PINX:WOLV Wolverine Exploration Inc Annual Report 10-K Filing - 5/31/2012

Effective Date 5/31/2012

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended May 31, 2012

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [     ] to [     ]

Commission file number 000-53767

WOLVERINE EXPLORATION INC.
(Exact name of registrant as specified in its charter)

Nevada 98-0569013
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
   
   
4055 McLean Road, Quesnel, British Columbia, Canada V2J 6V5
(Address of principal executive offices) (Zip Code)
   
Registrant's telephone number, including area code: 250.992.6972

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Name of Each Exchange On Which Registered
N/A N/A

Securities registered pursuant to Section 12(g) of the Act:

N/A
(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 the Securities Act.
Yes [   ]     No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act
Yes [   ]     No [X]


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the last 90 days.
Yes [X]     No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-K (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes [X]     No [   ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [   ] Accelerated filer [   ]
Non-accelerated filer [   ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [   ]     No [X]

The value of Common Stock held by non-affiliates of the Registrant on September 11, 2012 was $1,173,435 based on a market price of $0.0102 per share. For purposes of this computation, all executive officers and directors have been deemed to be affiliates. Such determination should not be deemed to be an admission that such executive officers and directors are, in fact, affiliates of the Registrant.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.

119,513,333 shares of common stock issued & outstanding as of September 12, 2012

DOCUMENTS INCORPORATED BY REFERENCE

None.

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TABLE OF CONTENTS

Item 1. Business 4
     
Item 1A. Risk Factors 11
     
Item 2. Properties 14
     
Item 3. Legal Proceedings 14
     
Item 4. Submissions of Matters to a Vote of Security Holders 14
     
Item 5. Market for Common Equity and Related Stockholder Matters 14
     
Item 6. Selected Financial Data 16
     
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16
     
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 21
     
Item 8. Financial Statements and Supplementary Data 22
     
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35
     
Item 9A (T). Controls and Procedures 35
     
Item 9B. Other Information 36
     
Item 10. Directors, Executive Officers and Corporate Governance 36
     
Item 11. Executive Compensation 38
     
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39
     
Item 13. Certain Relationships and Related Transactions, and Director Independence 40
     
Item 14. Principal Accountants Fees and Services 40
     
Item 15. Exhibits, Financial Statement Schedules 41

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PART I

Item 1.             Business

This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

In this annual report, unless otherwise specified, all dollar amounts are expressed in United States Dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this annual report, the terms “we”, “us”, “our company”, “Wolverine”, mean Wolverine Exploration Inc., a Nevada corporation, unless otherwise indicated.

Corporate History

Our company was incorporated in the State of Nevada on February 23, 2006 and is quoted on the OTCQB and OTCBB under the symbol WOLV.

On February 28, 2007, we entered into a vend-in agreement with Shenin Resources Inc. (“Shenin”), a private Canadian corporation, for the purchase of a 90% interest 516 mineral claims located in Labrador Canada. The purchase price paid to Shenin was $374,000 satisfied by the issuance of 34,000,000 shares of our common stock at a fair value of $0.01 per share and a note payable of $34,000. Under the terms of the vend-in agreement we were required to incur the following expenditures on the claims: (i) CDN $150,000 on or before March 1, 2008; (ii) CDN $200,000 on or before March 1, 2009, and (iii) CDN $250,000 on or before March 1, 2010; provided that (iv) any excess amount spent in one year may be carried forward and applied towards fulfillment of the expenditure required in the later year. Shenin has also granted our company a first right of refusal to purchase a 90% interest in all further property in Labrador Canada that Shenin may obtain an interest in from time to time.

On August 15, 2007, we registered our company as an extra-provincially registered company in the Province of Newfoundland and Labrador for the purpose of being able to register the Claims in the name of our company and for the purpose of being able to conduct our business in the Province of Newfoundland and Labrador.

Subsequent to the vend-in agreement, Richard Haderer, a consultant of Wolverine, staked twenty-four (24) additional mineral claims on behalf of Wolverine. The staking costs for these additional claims was Cdn $1,440 and the additional claims are contiguous to the 516 claims acquired pursuant to the vend-in agreement.

On August 27, 2009 we signed an amending agreement with Shenin. Which waives all of the remaining work commitments required under the vend-in agreement subject to us incurring sufficient exploration expenditures on the claims to keep them in good standing with the Province of Newfoundland and Labrador.

In March of 2010, as a result of the exploration carried out to date, Wolverine reduced the number of claims by 128 in order to concentrate its exploration efforts on the claims with anomalous mineralization.

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In June of 2010, Ed Montague, transferred 37 claims to Wolverine which had been staked on behalf of Wolverine.

On October 18, 2011 20 claims were cancelled by the Government of Newfoundland and Labrador as the required expenditures for the year were not met.

Wolverine now holds a 90% interest and Shenin holds a 10% interest in a total of 429 claims.

Our Current Business

We are an exploration stage company engaged in the business of acquisition and exploration of base and precious metal mineral properties. Our current exploration is focused on mineral properties located in Labrador, Canada. We have not yet determined whether the Labrador Claims contain mineral reserves that are economically recoverable.

Claims Located in Labrador, Canada

Location and Means of Access to the Claims

The Claims (the “Labrador Claims”) are located about 120 kilometres (75 miles) west of Goose Bay, Labrador, a small town of 9,000 people on the Atlantic Coast of northern Canada. It takes approximately one and a half to two hours to drive to the Labrador Claims from Goose Bay.

The Labrador Claims lie within NTS map sheets 13E/01 and 13F/04 and extends approximately from 53o 11’ 08’’ N latitude and 62o 11’ 56’’ W longitude to 53o 06’ 34’’ N latitude and 61o 57’ 02’’ W longitude.

Goose Bay features an international airport. From there, the Labrador Claims can be accessed directly from the Trans-Labrador Highway. The Labrador Claims are easily accessible by the Trans-Labrador Highway, which runs through the central portion of the Labrador Claims. The Trans-Labrador Highway is a well maintained Provincial Highway with a gravel surface. There are no gas stations between Goose Bay and Churchill Falls, the next major community located 290 kilometres (180 miles) to the west of Goose Bay and 160 kilometres (105 miles) to the west of the Labrador Claims.

Access to the Labrador Claims is possible for most of the year given the proximity to Goose Bay and the fact that the highway is well maintained. Airborne geophysical surveys are best performed either in late winter (March-April) or during the summer (June-August). Ground geophysical surveys should be scheduled to avoid freeze-up (November-December) and breakup (late April to early June). Ground geological surveys are best conducted with no snow cover (mid June to mid November).

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Figure 1. The Claims are located approximately 120 kilometers (75 miles) west of Goose Bay, Labrador.

Description of Labrador Claims

The Labrador Claims are unencumbered and in good standing and there are no third party conditions which affect the Labrador Claims other than conditions defined by the Province of Newfoundland and Labrador described below. The Labrador Claims together make up an aggregate area of 11,225 hectares. We have no insurance covering the Labrador Claims. Management believes that no insurance is necessary since the Labrador Claims are unimproved and contain no buildings or improvements. The Labrador Claims cover an area with approximate dimensions of 20 kilometers east-west (12.5 miles) and 10 kilometers north-south (6.25 miles).

The Labrador Claims consist of a total of 429 mineral claims covering 11 separate licenses as described in Table 1 below. A layout of the Labrador Claims is shown in Figure 2 below.

Table 1. Summary of the Claims.      
Number # of Claims NTS Area Good to Date
      (hectares)  
013472M 6 13F/04 150 05-17-2012
012425M 82 13E/01 2,050 08-18-2011
013039M 254 13E/01 & 13F/04 6,350 02-05-2012
015521M 18 13F/04 450 11-03-2013
017118M 12 13F/04 300 01-28-2015
017119M 6 13E/01 150 01-28-2015
017355M 9 13E/01 225 03-01-2015
017521M 20 13F/04 500 03-14-2012
017522M 12 13E/01 300 03-14-2012
017584M 10 13F/04 250 05-03-2015

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Figure 2. The Claims extend for a distance of approximately 20 kilometers (12.5 miles) along the Trans-Labrador Highway.

There is no assurance that a commercially viable mineral deposit exists on the Labrador Claims. Further exploration will be required before an evaluation as to the economic feasibility of the Labrador Claims is determined. Our consulting geophysicist has written a report and provided us with recommendations of how we should explore the Labrador Claims. Until management can validate otherwise, the Labrador Claims are without known reserves.

Conditions to Retain Title to the Labrador Claims

The Labrador Claims have varying expiry dates. In order to maintain the Labrador Claims in good standing it will be necessary for us to coordinate an agent to perform and record valid exploration work with value of CDN$200 per claim in anniversary year 1, CDN$250 per claim in anniversary year 2, CDN$300 per claim in anniversary year 3, CDN$350 per claim in anniversary year 4, CDN$400 per claim in anniversary year 5, CDN$600 per claim in anniversary years six to ten inclusive, CDN$900 per claim in anniversary years 11 to 15 inclusive and CDN$1,200 per claim in anniversary years 16 to 20 inclusive. Failure to perform and record valid exploration work on the anniversary dates will result in forfeiture of title to the Labrador Claims.

History of Labrador and the Labrador Claims

According to the report prepared by our consulting geophysicist, the geologic setting is based on information available from the Geological Survey of Canada (DNR Open File 013F/0055) and the Government of Newfoundland and Labrador (Open File 013F/0061). The regional geology as described by both Government Reports contains very little detail because the Trans-Labrador Highway was under construction during much of the mapping initiative, opening in 1992.

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Also, the area has seen only limited geologic mapping on a regional scale, in part due to the remoteness of the area and the timing of the Federal and Provincial mapping initiatives that preceded construction of the Trans-Labrador Highway. The mapped geology within the area is part of a regional 1:500,000 compilation undertaken by the Newfoundland and Labrador Provincial Government during the early 1990’s. The survey area is located outside of the area of detailed mapping, in which case geologic mapping has been taken from previous publications, most notably a Federal Government regional mapping program from 1990-1994. During the period 1990 to 1994 the area was regionally mapped by the Geological Survey of Canada and by the Mines and Energy Branch of the Newfoundland and Labrador Government. Geologic mapping was performed on a very regional scale, due in part to the remoteness of the area (away from the Trans-Labrador Highway) and the lack of outcrop. In summary there is very little geological mapping within the survey area and there has never been a detailed mapping program.

Exploration History

In the fall of 2007 Wolverine completed an airborne survey of the Labrador Claims. The airborne survey identified 8 conductive targets that warrant ground follow-up.

In the fall of 2009 Wolverine carried out geological reconnaissance along with prospecting and sampling on three of its eleven Labrador licenses. Some, but not all of the known mineralized zones were sampled as this was more of a reconnaissance exercise until a more systematic program is put in place. In addition, to the usual base metal sampling, scintillometer surveys were done on the exposed rock cuts along the highway and selected areas of the southern portions of the three licenses.

Work on the Property during June of 2010 consisted of prospecting, sampling and geological reconnaissance on and around electro-magnetic and radiometric anomalies that were identified during the 2007 airborne survey. Earlier sampling on rock cuts along the highway had shown values in Cu and Au that warranted further exploration.

Continued prospecting during July 2010 on other areas of the property has revealed additional outcrops containing malachite alteration on the western end of the property near anomaly number one.

In August and September 2010 a follow up program of diamond drilling was contracted to an Ontario Drilling Company and a total of 522.5 meters was drilled in 6 holes.

In November and December 2010 an induced polarization (IP) Survey was completed on the Property. The survey was conducted on two grids located on the Property. Grid 1 consisted of 19, 1.6 km lines oriented at 360 degrees. 5 of those lines were cut short (1.2 km) due to a large lake that was not completely frozen at the time of the survey and was considered unsafe. A 1.8 km base line oriented at 090 Degrees crossed the centre of the grid. Grid 2 consisted of 13 lines that varied from ~750 m, in the south to 1500 m in the north. The lines were oriented at 090 degrees with a baseline 1.2 km long, oriented at 360 Degrees.

In June of 2011 Wolverine conducted a prospecting program which marked the eleven drill locations in the anomalous areas which were identified by the Induced Polarization Survey completed in late 2010.

In the fall of 2011 a follow up program of diamond drilling was contracted to an Ontario Drilling Company and a total of 271 meters was drilled in 4 holes.

Exploration Results

Disseminated mineralization consisting mainly of pyrite, pyrrhotite and chalcopyrite were detected in several areas of the property. Mineralization was first noted in roadside rock cuts, samples were taken but the GPS location was not recorded as none were available, only a generalized location within several metres was given to the geologist.

After Wolverine acquired the property an airborne survey was completed and several anomalies were detected. Wolverine then engaged a geologist to supervise the prospecting, trenching and drilling program. Prospecting revealed other zones of disseminated mineralization, mainly in rock cuts along the highway which had the best exposure as most of the property is covered by marsh and forested overburden.

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Diamond drilling on two airborne anomalous areas revealed disseminated mineralization in four of the six drill holes.

Wolverine then conducted an induced polarization (IP) survey on two selected areas that detected 23 anomalous zones. Plans are underway to conduct an additional drill program to test the strongest areas later this spring.

Of the four holes drilled in the fall of 2011, two had minor indications of sulphide mineralization with magnetite while one contained disseminated mineralization consisting of blebs of chalcopyrite and pyrite for approximately 37 metres (121 feet).

Quality Assurance/Quality Control

All drill core samples were cut lengthwise with a rock saw. Half of the sample was retained for future reference and the other was sent by Canada Post, insured and delivered to the Laboratory. Sample sections were measured by depth markers in the core boxes and confirmed by the geologist. Results were mailed back to the geologist and confirmed by the chief chemist’s signature. A portion of the laboratory sample was retained at the laboratory for a period of one year.

Surface bedrock sample sites were selected by geologists and prospectors. GPS readings recorded the locations. Samples were stored in new industrial plastic sample bags with the sample number which was also recorded in note books. Samples were again sent by Canada Post with the same procedure noted above.

Present Condition of the Labrador Claims

The mineralization found to date on the Labrador Claims consists primarily of copper and gold mineralization in sulphide with associated pyrite (a non-economic sulphide mineral). There are also a number of malachite veins (and malachite stained outcrops).

The country rocks have been identified as meta-sedimentary gneiss. Locally gabbros and diorites have been identified by surface prospecting.

Based on the mineralization and the known geologic rock types, there appear to be three possible deposit types that could host mineralization within the Labrador Claims; 1) porphyry copper-gold in sulphide, 2) volcanogenic (Cu-Pb-Zn) massive sulphide, or 3) magmatic nickel-copper sulphide.

Copper-gold (Cu-Au) deposits occur within sedimentary rocks when a stock intrudes into the sediments and heats up the ground water. The heated fluids pick up copper and other metals as they percolate through fractures opened up within the sediments. Mineralization is mostly disseminated, but significant veins of chalcopyrite, rich in gold, are also present. The presence of chalcopyrite in meta-sediment and alachite staining are excellent indicators for a copper-gold system.

VMS deposits are commonly formed by deposition of hot metals into seawater from volcanic vents on the seafloor. The main metals include copper, zinc, lead, gold and silver. Within the Labrador Claims there are no mapped volcanic rocks, although the known mineralization has been found within gabbro and diorite.

Magmatic nickel-copper sulphide deposits are hosted in mafic to ultramafic rocks such as gabbro, norite, and troctolite. Other rock types commonly associated with these host rocks are diorites and anorthosites. Within the Labrador Claims chalcopyrite mineralization was identified in a gabbro and separately associated with a diorite dyke.

The Labrador Claims are almost completely covered by overburden and tree cover. Rock outcrops are best observed along the highway where they have been uncovered.

The climate within the area is typically northern with short hot summers and long cold winters. Winter temperatures can range from -15o C to -35o C and occasionally fall to below -42o C.

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There is no equipment, infrastructure or electricity currently on the Labrador Claims.

There have been no previous airborne surveys in this area that are within 35 kilometers (22 miles) of the Labrador Claims. The area would have been covered as part of the Federal Government regional airborne magnetic survey, but this survey would not have the sufficient resolution to identify magnetic units less than 1 kilometer in size and could not detect any conductive mineralization.

Geology of the Labrador Claims

Geologically the area is mapped as early to late Proterozoic meta-sediments that have been metamorphosed to gneisses. Major gabbroic and anorthositic intrusives have intruded the gneisses several kilometers to the east and local gabbros and diorites occur throughout the area along with several quartz veins. Large tourmaline crystals have also been identified on the Labrador Claims. The area has little outcrop and is covered by overburden, generally sand and gravel. Spruces trees are abundant but are not very tall.

The presence of several copper showings and malachite staining in the limited outcrop suggests that a mineralizing event of copper and gold has intruded into the meta-sedimentary rocks. The nature of the mineralization is likely to be copper veins and disseminations with associated gold. It is also possible that magmatic nickel and copper mineralization could be present with associated platinum group elements within gabbros.

Competition

The mining industry is intensely competitive. We compete with numerous individuals and companies, including many major mining companies, which have substantially greater technical, financial and operational resources and staffs. Accordingly, there is a high degree of competition for access to funds. There are other competitors that have operations in the area and the presence of these competitors could adversely affect our ability to compete for financing and obtain the service providers, staff or equipment necessary for the exploration and exploitation of our properties.

Compliance with Government Regulation

Mining operations and exploration activities are subject to various national, state, provincial and local laws and regulations in Canada and the United States, as well as other jurisdictions, which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters.

Wolverine obtained a permit from the Government of Newfoundland for the 2012 exploration program. The provisions of this permit included 24 hour prior notification of mobilizing equipment to the project area; two day prior notification of completion of the exploration activity; a brief update of the progress of the exploration program when it is completed as well as complying with the Mineral Regulations of the Province of Newfoundland and Labrador.

We believe that we are and will continue to be in compliance in all material respects with applicable statutes and the regulations passed in Canada and the United States. There are no current orders or directions relating to our company with respect to the foregoing laws and regulations.

Employees

Currently we do not have any employees. The Company utilizes consultants for the management, regulatory, administrative, investor relations and geological functions of the Company. We do not expect any material changes in the number of employees over the next 12 month period. We will continue to retain consultants as required.

Going Concern

We anticipate that additional funding will be required in the form of equity financing from the sale of our common stock. At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months. We do not have any arrangements in place for any future equity financing.

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Subsidiaries

We do not have any subsidiaries.

Intellectual Property

We do not own, either legally or beneficially, any patent or trademark.

REPORTS TO SECURITY HOLDERS

We are not required to deliver an annual report to our stockholders but will voluntarily send an annual report, together with our annual audited financial statements upon request. We are required to file annual, quarterly and current reports, proxy statements, and other information with the Securities and Exchange Commission. Our Securities and Exchange Commission filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.

The public may read and copy any materials filed by us with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. We are an electronic filer. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The Internet address of the site is http://www.sec.gov.

Item 1A.          Risk Factors

Much of the information included in this annual report includes or is based upon estimates, projections or other “forward looking statements”. Such forward looking statements include any projections and estimates made by us and our management in connection with our business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.

Such estimates, projections or other “forward looking statements” involve various risks and uncertainties as outlined below. We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other “forward looking statements”.

If we do not obtain additional financing, the business plan will fail.

Our current operating funds are insufficient to complete the next phases of our proposed exploration program on our Labrador mineral claims. We will need to obtain additional financing in order to complete our business plan and our proposed exploration program. Our business plan calls for significant expenses in connection with the exploration of the Labrador Claims. We have not made arrangements to secure any additional financing.

Because we have only recently commenced business operations, we face a high risk of business failure and this could result in a total loss of your investment.

We recently begun the initial stages of exploration of the Labrador Claims, and thus has no way to evaluate the likelihood whether our company will be able to operate our business successfully. Our Company was incorporated on February 23, 2006 and to date we have been involved primarily in organizational activities, obtaining financing and preliminary exploration of the Labrador Claims. We have not earned any revenues and we have never achieved profitability as of the date of this annual report. Potential investors should be aware of the difficulties normally encountered by new mineral exploration companies and the high rate of failure of such enterprises. The likelihood of success must be considered in the light of problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that our company plans to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. We have no history upon which to base any assumption as to the likelihood that its business will prove successful, and we can provide no assurance to investors that our company will generate any operating revenues or ever achieve profitable operations. If our company is unsuccessful in addressing these risks its business will likely fail and you will lose your entire investment in this offering.

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Because our company has only recently commenced business operations, we expect to incur operating losses for the foreseeable future.

Our company has never earned any revenue and our company has never been profitable. Prior to completing exploration on the Labrador Claims, we may incur increased operating expenses without realizing any revenues from the Labrador Claims, this could cause our company to fail and you will lose your entire investment in this offering.

If we do not find a joint venture partner for the continued development of our mineral claims, we may not be able to advance exploration work.

If the results of the exploration program are successful, we may try to enter into a joint venture agreement with a partner for the further exploration and possible production of the Labrador Claims. Our company would face competition from other junior mineral resource exploration companies who have properties that they deem to be attractive in terms of potential return and investment cost. In addition, if our company entered into a joint venture agreement, our company would likely assign a percentage of our interest in the Labrador Claims to the joint venture partner. If our company is unable to enter into a joint venture agreement with a partner, our company may fail and you may lose your entire investment in this offering.

Because of the speculative nature of mineral property exploration, there is substantial risk that no commercially viable deposits will be found and our business will fail.

Exploration for base and precious metals is a speculative venture involving substantial risk. We can provide investors with no assurance that the Labrador Claims contain commercially viable mineral deposits. The exploration program that our company will conduct on the Labrador Claims may not result in the discovery of commercial viable mineral deposits. Problems such as unusual and unexpected rock formations and other conditions are involved in base and precious metal exploration and often result in unsuccessful exploration efforts. In such a case, we may be unable to complete our business plan and you could lose your entire investment.

Because of the inherent dangers involved in base and precious metal exploration, there is a risk that our company may incur liability or damages as we conducts our business.

The search for base and precious metals involves numerous hazards. As a result, our company may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or against which we may elect not to insure. Our company currently has no such insurance nor do we expect to get such insurance in the foreseeable future. If a hazard were to occur, the costs of rectifying the hazard may exceed our asset value and cause our company to liquidate all of our assets resulting in the loss of your entire investment.

Because access to our company’s mineral claims is often restricted by inclement weather, we will be delayed in exploration and any future mining efforts.

Access to the Labrador mineral claims is restricted to the period between May and November of each year due to snow in the area. As a result, any attempts to visit, test, or explore the property are largely limited to these few months of the year when weather permits such activities. These limitations can result in significant delays in exploration efforts, as well as mining and production in the event that commercial amounts of minerals are found. Such delays can result in our company’s inability to meet deadlines for exploration expenditures as defined by the Province of Newfoundland and Labrador. This could cause the business venture to fail and the loss of your entire investment unless our company can meet the deadlines.

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As our company undertakes exploration of the Labrador Claims, we will be subject to compliance with government regulation that may increase the anticipated time and cost of its exploration program.

There are several governmental regulations that materially restrict the exploration of minerals. Our company will be subject to the mining laws and regulations as contained in the Mineral Act of the Province of Newfoundland and Labrador as we carry out our exploration program. We may be required to obtain work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with these regulations. While our company’s planned exploration program budgets for regulatory compliance, there is a risk that new regulations could increase our time and costs of doing business and prevent our company from carrying out our exploration program.

Because market factors in the mining business are out of our control, our company may not be able to market any minerals that may be found.

The mining industry, in general, is intensely competitive and we can provide no assurance to investors even if minerals are discovered that a ready market will exist from the sale of any base or precious metals found. Numerous factors beyond our control may affect the marketability of base or precious metals. These factors include market fluctuations, the proximity and capacity of natural resource markets and processing equipment, government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our company not receiving an adequate return on invested capital and you may lose your entire investment.

Because our company holds a significant portion of our cash reserves in United States dollars, we may experience weakened purchasing power in Canadian dollar terms.

Our company holds a significant portion of our cash reserves in United States dollars. Due to foreign exchange rate fluctuations, the value of these United States dollar reserves can result in both translation gains or losses in Canadian dollar terms. If there was to be a significant decline in the United States dollar versus the Canadian Dollar, our US dollar purchasing power in Canadian dollars would also significantly decline. Our company has not entered into derivative instruments to offset the impact of foreign exchange fluctuations.

Our auditors have expressed substantial doubt about our company’s ability to continue as a going concern.

The accompanying financial statements have been prepared assuming that our company will continue as a going concern. As discussed in Note 1 to the May 31, 2012 financial statements, our company was incorporated on February 23, 2006, and has never generated any revenue and has a working capital deficiency. As a result, our company’s auditor have expressed substantial doubt about the ability of our company to continue as a going concern. Continued operations are dependent on our ability to complete equity or debt financings or generate profitable operations. Such financings may not be available or may not be available on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty.

Our stock is a penny stock. Trading of our stock may be restricted by the SEC’s penny stock regulations which may limit a stockholder’s ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and “accredited investors”. The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock.

13


Item 1B.           Unresolved Staff Comments

None.

Item 2.             Properties

We do not own any real property. Our principal business offices are located at 4055 McLean Road, Quesnel, British Columbia, Canada, V2J 6V5. Our office space is currently provided by the President of our company at a no cost. We believe that our current lease arrangements provide adequate space for our foreseeable future needs. In addition, Cdn$1,000 per month is paid to Texada Consulting Inc., a company controlled by the brother of the President of the Company, for an administrative office located in Richmond, BC.

Item 3.             Legal Proceedings

Other than as set out below, our company is not a party to any pending legal proceeding and no legal proceeding is contemplated or threatened as of the date of this annual report.

Item 4.             Submissions of Matters to a Vote of Security Holders

There were no matters submitted to a vote of our security holders either through solicitation of proxies or otherwise in the fourth quarter of the fiscal year ended May 31, 2012.

PART II

Item 5.             Market for Common Equity and Related Stockholder Matters

Public Market for Common Stock

Our stock is quoted on the OTCQB under the symbol WOLV.

Stockholders of Our Common Shares

As of the date of this annual report, we have 88 registered shareholders.

Stock Option Grants

On September 9, 2011 Wolverine cancelled 200,000 stock options with an exercise price of $0.14 per share and an expiry date of May 28, 2015.

On September 9, 2011 Wolverine granted 200,000 stock options with an exercise price of $0.05 and an expiry date September 9, 2016.

On September 9, 2011 Wolverine amended the exercise price of 4,900,000 stock options from $0.14 per share to $0.05 per share. The expiry date of May 28, 2015 remained unchanged.

14


Warrants

We have not issued and do not have outstanding any warrants to purchase shares of our common stock.

Dividends

There are no restrictions in our articles of incorporation or bylaws that prevent us from declaring dividends. The Nevada Revised Statutes, however, do prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

1.

we would not be able to pay our debts as they become due in the usual course of business; or

   
2.

our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution.

We have not declared any dividends, and we do not plan to declare any dividends in the foreseeable future.

Securities Authorized for Issuance Under Equity Compensation Plans

On May 28, 2010 our directors approved the adoption of our 2010 Stock Plan which permits our company to issue up to 5,147,250 shares of our common stock, and 5,147,250 options to acquire shares of common stock, to directors, officers, employees and consultants of our company upon the grant of stock or the exercise of stock options granted under the 2010 Plan.

Transfer Agent

Our common shares are issued in registered form. Empire Stock Transfer, Inc. Telephone: (702) 818-5898; Facsimile: (702) 974-1444 is the registrar and transfer agent for our common shares.

On August 22, 2012 the list of stockholders for our shares of common stock showed 88 registered stockholders and 113,413,333 shares of common stock outstanding.

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

We did not purchase any of our shares of common stock or other securities during the year ended May 31, 2012.

Recent Sales of Unregistered Securities

Effective June 2, 2011, we issued 666,667 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $20,000. We have issued all of securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying upon Rule 506 of Regulation D of the Securities Act of 1933.

Effective June 4, 2011, we issued 833,333 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $25,000. We have issued all of securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying upon Rule 506 of Regulation D of the Securities Act of 1933.

Effective June 8, 2011, we issued 333,333 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $10,000. We have issued all of securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying upon Rule 506 of Regulation D of the Securities Act of 1933.

Effective July 18, 2011, we issued 166,667 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $5,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

15


Effective August 12, 2011, we issued 400,000 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $12,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective September 2, 2011, we issued 833,333 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $25,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective September 13, 2011, we issued 666,667 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $20,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective October 19, 2011, we issued 1,166,667 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $35,000. We have issued all of the shares to two non-US persons (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective October 26, 2011, we issued 1,000,000 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $30,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective November 7, 2011, we issued 1,366,667 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $41,000. We have issued all of the shares to one non-US person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

Effective November 10, 2011, we issued 100,000 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $3,000. We have issued all of securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying upon Rule 506 of Regulation D of the Securities Act of 1933.

Effective November 17, 2011, we issued 200,000 shares of our common stock in a private placement at a purchase price of $0.03 raising gross proceeds of $6,000. We have issued all of securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying upon Rule 506 of Regulation D of the Securities Act of 1933.

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

Wolverine did not purchase any of our shares of common stock or other securities during our fourth quarter of our fiscal year ended May 31, 2012.

Item 6.             Selected Financial Data

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 7.             Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our audited financial statements and the related notes for the years ended May 31, 2012 and 2011 that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled “Risk Factors” beginning on page 11 of this annual report.

16


Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States generally accepted accounting principles.

Cash Requirements

There is limited historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage company and have not generated any revenues from activities. We cannot guarantee we will be successful in our business activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

Over the next twelve months we intend to use any funds that we may have available to fund our operations and conduct exploration on our Labrador Claims. We expect to review other potential exploration projects from time to time as they are presented to us.

Not accounting for our working capital deficit of $328,124 as of May 31, 2012, we require additional funds of approximately $100,000 at a minimum to proceed with our plan of operation over the next twelve months, exclusive of any acquisition costs. As we do not have the funds necessary to cover our projected operating expenses for the next twelve month period, we will be required to raise additional funds through the issuance of equity securities, through loans or through debt financing. There can be no assurance that we will be successful in raising the required capital or that actual cash requirements will not exceed our estimates. We intend to fulfill any additional cash requirement through the sale of our equity securities.

Our auditors have issued a going concern opinion for our year ended May 31, 2012. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. As we had cash in the amount of $600 and a working capital deficit in the amount of $328,124 as of May 31, 2012, we do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months. We plan to complete debt financings and/or private placement sales of our common stock in order to raise the funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any debt financings or private placement financings and there is no assurance that we will be successful in completing any debt financing or private placement financing. Our success or failure will be determined by what we find under the ground.

Exploration Plan

Exploration Summary for Fall 2012

With the termination of the exploratory drilling in October of 2011, Wolverine has reassessed its options on its Cache River property in central Labrador. Of the 11 anomalies targeted only 4 were drilled prior to the shutdown that was due to severe winter weather conditions. The results obtained on grid 1 were not as high as anticipated as the cause of the anomalies in the drilling area was determined to be mainly magnetite with minor sulphides.

The area drilled does not necessarily reflect the entire property as this was only a small portion of the total claim area. There remains seven anomalous areas to be investigated, most of those are 20 km remote from the 2011 drilling and are centered in the area of the surface malachite showing discovered previously by Wolverine. As this area is heavily forested, the only surface outcrops are in the highway rock cuts where there are 6 malachite occurrences along a 1 km stretch of road.

Wolverine is now considering a 300 meter drilling program to begin in September. The targets are the four anomalous areas that are priority 1 and priority 2 zones that are recommended by Abitibi Geophysics as a result of the IP survey carried out in late 2010. These anomalies are the only indication that may indicate a possible cause of the copper showings in the area due to the lack of surface exposures other than the highway.

17


The drilling contractor which has been selected to do the work is based in nearby Goose Bay and is ready to be mobilized on short notice.

The drilling program will be supervised by Ed Montague the project geologist. Mr. Monatague is the former representative of the Department of Natural Resources of the provincial government and was, in part, responsible for the promotion and development of Labrador’s mineral resources. He resides in Labrador City and is a beneficiary of the Nunatsiavut Government. Mr. Montague spent 25 years with mining and engineering companies such as Bechtel, Placer Dome and United Keno Hill, working in Canada and overseas, prior to joining the provincial government. He is a Professional Geoscientist (P. Geo.) registered with the Association of Professional Engineers and Geoscientist of Newfoundland and Labrador.

The drilling program will be funded by cash on hand and through funds raised pursuant to a private placement.

As at May 31, 2012, we had a cash balance of $600. We will need to raise additional financing to fund our exploration program over the next 12 months.

The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

Purchase of Significant Equipment

We do intend to purchase any significant equipment over the twelve months ending May 31, 2012.

Results of Operations for the Years Ended May 31, 2012 and 2011

The following summary of our results of operations should be read in conjunction with our audited financial statements for the years ended May 31, 2012 and 2011.

Our operating results for the years ended May 31, 2012 and 2011 are summarized as follows:

    Year Ended  
    May 31  
    2012     2011  
Revenue $  –   $  –  
Operating Expenses $  452,460   $  686,153  
Other Income   (41,270 )    
Net Loss $  (411,190 ) $  (686,153 )

18


Revenues

We have not earned any revenues since our inception and we do not anticipate earning revenues in the near future.

Operating Expenses

Our operating expenses for the year ended May 31, 2012 and May 31, 2011 are outlined in the table below:

    Year Ended  
    May 31  
    2012     2011  
Depreciation $  1,908   $  1,579  
Foreign exchange loss $  (3,289 ) $  266  
General and administrative $  331,417   $  409,434  
Mineral exploration costs $  122,424   $  274,874  

The decrease in operating expenses for the year ended May 31, 2012, compared to the same period in fiscal 2011, was mainly due to a decrease in financing activities and mineral exploration costs.

Liquidity and Financial Condition

Working Capital

    At     At  
    May 31,     May 31,  
    2012     2011  
             
Current assets $  5,835   $  28,212  
Current liabilities   333,959     236,092  
Working capital (deficit) $  (328,124 ) $  (207,880 )

Cash Flows

    Year Ended  
    May 31  
    2012     2011  
Net Cash Used in Operating Activities $  (293,396 ) $  (615,502 )
Net Cash Used in investing activities       (5,726 )
Net Cash Provided by Financing Activities   291,062     527,450  
Net increase (decrease) in cash during period $  (2,334 ) $  (93,778 )

Operating Activities

Net cash used in operating activities during the year ended May 31, 2012 was $293,396 compared to $615,502 during the year ended May 31, 2011.

Investing Activities

Net cash used in investing activities during the year ended May 31, 2012 was $Nil compared to $5,726 for the purchase of property and equipment during the year ended May 31, 2011.

19


Financing Activities

During the year ended May 31, 2012, we received net proceeds of $260,000 from share subscriptions and shareholder loans in the amount of $31,062.

Contractual Obligations

As a “smaller reporting company”, we are not required to provide tabular disclosure obligations.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

Our audited financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles used in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

Mineral Property Costs

Our company has been in the exploration stage since its inception on February 23, 2006 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. Our company assesses the carrying costs for impairment under ASC 360, “Property, Plant, and Equipment.”at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

Long-lived Assets

In accordance with ASC 360, ”Property, Plant, and Equipment”, our company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Stock-based Compensation

Our company records stock-based compensation in accordance with ASC 718, “Compensation-Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

20


NEW ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Item 7A.          Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 8.             Financial Statements and Supplementary Data

Our audited financial statements are stated in United States dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

The following audited financial statements are filed as part of this annual report:

21


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
May 31, 2012
(Expressed in U.S. dollars)

 

  Index
   
Report of Independent Registered Public Accounting Firm F–1
   
Balance Sheets F–2
   
Statements of Operations F–3
   
Statements of Stockholders’ Equity (Deficit) F–4
   
Statements of Cash Flows F–6
   
Notes to the Financial Statements F–7


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
Wolverine Exploration Inc.
(An Exploration Stage Company)

We have audited the accompanying balance sheets of Wolverine Exploration Inc. (An Exploration Stage Company) as of May 31, 2012 and 2011, and the related statements of operations, stockholders’ equity (deficit), and cash flows for the years then ended and accumulated from February 23, 2006 (date of inception) to May 31, 2012. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements of Wolverine Exploration Inc. accumulated from February 23, 2006 (date of inception) to May 31, 2008 were audited by other auditors whose report dated September 5, 2008 included an explanatory paragraph regarding the Company’s ability to continue as a going concern. The financial statements for the period from February 23, 2006 (date of inception) to May 31, 2008 reflect a net loss of $868,421 of the related cumulative totals. The auditors’ report has been furnished to us, and our opinion, insofar as it related to amounts included for such periods, is based solely on the report of such auditors.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of May 31, 2012 and 2011, and the results of its operations and its cash flows for the years then ended and accumulated from February 23, 2006 (date of inception) to May 31, 2012, in conformity with accounting principles generally accepted in the United States.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has not generated any revenues, has a working capital deficit, and has incurred operating losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 1 to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/ SATURNA GROUP CHARTERED ACCOUNTANTS LLP

Saturna Group Chartered Accountants LLP

Vancouver, Canada

September 6, 2012

F-1


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Balance Sheets
(Expressed in U.S. dollars)

    May 31,     May 31,  
    2012     2011  
    $     $  
             
             
ASSETS            
             
Current Assets            
             
   Cash   600     2,934  
   Amounts receivable   5,235     14,292  
   Prepaid expenses and deposits       10,986  
             
Total Current Assets   5,835     28,212  
             
Property and equipment (Note 3)   2,239     4,147  
             
Total Assets   8,074     32,359  
             
LIABILITIES AND STOCKHOLDERS’ DEFICIT            
             
Current Liabilities            
             
   Accounts payable   291,638     235,203  
   Due to related parties (Note 5)   42,321     889  
             
Total Liabilities   333,959     236,092  
             
Going Concern (Note 1)            
Commitments (Note 8)            
Subsequent Event (Note 11)            
             
Stockholders’ Deficit            
             
   Common stock, 200,000,000 shares authorized, $0.001 par value
         113,413,333 and 104,330,000 shares issued and outstanding, respectively
  113,413     104,330  
   Additional paid-in capital   3,255,052     2,973,097  
   Common stock subscribed (Note 6)   18,000     20,000  
   Deficit accumulated during the exploration stage   (3,712,350 )   (3,301,160 )
             
Total Stockholders’ Deficit   (325,885 )   (203,733 )
             
Total Liabilities and Stockholders’ Deficit   8,074     32,359  

(The accompanying notes are an integral part of these financial statements)

F-2


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Statements of Operations
(Expressed in U.S. dollars)

                Accumulated from  
    Year     Year     February 23, 2006  
    Ended     Ended     (Date of Inception)  
    May 31,     May 31,     to May 31,  
    2012     2011     2012  
    $     $     $  
                   
Revenue            
                   
Expenses                  
                   
   Depreciation   1,908     1,579     3,487  
   Foreign exchange loss (gain)   (3,289 )   266     15,183  
   General and administrative (Note 5)   331,417     409,434     2,617,075  
   Mineral exploration costs   122,424     274,874     669,009  
   Write-down of mineral property costs           348,221  
                   
Total Expenses   452,460     686,153     3,652,975  
                   
Loss Before Other Income (Expense)   (452,460 )   (686,153 )   (3,652,975 )
                   
Other Income (Expense)                  
                   
   Loss on settlement of debt           (100,645 )
   Write-off of accounts payable   41,270         41,270  
                   
Total Other Income (Expense)   41,270         (59,375 )
                   
Net Loss   (411,190 )   (686,153 )   (3,712,350 )
                   
Net Loss Per Share, Basic and Diluted       (0.01 )      
                   
Weighted Average Shares Outstanding   109,133,370     100,461,000        

(The accompanying notes are an integral part of these financial statements)

F-3


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Statements of Stockholders’ Equity (Deficit)
For the Period from February 23, 2006 (Date of Inception) to May 31, 2012
(Expressed in U.S. dollars)

                            Deficit              
                            Accumulated     Accumulated        
                Additional     Common     During the     Other        
                Paid-in     Stock     Exploration     Comprehensive        
    Shares     Amount     Capital     Subscribed     Stage     Income     Total  
    #     $     $     $     $     $     $  
                                           
Balance, February 23,                                          
2006 (Date of Inception)                            
                                           
Common stock issued for cash   4,000,000     4,000                     4,000  
                                           
Common stock subscribed               33,500             33,500  
                                           
Net loss for the period                   (19,727 )       (19,727 )
                                           
Balance, May 31, 2006   4,000,000     4,000         33,500     (19,727 )       17,773  
                                           
Common stock subscriptions refunds               (9,000 )           (9,000 )
                                           
Common stock issued from subscriptions   2,450,000     2,450     22,050     (24,500 )            
                                           
Common stock issued for cash   11,750,000     11,750     105,750                 117,500  
                                           
Common stock issued for purchase of interest in mineral properties   34,000,000     34,000     306,000                 340,000  
                                           
Common stock subscribed               1,000             1,000  
                                           
Net loss for the year                   (224,926 )       (224,926 )
                                           
Balance, May 31, 2007   52,200,000     52,200     433,800     1,000     (244,653 )       242,347  
                                           
Common stock subscriptions refunds               (1,000 )           (1,000 )
                                           
Common stock issued for cash   15,330,000     15,330     488,070                 503,400  
                                           
Common stock subscribed               110,000             110,000  
                                           
Net loss for the year                   (623,768 )       (623,768 )
                                           
Foreign currency exchange gain                       674     674  
                                           
Balance, May 31, 2008   67,530,000     67,530     921,870     110,000     (868,421 )   674     231,653  
                                           
Common stock issued   1,100,000     1,100     108,900     (110,000 )            
                                           
Net loss for the year                   (583,400 )       (583,400 )
                                           
Foreign currency exchange loss                       (674 )   (674 )
                                           
Balance, May 31, 2009   68,630,000     68,630     1,030,770         (1,451,821 )       (352,421 )

(The accompanying notes are an integral part of these financial statements)

F-4


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Statements of Stockholders’ Equity (Deficit)
For the Period from February 23, 2006 (Date of Inception) to May 31, 2012
(Expressed in U.S. dollars)

                            Deficit        
                            Accumulated        
                Additional     Common     During the        
                Paid-in     Stock     Exploration        
    Shares     Amount     Capital     Subscribed     Stage     Total  
    #     $     $     $     $     $  
                                     
Balance, May 31, 2009   68,630,000     68,630     1,030,770         (1,451,821 )   (352,421 )
                                     
Common stock issued for cash   5,900,000     5,900     171,100             177,000  
                                     
Common stock issued to settle debt   8,050,000     8,050     342,375             350,425  
                                     
Stock-based compensation           746,277             746,277  
                                     
Common stock subscribed (net of finders fees of $8,125)               189,875         189,875  
                                     
Net loss for the year                   (1,163,186 )   (1,163,186 )
                                     
Balance, May 31, 2010   82,580,000     82,580     2,290,522     189,875     (2,615,007 )   (52,030 )
                                     
Common stock issued for cash   21,750,000     21,750     744,750     (198,000 )       568,500  
                                     
Finders’ fees (Note 5)           (62,175 )   8,125         (54,050 )
                                     
Common stock subscribed               20,000         20,000  
                                     
Net loss for the year                   (686,153 )   (686,153 )
                                     
Balance, May 31, 2011   104,330,000     104,330     2,973,097     20,000     (3,301,160 )   (203,733 )
                                     
Common stock issued for cash   8,733,333     8,733     253,267     (20,000 )       242,000  
                                     
Common stock issued for services   350,000     350     13,650             14,000  
                                     
Stock-based compensation           6,820             6,820  
                                     
Incremental compensation cost for modified stock options           8,218             8,218  
                                     
Common stock subscribed               18,000         18,000  
                                     
Net loss for the year                   (411,190 )   (411,190 )
                                     
Balance, May 31, 2012   113,413,333     113,413     3,255,052     18,000     (3,712,350 )   (325,885 )

(The accompanying notes are an integral part of these financial statements)

F-5


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Statements of Cash Flows
(Expressed in U.S. dollars)

                Accumulated from  
    Year     Year     February 23, 2006  
    Ended     Ended     (Date of Inception)  
    May 31,     May 31,     to May 31,  
    2012     2011     2012  
    $     $     $  
                   
Operating Activities                  
   Net loss   (411,190 )   (686,153 )   (3,712,350 )
   Adjustments to reconcile net loss to net cash used in operating activities:            
       Depreciation   1,908     1,579     3,487  
       Loss on settlement of debt           100,645  
       Stock-based compensation   29,038         775,315  
       Write-off of accounts payable   41,270         41,270  
       Write-down of mineral properties           348,221  
   Changes in operating assets and liabilities:                  
       Amounts receivable   9,057     (3,227 )   (5,235 )
       Prepaid expenses and deposits   10,986     63,117     26,100  
       Accounts payable   15,165     35,808     462,260  
       Accrued liabilities       (20,163 )    
       Due to related party   10,370     (6,463 )   28,147  
Net Cash Used In Operating Activities   (293,396 )   (615,502 )   (1,932,140 )
Investing Activities                  
   Acquisition of mineral properties           (321 )
   Purchase of property and equipment       (5,726 )   (5,726 )
Net Cash Used In Investing Activities       (5,726 )   (6,047 )
Financing Activities                  
   Proceeds from loans payable           24,000  
   Repayment of loans payable       (7,000 )   (22,000 )
   Advances from related parties   31,062         50,062  
   Repayment of note payable to related party           (34,000 )
   Proceeds from common stock issued or subscribed   260,000     588,500     1,994,900  
   Stock issuance costs       (54,050 )   (62,175 )
   Repayment of common stock subscribed           (12,000 )
Net Cash Provided By Financing Activities   291,062     527,450     1,938,787  
Increase (Decrease) in Cash   (2,334 )   (93,778 )   600  
Cash, Beginning of Period   2,934     96,712      
Cash, End of Period   600     2,934     600  

Supplementary Cash Flow Information (Note 9)

(The accompanying notes are an integral part of these financial statements)

F-6


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

1.

Nature of Operations and Continuance of Business

     

The Company was incorporated in the State of Nevada on February 23, 2006. The Company is an Exploration Stage Company, as defined by Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”. The Company’s principal business is the acquisition and exploration of mineral resources. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable.

     

These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at May 31, 2012, the Company has a working capital deficiency of $328,124 and has accumulated losses of $3,712,350 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

     
2.

Significant Accounting Policies

     
(a)

Basis of Presentation

     

These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year-end is May 31.

     
(b)

Use of Estimates

     

The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of mineral property costs, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

     
(c)

Cash and Cash Equivalents

     

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

     
(d)

Mineral Property Costs

     

The Company has been in the exploration stage since its inception on February 23, 2006 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, “Property, Plant, and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.

     
(e)

Property and Equipment

     

Equipment is stated at cost and is depreciated over their estimated useful lives on a three year straight-line basis.

F-7


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

2.

Significant Accounting Policies (continued)

     
(f)

Long-lived Assets

     

In accordance with ASC 360, “Property Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

     
(g)

Asset Retirement Obligations

     

The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The Company did not have any asset retirement obligations at May 31, 2012 and 2011.

     
(h)

Income Taxes

     

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

     
(i)

Foreign Currency Translation

     

The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

     
(j)

Stock-based Compensation

     

The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

     
(k)

Earnings (Loss) Per Share

     

The Company computes earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.

F-8


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

2.

Significant Accounting Policies (continued)

     
(l)

Financial Instruments and Fair Value Measures

     

ASC 820, “Fair Value Measurements and Disclosures”, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The Company’s financial instruments consist principally of cash, amounts receivable, accounts payable, loans payable, and amount due to a related party. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

     
  (m)

Comprehensive Income

     
 

ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at May 31, 2012 and 2011, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

     
  (n)

Recent Accounting Pronouncements

     
 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

     
  (o)

Reclassifications

     
 

Certain comparative figures have been reclassified to conform to the current year's presentation.


3.

Property and Equipment


                  2012     2011  
            Accumulated     Net Carrying     Net Carrying  
      Cost     Depreciation     Value     Value  
      $     $     $     $  
                           
  Equipment   5,726     3,487     2,239     4,147  

F-9


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

4.

Mineral Properties

   

On February 27, 2007, the Company entered into a vend-in agreement whereby they agreed to acquire a 90% interest in four mineral licenses in central Labrador, Canada, comprised of 516 mineral claims covering an area of 33,111 acres, for a $34,000 promissory note and 34,000,000 in common shares with a fair value of $340,000. The purchase price included a total of $26,100 in refundable staking security deposits. These deposits were refunded to the Company in February 2008.

   

Under the terms of the vend-in agreement, the Company is committed to incurring mineral exploration expenditures of Cdn$150,000 on or before March 1, 2008, Cdn$171,615 on or before March 1, 2009, and Cdn$214,519 on or before March 1, 2010 with the provision that any excess amount spent in one year may be carried forward and applied towards fulfilment of the expenditure requirements of a later year.

   

On August 27, 2009, the vend-in agreement was amended in that the optionor has agreed to waive the remaining required work commitments on the mineral properties subject to the Company incurring sufficient exploration expenditures on the properties to keep them in good standing with the local government.

   

Subsequent to the vend-in agreement, the Company acquired an additional 24 mineral claims contiguous to the 516 claims acquired pursuant to the vend-in agreement described above for $501. Pursuant to the vend-in agreement, the Company has a 90% interest in these additional 24 mineral claims and the optionor has a 10% interest.

   

On March 16, 2010, the Company relinquished its interest in 128 of the mineral claims described above.


5.

Related Party Transactions

     
(a)

During the year ended May 31, 2012, the Company incurred consulting fees of $36,023 (2011 - $32,930) to the President of the Company which is included in general and administrative expenses.

     
(b)

During the year ended May 31, 2012, the Company incurred consulting fees of $15,152 (2011 - $41,602) to a director of the Company which is included in general and administrative expenses.

     
(c)

During the year ended May 31, 2012, the Company incurred consulting fees of $120,644 (2011 - $120,996) and rent of $11,934 (2011 - $12,777) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses.

     
(d)

During the year ended May 31, 2012, the Company incurred consulting fees of $1,527 (2011 - $nil) and finder’s fees of $nil (2011 - $38,000) to the brother of the President of the Company. The consulting fees are included in general and administrative expenses.

     
(e)

As at May 31, 2012, the Company owes $11,259 (2011 - $889) to the President of the Company which is non-interest bearing, unsecured, and due on demand.

     
(f)

As at May 31, 2012, the Company owes $19,362 (Cdn$20,000) (2011 - $nil) for cash advances received from a company controlled by the brother of the President of the Company, which is non-interest bearing, unsecured, and due on demand. As at May 31, 2012, included in accounts payable are the amounts of $3,500 and $137,867 (Cdn$142,410) (2011 - $6,500) owing to this company.

     
(g)

As at May 31, 2012, the Company owes $11,700 (2011 - $nil) for cash advances received from the brother of the President of the Company, which is non-interest bearing, unsecured, and due on demand. As at May 31, 2012, included in accounts payable is the amount of $10,000 (Cdn$10,330) (2011 - $nil) owing to the brother of the President of the Company.


6.

Common Stock

     

Stock transactions during the year ended May 31, 2012:

     
(a)

During the year ended May 31, 2012, the Company received stock subscriptions for 1,800,000 shares at $0.01 per share for proceeds of $18,000, which is recorded as common stock subscribed as at May 31, 2012.

     
(b)

On November 23, 2011, the Company issued 8,733,333 shares of common stock at $0.03 per share for proceeds of $262,000, of which $20,000 was received as at May 31, 2011.

     
(c)

On November 23, 2011, the Company issued 350,000 shares of common stock with a fair value of $14,000 pursuant to a marketing agreement.

F-10


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

6.

Common Stock (continued)

     

Stock transactions during the year ended May 31, 2011:

     
(d)

On March 29, 2011, the Company received stock subscriptions for 400,000 shares of common stock at $0.05 per share for proceeds of $20,000, which was recorded as common stock subscribed as at May 31, 2011.

     
(e)

On November 14, 2010, the Company issued 5,700,000 shares of common stock at $0.05 per share for proceeds of $285,000. The Company paid finders’ fees of $19,000 in connection with this private placement.

     
(f)

On August 9, 2010, the Company issued 100,000 shares of common stock at $0.03 per share for proceeds of $3,000.

     
(g)

On July 2, 2010, the Company issued 15,950,000 shares of common stock at $0.03 per share for gross proceeds of $478,500, of which $189,875 (net of finders’ fees of $8,125) was received prior to May 31, 2010 and included in common stock subscribed. The Company paid finders’ fees of $43,175 in connection with this private placement.

     
7.

Stock-based Compensation

     

On May 28, 2010, the Board of Directors of the Company adopted the 2010 Stock Plan (the “Plan”). The maximum number of shares of the Company’s common stock available for issuance under the Plan is 10,294,500 shares. An aggregate of 5,147,250 shares may be issued under stock options and an aggregate of 5,147,250 shares may be issued in the form of restricted shares.

     

On September 9, 2011, the Company amended the exercise price of 4,900,000 stock options originally granted on May 28, 2010, from an exercise price of $0.14 per share to $0.05 per share. Modifications to the terms of an award are treated as an exchange of the original award for a new award. Incremental compensation cost is measured as the excess, if any, of the fair value of the original award immediately before its terms are modified, measured on the share price and other pertinent factors at that date. The Company recognized an incremental compensation cost of $8,218 for these modified stock options, which is included in general and administrative expense.

     

On September 9, 2011, the Company granted 200,000 stock options to a consultant exercisable at $0.05 per share until September 9, 2016. The fair value of these stock options was estimated at the date of grant using the Black-Scholes option-pricing model assuming an expected life of 5 years, a risk-free rate of 0.81%, an expected volatility of 189%, and a 0% dividend yield. The weighted average fair value of stock options granted was $0.03 per share. During the year ended May 31, 2012, the Company recorded stock-based compensation of $6,820, which is included in general and administrative expense.

     

A summary of the Company’s stock option activity is as follows:


            Weighted     Weighted        
            Average     Average     Aggregate  
            Exercise     Remaining     Intrinsic  
      Number of     Price     Contractual     Value  
      Options     $     Life (years)     $  
                           
  Outstanding, May 31, 2010 and 2011   5,100,000     0.14              
                           
     Granted   200,000     0.05              
     Cancelled   (200,000 )   0.14              
                           
  Outstanding and exercisable, May 31, 2012   5,100,000     0.05     3.0      

8.

Commitments

     
(a)

On January 31, 2007, the Company entered into a consulting agreement with a company controlled by the brother of the President of the Company whereby it has agreed to pay $10,000 per month. The Company is obligated to issue a bonus of 5% of the Company’s issued and outstanding common shares as of the date of the payment of the bonus upon and only in the event of the discovery of a major commercially viable mineral resource deposit.

     
(b)

On March 1, 2012, the Company agreed to issue 6,100,000 shares of common stock at a fair value of $61,000 to settle accounts payable of Cdn$61,000, which includes Cdn$50,000 owed to a company controlled by the brother of the President of the Company. Refer to Note 11..

F-11


WOLVERINE EXPLORATION INC.
(An Exploration Stage Company)
Notes to the Financial Statements
May 31, 2012
(Expressed in U.S. dollars)

9.

Supplementary Cash Flow Information


                  Accumulated from  
                  February 23, 2006  
      Year Ended     Year Ended     (date of inception)  
      May 31,     May 31,     to May 31,  
      2012     2011     2012  
      $     $     $  
                     
  Non-cash Investing and Financing Activities                  
     Shares issued to settle accounts payable           312,425  
     Shares issued to settle loans payable           21,000  
     Shares issued to settle related party debt           15,000  
     Note payable to related party pursuant to mineral property vend-in agreement           34,000  
     Refundable staking security deposits received pursuant to mineral
       property vend-in agreement
          26,100  
     Shares issued pursuant to mineral property vend-in agreement           340,000  
                     
  Supplemental Disclosures                  
     Interest paid            
     Income taxes paid            

10.

Income Taxes

   

The Company has net operating losses carried forward of $1,833,160 available to offset taxable income in future years which expires beginning in fiscal 2026.

   

The Company is subject to United States federal and state income taxes at an approximate rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:


      2012     2011  
      $     $  
  Income tax recovery at statutory rate   (139,805 )   (233,292 )
  Permanent differences   5,113      
  Valuation allowance change   134,692     233,292  
  Provision for income taxes        

The significant components of deferred income tax assets and liabilities at May 31, 2012 and 2011, are as follows:

      2012     2011  
      $     $  
  Mineral property costs   464,253     422,629  
  Net operating losses carried forward   623,275     530,207  
  Gross deferred income tax assets   1,087,528     952,836  
  Valuation allowance   (1,087,528 )   (952,836 )
  Net deferred income tax asset        

11.

Subsequent Event

   

On August 27, 2012, the Company issued the 6,100,000 shares of common stock to settle accounts payable of $61,000 as described in Note 8(b).

F-12


Item 9.             Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There were no disagreements related to accounting principles or practices, financial statement disclosure, internal controls or auditing scope or procedure during the two fiscal years and interim periods.

Item 9A (T).    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2012. Based on the evaluation of these disclosure controls and procedures, and in light of the weaknesses identified below, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining effective internal control over financial reporting. Under the supervision of our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of our internal control over financial reporting as of May 31, 2012 using the criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of May 31, 2012, the Company determined that there were significant deficiencies that constituted material weaknesses, as described below.

  (1)

lack of a functioning audit committee and lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;

     
  (2)

inadequate segregation of duties consistent with control objectives;

     
  (3)

insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and

     
  (4)

ineffective controls over period end financial disclosure and reporting processes.

Management is currently evaluating remediation plans for the above control deficiencies.

In light of the existence of these control deficiencies, management concluded that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls.

As a result, management has concluded that the Company did not maintain effective internal control over financial reporting as of May 31, 2012 based on criteria established in Internal Control—Integrated Framework issued by COSO.

35


Saturna Group Chartered Accountants LLP, an independent registered public accounting firm, was not required to and has not issued a report concerning the effectiveness of our internal control over financial reporting as of May 31, 2012.

Changes in Internal Control

During the quarter ended May 31, 2012 there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent limitations on effectiveness of controls

Internal control over financial reporting has inherent limitations which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Item 9B.           Other Information

None

PART III

Item 10.           Directors, Executive Officers and Corporate Governance

All of the directors of our company hold office until the next annual meeting of the stockholders or until their successors have been elected and qualified. Our officers are appointed by our board of directors and hold office until their death, resignation or removal from office. Our directors and executive officers, their ages, positions held, and duration as such, are as follows:

      Date First Elected
  Name            Position Held with the Company Age or Appointed
       
  Lee Costerd President, Chief Executive Officer, Chief 59 February 23, 2006
  Financial Officer and Director    
       
  Luke Rich Vice President, Exploration and Business 47 June 14, 2010
  Development    

Business Experience

The following is a brief account of the education and business experience of each director and executive officer during at least the past five years, indicating each person's principal occupation during the period, and the name and principal business of the organization by which he was employed.

Lee Costerd

Mr. Costerd has acted as a Director and Officer since the Company’s inception on February 23, 2006. Mr. Costerd has been involved in the mining industry for the past 20 years. Mr. Costerd was the mine manager for a placer mining operation in British Columbia and a supervisor at a hard rock mining operation also in British Columbia.

36


Luke Rich

Mr. Rich is a member of the Innu Nation and Mushuau Innu First Nations and is a former VP of the Innu Nation. Prior to joining Wolverine, Mr. Rich was also Co-CEO of the Innu Development Limited Partnership (“IDLP”) from October 2007 to April 2010. IDLP participated in the construction of the mine and mill for the Voisey Bay Nickel Project. Mr. Rich is also a board member of various IDLP owned companies including Innu Mikun Airlines, Innu Keiwit Constructor LP and the Innu/SNC Lavalin Partnership.

Family Relationships

There are no family relationships among our directors or officers.

Involvement in Certain Legal Proceedings

Our directors, executive officers and control persons have not been involved in any of the following events during the past five years:

1.           any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

2.           any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offences);

3.           being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

4.           being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

Section 16(a) Beneficial Ownership Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors and persons who own more than 10% of our common stock to file with the Securities and Exchange Commission initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of our common stock and other equity securities, on Forms 3, 4 and 5 respectively. Executive officers, directors and greater than 10% shareholders are required by the SEC regulations to furnish us with copies of all Section 16(a) reports that they file.

Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended May 31, 2012, all filing requirements applicable to our officers, directors and greater than 10% percent beneficial owners were complied with.

Audit Committee and Audit Committee Financial Expert

We do not have an audit committee; our entire board of directors performs the function of an audit committee. Our board of directors has determined that it does not have a member that qualifies as an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K, and is "independent" as the term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended.

We believe that the members of our board of directors are collectively capable of analyzing and evaluating our financial statements. We believe that retaining an independent director who would qualify as an "audit committee financial expert" would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development and the fact that we have not generated any material revenues to date. In addition, we currently do not have nominating, compensation or audit committees or committees performing similar functions nor do we have a written nominating, compensation or audit committee charter. Our board of directors does not believe that it is necessary to have such committees because it believes the functions of such committees can be adequately performed by our board of directors.

37


Code of Ethics

We adopted a Code of Ethics applicable to all of our directors, officers, employees and consultants, which is a "code of ethics" as defined by applicable rules of the SEC. Our Code of Ethics is attached as an exhibit to our registration statement on Form S-1 filed on July 15, 2008. If we make any amendments to our Code of Ethics other than technical, administrative, or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of our Code of Ethics to our chief executive officer, chief financial officer, or certain other finance executives, we will disclose the nature of the amendment or waiver, its effective date and to whom it applies in a Current Report on Form 8-K filed with the SEC.

Item 11.           Executive Compensation

The particulars of the compensation paid to the following persons:

  • our principal executive officer;

  • each of our two most highly compensated executive officers who were serving as executive officers at the end of the years ended May 31, 2012, 2011 and 2010; and

  • up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at the end of the years ended May 31, 2012, 2011 and 2010,

who we will collectively refer to as the named executive officers of our company, are set out in the following summary compensation table, except that no disclosure is provided for any named executive officer, other than our principal executive officers, whose total compensation did not exceed $100,000 for the respective fiscal year:

   SUMMARY COMPENSATION TABLE   







Name
and Principal
Position









Year








Salary
($)








Bonus
($)







Stock
Awards
($)







Option
Awards
($)*






Non-Equity
Incentive Plan
Compensation
($)


Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)





All
Other
Compensati
on
($)








Total
($)
Lee Costerd
Chief Executive
Officer, Chief
Financial Officer
and
Director)
2012
2011
2010


$36,023
$32,930
$28,026


Nil
Nil
Nil


Nil
Nil
Nil


Nil
Nil
$88,207


Nil
Nil
Nil


Nil
Nil
Nil


Nil
Nil
Nil


$36,023
$32,930
$116,233


* Calculated using the Black-Scholes option-pricing model. Please see Note 7 of the financial statements for the year ended May 31, 2010.

Stock Options/SAR Grants

During the period from inception (February 23, 2006) to May 31, 2012, we granted 550,000 stock options with an exercise price of $0.14 per share and an expiry date of May 28, 2015 to our executive officer. On September 9, 2011 the exercise price of the stock options was amended to $0.05 per share.

Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Values

There were no options exercised during our fiscal year ended May 31, 2012 or May 31, 2011 by any officer or director of our company.

Outstanding Equity Awards at Fiscal Year End

No equity awards were outstanding as of the year ended May 31, 2012.

38


Compensation of Directors

We reimburse our directors for expenses incurred in connection with attending board meetings. We have not paid any director's fees or other cash compensation for services rendered as a director since our inception to May 31, 2012.

We have no formal plan for compensating our directors for their service in their capacity as directors, although such directors are expected in the future to receive stock options to purchase common shares as awarded by our board of directors or (as to future stock options) a compensation committee which may be established. Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of our board of directors. Our board of directors may award special remuneration to any director undertaking any special services on our behalf other than services ordinarily required of a director. No director received and/or accrued any compensation for their services as a director, including committee participation and/or special assignments.

Employment Contracts and Termination of Employment and Change in Control Arrangements

We have not entered into any employment agreement or consulting agreement with our directors and executive officers.

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive stock options at the discretion of our board of directors in the future. We do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors.

We have no plans or arrangements with respect to remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation exceeds $60,000 per executive officer.

Item 12.           Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth, as of September 12, 2012, certain information with respect to the beneficial ownership of our common stock by each stockholder known by us to be the beneficial owner of more than 5% of our common stock and by each of our current directors and executive officers. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated.

Name and Address of Beneficial Owner

Amount and Nature of
Beneficial Ownership
Percentage
of Class(1)
Lee Costerd
4055 McLean Road
Quesnel, British Columbia
3,845,593

3.4%

Luke Rich
P.O. Box 65
Natuashish, NL
A0P 1A0

625,140


0.5%


Directors and Officers as a Group

4,470,733

3.9%

(1)

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on September 12, 2012. As of September 12, 2012, there were 119,513,333 shares of our company’s common stock issued and outstanding.

39


Changes in Control

We are unaware of any contract or other arrangement or provisions of our Articles or Bylaws the operation of which may at a subsequent date result in a change of control of our company. There are not any provisions in our Articles or Bylaws, the operation of which would delay, defer, or prevent a change in control of our company.

Item 13.           Certain Relationships and Related Transactions, and Director Independence

Except as disclosed herein, there have been no transactions or proposed transactions in which the amount involved exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last three completed fiscal years in which any of our directors, executive officers or beneficial holders of more than 5% of the outstanding shares of our common stock, or any of their respective relatives, spouses, associates or affiliates, has had or will have any direct or material indirect interest.

Director Independence

We currently act with two directors, Mr. Lee Costerd and Mr. Luke Rich. We have determined that we do not have a director that qualifies as an “independent director” as defined in NASDAQ Marketplace Rule 4200(a)(15).

We do not have a standing audit, compensation or nominating committee, but our entire board of directors act in such capacity. We believe that our directors are capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. Our directors do not believe that it is necessary to have an audit committee because we believe that the functions of an audit committee can be adequately performed by the board of directors. In addition, we believe that retaining additional independent directors who would qualify as an “audit committee financial expert” would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development.

Item 14.           Principal Accountants Fees and Services

The aggregate fees billed for the most recently completed fiscal years ended May 31, 2012 and 2011 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

  Year Ended
  May 31
  2012 2011
  ($) ($)
Audit Fees Cdn$13,300 Cdn$13,400
     
Audit Related Fees Nil Nil
     
Tax Fees Cdn$1,000 Nil
     
All Other Fees Nil Nil
     
Total Cdn$13,300 Cdn$13,400
     

40


Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence.

PART IV

Item 15.           Exhibits, Financial Statement Schedules

Exhibits required by Item 601 of Regulation S-K

Exhibit  
Number Description
   
(3)

(i) Articles of Incorporation; and (ii) Bylaws

   
3.1

Articles of Incorporation of Wolverine Exploration Inc. filed as an Exhibit to our Form S-1 (Registration Statement) on July 15, 2008, and incorporated herein by reference.

   
3.2

Bylaws of Wolverine Exploration Inc., filed as an Exhibit to our Form S-1 (Registration Statement) on July 15, 2008, and incorporated herein by reference.

   
3.3

Certificate of Amendment of Wolverine Exploration Inc., filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
3.4

Certificate of Registration of Extra-Provincial Corporation, filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
(10)

Material Contracts

   
10.1

Vend-In Agreement dated February 28, 2007 between Wolverine and Shenin Resources Inc., filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
10.2

Consulting Agreement dated January 31, 2007 between Wolverine and Texada Consulting Inc., filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
10.3

Additional Property Agreement dated May 17, 2007 among Wolverine, Shenin Resources Inc. and Richard Haderer, filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
(14)

Code of Ethics

   
14.1

Code of Ethics, filed as an Exhibit to our Form S-1 (Registration Statement) filed on July 15, 2008 and incorporated herein by reference.

   
(31)

Rule 13a-14(a)/15d-14(a) Certifications

   
31.1*

Section 302 Certifications under Sarbanes-Oxley Act of 2002

   
(32)

Section 1350 Certifications

   
32.1*

Section 906 Certifications under Sarbanes-Oxley Act of 2002

*Filed herewith.

41


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

  WOLVERINE EXPLORATION INC.
  (Registrant)
   
   
Dated: September 12, 2012 /s/ Lee Costerd
  Lee Costerd
  President, Chief Executive Officer, Chairman
  and Director
  (Principal Executive Officer)
   
   
Dated: September 12, 2012 /s/ Lee Costerd
  Lee Costerd
  Chief Financial Officer and Director
  (Principal Financial Officer and Principal
  Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: September 12, 2012 /s/ Lee Costerd
  Lee Costerd
  President, Chief Executive Officer, Chairman and
  Director
  (Principal Executive Officer)
   
   
Dated: September 12, 2012 /s/ Lee Costerd
  Lee Costerd
  Chief Financial Officer and Director
  (Principal Financial Officer and Principal
  Accounting Officer)
   
Dated: September 12, 2012 /s/ Luke Rich
  Luke Rich
  Director

42


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