TIDMBEM
Beowulf Mining PLC
12 March 2021
12 March 20 21
Beowulf Mining plc
("Beowulf" or the "Company")
Aitolampi Graphite Project - Scoping Study Contract Awarded
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce that a contract has
been awarded to Afry Finland Oy ("AFRY") to conduct a Scoping Study
on the Aitolampi Graphite Project in Finland ("Aitolampi").
Aitolampi, being developed by Beowulf's 100 per cent. owned Oy
Fennoscandian Resources AB ("Fennoscandian"), contains an estimated
1,275,000 tonnes of graphite, possessing almost perfect
crystallinity, an important prerequisite for high tech
applications, such as anodes in lithium-ion batteries.
The purpose of the Scoping Study is to verify the robustness of
the work completed by Fennoscandian, and to provide a roadmap for
the next project development stage, most likely a Pre-feasibility
Study. The output of the Scoping Study will enable Fennoscandian to
better explain the Aitolampi project to the local community and
other important stakeholders.
Kurt Budge, Chief Executive Officer of Beowulf, commented:
"It's great to be working with AFRY on the Aitolampi Scoping
Study. We will benefit from the AFRY team's deep competence in
environmental matters, permitting and sustainability.
"Fennoscandian is the only natural flake graphite developer in
Finland and, following on from the announcement regarding the
Memorandum of Understanding with Epsilon Advanced Materials, this
is another workstream that pushes Fennoscandian forwards in
2021.
" Since Fennoscandian was acquired in January 2016, Beowulf has
invested over EUR1.56 million in graphite exploration, resource
development, metallurgical testwork and the assessment of market
applications for graphite from Aitolampi, including lithium-ion
battery applications.
"Fennoscandian is pursuing a strategy to develop a
resource/production base of natural flake graphite that can provide
'security of supply' and enable Finland and Europe to achieve the
shared ambition of self-sufficiency in manufacturing batteries for
electric vehicles and renewables storage. "
Recap - RNS Announcement dated 18 May 2020
Aitolampi Graphite Project - Resource, Testwork, Environmental
Monitoring
During 2019, further drilling at Aitolampi supported an upgraded
Mineral Resource Estimate ("MRE"), with an 81 per cent increase in
contained graphite (compared to the 2018 MRE) for the higher-grade
western zone, and an updated global Indicated and Inferred Mineral
Resource of 26.7 million tonnes at 4.8 per cent TGC for 1,275,000
tonnes of contained graphite.
In March 2019, the Company announced that Fennoscandian had
received additional grant funding from Business Finland, a 50 per
cent contribution to a budget of Euros 224,900, for graphite
purification and spheroidization test work, and the further
assessment of Fennoscandian's graphite for battery
applications.
Business Finland has been granted Euros 10 million funding for a
project titled "BATCircle - the development of a Finland-based
Circular Ecosystem of Battery Metals". BATCircle is part of the
European Union ("EU") Strategic Energy Technology Programme, where
Finland, under the leadership of Aalto University and Outotec, will
coordinate research into battery recycling. The national BATCircle
consortium includes a total of 22 companies, four universities, two
research institutes and two cities.
Since 2019, Fennoscandian has continued with baseline water
quality monitoring at Aitolampi. The Finnish contractor EHP
Environment Oy is providing the service, using EHP-QMS monitoring
stations to enable 24/7 monitoring of pH and conductivity of
surface water, ground water levels, as well as precipitation, wind
direction and air temperature data. Surface water flow rate data
and samples for chemical analysis are also being collected from
four different locations.
About AFRY
AFRY is a European leader in engineering, design, and advisory
services. ÅF Ab and Pöyry Oy merged in 2019 to form a leading
European engineering and consulting company employing more than
16,000 experts worldwide. AFRY is one of the leading mining and
environmental consultants in Finland and it has participated in
most of mining projects in Finland during the past few years.
About Beowulf Mining plc
Beowulf Mining plc ("Beowulf" or the "Company") is an
exploration and development company, listed on the AIM market 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 Nordic 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 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.
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 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.
Enquiries
Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771
6993
SP Angel
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill / Adam Tel: +44 (0) 20 3470
Cowl 0470
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
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