wolf minerals

7/27/2019 Wolf Minerals

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INVESTOR PRESENTATION

JUNE 2013


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Cautionary Statement

The information contained in this document has been prepared based upon information supplied by Wolf Minerals Limited (the Company).This Document does not constitute an offer or invitation to any person to subscribe for or apply for any securities in the Company.

While the information contained in this Document has been prepared in good faith, neither the Company nor any of its shareholders,directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability orcompleteness of the information in this Document, or of any other written or oral information made or to be made available to any interestedparty or its advisers (all such information being referred to as Information) and liability therefore is expressly disclaimed.

Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees oradvisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory orotherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Document or for anyerrors, omissions or misstatements or for any loss, howsoever arising, from the use of this Document. Neither the issue of this Document norany part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right isreserved to terminate any discussions or negotiations with any person. In no circumstances will the Company be responsible for any costs,losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Document, the Company doesnot undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Document or tocorrect any inaccuracies in, or omissions from, this Document which may become apparent.

This Document should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers,agents, employees or advisers. Each party to whom this Document is made available must make its own independent assessment of theCompany after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections oropinions contained in this Document necessarily involve significant elements of subjective judgment, analysis and assumptions and eachrecipient should satisfy itself in relation to such matters.

This Document may include certain statements that may be deemed forward-looking statements. All statements in this discussion, other thanstatements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking

statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from thosein the forward-looking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent,warrant or guarantee, expressly or impliedly, that the information in this Document is complete or accurate. To the maximum extentpermitted by law, the Company disclaims any responsibility to inform any recipient of this Document of any matter that subsequently comesto its notice which may affect any of the information contained in this Document. Factors that could cause actual results to differ materiallyfrom those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, marketor business conditions. Investors are cautioned that any forward-looking statements are not guarantees of future performance and thatactual results or developments may differ materially from those projected in forward-looking statements.

WOLF Minerals UK Tungsten ASX:WLF |AIM:WLFE 2


3/22

Wolf Investment Highlights

Hemerdon Project - first production expected in 2015

Planning permissions in place with finance secured to commence construction

DFS indicates solid EBITDA margins and low operating production costs

Positive structural market dynamics for tungsten pricing and demand

Low cost model provides significant leverage to tungsten price upside

Located in a stable and supportive political environment


WORLD CLASS, CONSTRUCTION READY TUNGSTEN AND TIN MINE IN THE UK


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Wolf - Corporate Snapshot

WOLF MINERALS

Stock Codes ASX:WLF AIM:WLFEShare Price ASX: A$0.30 AIM: 0.20Issued shares 198.0 MillionUnlisted Options 8.0 MillionMarket Cap ~A$59M ~40M

Key Management

MD & CEO Humphrey Hale

Chairman John Hopkins

CFO - Richard Lucas


SUBSTANTIAL SHAREHOLDERS

Name Holding Description

Resource Capital

Fund V36.4% Mining focused private equity firm.

TTI (NZ) Limited

19.9%

Wholly owned subsidiary of Todd Corporation Limited, a major private NZ

based company with a diversified portfolio of business interests.

Traxys Projects LP 9.3%Global leader in financing, marketing, distribution and financial services for the

mining, metals and minerals industries.

0

500

1,000

1,500

2,000

0.15

0.20

0.25

0.30

0.35

0.40 SHARE PRICE (ASX:WLF)

ASX:WLF - Share Pricing -Volume ASX:WLF - Share Pricing


5/22

Tungsten Positive Structural

Market Dynamics

Critical for industrial development due to its uniqueproperties (melting point / hardness) and limitedsubstitutability

Considered a strategic metal in US, EU and China

Used in manufacture of hard metals (cementedcarbines), steels/alloys and mill products

Ammonium Para Tungstate (APT) is the most tradedof the tungsten products current price US$365**

Product prices quoted in metric tonne units or mtu(1 mtu = 10kg)

OVERVIEW

China a net importer in 2012

China holds 60% of known tungsten reserves (USGS)

and accounts for +50%* of demand and +80%* ofsupply

New capacity required to meet Western demand

Forecast demand growth of 6-7% to 2016*

Hemerdon in full production will produce less than3% of total forecast demand in 2016

PRIMARY TUNGSTEN DEMAND

5

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

FORECAST TUNGSTEN DEMAND

1989 TO 2016*

*Source: ITIA: Roskill forecast

WOLF Minerals UK Tungsten ASX:WLF |AIM:WLFE

*Source: Roskill research

**EU APT price US$365 (Metal Pages)


6/22

Hemerdon Project

Large, high quality reserve base

26.7mt @ 0.19%W03 (tungsten) and 0.03%Sn(tin) of proven and probable reserves

Low cash cost of US$105/mtu*

DFS confirms a robust low cost project

A$212M in funding to commence construction

Permitted to 2021 with potential to extend

Stable UK location with existing infrastructure

EPC contract in line with DFS

Production expected in 2015


*After tin credits


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8/22

Hemerdon - Construction Ready


CURRENT FOCUSCOMPLETED ONGOING

A$212 Million

Funding packageto commenceconstructioncompleted

Binding Offtakeagreementscompleted

DFScompleted

Planningpermission

secured

Water permitsapproved

EPC Contractorappointed

NEXT STEPS

Appoint Senior staff and continue landpurchases

Commence detailed design andprocurement of the plant and

infrastructure Secure remaining environmental approvals

Planning Funding2013

Construction2014

Commissioning2015

Production

2016Increase Mine

Life


9/22


10/22

EPC Contract in line with DFS

The 75 million (A$110.6 million) contract is belowthe DFS estimate of ~77 million

Completion includes commissioning the plant &performing a throughput test

Fixed delivery period of 105 weeks from formal

commencement date

Globally experienced firm with a solid history ofexecuting projects on time and in budget


GR ENGINEERING SERVICES (GRES) APPOINTED AS EPC CONTRACTOR

RECENTLY COMPLETED PROJECTS

CBH Resources Limited

Broken Hill Operations

Rasp Project $76M

750,000 tpa Lead Zinc

Processing Plant

(Design and Construct)

Catalpa Resources Ltd

Edna May Gold Project

$52M

2.8 Mtpa Gold Process

Plant & Infrastructure


Western Areas NL

Cosmic Boy Nickel Project

$35M

250,000 tpa Nickel

Sulphide Process Plant



11/22

Offtake Agreements completed

Confirms saleability of tungsten concentrate

Provides partial guarantee for Senior debt of 75m

Total contracted quantity equal to 80% of scheduledproduction on a 5 year term

Market pricing with no cap or floor

Suitable for German government guarantee

Global Tungsten &Powders (Plansee)

Wolfram Bergbau undHutten (Sandvik)


TOP TIER OFFTAKE PARTNERS


12/22

Optimise and Increase Mine Life


POTENTIAL DEVELOPMENT OPTIONS WITH FRESH PLANNING PERMISSIONS

Current DFS is limited only by existing planningpermission

Lateral and vertical pit expansion

Potential for underground expansion

Opportunity to steepen the ultimate pit wallsresulting in an increase in mineable reserve.

Mineralisation is open at depth to 400m and alongstrike providing the opportunity to expand pit designfurther and extend mine life by many years.


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Next Steps

Provide site access to EPC contractor

Secure remaining environmental approvals

Commence detailed design and procurement ofplant and infrastructure

Appoint Senior staff and continue land purchases



14/22

Wolf Summary

High quality, open pit 3Mtpa construction ready tungsten and tin project in the UK

EPC contract secured in line with DFS estimates

Financing from top tier investors to commence construction and offtake agreements

Low cost model provides significant leverage to tungsten price upside

2015 production schedule in line with projected forecast increase in Western tungsten demand

Fourth largest tungsten deposit globally with significant future development options



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APPENDICES

WOLF Minerals UK Tungsten ASX:WLF |AIM:WLFE


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Competent Persons

Statement

The information in this report relates to Exploration Results, Mineral Resources or Ore reserves is based oninformation compiled by Mr. H. Hale BSc. (Hons), MAIG. Mr. Hale has sufficient experience that is relevant tothe style of deposit under consideration and to the activity which he is undertaking to qualify as CompetentPerson as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, MineralResources and Ore reserves. Mr. Hale consents to the inclusion in the report of the matters based on thisinformation in the form and context in which it appears.

The information in the report to which this statement is attached that relates to Exploration Results andMineral Resources is based on information compiled by Phil Jankowski, who is a Member of the AustralasianInstitute of Mining and Metallurgy. Phil Jankowski is a full-time employee of SRK Consulting (Australasia) PtyLtd (SRK), and has sufficient experience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined inthe 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves. Phil Jankowski consents to the inclusion in the report of the matters based on his information in theform and context in which it appears.

The Ore Reserve estimate is based on work completed by Mr Quinton de Klerk, who is a Member of theAustralasian Institute of Mining and Metallurgy. Mr de Klerk is a full time employee of Cube Consulting and hassufficient experience which is relevant to the activity which he is undertaking to qualify as a Competent Personas defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves. Mr de Klerk consents to the inclusion in the report of the matters based on his informationin the form and context in which it appears.



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Hemerdon Mineral and

Ore Reserves

ORE

RESERVESPROVEN PROBABLE TOTAL

Mt WO3 % Sn % Mt WO3 % Sn % Mt WO3 % Sn %

Granite 18.9 0.18 0.03 2.4 0.18 0.03 21.3 0.18 0.03

Soft Granite 4.6 0.19 0.03 0.9 0.21 0.03 5.5 0.21 0.03

Total 23.5 0.19 0.03 3.2 0.19 0.03 26.7 0.19 0.03


MINERAL RESOURCES TONNAGE (MT) WO3 GRADE (%) SN GRADE (%)Measured 76.8 0.15 0.02Indicated 40.3 0.13 0.02Measured and Indicated 117.1 0.14 0.02Inferred 284.2 0.13 0.02Measured, Indicated & Inferred 401.4 0.13 0.02

Tables reported at a cutoff grade of 0.063% WO3


18/22

DFS Headline Outcomes


RESULT UNITS BASE CASE UPPER CASE

APT Price** US$/mtu 360 415

Operating Period Yrs 9.25 9.25

Annual Throughput Mtpa 3 3

Tungsten Production mtu/pa 345,000 345,000

Tin Production t/pa 462 462

Average Cash Cost* US$/mtu 105 105

CAPEX M 104 104

Operating SurplusM

338 424

EBITDA M 29 37

Project NPV

(post tax ungeared)

M74M 114M

IRR % 21% 26%

Payback Years 3.25 2.75

*After tin credits

**EU APT Price 7/3/13 US$365 (Metal Pages)


19/22

Capital and Operating Costs

CAPITAL COST ESTIMATES

ITEM 000s

Process plant 65,366

Infrastructure 8,491

Land purchases 10,548

Owners costs 10,403

Contingency 9,314

Total 104,122


OPERATING COST ESTIMATES

ITEM US$ /mtu

Mining 66.99Processing 53.10

General Administration (Inc. marketing & royalties) 15.52

C1 Cash Cost for operating period 122

Total Cash cost (After tin credits) 105.18


20/22


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DFS Data Sources

STUDY AREA CONSULTANTS

Mineral resources and Geology SRK Consulting Perth

Ore Reserves and Mining Plan Cube Consulting Perth

Mining Cost Estimates Cutback Consulting

Hydrogeology Aquaterra

Client Metallurgical Representative Coffey Mining

Metallurgical Testwork Ammtec managed by GR Engineering Services

Process Plant Design GR Engineering Services

Plant Capital GR Engineering Services

Plant Operating Costs GR Engineering Services

Treatment and Refining Traxys

Infrastructure and Services GR Engineering ServicesEnvironmental MRH Associates

Tailings and Storage Facilities Coffey Mining

Planning and permitting Mineral Planning Associates UK

Archaeological Groundwork Archaeology Ltd

Geological Consultant Richard Scrivener



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FOR FURTHER INFORMATION:Humphrey Hale - Managing Director

P: +61 8 6364 3776

E: [email protected]

W: www.wolfminerals.com.au


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