DOTZ NANO LIMITED — Capital/Financing Update 2012

Oct 7, 2012

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NORTHERN IRON LIMITED (ASX: “NFE”)

Successful Completion of Institutional Entitlement Offer

Not for distribution or release in the United States

8 October 2012

Northern Iron Limited (“NFE”, or “the Company”) announced today the successful completion of the institutional component of its accelerated pro-rata non-renounceable entitlement offer (“Entitlement Offer” or the “Offer”) which opened on Thursday, 4 October 2012.

Under the terms of the Offer, eligible shareholders were invited to participate pro-rata to their existing holdings and subscribe for 1 new NFE share (“New Share”) for every 3 existing NFE ordinary shares, at a price of $0.45 (“Offer Price”) per New Share, to raise approximately $55.5 million.

The institutional component of the Entitlement Offer (“Institutional Entitlement Offer”) raised approximately $47.2 million with demand for the Offer well supported by eligible institutional shareholders who took up approximately 80% of the New Shares available to them. The shortfall book-build was oversubscribed, with the majority of shortfall shares allocated to existing shareholders and the balance to inaugural investors.

New Shares issued under the Offer will rank equally with existing shares in NFE.

Settlement of the Institutional Entitlement Offer is scheduled to occur on Thursday, 11 October 2012, with the New Shares offered under the Institutional Entitlement offer expected to be issued on Friday, 12 October 2012. Trading in the New Shares on the Australian Securities Exchange (“ASX”) is expected to commence on that same day.

NFE’s Chairman David Griffiths commented “It is pleasing to see such strong institutional support for the Company. The Entitlement Offer is important in supporting the Company through the current adverse iron ore price environment to reach its primary objective of nameplate production at the Sydvaranger Iron Ore Project and in ensuring that the Company is appropriately capitalised regardless of the outcome of the Strategic Review currently being undertaken.”

The retail component of the Entitlement Offer (“Retail Entitlement Offer”) will take place from Friday, 12 October until 5:00pm, Friday, 26 October 2012. Eligible retail shareholders will be invited to participate in the Retail Entitlement Offer on the same terms as institutional shareholders did in the Institutional Entitlement Offer. Further details about the Retail Entitlement Offer will be set out in the Prospectus, which NFE expects to lodge with ASX today, Monday, 8 October 2012. Eligible retail shareholders wishing to participate in the Retail Entitlement Offer should carefully read the Prospectus and an accompanying personalised entitlement and acceptance form. Copies of the Prospectus will be available on the ASX website and NFE’s website at (www.northerniron.com.au) from Monday, 8 October 2012

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