DOTZ NANO LIMITED — Capital/Financing Update 2012

Oct 30, 2012

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NORTHERN IRON LIMITED (ASX: “NFE”)

ASX ANNOUNCEMENT

31 October 2012

COMPLETION OF RETAIL ENTITLEMENT OFFER

Northern Iron Limited ( NFE or the Company ) advises that the retail component of its 1 for 3 accelerated non-renounceable entitlements offer ( Retail Entitlement Offer ) has closed.

The Company is pleased to advise that eligible retail shareholders under the Retail Entitlement Offer have subscribed for 17,096,246 new NFE shares (approximately A$7,693,311 at the issue price of A$0.45 per share) ( Retail Shares ). The shortfall under the Retail Entitlement Offer is 239,860 shares, or approximately A$107,937 ( Shortfall Shares ).

The Retail Entitlement Offer was not underwritten and the Shortfall Shares will not be offered for sale or issued.

Allotment of the Retail Shares under the Retail Entitlement Offer is expected to occur on 6 November 2012 and quotation of the Retail Shares on ASX is expected to commence on 8 November 2012. Eligible retail shareholders who accepted the Retail Entitlement Offer prior to receiving the Company’s supplemental prospectus dated 19 October 2012 will have until close of business 19 November 2012 to withdraw acceptances.

Following completion of the Retail Entitlement Offer, NFE's issued share capital will consist of 493,067,453 fully paid ordinary shares.

Northern Iron Limited Ph : +61 8 9321 9334 Level 3, 3 Ord Street Fax : +61 8 9321 9335 West Perth, WA 6005 www.northerniron.com.au Australia ABN: 71 125 264 575

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