18 April 2024

Beowulf Mining plc

         ("Beowulf" or the "Company")

Grant of Options

Beowulf (AIM: BEM; Spotlight: BEO) announces that the Board has approved the award of options granted under the Company's Long-Term Incentive Plan ("LTIP") to certain directors and senior management as follows:

Position Number of Total number of Options held
Options
awarded
Ed Bowie Chief Executive Officer 50,000,000 50,000,000
Rasmus Managing Director, 20,000,000 23,500,000
Blomqvist Grafintec
Johan Non-Executive Chairman 18,000,000 18,000,000
Röstin
Chris Non-Executive Director 9,000,000 11,000,000
Davies
Mikael Non-Executive Director 9,000,000 9,000,000
Schauman
Ismet Non-Executive Director, 6,000,000 6,000,000
Krasniqi Vardar Minerals Limited
Other Employees 16,000,000* 16,750,000

Note: the Employee options include an option award to Dmytro Siergieiev that has been approved by the Board but these options will only be granted after the start of his employment as Project Director at Jokkmokk Iron Mines AB on 1 May 2024

The Company's LTIP was established with advice from a leading independent consultancy specialising in the planning, design, and implementation of business-driven pay and reward strategies. The LTIP is designed to retain and incentivise key employees and Directors. 

The options are exercisable at a price of 0.75 pence per share, vest over three years, in three equal proportions, a third on each subsequent anniversary of the date of grant and are valid for 10 years from the date of grant. 

This award of options is for a total of 128,000,000 ordinary shares of 0.1 pence each in the capital of the Company, representing approximately 6.6 per cent of the existing issued share capital. Following the award of the options, there will be 158,500,000 ordinary shares of 0.1 pence each of the Company under option to directors, senior management and employees of the Company, representing 8.2 per cent of the existing issued share capital of the Company.

Enquiries:

Beowulf Mining plc

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

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. Rasmus Blomqvist
3. Rohan Rostin
4. Chris Davies
5. Mikael Schauman
2 Reason for the notification
a) Position/status
1. CEO
2. Managing Director,
Grafintec
3. Chairman
4. Non-Executive Director
5. Non-Executive Director
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 Grant of options
c) Price(s) and volume(s)
1 0.75p 50,000,000
2 0.75p 20,000,000
3 0.75p 18,000,000
4 0.75p 9,000,000
5 0.75p 9,000,000
d) Aggregated information

- Aggregated Not Applicable
volume

- Price

e) Date of the transaction 18 April 2024
f) Place of the transaction London Stock Exchange /
Spotlight