email from management, page-3

Dynamo

I hope you dont mind me copy & paste your email from IBG thread.

Just makes it easier for me to read as I need to go to IBG everytime when I want to read the mail.

Very good info from your mail

Thank you


Dear Simon,

Rob Orr sent me your comments and I wanted to respond to you personally. Firstly I wanted to thank you for your support in the past and I am aware that you are a significant shareholder.

As you are aware Wolf has had some trouble engaging the market with regards to its tungsten project and the result has been a weak share price and very low volumes. I consider Wolfs Hemerdon project very exciting and hold all my personal shares from the IPO and some of which I have purchased on market. I paid the market price and have sold none. To address the marketing problems Wolf has sought to build a relationship with a stock broking house called Black Swan and they have been accumulating a position in Wolf so that they can justify actively marketing and driving the company. That process has just started. Black Swan were seeking a meaningful holding of shares in Wolf and contacted Corazon (who did need the money) and as you will know, selling large volumes of Wolf shares has been difficult in the past. The transaction ensured that the Wolf shares went to a good home and helped Corazon focus on its nickel business in Canada.

On the same basis, Ironbark was also contacted by a group of brokers seeking Ironbarks holding in Wolf and Ironbark accepted the opportunity. Simon, all the companies operate as separate entities and have their own projects that they are focussed on. All the companies act in the best interests on their own shareholders and it is fair to say that none wish to be investors in other companies.

I do understand your concerns and hope that you understand that the sales were opportunistic and no reflection on Wolf and simply that each company is focused on its own core business. I also believe that these share are going to supportive investors who are keen to see Wolf move into production with as little dilutions as possible.