. Mr. Davies has visited Vardar's Mitrovica and Viti projects in Kosovo.

Mr. Davies has sufficient experience, that is relevant to the content of this announcement, to qualify as a CP as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Davies BSc (Hons) Geology, MSc DIC Mineral Exploration, FAusIMM, is a Non-executive Director of Beowulf and is an exploration/economic geologist with more than 35 years' experience in the mining sector.

About Beowulf Mining plc

Beowulf Mining plc ("Beowulf" or the "Company") is an exploration and development company, listed on the AIM of the London Stock Exchange and the Spotlight Exchange in Sweden. The Company listed in Sweden in 2008 and is approximately 71.5 per cent owned by Swedish shareholders.

Beowulf's vision is to build a sustainable and innovative mining company, which creates value by developing mining assets in partnership with communities, delivering production and generating cash flow, and in so doing meets society's ongoing need for metals.

The Company's most advanced project is the Kallak iron ore asset in northern Sweden. A potential 250 million tonne resource which can produce a 'market leading' concentrate of 71.5 per cent iron content and is a potential source of supply for Sweden's fossil-free mining and steel making industries.

Fennoscandian Resources ("Fennoscandian"), the Company's graphite business, is pursuing a strategy to develop a resource/production base of natural flake graphite that can provide 'security of supply' and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing. The Company is a recipient of Business Finland funding, which is supporting Fennoscandian to move downstream, and develop its knowledge in processing and manufacturing value-added graphite products.

The Company is developing the Aitolampi graphite asset, which has a contained graphite resource of 1,275,000 million tonnes, possessing almost perfect crystallinity, an important prerequisite for high tech applications, such as lithium ion batteries.

In Kosovo, the Company owns approximately 48.4 per cent of Vardar Minerals ("Vardar"), which is focus on exploration in the Tethyan Belt, a major orogenic metallogenic province for gold and base metals. Vardar is delivering exciting results for its Mitrovica licence which has several exploration targets, including lead, zinc, copper and gold. It also has the Viti licence which is showing potential for copper-gold porphyry mineralisation. With Beowulf's support, Vardar is focused on making a discovery.

The Company's asset portfolio is diversified by commodity, geography and the development stage of its various projects, and features metals and minerals in demand to facilitate an economic 'Green Transition' and for addressing the climate emergency.

Kallak is the foundation asset of the Company, but with Vardar and Fennoscandian, the Company has many opportunities to grow, each business area displaying strong prospects.


 Beowulf Mining plc 
 Kurt Budge, Chief Executive     Tel: +44 (0) 20 3771 6993 
 SP Angel 
  (Nominated Adviser & Broker) 
 Ewan Leggat / Stuart Gledhill   Tel: +44 (0) 20 3470 0470 
  / Adam Cowl 
 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.

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