Interim Results

Beowulf Mining PLC
20 September 2006


BEOWULF MINING PLC


CHAIRMANS STATEMENT

FOR THE 6 MONTHS TO 30 JUNE 2006
      ___________________________________________________________________


The Board of Beowulf Mining PLC ('Beowulf') are pleased to report the interim
results to 30 June 2006. Beowulf concentrated the majority of its efforts on the
Ruoutevare iron titanium deposit and the Grundtrask gold deposit in the first
six months of 2006.


The main corporate developments in the first six months of 2006 were:

i)    On the 31st March 2006 City Equities arranged a private placing
raising £500,000 before expenses via the issue of 10,000,000 shares at 5p per
share.

ii)   On the 29th June 2006 Beowulf appointed City Capital Securities
Limited as joint broker to the Company. This is in addition to King & Shaxson
Capital Limited who remain a broker to the Company.

Beowulf now has interests in six areas of Northern Sweden:

i)    Ruoutevare - an iron titanium deposit on which Beowulf is
      investigating the ecomonics of development;

ii)   Grundtrask - a gold prospect which is returning high grade drill
      sections;

iii)  Ballek - an iron oxide copper gold (IOCG) prospect;

iv)   Jokkmokk - an iron oxide copper gold (IOCG) prospect;

v)    Kallek - an iron ore prospect; and

vi)   Ussalahti - a massive copper pyrite prospect.

Beowulf was granted an exploration permit for Ruoutevare on the 26th March 2006.
A previous resource estimate carried out by the Geological Survey of Sweden
(Sveriges Geologiska Undersoknning -'SGU') in 1975 reported a resource of 116 Mt
of material averaging 38% iron, 5.6% titanium and 0.17% vanadium based on 32
drill holes. A richer section of 20 Mt is registered with a grade of 47% iron,
10% titanium and 0.14% vanadium. Snowden Mining Industry Consultants Limited
('Snowden') has completed a technical review of the previous work and has also
undertaken a preliminary geostatistical analysis of the drill holes to support
the preparation of a JORC-compliant resource report. Snowden concluded that the
volumes, tonnages and average grades of the 116 Mt resource are of the order of
magnitude reported by the SGU in 1975. However they cannot be regarded as being
equivalent to a JORC-compatible inferred resource and Snowden has therefore
suggested additional work, which includes re-drilling of holes as well as the
drilling of additional, closer spaced, drill holes to assess the deposit. Ten to
twelve drill holes are suggested and these are planned for early 2007. If this
work confirms the previous estimates it is intended that a JORC compliant
resource report will be produced.

Beowulf has commissioned the Raw Material Group of Sweden, ('RMG' www.rmg.se) to
prepare a scoping study of the Ruoutevare deposit. RMG will make an assessment
of the potential value of the iron, titanium, vanadium project and examine
capital costs, operational costs and the potential revenue receivable from
exploiting the Ruoutevare deposit at various mining outputs. The Raw Material
Group is one of Europe's leading groups of mineral economists. It has recently
published 'The Iron Ore Market 2005-2007' which was compiled for the United
Nations Conference on Trade and Development.

If the scoping study and the additional drilling in 2007 prove positive Beowulf
intends to prepare a feasibility study and apply for a Mining Licence over the
Ruoutevare deposit in 2007.

In June 2006 Beowulf reported it had completed four diamond drill holes on the
Company's 100% owned Grundtrask gold project in the Skellefte Mining District,
N. Sweden. The drill program tested the southern extension of the 'Central Gold
Zone' outlined from earlier drilling by Beowulf.

All four holes have encountered abundant sulphide mineralisation over
substantial widths. The sulphides are composed of relatively fine grained
arsenopyrite, pyrite and chalcopyrite appearing as massive veins and
disseminations. Two drill holes 06-002 and 06-2003 both recorded gold grades in
excess of 2 g/t over 27 meters under overburden generally less than 12m thick.
'The Central Gold Zone' at Grundtrask is now known to extend for 750 metres with
an average width of 25 metres. It is open at the southern and northern
extensions. Further drilling will take place in 2006.

Beowulf owns 7,500,000 ordinary shares (or 8.3%) of Agricola Resources PLC,
which is engaged in uranium exploration in Finland, and 5,000,000 ordinary
shares (or 8%) of All Star Minerals PLC which is involved in thorium
exploration. Both of these companies are PLUS-quoted (OFEX).

The directors are very encouraged by the developments in the first part of 2006.

Dr. Robert Young

Chairman
Beowulf Mining PLC
20 September 2006


BEOWULF MINING PLC

PROFIT AND LOSS ACCOUNT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2006
___________________________________________________________________


                                       (Unaudited)  (Unaudited)   (Audited)
                                      6 months to   6 months to   Year Ended
                                     30 June 2006 30 June 2005 31 December 2005

                                          £              £             £

Turnover                                 Nil            Nil            Nil


Administrative expenses              (144,267)      (224,843)      (354,875)

Loss on ordinary activities before
interest                             (144,267)      (224,843)      (354,875)

Other interest receivable and similar
income                                  9,651         72,074         13,896

Loss on ordinary activities before
taxation                             (134,616)      (152,769)      (340,979)

Tax on loss on ordinary activities       -              -              -
_
Loss on ordinary activities after
taxation                             (134,616)      (152,769)      (340,979)

Basic loss per share                  (0.22p)        (0.31p)        (0.65p)

Diluted loss per share                (0.15p)        (0.20p)        (0.42p)



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 2006
___________________________________________________________________


                                  (Unaudited)    (Unaudited)        (Audited)
                                at 30 June at    30 June at        31 December
                                     2006           2005              2005

                                       £              £                 £

Fixed assets

Intangible assets                    187,438        149,210           145,632

Tangible assets                        2,413            438               402

Investments                          222,250        178,125           351,563

                                     412,101        327,773           497,597



Current assets

Debtors                               21,371         27,837            16,357

Cash at bank and in hand             735,083        553,932           439,982

                                     756,454        581,769           456,339


Creditors: amounts falling due
within one year                       (8,134)       (15,420)           (7,586)

Net current assets                   748,320        566,349           448,753

Total assets less current 
liabilities                        1,160,421        894,122           946,350

Capital and reserves

Called up share capital              663,982        560,732           560,982

Share premium account              2,362,982      1,986,856         1,987,982

Capital Contribution                  46,451         46,451            46,451

Revaluation reserve                  147,250        103,125           276,563

Profit and loss account           (2,060,244)    (1,803,042)       (1,925,628)

Shareholders' funds - 
equity interests                   1,160,421        894,122           946,350


BEOWULF MINING PLC

CASH FLOW STATEMENT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2006
___________________________________________________________________


                                   (Unaudited)     (Unaudited)       (Audited)
                                   6 months to     6 months to      Year Ended
                                  30 June 2006    30 June 2005 31 December 2005

                                        £               £                £


Net cash outflow from operating 
activities                          (128,486)       (218,575)        (323,061)

Returns on investments and servicing
of finance
Interest received                      9,651           6,449           13,896

Net cash inflow for returns on 
investments
and servicing of finance               9,651           6,449           13,896

Capital expenditure
Payments to acquire intangible 
assets                               (61,848)        (63,304)        (81,570)

Payments to acquire tangible assets   (2,216)           (329)           (350)

Cost on disposal of assets                -               -                 -

Net cash outflow for capital 
expenditure                          (64,064)        (63,633)        (81,920)

Net cash outflow before management 
of liquid resources and financing   (182,899)       (275,759)       (391,085)

Financing

Issue of ordinary share capital      503,000         653,492         654,869

Cost of share issue                  (25,000)        (18,531)        (18,532)

Issue of shares                      478,000         634,961         636,337

Net cash inflow from financing       478,000         634,961         636,337

Increase in cash in the period       295,101         359,202         245,252


BEOWULF MINING PLC

NOTES TO THE CASH FLOW STATEMENT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2006
___________________________________________________________________

                                            (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 2006 30 June 2005 31 December
                                                                        2005
                                                  £          £            £

Operating loss                                (144,267)   (224,843)   (354,875)

Depreciation of tangible assets                    205          18          75

Amortisation of intangible assets               20,042      17,015      38,859

Profit on sale of intangible fixed assets          -            -            -

(Increase)/Decrease in debtors                  (5,014)    (21,227)     (9,748)

Increase/(Decrease) in creditors 
within one year                                    548      10,462       2,628

Net cash outflow from operating activities    (128,486)   (218,575)   (323,061)



                                          (Unaudited)  (Unaudited)  (Audited)
                                         6 months to  6 months to   Year Ended
2 Analysis of net funds                  30 June 2006 30 June 2005 31 December 
                                                                       2005
                                                £            £            £

Net cash at start of period                  439,982      194,730       194,730

Increase in net funds from cash flows        295,101      359,202       245,252

Net cash at end of period                    735,083      553,932       439,982



                                         (Unaudited)   (Unaudited)   (Audited)
3 Reconciliation of net cash flow         to 6 months to 6 months to Year Ended
movement in net funds                     30 June 2006 30 June 2005 31 December 
                                                                        2005
                                               £             £            £

Increase in cash in the year                 295,101      359,202       245,252

Cash (inflow)/outflow from
- increase/(decrease) in debt                   -            -              -

Movement in net funds in the period          295,101      359,202       245,252

Opening net funds                            439,982      194,730       194,730

Closing net funds                            735,083      535,932       439,982


BEOWULF MINING PLC

NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2006
___________________________________________________________________

1 Basis of preparation of interim accounts

The accounts for the company for the six months ended 30 June 2006, 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 2005 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.

2.2 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.

Exploration costs were re-categorised in 2004 from tangible fixed assets.

2.3 Tangible fixed assets and depreciation

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

Plant and equipment 25% on reducing balance

2.4 Investments

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

2.5 Deferred taxation

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.


2.6 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
61,809,297 (30 June 2005 - 49,261,639 and 31 December 2005 - 52,711,888).
Diluted loss per share has been calculated using the weighted average number of
shares of 91,658,246 (30 June 2005 - 78,119,582 and 31 December 2005 -
91,908,246).

BEOWULF MINING PLC

INDEPENDENT REVIEW REPORT
UNAUDITED RESULTS FOR THE 6 MONTHS TO 30 JUNE 2006
___________________________________________________________________

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2006 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 misstatement or material inconsistencies with the financial
information. Our responsibilities do not extend to any other information.

This report, including the conclusion, has been prepared for and only for the
company for the purpose of their interim report and for no other purpose. We do
not, therefore in producing this report, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown.

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 and ensuring that the accounting
policies and presentation applied to the interim report are 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 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 2006.



Price Bailey LLP

Chartered Accountants

Richmond House

Broad Street

Ely, Cambs.






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