Beowulf Mining Plc · LSE:BEM
Beowulf Mining — Investor Presentation (July 2026)
36 slides from Beowulf Mining's investor presentation, Jul 24, 2026
Slide 1: European Critical Raw Materials for the Green Transition
European Critical Raw Materials for the Green Transition Q3 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) has been prepared by Beowulf Mining Plc (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers
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 • Fully funded to advance assets to end of 2027 • Focused on delivering sharehold
Slide 4: Strategic Investment Secured
Strategic Investment Secured Support from Bacchus Capital & Affiliates Long-term funding secured Expected timetable: ➢ Subscription for £4.3m at 3p per share 5 June Announcement of proposed Strategic Investment ➢ £3.7m Strategic Investment led by Bacchus Capital 7 July Publication of Shareholder Cir
Slide 5: Fully funded until the end of 2027
Fully funded until the end of 2027 Creating foundations to deliver growth Corporate: • Strengthens balance sheet and position for growth • Strategic shareholder block to underpin register • Funded to end of 2027 • Board & Management team augmented Short-term projects and milestones: Other opportunit
Slide 6: Corporate summary – post Financing
Corporate summary – post Financing Strengthened Board & Management Peter Bacchus Chris Davies Market Data Non-Executive Chairman Independent Non-Executive Director Chairman & CEO of Bacchus Capital, Exploration geologist with over 40 years’ Listing AIM/ Spotlight previously Global Head of Mining and
Slide 7: 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 9: Kallak: high-grade, low-impurity iron ore
Kallak: high-grade, low-impurity iron ore Well-located in Europe’s iron ore mining hub • 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 upside •
Slide 10: 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 The steel industry: • Currently accounts for ~7% of global CO2 emissions • Targeting 60% decrease in CO2 emission intensity by 2050 (and 90% by 2070) • Electric Arc Furnaces
Slide 11: 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 12: 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 13: Project significantly derisked
Project significantly derisked Focus on developing a world class mine Environmental Permit Application: Pre-Feasibility Study: ❖ Public consultation ❖ Infill drilling ❖ Nature and water baseline ❖ Mineral Resource Estimate ❖ Hydrogeology ❖ Mine Planning ❖ Noise ❖ Metallurgy ❖ Vibration and rock fall
Slide 14: 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 15: 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 17: 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 18: European graphite market
European graphite market Supply / demand imbalance China dominates graphite supply Natural Graphite offers significant environmental advantages over Synthetic Graphite Carbon Intensity (tonne CO2/ tonne uncoated graphite) EU Critical Raw Materials Act to secure EU supply: • >10% extracted from EU De
Slide 19: Graphite Anode Materials Production
Graphite Anode Materials Production Finland offers significant advantages Dedicated sites for battery technologies Excellent infrastructure Low-cost renewable energy Skilled workforce Proximity to European customers State and EU support: grants and tax incentives Supplying graphite to the Li-ion bat
Slide 20: Graphite Anode Materials Production
Graphite Anode Materials Production Pre-Feasibility Study completed March 2025 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 Prod
Slide 21: Graphite Anode Materials Production
Graphite Anode Materials Production Pre-Feasibility Study completed March 2025: 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
Slide 22: Development Timeline
Development Timeline Environmental and Technical Workstreams Technical workstream: • PFS completed ✓ PFS completed • Plot secured • EIA initiated ➢ Pilot testing 2023 ➢ Feasibility Study • Secure funding for 2024-2025 next phase Environmental workstream: ➢ Conclusion of EIA • Pilot-testing • DFS ➢ E
Slide 23: 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 24: Exploration Assets
Exploration Assets 24
Slide 25: Vardar – non-binding offer received for sale
Vardar – non-binding offer received for sale 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
Slide 26: Vardar – non-binding offer received for sale
Vardar – non-binding offer received for sale First-mover in highly prospective Kosovo, systematic exploration completed Mitrovica licences Viti licences Kosovo: • Highly prospective for base and precious metals • Limited to no exploration since the 1980s Mitrovica licence area: • Km-scale hydrotherm
Slide 27: 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 28: Summary and Outlook
Summary and Outlook Right commodities in the right place at the right time Strategic Investment to support future growth • Fully funded to advance projects to end of 2027 • Augmented Board & Management • Cornerstone shareholder block to underpin register Core assets supporting the Green Transition:
Slide 29: Appendices
Appendices 29
Slide 30: 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 31: 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 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 DRI production share of expected hubs (2030, 180 Mt) 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
Slide 36: www.beowulfmining.com
www.beowulfmining.com 201 Temple Chambers 3-7 Temple Avenue London, EC4Y 0DT