Beowulf Mining (BEM) Investor Update summary

Capital raise and funding strategy

• Targeting up to GBP 4.5 million through a mix of board, institutional, rights issue, and retail offers, with GBP 2.1 million already secured to fund operations into 2026.

• Majority of funds will advance the Kallak iron ore project through pre-feasibility and environmental permitting, with measured allocation to the Finnish graphite anode materials plant (GAMP).

• Institutional support is a new milestone, and management is investing significantly, signaling confidence in the assets.

• Full subscription would accelerate project timelines; partial funding would result in slower progress.

• Additional capital sources, including strategic partners and EU grants, are being explored to supplement funding.

Project development and technical progress

• Kallak project in Sweden is advancing with a focus on high-grade, low-impurity iron ore for green steel, leveraging clean energy and local mining expertise.

• Pre-feasibility study and Environmental Permit Application are key near-term deliverables, with infill drilling and technical work on a pipeline transport solution underway.

• Pipeline transport is preferred for its lower environmental and social impact, though it requires additional studies, slightly extending timelines.

• GAMP in Finland completed pre-feasibility, showing strong economics (EUR 924 million NPV, 37% IRR), with pilot testing and feasibility next.

• Exploration assets in Kosovo and the Nordics are being advanced with minimal spend, with JV options under discussion to fast-track development.

ESG and stakeholder engagement

• Strong ESG focus, leveraging Nordic innovation, electrification, and renewable energy to minimize emissions and aim for near carbon-neutral operations.

• Extensive stakeholder engagement, including Sámi communities, with open dialogue and public consultation influencing project design (e.g., pipeline transport).

• BAT Circle funding from Business Finland has supported R&D and process optimization for GAMP, with over EUR 700,000 in grants received.