GRATIFII LIMITED — Capital/Financing Update 2012

May 2, 2012

ASX ANNOUNCEMENT

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3[rd] May 2012

Assay Confirms High Grade Iron Ore at Youkou/Mekambo-Est Iron Ore Project, Central Africa

• Best hole has been assayed by ALS Johannesburg returning 20 metres at 66.9% Fe

Ordinary shares on issue 199M Options @ ~22c 28.4M Market cap. @ 18.5c 37M Cash (March 2012) 3.1M

• Drilling program has to date delivered 13 holes totalling 567 metres

• Further independent laboratory assay results are expected in the near term

• Drilling is continuing along strike

African focused iron ore explorer, Waratah Resources Limited (ASX: WGO) (“Waratah” or “the Company”), is pleased to announce an update on its drilling program and development progress at its Youkou/Mekambo-Est Iron Ore Project in Central Africa.

Terry Streeter

William Witham

Managing Director Peter Bennetto

Non Executive Director

Assays confirm high iron ore grade

The average reading on the 7[th] drill-hole, YKD007, was logged at 26 metres at 62% Fe using the hand-held XRF NITON. The company requested the core from this hole be expedited through the ALS Johannesburg laboratory due to the apparent high grade and the desire to compare and confirm the Niton readings. The assay results have been returned and have confirmed similar or higher iron (Fe) content (20 metres at 66.9% Fe, 0.089% P, 1.78% Si).

Results for the remaining drill-holes are expected in the near future and will be reported as they become available.

Drilling

Company Secretary

Two Company-owned and operated diamond drill rigs have been drilling on site since 29 January 2012. To date, thirteen drill holes have been completed, with over 567 metres drilled to date.

CONTACT INFORMATION

AUSTRALIA – Head Office

T: +61 8 6365 4532

All core samples have been subject to preliminary analysis on site using a handheld portable XRF NITON. Each metre of core is analysed in at least three localities within the sample, taking into account minor changes in lithology.

F: +61 8 6210 5510

Managing Director Mr. William Witham said “This is the first core assayed and we are excited that the first results have confirmed the presence of high grade iron ore from our project. We are continuing to drill along strike to the north and south, and we will report the ongoing assay results as they come to hand.”

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Capital Purchases

The Company is progressing with the purchase of capital items including drill rigs and earthmoving equipment, as it seeks to rapidly improve the infrastructure surrounding the projects to enable us to better execute our exploration strategy.

Okanabora Project

A field base camp has been established at the Company’s second project at Okanabora which is approximately 100 kms southwest of Youkou/Mekambo-Est and the Company has identified a number of areas suitable for drilling later this year. Further mapping and road improvement are planned to support our exploration programme.

Other Opportunities

The Chairman, Mr Terry Streeter is travelling to Africa to investigate further growth opportunities that complement our existing projects.

ENDS

For further information or media enquiries please contact:

William Witham Warrick Hazeldine or Greg Galton Managing Director Purple Communications Waratah Resources Ltd. T: +61 8 6314 6300 T: +61 8 6365 4532 E: WHazeldine@purplecom.com.au W: www.waratahresources.com.au E: GGalton@purplecom.com.au

Competent person statement: Technical information in this report is based on information compiled by Mr. William Witham B.Sc. Geology (Hons), Waratah 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.

XRF Analytical method - Mineralised drill-core is being analysed using the portable Niton XLT hand held XRF analyzer (Niton). This equipment is being used by Waratah. Waratah is confident to use Niton as an indicator only of iron mineralisation to report exploration results. Waratah’s Niton procedure is to orientate and geologically log drill core. Then a Waratah geologist uses the Niton to record spot readings taken over a 30 second period for iron every 30cm. Results are averaged for intervals of drill core and reported on minimum widths of 1m. A cross-check slice of NQ drill-core (47mm diameter), is cut and will be analysed as verification by commercial assay laboratories.

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ABOUT WARATAH RESOURCES LIMITED

Waratah Resources Limited (ASX: WGO) (“Waratah” or “the Company”) is an ASX listed iron ore company with a focus on its projects in the Republic of Congo (“ROC”) and Gabon (“Gabon”) and on the acquisition of other iron projects in the area.

The Company’s flagship Youkou/Mekambo-Est Iron Project is located on the Ivindo Massif which is host to at least 4 billion tonnes of iron ore, including the world class Belinga, Nabeba, Avima and Badondo projects.

Waratah is well positioned to take part in the development of this region into the world’s newest iron ore province, and has developed strong relationships with the ROC and Gabon governments. The Company is currently aiming to define a JORCcompliant resource with its company owned drilling rigs and equipment.

WARATAH RESOURCES LIMITED – PROJECT LOCATION MAP

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