The Beikeng Mine, licensed under Datian hongji Mining Co., Limited ("Datian Hongji"), a 0.771 km2 iron ore tenement located in Datian County, Sanming City, Fujian Province in the People's Republic of China, under extraction licence number C3500002010122110086857 which expires on 4 February 2023. Datian Hongji has received the Production Safety Permit for the Beikeng Mine from the Fujian Provincial Production Safety Supervision Bureau. This Production Safety Permit expires on 20 November 2019, and may, subject to passing of the requisite renewal inspections, be renewed upon its expiry. With this Production Safety Permit, Datian Hongji has received all requisite approvals and permits to commence commercial production at the Beikeng Mine. Barring unforeseen circumstances, the Company expects to commence commercial production at the end of the second half of 2017.