WEEBIT NANO LTD - Annual Report 2014

==> picture [325 x 131] intentionally omitted <==

ACN 146 455 576

==> picture [450 x 34] intentionally omitted <==

ANNUAL REPORT for the year ended 30 June 2014

==> picture [460 x 61] intentionally omitted <==

RADAR IRON LTD ACN: 146 455 576

CORPORATE INFORMATION ................................................................................... 1 LETTER FROM THE CHAIRMAN ............................................................................... 2 DIRECTORS’ REPORT ............................................................................................. 4 OPERATING AND FINANCIAL REVIEW ................................................................... 6 REMUNERATION REPORT (AUDITED) ................................................................... 10 CORPORATE GOVERNANCE STATEMENT ............................................................... 15 AUDITOR’S INDEPENDENCE DECLARATION ......................................................... 20 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............ 21 STATEMENT OF FINANCIAL POSITION ................................................................. 22 STATEMENT OF CHANGES IN EQUITY ................................................................... 23 STATEMENT OF CASH FLOWS ............................................................................... 24 NOTES TO THE FINANCIAL STATEMENTS ............................................................. 25 DIRECTORS’ DECLARATION ................................................................................. 50 INDEPENDENT AUDIT REPORT ............................................................................. 51 ASX ADDITIONAL INFORMATION ........................................................................ 53

This Annual Report covers Radar Iron Ltd (“Radar” or the “Company”) as a Group consisting of Radar Iron Ltd and its subsidiaries, collectively referred to as the “Group”. The financial report is presented in Australian currency.

Radar is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Radar Iron Ltd Suite 7 55 Hampden Road Nedlands WA 6009

RADAR IRON LTD ACN: 146 455 576

CORPORATE INFORMATION

Directors:

Alan Tough Non-Executive Chairman

Jonathan Lea Managing Director

Registered & Principal Office:

Suite 7, 55 Hampden Road NEDLANDS WA 6009 Telephone: + 618 9389 9919 Facsimile: + 618 6389 0576

Postal Address:

Ananda Kathiravelu Non-Executive Director

P.O. Box 994 SUBIACO WA 6904

David Sourbutts Non-Executive Director (appointed 15/4/2014)

Company Secretary: Damon Sweeny (appointed 15/8/2013)

Home Stock Exchange:

Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

ASX Code:

Philip Wingate (resigned 15/8/2013)

RAD

Share Registry:

Auditors:

Nexia Perth Audit Services Pty Ltd Level 3 88 William Street PERTH WA 6000

Security Transfers Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153

Website:

www.radariron.com.au

Bankers: Westpac Banking Corporation 108 Stirling Highway NEDLANDS WA 6009

Solicitors - Perth:

Kings Park Corporate Lawyers Suite 8, 8 Clive Street WEST PERTH WA 6005

RADAR IRON LTD ACN: 146 455 576

LETTER FROM THE CHAIRMAN

Dear Shareholder

It has been an eventful year by any standards, let alone for those of us in the iron ore trade.

Your company has been working hard to maintain momentum in our business, both here and overseas, and recent announcements reflect the hard work of management in projecting a clear and well thought-out message to investors.

Our primary achievements for the year are three fold.

The acquisition of the iron ore high grade magnetite deposits from the Cliffs JV at a cost that would have been considered extremely low even a year or two ago.
The farm in JV in Brazil into a green fields very high grade resource opportunity with a local partner.
The entry of a new shareholder into Radar, who has committed (subject to shareholder approval) to underwrite a share issue to all shareholders to secure the financing we need.

The acquisition from the Cliffs JV of major magnetite resources in the SW of WA is centred on the Yerecoin deposit only 150 km from Perth. These are close to infrastructure solutions and Radar’s aim is to bring on stream a relatively small magnetite mine and plant to produce 250,000 tonnes per year of a very high grade blast furnace feed stock product. This will be the first stage of several over the coming years is to move toward two million tonnes per year. The mine and plant are planned to be cash flow positive from the outset and will require a low capital investment and hence have very low operating risk. The knowledge gained will ensure that further stages will have a high level of operating certainty, reducing ongoing risk.

Our JV in Brazil continues our interest in very high grade haematite opportunities. Initial sampling results are extremely good and we anticipate further good news as we embark on the initial drilling programs.

Pressure on the capital raising market has been severe and traditional sources have been elusive.

Radar’s achievement, recently announced, in welcoming a new substantial shareholder in Victory Mining is therefore all the more impressive. We believe they have agreed with our assessment of the market and our view of the opportunities we have created.

There is no doubt that there is considerable uncertainty in the world today. That sense has translated into the market place view of the iron ore industry. However the numbers need to be examined to maintain a balanced perspective. Steel production is actually growing in Europe, India and Brazil whilst Chinese steel production has grown at 6% over the last

RADAR IRON LTD ACN: 146 455 576

year. That is 6% on a 760 million tonne base in China alone, or 45 million tonnes more steel than the year before.

That production increase if continued will require at least 60 million new tonnes of iron ore each year at a time when grades are drifting and some marginal producers are shutting down. Perhaps the much discussed oversupply trend is not that long term?

However it is clear that cost pressures will remain on steel producers for the foreseeable future.

In that regard Radar believes it has assessed the market correctly. There will be a long term push toward quality feed stocks seeking both higher Fe contents and lower impurity levels at a time when the bulk of seaborne supply is trending lower in quality terms. High grade feed stocks will therefore fill an important niche in the market demand.

The achievements of this past year will prove to be vital steps in our progress toward production and shareholders should look forward to steady progress over the next two year period.

My appreciation needs to be recorded here to thank Lightshare Pty Ltd who joined us at a crucial time in our resource acquisition program and continue to assist our development.

Whilst we are small, our management team are seriously committed to succeeding in our goals and shareholders should be confident of our ability to do so.

My thanks to Jon Lea for a great year’s effort and to my fellow board members who have so cheerfully helped us through the year.

Yours faithfully,

==> picture [130 x 49] intentionally omitted <==

Alan Tough Chairman

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT

Your Directors have pleasure in submitting their report on the Company and its subsidiaries for the year ended 30 June 2014.

DIRECTORS

The names and details of Directors in office at any time during the year are:

Alan Tough - Non Executive Chairman

EXPERIENCE AND EXPERTISE

Alan Tough has a distinguished career in business spanning over 40 years including more than 25 years managing publicly listed companies. Alan has worked both domestically and internationally in the manufacturing, mining, finance, management and government sectors. Alan holds a mechanical engineering honours degree and an MBA from the University of WA. Alan held positions including infrastructure advice for several iron ore companies including a role as Manager of Project Development for Giralia Resources NL, responsible for DSO iron ore projects in the Pilbara and the Yerecoin magnetite project and Executive Director Operations of Polaris Metals NL prior to the Mineral Resources takeover earlier in 2010. Alan’s other current Board roles include non-executive Director of Mrs Macs Pty Ltd and President of Westcare Incorporated.

Alan has significant experience and understanding of strategic business planning, an extensive knowledge of international operations, an effective combination of engineering, banking, government service and broad management skills and a thorough knowledge of the governance requirements of listed companies at both management and Board levels.

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

Nil

Jonathan Lea - Managing Director

EXPERIENCE AND EXPERTISE

Jon has qualifications in geology, finance and mineral economics with 25 years’ experience in the resource industry. He held the roles as Technical Director and Managing Director of Polaris Metals NL until the takeover by Mineral Resources Ltd. During Jon's tenure, Polaris made significant iron ore discoveries in the central Yilgarn region commencing the development process towards mining and also advancing the Mayfield magnetite project. Prior to that Jon has had extensive experience in exploration, mining and project development. A qualified geologist from the University of Tasmania and a Member of the AusIMM, Jon also has post graduate qualifications in Mineral Economics and Applied Finance and Investment. He has worked with a number of commodities including iron ore, gold, tin, chromite and base metals throughout Australia and in Africa. Jon is currently Chairman of the Yilgarn Iron Producers Association (YIPA).

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

Nil

Ananda Kathiravelu – Non-Executive Director

EXPERIENCE AND EXPERTISE

Ananda Kathiravelu has been in the financial services funds management and stock broking industries for over 20 years. He holds a Bachelor of Business and a Graduate Diploma of Applied Finance and Investment.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Ananda Kathiravelu – Non-Executive Director

EXPERIENCE AND EXPERTISE (CONTINUED)

Mr Kathiravelu is the Managing Director of Armada Capital Ltd, a corporate advisory company that has been involved in providing strategic corporate advice and services to listed and unlisted public companies including, Pryme Oil and Gas Ltd, CuDeco Ltd (formally known as Australian Mining Investments Ltd), Meridian Minerals Ltd (formerly Bellevue Resources Ltd), Promesa Ltd, Mineq Ltd, Coronado Ltd and Intium Energy Ltd. His areas of expertise include corporate advice, capital raising, mergers and acquisitions. His focus is on the small cap resources and emerging business sectors.

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

Potash Minerals Limited – Non-Executive Chairman Promesa Limited - Executive Director

David Sourbutts – Non-Executive Director (appointed 14 May 2014)

EXPERIENCE AND EXPERTISE

Mr Sourbutts has over 14 years’ experience in project management and engineering in the mining, rail, materials handling and infrastructure industries, including overseeing the development of explorers into miners and the coordination of studies covering process engineering and mine to port optimisation. His commodity experience includes Magnetite, DSO Hematite, Mineral Sands, Manganese and Diamonds to name a few. He has a Bachelor of Engineering (Civil) (Hons), a Bachelor of Commerce and is an Executive Director of Engenium, a leading engineering and project delivery company specialising in the delivery of mine, port and rail projects and non-process infrastructure.

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

Nil.

COMPANY SECRETARIES

Damon Sweeny (appointed 15 August 2013)

Damon Sweeny is a Chartered Secretary and holds an MBA from Curtin University Australia, along with a Graduate Diploma of Applied Corporate Governance from Chartered Secretaries Australia. With over 25 years’ experience in the mining, accounting and governance fields, Damon has held directorships or company secretarial positions in a number of private and ASX-listed entities for over 10 years. He has been closely involved with the mining sector in Western Australia and has a strong management and financial reporting background. He is also company secretary of ASX listed Leopard Resources Limited, Applabs Technologies Ltd and Promesa Ltd.

Phillip Wingate (resigned 15 August 2013)

Phillip holds a Bachelor of Commerce Degree from Curtin University Australia, and is an Associate of the Institute of Chartered Accountants in Australia.

Since 2008 Phillip has been involved in a number of company secretarial positions and ASX junior transactions. Phillip is also company secretary of ASX listed Potash Minerals Limited and Strickland Resources Limited.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

PRINCIPAL ACTIVITIES

Radar Iron Ltd’s (“Radar” or the “Company”) principal activity is the exploration for and development of iron ore deposits in the Yilgarn Iron Ore Province of Western Australia and the Para State of Brazil.

RESULTS

The net loss attributable to members of the Company for the year ended 30 June 2014 amounted to $1,629,815 (2013: $1,013,533). The net loss relates to drilling, project evaluation, share based payments and administration costs.

DIVIDENDS

No dividends were paid or declared during the year or in the period from the year end to the date of this report.

OPERATING AND FINANCIAL REVIEW

Overview

Radar was listed on the ASX in December 2010 and is focussed of finding and developing iron ore deposits.

Radar’s overall exploration objectives are:

To explore and define iron ore resources
To continue exploration on the tenement holdings to identify all potential targets and ensure continuity in drill testing opportunity
To acquire as available new tenements and projects prospective for iron ore that have potential to increase shareholder value

==> picture [313 x 269] intentionally omitted <==

Figure 1: Project Area

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Since listing, Radar key focus has been on the Central Yilgarn Project where 7 drill programmes have been undertaken (totalling 26,239m) aimed at identifying areas with potential to host hematite and magnetite mineralisation. Two mineral resources have been defined to date:

The Muldoon deposit – a direct shipping hematite deposit in the Johnston Range project area
The Die Hardy deposit – a magnetite resource in the Die Hardy area.

Both deposits have the potential to increase in size with further drilling. Wide spaced drill results returned to date indicate the potential for further discrete hematite deposits.

Given the recent market conditions (for exploration funding) in much of the past year and uncertainty on when the Port of Esperance will be expanded, Radar decided to slow the rate of project development in the Yilgarn. Hence little drill testing has occurred although several studies have been completed aimed at providing background information necessary for future project development.

An expansion of the capacity to the Port of Esperance has been flagged as having high priority by the Western Australian Government. Currently it is expected that new capacity will be available in 2016. Once the timing is more certain, Radar plans to actively recommence definition of new hematite resources, complete a feasibility study and develop a hematite mining operation using the new port facilities.

Radar has been actively undertaking new project acquisitions. The main focus has been on iron ore projects that can be brought into production within 1-2 years and have an existing and accessible infrastructure path.

In April 2014 Radar acquired the Yerecoin magnetite deposit. With a 388Mt Inferred Mineral Resource and substantial technical studies completed, Radar plans to rapidly bring this project into production.

Radar believes that with the depletion of high grade direct shipping iron ore, global demand for high grade concentrate (which can be used to supplement lower grade DSO ore) will increase substantially.

Radar has determined that an orderly and progressive approach to the development of new magnetite ore bodies is preferable. Initial smaller scale economic projects can be repeated or scaled up to successfully enter the high quality iron feedstock business.

This new approach to magnetite project development substantially de-risks the process by negating the need for significant capital prior to the processing and transport characteristics being fully understood.

This strategy drove Radar’s acquisition of the Yerecoin Deposit, that has the potential to initially produce approximately 250,000 tonnes of high quality (68%+) concentrate per annum using a small scale production plant for an estimated capital cost of approximately $35m. Radar considers that this project strategy enables the exploitation of a major mineral resource in a measured and progressive way.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Radar has also commenced a farm-in to a Brazilian Iron Ore Project in Para State. Following surface sampling and a ground magnetic survey, drill targets have been identified with drill testing planned for the coming year.

Corporate Activities

Following the acquisition of the Yerecoin Project and also for general project funding purposes, Radar reviewed a number of options for raising further working capital during the year. Radar welcomed Lightshare Pty Limited as a major shareholder after the privately owned company provided the initial funds for the Yerecoin acquisition. In September 2014, Radar announced a new major shareholder and funding partner – Victory Mining Pty Limited. Subject to shareholder approvals, Victory Mining will accept a 19.7% placement in Radar and subsequently underwrite a one for one rights issue which will raise approximately $5.5M in total. These transactions should be completed by early December 2014.

The funds will be used to meet the remaining payments for the acquisition of the Yerecoin Project and also enable the rapid progression of the remaining technical studies on Yerecoin that are necessary for a decision to mine. Radar’s intent remains to play a role in fulfilling the increasing demand for high grade magnetite ores by exploiting this high quality resource.

Financial Position

The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. The Group has incurred a comprehensive loss after tax for the year ended 30 June 2014 of $1,629,815, had a net working capital deficiency of $3,130,164 and experienced net cash outflows from operating activities of $410,590.

As at 30 June 2014 the Group had cash on hand of $15,064. Since balance date, the Company raised $115,000 in July with prior approval from shareholders, a further $251,000 from shareholders via a Share Purchase Plan, and is seeking shareholder approval to raise another $5,500,000 through a substantial placement and underwritten rights issue. Accordingly, the Directors believe that there are sufficient funds to meet the Group’s working capital requirements.

However, if one of the Group’s projects proceeds to the development phase, the Company will require further funding within the next 15 months. Should the Company be unable to raise sufficient funds, the development of the project may have to be deferred.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There have been no significant changes in the state of affairs of the Group that occurred during the financial year not otherwise disclosed in this report or the financial statements.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

SIGNIFICANT EVENTS AFTER THE BALANCE DATE

Other than noted elsewhere in this report, no matters or circumstances have arisen since the end of the year which significantly affected or may significantly affect the operations of the Company or Group, the results of those operations or the state of affairs of the Company and Group in subsequent financial years.

ENVIRONMENTAL REGULATION

The Directors believe that the Group has, in all material respects, complied with all particular and significant environmental regulations relevant to its operations.

The Group’s operations are subject to various environmental regulations under the Federal and State Laws of Australia. The majority of the Group’s activities involve low level disturbance associated with exploration drilling programs. Approvals, licences and hearings and other regulatory requirements are performed as required by the management of Radar for each permit or lease in which the Group has an interest.

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

During the financial year, the Company has paid a premium of $13,500 (2013: $15,900) excluding GST to insure the Directors and the Secretary of the Company.

The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Company, and any other payments arising from liabilities incurred by the officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the Company.

DIRECTORS’ INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY

As at the date of this report, the interests of the Directors in ordinary shares, listed and unlisted options of the Company were:

	Shares	Shares	Options	Options
Director	Held Directly	Held Indirectly	Held Directly	Held Indirectly
A. Tough	50,000	681,771	-	-
J. Lea	-	1,251,308	-	-
A. Kathiravelu	130,000	-	-	-
D. Sourbutts	-	-	-	-
TOTAL	180,000	1,933,079	-	-

MEETINGS OF DIRECTORS

During the financial year, 9 meetings of Directors were held with the following attendances:

Directors	Meetings Attended	Meetings Eligible to Attend
A. Tough	7	7
J. Lea	7	7
A. Kathiravelu	7	7
D. Sourbutts	2	2

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

REMUNERATION REPORT (AUDITED)

This report outlines the remuneration arrangements in place for Directors and key management personnel of the Company for the year ended 30 June 2014. The information contained in this report has been audited as required by section 308(3C) of the Corporations Act 2001 .

This remuneration report details the remuneration arrangements for key management personnel who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Group, directly or indirectly, including any director (whether executive or otherwise) of the parent company, and includes those executives in the Parent and the Group receiving the highest remuneration.

Key Management Personnel

Directors:

Mr Alan Tough (Chairman) Mr Jonathan Lea (Managing Director) Mr Ananda Kathiravelu (Non-Executive) Mr David Sourbutts (Non-Executive)

Remuneration Policy

The Company’s performance relies heavily on the quality of its Key Management Personnel. The Company has therefore designed a remuneration policy to align director and executive reward with business objectives and shareholder value.

Executive reward is linked to shareholder value by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Group’s financial results. The Board believes the remuneration policy to be appropriate and effective in its ability to attract and retain high calibre management personnel and directors to run and manage the Group.

Remuneration Structure

In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is separate and distinct.

Non-Executive Director Remuneration

The Board policy is to remunerate non-executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the non-executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required.

The maximum aggregate amount of annual fees that can be paid to non-executive Directors is subject to approval by shareholders at the Annual General Meeting (currently $300,000).

Fees for non-executive Directors are not linked to the performance of the Group. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company and are able to participate in employee incentive option plans that may exist from time to time.

Executive Remuneration

Executive Remuneration consists of fixed remuneration and variable remuneration (comprising short-term and long-term incentive schemes).

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

REMUNERATION REPORT (AUDITED) (CONTINUED)

Fixed Remuneration

The Board reviews Key Management Personnel packages annually by reference to the Group’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries.

The Board policy is to remunerate non-executive Directors at market rates for comparable companies for time, commitment and responsibilities.

The fixed remuneration of the Company’s Key Management Personnel is detailed in the table below.

Variable Remuneration

The remuneration policy has been tailored to increase goal congruence between shareholders and directors and key management personnel. Currently, this is facilitated through the issue of options to key management personnel to encourage the alignment of personal and shareholder interests. The Company believes this policy will be effective in increasing shareholder wealth.

The overall level of executive reward takes into account the performance of the Group over a number of years, with greater emphasis given to the current and prior year. The main performance criteria used in determining the executive reward remuneration is increasing shareholder value through aligning the Company with high quality exploration assets. Due to the nature of the Group’s principal activities the Directors assess the performance of the Group with regard to the price of the Company’s ordinary shares listed on the ASX, and the market capitalisation of the Group.

Directors and executives are issued options to encourage the alignment of personal and shareholder interests. Options issued to Directors may be subject to market based price hurdles and vesting conditions and the exercise price of options is set at a level that encourages the Directors to focus on share price appreciation. The Company believes this policy will be effective in increasing shareholder wealth. Key Management Personnel are also entitled to participate in the employee share and option arrangements.

On the resignation of Directors any vested options issued as remuneration are retained by the relevant party. For details of Directors and key management personnel interests in options at year end, refer Note 17(f) of the financial report.

The Board may exercise discretion in relation to approving incentives such as options. The policy is designed to reward key management personnel for performance that results in long-term growth in shareholder value.

The Company does not currently have a policy pertaining to Directors hedging their exposure to risks associated to the Company’s securities they receive as compensation.

Subsequent to the end of the year the Board completed a self-performance evaluation at an individual Director and Board level.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

REMUNERATION REPORT (AUDITED) (CONTINUED)

Remuneration and other terms of employment for the Managing Director are formalised in a service agreement. The agreement provides for the participation, when eligible in the Radar Iron Incentive Option Plan. Other major provisions of the agreement relating to remuneration are set out below:

J Lea, Managing Director

Terms of agreement – ongoing subject to annual review
Executive Salary of $250,000 per annum plus statutory superannuation, to be reviewed annually by the Board.
Grant of Options in the Company on 3 December 2010 under the following terms and conditions:
a. 1,000,000 Options at an exercise price of $0.25 expired on 30 November 2013; and
b. 1,000,000 Options at an exercise price of $0.30 expired on 31 May 2014.
Either party may terminate the contract by giving 3 months’ written notice.
On termination of the Employment Contract, the Executive is entitled to payment in lieu of annual leave to which he has become entitled during employment but which has not been taken.

Remuneration of Directors and Executives

Details of the remuneration of the Directors and the key management personnel (as defined in AASB 124 Related Party Disclosures) of Radar Iron Ltd are set out in the following tables.

Key management personnel of Radar Iron Limited

2014	Short Term Benefits	Short Term Benefits	Post Employment Benefits	Share Based Payments
Key Management Personnel	Salary and Fees $	Non- Monetary $	Super- annuation $	Options $	Total $	% of remuneration consisting of options
Non-Executive Directors
A. Tough	70,850	-	-	-	70,850	0%
A. Kathiravelu	50,400	-	4,662	-	55,062	0%
D. Sourbutts	4,375	-	405	-	4,780	0%
Executive Directors
J. Lea	250,000	-	23,125	-	273,125	0%
Total	375,625	-	28,192	-	403,817

2013	Short Term Benefits	Short Term Benefits	Post Employment Benefits	Share Based Payments
Key Management Personnel	Salary and Fees $	Non Monetary $	Super- annuation $	Options $	Total $	% of remuneration consisting of options
Non-Executive Directors
A. Tough	70,850	-	-	-	70,850	0%
A. Kathiravelu	50,400	-	4,536	-	54,936	0%
Executive Directors
J. Lea	250,000	-	22,500	-	272,500	0%
Total	371,250	-	27,036	-	398,286

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

REMUNERATION REPORT (AUDITED) (CONTINUED)

Share-based compensation

No options were issued to directors or employees in the current year. No options were exercised in the current year.

2,000,000 Director Options exercisable at $0.25 lapsed on 30 November 2013.

2,000,000 Director Options exercisable at $0.30 lapsed on 31 May 2014.

*END OF REMUNERATION REPORT*

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

The Group proposes to continue with its exploration programme as detailed in the Operating and Financial review.

SHARE OPTIONS

Shares under Option

At the date of this report there are 5,000,000 unissued shares under option outstanding as summarised below:

Date Granted	Expiry Date	Exercise Price	Number shares under option
* 29/10/2013	2 September 2018	$0.05	5,000,000

Unlisted options

These options do not entitle the holders to participate in any share issue of the Company or any other body corporate.

During the year there were no ordinary shares issued as a result of the exercise of an option.

AUDITOR’S INDEPENDENCE DECLARATION

The auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for the year ended 30 June 2014 has been received and can be found on page 20.

AUDITOR

Nexia Perth Audit Services Pty Ltd continues in office in accordance with section 327 of the Corporation Act 2001.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

AUDIT SERVICES

During the year the following fees were paid or payable for services provided by the auditor.

	Consolidated	Consolidated
	2014	2013
	$	$
Amounts received or due and receivable by Nexia Perth Audit
Services Pty Ltd:
An audit or review of the financial report of the parent and any
other entity in the Group	24,850	24,000
Other services in relation to the parent and any other entity in
the Group	4,440	-
	29,290	24,000

Signed in accordance with a resolution of the Directors made pursuant to Section 298(2) of the Corporations Act 2001 .

Jonathan Lea Managing Director

Perth 29 September 2014

COMPETENT PERSON’S STATEMENTS

The information in this report is compiled by Mr Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Lea consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

PREVIOUS REPORTED RESULTS CENTRAL YILGARN

Mineral Resources were established previously for the Die Hardy Magnetite Deposit and the Muldoon Hematite Prospect in 2011 and 2012 respectively. This information was first reported under the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. and has not been updated. The Mineral Resources were detailed in ASX releases and are available to view on the Company’s website www.radariron.com.au . The ASX releases were:

“Maiden 353Mt Magnetite JORC Resource for Die Hardy” on 16/11/2011, and “Maiden Hematite JORC Resource for Muldoon Prospect” on 08/05/2012.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the data in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that any production target itself will be realised.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

COMPETENT PERSON’S STATEMENTS (continued)

PREVIOUS REPORTED RESULTS YERECOIN

A Mineral Resource was established previously for the Yerecoin Magnetite Deposit. This information was reported under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resource was detailed ASX releases that are available to view on the Company’s website www.radariron.com.au . The ASX releases were: “Major Project Acquisition” on 24/04/2014, and “Yerecoin Resource Upgrade” on 08/09/2014

PREVIOUS REPORTED RESULTS URUARA

An Exploration Target was established previously for the Uruara mineralisation following assessment in 2013. This information was first reported under the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. and has not been updated. This was detailed in an ASX release and is available to view on the Company’s website www.radariron.com.au . The ASX release was:

“Brazilian Iron Ore Project Acquired” on 13/11/2013

The potential quantity and grade for Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.

CORPORATE GOVERNANCE STATEMENT

Radar Iron Ltd and the Board are committed to achieving and demonstrating the highest standards of corporate governance. The Board continues to review the framework and practices to ensure they meet the interests of shareholders. The Company has adopted systems of control and accountability as the basis for the administration of corporate governance. The Company and its Controlled Entity together are referred to as the Group in this statement.

The Board is committed to administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate governance commensurate with the Company’s needs. The Corporate Governance Statement has been structured with reference to the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations to the extent that they are applicable to the Company.

Information about the Company’s corporate governance practices is set out below.

RADAR IRON LTD ACN: 146 455 576

CORPORATE GOVERNANCE STATEMENT (continued)

THE BOARD OF DIRECTORS

The Company’s Constitution provides that the number of Directors shall not be less than three. There is no requirement for any shareholding qualification. If the Company’s activities increase in size, nature and scope, the size of the Board will be reviewed periodically and the optimum number of Directors required to adequately supervise the Company’s activities will be determined within the limitations imposed by the Constitution and as circumstances demand.

The membership of the Board, its activities and composition are subject to periodic review. The criteria for determining the identification and application of a suitable candidate for the Board shall include quality of the individual, background of experience and achievement, compatibility with other Board members, credibility within the Company’s scope of activities, intellectual ability to contribute to Board duties and physical ability to undertake Board duties and responsibilities.

Directors are initially appointed by the full Board, subject to election by shareholders at the next Annual General Meeting. Under the Company’s Constitution the tenure of a Director (other than Managing Director, and only one Managing Director where the position is jointly held) is subject to reappointment by shareholders not later than the third anniversary following his or her last appointment. Subject to the requirements of the Corporations Act, the Board does not subscribe to the principle of retirement age and there is no maximum period of service as a Director. A Managing Director may be appointed for the year and on any terms the Directors think fit and, subject to the terms of any agreement entered into, the appointment may be revoked on notice.

The Company is not currently of a size, nor are its affairs of such complexity, to justify the formation of other separate or special committees at this time. The Board as a whole is able to address the governance aspects of the full scope of the Company’s activities and to ensure that it adheres to appropriate ethical standards.

INDEPENDENCE

Given the Company’s present size and scope, it is currently not company policy to have a majority of independent Directors. Directors have been selected to bring specific skills and industry experience to the Company. The Board has an expansive range of relevant industry experience, financial, legal and other skills and expertise to meet its objectives. The current board composition includes one independent director and two non-independent directors.

Mr Alan Tough is the current Non-Executive Chairman and is considered an independent director.

When determining the independent status of each Director the board has considered whether the Director:

Is a substantial shareholder of the Company or an officer of, or otherwise associated directly with, a substantial shareholder of the Company.
Is employed, or has previously been employed in an executive capacity by the Company or another Group member, and there has not been a period of at least three years between ceasing such an employment and serving on the board.
Has within the last three years been a principal of a material professional adviser or a material consultant to the Company or another Group member, or an employee materially associated with the services provided.
Is a material supplier or customer of the Company or other Group member, or an officer of, or otherwise associated directly or indirectly with a material supplier or customer.

RADAR IRON LTD ACN: 146 455 576

CORPORATE GOVERNANCE STATEMENT (continued)

INDEPENDENCE (continued)

Has a material contractual relationship with the Company or another Group member other than as a Director.

APPOINTMENTS TO OTHER BOARDS

Directors are required to take into consideration any potential conflicts of interest when accepting appointments to other boards.

INDEPENDENT PROFESSIONAL ADVICE

The Board has determined that individual Directors have the right in connection with their duties and responsibilities as Directors, to seek independent professional advice at the Company’s expense. With the exception of expenses for legal advice in relation to Director’s rights and duties, the engagement of an outside adviser is subject to prior approval of the Chairman and this will not be withheld unreasonably.

GENDER DIVERSITY

The Company has not adopted an express policy specifically addressing achieving gender diversity. Due to the current limited size of the Board, the Board does not consider it necessary to have a gender diversity policy, but will consider adopting a policy in the future. Furthermore, the Company has not set any objectives for achieving gender diversity. Should a gender diversity policy be considered appropriate for the Company in the future due to increases in size of the organisation, the policy will specifically deal with the objectives for achieving diversity.

The Company’s corporate code of conduct provides a framework for undertaking ethical conduct in employment. Under the corporate code of conduct, the Company will not tolerate any form of discrimination or harassment in the workplace.

The Company currently has no women board members, senior executives or employees.

CONTINUOUS REVIEW OF CORPORATE GOVERNANCE

Directors consider, on an ongoing basis, how management information is presented to them and whether such information is sufficient to enable them to discharge their duties as Directors of the Company. Such information must be sufficient to enable the Directors to determine appropriate operating and financial strategies from time to time in light of changing circumstances and economic conditions. The Directors recognise that iron ore exploration is a business with inherent risks and that operational strategies adopted should, notwithstanding, be directed towards improving or maintaining the net worth of the Company.

CODE OF CONDUCT

The Company has adopted a Code of Conduct for company executives that promotes the highest standards of ethics and integrity in carrying out their duties to the Company.

The Code of Conduct can be found on the Company’s website at www.radariron.com.au.

RISK MANAGEMENT SYSTEMS

The identification and management of risk, including calculated risk-taking activity is viewed by management as an essential component in creating shareholder value.

Management, through the Managing Director, is responsible for developing, maintaining and improving the Company’s risk management and internal control system. Management provides the board with periodic reports identifying areas of potential risks and the safeguards in place to efficiently manage material business risks.

RADAR IRON LTD ACN: 146 455 576

CORPORATE GOVERNANCE STATEMENT (continued)

RISK MANAGEMENT SYSTEMS (continued)

These risk management and internal control systems are in place to protect the financial statements of the entity from potential misstatement and the Board is responsible for satisfying itself annually, or more frequently as required, that management has developed a sound system of risk management and internal control.

Strategic and operational risks are reviewed at least annually as part of the forecasting and budgeting process. The Group has identified and actively monitors risks inherent in the industry in which the Group operates.

The Board also receives a written assurance from the Managing Director and Company Secretary that to the best of their knowledge and belief, the declaration provided to the Board in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control, and that the system is operating effectively in relation to financial reporting risks. The Board notes that due to its nature, internal control assurance from the Managing Director and Company Secretary can only be reasonable rather than absolute. This is due to such factors as the need for judgement, the use of testing on a sample basis, the inherent limitations in internal control and because much of the evidence is persuasive rather than conclusive and therefore is not and cannot be designed to detect all weaknesses in internal control procedures.

ASX PRINCIPLES OF GOOD CORPORATE GOVERNANCE

The Board has reviewed its current practices in light of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations with 2010 Amendments 3[rd] edition with a view to making amendments where applicable after considering the Company's size and the resources it has available.

As the Company's activities develop in size, nature and scope, the size of the Board and the implementation of any additional formal corporate governance committees will be given further consideration.

The following table sets out the ASX Corporate Governance Guidelines with which the Company does not comply:

ASX Principle	ASX Principle			Reference/comment
Principle	2: Structure the Board to add value
2.1	A majority		of the Board	Given the Company’s present size and scope, it is currently
	should	be	independent	not company policy to have a majority of independent
	Directors			Directors. Directors have been selected to bring specific
				skills and industry experience to the Company.
2.4	The Board should establish			Given the size of the Board there is no formal nomination
	a nomination committee			committee. Acting in its ordinary capacity from time to
				time as required, the Board carries out the process of
				determining the need for, screening and appointing new
				Directors. In view of the size and resources available to the
				Company, it is not considered that a separate nomination
				committee would add any substance to this process.

RADAR IRON LTD ACN: 146 455 576

CORPORATE GOVERNANCE STATEMENT (continued)

ASX PRINCIPLES OF GOOD CORPORATE GOVERNANCE (CONTINUED)

Principle	3: Promote ethical and responsible decision-making	3: Promote ethical and responsible decision-making
3.2 – 3.3	Companies should	The Company does not have an express policy specifically
	establish a policy	addressing achieving gender diversity. Due to the current
	concerning diversity	limited size of the Board, the Board does not consider it
		necessary to have a gender diversity policy, but will
		consider adopting a policy in the future.
		The Company’s Corporate Governance Plan includes a
		corporate code of conduct, which provides a framework for
		undertaking ethical conduct in employment. Under the
		corporate code of conduct, the Company will not tolerate
		any form of discrimination or harassment in the workplace.

Principle 4: Safeguard integrity in financial reporting

4.1 – 4.2 The Board should establish The Company does not have an Audit Committee. The an audit committee Board believes that, with only 3 Directors on the Board, the Board itself is the appropriate forum to deal with this function.

Principle 8: Remunerate fairly and responsibly

8.1 The Board should establish Given the current size of the Board, the Company does not a remuneration committee have a remuneration committee. The Board as a whole reviews remuneration levels on an individual basis, the size of the Company making individual assessment more appropriate than formal remuneration policies. In doing so, the Board seeks to retain professional services as it requires, at reasonable market rates, and seeks external advice and market comparisons where necessary.

==> picture [284 x 34] intentionally omitted <==

==> picture [121 x 79] intentionally omitted <==

Auditor’s independence declaration under section 307C of the Corporations Act 2001

To the directors of Radar Iron Ltd

I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year ended 30 June 2014 there have been:

(i) no contraventions of the auditor’s independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

==> picture [83 x 49] intentionally omitted <==

Nexia Perth Audit Services Pty Ltd

==> picture [95 x 52] intentionally omitted <==

PTC Klopper Director

29 September 2014 Perth

==> picture [155 x 85] intentionally omitted <==

RADAR IRON LTD ACN: 146 455 576

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2014

Note Finance income 4 Other income 4 Financial administration, insurance and compliance costs Consultants and contractors Depreciation 11 Employee benefits expenses 5 Project evaluation expense 10 Rent 5 Write off of exploration expenditure 10 Other expenses Loss before income tax expense Income tax benefit 7 Loss for the year Other Comprehensive Income Total Comprehensive Loss for the year Loss attributable to: Owners of the parent entity Total Comprehensive Loss attributable to: Owners of the parent entity Basic and Diluted Loss per share – cents per share 6	Consolidated Consolidated 2014 $ 2013 $ 15,130 80,508 139,156 221,688 (129,770) (108,841) (216,630) (237,693) (17,615) (49,527) (103,682) (366,869) (17,387) (339,413) - (96,000) (1,210,137) (1,741) (88,880) (115,645)
	(1,629,815) (1,013,533)
	- -
	(1,629,815) (1,013,533)
	- -
	(1,629,815) (1,013,533)

	(1,629,815) (1,013,533)

	(1,629,815) (1,013,533)
	(1.94) (1.25)

The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

RADAR IRON LTD ACN: 146 455 576

STATEMENT OF FINANCIAL POSITION As at 30 June 2014

Note ASSETS Current assets Cash and cash equivalents 8 Trade and other receivables 9 Total current assets Non-current assets Exploration and evaluation expenditure 10 Plant and equipment 11 Total non-current assets TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables 12 Total current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Share capital 14 Reserves 14 Accumulated losses TOTAL EQUITY	Consolidated 30 June 2014 $ Consolidated 30 June 2013 $ 15,064 1,075,965 460,872 81,376
	475,936 1,157,341
	13,311,475 9,861,184 54,380 177,189
	13,365,855 10,038,373

	13,841,791 11,195,714
	3,606,100 190,879
	3,606,100 190,879

	3,606,100 190,879

	10,235,691 11,004,835
	13,220,638 12,377,907 77,094 1,017,130 (3,062,041) (2,390,202)
	10,235,691 11,004,835

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

RADAR IRON LTD ACN: 146 455 576

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2014

Consolidated 2013 Consolidated 2014 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,377,907 1,017,130 (2,390,202) 11,004,835 Total comprehensive loss for the year - - (1,629,815) (1,629,815) Transactions with equity holders: Shares issued during the year: Contributions of capital (net of capital raising costs) 14, 18 842,731 - - 842,731 Share-based payments Unlisted Options issued to consultant 14 - 17,940 - 17,940 Expiry of Options issued for no consideration transferred to Accumulated losses - (957,976) 957,976 - Total equity at 30 June 13,220,638 77,094 (3,062,041) 10,235,691 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,364,032 1,017,130 (1,376,669) 12,004,493 Total comprehensive loss for the year - - (1,013,533) (1,013,533) Transactions with equity holders: Shares issued during the year: Issue of shares in relation to the acquisition of assets 14, 18 13,875 - - 13,875 Total equity at 30 June 12,377,907 1,017,130 (2,390,202) 11,004,835	Consolidated 2013 Consolidated 2014 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,377,907 1,017,130 (2,390,202) 11,004,835 Total comprehensive loss for the year - - (1,629,815) (1,629,815) Transactions with equity holders: Shares issued during the year: Contributions of capital (net of capital raising costs) 14, 18 842,731 - - 842,731 Share-based payments Unlisted Options issued to consultant 14 - 17,940 - 17,940 Expiry of Options issued for no consideration transferred to Accumulated losses - (957,976) 957,976 - Total equity at 30 June 13,220,638 77,094 (3,062,041) 10,235,691 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,364,032 1,017,130 (1,376,669) 12,004,493 Total comprehensive loss for the year - - (1,013,533) (1,013,533) Transactions with equity holders: Shares issued during the year: Issue of shares in relation to the acquisition of assets 14, 18 13,875 - - 13,875 Total equity at 30 June 12,377,907 1,017,130 (2,390,202) 11,004,835	Consolidated 2013 Consolidated 2014 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,377,907 1,017,130 (2,390,202) 11,004,835 Total comprehensive loss for the year - - (1,629,815) (1,629,815) Transactions with equity holders: Shares issued during the year: Contributions of capital (net of capital raising costs) 14, 18 842,731 - - 842,731 Share-based payments Unlisted Options issued to consultant 14 - 17,940 - 17,940 Expiry of Options issued for no consideration transferred to Accumulated losses - (957,976) 957,976 - Total equity at 30 June 13,220,638 77,094 (3,062,041) 10,235,691 Note Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ Total equity at the beginning of the year 12,364,032 1,017,130 (1,376,669) 12,004,493 Total comprehensive loss for the year - - (1,013,533) (1,013,533) Transactions with equity holders: Shares issued during the year: Issue of shares in relation to the acquisition of assets 14, 18 13,875 - - 13,875 Total equity at 30 June 12,377,907 1,017,130 (2,390,202) 11,004,835
	13,220,638 77,094 (3,062,041) 10,235,691
	Share Capital $ Option Reserve $ Accum. Losses $ Total Equity $ 12,364,032 1,017,130 (1,376,669) 12,004,493 - - (1,013,533) (1,013,533) 13,875 - - 13,875
	12,377,907 1,017,130 (2,390,2	02) 11,004,835

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

RADAR IRON LTD ACN: 146 455 576

STATEMENT OF CASH FLOWS

For the year ended 30 June 2014

Note Cash flows from operating activities Receipts from customers Research & development tax offset Interest received Payments to suppliers and employees Net cash used in operating activities 15 Cash flows from investing activities Purchase of non-current assets Payments for capitalised exploration expenditure Payments for acquisition of prospects Proceeds from sale of non-current assets Net cash used in investing activities Cash flows from financing activities Proceeds from issues of shares and options Net cash flows provided by financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the year 8	Consolidated 2014 $ Consolidated 2013 $ 565 3,712 138,591 452,263 15,130 80,508 (564,876) (1,856,651)
	(410,590) (1,320,168)
	(908) (58,328) (466,668) (1,428,764) (1,115,906) (20,000) 72,500 -
	(1,510,982) (1,507,092)
	860,671 -
	860,671 -
	(1,060,901) (2,827,260) 1,075,965 3,903,225
	15,064 1,075,965

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 June 2014

NOTE 1: REPORTING ENTITY

Radar Iron Ltd (the “Company”) is a company domiciled in Australia. The consolidated financial statements of the Company as at and for the year ended 30 June 2014 comprise the Company and its subsidiaries (collectively referred to as the “Group”).

A description of the nature of the Group’s operations and its principal activities is included in the review of operations and activities in the Directors’ Report on page 4, which does not form part of this financial report.

NOTE 2: BASIS OF PREPARATION

This General Purpose Financial Report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board (including Australian Interpretations) and the Corporations Act 2001 .

The Consolidated Financial Statements and Notes of the Group comply with International Financial Reporting Standards (IFRS) and interpretations adopted by the International Accounting Standards Board.

Radar Iron Ltd is a company limited by shares. The financial report is presented in the functional currency of the Group, being Australian Dollars.

This Consolidated Financial Report was approved by the Board of Directors on 29 September 2014.

Going Concern

The Group has incurred a comprehensive loss after tax for the year ended 30 June 2014 of $1,629,815, had a net working capital deficiency of $3,130,164 and experienced net cash outflows from operating activities of $410,590.

As at 30 June 2014 the Group had cash on hand of $ 15,064.

The Directors are confident that the Group, subject to being able to raise further capital will be able to continue its operations as a going concern. Without such capital, the net loss for the period and the cash outflow from operating activities indicate the existence of a material uncertainty which my cast significant doubt about the Group’s ability to continue as a going concern. The directors also carefully manage discretionary expenditure in line with the Group’s cash flow.

The continuing applicability of the going concern basis of accounting is dependent upon the Group’s ability to source additional finance. Unless additional finance is received the Group may need to realise assets and settle liabilities other than in the normal course of business and at amounts which, could differ from the amounts at which they are stated in these financial statements.

Historical cost convention

These financial statements have been prepared under the historical cost convention.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES

The preparation of the financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

The significant policies which have been adopted in the preparation of this financial report are:

(a) Principles of Consolidation

Subsidiaries

The consolidated financial statements comprise the assets and liabilities of Radar Iron Ltd and its subsidiaries at 30 June 2014 and the results of the subsidiaries for the year ended. A subsidiary is any entity controlled by Radar Iron Ltd.

Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity.

The financial statements of subsidiaries are prepared from the same reporting period as the Parent Company, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies that may exist.

All inter-company balances and transactions, including unrealised profits arising from intraentity transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered. Investments in subsidiaries are accounted for at cost in the individual financial statements of Radar Iron Ltd.

Subsidiaries are consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting period which Radar Iron Ltd has control.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. The acquisition method of accounting involves recognising at acquisition date, separately from goodwill, the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree. The identifiable assets acquired and the liabilities assumed are measured at their acquisition date fair values (see note 3(h)).

Common Control transactions are accounted for at the net asset value of the identifiable assets and liabilities of the acquired entity. This method of accounting involves recognising at acquisition date, the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree. The consideration paid is valued at the net asset value of the identifiable assets and liabilities of the acquired entity, in accordance with these principles to ensure no profit or loss is accounted for in either the acquirer or the seller. The identifiable assets acquired and the liabilities assumed are measured at their acquisition date fair values (see note 3(h)).

A change in the ownership interest of a subsidiary that does not result in a loss of control is accounted for as an equity transaction.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(a) Principles of Consolidation (continued)

Non-controlling interests are allocated their share of net profit after tax in the Statement of Profit or Loss and Other Comprehensive Income and are presented within equity in the consolidated statement of financial position, separately from the equity of the owners of the Company.

Losses are attributed to the non-controlling interest even if that results in a deficit balance.

If the Group loses control over a subsidiary, it:

Derecognises the assets (including any goodwill) and liabilities of the subsidiary.
Derecognises the carrying amount of any non-controlling interest.
Derecognises the cumulative translation differences, recorded in equity.
Recognises the fair value of the consideration received.
Recognises the fair value of any investment retained.
Recognises any surplus or deficit in profit or loss.
Reclassifies the parent's share of components previously recognised in other comprehensive income to profit or loss.

(b) Segment Reporting

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. This includes start up operations which are yet to earn revenues. Management will also consider other factors in determining operating segments such as the existence of a line manager and the level of segment information presented to the board of directors.

Operating segments have been identified based on the information provided to the chief operating decision makers – being the board of directors.

The group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in the nature of the minerals targeted.

Operating segments that meet the quantitative criteria as prescribed by AASB 8 are reported separately. However, an operating segment that does not meet the quantitative criteria is still reported separately where information about the segment would be useful to users of the financial statements.

Information about other business activities and operating segments that are below the quantitative criteria are combined and disclosed in a separate category for “all other segments”.

(c) Income Tax

The income tax expense or benefit for the year is the tax payable on the current year’s taxable income based on the national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to unused tax losses.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(c) Income Tax (continued)

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporary differences if they arose in a transaction, other than a business combination, that at the time of the transaction did not affect either accounting profit or taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity.

(d) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (“GST”), except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authorities, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense item as applicable and receivables and payables in the balance sheet are shown inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position. Cash flows are included the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

(e) Trade and Other Receivables

Trade and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods or services directly to another party with no intention of selling the receivables. They are included in current assets, except for those with maturities greater than 12 months after the balance date which are classified as non-current assets.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(e) Trade and Other Receivables (Continued)

Trade and other receivables are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method, less any impairment losses.

(f) Exploration, Evaluation and Development Expenditure

Exploration, evaluation and development expenditure incurred is either written off as incurred or accumulated in respect of each identifiable area of interest. Costs are only carried forward to the extent that right of tenure is current and those costs are expected to be recouped through the successful development of the area (or, alternatively by its sale) or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves and above, operations in relation to the area are continuing.

Accumulated costs in relation to an abandoned area are written off in full against profit in the period in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

(g) Property, Plant and Equipment

Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the items. Repairs and maintenance are charged to the Statement of Profit or Loss and Other Comprehensive Income during the reporting period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate asset costs over their estimated useful lives, as follows:

	Computer equipment	3 years
	Software	3 years
	Plant & equipment	5 years

Each asset’s residual value and useful life is reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the Statement of Profit or Loss and Other Comprehensive Income.

(h) Business Combinations

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. Cost is measured as the fair value of the assets given, securities issued or liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(h) Business Combinations (Continued)

Where equity instruments are issued in an acquisition, the fair value of the instruments is their published market price as at the date of exchange unless, in rare circumstances, it can be demonstrated that the published price at the date of exchange is an unreliable indicator of fair value and that other evidence and valuation methods provide a more reliable measure of fair value. Transaction costs, other than those associated with the issue of equity instruments, that the Group incurs in connection to a Business Combination are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the Group's share of the fair value of the identifiable net assets of the subsidiary acquired, the difference is recognised directly in the Statement of Profit or Loss and Other Comprehensive Income, but only after a reassessment of the identification and measurement of the net assets acquired.

(i) Impairment of Non-Financial Assets

Where an indicator of impairment exists, the Group makes a formal estimate of the recoverable amount. Where the carrying amount of an asset or cash generating unit exceeds its recoverable amount the asset or cash generating unit is considered impaired and is written down to its recoverable amount.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets or groups of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or ”CGU”). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGU’s to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of combination.

(j) Share-Based Payments

The Group has provided payment to service providers and related parties in the form of share-based compensation whereby services are rendered in exchange for shares or rights over shares (‘equity-settled transactions’). The cost of these equity-settled transactions is measured by reference to the fair value at the date at which they are granted. The fair value is determined using an appropriate option valuation model for services provided by employees or where the fair value of the shares received cannot be reliably estimated.

For goods and services received where the fair value can be determined reliably the goods and services and the corresponding increase in equity are measured at that fair value. The fair value of the options granted is adjusted to reflect market vesting conditions, but excludes the impact of any non-market vesting conditions. Non market vesting conditions are included in assumptions about the number of options that are expected to become exercisable.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(j) Share-Based Payments (continued)

At each balance date, the entity revises its estimates of the number of options that are expected to become exercisable.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled, ending on the date on which the relevant parties become fully entitled to the award (‘vesting date’).

The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the Group, will ultimately vest. This opinion is formed based on the best available information at balance date. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.

(k) Cash and Cash Equivalents

Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less.

For the purposes of the statement of cash flows cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

(l) Finance income and expense

Finance income comprises interest income on funds invested, gains on disposal of financial assets and changes in fair value of financial assets held at fair value through profit or loss. Finance expenses comprise changes in the fair value of financial assets held at fair value through profit or loss and impairment losses on financial assets.

Interest income is recognised as it accrues in profit or loss, using the effective interest rate method.

(m) Issued Capital

Ordinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received.

(n) Earnings per Share

i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(n) Earnings per Share (Continued)

ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

(o) Trade and other Payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

Trade and other payables are stated at amortised cost, using the effective interest method.

(p) Foreign Currency Translation

i) Functional and presentation currency

Both the functional and presentation currency of Radar Iron Ltd and its subsidiaries is the Australian dollar ($).

ii) Transactions and balances

Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

(q) Significant Accounting Estimates and Assumptions

Critical accounting estimates

The preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The Directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group.

The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period are:

i) Impairment of capitalised exploration and evaluation expenditure The future recoverability of capitalised exploration and evaluation expenditure is dependent on a number of factors, including whether the Group decides to exploit the related lease itself or, if not, whether it successfully recovers the related exploration and evaluation asset through sale.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(q) Significant Accounting Estimates and Assumptions (continued)

Factors that could impact the future recoverability include the level of reserves and resources, future technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations) and changes to commodity prices.

To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, profits and net assets will be reduced in the period in which this determination is made.

In addition, exploration and evaluation expenditure is capitalised if activities in the area of interest have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent it is determined in the future that this capitalised expenditure should be written off, profits and net assets will be reduced in the period in which this determination is made.

ii) Recoverability of potential deferred tax assets The Group recognises deferred income tax assets in respect of tax losses to the extent that the future utilisation of these losses is considered probable. Assessing the future utilisation of these losses requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ significantly from estimates, this could result in significant changes to the deferred income tax assets recognised, which would in turn impact the financial results.

iii) Share-based payment transactions The Group measures the cost of equity-settled transactions with management and other parties by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by the Board of Directors using either the Binomial or the Black-Scholes valuation methods, taking into account the terms and conditions upon which the equity instruments were granted. The assumptions in relation to the valuation of the equity instruments are detailed in Note 18. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact expenses and equity.

(r) Comparative Information

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

(s) Revenue Recognition

Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(s) Revenue Recognition (continued)

Interest revenue

Revenue is recognised as interest is earned.

Research and Development

Research and Development grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable.

(t) Application of New and Revised Accounting Standards

Standards adopted in the current year

The group has adopted a number of new or revised accounting standards this year that have resulted in changes in accounting policies in the financial statements.

i) AASB 10 Consolidated Financial Statements, AASB 12 Disclosure of Interests in Other Entities (2011)

AASB 10 Consolidated Financial Statements was issued in August 2011 and replaces the guidance on control and consolidation in AASB 127 Consolidated and Separate Financial Statements.

The group has reviewed its investments in other entities to assess whether the conclusion to consolidate is different under AASB 10 than under AASB 127. No differences were found and therefore no adjustments to any of the carrying amounts in the financial statements are required as a result of the adoption of AASB 10.

AASB 12 brings together into a single standard all the disclosure requirements about an entity’s interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. AASB 12 requires the disclosure of information about the nature, risks and financial effects of these interests. The adoption of these standards has not had a significant impact.

(ii) AASB 11 Joint Arrangements

AASB 11 replaces AASB 131 Interests in Joint Ventures and the guidance contained in a related interpretation, Interpretation 113 Jointly Controlled Entities – Non-Monetary Contributions by Venturers, has been incorporated in AASB 128 (as revised in 2011). AASB 11 deals with how a joint arrangement of which two or more parties have joint control should be classified and accounted for. Under AASB 11, there are only two types of joint arrangements – joint operations and joint ventures. The classification of joint arrangements under AASB 11 is determined based on the rights and obligations of parties to the joint arrangements by considering the structure, the legal form of the arrangements, the contractual terms agreed by the parties to the arrangement, and, when relevant, other facts and circumstances.

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint venturers) have rights to the net assets of the arrangement.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t) Application of New and Revised Accounting Standards (continued)

Previously, AASB 131 Interests in Joint Ventures contemplated three types of joint arrangements – jointly controlled entities, jointly controlled operations and jointly controlled assets. The classification of joint arrangements under AASB 131 was primarily determined based on the legal form of the arrangement (e.g. a joint arrangement that was established through a separate entity was accounted for as a jointly controlled entity).

The initial and subsequent accounting of joint ventures and joint operations is different. Investments in joint ventures are accounted for using the equity method (proportionate consolidation is no longer allowed). Investments in joint operations are accounted for such that each joint operator recognises its assets (including its share of any assets jointly held), its liabilities (including its share of any liabilities incurred jointly), its revenue (including its share of revenue from the sale of the output by the joint operation) and its expenses (including its share of any expense incurred jointly). Each joint operation accounts for the assets and, liabilities, as well as revenue and expenses, relating to its interest in the joint operation in accordance with the applicable Standards.

During the period, the Company did not hold investments in joint arrangements and consequently, the new standard did not have any impact in the financial report.

(iii) AASB 13 Fair Value Measurement (2011)

AASB 13 Fair Value Measurement aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across Australian Accounting Standards. The standard does not extend the use of fair value accounting but provides guidance on how it should be applied where its use is already required or permitted by other Australian Accounting Standards.

Previously the fair value of financial liabilities (including derivatives) was measured on the basis that the financial liability would be settled or extinguished with the counterparty. The adoption of AASB 13 has clarified that fair value is an exit price notion, and as such, the fair value of financial liabilities should be determined based on a transfer value to a third party market participant. As a result of this change, the fair value of derivative liabilities changed on transition to AASB 13, due to incorporating own credit risk into the valuation.

As required under AASB 13, the change to fair value measurements on adoption of the standard is applied prospectively, in the same way as a change in an accounting estimate. Comparative amounts have not been restated.

(iv) AASB 2011-4 ‘Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements’

This standard removes the individual key management personnel disclosure requirements in AASB 124 ‘Related Party Disclosures’ As a result the Group only discloses the key management personnel compensation in total and for each of the categories required in AASB 124.

In the current year the individual key management personnel disclosure previously required by AASB 124 is now disclosed in the remuneration report due to an amendment to Corporations Regulations 2001 issued in June 2013.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t) Application of New and Revised Accounting Standards (continued)

Standards in issue not yet adopted

A number of new standards and amendments to standards are effective for annual periods beginning after 1 July 2013, and have not been applied in preparing these consolidated financial statements. Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards early.

(v) AASB 9 Financial Instruments (2010), AASB 9 Financial Instruments (2009) AASB 9 (2009) introduces new requirements for the classification and measurement of financial assets. Under AASB 9 (2009), financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. AASB 9 (2010) introduces additional changes relating to financial liabilities.

The IASB currently has an active project that may result in limited amendments to the classification and measurement requirements of AASB 9 and add new requirements to address the impairment of financial assets and hedge accounting.

AASB 9 (2010 and 2009) are effective for annual periods beginning on or after 1 January 2017 with early adoption permitted. The standard is not expected to have a material impact on the group financial instruments.

(vi) AASB 1031 Materiality (2013)

The revised AASB 1031 is an interim standard that cross-references to other Standards and the Framework for the Preparation and Presentation of Financial Statements (issued December 2013) that contain guidance on materiality. The AASB is progressively removing references to AASB 1031 in all Standards and Interpretations, and once all these references have been removed, AASB 1031 will be withdrawn. The revised AASB 1031 is effective from 1 January 2014 and early adoption is not permitted.

AASB 1031 (2013) is effective for annual periods beginning on or after 1 January 2014 and not available for early adoption.

(vii) AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments

The AASB approved amending Standard AASB 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments on 20 December 2013. AASB 2013-9 incorporates the IASB’s Standard IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39).

Part A of AASB 2013-9 makes consequential amendments arising from the issuance of AASB CF 2013-1 Amendments to the Australian Conceptual Framework. Part B mainly makes amendments to particular Australian Accounting Standards to delete references to AASB 1031.

Part C makes amendments to a number of Australian Accounting Standards, including incorporating Chapter 6 Hedge Accounting into AASB 9 Financial Instruments. The main amendments regarding financial instruments are as follows:

to add Hedge Accounting and make consequential amendments to AASB 9 and numerous other Standards;

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t) Application of New and Revised Accounting Standards (continued)

to permit requirements relating to the ‘own credit risk’ of financial liabilities measured at fair value to be applied without applying any other requirements of AASB 9 at the same time; and
to amend the mandatory application date of AASB 9 so that AASB 9 is required to be applied for annual reporting periods beginning on or after 1 January 2017 instead of 1 January 2015.

AASB 2013-9 is effective for annual periods beginning on or after 1 January 2014.

NOTE 4: INCOME

Finance income Interest income Other income Rental income Research & development tax offset Total other income NOTE 5: LOSS Loss before income tax has been determined after: Employee benefit expense: Wages and consulting fees Equity settled share based payments Office rent Employee benefit expense Short-term employee benefits Post-employment benefits Recharged to Exploration Expenditure Total NOTE 6: LOSS PER SHARE Basic and diluted loss per share - cents Loss used in the calculation of basic and diluted loss per share Weighted average number of ordinary shares outstanding during the year used in calculation of basic loss per share Weighted average number of options outstanding Less: anti-dilutive options Weighted average number of ordinary shares outstanding during the year used in calculation of diluted loss per share	Consolidated Consolidated 2014 $ 2013 $
	15,130 80,508
	565 138,591 3,712 217,976
	139,156 221,688
	320,312 366,869 - - - 96,000 375,625 28,192 708,305 66,041 (300,215) (407,477)
	103,602 366,869
	(1.94) (1.25) (1,629,815) (1,013,533) 83,938,971 81,326,265 14,297,940 23,050,000 (14,297,940) (23,050,000) 83,938,971 81,326,265

Options outstanding during the year have not been taken into account in the calculation of the weighted average number of ordinary shares as they are considered anti-dilutive.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 7: INCOME TAX

	Consolidated	Consolidated
	2014	2013
	$	$
(a) Income tax benefit
The major components of income tax benefit are:
Statement of Profit or Loss and Other Comprehensive Income
Current Income Tax
Current income tax charge	-	-
Deferred income tax
Relating to movements in temporary differences	-	-
Income tax benefit reported in the Statement of Profit or Loss and Other	-	-
Comprehensive Income
(b) Amounts charged directly to equity
There were no amounts charged directly to equity
(c) Numerical reconciliation between aggregate tax expense recognised in the
Statement of Profit or Loss and Other Comprehensive Income and tax expense
calculated per the statutory income tax rate
A reconciliation between tax expense and the product of accounting profit before income tax
multiplied by the Group’s applicable income tax rate is as follows:
Accounting loss before income tax	(1,629,816)	(1,013,533)
Income tax (benefit) at the statutory income tax rate of 30%	(488,945)	(304,060)
Expenditure not allowable for tax purposes:
Non-deductible expenses	-	1,882
Non-assessable income	(41,577)	(65,393)
Share based payments	-	4,163
Capital raising costs deductible	(68,864)	(43,712)
Unrecognised temporary differences	(589,813)	(447,220)
Unrecognised tax losses	1,189,199	854,340
Income tax (expense)/benefit	-	-

Radar Iron Ltd has unrecognised tax losses arising in Australia which are available indefinitely to offset	Radar Iron Ltd has unrecognised tax losses arising in Australia which are available indefinitely to offset	Radar Iron Ltd has unrecognised tax losses arising in Australia which are available indefinitely to offset
against future profits of the Company providing the tests for deductibility against future profits are
met.
Unutilised Australian Tax Losses	1,884,803	1,733,648
Unrecognised Deferred tax Assets in relation to:
Tax Losses	1,884,803	1,733,648
Temporary Differences relating to capital raising costs	93,910	131,135
NOTE 8: CASH AND CASH EQUIVALENTS
Cash at bank and on hand (a)	15,064	1,075,965
(a)Cash at bank is subject to floating interest rates at an effective interest
rate of 0.01% (2013: 3.92%)

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 9: TRADE AND OTHER RECEIVABLES

Current GST Recoverable Other receivables Total	Consolidated Consolidated 2014 $ 2013 $ 393,105 10,157 67,767 71,219
	460,872 81,376

The above amounts do not bear interest and their carrying amount is equivalent to their fair value. Other receivables include GST refund receivable as at 30 June 2014.

NOTE 10: EXPLORATION AND EVALUATION EXPENDITURE

Costs carried forward in respect of:

Exploration and evaluation expenditure, at cost Reconciliation: A reconciliation of the carrying amounts of exploration and evaluation expenditure is set out below: Carrying amount at beginning of year Recognised on acquisition of additional interests in mining tenements Additions Project evaluation expense Write-off of exploration and evaluation expenditure Carrying amount at end of year	13,311,475 9,861,184 9,861,184 8,400,286 - 133,875 4,677,815 1,668,177 (17,387) (339,413) (1,210,137) (1,741)
	13,311,475 9,861,184

Exploration commitments

In order to maintain rights of tenure to exploration permits, the Group has certain obligations to perform minimum exploration work and expend minimum amounts of money.

These commitments may be varied as a result of renegotiations, relinquishments, farm-outs, sales or carrying out work in excess of the permit obligations. The minimum expenditure required by the Group on exploration permits as at the balance date is estimated below. Commitments beyond this time frame cannot be estimated reliably as minimum expenditure requirements are reassessed annually. The commitments have not been provided for in the financial report.

Within one year Within two year to five years Later than five years Total	Consolidated 2014 $ Consolidated 2013 $ 2,087,120* 224,000 - - - -
	2,087,120 224,000*

*This includes USD 1,230,902 (AUD 1,448,120) pursuant to the original farm-in agreement to a Brazilian Iron Ore Project. The agreement is currently being renegotiated, and management is confident that this figure will be reduced to USD 500,000 (AUD 588,235). The disclosure above reflects the current agreement. If exploration results do not meet the Company’s hurdles, Radar is not committed to spend the full sum.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 11: PLANT AND EQUIPMENT

Consolidated Balance at 1 July 2013 Additions Disposals Depreciation for the year Balance at 30 June 2014 At 30 June 2014 Cost Accumulated depreciation Net book value Consolidated Balance at 1 July 2012 Additions Disposals Depreciation for the year Balance at 30 June 2013 At 30 June 2013 Cost Accumulated depreciation Net book value	Plant & Equipment Computer Equipment & Software $ $	Total $
	164,577 12,612 908 - (106,102) - (9,867) (7,748)	177,189 908 (106,102) (17,615)
	49,516 4,864	54,380
	134,215 32,363 (84,699) (27,499)	166,578 (112,198)
	49,516 4,864	54,380
	Plant & Equipment Computer Equipment & Software $ $	Total $
	147,032 21,356 56,734 1,594 - - (39,189) (10,338)	168,388 58,328 - (49,527)
	164,577 12,612	177,189
	239,409 32,363 (74,832) (19,751)	271,772 (94,583)
	164,577 12,612	177,189

NOTE 12: TRADE AND OTHER PAYABLES

Trade payables (a) Accruals & accrued annual leave entitlements Yerecoin acquisition instalments (c) Stamp duty payable on acquisition of Yerecoin (c) Other payables (b)	Consolidated Consolidated 2014 $ 2013 $ 386,790 103,106 78,637 70,876 2,880,000 - 197,855 - 62,818 16,897
	3,606,100 190,879

(a) Trade payables are non interest bearing and are normally settled on 30-day terms.

(b) Other payables are non-trade payables, are non-interest bearing and have an average term of 3 months.

NOTE 13: DEFERRED TAX LIABILITIES

The balance comprises temporary differences relating to: Exploration properties Accruals Less: Unrecognised Deferred Tax Assets offset Total Deferred Tax Liabilities	Consolidated Consolidated 2014 $ 2013 $ 3,370,158 2,335,071 (19,298) (22,254) (3,350,860) (2,312,817)
	- -

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 13: DEFERRED TAX LIABILITIES (CONTINUED)

Movements At 1 July 2013 Deferred Tax Asset offset At 30 June 2014 NOTE 14: ISSUED CAPITAL & RESERVES CONSOLIDATED 2014 (a) Issued and Paid Up Capital Fully paid ordinary shares (b) Movements in fully paid shares on issue Balance as at 1 July 2013 Ordinary Shares issued in relation to capital raisings Ordinary Shares issued in relation to acquisitions Expiry of Options transferred to share capital Capital raising costs Balance as at 30 June 2014 (c) Share Options Balance as at 1 July 2013 Unlisted Options issued under ESOP Unlisted Options issued to consultants Expiry of Options Balance as at 30 June 2014	Consolidated Consolidated 2014 2013 $ $ - - - -
	- -
	No. $ 81,340,070 12,377,907
	81,340,070 12,377,907
	81,340,070 12,377,907 17,200,000 860,617 - - - - - (17,886)
	98,540,070 13,220,638
	23,050,000 1,017,130 - - 5,000,000 17,940 (22,750,000) (957,976)
	5,300,000 77,094

During the year, no options were exercised to take up ordinary shares. As at the year end the Company had a total of 5,300,000 (2013: 23,050,000) unissued ordinary shares on which options are outstanding with a weighted average exercise price of 7.3 cents (2013: 26 cents). The weighted average remaining contractual life of all share options outstanding at the end of the year is 3.94 years (2013: 1.48 years).

CONSOLIDATED 2013 (a) Issued and Paid Up Capital Fully paid ordinary shares (b) Movements in fully paid shares on issue Balance as at 1 July 2012 Ordinary Shares issued in relation to capital raisings Ordinary Shares issued in relation to acquisitions Ordinary Shares issued in relation to placement services Expiry of Options transferred to share capital Capital raising costs Balance as at 30 June 2013 (c) Share Options Balance as at 1 July 2012 Listed Options in relation to Rights Issue shortfall options Unlisted Options issued under ESOP Unlisted Options issued to consultants Expiry of Options Balance as at 30 June 2013	No. $ 81,340,070 12,377,907
	81,340,070 12,377,907
	81,265,070 12,364,032 - - 75,000 13,875 - - - - - -
	81,340,070 12,377,907
	23,050,000 1,017,130 - - - - - - - -
	23,050,000 1,017,130

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 14: ISSUED CAPITAL & RESERVE (CONTINUED)

During the period, no options were exercised to take up ordinary shares.

Nature and purpose of reserves

a. Options reserve

The options reserve is used to recognise the fair value of all options on issue but not yet exercised. This reserve is used to record the value of equity benefits provided to employees and Directors as part of their remuneration.

NOTE 15: OPERATING CASH FLOW INFORMATION

Reconciliation of cash flow from operations with loss after income tax
Loss for the year
Adjusted for - Noncash items:
Depreciation
Exploration expenditure written off
Loss on sale of plant and equipment
Employee benefits included in provisions
Changes in assets and liabilities
Increase/(decrease) in trade creditors and accruals
(Increase)/decrease in other debtors
Cash flows used in operations

Consolidated
Consolidated
2014
$
2013
$

(1,629,815)
(1,013,534)
17,615
49,527
1,210,137
1,741
33,603
-
4,457
(122,325)
332,909
(530,131)
(379,496)
294,554
(410,590)
(1,320,168)

NOTE 16: INTEREST IN CONTROLLED ENTITIES

The consolidated financial statements include the financial statements of Radar Iron Ltd and the subsidiaries listed in the following table.

		% Equity	$	% Equity	$
	Country of	Interest	Investment	Interest	Investment
Name	Incorporation	2014	2014	2013	2013
Radar Resources Pty Ltd	Australia	100%	468,399	100%	468,399
Radar Uruara	Australia	100%	100	100%	100
Pty Ltd*

formerly known as Radar Iron Qld Pty Ltd.

NOTE 17: RELATED PARTY TRANSACTIONS

a) Parent and ultimate controlling party The parent entity and ultimate controlling party is Radar Iron Ltd.

b) Related party compensation Information on remuneration of Directors and Key Management Personnel is contained in the Remuneration Report within the Directors’ Report on page 12.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 17: RELATED PARTY TRANSACTIONS (CONTINUED)

c) Loans to and from related parties

Terms and Conditions of loans

Loans between entities in the wholly owned Group are not interest bearing, unsecured and are payable upon reasonable notice having regard to the financial stability of the Company.

d) Other related party transactions The only related party transactions that occurred during the year were in the form of loans to a subsidiary, short term employee benefits, post-employment benefits and share based payments.

e) Share holdings of key management personnel

The number of ordinary shares of Radar Iron Ltd held, directly, indirectly or beneficially, by each Director, including their personally-related entities as at balance date:

2014:

2014:
Directors Held at 1 July 2013	Movement during year Options Exercised Held at 30 June 2014
A. Tough 203,200 J. Lea 380,303 A. Kathiravelu 130,000 D.Sourbutts -	- - 203,200 442,434 - 822,737 - - 130,000 - - -
Total 713,503	442,434 - 1,155,937
2013: Directors Held at 1 July 2012	Movement during year Options Exercised Held at 30 June 2013
A. Tough 100,000 J. Lea 380,303 A. Kathiravelu 130,000 D.Sourbutts -	103,200 - 203,200 - - 380,303 - - 130,000 - - -
Total 610,303	103,200 - 713,503

f) Options holdings of key management personnel The number of options over ordinary shares in Radar Iron Ltd held, directly, indirectly or beneficially, by each specified Director and specified executive, including their personallyrelated entities as at balance date, is as follows:

2014:		Movement			Vested and
	Held at	during		Held at 30	exercisable at
Directors	1 July 2013	year	Expired	June 2014	30 June 2014
A. Tough	1,000,000	-	1,000,000	-	-
J. Lea	2,000,000	-	2,000,000	-	-
A. Kathiravelu	1,000,000	-	1,000,000	-	-
D.Sourbutts	-	-	-	-	-
Total	4,000,000	-	4,000,000	-	-

2013:		Movement				Vested and
	Held at	during			Held at 30	exercisable at
Directors	1 July 2012	year	Exercised		June 2013	30 June 2013
A. Tough	1,000,000	-		-	1,000,000	1,000,000
J. Lea	2,000,000	-		-	2,000,000	2,000,000
A. Kathiravelu	1,000,000	-		-	1,000,000	1,000,000
Total	4,000,000	-		-	4,000,000	4,000,000

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 18: SHARE BASED PAYMENTS

Share-based payment transactions

The Company completed the following share-based payment transactions during the year:

- 5 million Unlisted Options issued to Consultants - 75,000 Ordinary Shares issued in consideration for a tenement owned byHeron Resources Ltd	Shares 2014 $ Options 2014 $ Shares 2013 $ Options 2013 $ - 17,940 - - - - 13,875 -
	- 17,940 13,875 -

The options detailed above were issued on the following terms and conditions:

2014 Date Granted Expiry Date Exercise Price	Issued during the Year
Tranche 1 28 November 2013 16 September 2018 $0.05 Tranche 2 28 November 2013 16 September 2018 $0.05	2,500,000 2,500,000
	5,000,000

*During the year, two tranches of 2.5 million each were issued to a nominated entity (Mandelbrot P/L) of Lusona Capital Pty Ltd. Initially, the tranches would have vested in successfully assisting the Company in asset acquisition, corporate financing and strategy. This issue was ratified on 28 November 2013 by the Company’s shareholders.

Subsequently, on 13 June 2014, a variation deed was issued where the vesting terms were modified so that 5 options will vest for every $1 raised by the option holder. On 23 October 2014 the Company will be seeking shareholder approval to modify the vesting conditions. As at the report date the Company expects 575,000 options to vest. Details are shown below:

Capital Raised	$115,000
Capital Raising Target	$500,000
Proportion to vest	23%
Total Options available to vest	2,500,000
Number of Options expected to vest (subject to shareholder
approval)	575,000
Fair value per option	$0.031
Total value of options expected to vest	$17,940

Fair value of options granted

The assessed fair value at grant date of options granted during the year ended 30 June 2014 was $0.031 per option. The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 18: SHARE BASED PAYMENTS (CONTINUED)

The model inputs for options granted during the year ended 30 June 2014 included:

Model Input	Unlisted Options issued to Consultants
1. Options granted 2. Exercise price (cents): 3. Valuation date: 4. Expiry date: 5. Underlying security spot price at grant date (cents): 6. Expected price volatility of the Company’s shares 7. Expected dividend yield 8. Risk-free interest rate Black & Scholes Valuation per Options (cents)	5,000,000 5 cents 28 November 2013 16 September 2018 4 cents 113.49% 0% 3.74% 3.1 cents

The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected changes to future volatility due to publicly available information.

NOTE 19: AUDITORS’ REMUNERATION

NOTE 19: AUDITORS’ REMUNERATION
	Consolidated	Consolidated
	2014	2013
	$	$
Amounts received or due and receivable by Nexia Perth Audit Services Pty
Ltd:
An audit or review of the financial report of the parent and any other entity in the Group	24,850	24,000
Other services in relation to the parent and any other entity in the Group	4,440	-
	29,290	24,000

NOTE 20: FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of financial risks that include market risk (including currency risk, interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group.

Risk management is carried out by the Managing Director under policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as policies covering specific areas, such as mitigating foreign exchange and interest rate and credit risks.

a) Market Risk

Foreign Currency Risk

The Company is not directly exposed to any foreign currency risk.

Price risk

The Company is not directly exposed to any price risk.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 20: FINANCIAL RISK MANAGEMENT (CONTINUED)

Interest rate risk

The Group is exposed to interest rate risk on cash balances held in interest bearing accounts. The Board constantly monitors its interest rate exposure and attempts to maximise interest income by using a mixture of fixed and variable interest rates, whilst ensuring sufficient funds are available for the Group’s operating activities. The Group’s net exposure to interest rate risk at 30 June 2014 approximates the value of cash and cash equivalents.

b) Credit Risk The Group has no significant concentrations of credit risk.

c) Liquidity Risk

The Group manages liquidity risk by monitoring forecast cash flows and ensuring that adequate working capital is maintained for the coming months. Upcoming capital needs and the timing of raisings are assessed by the Board at each Meeting of Directors.

The maturity of the Group’s payables is disclosed in Note 12.

d) Cash flow and Interest Rate Risk The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result in changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities is disclosed in Note 8, only cash is affected by interest rate risk as cash is the Group’s only financial asset exposed to fluctuating interest rates.

In accordance with AASB 7 the following sensitivity analysis has been performed for the Group’s Interest Rate risk:

		Effect On:	Effect On:	Effect On:	Effect On:
		Profit	Equity	Profit	Equity
Consolidated		2014	2014	2013	2013
Risk Variable	*Sensitivity **	$	$	$	$
Interest Rate	+ 2.3%	12,831	12,831	21,567	21,567
	- 2.3%	(12,831)	(12,831)	(21,567)	(21,567)
* It is considered	that 250 basis points	is a ‘reasonably	possible’ estimate of potential variations in the interest
rate.

The fair values of all financial assets and liabilities of the Group approximate their carrying values.

Capital management

The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group’s capital includes ordinary share capital and share options, supported by financial assets.

There were no changes in the Group’s approach to capital management during the year ended 30 June 14.

Neither the Company nor the Group are subject to externally imposed capital requirements.

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 21: SEGMENT REPORTING

Description of segments

The Group’s reportable operating segments are as follows:

Iron-ore exploration segment (Australia and Brazil); and
All Other Segments, which includes the corporate & administration segment (Australia).

The Group’s operating segments have been determined with reference to the information used by the Chief Operating Decision Maker to make decisions regarding the Group’s operations and the allocation of the Group’s working capital. Due to the size and nature of the Group’s business the Board as a whole has been determined as the Chief Operating Decision Maker.

The segments disclosed in the table below have been identified as operating segments that meet any of the following thresholds:

Segment loss greater than 10% of combined loss of loss making operating segments; and
Segment assets greater than 10% of combined assets of all operating segments.

Each of Radar’s operating segments operates in the same geographical locations, as disclosed above.

AASB 8 Segment Reporting states that similar operating segments can be aggregated together to form one reportable segment. Radar has not aggregated any segments together under this rule.

Once reportable segments have been identified, all remaining segments that do not satisfy the thresholds are to be aggregated together to form an all other segments reporting segment. In accordance with AASB 8 Segment Reporting corporate and administration activities are included in the all other segments reporting segment.

Accounting policies and inter-segment transactions

The accounting policies used by the Group in reporting segments internally are the same as those contained in note 3 to the accounts.

Segment Information

The following tables present revenue and profit information and certain asset and liability information regarding business segments for the year ended 30 June 2014.

Year ended 30 June 2014 Segment revenue Segment net operating results after tax Interest revenue Research & development tax offset Depreciation and amortisation expense Other non-cash expenses	Iron Ore Exploration Segment All other segments Consolidated $ $ $ 3,257 11,873 15,130
	(1,096,379) (533,436) (1,629,815)
	3,257 11,873 15,130 138,591 - 138,591 - - 17,615 17,615 1,210,137 - 1,210,137

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 21: SEGMENT REPORTING (CONTINUED)

	Iron Ore
	Exploration	All other
	Segment	segments	Consolidated
	$	$	$
Segment assets	13,376,260	465,531	13,841,792
Segment liabilities	3,205,396	400,704	3,606,100
			-
Cash flow information			-
Net cash flow from operating activities	(73,188)	(337,402)	(410,589)
Net cash flow from investing activities	(1,582,573)	71,591	(1,510,981)
Net cash flow from financing activities	-	860,671	860,671

The following tables present revenue and profit information and certain asset and liability information regarding business segments for the period ended 30 June 2013.

Year ended 30 June 2013 Segment revenue Segment net operating profit after tax Interest revenue Research & development tax offset Depreciation and amortisation expense Other non-cash expenses Segment assets Segment liabilities Cash flow information Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities	Iron Ore Exploration Segment All other segments Consolidated $ $ $ 8,976 71,532 80,508
	210,922 (1,224,455) (1,013,533)
	8,976 71,532 80,508 217,976 - 217,976 - 49,527 49,527 (1,741) - (1,741) 10,099,697 1,096,017 11,195,714 48,069 142,810 190,879 133,552 (1,453,720) (1,320,168) (1,448,764) (58,328) (1,507,092) - - -

NOTE 22: PARENT ENTITY DISCLOSURES

As at and throughout the financial year ending 30 June 2014 the parent company of the Group was Radar Iron Ltd.

Result of the parent entity Loss for the year Total comprehensive loss for the year Financial position of the parent entity at year end Current assets Total assets	Company Company 2014 2013 $ $ (1,461,034) (1,497,475)
	(1,461,034) (1,497,475)
	411,152 918,828
	13,840,608 10,706,229

RADAR IRON LTD ACN: 146 455 576

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

NOTE 22: PARENT ENTITY DISCLOSURES (CONTINUED)

Current liabilities Total liabilities Total equity of the parent entity comprising: Share capital Reserves Accumulated losses Total equity	Company Company 2014 2013 $ $ 3,604,632 142,809
	3,604,632 142,809
	13,220,638 12,377,907 77,094 1,017,130 (4,019,732) (2,831,617)
	10,235,976 10,563,420

Parent Entity Contingencies

The Directors are not aware of any contingent liabilities that may arise from the Company’s operations as at 30 June 2014.

NOTE 23: SUBSEQUENT EVENTS

On 25 July the Company completed the issue of 2.3 million fully paid ordinary shares at five cents each pursuant to approval given in general meeting on 15 May 2014, raising $115,000.

On 20 August the Company announced a Share Purchase Plan offering shareholders up to $15,000 ordinary shares at $0.035. The plan raised $176,000.

On 8 September Radar announced that it had upgraded the resource at its new Yerecoin project. Approximately 25% of the main resource was now in the indicated category, and the total resource stands at 388.3Mt at 67.8% concentrate Fe. It also announced plans to begin estimating reserves, consistent with its fast-track plans.

On 22 September the Company announced that it was to seek shareholder approval to place 26.1m shares to Victory Mining Pty Ltd (Victory) at $0.035 to raise $0.9m. Members will consider that placement of almost 20% of the capital in the company in General Meeting on 23 October. Further it announced that it would seek approval at its AGM to allow Victory to underwrite a 1:1 rights issue to raise a further of $4.6m. These capital raisings combined will allow Radar to meet the $2.9 million in remaining payment obligations for the acquisition of the Yerecoin Project and provide working capital to progress technical studies on Yerecoin that are necessary to advance the project to a decision to mine.

NOTE 24: CONTINGENT LIABILITIES

The Directors are not aware of any contingent liabilities that may arise from the Group’s operations as at 30 June 2014.

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ DECLARATION

In the Directors’ opinion:

a) the financial statements and notes set out on pages 25 to 49 and the Remuneration Report in the Directors’ Report are in accordance with the Corporations Act 2001, including:

i. giving a true and fair view of the Group's financial position as at 30 June 2014 and of its performance, as represented by the results of their operations, changes in equity and their cash flows, for the year ended on that date; and
ii. complying with Australian Accounting Standards, Corporations Regulations 2001 and other mandatory professional reporting requirements.

b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

c) the financial statements and notes thereto are in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

This declaration is made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the year ended 30 June 2014.

This declaration is made in accordance with a resolution of the Directors.

On behalf of the Board

J. Lea Managing Director

Perth

29 September 2014

==> picture [121 x 79] intentionally omitted <==

Independent auditor’s report to the members of Radar Iron Ltd

Report on the financial report

We have audited the accompanying financial report of Radar Iron Ltd, which comprises the consolidated statement of financial position as at 30 June 2014, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial report

The directors of the Company are responsible for the preparation and fair presentation of the financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In Note 2, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements , that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the C orporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Radar Iron Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report.

==> picture [155 x 85] intentionally omitted <==

==> picture [88 x 39] intentionally omitted <==

Opinion

In our opinion:

(a) the financial report of Radar Iron Ltd is in accordance with the Corporations Act 2001 , including:

(i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2014 and of its performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and
(b) the consolidated financial report also complies with International Financial Reporting Standards as disclosed in Note 2.

Emphasis of Matter

Without modifying our opinion, we draw attention to Note 2 in the financial report, which indicates that the consolidated entity will require further funding in the next twelve months from the date of this report to fund its exploration activities. These conditions, along with other matters as set forth in Note 2, indicate the existence of a material uncertainty which may cast significant doubt about the consolidated entity’s ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business, and at the amounts stated in the financial report.

Report on the remuneration report

We have audited the remuneration report included in the directors’ report for the year ended 30 June 2014. The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with Section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

Opinion

In our opinion, the remuneration report of Radar Iron Ltd for the year ended 30 June 2014, complies with Section 300A of the Corporations Act 2001 .

==> picture [83 x 50] intentionally omitted <==

Nexia Perth Audit Services Pty Ltd

==> picture [95 x 52] intentionally omitted <==

PTC Klopper Director

Perth, 29 September 2014

RADAR IRON LTD ACN: 146 455 576

ASX ADDITIONAL INFORMATION

Additional information required by the ASX Limited Listing Rules not disclosed elsewhere in this Annual Report is set out below.

SHAREHOLDINGS

The issue capital of the Company at 24 September 2014 is 106,148,630 ordinary fully paid shares. All ordinary shares carry one vote per share.

TOP 20 SHAREHOLDERS AS AT 24 SEPTEMBER 2014

TOP 20 SHAREHOLDERS AS AT 24 SEPTEMBER 2014
1 POTASH MINERALS LTD 2 LIGHTSHARE INV PL 3 SHINEWARM RES HK GRP LTD 4 BOND STREET CUSTS LTD 5 JONCA INV PL 6 PLOUGH LANE SUPER PL 7 VASSALLO JOHN C + J K 8 NBT PL 9 WAUGH BARRY ARTHUR 10 JARVIS GREGORY 11 BIZMARK PL 12 LIBERTINE INV PL 13 PG BINET PL 14 GAMMA CORP PL 15 P G BINET NO 6 PL 16 EDWARDS BRIAN M + A D 17 DAVID J LORD PL 18 SPAN NOM PL 19 BOND STREET CUSTS LTD 20 WATERSON MATHEW ANTHONY	No. of Shares Held % Held
	22,690,612 21.38% 17,200,000 16.20% 10,000,000 9.42% 4,382,539 4.13% 3,000,990 2.83% 2,110,000 1.99% 1,698,860 1.60% 1,648,400 1.55% 1,550,000 1.46% 1,229,073 1.16% 990,000 0.93% 908,480 0.86% 800,000 0.75% 711,771 0.67% 700,000 0.66% 678,571 0.64% 628,571 0.59% 599,981 0.57% 558,874 0.53% 552,726 0.52%
	72,639,448 68.44%

Shares Range 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 and over Number holding less than a marketable parcel at $0.03 per share Shareholders by Location Australian holders Overseas holders Address unknown	No. of Holders No. of Shares
	19 3,837 100 328,174 65 557,624 238 9,323,595 110 95,935,400
	532 106,148,630
	225 1,431,596 No. of Holders No. of Shares
	518 95,615,847 11 10,485,948 3 46,835
	560 81,340,070

VOTING RIGHTS

In accordance with the Company’s Constitution, on a show of hands every shareholder present in person or by proxy, attorney or representative of a shareholder has one vote and on a poll every shareholder present in person or by proxy, attorney or representative of a shareholder has in respect of fully paid shares, one vote for every share held. No class of option holder has a right to vote, however the shares issued upon exercise of options will rank pari passu with the then existing issued fully paid ordinary shares.

RADAR IRON LTD ACN: 146 455 576

ASX ADDITIONAL INFORMATION (CONTINUED)

SUBSTANTIAL SHAREHOLDERS AS AT 24 SEPTEMBER 2014

1 POTASH MINERALS LTD 2 LIGHTSHARE INV PL 3 SHINEWARM RES HK GRP LTD	No. of Shares Held % Held
	22,690,612 21.38% 17,200,000 16.20% 10,000,000 9.42%
	49,890,612 47.13%

OPTION HOLDINGS

The Company has the following classes of options on issue at 24 September 2014 as detailed below. Options do not carry any rights to vote.

Class	Terms			No. of Options
RAD-M Unlisted Options	Exercisable at $0.05	expiring on or before 2 Sept	2018	5,000,000
UNLISTED OPTIONS
Options Range		Unlisted	Options
		No. of Holders	No.	of Options
1 – 1,000		-		-
1,001 – 5,000		-		-
5,001 – 10,000		-		-
10,001 – 100,000		-		-
100,001 and over		1		5,000,000
		1		5,000,000
Optionholders by Location
Australian holders		1		5,000,000
Overseas holders		-		-
		1		5,000,000

The following Option holders hold more than 20% of a particular class of the Company’s Unlisted Options.

	Unlisted Options
Holder		RAD-M
Mandelbrot P/L		5,000,000

RESTRICTED SECURITIES

There are no securities subject to restriction.

RADAR IRON LTD ACN: 146 455 576

SCHEDULE OF MINING TENEMENTS

As at the date of this report, Radar Iron Ltd has an interest in the following tenements:

Project	Tenement	Location	Interest held	Status
Copper Bore	E77/1375	Western Australia	62% of Fe Rights	Granted
Boondine	E77/1320	Western Australia	100% of Fe Rights	Granted
	E77/1474	Western Australia	100% of Fe Rights	Granted
	E77/1490	Western Australia	100% of Fe Rights	Granted
	E77/1630	Western Australia	100% of Fe Rights	Granted
	E77/1650	Western Australia	100% of Fe Rights	Granted
	P77/3808	Western Australia	100% of Fe Rights	Granted
	P77/3809	Western Australia	100% of Fe Rights	Granted
	P77/3810	Western Australia	100% of Fe Rights	Granted
	P77/3811	Western Australia	100% of Fe Rights	Granted
	P77/3812	Western Australia	100% of Fe Rights	Granted
	P77/3900	Western Australia	100% of Fe Rights	Granted
	P77/3902	Western Australia	100% of Fe Rights	Granted
	M77/962	Western Australia	100% of Fe Rights	Granted
Die Hardy	E77/1164	Western Australia	100% of Fe Rights	Granted
	E77/1168	Western Australia	100% of Fe Rights	Granted
	P77/3458	Western Australia	100% of Fe Rights	Granted
	P77/3459	Western Australia	100% of Fe Rights	Granted
	P77/3460	Western Australia	100% of Fe Rights	Application
	P77/3461	Western Australia	100% of Fe Rights	Application
	P77/3462	Western Australia	100% of Fe Rights	Application
Evanston	E77/1196	Western Australia	100% of Fe Rights	Granted
	E77/1505	Western Australia	100% of Fe Rights	Granted
	E77/1741	Western Australia	100% of Fe Rights	Granted
	P77/3830	Western Australia	100% of Fe Rights	Granted
Jackson	E77/1424	Western Australia	100% of Fe Rights	Granted
	E77/1427	Western Australia	100% of Fe Rights	Granted
	E77/1488	Western Australia	100% of Fe Rights	Granted
	E77/1496	Western Australia	100% of Fe Rights	Granted
	E77/1497	Western Australia	100% of Fe Rights	Granted
	E77/1498	Western Australia	100% of Fe Rights	Granted
	E77/1499	Western Australia	100% of Fe Rights	Granted
	E77/1500	Western Australia	100% of Fe Rights	Granted
	E77/1659	Western Australia	100% of Fe Rights	Granted
	E77/1766	Western Australia	100% of Fe Rights	Granted
	P77/3801	Western Australia	100% of Fe Rights	Granted
	P77/3802	Western Australia	100% of Fe Rights	Granted
	P77/3868	Western Australia	100% of Fe Rights	Granted
	P77/3898	Western Australia	100% of Fe Rights	Granted
	P77/3899	Western Australia	100% of Fe Rights	Granted
	P77/3903	Western Australia	100% of Fe Rights	Granted
	P77/3936	Western Australia	100% of Fe Rights	Granted
	P77/3978	Western Australia	100% of Fe Rights	Application
	P77/3979	Western Australia	100% of Fe Rights	Application
	P77/3994	Western Australia	100% of Fe Rights	Application
	M77/394	Western Australia	100% of Fe Rights	Granted
	M77/646	Western Australia	100% of Fe Rights	Granted
	M77/931	Western Australia	100% of Fe Rights	Granted
	G77/35	Western Australia	100% of Fe Rights	Granted

RADAR IRON LTD ACN: 146 455 576

Project	Tenement	Location	Interest held	Status
Johnston Range	E77/1280	Western Australia	100% of Fe Rights	Granted
	E77/1281	Western Australia	100% of Fe Rights	Granted
	E77/1807	Western Australia	100% of Fe Rights	Application
	E77/1423	Western Australia	100% of Fe Rights	Granted
	E77/1566	Western Australia	100% of Fe Rights	Granted
	E77/1699	Western Australia	100% of Fe Rights	Granted
	P77/3813	Western Australia	100% of Fe Rights	Granted
	P77/3816	Western Australia	100% of Fe Rights	Granted
	P77/3817	Western Australia	100% of Fe Rights	Granted
	P77/3907	Western Australia	100% of Fe Rights	Granted
	P77/3908	Western Australia	100% of Fe Rights	Granted
	P77/3967	Western Australia	100% of Fe Rights	Granted
Windarling Peak	P77/3412	Western Australia	100% of Fe Rights	Granted
	E77/3413	Western Australia	100% of Fe Rights	Granted
	P77/3414	Western Australia	100% of Fe Rights	Granted
	P77/3552	Western Australia	100% of Fe Rights	Granted

RADAR IRON LTD ACN: 146 455 576

ORE RESERVES AND RESOURCES REPORT

Reporting is grouped by operating and development properties and includes both hematite and magnetite deposits. Radar has not calculated Ore Reserves for any of its resource base.

Hematite Ore Resources total 2.1 million tonnes (Mt) at an average iron (Fe) grade of 57.6 per cent. Magnetite Mineral Resources total 741Mt with an in-situ average grade of 27.4% Fe.

All Mineral Resource estimates were completed using external consultants. The Mineral Resources are reported using a combination of JORC 2012 and JORC 2004 estimates and have been previously reported in various ASX releases that are available to view on the Company’s website www.radariron.com.au. The ASX releases were:

“Maiden 353Mt Magnetite JORC Resource for Die Hardy” on 16/11/2011

“Maiden Hematite JORC Resource for Muldoon Prospect” on 08/05/2012. “Major Project Acquisition” on 24/04/2014 (for Yerecoin), and “Yerecoin Resource Upgrade” on 08/09/2014.

Accordingly, the information in these sections should be read in conjunction with the respective ASX releases.

An annual review of the existing Mineral Resources was undertaken by company personnel. There were no material changes to potential future operating assumptions or cost or price drivers identified that indicated any need for modifications or re-estimation of the Resource figures. This review was completed by Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Radar’s governance process is to annually review the resource base and the key assumptions behind the estimates. With all resource estimation being completed by qualified external consultants there is an initial high degree of independence and disinterest. The internal review ensures that economic and other factors have not materially changed (eg infrastructure potential) that could render the estimates invalid or in need of updating.

The Yerecoin Project Location is as shown on the diagram below – it is comprised of 3 adjacent but separate zones of mineralisation, Main, North and South. The Muldoon and Die Hardy Mineral Resources are part of the Central Yilgarn Project.

==> picture [298 x 255] intentionally omitted <==

RADAR IRON LTD ACN: 146 455 576

Tonnage and quality information contained in the following tables has been rounded and as a result the figures may not add up to the totals quoted.

Table 1 – Hematite Resource

Resource	Resource Category	TONNES (Kt)	Fe %	SiO2 %	Al2O3 %	S %	P %	LOI %
Muldoon	Inferred	2,067	57.6	7.8	4.2	0.2	0.1	5.6
Central Yilgarn	Total	2,067	57.6	7.8	4.2	0.2	0.1	5.6

Table 2 – Magnetite Resources

Resource	Category	Tonnes (Mt)	DTR %	Fe %	Conc Fe %	Conc Al2O3 %	Conc SiO2 %	Conc Phos %	Conc Sulphur %
Yerecoin Main	Indicated	31.0	37.4	31.4	67.7	0.2	6.0	0.01	0.0
	Inferred	99.8	35.1	29.6	68.4	0.2	5.4	0.01	0.0
	Sub- Total	130.8	35.7	29.7	68.0	0.2	6.0	0.01	0.0
Yerecoin North	Inferred	141.6	22.0	26.3	67.6	0.5	4.4	0.02	0.7
Yerecoin South	Inferred	115.9	28.1	29.8	67.9	0.4	4.2	0.01	0.8
Total	Indicated	31.0	37.4	31.4	67.7	0.2	6.0	0.01	0.0
Yerecoin	Inferred	357.3	27.6	28.3	67.9	0.4	4.6	0.01	0.5
Resource	Total	388.3	28.4	28.6	67.9	0.4	4.7	0.01	0.5
Die Hardy	Indicated	214.9	33.8	26.7	69.3	0.1	4.2	0.01	0.3
	Inferred	137.6	33.9	25.2	69.1	0.1	4.4	0.01	0.4
	Total	352.5	33.8	26.1	69.2	0.1	4.3	0.01	0.3
Total	Indicated	245.9	34.3	27.3	69.1	0.1	4.4	0.01	0.3
Magnetite	Inferred	494.9	29.4	27.4	68.2	0.3	4.6	0.01	0.5
Resource	Total	740.8	31.0	27.4	68.5	0.2	4.5	0.01	0.4

The Muldoon and Die Hardy Mineral Resource did not change from the previous year and hence the figures are identical. The Yerecoin project was acquired by Radar in April 2014 and hence this is the first year the Mineral Resource has been reported.

The Yerecoin Main Resource was re-estimated in September 2014 and the figures presented in Table 1 represent the latest estimate. The previous Resource estimate was solely comprised of Inferred mineralisation. The differences between the two estimates for the Yerecoin Main deposit are shown in Table 3.

Table 3 – Comparison between April and September 2014 Resources Estimate for Yerecoin Main Deposit

Model	Tonnage	DTR%	Fe head %	Fe_C%	Al2O3_C%	SiO2_C%	P_C%	S_C%
Sep-14	130.80	35.67	29.74	67.98	0.18	5.95	0.01	0.03
Apr-14	146.50	35.36	29.14	68.83	0.24	2.82	0.01	0.03
Variance	89%	101%	102%	99%	75%	211%	129%	113%

The changes in the two estimates relate to more RC data being incorporated in the latter estimate. The increased data density resulted in a modification of the previous solid model producing an approximate 10% reduction in contained tonnage.

AI assistant

WEEBIT NANO LTD — Annual Report 2014

66042_rns_2014-09-29_3d1796dc-8629-46a4-8979-71c5e26c8f67.pdf

RADAR IRON LTD ACN: 146 455 576

CONTENTS

RADAR IRON LTD ACN: 146 455 576

CORPORATE INFORMATION

Directors:

Registered & Principal Office:

Postal Address:

Home Stock Exchange:

ASX Code:

Share Registry:

Auditors:

Website:

Solicitors - Perth:

RADAR IRON LTD ACN: 146 455 576

LETTER FROM THE CHAIRMAN

RADAR IRON LTD ACN: 146 455 576

Alan Tough Chairman

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT

DIRECTORS

EXPERIENCE AND EXPERTISE

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

EXPERIENCE AND EXPERTISE

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

Ananda Kathiravelu – Non-Executive Director

EXPERIENCE AND EXPERTISE

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

EXPERIENCE AND EXPERTISE (CONTINUED)

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

EXPERIENCE AND EXPERTISE

OTHER CURRENT DIRECTORSHIPS OF LISTED COMPANIES

COMPANY SECRETARIES

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

PRINCIPAL ACTIVITIES

RESULTS

DIVIDENDS

OPERATING AND FINANCIAL REVIEW

Overview

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Corporate Activities

Financial Position

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

SIGNIFICANT EVENTS AFTER THE BALANCE DATE

ENVIRONMENTAL REGULATION

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

DIRECTORS’ INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY

MEETINGS OF DIRECTORS

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

REMUNERATION REPORT (AUDITED)

Key Management Personnel

Remuneration Policy

Remuneration Structure

Non-Executive Director Remuneration

Executive Remuneration

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Fixed Remuneration

Variable Remuneration

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

J Lea, Managing Director

Remuneration of Directors and Executives

Key management personnel of Radar Iron Limited

RADAR IRON LTD ACN: 146 455 576

DIRECTORS’ REPORT (continued)

Share-based compensation

PROCEEDINGS ON BEHALF OF THE COMPANY

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

SHARE OPTIONS

WEEBIT NANO LTD Annual Report 2014