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1 ASX ANNOUNCEMENT 16 May 2011 Hemerdon Tungsten and Tin Project Definitive Feasibility Study Results Wolf Minerals Ltd (Wolf) (ASX:WLF) is pleased to announce a positive result from its Definitive Feasibility Study (DFS) of the Hemerdon project in the UK. The project includes a two stage open pit with a 10 year life and a 3Mtpa concentrator with associated infrastructure. The Wolf DFS follows on from an extensive feasibility study completed by AMAX Exploration UK in The DFS ungeared, post tax NPV for the project is 74M (AUD$118M) with a 21% IRR using an APT price of US$360/mtu and an 8% discount rate. The project has a C1 cash cost* of US$105/mtu including tin credits and a payback period for the DFS of 3.25 years. Wolf has calculated the value of the project using US$415/mtu, this produced an ungeared post tax NPV of 114M (AUD$182M) with a 26% IRR. Ammonium Para Tungstate (APT) is currently trading at US$460/mtu (Metal Pages 12 May 2011). Wolf Managing Director Humphrey Hale commented: The delivery of this study is the result of 4 years work by the study team, The Hemerdon project is poised to deliver a strong boost to the Devon economy and provide superior returns to Wolf shareholders. The 10 year DFS pit design is limited only by the approved planning permission and has the Resource potential for the mine life to be extended by many years. The board of Wolf has instructed management to proceed to bank the Hemerdon project and commence limited early works. Further details of the DFS are contained in the attached booklet which is available from the Company s website. Wolf Minerals Limited ASX: WLF Capital Structure 83.93M ordinary shares M options Mkt Cap@ 50c: ~AU$42M Board of Directors John Hopkins Non Executive Chairman Humphrey Hale Managing Director Jim Williams Non Exec Director Don Newport Non Exec Director Chris Corbett Non Exec Director Jonathan Downes Non-Executive Director Adrian Byass Non-Executive Director Richard Lucas Company Secretary Contact: Humphrey Hale Managing Director Wolf Minerals Ltd. 350 Hay Street Subiaco WA 6008 Ph: +61 (0) E: hhale@wolfminerals.com.au James Moses Media & Investor Relations Ph: +61 (0) E: james@mandatecorporate.com.au *1 C1 Cash costs are operating costs including mining, processing, site administration and royalties *2 The price for tungsten is best described by the price of APT. The price for APT is published by Metal Pages and Metals Bulletin. Tungsten product prices are quoted in metric tonne units or mtu, where 1 mtu = 10kg, so US$400/mtu equates to US$40,000/t.

2 HEMERDON Tungsten and Tin Project Definitive Feasibility Study 16 May 2011 DEFINITIVE FEASIBILITY STUDY OUTCOMES Ungeared post tax Project Net Present Value : 74 million (AUD$118 million) with a C1 cash cost* 1 of US$105 per mtu WO 3 Current Wolf Market Capitalisation AUD$42M at 50cents Payback period: 3.25 years Strategic metals - tungsten and tin Approved planning permission in the United Kingdom Short timeline to production Easy mining, Open pit project 4th largest tungsten resource in the World For further details please refer to company website. Refer cautionary statement on last page * 1 C1 Cash costs are operating costs including mining, processing, site administration and royalties Wolf Minerals 1

3 Table of Contents Section Page Feasibility Statement 3 Tungsten Market 5 Mineral Resources 6 Capital Costs 9 Operating Costs 10 Sensitivities 11 Development Timetable 12 Financing 13 Mining and Ore Reserves 13 Hydrology/Hydrogeology 15 Metallurgy 15 Concentrator 16 Location 17 Environment and Community 17 Geology 18 Project Background 18 Project Risks 19 Work in Progress 19 Company Information 20 Data Sources 21 Competent Person Statements 22 Page 2 of 22

4 Feasibility Statement Wolf Minerals Ltd (Wolf) (ASX:WLF) is pleased to announce a positive result from its Definitive Feasibility Study (DFS) of the Hemerdon tungsten and tin project in the UK. The project includes a two stage open pit and a 3Mtpa concentrator with associated infrastructure. The Wolf DFS follows on from an extensive feasibility study completed by AMAX Exploration UK in The Wolf DFS has defined a project with a life in excess of ten years, limited only by the approved planning permision, and an ungeared post tax NPV of 74M providing an IRR of 21% at an APT price of US$360/mtu. Current ammonium para tungstate (APT) spot prices are above US$460/mtu (Metal Pages 12 May 2011). The Hemerdon project is the fourth largest tungsten resource in the world, with the potential to add many years to the mine life. The mineralisation is open at depth and along strike. The current pit design is limited by the approved planning permission constraints. Wolf Managing Director Humphrey Hale commented: The delivery of this study is the result of 4 years work by the study team, which included enduring the global financial crisis. The DFS is robust and has been developed by experienced professionals in the industry across all the disciplines and has been reviewed by independent experts. Following the modification to the approved planning permission in January 2011, and the completion of the feasibility study, the Wolf team has a project timeline to commission the processing plant before the end of 2013 which makes Wolf the best opportunity to secure tungsten supply from outside of China. The Hemerdon project is poised to deliver a strong boost to the Devon economy and provide superior returns to Wolf shareholders. Project Net Present Value at US$360mtu APT: 74M (AUD$118M) 21% IRR Project Net Present Value at US$415mtu APT: 114M (AUD$182M) 26% IRR Table 1:Tungsten APT price sensitivity Price Case (US$/mtu) $300 flat $350 flat $400 flat $450 flat $500 flat Operating Surplus M Project NPV (GBP) M Project NPV (AUD) $ M Payback Years IRR % 14% 20% 25% 29% 33% The tungsten APT sensitivity table demonstrates both the robustness of the Hemerdon project at a $300/mtu price plus the significant upside value generated at prices that are predicted for the forecast period. Page 3 of 22

5 Table 2: Key Financials - Ungeared post tax at an 8% discount rate Tungsten Price (APT) Roskill Forecast Price Spot Price 30/04/2011 US$/mtu $ 360 $ 415 Tin Price US$/tonne $ 30,000 $ 32,000 Total Production Tungsten (WO 3 ) mtu 3,188,874 mtu/annum 345,000 Tin Tonnes 4,268 tonnes per annum Capital Capital Cost M 104 Sustaining Capital Cost M Included in Operating Costs 462 Operating Costs Cash Cost LOM US$/mtu $ 122 C1 Cost after Sn credits * 1 US$/mtu $ 105 DFS Mine Life Yrs 9.25 Annual Ore Throughput Tonnes 3,000,000 Financials Operating Cashflow LOM M Exchange Rates Net Cashflow LOM M Project NPV M Project IRR % 21% 26% Capital Payback Yrs GBP 1 = AUD$1.60 = US$1.63 * 1 C1 Cash costs are operating costs including mining, processing, site administration and royalties Opportunities A number of opportunities exist to enhance project life and economics: The two stage pit design provides an opportunity to steepen the ultimate pit walls, through experience gained during the first stage of mine development, resulting in an increase in mineable reserves. The mineralisation is open at depth to at least 400m and along strike providing opportunity to expand the current pit design and extend the mine life by many years. The project can produce saleable secondary aggregates. This revenue has not been included in the financial model, but could potentially add 1M per annum to the revenue for the life of the mine. There is significant mineralisation in the surrounding country rock, which currently has poor metallurgical recovery. Testwork of this material may provide a solution to improving recoveries such that it becomes economic. The continuing tungsten price rise may also render the killas economic. Page 4 of 22

6 Tungsten Market Wolf engaged UK based metals and minerals research group, Roskill, to advise on the tungsten market and forecast for price and demand. Information on the tungsten market in this section is provided by Roskill. Primary tungsten output increased from 44,956t WO 3 in 1998 to just over 71,248t WO 3 in 2008, an average growth rate of 4.7% per year. The largest consumer of tungsten is China, accounting for 62% of total world consumption in 2009, followed by the USA and Europe. Price Forecast APT* is the most traded of the tungsten products, and concentrate contracts tend to be based on APT prices (with an appropriate discount). These price forecasts are based on APT. Chinese APT prices are forecast to increase in the near term, and by 2015 could be above US$450/mtu. If new supply fails to reach the market in time prices could exceed US$500/mtu. Currently APT prices are trading between US$460 and US$470 (Metal Pages Ltd, 12 May 2011). Table 3: Forecast tungsten price, China APT US$/mtu Source: Roskill forecast Demand Tungsten demand correlates closely with economic output, where tungsten demand in one year reflects growth in GDP the previous year. Global tungsten demand is forecast to increase at an annual growth rate of 6-7%, from 70,051t WO 3 in 2010 to 111,602t WO 3 in Tungsten Use The largest end-use is in the manufacture of hardmetals (cemented carbines), which represented approximately 54% of global consumption in This is followed by the steels/alloys sector with around 27% of global consumption. Mill products (13%) and other applications (6%) make up the remainder. * The price for tungsten in the market outside of China is best described by the price of Ammonium Para Tungstate (APT). The price for APT is published by Metal Pages and Metals Bulletin. APT is rising with increasing global demand and limited supply from China. Tungsten product prices are quoted in metric tonne units or mtu, where 1 mtu = 10kg, so US$400/mtu equates to US$40,000/tonne. Page 5 of 22

7 Mineral Resources The Mineral Resource estimate is based on: 309 drillholes for 25,400m drilled between 1976 and 1980 by AMAX on 50m grid; 6 confirmatory drillholes drilled by Wolf show that the original data could be used reliably. The Granite domains were interpreted from the geological logging of the drillholes and 4,765 5m composites were selected inside the Granite interpretations. Grades estimated by Ordinary Kriging (OK) a block model with 25m by 25m by 10m cells and Uniform Conditioning was applied to the OK W% model to estimate the selective resource. Resource classification based on the slope of regression of the OK W% estimate. The Mineral Resource estimate is summarised in Table 4 at a 0.063%WO 3 cut-off, and the Measured and Indicated Mineral Resources as a grade tonnage curve in Figure 1. Table 4: Classified Mineral Resource Estimate including killas UC 12.5 x 12.5 x 5 m (>0.063%W0 3 )* Classification Tonnage (Mt) WO 3 grade (%) Sn grade (%) Measured Indicated Measured and Indicated Inferred Measured, Indicated and Inferred * Cut-off grade of 0.063% WO 3 equates to 0.05%W, The Resources are stated inclusive of the Reserves. Figure 1: Measured and Indicated Mineral Resources in Granite domains (SMU 12.5 x 12.5 x 5 m UC ) Grade Tonnage Curve Page 6 of 22

8 Mining and Ore Reserves The open pit optimisation and subsequent detailed pit designs were constrained by the pit rim, which is a physical boundary, limited in the approved planning permission. Pit designs were completed to accommodate a two-stage development that allowed for efficient extraction of the resource. Waste to ore strip ratio for stage one is 0.7:1 and for the LOM is 1.5:1. The proposed final pit design measures approximately 800m by 450m by 200m deep. Geotechnical review has resulted in pit wall angles ranging between 35 and 44 degrees. Figure 2 shows Measured (pink) and Indicated (green) Mineral Resource block model of the Granite above 0.063%WO 3. Figure 2: Measured and Indicated Mineral Resource blocks with pit design superimposed Core from the Hemerdon project Page 7 of 22

9 Figure 3: Annualised open pit production schedule Figure 4: Annualised plant feed schedule Over nine years of production from existing constrained Ore Reserves. The pre-stripping is to produce sufficient material for the construction of the tailings management facility (TMF) stage 1 embankment. The updated Ore Reserves Statement for this project is shown in Table 5. Page 8 of 22

10 Table 5: Summary of Updated Ore Reserves at a 0.063WO 3 % cutoff Classification Proven Probable Total Mt WO 3 % Sn % Mt WO 3 % Sn % Mt WO 3 % Sn % Granite Soft Granite Total Economic Assumptions Mining services to be performed by contract miner. Fuel price of 65p/litre for mining fleet (net of excise). Exchange rate of GBP 1 = AUD$1.60 = US$1.63 for NPV calculation. Finacial model uses Consensus Economic figures. Plant ramp up in throughput & recovery over 6 month period. All operating costs expended in GBP. No exposure to exchange rates. High % of Capital costs expended in GBP. Low exposure to exchange rates. Discount rate of 8% using real cash-flows for NPV calculations. Working capital is part of the operating expenditure. Project closure fund of 2M at end of operations included. A 20% discount has been applied to the Ammonium paratungstate (APT) as a treatment cost. Tin revenue derived as LME pricing less smelter treatment charges. 2% royalty to Landowners. 1.6% marketing fee to Traxys. UK corporate tax rate; 23% from Capital Costs Table 6: Capital Cost Summary Item 000s Process plant 65,366 Infrastructure 8,491 Land purchases 10,548 Owners costs 10,403 Contingency 9,314 Total 104,122 Page 9 of 22

11 The Project is in an area of highly developed infrastructure, hence no requirement for a power station, accommodation or airstrip. Power will be provided from the local grid. Process plant and related infrastructure capital costs were developed from first principles by GR Engineering Services. Quotations for equipment and construction materials were provided by UK and European companies. The capital cost has been estimated on the basis of the plant & infrastructure being constructed on a fixed price EPC basis, and includes a margin for the EPC contractor. Land purchase costs have been provided by licensed valuers, and Owners costs have been developed in conjunction with the various project consultants. Contingencies have been determined on a line item basis for all costs, including consideration of macroeconomic factors, which provides to a total contingency of 9.80% of the capital base estimate. Operating Costs The mine operating costs were based on the budget submissions provided by five mining contractors. The pricing was requested from the contractors against formal and detailed tender specification to ensure that pricing is as accurate as possible. Processing operating costs have been developed from first principles by GR Engineering Services. Operating unit costs per tonne of ore are shown in Table 7. Table 7: Operating unit costs per tonne of ore Cost Area / tonne Ore Mining 4.90 Processing 3.88 General Administration (including marketing & royalties) 1.13 Total 9.91 Page 10 of 22 Drilling at the Hemerdon Project

12 Figure 5: Project cashflows (ungeared, post tax) Sensitivities Wolf has assessed the sensitivity of the Project NPV and IRR to the following parameters: Operating costs fixed and variable costs. Metals prices both tungsten APT and tin LME. Exchange rate US$:GBP only. Mining volume real loss in production volumes from a reduced reserve. Capital expenditure construction costs. Mining grade both tungsten and tin. Process recovery both tungsten and tin. This assessment demonstrates the project is sensitive to changes in tungsten price, ore grades and process recovery, which provide the key operating risks of the project. Figure 6 illustrates the project s NPV sensitivity to these parameters on the next page. Page 11 of 22

13 Figure 6: Project NPV in millions at APT price of US$360/mtu and discount rate of 8% Development Timetable Wolf will establish a Project Management Team (Owners Team) to manage the total project scope. The design and construction schedule indicates the following timing for key activities associated with the development of the project: Figure 7: Indicative project timeline The project schedule makes due allowance for the construction of the link road and mine access road prior to site access, as stipulated in the approved planning permission. It also makes due allowance for seasonal activities such as the need to strip and store topsoil outside the winter period and the removal of trees which must be completed outside the bird nesting season. Page 12 of 22

14 Financing The capital expenditure for the Hemerdon project is 104M. The financing plan for Hemerdon includes 50% project debt finance with the balance as equity financing. Wolf is in discussions with a number of project finance providers to secure senior debt. It is imperative that Wolf secures offtake agreements with tungsten end users. Wolf has signed an agreement with Traxys to be the exclusive marketing agent for tungsten and offtakers for tin. Wolf and Traxys are in advanced discussions with potential tungsten offtakers. It is anticipated that merchant funding by suppliers and offtakers will ease the debt/equity burden. Mining The mine is a two stage open pit measuring 800m by 450m by 200m. Mining will be performed by a mining contractor utilising conventional hydraulic excavator and truck operations. The mine will be operated on a three shift basis for 6 days per week. Ore will be delivered to the ROM over the three shifts while waste is transported to the waste dump over two shifts to meet environmental conditions stipulated in the approved planning permission. DMS rejects will be transported by articulated trucks from the plant to the waste dump for deposition with the mine waste. The mine waste is used to construct the TMF embankment, which is raised a number of times over the project life in order to contain the plant process tailings. Wolframite in greisen veins at the Hemerdon project Page 13 of 22

15 Figure 8: Plan of key civil works at Hemerdon project Page 14 of 22

16 Hydrology/Hydrogeology Wolf has engaged Aquaterra to perform the hydrology and hydro-geological studies for the project development and to define the water resources for the project. Water for the processing plant will be sourced preferentially from: Recovered water from the TMF, through decant pump & underdrainage system. Pit water (dewatering & rainfall mm/yr). Local sumps for run-off collection. Tory Brook with 500l/s flowrate. Abstraction requirement 3l/s. The requirement to abstract water from Tory Brook decreases over time as more decant water becomes available from the TMF. Metallurgy Wolf engaged GR Engineering Services to undertake metallurgical studies and process design for the Hemerdon Project feasibility study, which was supervised by Coffey Mining. The 1982 AMAX evaluation was extensive and included bench top testwork and pilot plant concentrate production from the processing of over 6,000t of ore. AMAX determined that there were two primary mineralogical domains and that separate saleable tungsten and tin concentrates could be produced using a conventional gravity separation process. The two primary mineralogical domains were classified as Soft Granite and Hard Granite. The Soft Granite material tended to be clayey and kaolinised material nearer the surface, whilst the Hard Granite material was more competent and from deeper sections of the deposit. The outcomes of the Wolf DFS based on the most recent metallurgical testwork programs have validated much of the original AMAX 1982 feasibility study work. The metallurgical process flowsheet as proposed by Wolf can be divided into three stages; comminution; pre-concentration and final concentrate production. The process flowsheet is shown in Figure 9 on the next page. Page 15 of 22

17 ROM Sizers Scrubber Screens +9mm Crusher Regrind 0.3mm 0.5mm 9mm +0.5mm Roast Reject 63µm to tails Deslime DMS 2.7SG Reject to tails +63µm 0.5mm Conc. LIMS Reject Mags Fe 3 O 4 Reject to tails Spirals Conc. Tables Regrind 0.5mm Screen +1.7mm 1.7mm +0.5mm Reject DMS 3.3SG Non Mags Flotation Sinks WHIMS Non Mags Mags Floats = Reject Arsenic Conc. DMS 3.3SG +0.5mm Conc. Conc. Sn Conc. WO 3 Conc. Conc. 0.5mm Conc. +0.5mm, 1.7mm Conc. +0.5mm, 9mm Figure 9: Hemerdon project high level process flowsheet Process Recovery Wolf has confirmed and replicated the tungsten recoveries achieved by AMAX in its 1982 feasibility study with tungsten recovery of 58% for the Soft Granite and 66% for the Hard Granite to deliver a marketable concentrate grade of 65% WO 3. Wolf will produce approximately 345,000 mtu of WO 3 per annum. Wolf has improved on the tin recoveries achieved by AMAX (58%) in the Soft Granite at 65%. The tin recovery achieved by Wolf for the Hard Granite was 55%.This is lower than the 64% achieved by AMAX in the Hard Granite. The volume of testwork undertaken by Wolf on the tin was limited and it is expected that the recovery figures demonstrated by AMAX will be achieved when in production. Wolf will market a 40% tin concentrate. Wolf will produce approximately 462 tonnes of tin per annum in concentrate. Concentrator The 3Mtpa processing facility for the Hemerdon project will produce separate tungsten and tin concentrates assaying 65% WO 3 and 40% Sn respectively. The proposed processing facility will separate the wolframite (tungsten) and the cassiterite (tin) from the gangue using the following unit operations: Crushing, screening and scrubbing. Dense media separation. De-slime and gravity separation. Concentrate processing. Tailings thickening and disposal. Page 16 of 22

18 The design of the plant has been based on six days of operation each week to conform to the approved planning permission. Location The Hemerdon Project is located 6 miles North East of Plymouth, near Plympton, in Devon, UK. It lies to the north of the villages of Sparkwell and Hemerdon and adjacent to the large operating china clay pits near Lee Moor. The granite moorlands of Dartmoor dominate the region. The Hemerdon site, although close to the population centre of Plymouth, is surrounded by typical English rural countryside. There is also extensive clay mining activity 2 miles to the north of Hemerdon. The site is still home to the tungsten processing plant operated during World War 1 and World War 2. These buildings will be demolished during the construction phase. Environment and Community Wolf engaged the Devon County Council in the early stages of the project development, to update the existing 1986 planning permission. This culminated in a modification order in January 2011, which aligns the planning permission conditions to current ecological and environmental legislation. The Hemerdon project has various aspects of its operation that require careful environmental planning and monitoring to ensure satisfactory protection of the environment. The key aspects are: Noise, dust, vibration, air-blast overpressure, derogation of surface and groundwater, contamination of land, protections of rare species, recording of archaeology. The management of water abstraction and the discharge of surplus water, rainfall runoff and water seepage into the environment. Management of traffic movement associated with the project. Community consultation. The project is located in an area of existing and historic mining, and in an area of major infrastructure. There is a ready local workforce familiar with mining available for construction and operations. Page 17 of 22

19 Geology The Hemerdon tungsten deposit is hosted within and around a dyke-like body of porphyritic granite, known as the Hemerdon Granite that forms a cupola to the extreme southwest of the main body of the Dartmoor Granite. The country rock around the Hemerdon Granite is Upper Devonian slate (Killas), with minor basic volcanic rocks. The northern part of the Hemerdon Granite is essentially a north-northeast trending dyke, approximately 140 m wide dipping steeply to the east. It hosts a stockwork of greisen-bordered quartz veins, bearing wolframite and cassiterite, with minor tourmaline and sulphide minerals. The mineralisation has been demonstrated by drilling to persist to 400 m below ground surface. Project Background Tungsten was first discovered at Hemerdon in the 1860s. It was not developed until World War 1 when an extensive wolframite deposit was outlined. Tungsten alloys were required to produce armaments, and commercial production continued sporadically until the end of World War 2. No significant further work was conducted until 1977 when TSX-listed company, AMAX, comprehensively explored the deposit. AMAX confirmed a significant resource at Hemerdon, based on 532 drill holes for 25,400 metres (from ), and secured planning permission to mine at the project, valid until to In 1982 it completed a comprehensive feasibility study of the project but did not proceed due to a drop in the tungsten price. Wolf acquired the project in December 2007 and set about validating and updating AMAX s feasibility work to develop Hemerdon into a large scale, open pit tungsten and tin mining operation. SRK Consulting was engaged to re-log the core on-site and re-assay the core, and confirmed an Inferred resource to JORC standard. Wolf conducted a diamond drilling program in 2008 which resulted in an upgrade of the resource to Indicated and Measured status, and then a Proven and Probable Reserve (both confirmed in November 2008). As part of its development of the project, Wolf has since had the planning permission successfully upgraded. It remains valid until Page 18 of 22 Excavation underway at the Hemerdon project as part of pre-production activities

20 Project Risks Area Risk Consequence Mitigation Approvals Delay in Environmental Licence Project delay Dialogue with government ongoing Commissioning Difficulty at start up Delayed revenue Six month ramp up allowed Corporate Delay in land acquisition Project delay Design and Construction Page 19 of 22 Poor performance Cost and Schedule overrun Resource Lower grade Lower revenue Management Key people leave Project delay Operations Labour Unable to recruit staff Project delay Project Finance Delay in raising funds Price escalation Project Execution Delay in completion Project delay Recovery Lower production Lower revenue Engage land owners early and provide competitive compensation* 2 Negotiate EPC fixed price contract JORC Resource & Reserve, >65% Measured Remuneration includes successful completion bonus Attractive packages & achievable timetable. Attractive location Banks & market well briefed on Hemerdon project Contracts to include damages for delay Extensive Metallurgical testing including pilot plant work *2 There are powers of compulsory purchase in UK legislation to acquire properties for mining purposes. It is not anticipated that Wolf will use this, as the Company is offering generous compensation terms. Work in Progress Wolf is continuing to develop the project. Current activities encompass: Licence applications for water abstraction, discharge. Licence application for waste dump. Baseline monitoring (noise, dust etc). EPC contract tendering. Link road tender submission evaluation. Project finance. Offtake discussions. UK Govt. assistance. It is anticipated that these activities will be completed within six months prior to project debt financing.

21 Company Information Wolf Minerals listed on the ASX on 15 February 2007 as a specialty metal company, with interests in tungsten and tin. Wolf acquired the mineral rights and the rights to mine the Hemerdon tungsten and tin deposit in December 2007, through an option and lease agreement with the owners of the land. The Hemerdon Project has been the focus of the company s attention over the last 4 years. The company has a strong shareholder base and has no debt. Cash at the end of the March 2011 quarter was AUD$4.3 million. Market Capitalisation Issued Shares 83.93M Issued Options 21.07M Share Price (13 Feb.2011) Market Capitalisation AUD$0.545 AUD$46M Significant Shareholders Resource Capital Fund V 16.7% Traxys Projects 10.0% RMB 3.8% Top 20 shareholders 51% Overview of Hemerdon Project site Page 20 of 22

22 Data Sources Study Area Consultants Mineral resources and Geology SRK Consulting Perth Ore Reserves and Mining Plan Cube Consulting Perth Mining Cost Estimates Cutback Consulting Hydrogeology Aquaterra Client Metallurgical Representative Coffey Mining Metallurgical Testwork Ammtec managed by GR Engineering Services Process Plant Design GR Engineering Services Plant Capital GR Engineering Services Plant Operating Costs GR Engineering Services Treatment and Refining Traxys Infrastructure and Services GR Engineering Services Environmental MRH Associates Tailings and Storage Facilities Coffey Mining Planning and permitting Mineral Planning Associates UK Archaeological Groundwork Archaeology Ltd Geological Consultant Richard Scrivener Extensive review of work has been completed by Independent experts. Page 21 of 22

23 Competent Person Statement The Information in this report relates to Exploration Results, Mineral Resources or Ore reserves is based on information compiled by Mr. H. Hale BSc. (Hons), MAIG. Mr. Hale has sufficient experience that is relevant to the style of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves. Mr. Hale consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. The information in the report to which this statement is attached that relates to Exploration Results and Mineral Resources is based on information compiled by Phil Jankowski, who is a Member of the Australasian Institute of Mining and Metallurgy. Phil Jankowski is a fulltime employee of SRK Consulting (Australasia) Pty Ltd ( SRK ), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Phil Jankowski consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Ore Reserve estimate is based on work completed by Mr Quinton de Klerk, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr de Klerk is a full time employee of Cube Consulting and has sufficient experience which is relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr de Klerk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Cautionary Statement The information contained in this document has been prepared based upon information supplied by Wolf Minerals Limited (the Company). This Document does not constitute an offer or invitation to any person to subscribe for or apply for any securities in the Company. While the information contained in this Document has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information in this Document, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as Information) and liability therefore is expressly disclaimed. Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Document or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Document. Neither the issue of this Document nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Document, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Document or to correct any inaccuracies in, or omissions from, this Document which may become apparent. This Document should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Document is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained in this Document necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. This Document may include certain statements that may be deemed forward-looking statements. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forwardlooking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Document is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Document of any matter that subsequently comes to its notice which may affect any of the information contained in this Document. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forwardlooking statements. Contact: Humphrey Hale, Managing Director Ph: Mob: hhale@wolfminerals.com.au Wolf Minerals Page 22 of 22