Completion of Fundraise

21 May 2014

Wolf Minerals

Completion of Fundraise and Share Issue

Specialty metals exploration and development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to announce the satisfaction of all conditions precedent to the Fundraise and SPP which will enable the Company to complete the construction of its Hemerdon tungsten and tin project in Devon, UK and fund the project through to positive cashflows.

A total of 608,938,956 shares have been issued for the Fundraise and SPP, for proceeds of $182.7 million.

Specifically the funds will be used to:

· Repay the outstanding balance of the US$75 million Bridge Finance Facility provided by RCF;

· Provide the capital expenditure required by the Hemerdon Project to complete construction and make the project production ready;

· Provide funds to service bonding obligations, over-run facilities, debt service reserve account and producer shortfall guarantees; and

· Provide ongoing working capital.

Commenting on the success of the Fundraise and SPP, Wolf Managing Director, Russell Clark said:

"We are very pleased with the investor response and particularly so with the fact that the Company now has the funding needed to construct the project and bring it into production. The Board would like to thank all those shareholders that participated in the Fundraise and SPP. We look forward to their continuing support. Activity on the site is progressing well with site preparation almost complete and the first concrete pour successfully undertaken. With the funding now secured we will concentrate our efforts on bringing the project in on time and on budget."

In addition to the Fundraise and SPP, today the Company has placed a further 742,000 ordinary shares at the same issue price as the Fundraise and SPP, being $0.30 (16.3p) per share ("Additional Shares") with certain existing shareholders and employees, using its 15% annual placement capacity granted under ASX Listing Rule 7.1. The additional funds raised will be used to support the Company's ongoing working capital requirements. A total of 150,000 of the Additional Shares will be issued to persons discharging managerial responsibility ("PDMR"), further details are set out below:

Application will be made for the Additional Shares to be admitted to trading on the AIM Market of the London Stock Exchange and a further update will be provided in due course. The Additional Shares will rank pari passu with the Company's existing ordinary shares.

Capitalised terms used in this announcement have the same meanings given to them in the announcement released by the Company on 18 March 2014.

Promotion and Marketing

The Company has a corporate video, which provides an update on the Hemerdon Project and it is available to view on the home page of the Wolf company website, at www.wolfminerals.com.au.

The latest Investor Presentation is also available from the Company's website.

ENDS

For further details, please contact: