Late 2009 - Westech International of Sydney (Westech) reviewed the project.

• December 2009 - Westech secured funding and Westech-appointees replaced Oriental Board.

• February 2010 - Oriental renamed Woulfe.

• March 2010 - Tetra Tech completed PEA based on re-opening the underground mining operation; Woulfe

ownership increased to 70%.

• June 2010 - Gangwon Provincial Government approved Sangdong mining licence.

• November 2010 - Woulfe secured new primary crushing equipment at heavily discounted price from a

cancelled contract.

• January 2011 - Woulfe closed private placement of C$10M at C$0.30 per share with Korea Zinc.

• November 2011 - Woulfe bought out 2% net smelter royalty for C$3.5M and moved to 100% ownership.

• February 2012 - South Korea’s largest project construction manager HanmiGlobal appointed as Sangdong

project manager.

•February 2012 - Woulfe’s wholly owned subsidiary SMC entered into strategic agreement with IMC, which,

subject to the satisfactory completion of due diligence, would involve:

- IMC immediately advancing C$5M to SMC.

- IMC acquiring 25% interest in SMC for C$35M cash.

- Woulfe and IMC establishing Korean company (APT JV), 45% owned by Woulfe and 55% by IMC, to

build APT plant to be funded to C$35M by IMC, with Woulfe to repay its portion from revenue.

- APT JV will acquire no less than 90% and up to 100% of Sangdong’s tungsten concentrate production

pursuant to an off-take agreement.

- IMC will acquire no less than 90% and up to 100% of the APT JV’s production pursuant to a separate

off-take agreement.

•March 2012 - Tetra Tech completed feasibility study.

•May 2012 - Woulfe and IMC entered into Memorandum of Understanding (MoU) with Gangwon Provincial and

Yeongwol County Governments to ensure successful development of Sangdong.

•July 2012 - Woulfe and SMC executed MoU with Shinhan Bank of Korea for 12-year term loan amounting

to Korean won (KRW) 120 billion (US$104M), with KRW55 billion at a fixed rate of 5.8% pa and balance at

3-month ‘AAA’ Bank Bond rate (currently 3.4% pa) plus 2.3% pa; debt facility has since increased to US$150M.

•September 2012 - IMC successfully completed exhaustive due diligence and committed to closing investment.

•September 2012 - Mining contractor appointed following competitive tendering process; contractor will

supply all mining equipment, labor and consumables at a cost of KRW14,130/t (US$12.63).

•October 2012 –Tetra Tech review impact of mining contract on feasibility study and increase NPV by 34%.

•November 2012 - Mining contractor passes through Main Zone mineralisation.