EMETALS LIMITED — Capital/Financing Update 2011

Oct 19, 2011

Appendix 3B
New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity
West Peak Iron Ltd

ABN
71 142 411 390

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1. +Class of +securities issued or to be issued
   Ordinary shares

2. Number of +securities issued or to be issued (if known) or maximum number which may be issued
   3,500,000

3. Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
   Fully paid ordinary shares

4. See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

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Appendix 3B

New issue announcement

4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:
- the date from which they do
- the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
- the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Yes, rank equally with existing quotes shares.

5 Issue price or consideration

$0.14

6 Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

The funds raised will be used to complete a detailed geophysical survey on Liberian iron ore licenses and for general working capital.

7 Dates of entering +securities into uncertificated holdings or despatch of certificates

20 October 2011

8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)

Number	+Class
23,950,001	FPO shares

• See chapter 19 for defined terms.

Appendix 3B Page 2

24/10/2005

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Appendix 3B
New issue announcement

9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+Class
3,550,000	FPO shares (escrowed until 26/10/2012)
7,000,000	Unlisted options exercisable at $0.20 expiring 30/06/2013
5,000,000	Unlisted options exercisable at $0.20 expiring 30/06/2013 (escrowed until 26/10/2012)
500,000	Unlisted options exercisable at $0.30 expiring 30/06/2013

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

n/a

Part 2 - Bonus issue or pro rata issue - N/A

11 Is security holder approval required?
12 Is the issue renounceable or non-renounceable?
13 Ratio in which the +securities will be offered
14 +Class of +securities to which the offer relates
15 +Record date to determine entitlements
16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
17 Policy for deciding entitlements in relation to fractions
18 Names of countries in which the entity has +security holders who will not be sent new issue documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 3

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Appendix 3B

New issue announcement

19	Closing date for receipt of acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to the issue
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of +security holders
25	If the issue is contingent on +security holders' approval, the date of the meeting
26	Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27	If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28	Date rights trading will begin (if applicable)
29	Date rights trading will end (if applicable)
30	How do +security holders sell their entitlements in full through a broker?
31	How do +security holders sell part of their entitlements through a broker and accept for the balance?

• See chapter 19 for defined terms.

Appendix 3B Page 4

24/10/2005

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Appendix 3B
New issue announcement

32 How do +security holders dispose of their entitlements (except by sale through a broker)?
33 +Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)
(a) ☑ Securities described in Part 1
(b) ☐ All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 ☐ If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders
36 ☐ If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 ☐ A copy of any trust deed for the additional +securities

• See chapter 19 for defined terms.
  24/10/2005 Appendix 3B Page 5

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Appendix 3B

New issue announcement

Entities that have ticked box 34(b) – N/A

38 Number of securities for which +quotation is sought

39 Class of +securities for which quotation is sought

40 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:
- the date from which they do
- the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
- the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and +class of all +securities quoted on ASX (including the securities in clause 38)

Number	+Class

Quotation agreement

• See chapter 19 for defined terms.

Appendix 3B Page 6

24/10/2005

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Appendix 3B
New issue announcement

1. Quotation of our additional securities is in ASX’s absolute discretion. ASX may quote the securities on any conditions it decides.

2. We warrant the following to ASX.

3. The issue of the securities to be quoted complies with the law and is not for an illegal purpose.

4. There is no reason why those securities should not be granted quotation.
5. An offer of the securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any securities to be quoted and that no-one has any right to return any securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the securities be quoted.

• If we are a trust, we warrant that no person has the right to return the securities to be quoted under section 1019B of the Corporations Act at the time that we request that the securities be quoted.

• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before quotation of the securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: (Director)
Date: 20/10/2011

Print name: David Parker

• See chapter 19 for defined terms.
  24/10/2005 Appendix 3B Page 7

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WEST PEAK IRON

T > +61 8 6460 4960

F > +61 8 9324 3045

W > westpeakiron.com.au

E > admin@westpeakiron.com.au

Suite 9, 1200 Hay Street

West Perth, WA 6005

Notice under Section 708A

20 October 2011

West Peak Iron Limited (the "Company") has today issued 3,500,000 fully paid ordinary shares.

The issued securities are part of a class of securities quoted on the Australian Securities Exchange ("ASX").

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act 2001 (Cwth) (the "Act") that:

1. the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;
2. as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and
3. as at the date of this notice, there is no information that is "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Act.