Beowulf Mining Plc · LSE:BEM
Beowulf Mining — Investor Presentation (January 2025)
36 slides from Beowulf Mining's investor presentation, January 2025
Slide 1: European Critical Raw Materials for the Green Transition
European Critical Raw Materials for the Green Transition January 2025
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 • ~2.7Mtpa 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 GigaVaasa Energy Industrial Hub Dedicated Site for Battery Technologies 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 ✓ Cl
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 3 January 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: 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
Slide 36: www.beowulfmining.com
www.beowulfmining.com 201 Temple Chambers 3-7 Temple Avenue London, EC4Y 0DT
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