EMETALS LIMITED — Capital/Financing Update 2012

Oct 24, 2012

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ASX announcement

WEST PEAK IRON LTD

RELEASE FROM ESCROW

25 October 2012

ACN: 142 411 390

T: 08 6489 1600 F: 08 6489 1601

E: admin@westpeakiron.com.au

Suite 9, 330 Churchill Avenue,

Subiaco WA 6008 PO Box 866,

Subiaco WA 6904

In accordance with Listing Rule 3.10A of the Listing Rules of ASX, West Peak Iron Limited (ASX: WPI) advises of the following securities being released from escrow;

Date of Release	Securities
On or after 8 November2012	3,550,000 Ordinary Fully Paid Shares
On or after 8 November2012	5,000,000 Options expiring 30 June 2013

www.westpeakiron.com.au

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For further information contact:

Directors & Management

Graham Marshall: Chairman

Sonu Cheema: Company Secretary, West Peak Iron Ltd. Telephone: +61 8 6489 1600 Email: admin@westpeakiron.com.au

Mathew Walker: Director

John Royle: Director

Jimmy Lee: Director

Shane Tomlinson: Exploration Manager

David Parker: Joint Company Secretary

Sonu Cheema: Joint Company Secretary

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Issued Capital

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

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ASX Code: WPI