Half Yearly Report

WOLF MINERALS LIMITED

A.B.N. 11 121 831 472

AND CONTROLLED ENTITIES

HALF YEAR FINANCIAL REPORT

31 DECEMBER 2011

31 DECEMBER 2011

CONTENTS

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 2011 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 2, 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 2011.

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 2011 a net consolidated loss after tax of $1,623,997 (2010: $641,890).

REVIEW OF OPERATIONS

Summary

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

·; Development capital facility for A$6 Million secured

·; Engagement of UK Operations Manager

·; British Geological Survey lists tungsten as 4th most critical mineral

·; Appointment of senior debt providers to raise GBP£55 million project finance for the Hemerdon Tungsten Project

·; Company completed successful listing on AIM

·; All planning permissions granted and contractor selected to construct Hemerdon link road

·; Wolf receives formal UK Government support post the period end for the Hemerdon Tungsten Project

Development capital facility

In August the Company accepted an offer from Resource Capital Fund V L.P. ("RCF") to provide a 12 month secured development capital facility for $6 Million.

The development funding allows Wolf to maintain an aggressive timetable to production.

This facility provides Wolf with flexibility through progressive draw down of funds and minimises dilution to existing shareholders. It is anticipated the facility will be repaid from the balance of project funding.

Shareholder approval was granted to accept this facility at an EGM held on 5 October 2011.

DIRECTORS REPORT (CONT)

REVIEW OF OPERATIONS (CONT)

Engagement of UK Operations Manager

Wolf engaged Jeffery Harrison as UK Operations Manager for Wolf Minerals. Jeff is a Mining Engineer with over 20 years of experience in senior management roles with a strong understanding of open pit mining and the mining environment in the South West of England.

Jeff has significant experience in large scale open pit operations around the world. Prior to his move back to the UK, Jeff was General Manager at Queensland Magnesia in Australia and prior to this Jeff was Operations Manager for Imerys in the South West of England. Imerys is an international company that operates multiple open cut mines in the South west of England.

Jeff graduated from Nottingham University with a BSc in Mining Geology which he followed up with an MSc in Engineering Rock Mechanics at the Royal School of Mines in London.

Jeff is a member of The Australian Institute of Quarrying and a Fellow of the Australasian Institute of Mining and Metallurgy.

British Geological Survey publishes risk list - tungsten 4th most critical

The risk list gives a quick indication of the relative risk in 2011 to the supply of the chemical elements or element groups which we need to maintain our economy and lifestyle. The position of an element on this list is determined by a number of factors which might impact on supply. These include the abundance of elements in the Earth's crust, the location of current production and reserves, and the political stability of those locations.

The risk list highlights a group of elements where global production is concentrated in a few countries. The restricted supply base combined with the relatively low political stability ratings for some major producing countries significantly increase risk to supply. The list highlights economically important metals which are at risk of supply disruption including rare earths, platinum group metals, niobium and tungsten.

DIRECTORS REPORT (CONT)

REVIEW OF OPERATIONS (CONT)

Appointment of senior debt providers to raise GBP£55 million project finance for the Hemerdon Tungsten Project

In December, the Company mandated UniCredit Bank AG (UniCredit Corporate & Investment Banking), ING Bank N.V. and Caterpillar Financial SARL to provide senior debt finance facilities totalling GBP£55 million (AUD$81.58 million) to fund the commercial development of the Hemerdon Project in Southwest England. Subsequent to the end of the period, the Company received credit approval for the senior debt finance facilities in March.

The funding will support the planned construction of the Hemerdon project, based on the completed Definitive Feasibility Study (released in May 2011). The study confirmed the robust economic viability of the project and estimated a net present value of GBP£74 million at a tungsten price of $360/mtu.

UniCredit Bank AG, ING Bank N.V. and Caterpillar Financial SARL are recognised global leaders in mining project finance. They were appointed following the completion of a competitive process facilitated by Optimum Capital Pty Ltd, which incorporated a technical due diligence review undertaken on behalf of the financiers by Micon International and a further independent marketing study by Roskill Consulting Group.

This review process supported the findings of the Definitive Feasibility Study and the robust economics of the project.

Provision of the senior debt finance facilities is subject to completion of the project finance documentation and conditions precedent customary for a financing of this nature. The current timetable is for the lenders to obtain credit approval for the facilities in February.

Wolf is also in continuing discussions with potential off-take partners to provide subordinated debt for the project. The total debt facilities will enable Wolf to minimise the equity component of the funding package required to put Hemerdon into production.

Successful listing and commencement of trading on AIM

Wolf completed its successful listing on the AIM market of the London Stock Exchange on 30 November. The Company's shares commenced trading on AIM on the same day.

Wolf trades on AIM under the ticker WLFE.

The Company's AIM listing was a compliance listing, whereby its entire existing ordinary share capital was listed on AIM. There was no capital raising associated with the listing. Evolution Securities Limited acted as the Company's Nominated Adviser and Broker.

AIM is the London Stock Exchange's international market for smaller emerging companies. It is the most successful growth market in the world, and since its launch in 1995, more than 3,000 companies from around the world have listed on AIM.

Given the advanced stage nature of Wolf's core Hemerdon Project and its UK location, the Company viewed the AIM listing as a natural fit for Wolf and a logical next-step in its development.

DIRECTORS REPORT (CONT)

REVIEW OF OPERATIONS (CONT)

The AIM listing is designed to provide a direct mechanism for UK investors to share in Wolf's growth, and the Company will benefit from having direct access to the London capital market.

Planning permissions granted and contractor appointed to construct the Hemerdon link road

Also in December, the Company reported that all relevant planning permissions for the Hemerdon link road had been received, and that a contractor had been appointed to construct the road. The existing planning permission for the mine was updated in January 2011.

Bardon Contracting, an Aggregate Industries UK Ltd. business, will construct the 600 metre link road between Lee Moor Road and West Park Hill in Plympton. This is an important milestone for Wolf as it will place the Company in a position to break ground on the Hemerdon project in the near future.

As specified in the conditions of the main mine permit, the public link road will be constructed to remove a long term constriction in the transport network prior to developing the mine. It is intended that the new road will benefit other local extractive operations and create a long term piece of infrastructure to support safe and efficient transportation in the local area.

Bardon was selected following a competitive tender process and have already completed work on the detailed design of the two bridges required. Subsequent to the end of the period, construction has commenced in March and the road is scheduled to be completed in June.

UK Government support for the Hemerdon Tungsten Project from UK Minister of State for Trade and Investment

Subsequent to the end of the period (as announced on 13 January 2012), Wolf reported that it had received formal UK Government support for the development of the Hemerdon Tungsten and Tin project in Devon, in Southwest England.

The support came directly from the UK Minister of State for Trade, Lord Green of Hurstpierpoint, and represented a significant acknowledgement of the importance of the Hemerdon project to the local community and to the UK and wider EU.

The Minister wrote to Wolf to offer his support to the Company following the successful completion of planning consents for the development of the Hemerdon project. Lord Green said that he hoped the Company would be able to proceed quickly with the development of the project.

In offering his support to Wolf, Lord Green said: "This is an important project for a number of reasons; to the local community in terms of jobs and wealth creation and to the UK and wider EU in securing supplies of tungsten. I am aware that tungsten ranks highly in both the British Geological Society and EU's critical raw materials lists and that it has unique properties that are impossible to replace in certain specialised industrial applications."

DIRECTORS REPORT (CONT)

AUDITOR'S DECLARATION

The lead auditor's independence declaration under section 307c of the Corporations Act 2001 is set out on page 7 for the half year ended 31 December 2011.

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

_____________________________

Humphrey Hale

Managing Director

Dated: 9 March 2012

AUDITORS INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OF WOLF MINERALS LIMITED

AND CONTROLLED ENTITIES

I declare that, to the best of my knowledge and belief, during the half year ended 31 December 2011 there has been:

a) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

b) no contraventions of any applicable code of professional conduct in relation to the review.

PKF Mack & Co

Simon Fermanis

Partner

9th march 2012

West Perth,

Western Australia

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2011

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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

NOTE 1: BASIS OF PREPARATION OF HALF YEAR FINANCIAL REPORT

Statement of Compliance

Wolf Minerals Limited is a public company, limited by shares, domiciled and incorporated in Australia and listed on the Australian Securities Exchange and Alternative Investment Market. The consolidated interim financial report of the company for the six months ended 31 December 2011, comprise the Company and its subsidiaries (the "consolidated entity").

The half year 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 Standard IAS 34 Interim Financial Reporting.

The half year 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 2011 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

27 February 2012.

Basis of preparation

The half year 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 2011 annual financial report for the financial year ended 30 June 2011, 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 CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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

The Group has adopted all new and amended Australia Accounting Standards effective from 1 July 2011 including:

The adoption of these amendments has not resulted in any changes to the consolidated entity's accounting policies and has no effect on the amounts reported for current and prior periods.

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 of $1,623,997 for the half year ended 31 December 2011 (2010: $641,890).

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.

On 16 May 2011, the Company announced the results of the Definitive Feasibility Study on the Hemerdon Project and commenced negotiations on project funding for £104 million ($166 million). The project funding is expected to be completed by early 2012.

On 26 August 2011 the Company announced an agreement with Resource Capital Fund V LP to provide a development capital facility of A$6 million (before costs). This facility was approval by shareholders at an EGM on 5 October 2011. Funds will be used to fast track the Hemerdon Project into pre-production activities. The Company has not drawn down any funds from this facility as at 31 December 2011.

On 30 November 2011 the Company announced its shares had been admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange. The Company will benefit from having direct access to the London capital market to raise capital from investors in the United Kingdom and Europe.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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

On 19 December 2011, the Company mandated UniCredit Bank AG, ING Bank N.V. and Caterpillar Financial SARL to provide senior debt finance facilities totalling GBP£55 million to fund the commercial development of the Hemerdon Project in Southwest England.

Provision of the senior debt finance facilities is subject to completion of the project finance documentation and the usual credit approvals and conditions precedent customary for a financing of this nature. The current timetable is for the lenders to obtain credit approval for the facilities in February.

The Company is also in continuing discussions with potential off-take partners to provide subordinated debt for the project. The total debt facilities will enable the Company to minimise the equity component of the funding package required to put Hemerdon into production.

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 entity 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 an external valuer using an appropriate valuation model.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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.

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

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 CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

NOTE 2: SEGMENT INFORMATION (CONT)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

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 9 January 2012 the Company completed the first draw down from the Resource Capital Fund V LP development capital facility of A$6 million. This facility is repayable within 12 months from first draw down.

Other than noted above, no matter or circumstance has arisen subsequent to 31 December 2011 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 commitments

In order to maintain current rights of tenure to mining tenements, the Consolidated Entity has the following discretionary 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 statements and are payable:

On the 4 December 2007 the Company entered into an Option Agreement to take a lease of Mineral Rights at Hemerdon Mine and Crownhill Down, Plympton, Plymouth UK. The terms of the agreement require the Company to pay an annual option fee on the anniversary of the date of the option agreement of the greater of: the option fee (GBP £69,231); or the revised option fee (the option fee indexed by the All Items Index figure of the General Index of Retail Prices described in the Employment Gazette UK).

In addition the Company is required to pay a Further Option Fee of GBP £250,000 on or before the 5th and every subsequent 5th anniversary date. The agreement terminates on the 21st anniversary.

At the time that the Option agreement was signed, the terms of the proposed Lease Agreement of Minerals and Rights at Hemerdon Mine and Crownhill Down, Plympton, Plymouth UK were agreed. The term of the lease is 40 years. An amount of Certain Rent equal to the annual option fee (GBP £69,231 in the first year) must be paid annually in advance.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

NOTE 5: COMMITMENTS (CONT)

(a) Exploration commitments (cont)

Following commencement of mining operations the Company must pay a Metals Royalty being 2% of the net smelter return in respect of tungsten, wolfram tin, tin ore or other metals or metallic minerals worked or taken away from the mine.

The Company must pay a General Royalty being 5% of the General Return on all other minerals not included within the Metals Royalty whether before or after the commencement of mining operations.

In addition to the payments under the Option Agreement, the Company has also entered into a Supplementary Agreement to gain access to the land required to build the Link Road, as part of the planning permission. The terms of the agreement require the Company to pay a compensation fee (GBP £103,000) prior to commencement, of which GBP £77,250 is still outstanding at 31 December 2011.

If the Consolidated Entity decides to relinquish certain leases and/or does not meet these obligations, assets recognised in the balance sheet 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 CONSOLIDATED FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2011

NOTE 6: DIVIDENDS

No dividends have been declared or paid during the half year ended 31 December 2011.

NOTE 7: KEY MANAGEMENT PERSONNEL

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

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 8 to 19 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 2011 and of its performance for the half year ended on that date; and

(c) the half year financial statements are compliance with International Financial Reporting Standards, as stated in Note 1 to the financial statements.

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: 9 March 2012

INDEPENDENT AUDITORS' REVIEW REPORT

TO THE MEMBERS OF

WOLF MINERALS LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Wolf Minerals Ltd (the Company) which comprises the condensed statement of financial position as at 31 December 2011, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed 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 2011, or during the half year.

Directors' Responsibility for the Half-Year Financial Report

The directors of the Company 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 Standard 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 2011 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, 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 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 2011 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.

Material Uncertainty Regarding Continuation as a Going Concern

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 $(1,623,997) during the half year ended 31 December 2011 (31 December 2010: $(641,890)) and had negative operating cashflow of $(866,004) (31 December 2010: $(529,723)). 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

9th March 2012

West Perth,

Western Australia

For further details, please contact:

About Wolf Minerals

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 recently released a positive Definitive Feasibility Study for the Hemerdon project, and it has updated planning permission for mining until 2021.