Interim Results

BEOWULF MINING PLC

CHAIRMAN'S STATEMENT

FOR THE 6 MONTHS TO 30 JUNE 2007

      ___________________________________________________________________      

The Board of Beowulf Mining PLC ("Beowulf") are pleased to report the interim
results to 30 June 2007. In this period maximum effort has been focussed on the
Company's Ruoutevare iron titanium deposit, the Grundträsk gold deposit and the
Ballek copper, gold and uranium prospect all in Northern Sweden.

The results show that Beowulf made a loss of £192,170 in the first 6 months of
2007 as compared to a loss of £134,616 in the first six months of 2006. This
was due to increased expenditure on drilling at the Grundträsk gold deposit.

Since 30 June 2007 the Company's cash reserves have been increased by the
following developments;
 
i) On 30 July 2007 Beowulf signed a convertible loan agreement with Starvest
Plc. The loan is for £250,000 bears interest at 4% per annum and is convertible
in to new ordinary shares of Beowulf at 4p per share at any time prior to 31
July 2012 at the option of Starvest Plc.

ii) On 16 August 2007 Beowulf placed 8,000,000 new ordinary shares at a price
of 4.25p each raising the gross sum of £340,000, arranged by Loeb Aron &
Company Ltd. The issue was together with 400,000 warrants exercisable for two
years at 6p per warrant.

Beowulf's Ruoutevare project translates to mean "iron mountain" and has a
non-JORC compliant resource, as verified by Snowden Mining Industry Consultants
(Snowden), of 116 million tonnes, grading 38.2% iron, 5.6% titanium dioxide and
0.17% vanadium oxide. Detailed geological mapping has been completed over the
exploration concession and indicates that there are two mineralised lens
overlying each other. The Directors believe that the mapping suggests that the
mineral resource can be increased by further diamond drilling. This drilling is
due to start in September 2007 and the intention is to make the mineral
resource JORC compliant as recommended by Snowden. The drilling will be
extended to include ten to twelve extra holes laid out in a cruciform manner
with strict geological control and the drilling will continue thereafter in
2008. Beowulf commissioned the Swedish Raw Material Group (RMG) to conduct a
scoping study of the economics of development of the Ruoutevare deposit. RMG
based its study on the approximate current iron ore and titanium dioxide prices
and concluded that at a throughput of 10 million tonnes per year, with trucking
the concentrates to the rail head, would yield positive results. The extra
drilling to extend the resource estimate, addressing transport issues and
subsequent discussions with state bodies/off take clients will be factored into
the scoping study in 2007 and 2008.

In June 2007 Beowulf reported the signing of an option and earn-in agreement on
the Ballek 2, 3, 4 and 5 exploration permits that cover 110 square kilometers
of Arjeplog County of Northern Sweden. Agricola Resources PLC ("Agricola") has
been granted an option to acquire a 51% interest in the licences by undertaking
magnetotelluric, induced polarisation and resistivity surveys, followed by
3,000 meters of diamond drilling. Agricola has agreed to conduct the programme
by 31 December 2008. The surveys are intended to identify targets associated
with the gravity anomaly under the claim block, and to identify any iron oxide
copper gold (IOCG) deposits that may be present in the Ballek area. It is
intended that Beowulf will incorporate a new subsidiary company to hold the
Ballek exploration permits and that, following completion of the agreed work
programme, Agricola will be given a 51% shareholding in this company. By
spending an additional US$500,000 Agricola can increase its interest in the
Ballek licences to 70%. Subsequent expenditure on the Ballek exploration
permits will be made pro rata to Beowulf and Agricola's respective interests,
subject to adjustment in the event that one party chooses not to fund their
proportion of such expenditure. Agricola Resources PLC
(www.agricolaresources.com) is a company engaged in uranium exploration and
development. Agricola Resources PLC is a public company whose shares are traded
on the PLUS Market. It recently raised £467,800 in exploration finance through
an investment in Agricolas equity made by Energy Ventures Limited (ASX: EVE), a
Perth based company listed on the ASX Australian Stock Exchange. EVE will also
give valuable technical backing on the Ballek project to Agricola. This will
enables Beowulf to advance its projects whilst maintaining its existing cash
resources.

In August 2007 Beowulf reported on a program of 3D modelling of regional
gravity and aeromagnetic data has been completed over the Ballek JV. Results
from this modelling have identified several high-ranked targets for follow-up
ground geophysical surveys and generally confirmed the prospectivity of the
project for copper-gold-uranium mineralization. Geophysical surveys have
commenced in September 2007.

In June 2007 Beowulf reported on the latest diamond drilling programme on the
company's 100% owned Grundträsk gold project in the Skellefte Mining District,
N. Sweden. The drill programme tested the southern extension where higher gold
grades were noted from previous drilling in 2005 by Beowulf. During 2006 and
early 2007 an additional 10 diamond drill holes were completed on the
Grundträsk project. The holes were all targeted on the structure, now called
the Southern Gold Structure that was identified by DDH 05004. Drilling has
outlined a sigmoidal shaped mineralised zone consisting of dense sheet-veining
over a strike length of greater than 160m with widths of up to 20 meters. Gold
grades of up to 5.2m at 4.28g/t have been returned from the Southern Gold
Structure. Geological interpretation of drill core from Grundträsk has
demonstrated the existence of a mineralised corridor in which sigmoidal gold
bearing structures, of which the Southern Gold Structure is just one example,
occur over a strike length in excess of 800m. The mineralised structures are
characterised by intense micro-veining of quartz, arsenopyrite and chalcopyrite
in a host of silicified intermediate lavas of the Vargfors Formation.
Conspicuous molybdenite (the major ore mineral of molybdenum) also occurs in
veins in some of the drill holes. The gold is believed to be carried in the
chalcopyrite. Highlights of the recent drill campaign include 5.2m at 4.28g/t
Au from 5.8m and 16.9m at 1.86g/t Au from 15.5m in DDH 06002, 18m at 1.77g/t Au
from 41m in DDH 06005. Beowulf is seeking a joint venture partner to continue
the exploration and development of the Grundträsk Gold Project.

With diamond drilling on Ruoutevare and geophysics and diamond drilling on
Ballek planned for the last four months of 2007, the Directors look forward to
releasing regular newsflow over the coming months.

Dr. Robert Young

Chairman, Beowulf Mining Plc

5 September 2007



BEOWULF MINING PLC

PROFIT AND LOSS ACCOUNT

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

___________________________________________________________________

                                                (Unaudited)   (Unaudited)    (Audited)
                                                6 months to   6 months to    Year Ended
                                               30 June 2007  30 June 2006   31 December 2006

                                                    £              £             £ 

Turnover                                           Nil            Nil           Nil

Administrative expenses                         (198,662)      (144,267)      (338,286)

Other operating income                             150             -            250

                                                 _______        _______        _______
      
Loss on ordinary activities before

interest                                        (198,512)      (144,267)      (338,036)

Other interest receivable and similar

income                                            6,342          9,651         19,760

                                                 _______        _______        _______
  
Loss on ordinary activities before

taxation                                        (192,170)      (134,616)      (318,276)

Tax on loss on ordinary activities                 -               -              -

                                                 _______        _______        _______
  
Loss on ordinary activities after

taxation                                        (192,170)      (134,616)      (318,276)

_______ _______ _______

Basic loss per share                             (0.28p)        (0.22p)        (0.50p)

Diluted loss per share                           (0.23p)        (0.15p)        (0.35p)

The profit and loss account has been prepared on the basis that all operations
are continuing operations.

There are no recognised gains and losses other than those passing through the
profit and loss account.



BEOWULF MINING PLC

BALANCE SHEET

UNAUDITED RESULTS AS AT 30 JUNE 2007

___________________________________________________________________

                                               (Unaudited)    (Unaudited)     (Audited)
                                                at 30 June    at 30 June    at 31 December
                                                   2007          2006           2006

                                                     £             £              £

Fixed assets

Intangible assets                                258,586        187,438        232,894

Tangible assets                                   1,837          2,413          2,100

Investments                                      265,398        222,250        227,405

                                                 _______        _______        _______

                                                 525,821        412,101        462,399

Current assets

Debtors                                          48,338          21,371         17,348

Cash at bank and in hand                        236,067         735,083        495,653

                                                _______         _______        _______

                                                284,405         756,454        513,001

Creditors: amounts falling due

within one year                                 (13,987)         (8,134)       (24,984)

                                                _______          _______        _______
   
Net current assets                              270,418          748,320        488,017

                                                _______          _______        _______

Total assets less current liabilities           796,239        1,160,421        950,416

                                                _______          _______        _______

Capital and reserves

Called up share capital                         663,982          663,982        663,982

Share premium account                         2,361,482        2,362,982      2,361,482

Capital Contribution                             46,451           46,451         46,451

Revaluation reserve                             160,398          147,250        122,405

Profit and loss account                      (2,436,074)      (2,060,244)    (2,243,904)

                                                _______          _______        _______

Shareholders' funds - equity interests          796,239        1,160,421        950,416

                                                _______          _______        _______

BEOWULF MINING PLC

CASH FLOW STATEMENT

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

___________________________________________________________________

                                                   (Unaudited)      (Unaudited)       (Audited)
                                                   6 months to      6 months to      Year Ended
                                                   30 June 2007     30 June 2006   31 December 2006

                                                        £                £                £

Net cash outflow from operating activities         (191,690)         (128,486)        (267,006)

Returns on investments and servicing

of finance

Interest received                                    6,342              9,651           19,760

_______ _______ _______

Net cash inflow for returns on investments

and servicing of finance                             6,342              9,651           19,760

Capital expenditure

Payments to acquire intangible assets               (74,238)           (61,848)        (141,367)

Payments to acquire tangible assets                     -               (2,216)         (2,216)

Payments to acquire investments                         -                  -            (30,000)

                                                     _______             _______         _______
   
Net cash outflow for capital expenditure            (74,238)            (64,064)        (173,583)

                                                    _______              _______         _______

Net cash outflow before management of

liquid resources and financing                     (259,586)            (182,899)       (420,829)

Financing

Issue of ordinary share capital                        -                 503,000          503,000

Cost of share issue                                    -                 (25,000)         (26,500)

                                                    _______              _______          _______

Issue of shares                                        -                 478,000          476,500

                                                    _______              _______          _______
  
Net cash inflow from financing                         -                 478,000          476,500

                                                    _______              _______          _______

Decrease/(Increase) in cash in the period          (259,586)             295,101           55,671

                                                    _______              _______          _______

BEOWULF MINING PLC

NOTES TO THE CASH FLOW STATEMENT

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

___________________________________________________________________

                                                  (Unaudited)            (Unaudited)      (Audited)
1 Reconciliation of operating loss to net         6 months to            6 months to     Year Ended
cash outflow from operating activities            30 June 2007          30 June 2006   31 December 2006

                                                       £                      £               £

Operating loss                                     (198,512)              (144,267)       (338,036)

Depreciation of tangible assets                       263                    205             518

Amortisation of intangible assets                   48,547                 20,042          54,105

Increase in debtors                                (30,990)                (5,014)          (991)

(Decrease)/Increase in creditors within one year   (10,998)                 548            17,398

                                                    _______                 _______       _______

Net cash outflow from operating activities         (191,690)              (128,486)       (267,006)

                                                    _______                 _______       _______
 
                                                  (Unaudited)            (Unaudited)      (Audited)
                                                  6 months to            6 months to      Year Ended
2 Analysis of net funds                           30 June 2007          30 June 2006    31 December 2006

                                                      £                       £                £

Net cash at start of period                        495,653                 439,982         439,982

(Decrease)/Increase in net funds from cash flows  (259,586)                295,101          55,671

                                                    _______                _______         _______

Net cash at end of period                           236,067                 735,083        495,653

                                                    _______                _______         _______

                                                 (Unaudited)             (Unaudited)      (Audited)
3 Reconciliation of net cash flow to             6 months to              6 months to     Year Ended
movement in net funds                           30 June 2007             30 June 2006   31 December 2006

                                                     £                          £              £

(Decrease)/Increase in cash in the year           (259,586)                  295,101        55,671

                                                   _______                   _______        _______

Movement in net funds in the period               (259,586)                  295,101        55,671

Opening net funds                                  495,653                   439,982        439,982

                                                   _______                   _______         _______

Closing net funds                                  236,067                   735,083        495,653

                                                   _______                   _______         _______




BEOWULF MINING PLC

NOTES TO THE FINANCIAL STATEMENTS

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

___________________________________________________________________

1 Basis of preparation of interim accounts

The accounts for the company for the six months ended 30 June 2007, which are
unaudited, have been prepared on the basis of the accounting policies used in
the audited financial statements for the year end 31 December 2006 as set out
in note 2 below.

The financial information does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985.

2 Accounting policies

2.1 Accounting convention

The financial statements are prepared under the historical cost convention
modified to include the revaluation of investments.

2.2 Compliance with accounting standards

The financial statements are prepared in accordance with applicable United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice), which have been applied consistently (except as otherwise stated).

2.3 Intangible fixed assets - exploration costs

Expenditure on the acquisition costs, exploration and evaluation of interests
in licences including related overheads are capitalised. Such costs are carried
forward in the balance sheet under intangible assets and amortised over the
maximum period of the licences in respect of each area of interest where:

a) such costs are expected to be recouped through successful development and
exploration of the area of interest or alternatively by its sale.

b) exploration activities have not yet reached a stage that permits a
reasonable assessment of the existence or otherwise of economically recoverable
reserves and active operations in relation to the areas are continuing.

An annual impairment review is carried out by the directors to consider whether
any exploration or development costs have suffered impairment in value and if
necessary provisions are made accordingly.

Accumulated costs in respect of areas of interest, which have been abandoned
are written off to the profit and loss account in the year in which the area is
abandoned.

Exploration costs are carried at the lower of cost and net realisable value.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation
less estimated residual value of each asset over its expected useful life, as
follows:

Plant and equipment 25% on reducing balance

BEOWULF MINING PLC

NOTES TO THE FINANCIAL STATEMENTS

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

2.5 Investments

Fixed asset investments are stated at open market value. The revaluation
adjustment is taken to the revaluation reserve.

2.6 Deferred taxation

The accounting policy in respect of deferred tax has been changed to reflect
the requirements of FRS19 - Deferred tax. Deferred tax is provided in full in
respect of taxation deferred by timing differences between the treatment of
certain items for taxation and accounting purposes. The deferred tax balance
has not been discounted. A deferred tax asset is not recognised unless recovery
is expected in the foreseeable future.

2.7 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are
translated into sterling at the rates of exchange ruling at the balance sheet
date. Transactions in foreign currencies are recorded at the rate ruling at the
date of the transaction. All differences are taken to profit and loss account.

3 Earnings per share

Basic loss per share has been calculated using the weighted number of shares of
69,398,247 (30 June 2006 - 61,089,297 and 31 December 2006 - 63,570,576).
Diluted loss per share has been calculated using the weighted average number of
shares of 83,098,247 (30 June 2006 - 91,658,246 and 31 December 2006 -
91,209,358).

BEOWULF MINING PLC

INDEPENDENT REVIEW REPORT

UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2007

___________________________________________________________________

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2007 which comprises the profit and loss account,
balance sheet, cash flow statement and related notes. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.

Directors Responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report which require that the
accounting policies and presentation applied to the interim report should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of management and applying
analytical procedures to the financial information and underlying financial
data and based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modification that
should be made to the financial information as presented for the six months
ended 30 June 2007.

Price Bailey LLP
Chartered Accountants
Richmond House
Broad Street
Ely, Cambs.