Quarterly Report

Wolf Minerals Limited

Quarterly Activities Report

For the period ending 30th September 2013

Specialty metals exploration and development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf") is pleased to provide the following update on the Hemerdon tungsten and tin project in Devon, UK, for the three month period to 30th September 2013.

Highlights from the September quarter include:

· Russell Clark appointed new Managing Director, subsequent to quarter end.

· Strengthening of the Hemerdon project management team

· £85 million Mining Services Contract awarded for Hemerdon Project

· Permitting of Tails Storage Facility (TSF) advanced

· Land acquisition process at Hemerdon site ongoing

· Ronnie Beevor appointed to board as Non-executive Director

Russell Clark appointed new Managing Director

Subsequent to the quarter (ASX announcement, 16 October 2013) experienced senior resource sector executive Russell Clark was appointed Wolf Minerals' new Managing Director, replacing inaugural Managing Director Humphrey Hale. The appointment was in line with the Company's transition strategy, as it moves from exploration and development into mine construction and eventual production at the Hemerdon tungsten and tin project.

The Company is delighted to have attracted someone of Russell Clark's calibre to join Wolf as its Managing Director. He has demonstrated abilities to develop and manage projects, and to communicate effectively with the market. His appointment was effective from 16th October, 2013. Mr Hale will continue to work with Wolf in a consultancy capacity for three months, to ensure an efficient transition in the Company's leadership.

The Company thanks Mr Hale for his outstanding contribution to its growth and development in his seven years with Wolf. He listed the Company on the ASX in 2007, acquired the Hemerdon project and managed its growth and development, culminating in a robust Definitive Feasibility Study and a major funding package to facilitate the project's development.

About Russell Clark

Mr Clark is a highly experienced and successful resource sector executive, with more than 35 years' experience in technical roles, project management, general management and executive positions in the USA, Africa, Papua New Guinea, and Australia.

He was previously Managing Director of Grange Resources (ASX: GRR), Australia's largest magnetite producer. During his four and a half year tenure with Grange he oversaw its successful merger with Australian Bulk Minerals, and the completion of prefeasibility and bankable feasibility studies for its $3 billion Southdown magnetite project. The market capitalisation of the company grew four-fold during his tenure, and posted record profits and cash flow, paying its inaugural dividend in 2011.

Mr Clark was most recently CEO of South American focused exploration company Azimuth Resources (ASX, TSX: AZH) prior to its takeover by Troy Resources (ASX, TSX: TRY) in August 2013. His previous experience also includes senior roles with Newmont, Normandy and Renison Goldfields. He holds a Mining Engineering degree (BSc Hons) from the Royal School of Mines, London, UK and a Graduate Diploma from the Securities Institute of Australia.

Commenting on his appointment Mr Clark said:

"I am really looking forward to this opportunity to lead the Wolf team to build the Hemerdon project and bring England's newest metal mine into production. We have an excellent resource, a core management team and solid cornerstone investors. Engineering and mining contracts are in place and the project has its debt funding and offtake partners secured so the building blocks for success are established."

Senior appointments to Hemerdon Project management team

In August (ASX announcement, 19 August 2013), the Company announced details of a number of senior appointments to its management team at Hemerdon including the construction manager and the mining, processing, environment and safety managers. The appointments demonstrate the strong continued progress in the development of the project, and the team assembled provide the requisite skill sets to take the project through construction and production.

The Company was very pleased to attract such an experienced team of professionals with the majority hired from the local region.

The Hemerdon Project management team is based at Wolf's UK head office, at the Tamar Science Park in Plymouth, which is located close to the Hemerdon Project site. The project is expected to generate 230 direct jobs, plus many indirect jobs when in production.

The Company will continue its personnel recruitment process over the coming months.

£85 million Mining Services Contract awarded for Hemerdon Project

In July (ASX announcement, 2 July 2013), Wolf announced that it had achieved another major milestone in the development timeline for the Hemerdon tungsten and tin project with the award of an £85 million (~A$142.6 million) Mining Services contract to CA Blackwell (Contracts) Limited.

The Contract is made up of two parts:

· Phase 1; Mining pre-strip and Mine development, and

· Phase 2; Mine production.

The Contract term for Phase 1 is 11 months from the commencement date. Phase 2 has a five year term from completion of Phase 1. Wolf will advise of the contract's formal commencement date in due course, which is currently expected to be March 2014 (dependent on progress of the project schedule).

About CA Blackwell (Contracts) Limited

CA Blackwell (Contracts) is part of the Blackwell Group, which was established in 1956. It specialises in plant and engineering, civil engineering, earthworks, remediation, renewable energy and water and coastal, and employs around 450 people throughout the UK. Blackwell undertakes multi-disciplined construction projects and encompasses the entire project delivery chain from concept development, through design, procurement, construction, commissioning and maintenance.

Ronnie Beevor joins Wolf board of directors

In September (ASX announcement, 20 September 2013), the Company strengthened its board with the appointment of experienced mining industry professional Ronald (Ronnie) Beevor as an independent Non-Executive Director.

Mr Beevor has significant experience working with companies transitioning from exploration and development to construction and production as Wolf is at the Hemerdon Project.

He has more than 30 years experience in investment banking, including as Head of Investment Banking at NM Rothschild & Sons (Australia) Limited, from 1997-2002. He has also had an extensive involvement in the natural resources industry, in Australia and internationally.

Mr Beevor is currently a Director of Ampella Mining Limited, Bullabulling Gold Limited, Unity Mining Limited and is Chairman of Bannerman Resources Limited and EMED Mining Public Limited. He has an Honours Degree in Philosophy, Politics and Economics from Oxford University and qualified as a chartered accountant in London in 1972.

Property acquisitions at Hemerdon Project site

Under the terms of the Company's planning permission for the Hemerdon project, it is required to purchase a number of properties in and around the Hemerdon site in order to develop the project. Wolf advises that, to date, it has purchased the majority of requisite properties, and that it continues to seek to finalise purchase agreements with the few remaining landowners.

Planned upcoming activities

In the December 2013 quarter, Wolf will continue to progress its operations at the Hemerdon project. Details of proposed activities will include;

· Continuation of Archaeological work at the Hemerdon site. Outcomes of this program of work will be released in due course, as they become available.

· Working with the Environment Agency to finalise the required permit for the waste facility.

· Continuation of acquisition of requisite properties in and around the Hemerdon project area.

· Continuation of detailed design and procurement of the plant and infrastructure.

· Continuation of recruitment of personnel.

ENDS

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 released a positive Definitive Feasibility Study for the Hemerdon project in 2011, and it has updated planning permission for mining until 2021.