JOINT VENTURE AGREEMENTJoint Venture Agreement • March 4th, 2012
Contract Type FiledMarch 4th, 2012concerning Korea Tungsten Ltd. (코리아 텅스텐 유한회사(Korea Tungsten Yuhan Hoesa)) (the “Company”), is made as of February 26, 2012, by and among IMC International Metal Working Companies B.V., a company existing under the laws of the Netherlands (“IMC”), TaeguTec Ltd., a company existing under the laws of the Republic of Korea and a Subsidiary of IMC (“Taegu- Tec”), Woulfe Mining Corp., a company existing under the laws of the Province of British Columbia (“Woulfe”), and Sangdong Mining Corp., a company existing under the laws of the Republic of Korea and a Subsidiary of Woulfe (“Sangdong”) which, from and after the date of the Initial Closing, shall be 75% owned by Woulfe and 25% owned by IMC. IMC and Woulfe may hereinafter be collectively referred to as the “Equityholders” or individually as an “Equity- holder.”