Beowulf Mining Plc · LSE:BEM
Beowulf Mining — Investor Presentation (November 2024)
35 slides from Beowulf Mining's investor presentation, November 2024
Slide 1: European Critical Raw Materials for the Green Transition
European Critical Raw Materials for the Green Transition November 2024
Slide 2: Disclaimer
Disclaimer The information contained in this confidential document (“Presentation”) has been prepared by Beowulf By their nature, forward-looking statements involve risks and uncertainties because they relate to events Mining Plc (the “Company”). It has not been fully verified and is subject to mate
Slide 3: Developing a portfolio of critical minerals
Developing a portfolio of critical minerals Delivering European minerals for a sustainable future Portfolio of European critical minerals • Listed on AIM (UK) and Spotlight (Sweden) • Focused on delivering shareholder returns 26 Iron ore for Green Steel Fe • High-grade, low-impurity concentrate Iron
Slide 4: Investment case – right assets, location and timing
Investment case – right assets, location and timing Developing a diverse portfolio of critical minerals Diversified portfolio of high-quality assets: • Kallak – Sweden’s largest undeveloped iron ore project • Grafintec – developing anode material plant and one of Europe’s largest flake graphite reso
Slide 5: Key milestones
Key milestones Significant de-risking of core assets Environmental Permit Environmental Permit Application submitted Application review Feasibility Study complete Kallak EIA Consultation Completion of Pre- Financing & process Production Feasibility Study Construction 2024 2025 2026 2027 2028 2029 Q1
Slide 6: 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 8: 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”1 • M&I Resource2: 111Mt @ 28% Fe • Inf Resource2: 25Mt @ 28.3% Fe • Potential to produce high-grade, low impurity concentrate • ~2.5Mtpa at >68
Slide 9: 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 10: Location advantage
Location advantage Well-located for domestic and international markets Northern Sweden • Multi-decade history of iron ore mining • Skilled and experienced workforce • Political support for sector • Significant investment in Green Steel • CBAM – a future benefit Infrastructure advantages: • Low-cost,
Slide 11: Kallak North Iron Ore Project
Kallak North Iron Ore Project Scoping Study project parameters 2023 Scoping Study completed on Kallak North Deposit: • Open pit mine • Mining ~9Mtpa of ore • Producing ~2.5Mtpa of high-grade, low-impurity concentrate • Initial 14 year mine-life Physical Parameters Economic parameters Mining rate (Mt
Slide 12: Current workstreams
Current workstreams Focus on developing a world class mine Environmental: Technical: • EIA consultation • Infill drilling • Nature values, biodiversity, water quality • Mineral Resource Estimate • Hydrogeology • Mine Planning • Noise and vibration • Metallurgy & Mineral Processing • Air quality • Wa
Slide 13: 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 • Further upside potential from Kallak South deposits Sourc
Slide 14: 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 2 • Expl
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Slide 16: Grafintec
Grafintec Aiming to be a European leader in the sustainable supply of anode material Anode Materials • Development of anode materials production facility in Finland Production • Established partnerships to provide an integrated solution • Advanced discussions with several mines to secure supplies of
Slide 17: 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 18: Graphite Anode Materials Production
Graphite Anode Materials Production Site reserved at GigaVaasa Energy Industrial Hub Dedicated Site for Batteries Reserved 100% Renewable Energy 20,000 tpa Graphite anode Supplying graphite to the Li-ion battery industry 18
Slide 19: Graphite Anode Materials Production
Graphite Anode Materials Production Pre-Feasibility in progress Graphite Anode Materials Plant Initially targeting 20,000 tonnes production in 2027 Phase 2 expansion to 60,000 tonnes per annum Import of CSPG to Anode Mined Graphite Spheronisation Purification Coating Manufacturers Concentrate ✓ Clos
Slide 20: Development Timeline
Development Timeline Environmental and Technical Workstreams Technical workstream: The project is advancing with bench-scale test work that commenced in October, which is to be followed by pilot-scale test work. Environmental workstream: EIA is underway and is aimed to be completed in H1 2025. Octob
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: Varda Minerals
VARDA MINERALS
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 31 October 2024) Former CEO of shipping and port companies with Over 20 years' experience in corporate, advisory significant experience in infrastructure, logistic
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: Scandinavia benefits from cheap, clean energy
Scandinavia benefits from cheap, clean energy Driving both Green Steel and Gigafactory investment Steel industry Giga factories • 7% of global CO2 emissions (5% in EU) • 40 plants for €30b planned in Europe • €130b annual revenues in Europe • 69GWh in 2022 ➢ 238-286GWh in 2025 • Employs 306,000 peop
Slide 32: 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 33: 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 33
Slide 34: Global Graphite Supply
Global Graphite Supply Dominated by China Growing demand for Natural Flake Graphite 34
Slide 35: Global Graphite Demand
Global Graphite Demand Dominated by China Growing demand for Natural Flake Graphite 35
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