Beowulf Mining Plc · LSE:BEM
Beowulf Mining — Investor Presentation (March 2025)
35 slides from Beowulf Mining's investor presentation, March 2025
Slide 1: European Critical Raw Materials for the Green Transition
European Critical Raw Materials for the Green Transition March 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: Capital Raise: structure and timing
Capital Raise: structure and timing Funding to progress projects towards key milestones Proposed deal structure: Timetable: ➢ UK Placing: £1.0m/ SEK 13m ➢ 21 March: Announcement of Capital Raise • Board, Management and associates: £0.27m/ SEK 3.5m ➢ 4 April: Formal decision to proceed and terms & co
Slide 5: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 15: 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 16: 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 17: 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 17
Slide 18: 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 19: 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 20: 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 21: 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 22: Exploration Assets
Exploration Assets 22
Slide 23: 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 24: 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 25: 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 26: 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 27: Appendices
Appendices 27
Slide 28: Corporate summary
Corporate summary Experienced Board & Management Johan Röstin Ed Bowie Non-Executive Chairman Chief Executive Officer Market Data (as at 20 March 2025) Former CEO of shipping and port companies with Over 20 years' experience in corporate, advisory significant experience in infrastructure, logistics,
Slide 29: 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 30: 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 31: 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 32: 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 32
Slide 33: Global Graphite Supply
Global Graphite Supply Dominated by China Growing demand for Natural Flake Graphite 33
Slide 34: Global Graphite Demand
Global Graphite Demand Dominated by China Growing demand for Natural Flake Graphite 34
Slide 35: www.beowulfmining.com
www.beowulfmining.com 201 Temple Chambers 3-7 Temple Avenue London, EC4Y 0DT