Beowulf announced the results of a Mineral Resource Estimate ("MRE") Upgrade for the Kallak Iron Ore Project ("Kallak" or the "Project") prepared by Baker Geological Services Ltd. ("BGS"). Highlights: An additional 19 million tonnes ("Mt") of iron ore equating to a 12.5% increase in the resource; Measured and Indicated Mineral Resource of 132 Mt grading 27.8% iron ("Fe"); Inferred Mineral Resource of 39 Mt grading 27.1% Fe; Three distinct areas of elevated copper ("Cu") and gold ("Au") mineralisation have been identified in drilling, running the length of the Project area, with elevated assay intersections predominantly lying on the boundaries of the iron mineralisation. Copper grades reach up to 1.6%, although this was the maximum possible Cu value using the assay method employed at the time. Gold grades reach up to 0.75 g/t from testwork completed in April 2021 on those pulp samples where the Cu assay was more than 0.1%. In total, 30 samples were sent for gold assay with only five samples being below detection limit. BGS has prepared a Technical Report which serves as an independent report prepared by the Competent Person ("CP") as defined by the Pan-European Reserves and Resources Reporting Committee ("PERC") Standard for Reporting of Exploration Results, Mineral Resources and Mineral Reserves. PERC sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves in Europe. PERC is a member of CRIRSCO, the Committee for Mineral Reserves International Reporting Standards, and the PERC Reporting Standard is fully aligned with the CRIRSCO Reporting Template. The definitions of Measured, Indicated and Inferred Resources, as well as Reserves, as used in this report, conform to the definitions and guidelines of the PERC Reporting Standard, 2017. The previous Geovista 2014 MRE reported an Indicated Mineral Resource of 118 Mt at 27.5% Fe and an Inferred Mineral Resource of 33.8 Mt at 26.2% Fe. This compares to the BGS 2021 MRE, a combined Measured and Indicated Mineral Resource of 132 Mt at 27.8% Fe and an Inferred Mineral Resource of 39 Mt at 27.1% Fe. This equates to an increase of 19 Mt in the upgrade reported herein for approximately the same Fe grade. The quantity of Inferred Resource is approximately the same and the upgrade includes a portion of the resource declared in the Measured category. This was considered appropriate due to recent Davis Tube testwork increasing the knowledge of the project's mineralisation styles. Geovista also undertook a pit optimisation exercise to report the final Mineral Resource Statement for Kallak and it is likely that the difference in assumptions may account for the overall tonnage difference between the 2014 and 2021 MREs.