moreFORM 7 MONTHLY PROGRESS REPORT Name of CNSX Issuer: Woulfe Mining Corp. (the “Company” or the “Issuer”). Trading Symbol: WOF Number of Outstanding Listed Securities: 366,029,601 Date: March 6, 2015 This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by the CNSX Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the CNSX.ca website. This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the CNSX Policies. The discussion in this report must be factual, balanced and non-promotional. General Instructions (a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer. (b) The term “Issuer” includes the Issuer and any of its subsidiaries. (c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions. Report on Business 1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact. The Company is in the business of acquiring and developing mineral resource projects within South Korea with properties that include tungsten, gold, silver and molybdenum. The assets secured have known historical FORM 7 – MONTHLY PROGRESS REPORT November 14, 2008 Page 2 mineralization. The Company has been extensively evaluating its Sangdong Tungsten/Molybdenum Mine and has achieved significant progress and milestones. The Company also continues to evaluate its Muguk Gold/Silver Project. Proposed Merger On January 27, 2015, the Company announced that Almonty Industries Inc. (“Almonty”) and Woulfe Mining Corp. entered into a non-binding Letter Agreement to combine the businesses of the two companies. However, as announced in a news release dated February 17, 2015, the Board of Directors of Woulfe unanimously determined to terminate the Letter Agreement and the proposed merger transactions contemplated thereunder. As a result, the $150,000 bridge loan provided by Almonty will become due and payable on April 30, 2015. 2. Provide a general overview and discussion of the activities of management. As announced in the Company’s news release dated October 28, 2013, the Company completed its comprehensive review of its June 7, 2012 feasibility study prepared for the Sangdong project as prepared by TetraTech WEI Inc. under the direction of previous management. This review was completed by the Company with the assistance of its largest shareholder, Dundee Corp., and had identified that considerable additional test work was necessary to bring the Sangdong project to proper commercial and financial preparedness (the “work program”). The new work program included diamond drilling to better define the orebody – in particular, those areas of the resource that could potentially be mined in the early years of the mine’s life. 3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law. Mr. Gaucher, the Company’s current CEO, has led the Company towards completion of its new work program discussed above, the implementation of which commenced in April 2014. The Company commissioned AMC Consultants Pty. Ltd. of Melbourne, Australia (“AMC”), in August, 2014, to undertake a mineral resource estimate update to be reported in accordance with Canadian National Instrument 43-101 for the Sangdong tungsten property. This study was based on the additional available data.FORM 7 – MONTHLY PROGRESS REPORT November 14, 2008 Page 3 On October 15, 2014, the Company announced that it released the revised mineral resource estimate prepared for its Sangdong Tungsten Project by AMC. The Company determined, after a detailed review during calendar 2013 (see news releases dated May 17, 2013 and October 28, 2013) that it was urgent and necessary to reassess and de-risk the 2012 Tetra Tech Feasibility Study of the Sangdong Project. To this end, the Company embarked on an additional Phase 5, closelyspaced grid drilling program, which started in April, 2014, and was completed in August, 2014. The recent drilling program added 11,340 metres of resource definition drilling to the data available for the 2012 Tetra Tech feasibility study. In addition to the drilling program, an important and necessary geotechnical study was carried out by Turner Mining and Geotechnical Pty. Ltd. during June and July, 2014, using a database that increased from 22 to over 400 geotechnically logged boreholes. The results of the 2014 drilling program (see news release dated December 19, 2014), combined with an enhanced geotechnical database, provided satisfactory input for the completion of a revised feasibility study (see news release dated January 23, 2015), the preparation of which was supervised by Malcolm Buck, Peng, of A-Z Mining Professionals, a qualified person under National Instrument 43-101. The Company disclosed, in its January 23, 2015 news release, the results of the latest financial model update: PHASE 1(1) MINING PLAN MINUS 1 TO TAEBAEK LEVELS (using 65-per-cent WO3 concentrate price of $15,000 (U.S.) per tonne) Revenue WO3 Concentrate(2) - Average Annual $US 62.1 million Earnings Before Sustaining Capital – Annual Average $US 31.8 million Pre-tax IRR 26% Project Total NPV @ 5% Discount Rate $US 156 million EBITDA / Share Discounted at 5% $CDN 0.067 Reserves Included in Phase 1 - 7.4 million tonnes grading 0.54% WO3 Annual Production Rate 640,000 tonnes WO3 Processing Plant Recovery Rate 81% Average Annual WO3 Concentrate Production 3,828 to 4,705 tonnes Project Pre-Production Capital Expenditures $US74.4 million(3) Mine Life 12 years (1) Three levels out of 20 levels in phase 1 (2) No APT downstream minority revenue participation should have been included since February, 2012. (3) Capex using all new equipment, including Chinese processing equipment, and includes an average 15-per-cent contingency See news release dated January 23, 2015 for additional disclosure.FORM 7 – MONTHLY PROGRESS REPORT November 14, 2008 Page 4 4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned. N/A 5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship. N/A 6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced. N/A 7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship. N/A 8. Describe the acquisition of new customers or loss of customers. N/A 9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks. N/A 10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs. N/A 11. Report on any labour disputes and resolutions of those disputes if applicable. N/A 12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.FORM 7 – MONTHLY PROGRESS REPORT November 14, 2008 Page 5 N/A 13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness. 14. Provide details of any securities issued and options or warrants granted. During February 2015, the Company elected to issue 1,344,292 common shares, at a deemed value of $0.09 per share, to Dundee Resources Limited (“Dundee”) in satisfaction of the interest due and payable on December 31, 2014, in conjunction with the convertible debenture agreement dated March 7, 2014, entered into between the Company and Dundee. These common shares will be subject to a hold period expiring on June 17, 2015. Also during February 2015, 181,333 common shares in the Company’s capital stock, at a deemed value of $0.0875 per share, were issued to one of the Company’s Canadian service providers as partial compensation for continuing services These common shares will be subject to a hold period expiring on June 17, 2015. (1) State aggregate proceeds and intended allocation of proceeds. N/A 15. Provide details of any loans to or by Related Persons. N/A 16. Provide details of any changes in directors, officers or committee members. On February 13, 2015, Mr. David Constable resigned as Director and Chairman of the Board of Directors for health reasons. Mr. Constable will be missed and the Company wishes to acknowledge his immeasurable contributions and high moral standing that he brought to the Board of Woulfe. On February 24, 2015, Mr. David Whyte and Mr. Brian Howlett were appointed to the Board of Directors of Woulfe. Mr. Whyte has over 35 years of experience in the mutual fund industry, his most recent role being Vice-Chairman and Chief Operating Officer of Dundee Wealth Inc. until its acquisition by the Bank of Nova Scotia in 2011. Mr. Whyte is currently the Vice Chair of Dundee Global Asset Management Ltd. Mr. Howlett is a seasoned professional with over 25 years of experience in senior financial roles. He has a proven track record of adding value to clients and employers over his career, which included six years as CFO of ELI Eco Logic Inc., a Toronto Stock Exchange listed company. He also serves as President and CEO of Cogitore Resources Inc. and on the Board FORM 7 – MONTHLY PROGRESS REPORT November 14, 2008 Page 6 of Directors of Superior Copper Corporation, a TSXV listed company. Mr. Howlett graduated with a B. Comm from Concordia University in 1983 and received his CMA designation in 1989. 17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s) or political/regulatory trends. The Company's principal property is located in South Korea. Consequently, the Company is subject to certain risks associated with foreign ownership, including currency, inflation and political risk. The Company operates in the mining industry which is subject to numerous significant risks. The Company is subject to various risks and uncertainties in its business. In particular, the Company is subject to: - fluctuating commodity markets, tungsten prices and currency exchange rates; - risks relating to underground mining development; - permitting risks and general mining risks; - other risks affecting the operation and economic viability of the Sangdong project; - environmental requirements and reclamation costs; and - risks regarding liquidity, availability of additional financing to fund capital expenditures and/or operations and going concern