Objective Capital's Global Resources Investment Conference 2011 Stationers' Hall, City of London 27-28 September 2011 Day 1- Session 5: Asia focus Speaker: Brian Wesson, Woulfe Mining

1. South Korea: vying with China for access to 'strategic metals' Brian Wesson – Woulfe Mining

2. @Objectivelive GLOBAL RESOURCESINVESTMENT CONFERENCE 2011 Lead sponsor: Media partners: Other sponsors & participating organisations:

3. 3 Objective Capital London September 2011

4. 4 Disclaimer Statements in this presentation other than purelyhistorical information, including statements relating to Woulfe Mining’s future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in Woulfe Mining’s business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. Note that Woulfe Mining refers to historical resource estimates in this presentation. Source, date, relevance, reliability and explanations on categories are presented with the historical estimates. A qualified person has not done sufficient work to classify the historical resources as current mineral resources. The issuer is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon. This PowerPoint presentation was prepared to assist interested parties in making their own assessment of Woulfe Mining and its mineral properties, and does not purport to contain all of the information that a prospective investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company, its assets and the information provided in this presentation. Any and all statements, forecasts, projections and estimates contained in this presentation are based on management’s current knowledge and no representation or warranty is made as to their accuracy and/or reliability. Unless otherwise stated, all resource and reserve estimates in the document are historical in nature and do not comply with the current NI 43-101 reporting standards. This presentation/powerpoint does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (“the U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

5. 5 South Korea - The Country 50M people (15M in Greater Seoul) In the heart of world growth 11th largest economy Member of WTO, OECD, G-20 Success stories - Samsung, Hyundai, Kia, LG, POSCO Moody’s ‘A1’; S&P ‘A’ Educated work force 98% literacy and 93% pass high school

6. 6 South Korea - Open for Business 100% foreign ownership of business Tax incentives for foreign companies No royalties or export tax on Woulfe Resources Transportation advantage, close to market and supply chain Developed country with superior technology, skills, power, roads and infrastructure “Resource Priority” policy by incumbent government Lead/Zinc Seoul SANGDONG TUNGSTEN-MOLYBDENUM MINE MUGUK GOLD MINE Tungsten Uranium/Vanadium SOUTH KOREA Daegu

7. 7 Woulfe Mining Corp. (TSX-V:WOF) 100% 100% 100% Yeonwha Mining Corp Sangdong Mining Corp Muguk Gold Corp

8. 8 Fundamentals of Tungsten Market “Strategic Metal” Demand driven by world economic expansion & industrialization China supplies 80%+ of tungsten products China has implemented controls on exports (Ban on new tungsten mines to end 2012) 60% of tungsten used for machine tools New growth applications in high tech electronics, LCD & LED panels, space industry, medical instruments, etc. Metal Properties Highest melting point of all metals : 3,422 C° Wear resistant : 100 times of steel including abrasion and erosion Expansion : lowest of all metals

9. Tungsten Markets – Demand & Supply 9 Widening gap between demand & supply 100 80 60 40 China Non-China 20 Case A Case B 0 kMT 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: Mitsui Co., Ltd. - Case A: Total demand to increase by 5% p.a. after 2010 - Case B: Demand for automobile to decrease by 5%p.a. after 2015

11. Resilient to economic volatility

12. Short to medium term hikes expected

13. Tungsten price to stabilize around $400 Source: Roskill forecast - Tungsten Market Study (2010. November)

14. Sangdong Mineral Resources… 11 Historical resource 0.4% MoS2 ,16 Mt

16. Valuation 13

17. 14 Timetable

18. 15 Management Woulfe Management Brian Wesson – CEO / President FAusIMM, MBA Amelia Wesson – VP Admin / Corporate Bill Kable – VP Technical, MAusIMM Mark Gelmon – CFO, CA Canada Sangdong Mining Tiger Kim – CEO / President with 28 years in investment banking and corporate restructuring in Korea and Hong Kong External Advisors Wardrop Engineers UK AMC Vancouver Frontline Business Korea Technical AlindNandBSc Aus – Chief Geologist 20 years international experience Arne Rahnel – Project Manager 35 years experience in plant design Dr. Kun-Joo Moon PhD – Achieved PhD from Tasmania working on the Sangdong deposit Bog-Gon Kim – Geologist 30 years service at Sangdong Mine Matt BoluP.Eng – Metallurgist 30 years experience in tungsten industry

19. 16 Appendix - Muguk Gold Hatched areas, mined Muguk gold and silver project, formerly Korea’s largest gold mine Historically produced 580,000 ounces at average 11 g/t 1.4Mt at 13.5 g/t Au (approx 620,000 oz) and 72.8 g/t Ag (approx 3,322,000 oz) at 10 g/t cutoff (historical high-grade resource not NI 43-101 compliant) Free milling ore AMC Minerals completed 3D model AMC Appointed to review data and update NI43-101 on basis of 3 g/t cutoff Drilling in progress to prove down dip extensions Historical Reserve, 1994, some mining took place 1994 to 1997

22. Strong cash flow, quick return on capital

23. Tax advantage

25. Tungsten has large ore body, mechanised mined