GRATIFII LIMITED — Capital/Financing Update 2012

Feb 5, 2012

ASX ANNOUNCEMENT

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6 February 2012

Waratah Commences Drilling and Hits First Iron Ore at Youkou, Central Africa

• Two rigs air lifted to site and drilling program underway

• First two drill holes contain hematite-rich itabirite

• Assays pending

• Drilling to continue along strike in coming weeks

CAPITAL STRUCTURE

Africa focused iron ore explorer Waratah Resources Limited (ASX: WGO) (“Waratah” or “the Company”) is pleased to announce the commencement of drilling at its Youkou Iron Project (“Youkou”) in the Republic of Congo (“ROC”).

Two diamond drilling rigs and associated heavy equipment were slung onto site by helicopter on the 29[th] January 2012. Staff assembled the drill rigs and moved them to the first drill location in accordance with the drilling program.

First drill holes have intersected hematite-rich itabirite confirming the Company’s exploration model.

Drill core will be sent to ALS Johannesburg for analysis. The Company hopes to report initial assay results in the coming weeks.

Managing Director Mr William Witham said “I’m proud of the progress our team has made over recent months, culminating in the commencement of drilling at Youkou. We are the first company ever to drill in this region and it has only been due to excellent mapping work, logistics and government support that we could reach this exciting phase.”

Jonathan Downes Non-Executive Director

Rod White

Company Secretary

AUSTRALIA – Head Office

T: +61 8 6365 4532

F: +61 8 6210 5510

E: info@waratahresources.com.au

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Helicopter and drill rig on site at the Youkou Project

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Mr Witham added, “The commencement of drilling at the Youkou Iron Ore Project marks an important milestone for Waratah. This project has the potential for large scale iron ore mineralisation.”

“Over the coming months, Waratah intends to confirm the presence of direct shipping ore (DSO), hematite-rich iron mineralization at the project with preliminary results expected to be released in the March 2012 quarter. Waratah is targeting the definition of an initial resource during 2012.”

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Recently appointed board members Mr Terry Streeter (NonExecutive Chairman) and Mr Rod White (Non-Executive Director) have completed a successful site visit to the Youkou project to view first hand the Company’s operations and fresh drill core.

Youkou is located in an emerging iron ore province in, which is host to a number of large scale iron ore projects and Central Africa is currently seeing unprecedented corporate activity and interest from a number of major resources investors. Examples include South African iron ore major Exxaro’s (JSE:EXX) takeover offer for African Iron (ASX:AKI) and China’s Hanlong’s bid for Sundance Resources (ASX:SDL).

Drill core from the Youkou Project

exploration program to identify and delineate resources at Youkou.

ENDS

For further information please contact:

William Witham Warrick Hazeldine/Greg Galton Managing Director, Waratah Resources Ltd. Purple Communications T: +61 8 6461 6350 T: +61 8 6314 6300 W: www.waratahresources.com.au E: WHazeldine@purplecom.com.au E: GGalton@purplecom.com.au

Competent person’s 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.

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Site Photos from First Drilling atYoukou Iron Ore Project

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