Issue of Performance Rights

23 December 2013

Issue of Performance Rights

On 23 December 2013, Wolf Minerals Limited (the "Company") issued the following performance rights in accordance with the Wolf Minerals Limited Performance Rights Plan, as approved by shareholders on 4 November 2011:

1) 366,945 performance rights with a nil cash consideration exercisable before 22 December 2020 with the following vesting conditions:

a. the processing plant at the Hemerdon Project is operating at design capacity within thirty (30) months following completion of the full project finance in relation to the Hemerdon Project in May 2013; and

b. the employee remains employed by the Company until three (3) months after the completion of (a) above.

2) 147,000 performance rights for nil cash consideration exercisable before 22 December 2018 to employees of the Company. The rights are fully vested at the date of issue.

Upon vesting, one Performance Right is able to be converted into one fully paid ordinary share in the Company.

Following this issue, the number of ordinary shares in issue and admitted to trading on AIM and the ASX remains unchanged at 198,017,660.

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