Slide 1: European Critical Raw Materials for the Green Transition
European Critical Raw Materials for the Green Transition June 2025
Slide 2: Disclaimer
Disclaimer The information contained in this confidential document (“Presentation”) has been prepared by By their nature, forward-looking statements involve risks and uncertainties because they relate to Beowulf Mining Plc (the “Company”). It has not been fully verified and is subject to material up
Slide 3: Investment case – right assets, location and timing
Investment case – right assets, location and timing Developing a European portfolio of critical minerals Delivering minerals critical for Europe’s green transition • Diversified portfolio offers development optionality • Strategic and political support to bolster supply chains • Focused on deliverin
Slide 4: Building blocks for a sustainable future
Building blocks for a sustainable future ESG embedded throughout the company as a core value Sustainability approach driven by: • Transparency and Accountability • Meaningful Stakeholder Engagement • Environmental Stewardship • Corporate Governance • Innovation and Technology Beowulf plans to: • Bui
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Slide 6: Kallak: high-grade, low-impurity iron ore
Kallak: high-grade, low-impurity iron ore Critical product to decarbonise the steel industry • Sweden’s “largest undeveloped quartz banded iron ore deposit” and “of national interest”1 • Measured & Indicated Resource2: 111Mt @ 28% Fe • Inferred Resource2: 25Mt @ 28.3% Fe • Significant exploration up
Slide 7: High-grade iron ore: demand forecast to grow
High-grade iron ore: demand forecast to grow Decarbonisation of steel to drive demand of low carbon feedstocks, primarily DRI Steel industry: 2023 2050 • Steel industry currently accounts for ~7% of global CO2 emissions Global production • Industry targeting 60% decrease in CO2 emission intensity by
Slide 8: Kallak North Iron Ore Project
Kallak North Iron Ore Project Basic project parameters Open pit mining1: • 9 Mtpa of ore • Ore from surface • Low strip ratio of 0.5 : 1 Processing2: • Standard crush, grind and physical separation • Magnetic separation to 69% Fe product • Final physical beneficiation to upgrade to DRI product Conce
Slide 9: Location advantage
Location advantage Well-located for domestic and international markets Transportation solution: • Mine-site to rail terminal - 40km slurry pipeline1 • Rail to Narvik (deep-water and ice-free) • Access to international markets Northern Sweden - multi-decade history of iron ore mining • Existing infra
Slide 10: Project significantly derisked
Project significantly derisked Focus on developing a world class mine Environmental Permit Application: Pre-Feasibility Study: • Public consultation • Infill drilling • Nature values and water baseline • Mineral Resource Estimate • Hydrogeology • Mine Planning • Noise • Metallurgy • Vibration and ro
Slide 11: Kallak advantage
Kallak advantage Targeting a premium product Enhanced economics: • Premium product - critical for decarbonising steel industry • Highly sought after for domestic and international markets • Focus on developing a sustainable world class mine • Increased mine life potential from exploration upside Sou
Slide 12: Exploration upside
Exploration upside Untested potential Kallak North • M&I resource1: 111Mt @ 28% Fe • Inf resource1: 25Mt @ 28.3% Fe • Exploration target2: 3-7.5Mt @ 20-30% Fe Kallak South • M&I resource1: 21Mt @ 26.9% Fe • Inf resource1: 14Mt @ 24.9% Fe • Exploration target2: 25-75Mt @ 20-30% Fe Parkijaure nr. 6 •
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Slide 14: Grafintec
Grafintec Aiming to be a European leader in the sustainable supply of anode material • Development of anode materials production facility in Finland • Creating secure domestic supply chain to support growing European lithium-ion battery sector • PFS completed in March 2025 ➢ Post-tax NPV8 of €924 mi
Slide 15: European graphite market
European graphite market Supply / demand imbalance China dominates current supply of Natural and Synthetic Graphite Natural Graphite offers significant environmental advantages over Natural Graphite Synthetic Graphite Active Anode for Natural Synthetic Li-ion Batteries Carbon Intensity 6.59 23.71 (t
Slide 16: Graphite Anode Materials Production
Graphite Anode Materials Production Finland offers significant advantages State and EU support: grants and tax incentives Dedicated sites for battery technologies Low-cost renewable energy Skilled workforce Proximity to European customers Supplying graphite to the Li-ion battery industry 16
Slide 17: Graphite Anode Materials Production
Graphite Anode Materials Production Pre-Feasibility Study complete Graphite Anode Materials Plant Import of CSPG1 to Mined Graphite Spheronisation Purification Coating Anode Concentrate Manufacturers Physical parameters (tonnes/ annum) Phase 1 Phase 2 Plant throughput 42,000 126,000 Production of CS
Slide 18: Graphite Anode Materials Production
Graphite Anode Materials Production Pre-Feasibility Study: robust economics Economic parameters Phase 1 Phase 2 Unit prices and costs US$/ tonne Post-tax NPV8 €924m €2,178m Concentrate purchase price 568 Operating cost per tonne feed 1,424 Post-tax IRR 37% 38% Operating cost per tonne product 2,381
Slide 19: Development Timeline
Development Timeline Environmental and Technical Workstreams Technical workstream: • PFS cmpleted ✓ PFS completed • ESIA underway ➢ Pilot testing 2023 ➢ Feasibility Study 2024-2025 Environmental workstream: ➢ Conclusion of EIA • Pilot-testing • DFS ➢ Environmental Permit application • ESIA • Permitt
Slide 20: Strategic resources
Strategic resources One of Europe’s largest flake graphite deposits Aitolampi Mineral • Indicated and Inferred 26.7Mt at 4.8% graphite for 1,275,000 tonnes of contained graphite (Indicated and Inferred) resource • Several untested EM conductive areas Metallurgical • 96.8% to 97.5% graphite concentra
Slide 21: Exploration Assets
Exploration Assets 21
Slide 22: Vardar – focused on discovery
Vardar – focused on discovery Tethyan Belt – a major metallogenic province Timok deposit (Zijin), Serbia: • Zijin acquired Nevsun Resources Ltd. for US$1.4b in 2018, after Nevsun acquired Reservoir Minerals Inc. for US$365m in 2016 Rudnik • Total resources of 1.8bt @ 0.9% Cu & 0.2g/t Au • Forecast 2
Slide 23: Vardar – systematic exploration
Vardar – systematic exploration First-mover in highly prospective Kosovo Kosovo: • Highly prospective for base and precious metals Mitrovica licences Viti licences • Limited to no exploration since the 1980s Mitrovica licence area: • Km-scale hydrothermal alteration systems identified - comparable i
Slide 24: Exploration assets
Exploration assets Optionality and leverage Parkijaure nr 7, Sweden – possible IOCG copper target • 14.6% copper, 0.56% zinc, 119g/t silver and 0.35g/t gold boulder sample (March 2024) • 6.2m @ 1.53% Cu from 133.08m (including 3.6m @ 2.45% Cu) and 2.6m @ 0.96% Cu from 95.59m in diamond drillhole 740
Slide 25: Summary and Outlook
Summary and Outlook Right commodities in the right place at the right time Core assets supporting the Green Transition: • Kallak has the potential to produce a market-leading, high-grade, low impurity iron concentrate • Grafintec aims to develop graphite anode material plant and holds one of Europe’
Slide 26: Appendices
Appendices 26
Slide 27: Corporate summary
Corporate summary Experienced Board & Management Johan Röstin Ed Bowie Non-Executive Chairman Chief Executive Officer Market Data (as at 2 June 2025) Former CEO of shipping and port companies with Over 20 years' experience in corporate, advisory significant experience in infrastructure, logistics, a
Slide 28: Supply chain security
Supply chain security Political initiatives EU Critical Raw Materials Act to secure EU supply: US–Japan Critical Minerals Agreement on battery minerals (lithium, nickel, cobalt, graphite and manganese): • >10% extracted from EU • to help Japanese automakers and critical minerals • >40% processed wit
Slide 29: Supply chain security
Supply chain security Driving investment in critical minerals €9.2m investment for 11.5% 10ktpa of lithium hydroxide 75kt nickel concentrate over 6 Supply agreement from 2026 Supply agreement from 2026 and 40% offtake for 5 years for 5 years’ worth ~€1.5b years October 2023 September 2023 April 2023
Slide 30: High-grade iron ore: demand forecast to grow
High-grade iron ore: demand forecast to grow Decarbonisation of steel to drive demand of low carbon feedstocks, primarily DRI Share of DRI and scrap in total metallics demand (2022 and 2050) • Electric Arc Furnaces (EAFs) are replacing highly polluting Blast Furnaces (BFs) • Low-carbon feedstocks, p
Slide 31: Forecast growth in steel from DRI
Forecast growth in steel from DRI Planned and under-construction DRI plants and capacity1 1 Estimated metric tonnes of steel based on DRI capacity, expected utilization, and raw material yields 2 Began operations in 2020 Source: McKinsey & Company Growing demand for DRI 31
Slide 32: Global Graphite Supply
Global Graphite Supply Dominated by China Growing demand for Natural Flake Graphite 32
Slide 33: Global Graphite Demand
Global Graphite Demand Dominated by China Growing demand for Natural Flake Graphite 33
Slide 34: www.beowulfmining.com
www.beowulfmining.com 201 Temple Chambers 3-7 Temple Avenue London, EC4Y 0DT