Update on Financing

(AIM:BEM) Beowulf Mining plc has provided an update regarding the Swedish Inspectorate of Strategic Products (ISP) review of the proposed Strategic Investment by Bacchus Capital & Affiliates. The company reports that the ISP has informed Bacchus Capital’s legal representatives, KANTER Advokatbyrå KB, that without a binding investment agreement, the ISP review will be discontinued. Bacchus Capital maintains its position that it cannot extend the commitments in the Investment Agreement for an open-ended period. As a result, Bacchus Capital has withdrawn its application, given there is no prospect of the ISP review continuing. Consequently, there is no prospect of the Strategic Investment being concluded. Beowulf Mining plc states it is continuing to carefully manage its cash and creditor position. The company is maintaining an open and constructive dialogue with Alumni Capital. Beowulf is also reviewing a range of potential interim and longer-term funding options as previously announced. The company will provide further updates as appropriate. Ed Bowie is named as Chief Executive Officer of Beowulf Mining plc. The announcement refers to capitalised terms as defined in the Company's Circular dated 7 July 2026. SP Angel is listed as the Nominated Adviser & Broker, with Ewan Leggat, Stuart Gledhill, and Adam Cowl named. BlytheRay is also listed, with Megan Ray and Rachael Brooks named. The update follows the discontinuation of the ISP review and the withdrawal of Bacchus Capital’s application.

Suspension of Trading & Update on Financing

(AIM:BEM) Beowulf Mining plc announced the suspension of trading in its shares at the company's request due to uncertainty regarding the Swedish Inspectorate of Strategic Products (ISP) review of a proposed Strategic Investment by Bacchus Capital & Affiliates. On 8 October 2026, the ISP requested a signed and valid agreement confirming the proposed investment would be completed in the near term and based on the original Investment Agreement, which lapsed on 30 September 2026. The ISP stated that without such an agreement, it would cease its review. Bacchus Capital, as stated on 29 September 2026, is unable to extend the commitments in the Investment Agreement for such an extended period and reiterated this to the ISP. Beowulf and Bacchus Capital have sought clarification of the ISP’s position, but it is now anticipated that the ISP review will cease or has already ceased, making it impossible to complete the Strategic Investment. The company previously announced on 10 September 2026 that it required interim funding within a month to continue operations during the ISP review. While indications of support for interim funding were received as of 29 September 2026, definitive agreements have not been finalized, and there is now material uncertainty as to whether the company can secure this funding. Beowulf is managing its creditors carefully, including Alumni, where a suspension in trading for three consecutive days may be considered an event of default. The company is reviewing a range of potential interim and longer-term funding options, including the sale or partial sale of assets and subsidiaries. There is no certainty that such actions will result in sufficient funding or on what terms financing may be available. If fundraising is not successfully concluded, the Board may have no alternative but to take measures to protect creditors, which may include the appointment of administrators. Bacchus Capital entered into a binding agreement on 12 June 2026 to lead a strategic investment in Beowulf Mining plc, conditional on UK Panel on Takeovers and Mergers waiver, Beowulf shareholder approval, and Foreign Direct Investment (FDI) approval in Sweden. The investment agreement had a long-stop date of 30 September 2026. All conditions except FDI clearance by the ISP were satisfied. On 10 September 2026, Bacchus Capital was advised that the ISP had initiated a review, extending the decision-making timeline by up to three months, and potentially up to six months if deemed a special case. Bacchus Capital has continued to provide supplementary information to the ISP since the long-stop date passed. On 8 October 2026, Bacchus Capital was informed that without a new investment agreement or extension, the review would be halted. Bacchus Capital stated it is not possible to enter into a new agreement that would underwrite financing over an indefinite period. Bacchus Capital now expects the review will cease and the Strategic Investment will not take place.

(AIM:BEM) Beowulf Mining plc provides an update on its financing process as of 29 September 2026. The company is seeking to raise a total of £4.3 million through a Strategic Investment led by Bacchus Capital & Affiliates. The Swedish Inspectorate of Strategic Products (ISP) has initiated a review of the proposed Strategic Investment, and Beowulf has requested clarification on the process and timing, but the ISP has not provided further details. Bacchus Capital has responded to the ISP's request for additional information regarding the investor consortium, the company, and the investment. Beowulf is in discussions with Bacchus Capital and Alumni Capital regarding possible extensions to the long-stop dates for the subscription and investment agreements, which are set for 30 September 2026. Bacchus Capital has confirmed it cannot extend the long-stop date for the Investment Agreement due to uncertainties in the ISP review timeline, but remains willing to re-engage if Swedish FDI approval is received. Alumni Capital has agreed to extend the long-stop date for the Settlement Agreement to 31 December 2026, subject to an extension fee of £30,000, which will be added to the principal of their loan. The original commitments under the Investment Agreement will lapse on 30 September 2026. Alumni Capital has also consented to interim funding on broad terms outlined by the company. The Board of Directors believes there remains a reasonable prospect of ultimately receiving ISP approval and concluding the financing during 2026. To manage cash until mid-December, Beowulf has implemented further expenditure reductions, including salary deferrals and reductions, and is negotiating with creditors to extend payment terms. The company has received indications of support from the Board and non-Bacchus subscribers for approximately £110,000 (SEK1.4 million) of interim funding, which is expected to allow operations to continue until the end of 2026. The interim funding is likely to be structured as a convertible loan note, convertible into ordinary shares at a price of 3p, with an attached warrant with a three-year term and a strike price of 4.5p, representing a 50% premium to the financing price. The Strategic Investment was originally conditional on UK Takeover Panel waiver, Beowulf shareholder approval, and Swedish FDI approval, with the FDI approval outstanding. The ISP review may extend the decision-making timeline by up to three months, or up to six months if deemed a special case. Bacchus Capital continues to support Beowulf management but cannot commit capital without certainty on timing. There is no guarantee that the Strategic Investment or financing will be completed, or on what terms. Ed Bowie is the Chief Executive Officer of Beowulf Mining plc.

Update on £4.3m Financing and FDI Approval Process

(AIM: BEM) Beowulf Mining Plc provides an update on its £4.3 million Financing and the Swedish Foreign Direct Investment (FDI) approval process. The Strategic Investment by Bacchus Capital & Affiliates, which forms part of the Financing, remains subject to FDI approval in Sweden because the investment exceeds the shareholding threshold for an entity outside the EU and iron ore prospecting and extraction is considered strategically important for Sweden. Notification seeking FDI approval was submitted to the Swedish Inspectorate of Strategic Products (ISP) on 29 June 2026, with the notification deemed complete on 6 August 2026 after supplementary information was provided. On 10 September 2026, Bacchus Capital was informed that the ISP has decided to initiate a review of the proposed Strategic Investment, with the ISP having three months to approve the investment under Section 14 of the FDI Act, extendable to six months in special cases. The long stop date for the Financing and the Settlement Agreement with Alumni Capital is 30 September 2026, and the subscription and investment agreements will need to be amended by mutual consent to extend this date. Senior management and the Board of Directors have deferred salaries and fees since the beginning of 2026, and payments to suppliers, contractors, consultants, and advisers have also been deferred. The Board cautions that the Company will need to secure additional financing within the next month to provide working capital for its operations. Bacchus Capital continues to engage with the Company as it seeks an interim funding solution with support from its advisers.

Beowulf Mining — Unaudited Results for Period Ended 30 June 2026

(AIM: BEM) Beowulf Mining plc announced its unaudited financial results for the six months ended 30 June 2026. During the period, seven conversion notices were received for a total of £300,000, resulting in the issue of 5,045,841 shares to Alumni Capital Limited. On 5 June 2026, the company agreed non-binding terms for a proposed strategic investment of £3.7 million from Bacchus Capital Advisers Limited and affiliates, as part of a broader financing of £4.3 million, which became binding on 12 June 2026 but remained subject to regulatory and shareholder approvals. As part of the strategic investment, Bacchus Capital and a third-party investor acquired a 2.25% royalty over the company's Finnish assets for US$200,000 (approx. £149,231) and a 2.25% royalty over the company's Swedish assets for US$100,000 (approx. £74,615), with options for the company to repurchase these royalties under specified terms. The administration expenses for the quarter ended 30 June 2026 were £267,542, down from £575,076 in Q2 2025, with professional fees of £82,276, directors and staff costs of £69,235, and a foreign currency loss of £11,636. The consolidated loss before tax for the six-month period was £834,022 (H1 2025: £1,030,205), and the consolidated basic and diluted loss per share for the quarter was 0.52 pence (Q2 2025: 1.25 pence). Cash held at 30 June 2026 was £208,290 (30 June 2025: £773,201), and exploration assets decreased to £15,185,001 (30 June 2025: £17,776,183). At 30 June 2026, the company had 64,703,707 Ordinary Shares in issue, of which 47,797,688 were Swedish Depository Receipts representing 74% of the issued share capital. Post period, the company received binding subscriptions for gross proceeds of £4.3 million, completed a 1,072-metre seven hole infill drilling campaign at the Kallak project, and sub-divided its shares following shareholder approval.

Brasnova Energy Materials Inc. Modified Option on Five Gold Projects Creating a District Scale Gold Portfolio in the Bahia Gold Belt of Brazil

(TSXV: BEM) Brasnova Energy Materials Inc. announced that it has executed a modified binding agreement (the "Modified Option Agreement") with BGC Gold Inc., dated August 27, 2026, to acquire a 50% interest in five Gold Projects through earned equity ownership in the Brazilian subsidiary of BGC. The updated portfolio now spans 17,457.20 hectares. The five Gold Projects are all hosted in the Bahia Gold Belt in Brazil. The specific areas of the projects are: 1,952.82 hectares (Process number 871932/2023), 1,982.43 hectares (Process number 871883/2023), 1,866.35 hectares (Process number 870-474/2026), 1,965.79 hectares (Process number 870-475/2026), and 1,985.50 hectares (Process number 870-477/2026). Additional areas include 1,947.49 hectares (Process number 871-773/2023), 1,966.69 hectares (Process number 871-774/2023), 1,961.45 hectares (Process number 871-775/2023), and 1,828.68 hectares (Process number 871-777/2023). Under the terms of the Modified Option Agreement, BGC grants BEM the option to acquire a fifty percent (50%) equity interest in the five Gold Projects by expending CA$1,000,000 over a period of twenty-four months from the execution date. This CA$1,000,000 includes amounts already expended on the Capela Gold Project by BEM, as well as all work expenditures and holding fees due on the Gold Projects. Upon BEM exercising the Option, BGC will transfer to BEM the fifty percent equity ownership of the Brazilian subsidiary of BGC.

Brasnova Energy Materials Inc. Advances Capela Gold Project Through Expanded Sampling and Follow-Up of Additional Prospective Areas

(TSXV: BEM) Brasnova Energy Materials Inc. provided an update on the ongoing exploration program at the Capela Gold Project in Pintadas, Bahia, Brazil. The current program builds on previously announced rock chip results, including a peak assay of 4.13 g/t Au, and focuses on advancing geological interpretation and evaluating additional prospective occurrences. Five analytical batches totaling 110 samples have been submitted to SGS Geosol, comprising 52 rock samples, 14 active stream sediment samples, and 44 soil samples. Systematic soil sampling is being conducted along lines spaced 100 metres apart, with sample stations at 25-metre intervals. Previous analytical results confirmed gold mineralization in the metagranodiorite, with 22 of 23 rock chip samples returning gold values of 0.241 g/t Au or greater and a peak value of 4.13 g/t Au. Other significant results included 1.734 g/t Au, 1.435 g/t Au, and 1.170 g/t Au. Multi-element analytical data identified variable enrichment in copper, lead, zinc, sulphur, arsenic, and silver.

Brasnova Energy Materials Inc. Capela Gold Project Returns up to 4.13 g/t Gold from Rock Chip Sampling

(TSXV: BEM) Brasnova Energy Materials Inc. announced analytical results from 23 rock chip samples collected from surface at the Capela Gold Project in Pintadas, Bahia, Brazil. Twenty-two of the 23 samples returned gold values ranging from 0.241 g/t Au to 4.13 g/t Au, confirming a mineralized north-south-trending corridor approximately 120 meters long and up to 25 meters wide. Additional notable results include 1.734 g/t Au, 1.435 g/t Au, and 1.170 g/t Au. The mineralized trend defined by the current rock chip sampling remains open to the north and south along strike and laterally to the east and west. Analytical results indicate enrichment in gold (Au), copper (Cu), zinc (Zn), lead (Pb), silver (Ag), arsenic (As), and molybdenum (Mo). Samples were submitted to SGS laboratory in Vespasiano, Minas Gerais, Brazil, for preparation and geochemical analysis, with all results passing the Company's internal QA/QC verification. The company projects further delineation of the potential extent of the mineralization through stream sediment sampling and additional ground geochemical and geophysical surveys.

Beowulf Mining — Subscription to raise £4.3 million

(AIM: BEM) Beowulf Mining plc announced it has received binding subscriptions, subject to regulatory and other approvals, for gross proceeds of £4.3 million (approximately US$5.8 million or SEK 54 million) through a Financing. The Financing includes a strategic investment by Bacchus Capital Advisers Limited and affiliates for £3.7 million (approximately US$5.0 million or SEK 47 million), resulting in Bacchus Capital & Affiliates holding 128,128,978 Ordinary Shares representing 58.7% of the share capital as enlarged by the Financing. A total of 143,640,095 New Ordinary Shares will be issued at the Issue Price of 3 pence per share. The General Meeting to approve the Financing and related resolutions will be held at 11.15 a.m. (BST) on 23 July 2026 at Fieldfisher LLP, Riverbank House, 2 Swan Lane, London, EC4R 3TT. The Rule 9 Waiver from the UK Panel on Takeovers and Mergers remains subject to approval by independent shareholders. The company projects the Financing is expected to close within two to three days of receipt of shareholder and FDI approvals, with admission of the Fundraising and Settlement Shares expected to commence on AIM on 7 August 2026. Board and senior management have agreed to subscribe for approximately £168,000 (SEK 2.2 million) in aggregate.

Grafintec Secures Extension of Site Reservation

(AIM: BEM) Beowulf Mining Plc announced that its wholly owned Finnish subsidiary, Grafintec Oy, has received approval from the City of Kotka to extend the reservation of approximately 13 hectares on Plot 285-46-168-3 for its planned Graphite Anode Materials Plant (GAMP) in the Keltakallio industrial area for a further twelve months until 30 June 2027. The extension is under the existing agreement signed in July 2025, and Grafintec may request a further extension subject to the City's approval. Beowulf recently entered into a binding Investment Agreement with Bacchus Capital Advisers Limited and affiliated entities for a strategic investment in the Company. The GAMP's Pre-Feasibility Study (PFS), completed in 2025, delivered a post-tax NPV8 of €924 million and a post-tax IRR of 37% over a 25-year operational life for Phase 1 production of 25,000 tonnes per annum of Coated Spherical Graphite (CSPG). Phase 1 represents an estimated capital investment of approximately €225 million, expected to create around 85 direct jobs, with a subsequent Phase 2 expansion increasing total investment to approximately €675 million and supporting around 250 permanent jobs. The Company has applied for Strategic Project status under the EU's Critical Raw Materials Act (CRMA), with assessment expected to be completed and announced during Q3 2026.

Financial Results for Period Ended 31 March 2026

Beowulf Mining plc (AIM: BEM) announced its unaudited financial results for the three months ended 31 March 2026. The company reported a consolidated loss before tax of £536,816 for the period, compared to £423,349 in Q1 2025, primarily due to a loss on conversion of a convertible loan. Administrative expenses decreased to £375,583 from £414,306 in the previous period, with share-based payment expenses of £71,614 and legal and professional fees of £144,024. Cash held at 31 March 2026 was £87,100, down from £668,926 a year earlier. Exploration assets decreased to £15,455,048, with £3,608,012 of Vardar exploration assets classified as held for sale. The company is in advanced discussions regarding potential funding solutions and expects to need additional financing by mid-June to progress its projects and provide working capital. The Board is focused on securing long-term funding and anticipates reaching a definitive agreement within the coming weeks.

Brasnova Energy Materials Inc. Field Activities Initiated at Capela Gold Project, Bahia, Brazil

Brasnova Energy Materials Inc. (TSXV: BEM) announced the official commencement of field activities on April 28, 2026, at the Capela Gold Project in the State of Bahia, Brazil. The current program focuses on systematic rock sampling to validate initial gold results, including rock samples returning up to 1.37 g/t Au. The Capela Gold Project spans 3,935.25 hectares and is located in the same gold district as Pan American Silver's Jacobina complex and Equinox Gold's Santa Luz Bahia complex. The project is undergoing technical advancement under the NI 43-101 framework, with ongoing exploration and validation activities.

NordicPipe to proceed independently of EIT

Beowulf Mining plc announced that the consortium formed for the NordicPipe project will proceed independently of the European Institute of Innovation and Technology (EIT) funding programme. The consortium, led by Jokkmokk Iron Mines AB, had previously been conditionally awarded funding to advance technical and environmental knowledge for slurry pipelines in the Nordic region. After being informed of additional administrative requirements and costs, the consortium decided to withdraw its application to the EIT programme. Jokkmokk Iron remains committed to advancing the pipeline solution with the support of consortium members and expects to align this work with the broader Kallak infrastructure development. This decision is expected to result in greater flexibility and lower overall cost and administrative burden for the project.

Update on Financial Position

Beowulf Mining plc (AIM: BEM) has provided an update on its financial position as of 24 April 2026. The company is in advanced discussions regarding a range of potential funding solutions and has received and is reviewing several proposals and term sheets. The company anticipates retaining sufficient cash to continue trading through into the second half of May while it finalises funding. However, the Board cautions that additional financing must be secured before the end of May to progress its projects and provide working capital. There is no certainty that financing can be obtained or on what terms.

Conversion of Loan Notes

(TSXV:BEM) Beowulf Mining announced the conversion of Loan Notes.