Beowulf Mining (BEM) Corporate Presentation summary

Investment case and strategic focus

• Developing a diversified European portfolio of critical minerals supporting the green transition, with assets in iron ore, graphite, and base/precious metals.

• Emphasis on supply chain security, political support, and alignment with decarbonisation and electrification trends.

• Core assets positioned to deliver shareholder returns and leverage supply deficits in key minerals.

• Nordic locations provide access to clean energy, infrastructure, and skilled workforce.

• ESG principles and sustainability embedded throughout operations, targeting carbon neutrality and stakeholder value.

Jokkmokk Iron (Kallak) project

• Sweden's largest undeveloped iron ore deposit, targeting high-grade, low-impurity concentrate for green steel.

• Measured & Indicated Resource: 111Mt @ 28% Fe; Inferred Resource: 25Mt @ 28.3% Fe, with significant exploration upside.

• Project de-risked with exploitation concession, advanced PFS, and environmental permitting underway.

• Premium product economics: NPV (8%) up to US$829m, IRR 31.8%, payback 2.7 years (management case).

• Well-located for rail and port access, benefiting from low-cost renewable energy and strong market demand for DRI feed.

Grafintec (graphite anode materials)

• Developing a graphite anode materials plant in Finland, with PFS completed and post-tax NPV8 of €924m, IRR 37% over 25 years.

• Aitolampi deposit: 26.7Mt at 4.8% graphite, among Europe's largest flake graphite resources.

• Plant targets 25,122 tpa CSPG in Phase 1, scaling to 75,366 tpa in Phase 2, supplying up to 1 million EVs annually.

• Finland offers low-cost renewable energy, skilled workforce, and proximity to European battery markets.

• EU and Finnish policy support, with grants and tax incentives to secure domestic supply chains.