Kosovo

·      Vardar Minerals, which is 61.1 per cent owned by Beowulf, undertook further low-cost field work including mapping, soil and grab sampling and reconnaissance work across its tenement package during the three months ended 30 September 2023.

·      The focus of the activity was on the Shala Central area where the Company undertook mapping, surface sampling and a drone magnetic survey.

·      Further reconnaissance work was undertaken on the Shala East and Shala West licences in preparation for a systematic mapping and sampling programme.

Corporate

·       On 10 July 2023, Mikael Schauman was appointed as Non-Executive Director.

·       On 21 July 2023, the settlement in relation to Kurt Budge's resignation was agreed and subsequently paid on 27 July 2023.

·       On 7 August 2023, Ed Bowie joined the Company as Chief Executive Officer and Director.

·       On 16 August 2023, Ulla Sandborgh stepped down as Chief Executive Officer of Jokkmokk Iron.

Financial

·      The underlying administration expenses of £580,203 in Q3 2023 exceeded Q3 2022 of £465,869. This increase is primarily due to professional fees of £191,394 (Q3 2022: £130,675), P.R. services of £30,704 (Q3 2022: £11,403) and legal fees of £52,452 (Q3 2022: £4,643). Professional and legal fees increased primarily due to non-recurring advisor fees in relation to the group directorship changes within the period.

·      The consolidated loss before tax for Q3 2023 of £586,127 was in line with Q3 2022 of £593,178, due to a decrease in finance charge to £166 (Q3 2022: £146,120), as a result of the bridging loan being repaid in Q1 2023, being offset by the increase in administration costs mentioned above.

·      The consolidated loss before tax for the nine months to 30 September 2023 increased to £2,385,743 (30 September 2022: £1,276,785). This increase is primarily due to share-based payment expenses of £363,354 (30 September 2022: £127,491), professional fees of £596,590 (30 September 2022: £270,144), directors and staff costs of £545,257 (30 September 2022: £278,476), and a foreign currency loss of £172,563 (30 September 2022: £20,777) combined with finance costs in relation to the bridging loan of £195,304 (30 September 2022: £146,080), which was fully repaid in the period.

·      Consolidated basic and diluted loss per share for the quarter ended 30 September 2023 was 0.05 pence (Q3 2022: loss of 0.07 pence).

·      The Company raised SEK 80.8 million (approximately £6.4 million) before expenses as part of the Capital Raise which closed on 7 March 2023, of which, the net proceeds have been used to repay the bridging loan principal and interest of SEK 24.8 million (approximately £2.04 million).

·      £1,719,066 in cash was held at 30 September 2023 (30 September 2022: £2,758,152).

·      Exploration assets increased to £14,331,830 at 30 September 2023 compared to £12,355,983 at 30 September 2022.

·      The cumulative translation losses held in equity increased by £514,032 in the nine months ended 30 September 2023 to £1,803,447 (31 December 2022: loss of £1,289,415). Much of the Company's exploration costs are in Swedish Krona which has weakened against the pound since 31 December 2022.

·      At 30 September 2023, there were 911,545,973 Swedish Depository Receipts representing 78.77% per cent of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

Post Period Activities

Sweden

·      Following the end of the Period, the PFS for the Kallak Project was initiated with the appointment of SLR Consultant Limited ("SLR") as lead consultant. In addition, samples were selected for metallurgical test work and the preliminary roadmap for next phase of the project's development was defined.

·      Jokkmokk Iron was awarded exploration license Kallak nr 101. The licence is a renewal of the previous exploration licence, Kallak nr 1, held by the Company, and surrounds the Kallak exploitation concession, Kallak K nr 1, awarded in March 2022.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"The Company has made significant progress on a number of fronts. The strategic review of Kallak was initiated to identify key value drivers for the project. As a result of the review, a metallurgical test-work programme has been defined and initiated at the front-end of the PFS, to demonstrate that Kallak has the potential to produce a market leading iron ore concentrate which has the potential to enhance the project returns. We continue to engage with local stakeholders as we advance our technical and environmental studies for the project.

"The PFS at Grafintec's GAMP project has demonstrated very robust economics. Since the end of the Period, China announced export controls on graphite products, highlighting the current dependence of the global lithium-ion battery industry on China. At the same time, the EU has voted in support of the Critical Raw Materials Act ("CRM Act"), focused on ensuring secure supply of graphite and other commodities essential for the green transition. Grafintec's business strategy, to become an independent and secure supplier of anode materials to battery manufacturers, is fully aligned with the CRM Act.

"In Kosovo, Vardar Minerals has been completing low-cost but critical baseline mapping and sampling on our extensive Shala licences. The area contains kilometre-scale hydrothermal alteration systems with significant base and precious metal content identified in soils and grab samples. Follow-up work including detailed mapping, infill sampling and drone magnetic surveys, are helping to better define future drill targets."

Enquiries:

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 forecast.