WEEBIT NANO LTD — Capital/Financing Update 2011

Jan 10, 2011

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SHAREHOLDER UPDATE: 2011 EXPLORATION PROGRAMME

ASX Release

Tuesday 11 January 2011

RADAR IRON LTD

Suite 2, 12 Parliament Place West Perth WA 6005 Tel: +61 8 9482 0580 Fax:+61 8 9482 0505

Contact:

JONATHAN LEA Managing Director jlea@radariron.com.au

PHILLIP WINGATE Company Secretary pwingate@radariron.com.au

E-MAIL: info@radariron.com.au

Radar Iron Ltd (ASX: RAD) is pleased to advise that following the Company’s successful float in December 2010, Radar is positioned with sufficient funds to rapidly explore its highly prospective tenement holding over the next two years.

Radar is focused on identifying and defining hematite and magnetite resources in the Central Yilgarn district of Western Australia. The Company has an extensive package of tenements containing significant outcrop of prospective banded iron formation.

Work completed to date has identified 5 hematite and 7 magnetite iron ore targets worthy of immediate drill testing. Additional mapping and interpretation is expected to increase the number of targets further during the year.

The exploration programme presented below is aimed at providing investors with an indication of the timing and sequence of work along with an idea of potential timing for news flow. It is the intention of Radar to provide updates of and report against this exploration plan during 2011.

WEBSITE:

www.radariron.com.au

Overall Exploration Objectives

Directors:

Alan Tough (Chairman) Jonathan Lea (Managing Director) Ananda Kathiravelu (Non – Executive)

Issued Capital: 61,880,112 Ordinary Shares 22,750,000 Unlisted Options

• To define an initial hematite resource by mid 2011 – exploration potential 10-20Mt at 58-62% Fe*.

• To define an initial magnetite resource by late 2011 – exploration potential 300-500Mt at 25-35% Fe*.

• To continue exploration on the tenement holding to identify all potential targets and ensure continuity in drill testing opportunity

ASX Code:

RAD (Fully Paid Ordinary Shares)

* The potential quantity and grade of iron deposits reported as exploration potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

Evaluation completed to Dec 2010

1. In the second half of 2010, a geophysical review of existing magnetite and gravity data in the Johnston Range area was completed – primarily aimed at identifying potential hematite mineralisation. This process generated a significant number of potential targets. Field reconnaissance programmes were completed leading to initial drill targets being identified both for hematite and magnetite.

2. In November/December a 1388m RC drill programme was completed targeting magnetite mineralisation to provide initial samples for assay and preliminary metallurgical testing. Final results are pending.

3. Further field mapping was completed in the Johnston Range area using a geological contractor to increase geological knowledge and identify new targets.

4. Two flora surveys were completed in November/December by botanical consultants to facilitate future drilling approvals.

Exploration Programme 2011

For hematite ores it is planned to complete at least two drill campaigns – initially to confirm the best targets and subsequently to complete sufficient drilling to enable resource estimation by mid 2011. Further drilling, at existing or new hematite targets, will occur in the second half of the year if there is potential to expand the resource base.

Drill testing of magnetite ores is planned to occur in the second half of 2011 resulting in the estimation of maiden resources by the end of the year. Preliminary work through further geophysical evaluation, assessment of existing drilling, field mapping and sampling etc will be completed in the first half of 2011 to identify the best targets.

Details of planned exploration and expected milestones are provided below:

January 2011

• Assay and Davis tube test results from the November/December 2010 RC magnetite drilling at the Johnson Range and Die Hardy Project;

• Consultant geophysicist interpretation of Johnston Range magnetite resource potential (incorporating initial magnetite drill results) – report due February;

• Field reconnaissance mapping (consultant geologist) aimed at identification of hematite potential at Johnston Range (continued from mapping in December 2010.) Report expected in February;

• First quarterly report on exploration activity.

February 2011

• RC drilling at Johnson Range hematite targets (approximately two week campaign planned);

• Further field investigation of potential hematite and magnetite targets;

• Botanical surveys for drilling approvals.

March 2011

• Initial hematite RC drilling assay results;

• Drill planning for hematite resource drill out;

• Exploration planning for magnetite testing.

April-June 2011

• RC drilling at key hematite targets aimed at defining at least Inferred JORC Resource Category mineralisation;

• Hematite resource estimation – statement in June/July;

• Environmental/Heritage clearance surveys as required;

• Drilling approvals for magnetite drill testing;

• Field investigation of potential hematite and magnetite targets.

July-December 2011

• Magnetite resource evaluation drilling;

• Magnetite resource estimation (late 2011);

• Further hematite resource extension drill testing - including core testing as necessary;

• Hematite resource estimation as warranted (late 2011);

• Ongoing regional reconnaissance mapping to identify potential new mineralisation;

• Exploration/drill planning and approvals for 2012 programme on new/untested targets including necessary environmental and heritage surveys.

Yours faithfully,

For or on behalf of Radar Iron Ltd

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Jonathan Lea

Managing Director

The information in this report accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Mineral Resources and Ore Reserves). It is compiled by Mr Jonathan Lea, an employee of the Company who is a Member of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting. Mr Lea has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. 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.

The potential quantity and grade of iron deposits reported as exploration potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

Background

Radar has substantial potential for both hematite and magnetite mineralisation with over 40km in length of multiple banded iron formation contained on its leases. Initial exploration has identified a number of obvious targets to be tested immediately. Continuing ground mapping and geophysical assessment are expected to define additional targets in the coming year.

Hematite ores (as mined nearby at Cliff’s Windarling operation) generally can be mined and exported with minimal processing and hence the economics of deposits are largely a function of transport cost, the price received for ore and the capital cost for establishment. With the proximity to existing open access rail and two potential ports (Fremantle and Esperance) modest tonnage deposits are likely to be economic.

Magnetite ores typically require processing to remove silica and increase the iron grade prior to export. Development of magnetite resources involves significantly higher capital input and the provision of substantial power and water supply to allow grinding and magnetite separation of the mineralisation. For this reason magnetite developments typically take longer and are more technically challenging.

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Regional magnetite map of Central Yilgarn – greater magnetite intensity defined by high relief

Regional geology map of Central Yilgarn