Wolf Minerals Regulatory News (WLFE)

17 June 2013

Wolf Minerals Limited

("Wolf" or "the Company")(ASX: WLF AIM: WLFE)

Investor Update

ISSUE 13: June 2013

Welcome to the June issue of the Wolf Minerals Investor Update.

I am delighted to report that after many months of committed effort by the Company and our funding partners we recently finalised a funding package for the development of the Hemerdon tungsten and tin project, totalling in the order of A$212 million.

Wolf has moved quickly to draw down the first installment, of US$10 million. We have also received US$7 million from Resource Capital Funds as consideration for a royalty they have purchased over future output from the project.

The provision of this funding has allowed us to begin development at the project, and I am pleased to report that we have now commenced the £75 million Engineer Procure and Construct (EPC) contract with GR Engineering Services.

Against the backdrop of increasingly difficult conditions in investment markets, the achievement of finalising this funding package and commencing development is extremely meritorious and I would like to extend my appreciation to all involved.

Since the last Investor Update we have short listed the project's Mining contract, completed further senior management appointments, and continued with archaeological work and property acquisitions at the project site.

At this time I would also like to welcome Michael Wolley to the Wolf board as a non-executive director. A highly qualified and experienced mining executive, Michael, joins the board as the nominee of our newest strategic investor, TTI (NZ) Limited. He will replace one of the Company's founders, Jonathan Downes. I would like to thank Jonathan for all his input in to the growth of Wolf over the past six years.

I trust you enjoy this issue of the Wolf Minerals Investor Update.

Humphrey Hale

Managing Director

HEMERDON DEVELOPMENT UNDERWAY

The Company is delighted to report that it recently formally commenced development of the Hemerdon tungsten and tin project.

The first drawdown of funds from the project's funding package has been received, which allowed the £75 million Engineer Procure Construct (EPC) contract with GR Engineering Services to commence.

The first drawdown was US$10 million, from a US$75 million Bridge Finance Facility provided by Resource Capital Fund V L.P (RCF). Wolf has also received US$7 million consideration for a 2% Royalty, purchased by RCF, on gross revenues from all metals and minerals produced from the Hemerdon project.

The funds will be utilised by Wolf to;

·; Commence the EPC contract;

·; Continue the purchase of properties around project site required under the terms of the project's planning permission; and

·; Provide working capital.

The EPC contract is a key component of the Hemerdon project. It is a fixed price, fixed term (24 months from the commencement date) contract for the design, construction and commissioning of a 3Mtpa tungsten and tin mineral processing plant plus associated infrastructure.

The Company advises that it has purchased a number of properties required to develop the Hemerdon project site and negotiated options-to-purchase with the majority of the remaining landowners. It will now move to exercise all options-to-purchase and finalise option agreements with the remaining landowners.

PROJECT FUNDING PACKAGE FINALISED

In May Wolf completed details of a major funding package for the development of the Hemerdon project, totaling A$192 million.

Documentation was finalised for the £75 million (~A$113 million) senior debt component of the project finance and a US$82 million (A$79 million) funding package provided by Resource Capital Funds.

Together, these funds form the bulk of the total ~A$212 million in funding arrangements that are now in place for the development of the Hemerdon project. TTI (NZ) Limited recently invested A$20.3 million in Wolf via an equity placement.

With the first drawdown of funds now received, Wolf is able to commence the development of the project. This is a major milestone for Wolf and our plans to bring Hemerdon in to production as a world class tungsten and tin mining operation. Updates on development progress at the project will be provided in due course.

Key components of funding package recently completed;

·; £75 million (~A$113 million) Senior Debt Project Facility with UniCredit Bank AG, ING Bank N.V. and Caterpillar Financial SARL, incorporating a £70 million loan facility and a £5 million Bond facility.

·; US$82 million (~A$79 million) funding package provided by Resource Capital Fund V L.P. (RCF). This comprises a 12 month secured Bridge Finance Facility of US$75M (~A$72M) to provide funding for development activities and the commencement of construction at Hemerdon.

·; US$7M (~A$7M) consideration for the purchase of a 2% Royalty by RCF on gross revenues from all metals and minerals produced from the project.

Further details are available on the Wolf website.

BINDING OFF-TAKE AGREEMENTS COMPLETED

In May the company completed another major milestone when it signed binding tungsten off-take agreements with major global tungsten market players, Wolfram Bergbau und Hutten AG, Austria, and Global Tungsten & Powders Corp, Pennsylvania, USA. Under the agreements Wolf will supply 80% of the Hemerdon project's expected average, annual tungsten concentrate output (as outlined in the project's Definitive Feasibility Study) for a period of a minimum of five years, extendable under mutual consent.

NEW DIRECTOR APPOINTED

In June the Company announced the appointment of Mr Michael Wolley as a new non-executive director.

Mr Wolley joins the Wolf board as the nominee of its newest investor TTI (NZ) limited, which recently subscribed for a 19.9% interest in the Company.

He replaces one of Wolf's founders, Mr Jonathan Downes, who has stepped down to focus on other commitments. Mr Wolley, who has First Class Honours in Chemical and Materials Engineering from the University of Auckland, is the former chief operating officer of rare earths developer Lynas Corporation. He has also held senior executive roles with Mobil Australia and BlueScope Steel China.

Mr Wolley is vice-president, minerals for TTI (NZ) Limited's parent, Todd Corporation, which is a private, New Zealand-based entity with a diverse range of business interests.

The Company has also made significant progress on other key activities required for the development of the Hemerdon project. These include:

·; Hemerdon Mining Contract shortlisted following the recent award of the project's EPC Contract. Wolf has shortlisted a number of groups for the Mining Contract for Hemerdon and hopes to be in a position to announce the contract award shortly.

·; Archeological work at the Hemerdon site is being carried out in line with a pre-approved plan agreed with the Devon County Council and English Heritage. This has been designed so that clearance can be given for operational areas ahead of development. No material issues have been uncovered to date and progress is proceeding to schedule.

·; Senior management personnel appointed. An Environmental Manager for the Hemerdon Project was recently appointed, and in the short term Wolf is also seeking to appoint a Mine Manager for the project. Further additions to the management team will be made as the project is developed.

For further details, please contact:

Notes to Editors

Wolf Mineral is an ASX listed and AIM listed specialty metals company focused on developing the world class Hemerdon tungsten and tin project, in Devon, in the south-west of the UK. The Company holds an option over 100% of the Hemerdon project, which the Directors consider to be one of the largest undeveloped tungsten and tin resources in the western world. It is ranked as the fourth largest tungsten deposit in the world in terms of contained tungsten metal, by The British Geological Survey. The Company aims to develop the project into a large scale, open pit mining operation, which will position it as a world class tungsten and tin producer. Wolf released a positive Definitive Feasibility Study for the Hemerdon project in 2011, and it has updated planning permission for mining until 2021.