Kallak North Exploitation Concession Update

27 March 2017

Beowulf Mining plc

("Beowulf" or the "Company")

Kallak North Exploitation Concession Update

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

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, has been notified that the Mining Inspectorate of Sweden has received comments and opinions from the Swedish National Heritage Board (Riksantikvarieämbetet) and the Swedish Environmental Protection Agency (Naturvårdsverket), with respect to the Company's application for an Exploitation Concession for Kallak North, and the interaction between Kallak and Laponia.

Beowulf's expert Swedish team will review, in detail, the comments made, and the Company will be discussing with the Mining Inspectorate what the next steps are in the decision-making process.

Kurt Budge, CEO of Beowulf, is visiting Luleå and Jokkmokk in Sweden this week to continue discussions, regarding Kallak North, with key stakeholders and decision makers. The Company will further update the market in due course.

Enquiries:

Beowulf Mining plc

Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993

Cantor Fitzgerald Europe

(Nominated Advisor & Broker)

Phil Davies / David Porter /Craig Francis Tel: +44 (0) 20 7894 7000

Blytheweigh

Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204