WEEBIT NANO LTD — Capital/Financing Update 2010

Dec 20, 2010

RADAR IRON LIMITED ACN: 146 455 576

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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 2.2.7

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

Dear Farlee,

Re: Proforma Balance Sheet based on actual funds received

Please see below the Updated Proforma Balance sheet based on Actual Funds Raised of $6,847,900 attached at appendix A.

Kind Regards,

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Philip Wingate Company Secretary Radar Iron Ltd

Appendix A

Current assets Cash and cash equivalents Trade and Other receivables Total current assets Non-current assets Exploration and evaluation expenditure Total non-current assets Total assets Current Liabilities Trade and other payables Total current liabilities Non-current liabilities Deferred tax liabilities Total non-current liabilities Total liabilities Net assets Equity Issued capital Option reserve Total equity	Reviewed 30 September 2010 $	Pro forma adjustments (as disclosed in the Prospectus) $	Pro forma adjustments (as disclosed in the Prospectus) $	Pro forma adjustments (as disclosed in the Prospectus) $	Pro forma adjustments (as disclosed in the Prospectus) $	Pro forma adjustments (as disclosed in the Prospectus) $	Pro forma: Actual Subscriptions ($6.8m) $
	- 3	475,000 -	(91,086) 4	- -	6,847,900	(610,874) -	6,620,940 7
	3 -	475,000 -	(91,082) 561,857	- 40,000	6,847,900	(610,874) -	6,620,947 601,857
	-	-	561,857	40,000		-	601,857
	3	475,000	470,775	40,000	6,847,900	(610,874)	7,222,804
	-	-	29,979	-		-	29,979
	- -	-	29,979 127,131	- -		-	29,979 127,131
			127,131	-			127,131
	-		157,110	-			157,110
	3	475,000	313,665	40,000	6,847,900	(610,874)	7,065,694
	3 -	475,000 -	246,465 67,200	40,000 -	6,847,900	(1,328,474) 717,600	6,280,894 784,800
	3	475,000	313,665	40,000	6,847,900	(610,874)	7,065,694