Share price movements

30 January 2017

Beowulf Mining plc

("Beowulf" or the "Company")

Share price movements

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, notes the recent movements in its share price.

The Company notified on 16 November 2016 that it understood that the County Administrative Board ("CAB") for Norrbotten County had been granted an extension of time, to the 28 February 2017, by the Mining Inspectorate of Sweden, to respond to the Inspectorate's questions; this is part of the further review of the Kallak North application as directed by the Government of Sweden, and in the light of the Supreme Administrative Court judgement in February 2016 in the case of the Norr Kärr project.

Since that notification, there have been no material developments with respect to the application process for an Exploitation Concession for Kallak North. The Company continues to engage with key decision makers, and will continue to make notifications should there be any further material developments in the application process.

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