UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C.   20549









FORM
10-Q


(Mark
One)





[
      X ]
            QUARTERLY
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
quarterly period ended   November
30, 2008





[    ]
            TRANSITION
      REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the
transition period from_____________________ to_____________________





Commission
file number 333-152343








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)250-992-6972(Registrant’s
      telephone number, including area code)n/a(Former name, former address
      and former fiscal year, if changed since last
      report)





Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 past 90
days.


[    ]
Yes         [ X
]  No





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 the definitions of “large accelerated filer”,
“accelerated filer” and “smaller reporting company in Rule 12b-2 of the Exchange
Act.





Larger
accelerated
filer                                                [     ]                                                                                                             
 Accelerated
filer                                                                
[     ]


Non-accelerated
filer                                                    
[     ]  (Do not check if a smaller reporting
company)                          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         [ X
]  No





APPLICABLE
ONLY TO CORPORATE ISSUERS





State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date.





Class
            Outstanding at January 14,
    2008common
      stock - $0.001 par value
            68,630,000






Page
- 1





PART
I – FINANCIAL INFORMATION





Item
1.                      Financial
Statements.








WOLVERINE
EXPLORATION INC.


(An
Exploration Stage Company)








FINANCIAL
STATEMENTS





(Unaudited)





NOVEMBER
30, 2008

















Balance
      Sheets
            F
  -1Statements of Operations
            F
  -2Statements of
      Stockholders’ Equity and Comprehensive Income
            F
  -3Statements
      of Cash Flows
            F
  -4Notes to the
      Financial Statements
            F
  -5
















Page
- 2




WOLVERINE
EXPLORATION INC. (AN
EXPLORATION STAGE COMPANY) BALANCE SHEETS


November
      30,
                  2008
                
                
                May
      31,
                  2008(Unaudited)ASSETSCurrent
      assets:Cash
                $
                1,025
                
                
                $
                18,990Accounts
      receivable
                
                -
                
                
                
                6,428Total
      current assets
                
                1,025
                
                
                
                25,418Unproved
      mineral properties
                
                348,221
                
                
                
                348,221Total
      assets
                $
                349,246
                
                
                $
                373,639LIABILITIES
      AND STOCKHOLDERS' EQUITYCurrent
      liabilities:Accounts
      payable
                $
                101,936
                
                
                $
                84,023Accrued
      liabilities
                
                1,300
                
                
                
                2,000Accrued
      professional fees
                
                67,645
                
                
                
                48,075Due
      to related parties
                
                83,130
                
                
                
                7,888Total
      current liabilities
                
                254,011
                
                
                
                141,986Commitments
      and contingenciesStockholders'
      equity:Common
      stock, $0.001 par value, 200,000,000 authorized;
68,630,000issued,
      outstanding or subscribed at November 30 and May 31, 2008
                
                68,630
                
                
                
                68,630Additional
      paid in capital
                
                1,030,770
                
                
                
                1,030,770Deficit
      accumulated during the exploration stage
                
                (1,012,332
                )
                
                
                (868,421
                )Accumulated
      other comprehensive income
                
                8,167
                
                
                
                674Total
      stockholders' equity
                
                95,235
                
                
                
                231,653Total
      liabilities and stockholders' equity
                $
                349,246
                
                
                $
                373,639
  The
accompanying notes are an integral part of these financial
statements


F
- 1












WOLVERINE
      EXPLORATION INC.(AN
      EXPLORATION STAGE COMPANY)STATEMENTS OF
OPERATIONS
  For
      the Three Months Ended
              
              
              For
      the Six Months Ended
              
              
              From
      February 23,November
      30,
              
              
              November
      30,
              
              
              November
      30,
              
              
              November
      30,
              
              
              2006
      (Inception)2008
              
              
              2007
              
              
              2008
              
              
              2007
              
              
              to
      November 30, 2008Operating
      expenses:Administrative
              $
              (15,020
              )
              
              $
              22,784
              
              
              $
              7,480
              
              
              $
              46,688
              
              
              $
              109,167Advertising
      and promotion
              
              -
              
              
              
              2,856
              
              
              
              -
              
              
              
              4,642
              
              
              
              7,394Automobile
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              2
              
              
              
              254Bank
      charges and interest
              
              42
              
              
              
              145
              
              
              
              139
              
              
              
              333
              
              
              
              1,340Consulting
      fees
              
              36,765
              
              
              
              50,981
              
              
              
              74,172
              
              
              
              88,679
              
              
              
              427,821Exploration
      and development costs
              
              -
              
              
              
              191,312
              
              
              
              -
              
              
              
              205,159
              
              
              
              239,424Office
              
              276
              
              
              
              213
              
              
              
              355
              
              
              
              514
              
              
              
              1,822Professional
      fees
              
              19,474
              
              
              
              18,392
              
              
              
              52,831
              
              
              
              40,656
              
              
              
              169,962Regulatory
              
              1,731
              
              
              
              -
              
              
              
              3,261
              
              
              
              527
              
              
              
              8,509Rent
              
              2,705
              
              
              
              3,051
              
              
              
              5,668
              
              
              
              6,001
              
              
              
              26,075Telephone
              
              3
              
              
              
              1,535
              
              
              
              5
              
              
              
              1,894
              
              
              
              5,427Travel
              
              -
              
              
              
              86
              
              
              
              -
              
              
              
              86
              
              
              
              4,668Foreign
      exchange transaction loss
              
              -
              
              
              
              5,547
              
              
              
              -
              
              
              
              6,916
              
              
              
              10,469Net
      loss for the period
              $
              (45,976
              )
              
              $
              (296,902
              )
              
              $
              (143,911
              )
              
              $
              (402,097
              )
              
              $
              (1,012,332
              )Net
      loss per share:Basic
      and diluted
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.01
              )Weighted
      average number of shares outstanding:Basic
      and diluted
              
              68,630,000
              
              
              
              63,028,901
              
              
              
              68,630,000
              
              
              
              62,279,071




The
accompanying notes are an integral part of these financial
statements




F
- 2




WOLVERINE EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY) STATEMENT
OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME FOR
THE PERIOD FROM FEBRUARY 23, 2006 (INCEPTION) TO NOVEMBER 30, 2008


DeficitCommon
      Stock Issued
              
              Common
      Stock Subscribed
              Accumulated
              AccumulatedAdditional
              
              
              
              Additional
              During
      the
              OtherNumber
      of
              
              Paid-in
              
              Number
      of
              
              Paid-in
              Exploration
              ComprehensiveShares
              Amount
              Capital
              
              Shares
              Amount
              Capital
              Stage
              Income
              TotalBalance
      at February 23, 2006 (Inception)
              -
              $          -
              $               -
              
              -
              $       -
              $              -
              $                  -
              $                      -
              $          -Common
      stock issued for cash
              4,000,000
              4,000
              -
              
              -
              -
              -
              -
              -
              4,000Common
      stock subscribed
              -
              -
              -
              
              3,350,000
              3,350
              30,150
              -
              -
              33,500Net
      loss for the period
              -
              -
              -
              
              -
              -
              -
              (19,727)
              -
              (19,727)Balance
      at May 31, 2006
              4,000,000
              4,000
              -
              
              3,350,000
              3,350
              30,150
              (19,727)
              -
              17,773Common
      stock subscriptions refunded
              -
              -
              -
              
              (900,000)
              (900)
              (8,100)
              -
              -
              (9,000)Common
      stock issued from subscriptions
              2,450,000
              2,450
              22,050
              
              (2,450,000)
              (2,450)
              (22,050)
              -
              -
              -Common
      stock issued for cash
              11,750,000
              11,750
              105,750
              
              -
              -
              -
              -
              -
              117,500Common
      stock issued for purchase of interest in mineral
properties
              34,000,000
              34,000
              306,000
              
              -
              -
              -
              -
              -
              340,000Common
      stock subscribed
              -
              -
              -
              
              100,000
              100
              900
              -
              -
              1,000Net
      loss for the year
              -
              -
              -
              
              -
              -
              -
              (224,926)
              -
              (224,926)Balance
      at May 31, 2007
              52,200,000
              52,200
              433,800
              
              100,000
              100
              900
              (244,653)
              -
              242,347Common
      stock issued for cash
              15,330,000
              15,330
              488,070
              
              -
              -
              -
              -
              -
              503,400Common
      stock subscriptions refunded
              -
              -
              -
              
              (100,000)
              (100)
              (900)
              -
              -
              (1,000)Net
      loss for the six months ended November 30, 2007
              -
              -
              -
              
              -
              -
              -
              (402,098)
              -
              (402,098)Balance
      at November 30, 2007
              67,530,000
              67,530
              921,870
              
              -
              -
              -
              (646,751)
              -
              342,649Common
      stock subscribed
              -
              -
              -
              
              1,100,000
              1,100
              108,900
              -
              -
              110,000452,649Net
      loss for the six months ended May 31, 2008
              -
              -
              -
              
              -
              -
              -
              (221,670)
              -
              (221,670)Foreign
      currency exchange gain
              -
              -
              -
              
              -
              -
              -
              -
              674
              674Comprehensive
      loss
              
              
              
              
              
              
              
              
              
              (220,996)Balance
      at May 31, 2008
              67,530,000
              67,530
              921,870
              
              1,100,000
              1,100
              108,900
              (868,421)
              674
              231,653Common
      stock issued from subscriptions
              1,100,000
              1,100
              108,900
              
              (1,100,000)
              (1,100)
              (108,900)
              -
              -
              -Net
      loss for the six months ended November 30, 2008
              -
              -
              -
              
              -
              -
              -
              (143,911)
              -
              (143,911)Foreign
      currency exchange gain
              -
              -
              -
              
              -
              -
              -
              -
              7,493
              7,493Comprehensive
      loss
              
              
              
              
              
              
              
              
              
              (136,418)Balance
      at November 30, 2008
              68,630,000
              $   68,630
              $   1,030,770
              
              -
              $       -
              $              -
              $   (1,012,332)
              $                 8,167
              $   95,235




The
accompanying notes are an integral part of these financial
statements






F
- 3






WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY) STATEMENTS OF CASH FLOWS


From
      February 23,For
      the Six Months
              
              
              2006
      (Inception) toEnded
      November 30,
              
              
              November
      30,2008
              
              
              2007
              
              
              2008Cash
      flows from operating activities:Net
      loss
              $
              (143,911
              )
              
              $
              (402,097
              )
              
              $
              (1,012,332
              )Changes
      in operating assets and liabilities:Accounts
      receivable
              
              6,428
              
              
              
              (15,138
              )
              
              
              -Prepaid
      expenses and deposit
              
              -
              
              
              
              1,574
              
              
              
              26,100Accounts
      payable
              
              17,913
              
              
              
              38,553
              
              
              
              101,936Accrued
      liabilities
              
              (700
              )
              
              
              -
              
              
              
              1,300Accrued
      professional fees
              
              19,570
              
              
              
              20,000
              
              
              
              67,645Accrued
      regulatory fees
              
              -
              
              
              
              2,000
              
              
              
              -Accrued
      exploration and development
              
              -
              
              
              
              3,000
              
              
              
              -Due
      to related parties
              
              75,242
              
              
              
              (86,717
              )
              
              
              83,130Net
      cash used in operating activities
              
              (25,458
              )
              
              
              (438,825
              )
              
              
              (732,221
              )Cash
      flows from investing activities:Acquisition
      of unproved mineral properties
              
              -
              
              
              
              -
              
              
              
              (321
              )Net
      cash used in investing activities
              
              -
              
              
              
              -
              
              
              
              (321
              )Cash
      flows from financing activities:Payment
      on note payable to related party
              
              -
              
              
              
              (28,414
              )
              
              
              (34,000
              )Cash
      paid on refund of common stock subscribed
              
              -
              
              
              
              (1,000
              )
              
              
              (12,000
              )Cash
      from common stock issued or subscribed
              
              -
              
              
              
              503,400
              
              
              
              771,400Net
      cash provided by financing activities
              
              -
              
              
              
              473,986
              
              
              
              725,400Effects
      of foreign currency exchange
              
              7,493
              
              
              
              -
              
              
              
              8,167Increase
      (decrease) in cash during the period
              
              (17,965
              )
              
              
              35,161
              
              
              
              1,025Cash,
      beginning of period
              
              18,990
              
              
              
              10,366
              
              
              
              -Cash,
      end of period
              $
              1,025
              
              
              $
              45,527
              
              
              $
              1,025Supplemental
      disclosure of non-cash investing and financing activities:Cash
      paid during the periodTaxes
              $
              -
              
              
              $
              -
              
              
              $
              -Interest
              $
              -
              
              
              $
              -
              
              
              $
              -Non-cash
      investing and financing transactions:Refundable
      deposits
              $
              -
              
              
              $
              -
              
              
              $
              26,100Acquisition
      of unproved mineral properties
              $
              -
              
              
              $
              -
              
              
              $
              (347,900
              )Note
      payable to related party
              $
              -
              
              
              $
              -
              
              
              $
              (34,000
              )Issuance
      of common stock
              $
              -
              
              
              $
              -
              
              
              $
              340,000


The
accompanying notes are an integral part of these financial
statements




F
- 4




WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)







NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION




Nature
of Operations





Wolverine
Exploration Inc. (“Wolverine”) was incorporated on February 23, 2006, under the
laws of the State of Nevada. Wolverine’s principal business is the acquisition
and exploration of mineral resources in central Labrador, Canada. Wolverine has
not presently determined whether its properties contain mineral reserves that
are economically recoverable. In these notes, the terms “Company”, “we”, “us” or
“our” mean Wolverine.





Exploration
Stage





These
financial statements and related notes are presented in accordance with
accounting principles generally accepted in the United States of America. The
Company has not produced any revenues from its principal business and is an
exploration stage company as defined by Statement of Financial Accounting
Standard (SFAS) No. 7.





The
Company is in the early exploration stage. In an exploration stage company,
management devotes most of its time to conducting exploratory work and
developing its business. 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 paid any dividends and is unlikely to pay dividends or
generate earnings in the immediate or foreseeable future. The Company’s
continuation as a going concern and its ability to emerge from the exploration
stage with any planned principal business activity is dependent upon the
continued financial support of its shareholders and its ability to obtain the
necessary equity financing and attain profitable operations.





Basis
of Presentation





The
unaudited financial statements included herein have been prepared in accordance
with accounting principles generally accepted in the United States for interim
financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. They do not include all information and notes required by
generally accepted accounting principles for complete financial statements.
However, except as disclosed herein, there has been no material changes in the
information disclosed in the notes to the financial statements included in the
Annual report on Form S-1 of Wolverine Exploration Inc. for the year ended May
31, 2008. In the opinion of management, all adjustments (including normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three and six months ended November 30, 2008
are not necessarily indicative of the results that may be expected for any other
interim period or the entire year. For further information, these unaudited
financial statements and the related notes should be read in conjunction with
the Company’s audited financial statements for the year ended May 31, 2008
included in the Company’s report on Form S-1.





NOTE 2 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES





Reclassifications





Certain
prior period amounts in the accompanying financial statements have been
reclassified to conform to the current year’s presentation. These
reclassifications had no effect on the results of operations or financial
position for any period presented.





Accounting
Estimates





The
preparation of the financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.





The
Company’s financial statements are based on a number of estimates, including
accruals for estimated professional fees.











F
- 5







WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued





Cash
and Cash Equivalents





For
purposes of the balance sheet and statement of cash flows, the Company considers
all amounts on deposit with financial institutions and highly liquid investments
with maturities of 90 days or less to be cash equivalents.





Accounts
Receivable





At May
31, 2008 the Company had $6,428 in goods and services tax receivable from the
Government of Canada. At November 30, 2008 the Company owed $184 in goods and
services taxes to the Government of Canada.





Financial
Instruments





Foreign Exchange Risk





The
Company is subject to foreign exchange risk for transactions denominated in
foreign currencies. Foreign currency risk arises from the fluctuation of foreign
exchange rates and the degree of volatility of these rates relative to the
United States dollar. The Company does not believe that it has any material risk
due to foreign currency exchange.





Fair
Value of Financial Instruments





The
Company’s financial instruments include cash, accounts receivable, accounts
payable, accrued liabilities and accrued professional fees. The fair value of
these financial instruments are at their carrying values due to their short
maturities.





Concentration
of Credit Risk





Financial
instruments that potentially subject the Company to significant concentrations
of credit risk consist principally of cash deposits. At November 30 and May 31,
2008, the Company had approximately $1,000 and $19,000, respectively in cash
that was not insured. This cash is on deposit with a large chartered Canadian
bank. As part of its cash management process, the Company performs periodic
evaluations of the relative credit standing of this financial institution. The
Company has not experienced any losses in cash balances and does not believe it
is exposed to any significant credit risk on its cash.





Foreign
Currency Translation





The
Company’s functional and reporting currency is the United States dollar.
Monetary assets and liabilities denominated in foreign currencies are translated
in accordance with SFAS No. 52 Foreign Currency Translation,
using the exchange rate prevailing at the balance sheet date. Gains and losses
arising on settlement of foreign currency denominated transactions or balances
are included in the determination of income. Foreign currency transactions are
primarily undertaken in Canadian dollars. The Company has not to the date of
these financial statements, entered into derivative instruments to offset the
impact of foreign currency fluctuations.





Comprehensive
Income





Comprehensive
income reflects changes in equity that results from transactions and economic
events from non-owner sources. At November 30 and May 31, 2008, the Company had
$8,167 and $674 respectively, in accumulated other comprehensive income, from
its foreign currency translation.







F
- 6







WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE 2 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued





Long-lived Assets





At
November 30 and May 31, 2008, the Company’s only long-lived assets were its
mineral properties. Mineral properties whose costs are individually significant
are assessed individually. Where it is not practicable to assess individually,
such properties may be grouped for an assessment of impairment. Impairment of
mineral properties is estimated based on primary lease terms, geologic data and
average holding periods. The Company’s mineral properties are evaluated
quarterly for the possibility of potential impairment. The Company has no other
long-lived assets and has not recognized any impairment losses with respect to
its mineral properties. See related disclosures under the caption “Mineral
Property Costs.”





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 when incurred using the guidance in
the Emerging Issues Task Force (EITF) 04-02, Whether Mineral Rights are Tangible
or Intangible Assets.The Company assesses the carrying costs for
impairment under SFAS No. 144, Accounting for Impairment orDisposal of Long Lived Assets
at each fiscal quarter end. An impairment is recognized when the sum of the
expected undiscounted future cash flows is less than the carrying amount of the
mineral property. Impairment losses, if any, are measured as the excess of the
carrying amount of the mineral property over its estimated fair
value.





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 proven and probable
reserves. If mineral properties are subsequently abandoned or impaired, any
capitalized costs will be charged to operations.





Asset
Retirement Obligations





SFAS No.
143 (SFAS 143), Accounting for
Asset Retirement Obligations addresses financial accounting and reporting
for obligations associated with the retirement of tangible long-lived assets and
the associated asset retirement costs. Specifically, SFAS 143 requires that the
fair value of a liability for an asset retirement obligation be recognized in
the period in which it is incurred if a reasonable estimate of fair value can be
made. In addition, the asset retirement cost is capitalized as part of the
asset’s carrying value and subsequently allocated to expense over the asset’s
useful life. At November 30 and May 31, 2008, the Company did not have any asset
retirement obligations.





Recent
Accounting Pronouncements





In
September 2006, the FASB issued SFAS 158 (SFAS 158), Employers’ Accounting for Defined
Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements
No. 87, 88, 106, and 132(R).This statement requires an employer to
recognize the over funded or under funded status of a defined benefit
postretirement plan as an asset or liability in its statement of financial
position and to recognize changes in that funded status in the year in which the
changes occur through comprehensive income of a business entity. This statement
also requires an employer to measure the funded status of a plan as of the date
of its year end statement of financial position, with limited exceptions. The
Company will be required to initially recognize the funded status of a defined
benefit postretirement plan and to provide the required disclosures as of the
end of the fiscal year ending after December 15, 2006. The requirement to
measure plan assets and benefit obligations as of the date of the employer’s
fiscal year end statement of financial position is effective for fiscal years
ending after December 15, 2008, or June 1, 2008 for the
Company.  Adoption of SFAS 158 did not have a material impact on our
financial statements.





In
February 2007, the FASB issued SFAS No. 159 (SFAS 159), The Fair Value Option for Financial
Assets and Financial Liabilities—Including an amendment of FASB Statement No.
115.SFAS 159 permits entities to choose to measure many financial
instruments and certain other items at fair value. Unrealized gains and losses
on items for which the fair value option has been elected will be recognized in
earnings at each subsequent reporting date. SFAS 157 was effective for the
Company on June 1, 2008. The adoption of SFAS 159 did not have a material impact
on our financial statements.








F
- 7







WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE 2 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements, continued





In June
2007, the EITF of the FASB reached a consensus on Issue No. 07-3, Accounting for Nonrefundable Advance
Payments for Goods or Services Received for Use in Future Research and
Development Activities(EITF 07-3). EITF 07-3 requires that
non-refundable advance payments for goods or services that will be used or
rendered for future research and development activities must be deferred and
capitalized. As the related goods are delivered or the services are performed,
or when the goods or services are no longer expected to be provided, the
deferred amounts must be recognized as an expense. This issue is effective for
financial statements issued for fiscal years beginning after December 15, 2007
and earlier application is not permitted. This consensus is to be applied
prospectively for new contracts entered into on or after the effective date.
EITF 07-03 was effective for the Company on June 1, 2008. The pronouncement did
not have a material effect on our financial statements.





In
December 2007, the FASB issued SFAS No. 141(R), Business Combinations(SFAS
141(R)), which replaces SFAS 141, Business Combinations. SFAS
141(R) requires an acquirer to recognize the assets acquired, the liabilities
assumed, and any non-controlling interest in the acquiree at the acquisition
date, measured at their fair values as of that date, with limited exceptions.
This statement also requires the acquirer in a business combination achieved in
stages to recognize the identifiable assets and liabilities, as well as the
non-controlling interest in the acquiree, at the full amounts of their fair
values. SFAS 141(R) makes various other amendments to authoritative literature
intended to provide additional guidance or to confirm the guidance in that
literature to that provided in this statement. This statement applies
prospectively to business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after
December 15, 2008. SFAS 141(R) will be effective for the Company on June 1,
2009. We do not expect the adoption of SFAS 141(R) to have a significant impact
on our financial statements.





In
December 2007, the Emerging Issues Task Force (EITF) of the FASB reached a
consensus on Issue No. 07-1, Accounting for Collaborative
Arrangements(EITF 07-1). The EITF concluded on the definition of a
collaborative arrangement and that revenues and costs incurred with third
parties in connection with collaborative arrangements would be presented gross
or net based on the criteria in EITF 99-19 and other accounting literature.
Companies are also required to disclose the nature and purpose of collaborative
arrangements along with the accounting policies and the classification and
amounts of significant financial-statement amounts related to the arrangements.
Activities in the arrangement conducted in a separate legal entity should be
accounted for under other accounting literature; however, required disclosure
under EITF 07-1 applies to the entire collaborative agreement. This issue is
effective for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those fiscal years, and is to be
applied retrospectively to all periods presented for all collaborative
arrangements existing as of the effective date. EITF 07-1 will be effective for
the Company on June 1, 2009. We do not expect the adoption of EITF 07-1 to have
a significant impact on our financial statements.





In
December 2007, FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements(SFAS 160), which amends Accounting
Research Bulletin No. 51, Consolidated Financial
Statements, to improve the relevance, comparability, and transparency of
the financial information that a reporting entity provides in its consolidated
financial statements. SFAS 160 establishes accounting and reporting standards
that require the ownership interests in subsidiaries not held by the parent to
be clearly identified, labeled and presented in the consolidated statement of
financial position within equity, but separate from the parent’s equity. This
statement also requires the amount of consolidated net income attributable to
the parent and to the non-controlling interest to be clearly identified and
presented on the face of the consolidated statement of income. Changes in a
parent’s ownership interest while the parent retains its controlling financial
interest must be accounted for consistently, and when a subsidiary is
deconsolidated, any retained non-controlling equity investment in the former
subsidiary must be initially measured at fair value. The gain or loss on the
deconsolidation of the subsidiary is measured using the fair value of any
non-controlling equity investment. The statement also requires entities to
provide sufficient disclosures that clearly identify and distinguish between the
interests of the parent and the interests of the non-controlling owners. This
statement applies prospectively to all entities that prepare consolidated
financial statements and applies prospectively for fiscal years, and interim
periods within those fiscal years, beginning on or after December 15, 2008. SFAS
160 will be effective for the Company on June 1, 2009. The Company does not have
investments in other companies and, thus we do not expect the adoption of SFAS
160 to have an impact on our financial statements.








F
- 8







WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE 2 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued





Recent
Accounting Pronouncements, continued





In
February 2008 the FASB staff issued Staff Position No. 157-2 (FSP FAS 157-2)
Effective date of FASB
Statement No.157.FSP FAS 157-2 delayed the effective date of SFAS 157
for non-financial assets and non-financial liabilities, except for items that
are recognized or disclosed at fair value in the financial statements on a
recurring basis. The provisions of FSP FAS 157-2 will be effective for us on
June 1, 2009.





In March
2008, the FASB issued SFAS No. 161 (SFAS 161), Disclosures about Derivative
Instruments and Hedging Activities – An Amendment of FASB Statement No. 133
(SFAS 133).This statement is intended to improve financial reporting of
derivative instruments and hedging activities by requiring enhanced disclosures
about (a) how and why an entity uses derivative instruments, (b) how derivative
instruments and related hedged items are accounted for under SFAS 133 and its
related interpretations and (c) how derivative instruments and related hedged
items affect an entity’s financial position, financial performance and cash
flows. The provisions of SFAS 161 are effective for fiscal years beginning after
November 15, 2008. SFAS 161 will be effective for the Company on June 1, 2009.
We do not expect the adoption of SFAS 161 to have a significant impact on our
financial statements.





In May
2008, FASB issued SFAS No. 162 (SFAS 162), The Hierarchy of Generally Accepted
Accounting Principles. SFAS 162 identifies the sources of accounting
principles and the framework for selecting the principles used in the
preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles (GAAP) in
the United States (the GAAP hierarchy). SFAS 162 is effective 60 days following
the SEC's approval of the Public Company Accounting Oversight Board amendments
to AU Section 411, The Meaning
of Present Fairly in Conformity With Generally Accepted Accounting
Principles. We do not expect the adoption of SFAS 162 to have a
significant impact on our financial statements.





In May
2008, FASB issued SFAS No. 163 (SFAS 163), Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No. 60. Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under FASB Statement No. 60, Accounting and Reporting by
Insurance Enterprises.That diversity results in inconsistencies in the
recognition and measurement of claim liabilities because of differing views
about when a loss has been incurred under FASB Statement No. 5, Accounting for Contingencies.This Statement requires that an insurance enterprise recognize a claim
liability prior to an event of default (insured event) when there is evidence
that credit deterioration has occurred in an insured financial obligation. This
Statement also clarifies how Statement 60 applies to financial guarantee
insurance contracts, including the recognition and measurement to be used to
account for premium revenue and claim liabilities. Those clarifications will
increase comparability in financial reporting of financial guarantee insurance
contracts by insurance enterprises.





This
Statement requires expanded disclosures about financial guarantee insurance
contracts. The accounting and disclosure requirements of the Statement will
improve the quality of information provided to users of financial statements.
SFAS 163 will be effective for financial statements issued for fiscal years
beginning after December 15, 2008, and interim periods within those fiscal
years; disclosure requirements in paragraphs 30(g) and 31 are effective for the
first period (including interim periods) beginning after May 23, 2008. The
adoption of SFAS 163 did not have a significant impact on our financial
statements.





On May 9,
2008, the FASB issued FASB Staff Position No. APB 14-1 (FSP APB 14-1), Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash
Settlement). FSP APB 14-1 clarifies that convertible debt
instruments that may be settled in cash upon conversion (including partial cash
settlement) are not addressed by paragraph 12 of APB Opinion No. 14, Accounting for Convertible Debt and
Debt Issued with Stock Purchase Warrants.  Additionally, FSP APB
14-1 specifies that issuers of such instruments should separately account for
the liability and equity components in a manner that will reflect the entity's
nonconvertible debt borrowing rate when interest cost is recognized in
subsequent periods. FSP APB14-1 is effective for financial statements issued for
fiscal years beginning after December 15, 2008, and interim periods within those
fiscal years. The Company has not yet evaluated the impact that FSP APB 14-1
will have on its results of operations or financial position.








F
- 9





WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





2.  SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued




Recent
Accounting Pronouncements, continued




On June
16, 2008, the FASB issued FASB Staff Position No. EITF 03-6-1 (FSP No. EITF
03-6-1), Determining Whether
Instruments Granted in Share-Based Payment Transactions Are Participating
Securities, to address the question of whether instruments granted in
share-based payment transactions are participating securities prior to vesting.
FSP EITF 03-6-1 indicates that unvested share-based payment awards that contain
rights to dividend payments should be included in earnings per share
calculations. The guidance will be effective for fiscal years beginning after
December 15, 2008. The Company is evaluating the requirements of FSP No. EITF
03-6-1 and the impact that its adoption will have on the results of operations
or financial position.





In June
2008, the FASB issued EITF Issue 07-5 (EITF 07-5), Determining whether an Instrument
(or Embedded Feature) is indexed to an Entity’s Own Stock.  EITF No.
07-5 is effective for financial statements issued for fiscal years beginning
after December 15, 2008, and interim periods within those fiscal years. Early
application is not permitted. Paragraph 11(a) of SFAS No. 133 Accounting for Derivatives and
Hedging Activities, specifies that a contract that would otherwise meet
the definition of a derivative but is both (a) indexed to the Company’s own
stock and (b) classified in stockholders’ equity in the statement of financial
position would not be considered a derivative financial instrument. EITF 07-5
provides a new two-step model to be applied in determining whether a financial
instrument or an embedded feature is indexed to an issuer’s own stock and thus
able to qualify for the SFAS No. 133 paragraph 11(a) scope exception.  The
Company is currently evaluating the impact that adoption of EITF 07-5 will have
on its financial statements.





In June
2008, FASB released a proposed SFAS, Disclosure of Certain Loss
Contingencies, an amendment of FASB Statements No. 5 and 141) (the
proposed Statement),
for a comment period that ended during August 2008. The proposed statement would
(a) expand the population of loss contingencies that are required to be
disclosed, (b) require disclosure of specific quantitative and qualitative
information about those loss contingencies, (c) require a tabular
reconciliation of recognized loss contingencies and (d) provide an
exemption from disclosing certain required information if disclosing that
information would be prejudicial to an entity's position in a dispute. The
proposed statement would be effective for financial statements issued for fiscal
years ending after December 15, 2008, and for interim and annual periods in
subsequent fiscal years. When and if the proposed statement is approved in final
form by FASB, the Company will evaluate whether the adoption of the proposed
statement will have any material impact on its financial position or results of
operations.





NOTE
3 – GOING CONCERN





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 not generated any revenues since
inception and has never paid any dividends and is unlikely to pay dividends or
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. The Company’s ability to achieve and maintain profitability and
positive cash flows is dependent upon its ability to locate profitable mineral
properties, generate revenues from its mineral production and control production
costs. Based upon current plans, the Company expects to incur operating losses
in future periods. At November 30, 2008, the Company had a working capital
deficit of $252,986 and had accumulated losses of $1,012,332 since inception.
These factors raise substantial doubt regarding the Company’s ability to
continue as a going concern. There is no assurance that the Company will be able
to generate revenues in the future. These financial statements do not give any
effect to any adjustments that would be necessary should the Company be unable
to continue as a going concern and therefore be required to realize its assets
and discharge its liabilities in other than the normal course of business and at
amounts different from those reflected in the accompanying financial
statements.











F
- 10







WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
4 - RELATED PARTY TRANSACTIONS





Due
to Related Parties





The
following amounts were due to related parties at November 30 and May 31,
2008:





November
      30, 2008
            
            
            May
      31,
              2008Due
      to a director (a)
            
            $
            3,138
            
            
            $
            -Consulting
      fees due to a company controlled by a major shareholder
(b)
            
            
            62,992
            
            
            
            7,888Due
      to a major shareholder (c)
            
            
            17,000
            
            
            
            -Total
      due to related parties
            
            $
            83,130
            
            
            $
            7,888





(a)
            During
      the six months ended November 30, 2008 and 2007, the Company paid or
      accrued $14,171 and $13,218 in consulting fees to its
      director.





(b)
            During
      the six months ended November 30, 2008 and 2007, the Company paid or
      accrued $60,000 and $62,201 respectively, in consulting fees to company
      controlled by a major shareholder of the Company. The Company also paid or
      accrued $5,668 and $6,001 respectively in rent to this
      company.





(c)
            During
      the six months ended November 30, 2008, the Company borrowed $17,000 from
      a major shareholder.







NOTE
5 – UNPROVED MINERAL PROPERTIES





Vend-In
Agreement





(a)
            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. On February 28, 2007 the Company issued a $34,000 promissory
      note and 34,000,000 in common shares to acquire this 90% interest. The
      purchase price included a total of $26,100 in
  refundable


staking
      security deposits. These deposits were refunded to the Company in February
      2008 (Notes 6).





Under the
terms of the vend-in agreement, the Company is committed to spend approximately
$151,000 (CDN$150,000) on or before March 1, 2008 (spent), $161,700
(CDN$200,000) on or before March 1, 2009, and $202,000 (CDN$250,000) 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.







(b)
            On
      May 17, 2007, the Company purchased a 90% interest in one mineral license
      in central Labrador, Canada, comprised of 6 claims covering an area of 371
      acres for  cash of $321
  (CDN$360).





F
- 11





WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
5 – UNPROVED MINERAL PROPERTIES, continued





Mineral
Exploration Licenses





The
mineral exploration licenses on the Company’s properties are for a term of five
years commencing at various dates from August 18, 2006 to May 17, 2007. These
licenses may be renewed every five years for up to a maximum of twenty years
provided annual assessment work is completed and reported, and license renewal
fees of $20 (CDN$25), $40 (CDN$50) and $81 (CDN$100) per claim are paid after
five, ten and fifteen years, respectively. In order to maintain the property in
good standing the Company is required to spend from $162 (CDN$200) per claim in
the first year to $970 (CDN$1,200) per claim in the twentieth year. At November
30, 2008, all properties are in good standing.





At
November 30, 2008, the Company had spent $239,124 (CDN$ 237,020) on exploration
and development expenditures. These expenditures also qualify as exploration
expenditures under the terms of the Company’s mineral exploration license and
vend-in agreement. As of November 30, 2008, $224,055 (CDN$222,020) of its
expenditures were qualified by the Government of Newfoundland and
Labrador.





The
Company’s mineral properties are evaluated quarterly for the possibility of
potential impairment. At November 30, 2008, no impairment charges were recorded
against our mineral properties.





NOTE
6 - COMMON STOCK





On April
3, 2006, the Company issued 4,000,000 common shares at $0.001 per share for cash
of $4,000 to its Director.





On June
13, 2006 the Company issued 2,750,000 common shares at $0.01 per share by way of
private placements for cash of $27,500.





During
April and May 2006, 850,000 of the Company’s common shares were subscribed for
at $0.01 per share for cash of $8,500. Subsequent to May 31, 2006, these share
subscriptions were cancelled and the $8,500 was refunded to the
subscribers.





On
January 31, 2007 the Company issued 2,150,000 common shares at $0.01 per share
by way of private placements for total proceeds of $21,500.





On
February 26, 2007, the Company increased their authorized shares of common stock
from 75,000,000 to 200,000,000.





On
February 28, 2007 the Company issued 2,600,000 common shares at $0.01 per share
by way of private placements for cash of $26,000.





On
February 28, 2007 the Company issued 34,000,000 common shares at a deemed fair
value of $340,000 or $0.01 per share in partial payment for a 90% interest in
mineral licences. (Note 5)





On March
30, 2007 the Company issued 1,600,000 common shares at $0.01 per share by way of
private placements for cash of $16,000.





On April
30, 2007 the Company issued 4,000,000 common shares at $0.01 per share by way of
private placements for cash of $40,000.





On May
31, 2007 the Company issued 1,100,000 common shares at $0.01 per share by way of
private placements for cash of $11,000.





On June
30, 2007 the Company issued 6,890,000 common shares at $0.01 per share by way of
private placements for cash of $68,900.





On July
31, 2007 the Company issued 2,550,000 common shares at $0.01 per share by way of
private placements for cash of $25,500.





F
- 12








WOLVERINE
EXPLORATION INC.


(AN
EXPLORATION STAGE COMPANY)


NOTES
TO THE FINANCIAL STATEMENTS


NOVEMBER
30, 2008


(UNAUDITED)





NOTE
6 - COMMON STOCK, continued





On
September 7, 2007 the Company issued 2,000,000 common shares at $0.01 per share
by way of private placements for cash of $20,000.





On
September 8, 2007 the Company issued 2,890,000 common shares at $0.10 per share
by way of private placements for cash of $289,000.





On
October 5, 2007 the Company issued 1,000,000 common shares at $0.10 per share by
way of private placements for cash of $100,000.





On March
30, 2007, 100,000 of the Company’s common shares were subscribed for at $0.01
per share for cash of $1,000. On November 2, 2007, these share subscriptions
were cancelled and the $1,000 refunded to the subscriber.





On June
25, 2008 the Company issued 1,100,000 common shares at $0.10 per share for
shares that were subscribed to in the prior period.





On July
3, 2008 the Company approved an offering of up to 15 million units at a price of
$0.10 per share. Each unit consists of one common share and one warrant
exercisable for a period of two years at $0.15 per warrant.





NOTE
7 – COMMITMENTS





Under the
terms of the vend-in agreement and the mineral exploration licenses the Company
is required to spend the following minimum amounts on exploration:





Future
      minimum payments
            
            Vend-in
      Agreement2009
            
            $
            91,3192010
            
            
            202,0692011
            
            
            -2012
            
            
            -2013
            
            
            -After
      2013
            
            
            -Total
      future minimum payments
            
            $
            293,388





Consulting
Commitment





On
January 31, 2007, the Company entered into a consulting agreement with a company
controlled by a major shareholder. Under the terms of the contract the Company
has agreed to pay $10,000 per month and issue a bonus of 5% of the common shares
in the event of the discovery of a major commercially viable mineral resource
deposit. The contract does not terminate until minimum term ending on February
28, 2010. Following which, the company and consultant may agree to extend the
contract. At November 30, 2008, the Company has the following future obligations
under this contract:





Future
      minimum payments2009
            
            $
            120,0002010
            
            
            30,0002011
            
            
            -2012
            
            
            -2013
            
            
            -After
      2013
            
            
            -Total
      future minimum payments
            
            $
            150,000











F
- 13




Item
2.  Management’s Discussion and Analysis of Financial Condition and
Results of Operation.





General





This
discussion should be read in conjunction with the May 31, 2008 audited financial
statements, the notes, and the tables included elsewhere in this 10-Q quarterly
statement.  Management’s discussion and analysis contains
forward-looking statements that are provided to assist in the understanding of
anticipated future performance.  However, future performance involves
risks and uncertainties that may cause actual results to differ materially from
those expressed in the forward-looking statements.  See
“Forward-looking Statements” below for more details.





Wolverine’s
principal business is the acquisition and exploration of base and precious metal
mineral properties.  Wolverine is focused on exploration of the
Labrador Claims.  Wolverine has not presently determined whether the
Labrador Claims contain mineral reserves that are economically
recoverable.  Wolverine has not commenced significant operations and
is considered an Exploration Stage Company, as defined by Statement of Financial
Accounting Standard (“SFAS”) No.7 Accounting and Reporting by
Development Stage Enterprises.





Forward-looking
Statements





This
quarterly report on Form 10-Q contains forward-looking statements within the
meaning of the federal securities laws that involve risks and
uncertainties.  Statements that are not historical facts, including
statements about management’s beliefs and expectations, are forward-looking
statements.  Forward-looking statements include statements preceded
by, followed by, or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,”
“intend,” or similar expressions.  These statements include, among
others, statements regarding Wolverine’s current expectations, estimates and
projections about future events and financial trends affecting the financial
condition and operations of its business.  Forward-looking statements
are only predictions and not guarantees of performance and speak only as of the
date they are made.  Wolverine undertakes no obligation to update any
forward-looking statement in light of new information or future
events.





Although
management believes that the expectations, estimates and projections reflected
in the forward-looking statements are based on reasonable assumptions when they
are made, Wolverine can give no assurance that these expectations, estimates and
projections can be achieved.  Management believes the forward-looking
statements in this registration statement are reasonable; however, you should
not place undue reliance on any forward-looking statement, as they are based on
current expectations.  Future events and actual results may differ
materially from those discussed in the forward-looking
statements.  Factors that could cause actual results to differ
materially from Wolverine’s expectations include, but are not limited
to:





·
              fluctuating
      prices of mineral resources, including gold and
  copper,


·
              the
      impact of weather conditions and alternative energy sources on Wolverine’s
      sales volumes,


·
              changes
      in federal, state, and provincial laws and regulations to which Wolverine
      is subject, including tax, environmental, and employment laws and
      regulations,


·
              conditions
      of the capital markets that Wolverine utilizes to access
      capital,


·
              the
      ability to raise capital in a cost-effective
  way,


·
              the
      effect of changes in accounting policies, if
  any,


·
              the
      ability of Wolverine to manage its
growth,


·
              the
      ability to control costs,


·
              Wolverine’s
      ability to achieve and maintain effective internal controls in accordance
      with Section 404 of the Sarbanes-Oxley Act of
  2002,


·
              Wolverine’s
      ability to obtain governmental and regulatory approval of various
      expansion or other projects,


·
              changes
      in general economic conditions in the United States and in Canada and
      changes in the industries in which Wolverine conducts its
      business,


·
              the
      costs and effects of legal and administrative claims and proceedings
      against Wolverine,





Critical
Accounting Policies and Estimates





An
appreciation of Wolverine’s critical accounting policies is necessary to
understand its financial results.  These policies may require that
Wolverine to make difficult and subjective judgments regarding uncertainties; as
a result, the estimates may significantly impact its financial
results.  The precision of these estimates and the likelihood of
future changes depend on a number of underlying variables and a range of
possible outcomes.  Other than its accounting for mineral property
costs, Wolverine’s critical accounting policies do not involve the choice
between alternative methods of accounting.  Wolverine has applied its
critical accounting policies and estimation methods consistently.





Financial
Instruments





Concentration
of Credit Risk





Financial
instruments that potentially subject Wolverine to significant concentrations of
credit risk consist principally of cash.





At
November 30, 2008, Wolverine had approximately $1,000 in cash that was not
insured.  Wolverine’s cash is on deposit with a major chartered
Canadian bank.  As part of Wolverine’s cash management process,
management performs periodic evaluations of the relative credit standing of this
financial institution.  Wolverine has not suffered any losses of cash
and management does not believe that Wolverine’s cash is exposed to any
significant credit risk.






Page
- 16





Revenue
Recognition





Wolverine
will record revenues from the sale of minerals when pervasive evidence of an
arrangement exists, delivery to the customer has occurred, risk of ownership or
title has transferred, and collectibility is reasonably assured.





Interest
income is recognized at the end of each month.





Unproved
Mineral Property Costs and Exploration and Development Costs





Wolverine
has been in the exploration stage since inception on February 23, 2006 and has
not yet realized any revenues from its operations.  Wolverine is
primarily engaged in the acquisition and exploration of mineral exploration
properties.  Wolverine expenses mineral property exploration costs as
they are incurred.  Mineral property acquisition costs are initially
capitalized, when incurred, using the guidance in the Emerging Issues Task Force
(“EITF”) 04-02, whether
Mineral Rights are Tangible or Intangible Assets.  Wolverine assesses
the carrying costs for impairment under SFAS No. 144, Accounting for Impairment or
Disposal of Long Lived Assets at each fiscal quarter end.  An
impairment is recognized when the sum of the expected undiscounted future cash
flows is less than the carrying amount of the mineral
property.  Impairment losses, if any, are measured as the excess of
the carrying amount of the mineral property over its estimated fair
value.  During the six months ended November 30, 2008, Wolverine did
not have any mineral property acquisition costs.





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 proven and
probable reserves.  If mineral properties are subsequently abandoned
or impaired, any capitalized costs will be charged to operations.





Exploration
Plan





Wolverine’s
plan of operation for the next 12 months is to complete the following five phase
exploration program within the time periods specified, subject to Wolverine
obtaining the additional funding necessary for the continued exploration of the
Labrador Claims.  Currently, Wolverine does not have enough funds to
complete Phase Four or its proposed exploration program in the spring-summer of
2009.  The following is a brief summary of Wolverine’s five phase
exploration program.





1.
            Phase
      One – This phase of Wolverine’s exploration program was completed in
      October 2007 at a cost of $7,012 (CDN$7,500).  Phase One
      consisted of prospecting, rock sampling, and assaying the rock
      samples.  As a result of the favorable results from this phase
      of the exploration program, management decided to proceed with Phase
      Two.





2.
            Phase
      Two - This phase of Wolverine’s exploration program was completed in
      October 2007 at a cost of $187,915 (CDN$201,000).  Phase Two
      consisted of an airborne survey of the Labrador Claims.  As a
      result of the favorable results from this phase of the exploration
      program, management has decided to proceed with Phase
  Three





3.
            Phase
      Three – This phase of Wolverine’s exploration program was completed in
      August 2008 at no cost to Wolverine.  Phase Three consisted of a
      ground review, which was completed by members of the Innu Development
      Limited Partnership.  As a result of favorable results from this
      phase of the exploration program, management has decided to proceed with
      Phase Four.





4.
            Phase
      Four will consist of excavating, surface trenching and an induced
      polarization survey at a total estimated cost of approximately US$186,874
      ($227,370 CDN).  The depth of any identified conductors should
      be estimated and the priority shallow conductors would be the subject of a
      surface trenching program.  Such a program could be initiated
      during spring of 2009.  If the results of Phase Four are
      favorable, Wolverine will plan and proceed with Phase Five of the proposed
      exploration program.





The
trenches to be excavated will be located on six anomalous areas that were
defined previously in Phase Two by the airborne survey.  The number
and locations of trenches to be excavated will be defined by the
geologist.  All trench locations will be located in close proximity to
the Trans Labrador Highway (Route 500) near Cache River, 70 to 88 miles (110 to
140 kilometers) west of Goose Bay.





Excavation
of the trenches will be done by an excavator.  Once the rock is
exposed, a pressure washer will clean the surface and then the rocks will be
examined and sampled by a geologist.  Sampling would ideally be a
continuous linear “v” cut with a rock saw to get a composite
sample.  A small, packsack type drill will also be available to get
core samples at depth.





The
exposed bedrock will also be mapped and photographed by the
geologist.  Sampling of the linear cuts will be in meter length
sections.  The Innu Development Limited Partnership will purchase a
small packsack drill that will be utilized to get core samples at a depth of a
few feet to get below any weathering and into the fresh rock.  Core
samples sections will be as directed by the geologist.  All samples
will be numbered and packaged and sent to a laboratory for
analysis.  All samples will be tested for IPC 30 elements as well as
gold and platinum group elements.  All of the samples will be scanned
with a scintillometer for uranium content.  The equipment and
personnel required to implement the work will be contracted out of Goose Bay,
the nearest community to the project.





Government
regulations stipulate that all exploration trenches be backfilled as soon as
possible after examination.  This will be done prior to demobilization
of the heavy equipment.




Page
- 17





5.
            Phase
      Five will consist of a drill program.  Deeper conductors could
      be the subject of a Phase Five summer 2009 drill program at a total
      estimated cost of $376,798 ($458,450 CDN).  Areas around the
      conductors could be excavated and mapped to determine the likely geologic
      setting of the target.





As at
November  30, 2008, Wolverine had a cash balance of
$1,025.  Wolverine will need to raise additional financing to fund
Phase Four of the proposed exploration program to commence in spring 2009 and
the Phase Five of the proposed exploration program to commence in the summer of
2009







Long-Lived
Assets





Wolverine
accounts for long-lived assets under SFAS Nos. 142 and 144, Accounting for Goodwill and Other
Intangible Assets” and “Accounting for Impairment or
Disposal of Long-Lived Assets.  In accordance with SFAS 142 and
144, Wolverine reviews its long-lived assets for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.  Wolverine recognizes impairment when the sum of the
expected undiscounted future cash flows is less than the carrying amount of the
asset.  Impairment losses, if any, are measured as the excess of the
carrying amount of the asset over its estimated fair
value.  Wolverine’s only long-lived assets are its unproven mineral
interests in the Labrador Claims.  At November 30, 2008, Wolverine had
no impairment losses with respect to its unproven mineral
interests.





Asset
Retirement Obligations





Wolverine
will record the fair value of an asset retirement obligation as a liability in
the period in which it incurs a legal obligation associated with the retirement
of tangible long-lived assets that result from the acquisition, construction,
development, or normal use of its long-lived assets.  Wolverine will
record a corresponding asset and will amortize it over the life of the
asset.  Wolverine will adjust the obligation at the end of each period
to reflect the passage of time (accretion expense) and changes in the estimated
future cash flows underlying the obligation (asset retirement
cost).  At November 30, 2008 Wolverine had no asset retirement
obligations.





Recent
Accounting Pronouncements





In
September 2006, the FASB issued SFAS 158 (SFAS 158), Employers’ Accounting for Defined
Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements
No. 87, 88, 106, and 132(R).This statement requires an employer to
recognize the over funded or under funded status of a defined benefit
postretirement plan as an asset or liability in its statement of financial
position and to recognize changes in that funded status in the year in which the
changes occur through comprehensive income of a business entity. This statement
also requires an employer to measure the funded status of a plan as of the date
of its year end statement of financial position, with limited exceptions. The
Company will be required to initially recognize the funded status of a defined
benefit postretirement plan and to provide the required disclosures as of the
end of the fiscal year ending after December 15, 2006. The requirement to
measure plan assets and benefit obligations as of the date of the employer’s
fiscal year end statement of financial position is effective for fiscal years
ending after December 15, 2008, or June 1, 2008 for the
Company.  Adoption of SFAS 158 did not have a material impact on our
financial statements.





In
February 2007, the FASB issued SFAS No. 159 (SFAS 159), The Fair Value Option for Financial
Assets and Financial Liabilities—Including an amendment of FASB Statement No.
115.SFAS 159 permits entities to choose to measure many financial
instruments and certain other items at fair value. Unrealized gains and losses
on items for which the fair value option has been elected will be recognized in
earnings at each subsequent reporting date. SFAS 157 was effective for the
Company on June 1, 2008. The adoption of SFAS 159 did not have a material impact
on our financial statements.





In June
2007, the EITF of the FASB reached a consensus on Issue No. 07-3, Accounting for Nonrefundable Advance
Payments for Goods or Services Received for Use in Future Research and
Development Activities(EITF 07-3). EITF 07-3 requires that
non-refundable advance payments for goods or services that will be used or
rendered for future research and development activities must be deferred and
capitalized. As the related goods are delivered or the services are performed,
or when the goods or services are no longer expected to be provided, the
deferred amounts must be recognized as an expense. This issue is effective for
financial statements issued for fiscal years beginning after December 15, 2007
and earlier application is not permitted. This consensus is to be applied
prospectively for new contracts entered into on or after the effective date.
EITF 07-03 was effective for the Company on June 1, 2008. The pronouncement did
not have a material effect on our financial statements.





In
December 2007, the FASB issued SFAS No. 141(R), Business Combinations(SFAS
141(R)), which replaces SFAS 141, Business Combinations. SFAS
141(R) requires an acquirer to recognize the assets acquired, the liabilities
assumed, and any non-controlling interest in the acquiree at the acquisition
date, measured at their fair values as of that date, with limited exceptions.
This statement also requires the acquirer in a business combination achieved in
stages to recognize the identifiable assets and liabilities, as well as the
non-controlling interest in the acquiree, at the full amounts of their fair
values. SFAS 141(R) makes various other amendments to authoritative literature
intended to provide additional guidance or to confirm the guidance in that
literature to that provided in this statement. This statement applies
prospectively to business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after
December 15, 2008. SFAS 141(R) will be effective for the Company on June 1,
2009. We do not expect the adoption of SFAS 141(R) to have a significant impact
on our financial statements.




Page
- 18





In
December 2007, the Emerging Issues Task Force (EITF) of the FASB reached a
consensus on Issue No. 07-1, Accounting for Collaborative
Arrangements(EITF 07-1). The EITF concluded on the definition of a
collaborative arrangement and that revenues and costs incurred with third
parties in connection with collaborative arrangements would be presented gross
or net based on the criteria in EITF 99-19 and other accounting literature.
Companies are also required to disclose the nature and purpose of collaborative
arrangements along with the accounting policies and the classification and
amounts of significant financial-statement amounts related to the arrangements.
Activities in the arrangement conducted in a separate legal entity should be
accounted for under other accounting literature; however, required disclosure
under EITF 07-1 applies to the entire collaborative agreement. This issue is
effective for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those fiscal years, and is to be
applied retrospectively to all periods presented for all collaborative
arrangements existing as of the effective date. EITF 07-1 will be effective for
the Company on June 1, 2009. We do not expect the adoption of EITF 07-1 to have
a significant impact on our financial statements.





In
December 2007, FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements(SFAS 160), which amends Accounting
Research Bulletin No. 51, Consolidated Financial
Statements, to improve the relevance, comparability, and transparency of
the financial information that a reporting entity provides in its consolidated
financial statements. SFAS 160 establishes accounting and reporting standards
that require the ownership interests in subsidiaries not held by the parent to
be clearly identified, labeled and presented in the consolidated statement of
financial position within equity, but separate from the parent’s equity. This
statement also requires the amount of consolidated net income attributable to
the parent and to the non-controlling interest to be clearly identified and
presented on the face of the consolidated statement of income. Changes in a
parent’s ownership interest while the parent retains its controlling financial
interest must be accounted for consistently, and when a subsidiary is
deconsolidated, any retained non-controlling equity investment in the former
subsidiary must be initially measured at fair value. The gain or loss on the
deconsolidation of the subsidiary is measured using the fair value of any
non-controlling equity investment. The statement also requires entities to
provide sufficient disclosures that clearly identify and distinguish between the
interests of the parent and the interests of the non-controlling owners. This
statement applies prospectively to all entities that prepare consolidated
financial statements and applies prospectively for fiscal years, and interim
periods within those fiscal years, beginning on or after December 15, 2008. SFAS
160 will be effective for the Company on June 1, 2009. We do not expect the
adoption of SFAS 160 to have a significant impact on our financial
statements.





In
February 2008 the FASB staff issued Staff Position No. 157-2 (FSP FAS 157-2)
Effective date of FASB
Statement No.157.FSP FAS 157-2 delayed the effective date of SFAS 157
for non-financial assets and non-financial liabilities, except for items that
are recognized or disclosed at fair value in the financial statements on a
recurring basis. The provisions of FSP FAS 157-2 will be effective for us on
June 1, 2009.





In March
2008, the FASB issued SFAS No. 161 (SFAS 161), Disclosures about Derivative
Instruments and Hedging Activities – An Amendment of FASB Statement No. 133
(SFAS 133).This statement is intended to improve financial reporting of
derivative instruments and hedging activities by requiring enhanced disclosures
about (a) how and why an entity uses derivative instruments, (b) how derivative
instruments and related hedged items are accounted for under SFAS 133 and its
related interpretations and (c) how derivative instruments and related hedged
items affect an entity’s financial position, financial performance and cash
flows. The provisions of SFAS 161 are effective for fiscal years beginning after
November 15, 2008. SFAS 161 will be effective for the Company on June 1, 2009.
We do not expect the adoption of SFAS 161 to have a significant impact on our
financial statements.





In May
2008, FASB issued SFAS No. 162 (SFAS 162), The Hierarchy of Generally Accepted
Accounting Principles. SFAS 162 identifies the sources of accounting
principles and the framework for selecting the principles used in the
preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles (GAAP) in
the United States (the GAAP hierarchy). SFAS 162 is effective 60 days following
the SEC's approval of the Public Company Accounting Oversight Board amendments
to AU Section 411, The Meaning
of Present Fairly in Conformity With Generally Accepted Accounting
Principles. We do not expect the adoption of SFAS 162 to have a
significant impact on our financial statements.





In May
2008, FASB issued SFAS No. 163 (SFAS 163), Accounting for Financial Guarantee
Insurance Contracts—an interpretation of FASB Statement No. 60. Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under FASB Statement No. 60, Accounting and Reporting by
Insurance Enterprises.That diversity results in inconsistencies in the
recognition and measurement of claim liabilities because of differing views
about when a loss has been incurred under FASB Statement No. 5, Accounting for Contingencies.This Statement requires that an insurance enterprise recognize a claim
liability prior to an event of default (insured event) when there is evidence
that credit deterioration has occurred in an insured financial obligation. This
Statement also clarifies how Statement 60 applies to financial guarantee
insurance contracts, including the recognition and measurement to be used to
account for premium revenue and claim liabilities. Those clarifications will
increase comparability in financial reporting of financial guarantee insurance
contracts by insurance enterprises.





This
Statement requires expanded disclosures about financial guarantee insurance
contracts. The accounting and disclosure requirements of the Statement will
improve the quality of information provided to users of financial statements.
SFAS 163 will be effective for financial statements issued for fiscal years
beginning after December 15, 2008, and interim periods within those fiscal
years; disclosure requirements in paragraphs 30(g) and 31 are effective for the
first period (including interim periods) beginning after May 23, 2008. The
adoption of SFAS 163 did not have a significant impact on our financial
statements.





On May 9,
2008, the FASB issued FASB Staff Position No. APB 14-1 (FSP APB 14-1), Accounting for Convertible Debt
Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash
Settlement). FSP APB 14-1 clarifies that convertible debt
instruments that may be settled in cash upon conversion (including partial cash
settlement) are not addressed by paragraph 12 of APB Opinion No. 14, Accounting for Convertible Debt and
Debt Issued with Stock Purchase Warrants.  Additionally, FSP APB
14-1 specifies that issuers of such instruments should separately account for
the liability and equity components in a manner that will reflect the entity's
nonconvertible debt borrowing rate when interest cost is recognized in
subsequent periods. FSP APB14-1 is effective for financial statements issued for
fiscal years beginning after December 15, 2008, and interim periods within those
fiscal years. The Company has not yet evaluated the impact that FSP APB 14-1
will have on its results of operations or financial position.




Page
- 19





On June
16, 2008, the FASB issued FASB Staff Position No. EITF 03-6-1 (FSP No. EITF
03-6-1), Determining Whether
Instruments Granted in Share-Based Payment Transactions Are Participating
Securities, to address the question of whether instruments granted in
share-based payment transactions are participating securities prior to vesting.
FSP EITF 03-6-1 indicates that unvested share-based payment awards that contain
rights to dividend payments should be included in earnings per share
calculations. The guidance will be effective for fiscal years beginning after
December 15, 2008. The Company is evaluating the requirements of FSP No. EITF
03-6-1 and the impact that its adoption will have on the results of operations
or financial position.





In June
2008, the FASB issued EITF Issue 07-5 (EITF 07-5), Determining whether an Instrument
(or Embedded Feature) is indexed to an Entity’s Own Stock.  EITF No.
07-5 is effective for financial statements issued for fiscal years beginning
after December 15, 2008, and interim periods within those fiscal years. Early
application is not permitted. Paragraph 11(a) of SFAS No. 133 Accounting for Derivatives and
Hedging Activities, specifies that a contract that would otherwise meet
the definition of a derivative but is both (a) indexed to the Company’s own
stock and (b) classified in stockholders’ equity in the statement of financial
position would not be considered a derivative financial instrument. EITF 07-5
provides a new two-step model to be applied in determining whether a financial
instrument or an embedded feature is indexed to an issuer’s own stock and thus
able to qualify for the SFAS No. 133 paragraph 11(a) scope exception.  The
Company is currently evaluating the impact that adoption of EITF 07-5 will have
on its financial statements.





In June
2008, FASB released a proposed SFAS, Disclosure of Certain Loss
Contingencies, an amendment of FASB Statements No. 5 and 141) (the
proposed Statement),
for a comment period that ended during August 2008. The proposed statement would
(a) expand the population of loss contingencies that are required to be
disclosed, (b) require disclosure of specific quantitative and qualitative
information about those loss contingencies, (c) require a tabular
reconciliation of recognized loss contingencies and (d) provide an
exemption from disclosing certain required information if disclosing that
information would be prejudicial to an entity's position in a dispute. The
proposed statement would be effective for financial statements issued for fiscal
years ending after December 15, 2008, and for interim and annual periods in
subsequent fiscal years. When and if the proposed statement is approved in final
form by FASB, the Company will evaluate whether the adoption of the proposed
statement will have any material impact on its financial position or results of
operations.





Foreign
Currency Translation





Wolverine’s
functional and reporting currency is the United States
dollar.  Wolverine determined that its functional currency is the
United States dollar for the following reasons:





·
            Wolverine’s
      current and future financings are and will be in United States
      dollars;


·
            Wolverine
      maintains cash holdings primarily in United States
  dollars;


·
            Any
      potential sales of minerals recovered from the Labrador Claims will be
      undertaken in United States
dollars;


·
            Wolverine’s
      administrative expenses are undertaken in United States
      dollars;


·
            All
      of Wolverine’s cash flows are generated in United States dollars;
      and


·
            Even
      though the Labrador Claims are located in Canada, and the exploration
      expenses are usually billed in Canadian dollars, Wolverine can request
      that these expenses be billed in United States
  dollars





Monetary
assets and liabilities denominated in foreign currencies are translated in
accordance with SFAS No. 53 Foreign Currency Translation,
using the exchange rate prevailing at the balance sheet date.  Gains
and losses arising on settlement of foreign currency denominated transactions or
balances are included in the determination of income.  Foreign
currency transactions are primarily undertaken in Canadian
dollars.  Wolverine has not to the date of these financial statements,
entered into derivative instruments to offset the impact of foreign currency
fluctuations.





Related
Party Transactions





Texada
Consulting Inc. (Texada), a company controlled by a major shareholder, provides
consulting services to Wolverine.  Texada is paid a fee of $10,000 per
month plus expenses and rent.





Wolverine’s
president and sole director, Lee Costerd, is paid a consulting fee of $2,500 CDN
per month, but is not a salaried employee.





During
the six months ended November 30, 2008 related parties billed $74,171 in
consulting fees and $5,668 in office rent.  In relation to these fees,
Wolverine was indebted to Texada in the amount of $62,992 at November 30,
2008.  The amount due to Texada does not bear interest or have any
fixed terms of repayment.





At
November 30, 2008, Wolverine had $3,138 in accounts payable to its president and
sole director, Mr. Costerd; and $17,000 in advances payable to a major
shareholder, Mr. Biggar.




Page
- 20





Results of
Operations





Our
operating results for the three and six months ended November 30, 2008 and 2007
and the changes between those periods for the expenses are summarized in Table
1.





Table
1: Changes in Operating Expenses





Increase
              (decrease)
              between
              the
      three
              months
      ended
              November
      30,
              2008
      and 2007Three
      months ended November 30,
            Six
      months ended
              November
      30,
            Increase
              (decrease)
              between
              the
      six
              months
      ended
              November
      30,
              2008
      and 20072008
            2007
            2008
            2007Operating
      Expenses:Administration
            $   (15,020)
            $   22,784
            $   (37,804)
            $     7,480
            $    46,688
            $   (39,208)Advertising
      and  promotion
            -
            2,856
            (2,856)
            -
            4,642
            (4,642)Automobile
            -
            -
            -
            -
            2
            (2)Bank
      charges and interest
            42
            145
            (103)
            139
            333
            (194)Consulting
      fees
            36,765
            50,981
            (14,216)
            74,172
            88,679
            (14,507)Exploration
      and development costs
            -
            191,312
            (191,312)
            -
            205,159
            (205,159)Office
            276
            213
            63
            355
            514
            (159)Professional
      fees
            19,474
            18,392
            1,082
            52,831
            40,656
            12,175Regulatory
            1,731
            -
            1,731
            3,261
            527
            2,734Rent
            2,705
            3,051
            (346)
            5,668
            6,001
            (333)Telephone
            3
            1,535
            (1,532)
            5
            1,894
            (1,889)Travel
            -
            86
            (86)
            -
            86
            (86)Foreign
      exchange loss (gain)
            -
            5,547
            (5,547)
            -
            6,916
            (6,916)Net
      loss for the period
            $  45,976
            $  296,902
            $   (250,926)
            $143,911
            $
      402,097
            $
      (258,186)











Revenue





We had no
operating revenues since its inception on February 23, 2006 through to November
30, 2008.  Our activities have been financed from the proceeds of
share subscriptions.







Net
Loss





During
the three months ended November 30, 2008, Wolverine had a net loss of $45,976 or
$0.00 per share, which is a decrease of $250,926 from its net loss of $296,902
or $0.00 per share for the three months ended November 30, 2007.  The
decrease in Wolverine’s loss was primarily due to approximate decreases of
$191,300 in exploration and development costs, $37,800 in administrative
expense, and $14,200 in consulting fees.





During
the six months ended November 30, 2008, Wolverine had a net loss of $143,911 or
$0.00 per share, which is a decrease of $258,186 from its net loss of $402,097
or $0.00 per share for the six months ended November 30, 2007.  The
decrease in Wolverine’s loss was primarily due to approximate decreases of
$205,200 in exploration and development costs, $39,200 in administrative expense
and $14,500 in consulting fees.  These decreases were offset by an
increase of approximately $12,200 in professional fees.








Operating
Expenses





Wolverine’s
operating expenses decreased by $250,926 from $296,902 for the three months
ended November 30, 2007, to $45,976 for the three months ended November 30,
2008.  The decrease was primarily due to the decrease in exploration
of the Labrador Claims and less expensive administrative and advertising
programs due to lack of additional debt or equity financings. We incurred higher
professional fees due to regulatory compliance.




Page
- 21





Wolverine’s
operating expenses decreased by $258,186 from $402,097 for the six months ended
November 30, 2007, to $143,911 for the six months ended November 30,
2008.  The decrease was primarily due to the decrease in exploration
of the Labrador Claims and less expensive administrative and advertising
programs. We incurred higher professional fees due to regulatory
compliance.





Liquidity,
Capital Resources and Financial Position





Liquidity
is the ability of a company to generate funds to support its current and future
operations, satisfy its obligations, and otherwise operate on an ongoing basis.
At November 30, 2008, Wolverine had a cash balance of $1,025 and negative cash
flows from operations of $25,458 for the six months ended November 30,
2008.





For the
six months ended November 30, 2008, Wolverine funded its operation through the
common stocks issued or subscribed in the prior periods.  From its
inception, on February 23, 2006 to November 30, 2008 Wolverine raised a total of
$759,400 from private offerings of its common stock that was issued and
subscribed.





The notes
to Wolverine’s unaudited financial statements as of November 30, 2008, disclose
its uncertain ability to continue as a going concern.  Wolverine has
not and does not expect to generate any revenues to cover its expenses while it
is in the exploration stage and as a result Wolverine has accumulated a deficit
of $1,012,332 since inception.  As of November 30, 2008, Wolverine had
$254,011 in current liabilities.  When its current liabilities are
offset against its current assets of $1,025 Wolverine is left with a negative
working capital of $252,986.  While Wolverine has successfully
generated sufficient working capital through the sale of common stock to the
date of this filing and management believes that Wolverine can continue to do so
for the next year, there are no assurances that Wolverine will succeed in
generating sufficient working capital through the sale of common stock to meet
its ongoing cash needs.





Net
Cash Used In Operating Activities





Net cash used in
operating activities during the six months ended November 30, 2008, was
$25,458.  This amount was made up of $143,911 to cover operating costs
and a reduction of $700 in accrued liabilities. These uses of cash were offset
by a decrease of $6,428 in accounts receivable and increases of $17,913 in
accounts payable, $19,570 in accrued professional fees mainly associated with
S-1 preparation, and an increase in due to related parties of
$75,242.





Net cash
used in operating activities during the six months ended November 30, 2007, was
$438,825.  We used $402,097 to cover our operating costs, our accounts
receivable increased by $15,138 and we paid $86,717 in amounts owed to the
related parties. These uses of cash were offset by increases of $38,553 in
accounts payable, $20,000 in accrued professional fees, 2,000 in accrued
regulatory fees, and $3,000 in accrued exploration and development. We received
$1,574 cash from refundable deposit on our mineral properties.








Net
Cash Used in Investing Activities





We did
not have any investing activities during the six months ended November 30, 2008
and November 30, 2007.





Net
Cash Provided By Financing Activities





We did
not have any financing activities during the six months ended November 30,
2008.





During
the six months ended November 30, 2007, we received $503,400 in cash on the
issuance of 15,330,000 shares of our common stock, this was offset by payment of
$28,414 on the note to related party and a refund of $1,000 to a subscriber of
our common stock.








Off-balance
sheet arrangements





Wolverine
has no off-balance sheet arrangements including arrangements that would affect
its liquidity, capital resources, market risk support and credit risk support or
other benefits.  Wolverine does not have any non-consolidated,
special-purpose entities.





Contingencies
and Commitments





Wolverine
had no contingencies at November 30, 2008.





Wolverine
had the following long term commitments at November 30, 2008:





·
            On
      January 31, 2007 Wolverine entered into a consulting agreement with Texada
      Consulting Inc.  The contract is for a period of three years and
      one month ending on February 28, 2010 (the “minimum
      term”).  Under the terms of the agreement Wolverine will pay
      Texada $10,000 per month plus expenses for consulting services.
      If  a  major commercially viable mineral resource
      deposit is discovered, Wolverine will issue a bonus of 5% of the total
      common shares outstanding at the date bonus is paid.  If
      Wolverine does terminate the consulting agreement prior to the minimum
      term without cause, it will have to pay liquidated damages to Texada
      Consulting Inc.





·
            On
      February 27, 2007 Wolverine entered into a vend-in agreement with Shenin
      Resources Inc.  Under the terms of the vend-in agreement
      Wolverine is required to perform minimum exploration work on the Labrador
      Claims.   In the first year of the agreement, ending March
      1, 2008, Wolverine was required to spend $150,000 CDN ($151,000 US) in
      mineral exploration on the Labrador Claims.  By March 1, 2009 an
      additional $200,000 CDN ($161,700 US) must be spent and by March 1, 2010
      another $250,000 CDN ($202,000 US).  Any extra money spent on
      exploration in one year may be applied to the minimum payments due in
      following years.  As of November 30, 2008 Wolverine has spent
      $222,020 CDN ($224,054 US) on exploration and development work on the
      Labrador Claims. This work has been registered with the government of
      Newfoundland and Labrador.








Page
- 22





·
            The
      government of Newfoundland and Labrador also requires minimum exploration
      work to be done on the Labrador Claims in order to keep the mineral lease
      agreements for the claims current.  Wolverine currently holds
      522 claims covering 33,482 acres in central Labrador.  Minimum
      expenditures of $200 CDN per claim in the first year, $250 CDN per claim
      in the second year, $300 CDN per claim in the third year, $350 CDN per
      claim in the fourth year, $400 CDN per claim in the fifth year, $600 CDN
      per claim in each of the sixth through tenth years, $900 CDN per claim in
      each of the eleventh through fifteenth years and $1,200 CDN per claim in
      each of the sixteenth through twentieth years of the claim are
      required.  Exploration expenditures that are applicable to the
      vend-in agreement are also applicable to the mineral lease agreements with
      the government of Newfoundland and Labrador. In order to maintain the
      property in good standing with the government of Newfoundland and Labrador
      over the next 20 years, Wolverine will be required to spend a total of
      $6,138,943 ($7,830,000 CDN) in exploration and development of the
      properties, of which Wolverine has already spent $224,054 ($222,020
      CDN).





·
            The
      government of Newfoundland and Labrador also requires a $25 CDN per claim
      renewal fee in year five of a claim, $50 CDN per claim renewal fee in year
      ten of the claim and a $100 CDN per claim renewal fee in year fifteen of a
      claim.  These fees are not covered by the mineral exploration
      expenditures incurred on the Labrador Claims and will have to be paid by
      Wolverine in the respective years.











At
November 30, 2008, Wolverine had spent an additional $15,070 (CDN$15,000) on the
Labrador Claims, which has not yet been registered and approved by the
government of Newfoundland and Labrador.  If the government authorizes
these payments as acceptable exploration expenditures then the total commitments
under the vend-in agreement will decrease by $15,070.





Internal
and External Sources of Liquidity





To date
Wolverine has funded its operations from the sale of its common
stock.





Foreign
Exchange





Wolverine
is subject to foreign exchange risk for transactions denominated in foreign
currencies.  Foreign currency risk arises from the fluctuation of
foreign exchange rates and the degree of volatility of these rates relative to
the United States dollar.  Management does not believe that Wolverine
has any material risk due to foreign currency exchange.





Inflation





Management
does not believe that inflation will have a material impact on Wolverine’s
future operations.





Item
3.  Quantitative and Qualitative Disclosures About Market
Risk.





Wolverine
is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and
is not required to provide the information required under this
item.





Item
4.  Controls and Procedures.





Disclosure Controls and
Procedures





Disclosure
controls and procedures are designed to ensure that information required to be
disclosed in the reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported, within the time period specified in the
SEC’s rules and forms.  Management is responsible for establishing and
maintaining adequate internal control over financial reporting, as required by
Sarbanes-Oxley (SOX) Section 404 A.  Wolverine’s internal control over
financial reporting is a process designed under the supervision of Wolverine’s
Chief Executive Officer and Chief Financial Officer to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of Wolverine’s financial statements for external purposes in accordance with
U.S. generally accepted accounting principles.




Page
- 23





As of
November 30, 2008, Wolverine has not completed the Internal Control over
Financial Reporting (“ICFR”) documentation and
testing.  However, management believes that the ICFR is not
effective.  Management assessed the effectiveness of Wolverine’s
internal control over financial reporting based on the criteria for effective
internal control over financial reporting established in Internal
Control—Integrated Framework issued by the COSO and SEC guidance on conducting
such assessments.  Based on that evaluation, management concluded
that, during the period covered by this report, such internal controls and
procedures were not effective to detect the possible inappropriate application
of US GAAP rules as more fully described below.  This was due to
deficiencies that existed in the design or operation of Wolverine’s internal
control over financial reporting that adversely affected its internal controls
and that may be considered to be material weaknesses.





The
matters involving internal controls and procedures that management considered to
be material weaknesses under the standards of the Public Company Accounting
Oversight Board were: (1) lack of a functioning audit committee and lack of a
majority of outside directors on Wolverine’s 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.  The aforementioned material weaknesses were identified by
Wolverine’s Chief Financial Officer in connection with the review of Wolverine’s
financial statements as of November 30, 2008 and communicated the matters to
management.





Management
believes that the material weaknesses set forth in items (2), (3) and (4) above
did not have an affect on Wolverine’s financial results.  However,
management believes that the lack of a functioning audit committee and lack of a
majority of outside directors on Wolverine’s board of directors, resulting in
ineffective oversight in the establishment and monitoring of required internal
controls and procedures can result in Wolverine’s determination to its financial
statements for the future years.





Wolverine
is committed to improving its financial organization.  As part of this
commitment, Wolverine will create a position when funds are available to
Wolverine to segregate duties consistent with control objectives and will
increase its personnel resources and technical accounting expertise within the
accounting function:  i) Appointing one or more outside directors to
its board of directors who will also be appointed to the audit committee of
Wolverine resulting in a fully functioning audit committee who will undertake
the oversight in the establishment and monitoring of required internal controls
and procedures; and ii) Preparing and implementing sufficient written policies
and checklists that will set forth procedures for accounting and financial
reporting with respect to the requirements and application of US GAAP and SEC
disclosure requirements.





Management
believes that the appointment of one or more outside directors, who will also be
appointed to a fully functioning audit committee, will remedy the lack of a
functioning audit committee and a lack of a majority of outside directors on
Wolverine’s Board.  In addition, management believes that preparing
and implementing sufficient written policies and checklists will remedy the
following material weaknesses:  (i) 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
(ii) ineffective controls over period end financial close and reporting
processes.  Further, management believes that the hiring of additional
personnel who have the technical expertise and knowledge will result proper
segregation of duties and provide more checks and balances within the
department.  Additional personnel will also provide the cross training
needed to support Wolverine if personnel turn over issues within the department
occur.  This coupled with the appointment of additional outside
directors will greatly decrease any control and procedure issues Wolverine may
encounter in the future.





Management
will continue to monitor and evaluate the effectiveness of Wolverine’s internal
controls and procedures and its internal controls over financial reporting on an
ongoing basis and are committed to taking further action and implementing
additional enhancements or improvements, as necessary and as funds
allow.




Page
- 24





Changes in Internal
Controls





During
the quarter of the fiscal year covered by this report, there were no changes in
Wolverine’s internal controls or, to Wolverine’s knowledge, in other factors
that have materially affected, or are reasonably likely to materially affect,
these controls and procedures subsequent to the quarter of the fiscal year
covered by this report.








PART
II – OTHER INFORMATION





Item
1.  Legal Proceedings.





Wolverine
is not a party to any pending legal proceedings and, to the best of Wolverine’s
knowledge, none of Wolverine’s property or assets are the subject of any pending
legal proceedings.





Item
1A.  Risk Factors.





Wolverine
is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and
is not required to provide the information required under this
item.





Item
2.  Unregistered Sales of Equity Securities and Use of
Proceeds.





During
the quarter of the fiscal year covered by this report, (i) Wolverine did not
modify the instruments defining the rights of its shareholders, (ii) no rights
of any shareholders were limited or qualified by any other class of securities,
and (iii) Wolverine did not sell any unregistered equity securities, except as
disclosed below regarding Wolverine’s public offering.





On
October 9, 2008, the Securities and Exchange Commission declared Wolverine’s
Form S-1 Registration Statement effective, file number 333-152343, permitting
Wolverine to offer up to 15,000,000 units at $0.10 per unit.  There is
no underwriter involved in this public offering.  To date, Wolverine
has not sold any units in this offering and has not received any
proceeds.  The offering period for the public offering will expire on
April 7, 2009 unless it is completed or terminated prior to that
date.





Item
3.  Defaults Upon Senior Securities.





During
the quarter of the fiscal year covered by this report, no material default has
occurred with respect to any indebtedness of Wolverine.  Also, during
this quarter, no material arrearage in the payment of dividends has
occurred.





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





No matter
was submitted to a vote of security holders through the solicitation of proxies
or otherwise, during the quarter of the fiscal year covered by this
report.





Item
5.  Other Information.





During
the quarter of the fiscal year covered by this report, Wolverine reported all
information that was required to be disclosed in a report on Form
8-K.




Page
- 25





Item
6.  Exhibits





(a)
            Index
      to and Description of Exhibits





All
Exhibits required to be filed with the Form 10-Q are included in this quarterly
report or incorporated by reference to Wolverine’s previous filings with the
SEC, which can be found in their entirety at the SEC website at www.sec.gov under SEC
File Number 333-152343.





Exhibit
            Description
            Status3.1
            Articles
      of Incorporation of Wolverine Exploration Inc., filed as an Exhibit to
      Wolverine’s Form S-1 (Registration Statement) on July 15, 2008, and
      incorporated herein by reference.
            Filed3.2
            Bylaws
      of Wolverine Exploration Inc., filed as an Exhibit to Wolverine’s Form S-1
      (Registration Statement) on July 15, 2008, and incorporated herein by
      reference.
            Filed3.3
            Certificate
      of Amendment of Wolverine Exploration Inc., filed as an Exhibit to
      Wolverine’s Form S-1 (Registration Statement) filed on July 15, 2008 and
      incorporated herein by reference.
            Filed3.4
            Certificate
      of Registration of Extra-Provincial Corporation, filed as an Exhibit to
      Wolverine’s Form S-1 (Registration Statement) filed on July 15, 2008 and
      incorporated herein by reference.
            Filed10.1
            Vend-In
      Agreement dated February 28, 2007 between Wolverine and Shenin Resources
      Inc., filed as an Exhibit to Wolverine’s Form S-1 (Registration Statement)
      filed on July 15, 2008 and incorporated herein by
    reference.
            Filed10.2
            Consulting
      Agreement dated January 31, 2007 between Wolverine and Texada Consulting
      Inc., filed as an Exhibit to Wolverine’s Form S-1 (Registration Statement)
      filed on July 15, 2008 and incorporated herein by
    reference.
            Filed10.3
            Additional
      Property Agreement dated May 17, 2007 among Wolverine, Shenin Resources
      Inc. and Richard Haderer, filed as an Exhibit to Wolverine’s Form S-1
      (Registration Statement) filed on July 15, 2008 and incorporated herein by
      reference.
            Filed14
            Code
      of Ethics, filed as an Exhibit to Wolverine’s Form S-1 (Registration
      Statement) filed on July 15, 2008 and incorporated herein by
      reference.
            Filed31
            Certifications pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.
            Included32
            Certification pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.
            Included








SIGNATURES





In
accordance with the requirements of the Securities Exchange Act of 1934,
Wolverine Exploration Inc. has caused this report to be signed on its behalf by
the undersigned duly authorized person.





WOLVERINE
EXPLORATION INC.










Dated:                      January 14,
2009                                                                           By:/s/ Lee Costerd


Name:                      Lee Costerd


Title:                      Director, CEO, and
CFO


(Principal Executive
Officer


and Principal Financial
Officer)








Page
- 26
















Exhibit
31
















Page
- 27







WOLVERINE
EXPLORATION INC.


CERTIFICATIONS
PURSUANT TO


SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002




CERTIFICATION




I, Lee
Costerd, certify that:




1.  
I have reviewed this quarterly report on Form 10-Q for the quarter ending
November 30, 2008 of Wolverine Exploration Inc.;




2.  Based
on my knowledge, this quarterly report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this
report;




3.  Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;




4. The
registrant’s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:




(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;




(b)
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;




(c)
Evaluated the effectiveness of the registrant’s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and




(d)
Disclosed in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and




5.  The
registrant’s other certifying officers and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):




(a) All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and
report financial information; and




(b) Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial
reporting.






Date:  January
14, 2009






/s/
Lee Costerd


Lee
Costerd


Chief
Executive Officer






Page
- 28




WOLVERINE
EXPLORATION INC.


CERTIFICATIONS
PURSUANT TO


SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002




CERTIFICATION




I, Lee
Costerd, certify that:




1.  
I have reviewed this quarterly report on Form 10-Q for the quarter ending
November 30, 2008 of Wolverine Exploration Inc.;




2.  Based
on my knowledge, this quarterly report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this
report;




3.  Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;




4. The
registrant’s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:




(a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;




(b)
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;




(c)
Evaluated the effectiveness of the registrant’s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and




(d)
Disclosed in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and




5.  The
registrant’s other certifying officers and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):




(a) All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and
report financial information; and




(b) Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial
reporting.






Date:  January
14, 2009






/s/
Lee Costerd


Lee
Costerd


Chief
Financial Officer




Page
- 29















Exhibit
32












Page
- 30






CERTIFICATION
PURSUANT TO


18
U.S.C. SECTION 1350,


AS
ADOPTED PURSUANT TO


SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002











In
connection with the Quarterly Report of Wolverine Exploration Inc. (the
“Company”) on Form 10-Q for the period ending November 30, 2008 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Lee
Costerd, President, Chief Executive Officer of the Company and a member of the
Board of Directors, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:






(1)
        The Report fully complies with the requirements of section 13(a) or
      15(d) of the Securities Exchange Act of 1934;
  and






(2)
        The information contained in the Report fairly presents, in all
      material respects, the financial condition and results of operations of
      the Company.













/s/
Lee Costerd


Lee
Costerd


Chief
Executive Officer






January
14, 2009









Page
- 31






CERTIFICATION
PURSUANT TO


18
U.S.C. SECTION 1350,


AS
ADOPTED PURSUANT TO


SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002






In
connection with the Quarterly Report of Wolverine Exploration Inc. (the
“Company”) on Form 10-Q for the period ending November 30, 2008 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Lee
Costerd, Chief Financial Officer of the Company and a member of the Board of
Directors, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that:






(1)
        The Report fully complies with the requirements of section 13(a) or
      15(d) of the Securities Exchange Act of 1934;
  and






(2)
        The information contained in the Report fairly presents, in all
      material respects, the financial condition and results of operations of
      the Company.








/s/
Lee Costerd


Lee
Costerd


Chief
Financial Officer






January
14, 2009









Page
- 32