Beowulf Mining (BEM) Investor Update summary

Corporate and project overview

• Focused on supplying critical raw materials for Europe's green transition, with core assets in Sweden (Kallak Iron Ore) and Finland (Grafintec graphite projects).

• Kallak project targets high-grade iron ore concentrate for decarbonizing steel, with a pre-feasibility study underway and environmental permit application planned for later this year.

• Grafintec aims to develop an anode materials plant in Finland, leveraging local low-cost, low-carbon energy and strong government support.

• Ongoing capital raise has secured £2.1 million, with additional funding sought via UK retail and Swedish rights issues.

Kallak Iron Ore Project

• Kallak North is the primary deposit, supporting a 13-year mine life and located within a robust mining region with strong infrastructure.

• Project benefits from proximity to renewable energy and established logistics, including plans for a slurry pipeline to a railhead and export via Narvik port.

• High-grade, low-gangue concentrate aligns with steel industry decarbonization trends, expected to command premium pricing.

• Pre-feasibility study nearing completion, with infill drilling and economic analysis outstanding; significant resource expansion potential identified.

• Environmental permitting is a key focus, with a two-year review timeline anticipated and strong stakeholder engagement to address local concerns.

Grafintec and Finnish graphite strategy

• Grafintec targets anode material production for lithium-ion batteries, with a pre-feasibility study completed and site selection ongoing.

• Initial phase targets 25,000 tonnes/year of CSPG, with robust economics: €225 million CapEx, 37% IRR, and €1 billion NPV.

• Finland's low-cost, low-carbon energy and skilled workforce provide competitive advantages.

• Long-term strategy includes vertical integration with local graphite resources (Aitolampi, Rääpysjärvi), both amenable to battery-grade processing.

• Project aims to address Europe's lack of domestic graphite processing, aligning with EU Critical Raw Materials Act targets.