Issue of Shares and Options

20 July 2012

Issue of Shares and Options

Notice under Section 708A

Further to the announcements of 29 May 2012, 13 June 2012 and 16 July 2012 regarding a placing of A$5 million to Resource Capital Fund V ("RCF") and Traxys Projects LP, Wolf Minerals Limited ("the Company") announces it has issued 14,166,667 ordinary shares of no par value to RCF on 19 July 2012.

The Company has also issued 515,824 fully paid ordinary shares, 524,086 options exercisable immediately at A$0.333 (20.0p) each before 19 July 2015, and 223,882 options exercisable immediately at A$0.3898 (23.4p) each before 19 July 2015 (the "Options"), to RCF. The 515,824 shares and Options are being issued to satisfy interest and utilisation fees payable for the quarter ended 30 June 2012 in accordance with the development capital facility terms approved at the Company's General Meeting on 5 October 2011.

Application has been made for the 14,682,491 ordinary shares (the "Shares") to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Admission is expected to become effective on 27 July 2012. The Shares will rank pari passu with the Company's existing shares.

Following admission of the Shares, the number of ordinary shares in issue and admitted to trading on AIM and the ASX will be 106,475,849 and the number of options admitted to trading on the ASX will be 20,861,098.

The Shares are part of a class of securities quoted on the Australian Securities Exchange. The Corporations Act 2001 (the Act) restricts the on-sale of securities issued without disclosure, unless the sale is exempt under Section 708 or 708A of the Act. By giving this notice, sale of the Shares will fall within the exemption in Section 708A(5) of the Act.

The Shares were issued without disclosure to investors under Part 6D.2 of the Act, in reliance on Section 708A(5).

The Company gives this notice pursuant to Section 708A(5)(e) of the Act.

The Company, as at the date of this notice, has complied with:

a) the provisions of Chapter 2M of the Act as they apply to the Company; and

b) Section 674 of the Act.

As at the date of this notice, there is no excluded information for the purposes of Section 708A(7) or 708A(8) of the Act.

Yours faithfully

Richard Lucas

Company Secretary

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