WEEBIT NANO LTD — Capital/Financing Update 2010

Dec 20, 2010

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RADAR IRON LIMITED ACN: 146 455 576

Suite 2, 12 Parliament Place West Perth Western Australia 6005 P 08 9482 0580 F 08 9482 0505 E info@radariron.com.au

14 December 2010

Ref 2.2.8

Farlee Walker ASX Limited Level 8, The Exchange Plaza 2 The Esplanade Perth WA 6000 Facsimile: +61 8 9221 2020

Dear Farlee,

Re: Pro-forma statement of commitments based on actual funds received

Please see below an updated statement of commitments based on actual funds raised of $6,847,900.

		Actual Subscription ($6.8m)
Pre offer cash(Estimate)		$383,914
Funds raised under the Offer		$6,847,900
Funds Available on completion of the Offer		$7,231,814
Less estimated capital raisingcosts		$610,874
Net funds available		$6,620,940
The intended use of the funds available(as set out above)is set out in the table below:
USE OF FUNDS
		Actual **Subscription **
		($6.8m)
Exploration		$4,049,922
Administration & other expenses		$2,571,018
Total estimated funds expended		$6,620,940
	Year 1	Year 2
TargetingSurveys	$34,129	$17,064
Drilling (RC, Diamond)	$1,933,952	$1,478,904
Assaying	$207,047	$164,955
Metallurgical Studies	$26,165	$51,193
Field Support	$39,817	$23,890
Resource Modelling	$22,752	$50,055
Corporate & Administration	$1,285,508	$1,285,509
	$3,549,370	$3,071,570

Please contact me on (08) 9482 0580 should you require any additional information prior to the Company’s admission.

Regards

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Phillip Wingate Company Secretary Radar Iron Ltd