EMETALS LIMITED — Capital/Financing Update 2012

Oct 30, 2012

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WEST PEAK IRON LTD

DRILLING COMMENCES AT BOMI SOUTH LIBERIA

ASX announcement

31 October 2012

ACN: 142 411 390

T: 08 6489 1600

F: 08 6489 1601

E: admin@westpeakiron.com.au

Suite 9, 330 Churchill Avenue,

Key Points:

• The drill program of up to 3,000 metres at the Bomi South

• Project, Liberia, has commenced

• Multi-purpose rig gives the drill program flexibility between RC

• and diamond core samples

• Drill program to test the geological model created based upon

• field work and aeromagnetic data modelling

Subiaco WA 6008

PO Box 866,

• Project areas 100% West Peak Iron owned

Subiaco WA 6904

www.westpeakiron.com.au

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Directors & Management

Graham Marshall: Chairman

Mathew Walker: Director

Jimmy Lee: Director

John Royle: Director

Shane Tomlinson: Exploration Manager

David Parker: Joint Company Secretary

Sonu Cheema: Joint Company Secretary

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Issued Capital

The Directors of West Peak Iron Ltd (“West Peak” or the “Company”) are pleased to announce that the drill program of up to 3,000 metres at the 100% owned Bomi South Project, Liberia, has commenced. The drill program will be predominantly RC and may include diamond core should it be warranted.

The drill program will focus on prospect Area’s 1 and 7 of the Bomi South project. These two area’s have been identified through the detailed aeromagnetic survey completed by West Peak in 2011 and through the recent trenching program. The drill program is geared towards confirming the presence of iron mineralisation and how it relates to the geological model and magnetic modelling.

The Bomi South project is located approximately 60 km NNE of Monrovia and is accessed by sealed road to the western tenement boundary and a sealed road 2 km from the eastern boundary (Figure 1). The geology is predominantly comprised of composite gneiss with generally E-W-striking itabirite units. These units outcrop intermittently over the tenement as ridges with strike lengths up to 4 km and elevations up to 100 m, but generally averaging 30-50 m.

Field reconnaissance work has identified iron enrichment in the form of hematite – rich capping, which may provide a DSO product, and coarse grained magnetite-rich iron formation which may be amenable to benefication to produce a saleable product.

64,500,000 ordinary shares

13,105,465 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

The prospects targeted for the maiden drilling program are part of a cluster of magnetic anomalies which are located within 0.5 to 12 km of the sealed road and the historic railway line that linked the Bomi Hills iron operation to the deep water port in Monrovia.

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ASX Code: WPI

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Figure 1. Map highlighting area for maiden drill program at Bomi South project.

Yours Faithfully By Order of the Board

Mathew Walker Executive Director

For further information contact:

Mathew Walker; Executive Director, West Peak Iron Ltd. Telephone: +61 8 6489 1600 Email: admin@westpeakiron.com.au

COMPETENT PERSONS’ STATEMENTS

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 (MAIG). 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”, and “seek”, “proposed” and similar expressions.

Drilling Commences at Bomi South Liberia

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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.

ASX code – WPI Issued shares – 64.5m Unlisted Options – 13.11m options

Market Cap @ 7 cps - $4,515,000 (undiluted) Cash - $1.83m (circa at start of October 12)

LIBERIA

West Peak has 972 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).

WESTERN AUSTRALIA

West Peak has built up a land holding in the emerging Mid-West and Yilgarn Iron Provinces. High grade rock chip results have been received from the Warriedar and Highway prospects and indicate the potential for DSO style mineralisation. A magnetite target has been identified at the Dandaraga tenement from mapping and rock chip sampling of an outcropping BIF.