GRATIFII LIMITED — Board/Management Information 2012

Jan 18, 2012

ASX ANNOUNCEMENT and MEDIA UPDATE 19 January 2012

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----- Start of picture text ----- WARATAH AT A GLANCEASX : WGOShares on issue185 million sharesMarket Cap----- End of picture text -----

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----- Start of picture text ----- BOARD MEMBERS----- End of picture text -----

Expanded iron presence in Congo and Gabon to benefit Waratah, drilling to commence in Q1

HIGHLIGHTS

• Recently appointed Board members Terry Streeter

  • (Chairman) and Rod White (Non-executive Director) to provide drive and experience in project funding and development

• Rapidly improving Infrastructure in the area including new roads and camps

• Completed purchase of new (Okanabora) iron ore licence in Congo-Brazzaville

William Witham - Managing Director

Non Executive Director

• Waratah is now a large landholder in the region, with three licenses totaling over 2,000 km2

• New Permis de Recherché granted in Gabon adjacent to the Youkou Permis de Recherché in Republic of Congo

• Drilling to commence shortly

Waratah Resources (ASX:WGO) (“Waratah” or “the Company) is pleased to announce the imminent commencement of drilling at its 90% owned Youkou Iron Project (“Youkou”) in the Republic of Congo (ROC).

Further Regional Mapping observations confirmed the Company’s geological model and supported the potential for haematite iron mineralisation and direct shipping ore (“DSO”). Preliminary assay results are expected to be released in shortly. Waratah is targeting the definition of an initial iron resource during 2012.

CONTACT INFORMATION

Significant progress has been made in the provision of infrastructure and logistics requirements of the Company’s exploration and development programs. This has involved the construction of a base camp at Youkou and Etoumbi, transport and logistics solutions being provided, the purchase of light and heavy vehicle fleet, communication infrastructure, and support facilities.

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The Company has engaged a number of specialist contractors that will provide vital services to Waratah in the development of the Company’s projects and has undertaken a Transportation Study with Mott McDonald aimed at investigating and optimising the transportation of Iron Ore from the Youkou project for initial start up annual production of 0.5 Mtpa, 1 Mtpa, 2Mtpa, 5Mtppa and 10Mtpa.

Regional Field work has commenced at Waratah’s proposed Okanabora Iron Project (“Okanabora”) 75kms south of Youkou in the ROC. A reconnaissance campaign was conducted Okanabora which included the collection of rock samples and the selection of base camp sites to enable a maiden drilling campaign at Okanabora in 2012.

Elsewhere in Congo, Exxaro announced its intention to acquire African iron (ASX: AKI) at A$0.56 per share which highlights the international interest in iron ore in this region

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WARATAH RESOURCES LIMITED – PROJECT LOCATION MAP

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DRILLING

The Company’s two diamond drill rigs will start drilling at the sites of the most obvious outcrops at the Youkou Project. A helicopter has been contracted to move the drill rigs along the Youkou ridge

The current proposed drilling program will be focused in defining a JORC compliant resource as soon as possible. The initial exploration drill holes will be located along Youkou ridge, initially with a 50m by 200 m spacing. Once the extent of the width of the mineralised zone has been determined, fences of holes will be spaced along strike at 400 metre spacing. During this phase of drilling, the areas indicated by the magnetic survey will be examined for outcrop, and when identified, will be tackled with a similar philosophy.

At this level of exploration drilling, only the hematite layers near surface will be targeted, expected to depths of around 70 to 100m, although some deeper drill holes will be completed in order to identify the ore beneath.

Once the initial exploration phase of drilling has identified the extent of mineralisation, along strike as well as along section, of the central ridge as well as the extensions, a JORC-compliant inferred resource can be delineated. This will be independently verified by and independent geologist and following this a decision will be made as to the most promising areas defined.

A second phase of drilling will then be planned to decrease the section spacing, in order to generate a JORC-compliant resource of higher confidence, most likely to Inferred level.

IRON ORE TRANSPORTATION STUDY

Waratah has recognised an opportunity to have a quick start-up production capability. To study this opportunity, the Company has undertaken a Transportation Study with Mott McDonald to aim at investigating and optimising the transportation of Iron Ore from the Youkou project for initial start up annual production of 0.5Mtpa, 1Mtpa, 2Mtpa, 5Mtppa and 10Mtpa.

Key findings from the report include:

• Potential to transport ore using bottom discharge bins

• 1 to 2Mtpa potential for start-up with a Road haul 130kms to Etoumbi

• Smaller barges for 1st leg between Etoumbi & Congo River

• Larger barges on Congo River to Brazzaville

• Rail to Point Noire port on CFCO line

• Costs of approx $60/Tonne from Youkou to Pointe Noire

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CORPORATE UPDATE

The Company appointed Mr Terry Streeter as Chairman and Mr Rod White as Non Executive Director on 5[th] January 2012.

Mr Streeter is a successful Perth-based businessman with extensive experience in exploration and mining companies. He holds positions as Chairman of Western Areas NL and Fox Resources Limited and Non Executive Director of Midas Resources Ltd and he is currently a substantial shareholder of Waratah.

Mr White is currently a Director of an accounting practice and a Director of Fox Resources Limited. He is a member of CPA Australia and has more than 19 years experience in senior accounting, finance and administration.

ENDS

For further information on Waratah Resources Limited, please visit www.waratahresource.com.au or contact

Waratah Resources Ltd Media and Investor Contact William Witham James Moses Managing Director Media and Investor Relations P: (08) 6365 4532 M: 0420 991 574 james@mandatecorporate.com.au

Competent persons statement:

Technical information in this report is based on information compiled by Mr. William Witham B.Sc. Geology (Hons), Waratah Group Geologist and a member of the Australian Institute of Geoscientists. Mr. Witham has sufficient exploration experience which is relevant to the styles of mineralisation and types of deposit 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’ (“JORC 2004”). Mr. Witham consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

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