GRATIFII LIMITED — Capital/Financing Update 2011

Dec 20, 2011

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MEDIA RELEASE AND ASX ANNOUNCEMENT

WARATAH GRANTED GABON LICENSE, DOUBLES THE AREA OF FLAGSHIP PROJECT

Australian iron ore exploration company Waratah Resources Limited (ASX:WGO, “Waratah”) is pleased to advise that it has, through its 100% owned subsidiary Waratah Gabon S.A., secured a Permis de recherché miniere (“Permit”), for area No. G6-508, named “Fer Mekambo-Est” in the Republic of Gabon (“Gabon”). The Permit abuts and is located immediately adjacent to the Company’s flagship asset, the Youkou Exploration Licence in the Republic of Congo (“ROC”).

The Gabon Minister of Mines has signed the Permit and it is expected to be formally validated with the signature of the President of Gabon in the near future. The Permit gives Waratah the exclusive right to commence and execute its exploration work program targeting DSO hematite iron ore for an initial 3 year period, with an option to extend for a further 6 years.

To complement its existing presence in ROC, and to support operations in Gabon, Waratah has recently opened an office in the Gabon capital of Libreville.

Waratah will work on both license areas, maintaining respect for the requirements of the governments of both Gabon and ROC, as the Company seeks to define an iron ore resource in 2012 and in the longer term, to work toward the development a worldclass DSO asset that benefits both countries.

Mr William Witham, Managing Director said “This is a major development for Waratah. Our geological mapping to date indicates that the potential strike zone of the iron ore prospective geology crosses between Gabon and the ROC. With the granting of the Permit, Waratah has secured the remaining part of the likely project area, providing ownership on both sides of the Gabon/ROC border and doubling the exploration area to a total of 2,100 km[2] . We are currently completing the vehicle route to Youkou and have contracted a helicopter in ROC assisting with moving the drilling rigs. Waratah is eager to commence drilling as soon as possible on the new tenure as it presents drill-ready targets.”

For more information contact

William Witham

Managing Director T (+61) 8 6365 4532

www.waratahresources.com.au

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Competent Person Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr WJA Witham B.Sc (Hons), MAIG an employee of Waratah Resources Limited. Mr Witham has sufficient experience that is relevant to the style of mineralisation and type 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. Mr Witham consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.