Final Results

Beowulf Mining PLC
20 March 2006



BEOWULF MINING PLC

CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

Your directors are pleased to report the final results for Beowulf Mining plc
('Beowulf') for the year to 31st December 2005. The past twelve months have seen
considerable progress in developing Beowulf into a diversified natural resource
company focused on Sweden. Whilst substantial progress has been made, there have
also been some disappointments and setbacks, most notably the decision by Phelps
Dodge Exploration Sweden AB ('Phelps Dodge') to withdraw from its joint venture
agreement on the Jokkmokk copper-gold property in northern Sweden. However, the
disappointment at Jokkmokk has been offset by the granting of the Ballek
licences in northern Sweden, now the subject of a joint venture with the
Canadian based Vismand Exploration Inc., and the more recent granting of the
Ruoutevare titanium concession.

Sweden, with its favourable fiscal legislation for mining and exploration, is
still experiencing an exploration boom. There is an increased demand for
commodities from the newly-emerging BRIC group of nations, in particular India
and China.

A funding round raising £110,000 in February 2005 and a £500,000 placing with
RAB Capital plc's Special Situations Fund in April, provided Beowulf with
sufficient equity to join London Stock Exchange plc's AIM Market in May. Beowulf
enjoyed just under two years of steady development on the Ofex market, and
joining AIM in May 2005 has provided the company with access to a greater source
of capital and a larger number of investors, from institutions to our valued
private shareholders. The company would like to extend its gratitude for
assistance in the AIM floatation to its Nominated Adviser, Ruegg & Co Ltd., and
to its house-broker, King & Shaxon Capital Ltd. In conjunction with its move to
AIM the company changed its name from Beowulf Gold to Beowulf Mining, in order
to better reflect its diversified activities.

Beowulf continues to look for a major Iron Oxide Copper Gold (IOCG) deposit in
Sweden.

The initial diamond drill intersection of 110 metres of 0.82% copper equivalent
on the Majves 1 exploration permit, in the Jokkmokk area of Northern Sweden in
2004, was unfortunately not replicated by Phelps Dodge's drilling efforts on
other targets in 2005. Phelps Dodge, which used mobile metal ion geochemistry to
guide their drilling, was disappointed by the results and subsequently withdrew
from the joint venture. Beowulf has now received all the drilling data and is
compiling the results into a map information and discovery software package. It
hopes to continue the drilling of the deposit in 2006 via another joint venture,
if a suitable partner can be found or, subject to the Company's exploration
budget, by itself. The directors still believe that the Majves 1 project
harbours the potential for an IOCG deposit.

Shortly after joining AIM in May 2005, Beowulf acquired additional licences at
Ballek, Arjeplog County, Northern Sweden. A further licence at Ballek was
acquired in August. The Ballek licences contain several copper gold deposits,
including the Lulepotten deposit which was drilled by the Geological Survey of
Sweden (SGU) between 1960 and 1971, and was found to contain 5.1 million tonnes
of copper at a grade of 0.73% and 0.25 grams per tonne of gold. Significantly
all the prospects overlie a large gravity anomaly. In December Beowulf signed an
option and earn-in agreement with Vismand Exploration Inc. ('Vismand') on the
Ballek properties. Under this agreement Vismand has agreed to undertake a deep
sensing Titan 24 geophysical study over the area and conduct 3000 metres of
diamond drilling in order to acquire a 50% interest in the licences. A Titan 24
survey includes induced polarization, resistivity and magnetotelluric methods.
It is hoped that an IOCG deposit will be
located in the area. Vismand is a private Canadian company which has a strong,
experienced board and exploration team, and which recently raised C$15,800,000.

Early in 2005 diamond drilling was undertaken on the Grundtrask licences in
the Skellefte Mining District. An intersection of 30 metres of 1.14 grams per
tonne of gold was obtained.

In July 2005 Beowulf undertook helicopter-assisted geological studies on the
Ussalahti licences and located high grade copper boulders overlying geophysical
anomalies.

Diamond drilling is planned on both the Grundtrask and Ussalahti licences.

In January 2006 Beowulf registered a claim in the Ruoutevare area within the
Jokkmokk County, approximately 50 km west of Beowulf's Majves' claims in
northern Sweden. The permit covers the Ruoutevare titaniferous iron deposit,
which has been known of since the 18th century and which has been the subject of
several investigations during the last century. However, as yet no production
has occurred. The investigated part of the deposit is relatively flat lying, and
covers an area of 387,000 square metres. Most of the deposit is outcropping or
at shallow depth. The reserves from the most recent study in 1975 by the
Geological Survey of Sweden (SGU) are estimated
at 116 million tonnes, with an average grade of 38.2% Fe (iron), 5.6% Ti
(titanium) and 0.17% V (vanadium). A richer section of 20 million tonnes is
registered with a grade of 47% Fe, 11% TiO2 and 0.15% V2O5. Beowulf will obtain
a bulk sample of the titaniferous iron deposit either from outcrop or a
composite from the previous diamond drilling to work with LKAB, the Swedish Iron
Ore Company, in order to see if a titanium and iron metallurgical separation can
be obtained economically.

Beowulf continues to hold 7.5 million shares in Ofex-listed Agricola Resources
plc, representing 6.95% of the issued share capital. Agricola is rapidly
advancing its uranium projects in Finland, which show signs of delivering real
shareholder value.

In addition to its holding in Agricola, in early 2006 Beowulf was gifted 5
million shares in All Star Minerals plc, which is anticipated to commence
trading on the Ofex market in the near future. All Star Minerals' intends to
focus on the exploration and production of thorium, an element which its
directors believe will be used as a near-term fuel in nuclear reactors.

I would like to thank our shareholders for their support and my fellow directors
for their efforts during 2005. I am optimistic of progress in 2006 and the
directors of Beowulf will continue their efforts to increase the value of the
Company.



Robert Young
Chairman
20 March 2006


BEOWULF MINING PLC

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

                                                 2005                   2004
                                                                 as restated
                                                    £                      £

Administrative expenses                      (354,875)              (166,530)

Operating loss                               (354,875)              (166,530)

Profit on sale of assets                 -              69,488

                                                    -                 69,488

Loss on ordinary activities before           (354,875)               (97,042)
interest

Other interest receivable and similar          13,896                  1,222
income

Loss on ordinary activities before           (340,979)               (95,820)
taxation

Tax on loss on ordinary activities                  -                      -

Loss on ordinary activities after            (340,979)               (95,820)
taxation


Loss per share                                  (0.65)p                (0.26)p

Diluted loss per share                          (0.42)p                (0.16)p



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



BEOWULF MINING PLC

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

                                                    2005               2004
                                                                as restated
                                                       £                  £

Loss for the financial year                     (340,979)           (95,820)

Unrealised surplus on trade investment           239,063             37,500

Total recognised gains and losses relating to
the year                                        (101,916)           (58,320)




BEOWULF MINING PLC

BALANCE SHEET
AS AT 31 DECEMBER 2005
--------------------------------------------------

                                                           2005          2004
                                                                  as restated
                                     £             £          £             £

Fixed assets
Intangible assets                            145,632                  102,921
Tangible assets                                  402                      127
Investments                                  351,563                  112,500

                                             497,597                  215,548
Current assets
Debtors                             16,357                    6,609
Cash at bank and in hand           439,982                  194,730

                                   456,339                  201,339
Creditors: amounts falling due
within one                          (7,586)                  (4,958)
year

Net current assets                           448,753                  196,381

Total assets less current liabilities        946,350                  411,929

Capital and reserves
Called up share capital                      560,982                  420,896
Share premium account                      1,987,982                1,491,731
Revaluation reserve                          276,563                   37,500
Capital contribution                          46,451                   46,451
Profit and loss account                   (1,925,628)              (1,584,649)

Shareholders' funds - equity                 946,350                  411,929
interests




BEOWULF MINING PLC

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

                                                   2005                 2004
                                           £          £         £          £

Net cash outflow from operating activities     (323,061)            (152,420)

Returns on investments and servicing
of finance
Interest received                     13,896                1,222

Net cash inflow for returns on
investments and                                  13,896                1,222
servicing of finance

Capital expenditure
Payments to acquire intangible       (81,570)             (54,847)
assets
Payments to acquire tangible assets     (350)                   -
Cost of disposal of assets                 -               (5,512)

Net cash outflow for capital                    (81,920)             (60,359)
expenditure

Net cash outflow before management
of liquid                                      (391,085)            (211,557)
resources and financing

Financing
Issue of ordinary share capital      654,869              297,850
Cost of share issue                  (18,532)              (8,010)

Issue of shares                      636,337              289,840

Net cash inflow from financing                  636,337              289,840

Increase in cash in the year                    245,252               78,283





BEOWULF MINING PLC

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

1   Reconciliation of operating loss to net cash            2005        2004
    outflow from operating activities
                                                               £           £

    Operating loss                                      (354,875)   (166,530)
    Depreciation of tangible assets                           75          48
    Amortisation of intangible assets                     38,859      14,865
    (Increase)/decrease in debtors                        (9,748)        131
    Increase/(decrease) in creditors within one            2,628        (934)
    year

    Net cash outflow from operating activities          (323,061)   (152,420)

2   Analysis of net     1 January 2005  Cash flow   Other non-cash 31 December
    funds                                                changes        2005
                                    £           £              £           £
    Net cash:
    Cash at bank and in       194,730     245,252              -     439,982
    hand

    Bank deposits                   -           -              -           -

    Net funds                 194,730     245,252              -     439,982

3   Reconciliation of net cash flow to movement in          2005        2004
    net funds
                                                               £           £

    Increase in cash in                                  245,252      78,283
    the year

    Movement in net funds in the year                    245,252      78,283
    Opening net funds                                    194,730     116,447

    Closing net funds                                    439,982     194,730



BEOWULF MINING PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
--------------------------------------------------

1 Information
The financial information set out in this report, which was approved by the
directors on 20 March 2006 does not constitute the Company's statutory accounts
for the year ended 31 December 2005 or 31 December 2004 but is derived from 
those accounts.
Statutory accounts for 2004 have been delivered to the Registrar of Companies 
and those for 2005 will be delivered following the Company's Annual General
Meeting.
The auditors have issued an unqualified report in respect of the 2005 accounts.

The report and accounts for the year ended 31 December 2005 will be sent to
shareholders shortly. The Annual General Meeting of the Company will be held on
21 April 2006.
  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   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 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

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
      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.

2.6   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
52,711,888 (31 December 2004 - 37,119,333). Diluted loss per share has been
calculated using the weighted average number of shares of 81,908,246 (31 
December 2004 - 60,718,998).


For further information contact :

Dr Robert Young, Beowulf Mining plc Tel. [phone]

Mr Gavin Burnell, Ruegg & Co Limited Tel. [phone]

Mr Gary Middleton, St. Swithins PR Tel. [phone]

Mr. Nick Bealer, King & Shaxson Tel. [phone]




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