Beowulf Mining PLC Grafintec Signs new MoU For Anode Materials Hub

TIDMBEM

Beowulf Mining PLC

26 September 2022

26 September 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Grafintec Signs new MoU For Establishing Anode Materials European Hub

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, is pleased to announce that its wholly owned Finnish subsidiary, Grafintec Oy ("Grafintec"), has signed a new Memorandum of Understanding ("MoU") with Qingdao Hensen Graphite Ltd ("Hensen"), that includes an agreed framework and key terms on which both companies are collaborating with regards to establishing an anode materials hub in Vaasa, Finland.

Hensen

Formed in 1985, Hensen has been operating in the graphite industry for 37 years; throughout that period supplying traditional markets, with increasing focus on natural flake graphite-based anode materials and synthetic graphite-based anode materials.

Hensen has been producing graphite-based anode materials since 2003, almost 20 years in the market, and already has plans to increase production to 50,000 tonnes per annum ("tpa") in 2023 from a current production level of 10,000tpa. Hensen started producing synthetic graphite-based anode materials in 2017 and currently produces 30,000tpa.

MoU

Activities under the MoU announced today have already commenced, with Grafintec and Hensen having last week submitted a joint-proposal to the City of Vaasa with respect to the establishment of an anode materials production facility to be located in the GigaVaasa area, Plot 18.

Further to the Company's announcement of 25 August 2022, the previous MoU for Plot 18, entered into with the City of Vaasa and announced on 11 January 2022, has been terminated, as Grafintec and Epsilon Advanced Materials Private Ltd are no longer partners.

Grafintec's Strategy

Grafintec's ambition is to create a sustainable value chain in Finland from high-quality natural flake graphite resources to downstream anode material production, leveraging Finland's natural resources, including available renewable power, and targeting net zero CO(2) emissions across the supply chain. The development of downstream capabilities is part of Grafintec's strategy and the Company believes that partnerships with other companies, such as Hensen, are a key enabler to reduce development risk and get to market faster.

Last year, Grafintec was granted EUR 791,000 funding by Business Finland as part of the BATCircle2.0 (Finland-based Circular Ecosystem of Battery Metals) consortium. The funding will be used to develop a sustainable technological solution, utilizing renewable energy, to spheronise and purify graphite within a Finnish industrial ecosystem, for use in the manufacture of lithium-ion battery anodes.

The project has three objectives, which are to:

-- Validate a process to support progress to a Bankable Feasibility Study for construction of a commercial scale unit within three to five years.

   --      Secure and protect any arising intellectual property. 
   --      Deliver a detailed strategic marketing and commercialisation plan. 

Considering security of supply, Aitolampi remains Grafintec's most advanced natural flake graphite project, with a contained graphite resource of 1,275,000 tonnes, possessing almost perfect crystallinity, an important prerequisite for high tech applications, such as lithium-ion batteries. In addition, Grafintec has several other exploration properties which it is investigating for their graphite potential.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Beowulf and Hensen first established contact in 2015 and I am delighted that we have joined forces to work on the GigaVaasa project, combining Hensen's 37 years' of knowledge and experience in the graphite industry, and almost 20 years in the anode market, with Grafintec's strong position in the anode space of the Finnish battery cluster, and the Company's natural flake graphite resources, which represent a potential secure and sustainable supply of raw materials for Finland to achieve its self-sufficiency ambitions in battery raw materials."

Enquiries:

 
 
   Beowulf Mining plc 
 Kurt Budge, Chief Executive     Tel: [phone] 
  Officer                         8304 
 SP Angel 
  (Nominated Adviser & Broker) 
 Ewan Leggat / Stuart Gledhill   Tel: [phone] 
  / Adam Cowl                     0470 
 BlytheRay 
 Tim Blythe / Megan Ray          Tel: [phone] 
                                  3204 
 

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast .

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September 26, 2022 02:01 ET (06:01 GMT)