Beowulf Mining (BEM) investor relations material

Investment highlights and funding

• Fully funded to advance critical mineral assets through 2027, supported by a £4.3m strategic investment led by Bacchus Capital.

• Board and management team strengthened with experienced leaders from mining, finance, and critical minerals sectors.

• Cornerstone shareholder block established to underpin the register and support long-term growth.

Core assets and project development

• Kallak project in Sweden is the largest undeveloped iron ore deposit in the country, targeting high-grade, low-impurity concentrate for green steel production.

• Grafintec in Finland aims to become a leading supplier of graphite anode materials for the European lithium-ion battery sector, with a PFS showing a post-tax NPV8 of €924m and IRR of 37%.

• Both Kallak and Grafintec are advancing through permitting, technical studies, and environmental assessments.

Market positioning and demand drivers

• Demand for high-grade iron ore and natural graphite is driven by the decarbonisation of steel and rapid growth in the European battery sector.

• EU and global initiatives are supporting supply chain security for critical raw materials, with policies like the EU Critical Raw Materials Act and US Inflation Reduction Act.

• Nordic assets benefit from proximity to green steel and gigafactory investments, low-cost renewable energy, and established infrastructure.