Ann: Non-Renounceable Issue Offer Document , page-6

III announcement dated 11/1/11:

"The current advertised prices for tungsten products are as follows:
Tungsten Ammonium Paratungstate (APT) is over $US300/mtu in other words the tungsten
in Ammonium Paratungstate is valued at US$30,000 per tonne of metal, and;
Tungsten Concentrates (minimum 65%) is over Rmb100,000/mt ($US233 / mtu), in other
words, in a tungsten concentrate containing 65%WO3, (the normal product of a mine), the
tungsten metal is valued at US$233 per MTU or US$23,300 per tonne."