Half Yearly Report

WOLF MINERALS LIMITED

A.B.N. 11 121 831 472

AND CONTROLLED ENTITIES

HALF YEAR FINANCIAL REPORT

 31 DECEMBER 2012

CONTENTS

CORPORATE DIRECTORY

DIRECTORS' REPORT

AUDITORS INDEPENDENCE DECLARATION

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DIRECTORS' DECLARATION

INDEPENDENT AUDITORS' REVIEW REPORT

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2012 and any public announcements made by Wolf Minerals Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

CORPORATE DIRECTORY

NON-EXECUTIVE CHAIRMAN

John Hopkins

EXECUTIVE MANAGING DIRECTOR

Humphrey Hale

NON-EXECUTIVE DIRECTORS

Jonathan Downes

Adrian Byass

Chris Corbett

Don Newport

Jim Williams

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY

Richard Lucas

PRINCIPAL & REGISTERED OFFICE

Level 3, 22 Railway Road

SUBIACO WA 6008

AUDITORS

PKF Mack & Co

Level 4, 35 Havelock Street

WEST PERTH WA 6005

LAWYERS

Steinpreis Paganin

Level 4, 16 Milligan Street

PERTH WA 6000

SHARE REGISTER

Security Transfer Registrars Pty Ltd

770 Canning Hwy

APPLECROSS WA 6153

UK DEPOSITORY

Computershare Investor Services PLC

The Pavilions, Bridgwater Road

Bristol BS99 6ZZ

SECURITIES EXCHANGE LISTINGS

Australian Securities Exchange

(Home Exchange: Perth, Western Australia)

Code: WLF

Alternative Investment Market

London Stock Exchange

Code: WLFE

BANKERS

National Australia Bank

50 St Georges Terrace

PERTH WA 6000

WEBSITE

www.wolfminerals.com.au

DIRECTORS' REPORT

Your Directors submit the financial report of the economic entity for the half year ended

31 December 2012.

DIRECTORS

The names of Directors who held office during or since the end of the half year:-

John Hopkins Non Executive Chairman

Humphrey Hale Executive Managing Director

Jonathan Downes Non Executive Director

Adrian Byass Non Executive Director

Don Newport Non Executive Director

Jim Williams Non Executive Director

Chris Corbett Non Executive Director

PRINCIPAL ACTIVITIES

During the half year the principal activities of the Consolidated Entity consisted of mineral exploration and development.

REVIEW OF RESULTS

The Directors of Wolf Minerals Limited (Wolf) announce for the half year to 31 December 2012 a net consolidated loss after tax of $2,525,567 (2011: $1,623,997).

REVIEW OF OPERATIONS

Summary

Wolf is focused on the development of the Hemerdon project ("Hemerdon" or "the Project") located in Devon, England. Key activities during the half year include:

·; Wolf completes A$5 million placement to senior shareholders

·; Construction of Hemerdon Link Road completed and road opened

·; Key environmental approvals received

·; Finance providers mandated to seek credit approval for £75 million in project funding

·; Credit approval for senior debt funding of £75 million achieved

·; Project funding package from RCF for US$82M announced

·; $20.3M placement announced and successfully completed post period end

·; Introduction of new strategic investor

·; New UK head office established

Wolf completes A$5 million placement to senior shareholders

On 20 July 2012 the Company announced the completion of the A$5,000,000 placement to RCF and Traxys following shareholder approval at a meeting on 16 July 2012. An additional 14,166,667 shares were issued to RCF for A$3,825,000. The funds provide additional working capital for the Company as it continues to complete the financing arrangements for the project.

Construction of Hemerdon Link Road completed and road opened

In July, Wolf announced that the construction of the Hemerdon Project Link Road had been completed, and the road was officially opened on 27 July by Councillor John Hart, Leader of Devon County Council, Wolf Managing Director Humphrey Hale, MP for Devon South West Gary Streeter and representatives from the communities of Plymouth and the South Hams as well as Sparkwell and Lee Moor parishes.

The Link Road is a 600 metre long public access road, which was required to be constructed as part of Wolf's planning permission for the development of the Hemerdon project. The road is designed to remove a long-term constriction in the local traffic network. It is also intended to benefit other local extractive operations and create a long term piece of infrastructure to support safe and efficient transportation in the local area.

Construction of the Link Road began in January last year and formally marked the commencement of construction at the project. It is the first major infrastructure work completed in the development path to bring the Hemerdon into production.

The Link Road was constructed by Bardon Contracting, an Aggregate Industries UK Ltd. business. The road will now be adopted by Devon highways.

Key environmental approvals received

In September 2012 the Company received a set of key environmental approvals for the Hemerdon project from the Environment Agency ("EA"), with the granting of seven water permits covering the entire operation of the mine.

These include the abstract of the required volume of water for the processing plant and the discharge of water from pit dewatering.

Wolf had been required to seek additional permits from the EA prior to the commencement of operations at Hemerdon. These included the water licenses, and a waste dump license, that satisfies the EU Mine Waste Directive.

The granting of the water permits is a further indication of the continued progress being achieved by Wolf in the development of the Hemerdon project into a world class tungsten and tin mining operation.

Credit approval for senior debt funding of £75 million achieved

In September, Wolf mandated its senior debt providers, UniCredit Bank AG (UniCredit Corporate & Investment Banking), ING Bank N.V. and Caterpillar Financial SARL, to seek a revised credit approval to provide £75 million (~AU$114 million) in senior debt finance facilities to fund the commercial development of the Hemerdon project. Credit committee approvals for the enlarged facility were received on 19 November 2012. This simplified funding solution will support the planned construction of the Hemerdon project, based on the Definitive Feasibility Study completed in May 2011.

 The financing structure foresees that a portion of the senior loan facilities will be supported by a guarantee provided by the German government's Untied Loan Guarantee Scheme (Ungebundener Finanzkredit "UFK") and a loan guarantee under similar terms by the offtakers, Wolfram Bergbau und Hütten AG and Global Tungsten & Powders Corp. Together, these guarantees will cover 50% of the senior loan facility and are subject to final approval of the guarantors, due diligence and documentation.

The revised debt funding proposal came about during the completion of documentation for the previous credit approved £55 million senior debt facility and £20 million in subordinated debt funding, offered by the Company's tungsten offtake partners. An opportunity to simplify the financing structure was identified. This resulted in the existing senior debt providers seeking to expand their position from £55 million to £75 million. As a result, Wolf proposes to finalise its Hemerdon tungsten offtake agreements without the requirement for the subordinated debt.

Provision of the senior debt finance facility is subject to completion of the project finance documentation and usual conditions precedent customary for a financing of this nature.

Project funding package from RCF-V for US$82M

During December 2012 the Company entered into a binding agreement with Resource Capital Fund V L.P. ("RCF") for RCF to provide a total Funding Package of $US82 million for the development of the Hemerdon Tungsten and Tin Project.

The Funding Package comprises a 12 month US$ 75M Bridge Finance facility and a US$ 7M payment in consideration for 2% Royalty by RCF on gross revenues from all metals and minerals produced from the Hemerdon project.

The Funding Package represents the balance of funds required to enable Wolf to proceed with developmentand construction of the project.

The Funding Package will be subject to completion of relevant documentation and satisfaction of typical conditions precedent for a financing of this nature.

Shareholder approval was granted to accept this facility at an EGM held on 24 January 2013.

$20.3M placement announced and successfully completed post period end

During Feb 2013 the Company completed a placement to raise A$20.3 million as part of the funding package required to bring the Hemerdon project to production.

Funds provided by this placement will be used to provide working capital to commence the Hemerdon project, repay the existing $6 million RCF loan facility and purchase properties around the Hemerdon site.

The placement satisfies a key condition of the US$75 million Bridge Finance Facility and US$7 million royalty provided by RCF, providing the funding to allow Wolf to commence the Hemerdon tungsten project.

Introduction of new strategic investor

TTI (NZ) Limited has joined as a new strategic investor and has taken up a 19.9% interest in the Company through the A$20.3M placement completed in February 2013. TTI (NZ) Limited has subscribed for 39,410,000 shares Wolf Minerals Limited.

TTI (NZ) Limited is a wholly owned subsidiary of the Todd Corporation Limited, a private New Zealand-based company with a diversified portfolio of business interests. As part of its investment, TTI (NZ) Limited will be entitled to nominate a Director to join the Wolf board.

New UK head office established

The company recently reported it had moved into a new UK head office, at the Tamar Science Park in Plymouth.

The Tamar Science Park is located close to the Hemerdon project site, and Wolf's establishment of its new UK base at the park is another key milestone in its development plans to bring the Hemerdon tungsten mine into production.

It is anticipated that the project will generate 230 direct jobs, plus many more indirect jobs when in full production, which will inject millions of pounds into the local economy and provide an environment to develop new skills in the region.

Tamar Science Park is jointly owned by Plymouth University and Plymouth City Council and, aside from providing office space for companies, is a focal point for business innovation and growth in the south west region of the UK. It houses around 80 businesses, which employ a total of more than 650 staff with a combined turnover in excess of £95 million.

AUDITOR'S DECLARATION

The lead auditor's independence declaration under section 307C of the Corporations Act 2001 is set out on page 6 for the half year ended 31 December 2012.

This report is made in accordance with a resolution of the Directors.

_____________________________

Humphrey Hale

Managing Director

Dated: 6 March 2013

AUDITOR'S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF WOLF MINERALS LTD

In relation to our review of the financial report of Wolf Minerals Ltd for the half year ended 31 December 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

PKF Mack & Co

Simon Fermanis

Partner

06 March 2013

West Perth,

Western Australia

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2012

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 1: BASIS OF PREPARATION OF HALF YEAR FINANCIAL REPORT

Statement of Compliance

Wolf Minerals Limited (the Company) is a public company, limited by shares, domiciled and incorporated in Australia and listed on the Australian Securities Exchange and Alternative Investment Market. The condensed consolidated interim financial report of the company for the six months ended 31 December 2012, comprise the Company and its subsidiaries (the "Consolidated Entity" or "Group").

The half year condensed consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting.

The half year financial report does not include full disclosures of the type normally included in an annual financial report. Accordingly, it is recommended that this interim financial report be read in conjunction with the annual report for the year ended 30 June 2012 and any public announcements made by Wolf Minerals Limited and its controlled entities during the interim reporting period in accordance with the continuous disclosure requirements arising under the Corporations Act 2001.

These consolidated interim financial statements were approved by the Board of Directors on

28 February 2013.

Basis of preparation

The half year financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. The presentation and functional currency is in Australian Dollars.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Company's 2012 annual financial report for the financial year ended 30 June 2012, except for the impact of the Standards and Interpretations described below. Those accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current reporting period.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 1: BASIS OF PREPARATION OF HALF YEAR FINANCIAL REPORT (CONT)

Adoption of new or revised accounting standards and interpretations

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current half-year. The Group has not early adopted any Accounting Standards or Interpretations.

New and revised Standards and amendments thereof and Interpretations effective for the current half-year that are relevant to the Group include:

Amendments to AASB 1, 5, 7, 101, 112, 120, 121, 132, 133 and 134 as a consequence of AASB 2011-9 'Amendments to Australian Accounting Standards - Presentation of Items of Other Comprehensive Income'

The adoption of all the new and revised Standards and Interpretations has not resulted in any changes to the Group's accounting policies and has no effect on the amounts reported for the current or prior half years. However, the application of AASB 2011-9 has resulted in changes to the Group's presentation of, or disclosure in, its half-year financial statements.

AASB 2011-9 introduces new terminology for the statement of comprehensive income and income statement. Under the amendments to AASB 101, the statement of comprehensive income is renamed as a statement of profit or loss and other comprehensive income and the income statement is renamed as a statement of profit or loss. The amendments to AASB 101 retain the option to present profit or loss and other comprehensive income in either a single statement or in two separate but consecutive statements. However, the amendments to AASB 101 require items of other comprehensive income to be grouped into two categories in the other comprehensive income section:

(a) items that will not be reclassified subsequently to profit or loss; and

(b) items that may be reclassified subsequently to profit or loss when specific conditions are

met.

Income tax on items of other comprehensive income is required to be allocated on the same basis - the amendments do not change the option to present items of other comprehensive income either before tax or net of tax. The amendments have been applied retrospectively, and hence the presentation of items of other comprehensive income has been modified to reflect the changes. Other than the above mentioned presentation changes, the application of the amendments to AASB 101 does not result in any impact on profit or loss, other comprehensive income and total comprehensive income.

Going Concern Basis

The accounts have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Group incurred a loss after income tax of $2,525,567 for the half year ended 31 December 2012 (2011: $1,623,997).

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 1: BASIS OF PREPARATION OF HALF YEAR FINANCIAL REPORT (CONT)

The ability of the Company and the Group to continue to pay its debts as and when they fall due is dependent upon the Company successfully raising additional share capital and ultimately developing one of its mineral properties.

On 4 February 2013 the Company completed the $20,353,200 placement approved by shareholders at the EGM held on 25 January 2013. A total of 75,378,519 shares were issued at $0.27 each.

On 19 November 2012 the Company announced it had received an updated and increased credit approval from UniCredit Bank AG (UniCredit Corporate & Investment Banking), ING Bank N.V. and Caterpillar Financial SARL for £75 million (A$115 million) in senior debt finance facilities.

On 7 December 2012 the Company announced it had entered into a binding agreement with Resource Capital Fund V L.P. ("RCF") for RCF to provide a total Funding Package of $US82 million for the development of the Hemerdon Tungsten and Tin Project.

Should the project funding be delayed, the Directors consider that there are reasonable grounds to believe that the company will be able to raise equity to meet its short and medium term funding requirements.

The Directors believe it is appropriate to prepare these accounts on a going concern basis because:

·; the Directors have an appropriate plan to raise additional funds as and when it is required. In light of the Group's current exploration and development projects, the Directors believe that the additional capital required can be raised in the market; and

·; the Directors have an appropriate plan to contain certain operating and exploration expenditure if appropriate funding is unavailable.

The accounts have been prepared on the basis that the Group can meet its commitments as and when they fall due and can therefore continue normal business activities, and the realisation of assets and liabilities in the ordinary course of business.

Significant accounting estimates, judgments and assumptions

The preparation of financial statements requires management to make judgments and estimates relating to the carrying amounts of certain assets and liabilities. Actual results may differ from the estimates made. Estimates and assumptions are reviewed on an ongoing basis.

The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next accounting period are:

(i) Share based payment transactions

The Consolidated Entity measures the cost of equity settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value of share options is determined by using an appropriate valuation model.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 1: BASIS OF PREPARATION OF HALF YEAR FINANCIAL REPORT (CONT)

(ii) Impairment of exploration and evaluation assets and investments in and loans to subsidiaries

The ultimate recoupment of the value of exploration and evaluation assets, the Company's investment in subsidiaries, and loans to subsidiaries is dependent on the successful development and commercial exploitation, or alternatively, sale, of the exploration and evaluation assets.

Impairment tests are carried out on a regular basis to identify whether the asset carrying values exceed their recoverable amounts. There is significant estimation and judgement in determining the inputs and assumptions used in determining the recoverable amounts.

The key areas of judgement and estimation include:

- Recent exploration and evaluation results and resource estimates;

- Environmental issues that may impact on the underlying tenements;

- Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.

NOTE 2: SEGMENT INFORMATION NOTES

The Consolidated Entity has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance.

Operating segments are identified by Management based on the mineral resource and exploration activities in Australia and United Kingdom. Discrete financial information about each project is reported to the chief operating decision maker on a regular basis.

The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate.

The Consolidated Entity has two reportable segments based on the geographical areas of the mineral resource and exploration activities in Australia and United Kingdom. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 2: SEGMENT INFORMATION (CONT)

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

NOTE 3: CONTINGENT LIABILITIES

There has been no change to contingent liabilities since the last annual reporting date.

NOTE 4: EVENTS SUBSEQUENT TO REPORTING DATE

On 4 February 2013 the Company completed the $20,352,200 placement approved by shareholders at the EGM held on 25 January 2013. A total of 75,378,519 shares were issued at $0.27 each.

Other than noted above, no matter or circumstance has arisen subsequent to 31 December 2012 that has significantly affected, or may significantly affect:

(a) the Company's operations in future financial years: or

(b) the results of those operations in future financial years: or

(c) the Company's state of affairs in future financial years.

NOTE 5: COMMITMENTS

(a) Exploration expenditure commitments

In order to maintain current rights of tenure to exploration tenements, the Consilidated Entity has the following exploration expenditure requirements up until expiry of leases. These obligations, which are subject to renegotiation upon expiry of the leases, are not provided for in the financial report and are payable:

If the Group decides to relinquish certain leases and/or does not meet these obligations, assets recognised in the statement of financial position may require review to determine the appropriateness of carrying values. The sale, transfer or farm-out of exploration rights to third parties will reduce or extinguish these obligations.

(b) Lease expenditure commitments

The Company has entered into a 4 year lease on commercial terms for office accommodation at 22 Railway Road, Subiaco expiring 19 June 2015.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

(c) Other contractual commitments

In order to satisfy a condition of the Planning Permission for the Hemerdon project, the Group is required to construct a link road for Devon County Council. The construction of the road was completed in July 2012.

The Group has also entered into an agreement to acquire freehold land for £ 350,000.

NOTE 6: DIVIDENDS

No dividends have been declared or paid during the half year ended 31 December 2012.

NOTE 7: KEY MANAGEMENT PERSONNEL

Remuneration arrangements of key management personnel are disclosed in the annual financial report.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

The value of the exploration expenditure is dependent upon:

- The continuance of the rights to tenure of the areas of interest;

- The results of future exploration; and

- The recoupment of costs through successful development and exploitation of the areas of interest or alternatively by their sale.

DIRECTORS' DECLARATION

The Directors of the Company declare that:-

1. The financial statements and notes, as set out on pages 7 to 18 are in accordance with the Corporations Act 2001, and:

(a) complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporation Regulations 2001; and

(b) giving a true and fair view of the Consolidated Entity's financial position as at 31 December 2012 and of its performance for the half year ended on that date.

2. In the Directors' opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors:

_____________________________

Humphrey Hale

Managing Director

Dated: 6 March 2013

INDEPENDENT AUDITOR'S REVIEW REPORT

TO THE MEMBERS OF

WOLF MINERALS LTD

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Wolf Minerals Ltd (the Company) and controlled entities (the consolidated entity) which comprises the condensed consolidated statement of financial position as at 31 December 2012, the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at 31 December 2012 or during the half year.

Director's Responsibility for the Half-Year Financial Report

The directors of Wolf Minerals Ltd are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standards on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2012 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporation Regulations 2001. As the auditor of Wolf Minerals Ltd and controlled entities, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. In accordance with the Corporations Act 2001, we have given the directors of the company a written Auditor's Independence Declaration.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Wolf Minerals Ltd and controlled entities is not in accordance with the Corporations Act 2001 including:

(a) giving a true and fair view of the consolidated entity's financial position as at 31 December 2012 and of its performance for the half-year ended on that date; and

(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Emphasis of Matter

Without qualifying our conclusion, we draw attention to Note 1 in the financial report which indicates that the consolidated entity incurred a net loss of $(2,525,567) during the half year ended 31 December 2012 (31 December 2011: $(1,623,997)) and had negative operating cashflow of $(2,999,412) (31 December 2011: $(866,004)). These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty which may cast significant doubt about the consolidated entity's ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business, and at the amounts stated in the financial report.

PKF Mack & Co

Simon Fermanis

Partner

06 March 2013

West Perth,

Western Australia

About Wolf Minerals

Wolf Minerals 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 May 2011, and it has updated planning permission for mining until 2021.

ENDS

For further details, please contact: