New kid on the block, tungsten on the rise and all this in devon....what devon ?.....yes : devon...by jove....!.

www.wolfminerals.com

Chairman's Letter

Dear shareholder

It's with a great sense of achievement that I write to you in this Annual Report.

The 2015 financial year has been another transformational one for Wolf Minerals Limited ("Wolf" or "the Company") and your Board is very pleased with the progress made at Wolf's core project, the Hemerdon tungsten and tin project ("the Project") where construction has been completed on schedule and within the budget.

This is a significant achievement and management is congratulated on its efforts to produce this result, and to produce it safely whilst also working successfully with the critical aspects of environmental management and community engagement.

Commissioning of the processing plant is nearing completion, with successful tungsten concentrate production achieved. The subsequent throughput test is underway and the processing plant is expected to be transferred across to Wolf in September 2015. The processing plant will now be gradually ramped to full production, expected in early 2016.

Whilst the construction of the project has been the primary focus, the Company has also been exploring ways to increase shareholder value, with two initiatives in particular achieving this aim in the last year.

In late 2014, geotechnical drilling was undertaken around the perimeter of the open pit at Drakelands, to better understand the composition of the wall rocks, with a view to steepening the pit walls and accessing more ore. The work was successful and as a result a deeper pit, with steeper walls, has been designed and the ore reserves were increased by 9.5 million tonnes or 34% - a significant increase.

The second initiative considered the operating hours that the processing plant is permitted to work under the planning permission issued in the 1980's in which operating hours were restricted to 5 1/2 days per week. Management has worked closely with the Devon County Council and the local Parish Councils and reached agreement that a 6 month trial of 7 days per week operation be undertaken, with a view to continuing this if regulatory requirements, particularly concerning noise, are met.

A 7 days per week operation will result in a better environment to commission the processing plant, where continuous operations are preferable. A continuous operation also has the potential to lift production capability of the mine by around 25% - a very significant increase that would make Drakelands one of the biggest tungsten mines in the western world.

Like many commodity markets, the tungsten market has softened during the course of the last 12 months. Demand from some sectors and countries, such as the automotive industry in Europe and Japan, was steady. However the economic slowdown in China and fall in the oil price, resulted in a reduction in manufacturing and drilling activities globally and reducing the need for tungsten tools and drill bits. On the supply side, unlike some commodity markets such as coal, iron ore and oil, very limited new supply has entered the market in the last year and no substantial new supply, other than Wolf's production, is expected in the coming year.

The fundamentals for the tungsten market remain strong, with demand expected to consolidate and grow, and limited new supply coming to market. The Board remains confident that the tungsten market will strengthen and that Wolf will be well placed when it does, being potentially one of the biggest tungsten producers in the western world.

On behalf of the Board I thank our Managing Director, Russell Clark, and his senior management team Richard Lucas, Rupert McCracken and Jeff Harrison for their tireless efforts to make the Project a reality.

Official Opening of Hemerdon Tungsten and Tin Project

Highlights

· Over 200 guests including Australian High Commissioner to the UK, The Hon Alexander Downer AC, joined Wolf Minerals to celebrate the official opening of its Drakelands Mine at the Hemerdon tungsten and tin project, in Devon, by Her Majesty's Lord-Lieutenant of Devon - David Fursdon Esq.

· Drakelands Mine's arrival heralds a globally significant new source of tungsten and the first new metal mine in Great Britain for 45 years.

Commissioning Complete at Hemerdon Tungsten and Tin Project

Highlights

· Commissioning of the processing plant at Drakelands mine has been completed.

· Wolf now in full operational control of processing plant following handover from GR Engineering Services.

· First shipment of concentrate dispatched from Drakelands for delivery to customers.

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A small move up for the share price

Hmmmm - finnCap Buy 16.00 23.00 18.00 Retains

skinny

Where is this one going now , the share price i mean.

Quarterly Activities Report

For the Three Months Ended 30 September 2015


Specialty metals company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to provide the following update on its recently developed Drakelands open pit mine ("Drakelands") constructed at the Company's world class Hemerdon tungsten and tin project ("the Project") in Devon, southwest England, for the three month period to 30 September 2015.

Highlights for the September 2015 quarter include:

ü Commissioning of the processing plant at Drakelands completed.

ü Wolf now in full operational control of processing plant following handover from GR Engineering Services ("GRES").

ü First shipments of tungsten concentrate from Drakelands to customers in Europe and USA.

ü Successful official opening ceremony conducted with over 200 local and international guests.

ü Development expenditure of A$11.8 million for the quarter.

ü Release of 2015 Annual Report.

ü 213 days Lost Time Injury free days achieved.

Commenting on the September quarter performance, Wolf's Managing Director, Russell Clark said:

"The conclusion of commissioning activities in the September quarter, only 18 months after construction commenced, represents another major milestone in the development of Drakelands. With the inaugural shipments also taking place during this period, it was a successful quarter for Wolf."

"Drakelands is now under Wolf's operational control and operating seven days a week on a trial basis. The focus in the next quarter will be ramping up the plant towards full production and optimising plant performance."

"The Company has now realised its ambition of becoming a tungsten producer and we expect to provide a reliable, high quality supply of concentrate to our customers for many years into the future."

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Tungsten price to low for Wolf now , share price will be back down to 13p

Investor Conference Call


As previously announced Wolf Minerals will be holding a conference call to update analysts and investors today at 09:00 GMT.

To dial in via telephone please dial 0800 158 4198 (UK toll free) or +44 (0) 20 3036 4299 (if you are dialling from outside the UK). Telephone operators will ask participants to provide a password, which is Wolf Minerals.

If you are unable to listen to the live call, it will be archived for up to 7 days on Wolf Minerals' website. To access the replay function dial +44 (0) 20 8196 1998 followed by the Pin: 7091291#

Wolf Minerals' Managing Director, Russell Clark, will be hosting the call followed by a discussion of previously submitted questions.

https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=WLFE.L

Wolf Receives Waivers on Senior Debt Facilities

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to announce that it has received a waiver and consent letter (the "Letter") regarding the Company's senior debt finance facilities.
The Letter provides certain waivers of, and amendments to, the senior secured loan conditions for any non-compliance and to grant relief up to 31 March 2017 from financial and other covenants. The waivers, amendments and relief are effective immediately.
The Company announced on 29 January 2016 that it had executed a binding term sheet with Resource Capital Fund VI L.P. ("RCF VI") to provide a standby equity facility of up to £25 million (approximately A$51 million) (the "Facility") to strengthen the Company's balance sheet during the ramp-up of the processing plant at the Drakelands open pit mine. The Company has executed a standby subscription facility agreement for the Facility, which is subject to shareholder and FIRB approval.
The Facility is required to be approved for the Letter to remain effective. The relevant documentation and meeting information will be circulated as soon as practicable.

Publication of Interim Financial Statements


Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") wishes to advise that its Interim Financial Statements for the 6 months ending 31 December 2015 are available for download from the Company's website, www.wolfminerals.com.au .

Update of Funding Arrangements and Voluntary Suspension Request

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) provides the following update on the Company's funding arrangements to support the ramp up towards commercial production and design performance at the Drakelands open pit mine (Drakelands).

On 29 July 2016 as part of the Quarterly Activities Report, the Company announced that it is in breach of a loan covenant under the senior debt finance facilities, comprising a £70 million term loan facility and a £5 million bond facility, provided by a consortium of global mining financiers (the Lenders). The covenant relates to a minimum forward cash flow forecast requirement, which the Company is unable to meet without further support.

Subsequently, the Company has been in discussions with the Lenders and Resource Capital Fund VI L.P. in relation to the forecast cash flows and the Company's financial position. The discussions have been positive and have advanced to a negotiated draft non-binding term sheet for a funding solution involving a standstill and restructure of the senior debt facilities and additional funding support for working capital requirements. All parties are targeting completion of final binding agreements on or before 17 October.

After discussion with the Company's auditors (PKF Mack), the Wolf Board of Directors (the Board) believes that further progress is required to finalise the audit opinion on the financial statements for the year ended 30 June 2016.

Consequently, the Board has decided to defer the release of the Company's Annual Report and audited financial statements for the year ended 30 June 2016 until the funding solution is finalised. As the Annual Report was due for release on 30 September 2016 pursuant to ASX Listing Rules, the Company has requested a voluntary suspension from the ASX until such time as the Annual Report is completed.

Trading in the Company's Ordinary Shares on AIM will continue during this period.

Grant of ASX Listing Rule Waivers for Bridge Facility

Quarterly Activities Report
For the Three Months Ended 30 September 2016

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) provides the following update on progress at its Drakelands open pit mine (Drakelands) at the Company's Hemerdon tungsten and tin project in Devon, southwest England, for the three month period to 30 September 2016 (the Quarter).

Highlights

ü Good progress at the mine and Mining Waste Facility, mining record volumes in the Quarter
ü Successful restructure of Senior Debt. Scheduled repayments of principal deferred to January 2018
ü Bridge loan for £20 million established with Resource Capital Fund VI L.P.
ü Improved throughput, recovery and record production in the processing plant
ü Lee Moor Road replacement well advanced for completion in early 2017 to support the Mine Waste Facility


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Planning permission for Drakelands mine extended


Highlights

· Planning permission for Drakelands mine extended from 2021 to 2036.

· Processing plant now permitted to operate 24/7, providing potential to lift tungsten and tin production by 20%.

· Debt restructure effective, tenor of the Senior Debt extended until June 2023.

Quarterly Activities Report

For the Three Months Ended 30 June 2017

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) provides the following update on progress at its Drakelands open pit mine (Drakelands) at the Company's Hemerdon tungsten and tin project in Devon, southwest England, for the three month period to 30 June 2017 (the Quarter).

Highlights
ü Processing plant operating turnaround plan developed and starting to deliver improvements in production.
ü Resource Capital Fund VI L.P. bridge loan additional £10 million extension approved.
ü Drakeland's ISO 14001 environment management standard accreditation retained for the third successive year.
ü Tungsten price improved by ~5.9% in the Quarter.
ü Interim CFO appointed.
ü Interim MD and leadership team now based in UK at site.

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Operational Update

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company"), provides the following update on operations at its Drakelands open pit mine ("Drakelands") at the Company's Hemerdon tungsten and tin project in Devon, southwest England.

In the June Quarterly Report released on 28 July 2017, the Company announced the implementation of a detailed operating turnaround plan designed to achieve a sustainable production platform by the December quarter.

In recent months, the Company has progressed the operating turnaround plan with a particular focus on:

· improving processing plant reliability in the crushing circuit;

· improving performance of the refinery to enhance production levels; and

· reducing noise emissions from the processing plant including low frequency noise ("LFN").

The improvements are being implemented whilst the Company has voluntarily shutdown the vibrating screens in the processing plant on weekends. Wolf has continued to develop technical solutions with its lead construction contractor, GR Engineering Services Limited ("GRES"), to expedite a comprehensive LFN solution whilst meeting operational requirements during this important period of production improvements.

The Company has assessed the costs of ongoing LFN rectifications and has decided to notify GRES of its intention to recover these costs from the £7.5 million Performance Bond under the construction contract. The Company is confident that the Performance Bond will be sufficient to cover the costs of implementing the technical solutions required to deliver a successful LFN outcome.

Richard Lucas, Interim Managing Director, said:

"We are encouraged by the progress being made on the operating turnaround plan at this early stage, with further improvements planned for the coming months to achieve a sustainable production platform before the end of the year.

We are also encouraged by an improving tungsten price which supports the opportunity for Drakelands to be an important part of the global supply chain for such a critical industrial metal.

Managing our operations successfully also requires us to maintain strong relationships with our local communities, which includes further reductions in low frequency noise emissions. Therefore, after extended discussions with our lead construction contractor, GRES, we have decided to notify them of our intention to call upon the Performance Bond to ensure an LFN solution is achieved as quickly as possible."



ENDS

Good recovery going on here.....

Wolf Receives Additional £10 Million Funding

Specialty metals producer, Wolf Minerals (ASX: WLF, AIM: WLFE) (Wolf or the Company) is pleased to provide an update on the Company's financing arrangements to support short term working capital as it progresses towards long term self-sustaining operations at the Drakelands open pit mine (Drakelands).
Highlights
· Existing Bridge Facility increased from £45 million to £55 million.
· Operating turnaround plan is delivering improved plant performance.
· Tungsten price increases to US$280 per mtu.
The Company is pleased to announce that it has reached agreement with Resource Capital Fund VI L.P. (RCF VI) to amend the existing bridge facility in place with RCF VI (as announced on 24 October 2016 and 28 June 2017) (the Bridge Facility) pursuant to which RCF VI has agreed to provide the Company with an additional £10 million.

The funds advanced under the Bridge Facility to date have been used to progress the operating turnaround plan, including improved performance in:

· the Primary DMS circuit, with all phases now complete.

· the refinery, with first phase delivering an increase in throughput and availability. The final phase is scheduled for November.

· the gravity fines circuit to improve recoveries and the grade of pre-concentrate presented to the refinery, scheduled for November.

· maintenance activities, including implementation of a new system with associated process and work flow improvements.

The operating turnaround plan remains on schedule as the Company builds towards commercial production and design performance.

In addition to the ongoing improvements in operating performance, the price of tungsten has continued to increase from US$269 in August 2017 to US$280 per mtu in October 2017. The tungsten market remains in tight supply of raw material whilst demand for finished goods is improving, indicating continued price support at these levels.

The Company will continue to review its long term capital requirements as the operating turnaround plan progresses and further value adding opportunities and cost reduction initiatives are investigated.

Wolf Interim Managing Director, Richard Lucas, commented:

"The operating turnaround plan is delivering improved processing plant performance and is also building knowledge and experience across the business. When combined with improving tungsten market conditions, this provides an exciting outlook for 2018. The Company acknowledges RCF VI's continued support, which is testament to their confidence in Drakelands and the future success of Wolf."

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