Numis Note on Quarterly

• Wolf Minerals (Buy 23p) – Q3 report. Positive. Another very productive quarter. Project development remains on time and budget for Q3, with construction 85% complete. EPC contractor GR engineering has started commissioning the plant with first ore expected to start being fed into the plant in July. 100kt of ore has been stockpiled and the Mine Waste Facility is making progress. Initial grade control drilling of 20km has been completed, with initial results confirming the reserve grade with some potential upside for tin. Positively, deleterious material is lower than expected. Recruitment is advanced with all key personnel in place. As announced previously reserves were increased by 34% and the temporary go ahead was given for round the clock processing. Major shareholder RCF exercised 578k options during the period, indicating its support. Development expenditure was A$24m in Q3, in line with NUMe A$23m, leaving cash of A$42m, a smidge below our A$44m. A total of £42m has been drawn of the £75m senior debt facility, in line with our expectations. Getting close now, just wish the tungsten price was making as good progress as the company (stuck at $285/t APT). View the live streaming here: http://www.wolfminerals.com.au/irm/content/live-streaming-video.aspx?RID=326. Stock trading at 0.8x P/NAV, 6.5x FY17 P/E.