Share Price/Movement

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.

9 October 2020 

Beowulf Mining plc

("Beowulf" or the "Company")

Share Price/Movement

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, notes the recent share price movement.

The Company wishes to clarify that the Constitutional Committee, which has announced it is meeting on the 13 October 2020, is reviewing the Swedish Government's handling of the Company's application for an Exploitation Concession for Kallak North and it is understood not advising on the final decision to be taken by the Government.

Enquiries:

Beowulf Mining plc  

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

SP Angel 

(Nominated Adviser & Broker)

Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 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 forecasts.