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Grafintec Secures Extension of Site Reservation
Beowulf Mining Plc's subsidiary, Grafintec Oy, has secured a twelve-month extension for its graphite anode materials plant site reservation in Kotka, Finland, until June 30, 2027, allowing further development following a recent strategic financing agreement. This extension is crucial for advancing the Environmental Impact Assessment, permitting, engineering studies, and customer engagement, with the company expecting to recommence and accelerate key development activities. The planned facility, with a Phase 1 estimated capital investment of €225 million and a post-tax NPV8 of €924 million, aims to establish a European source of sustainable anode materials and strengthen the region's battery hub status. Disclaimer*
About this update from Beowulf Mining Plc
30 June 2026 Beowulf Mining Plc ("Beowulf" or the "Company") Grafintec Secures Extension of Site Reservation Beowulf (AIM: BEM; Spotlight: BEO) is pleased to announce that its wholly owned Finnish subsidiary, Grafintec Oy ("Grafintec"), has received approval from the City of Kotka to extend the reservation of the site for its planned Graphite Anode Materials Plant ("GAMP") in the Keltakallio industrial area. The extension secures the reservation of approximately 13 hectares on Plot 285-46-168-3 for a further twelve months until 30 June 2027, under the existing agreement signed in July 2025. In accordance with the terms of the agreement, Grafintec may request a further extension of the reservation, subject to the City's approval. The extension provides Grafintec with the time required to advance the next phase of GAMP's development, following the recently announced strategic financing process. As announced earlier this month, Beowulf entered into a binding Investment Agreement with Bacchus Capital Advisers Limited and affiliated entities for a strategic investment in the Company. Subject to completion of this financing, the Company expects to recommence and accelerate key development activities, including: • completion of the Environmental Impact Assessment ("EIA"); • advancement of environmental permitting and supporting baseline studies; • detailed engineering, process optimisation and technical studies to support the next stage of project development; • continuation of product qualification activities and engagement with potential customers and strategic partners; • supporting GAMP pilot-scale process development; and • continued close cooperation with the City of Kotka, Cursor Oy and other stakeholders. Ed Bowie, Chief Executive Officer of Beowulf, commented: "With the continued geopolitical instability, developing secure, resilient supply chains for critical raw materials within Europe has never been more important. The Kotka region is an excellent location for the establishment of the GAMP and the development of a European battery hub. I am delighted to continue our cooperation with the City of Kotka and the Cursor business developme...
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