EMETALS LIMITED — Capital/Financing Update 2011

Oct 19, 2011

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WEST PEAK IRON LTD

COMPANY UPDATE

ASX announcement

20 October 2011

The Board of West Peak Iron Ltd (‘West Peak’ or the ‘Company’) is pleased to provide the following Company update.

ACN: 142 411 390

KEY HIGHLIGHTS

T: 08 6460 4960

F: 08 9324 3045

E: admin@westpeakiron.com.au

Suite 9, 1200 Hay Street

West Perth WA 6005

• Capital raising of $490,000 through the issue of 3,500,000 shares at $0.14 has been completed

• Funds to be used to complete a detailed aeromagnetic survey on Liberian iron ore licenses

• Contractors have been engaged to fly Liberian aeromagnetic survey

PO Box 281

West Perth WA 6872

www.westpeakiron.com.au

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Directors & Management

David Parker: Executive Chairman

Graham Marshall: Non-Executive Director

John Royle: Non-Executive Director

Shane Tomlinson: Exploration Manager

Sonu Cheema: Company Secretary

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PLACEMENT

West Peak is pleased to announce that it has completed the recently announced placement of 3,500,000 shares at $0.14 to raise $490,000 (precosts).

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

West Peak entered into a mandate to raise $490,000 through the placement of 3,500,000 shares at $0.14, including a free one for two unlisted Company Option (1,750,000) exercisable at 20 cents on or before 30 June 2013 (which is subject to shareholder approval) on 10 October 2011 with ALTO Capital (AFSL: 279099). The placement does not require shareholder approval as it is under ASX Listing Rule 7.1. The Company Options are subject to approval by shareholders, which will be sought at the upcoming Annual General Meeting.

Following the placement the Company has 27,500,000 fully paid ordinary shares and pending upcoming shareholder approvals 14,250,000 Company Options on issue.

Issued Capital

27,500,001 ordinary Shares

12,000,000 unlisted options exercisable at 20 cents each on or before 30 June 2013

500,000 unlisted options exercisable at 30 cents each on or before 30 June 2013

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ASX Code: WPI

CONTRACTORS ENGAGED TO FLY DETAILED AREOMAGNETIC SURVEY ON LIBERIAN LICENSES

West Peak has engaged contractors to fly a detailed aeromagnetic survey on the 100% owned Liberian Iron Ore licenses. This work is due to commence in late November, pending final statutory approvals and following the conclusion of the Liberian elections. It is noted that the first round of Liberian general elections held recently were widely declared free and fair and was carried off without major incident.

For further information contact: David Parker; Executive Chairman, West Peak Iron Ltd. Telephone: +61 8 6460 4960 Email: david@westpeakiron.com.au

Company Update

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COMPETENT PERSONS’ STATEMENT

Scientific or technical information in this news release has been prepared under the supervision of Mr Shane Tomlinson, an employee of the Company and a Member of the Australian Institute of Geoscientists (AIG). Mr Tomlinson has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Tomlinson consents to the inclusion in this report of the Information, in the form and context in which it appears.

FORWARD LOOKING AND EXPLORATION TARGET STATEMENTS

Some statements in this announcement regarding estimates or future events are forward-looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook, target sizes and mineralised material estimates. They include statements preceded by words such as “expected”, “planned”, “target”, “scheduled”, “intends”, “potential”, “prospective”, “seek” and similar expressions.

Company Update

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ABOUT WEST PEAK

West Peak Iron Ltd (West Peak) is an exploration company with a focus on iron ore exploration.

West Peak has focused on increasing its licence holdings through direct tenement applications both in Western Australia and Liberia since floating on the ASX in 2010. West Peak’s strategy is to actively explore its land holding to identify and focus on those projects which are believed to have the greatest potential for economic iron mineralisation through staged exploration programs. The Company’s activities are dependent on the maintenance of appropriate licences, permits and regulatory consents which may be withheld, withdrawn or made subject to limitations.

Market Cap @ 14 cps - $3.85m Cash - $1.65 (circa)

ASX code – WPI Issued shares – 27.5m Unlisted Options – 12.5m (14.25m options post shareholder approvals)

LIBERIA

West Peak has 1,007 km[2] of granted tenure prospective for iron ore in Liberia through a combination of reconnaissance and exploration licences for iron ore in the Grand Bassa, Bomi, Bong and River Cess counties. All licences contain identified iron-bearing formations and are located close to port, rail and road infrastructure (both existing and currently being upgraded to meet iron ore industry requirements). Following on from the success of the initial field work the Company now plans to undertake a detailed aeromagnetic survey, follow the wet season and subject to finalisation of a contractor.

WESTERN AUSTRALIA

West Peak has built up a land holding comprising 15 granted tenements and 28 tenement applications, several being subject to ballot, in the emerging Mid West and Yilgarn Iron Provinces. High grade rock chip results have been received from the Warriedar tenement and indicate the potential for DSO type mineralisation. A magnetite target has been identified at the Dandaraga tenement from mapping and rock chip sampling of an outcropping BIF.