Beowulf and its wholly owned Swedish subsidiary Jokkmokk Iron Mines AB provided an update on the Gallok or Kallak Iron Ore project. Highlights Environmental permitting: Formal consultation process for the Environmental Impact Assessment ("EIA") to be initiated following the summer; This process will inform the completion of the EIA and subsequent Environmental Permit application; Reindeer Herding analysis, World Heritage Impact Assessments ("WHIA") and local stakeholder engagement ongoing; Submission of the Environmental Permit application now targeted for Spring 2025 Pre-Feasibility Study ("PFS"); Final results from metallurgical test-work anticipated within coming weeks; Initial indications confirm that Gallok can produce a very high grade, low impurity concentrate; Infill drilling programme, focused on upgrading Inferred resource to Measured and Indicated category, now expected to commence in Autumn 2024; Following this drilling, the Mineral Resource Estimate ("MRE") will be updated and form the basis of mine planning and reserve estimation; Other workstreams including metallurgy, mineral processing, waste management, site infrastructure and transportation and logistics are being advanced or nearing completion; Conclusion of the PFS now anticipated in second quarter 2025 to allow focus on environmental permitting activities. The consultation is a critical element of the EIA process and will inform the subsequent Environmental Permit application.

In parallel with this, the company continue to progress numerous studies critical for the permitting process including the Reindeer Herding analysis. The company continue to progress numerous studiescritical for the permitting process including the reindeer Herding analysis, WHIA and Waste Management Plan. The initial step in the Environmental Permitting process is the completion of an EIA.

This requires the broad parameters of the Project to be presented to a range of stakeholders including Government agencies and local communities. The initial consultation documentation is being prepared and the intention is to initiate the consultation process during Third Quarter 2024. It is anticipated that the consultation process will take approximately six weeks to complete.

Thereafter, feedback from the consultation will be incorporated within the final EIA and subsequent Environmental Permit application. In parallel with the EIA consultation, a range of studies are required as part of the Environmental Permit application including: Hydrogeological assessment, Surface water impact assessment, Dust assessment, Noise assessment, Biodiversity assessment, Reindeer herding analysis, Ecological compensation plan, Social impact assessment, World Heritage impact assessment, Waste management plan including mine closure plan. The Environmental Permit application is submitted to the Environmental Court for review under the Environmental Code.

The final submission of the application is anticipated in Spring 2025. Based on recent precedents in Sweden, the Environmental Court is now expected to take approximately two years to review the application. Following the approval of the Environmental Permit, the Company will also require a Land Designation Permit and Construction Permit prior to construction of the Project.

The PFS consists of a broad range of workstreams assessing the technical and economic viability of the Project. Those that are well-advanced include: Metallurgy, Mineral Processing, Site Infrastructure, Logistics and Transportation, Water Management, Waste Management. With the infill drilling programme deferred until the autumn, the following workstreams are yet to be initiated although they will clearly build on the work already completed in the preparation for the Scoping Study released in 2023.

These workstreams include: Mineral Resource Estimate, Mine Engineering and Scheduling, Mineral Reserve Estimation. With the conclusion of the technical studies, the economics of the project will be assessed including market studies and analysis of capital and operating costs. It is currently anticipated that the PFS will be completed in Second Quarter 2025, after which a Feasibility Study will be initiated which is expected to take approximately 12 months to conclude.