20 March 2024

Beowulf Mining plc

("Beowulf" or the "Company")

Capital Raise Update

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, provides an update on the ongoing Capital Raise including confirming Board and Management subscriptions for SEK 2.86 million or £218,000.

Board and Management subscriptions

Beowulf confirms the total commitment from the Board and Senior Management of the Company to subscribe for SEK 2.86 million or £218,000 as follows:

Subscriptions SEK £ Expected number of Expected
for SDRs new SDRs interest upon
Admission
Johan Rostin* Non 500,000 38,125             8,168,768
-Executive 6,250,000
Chairman
Mikael Non 250,000 19,063             3,125,000
Schauman -Executive 3,125,000
Director
Rasmus Managing 837,573 63,865          10,469,662 19,776,033
Blomqvist* Director,
Grafintec

Subscriptions SEK £ Expected number of Expected
for Ordinary new Ordinary Shares interest upon
shares Admission
Ed Bowie Chief 918,033 70,000          11,475,409 11,475,409
Executive
Officer
Chris Davies* Non 91,803 7,000             1,333,427
-Executive 1,147,540
Director
Ismet Non 262,295 20,000             3,278,688
Krasniqi -Executive 3,278,688
Director,
Vardar
Minerals
Total 2,859,705 218,052

Note: * indicate existing shareholders so will subscribe with existing subscription or preferential rights

The commitments noted above, where not based on existing subscription or preferential rights, may be subject to scale back (as is the case for all new investors) should the Capital Raise be fully subscribed.

Related Party Transaction

The subscription from Ed Bowie (Chief Executive Officer), Chris Davies (Independent Non-Executive Director), Johan Rostin (Non-Executive Chairman), Mikael Schauman (Independent Non-Executive Director), Rasmus Blomqvist (Managing Director, Grafintec) and Ismet Krasniqi (Non-Executive Director, Vardar Minerals) are considered related-party transactions for the purposes of Rule 13 of the AIM Rules. The Company's Nominated Adviser, SP Angel Corporate Finance LLP, considers the terms of the Board and Senior Management subscription to be fair and reasonable insofar as Beowulf's shareholders are concerned.

Capital Raise Update

The subscription period for the Capital Raise, which began on 14 March 2024, runs until 28 March 2024 (12.00 p.m. GMT / 1.00 p.m. Swedish time). The Capital Raise consists of a preferential rights issue of up to 1,035,553,623 Swedish Depository Receipts in Sweden and a conditional offer for subscription of up to 266,282,272 new ordinary shares of 0.1 pence each in the capital of the Company via PrimaryBid in the UK (the "PrimaryBid Offer").

The Company understands that a number of potential subscribers to the PrimaryBid Offer have had difficulties accessing the offer. The PrimaryBid Offer is not directly available on the PrimaryBid website or app but is available through PrimaryBid's extensive network of retail brokers, wealth managers and investment platforms, (subject to such partners' participation). Existing shareholders should be able to access the PrimaryBid Offer through the Corporate Actions departments of their respective brokers or by following the instructions for the website Corporate Actions Tool. New investors should also be able to access the PrimaryBid Offer via the Corporate Actions departments of their brokers.  Further information is provided at www.primarybid.com/uk/service-update.

Potential subscribers are recommended to check any deadlines imposed by their brokers as these may differ from the timeline published by the Company.

Enquiries:

Beowulf Mining plc

Ed Bowie, Chief Executive Officer                       ed.bowie@beowulfmining.com

PrimaryBid Limited

Fahim Chowdhury / James Deal                         enquiries@primarybid.com

Evli Plc

(Swedish financial adviser)

Mikkel Johannesen / Lars Olof Nilsson                Tel: +46 (0) 73 147 0013

SP Angel

(Nominated Adviser & Joint Broker)        

Ewan Leggat / Stuart Gledhill / Adam Cowl          Tel: +44 (0) 20 3470 0470

Alternative Resource Capital

(Joint Broker)

Alex Wood                                                        Tel: +44 (0) 20 7186 9004

BlytheRay        

Tim Blythe / Megan Ray                                     Tel: +44 (0) 20 7138 3204

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.

1 Details of the person
discharging managerial
responsibilities / person
closely associated
a) Name
1. Ed Bowie
2. Chris Davies
3. Johan Rostin
4. Mikael Schauman
5. Rasmus Blomqvist
2 Reason for the notification
a) Position/status
1. CEO
2. NED
3. Chairman
4. NED
5. Managing Director,
Grafintec
b) Initial notification Initial Notification
/Amendment
3 Details of the issuer,
emission allowance market
participant, auction
platform, auctioneer or
auction monitor
a) Name Beowulf Mining Plc  
b) LEI 213800MV3XGAOASPT433
4 Details of the
transaction(s): section to be
repeated for (i) each type of
instrument; (ii) each type of
transaction; (iii) each date;
and (iv) each place where
transactions have been
conducted
a) Description of the financial ordinary shares of 0.1p each
instrument, type of
instrument

Identification GB0033163287
code

b) Nature of the transaction Purchase of Ordinary Shares
c) Price(s) and volume(s)
1 0.61p 11,475,409
2 0.61p   1,147,540
3 0.08 SEK 6,250,000
4 0.08 SEK  3,125,000
5 0.08 SEK 10,469,662
d) Aggregated information

- Aggregated Not Applicable
volume

- Price

e) Date of the transaction 19 March 2024
f) Place of the transaction London Stock Exchange /
Spotlight