WEEBIT NANO LTD — Capital/Financing Update 2013

Nov 12, 2013

Brazilian Iron Ore Project Acquired

• Option to acquire a Brazilian DSO iron ore play

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ACN 146 455 576

ASX Release

13 November 2013

Suite 7, 55 Hampden Rd Nedlands WA 6009 PO BOX 994 Subiaco WA 6904

P + 61 8 9389 9919 F + 61 8 9389 0576 E info@radariron.com.au W www.radariron.com.au

Contact:

Jonathan Lea Managing Director E jlea@radariron.com.au

Damon Sweeny Company Secretary E damon@ampereltd.com.au

Directors:

Alan Tough - Chairman Jonathan Lea - Managing Director Ananda Kathiravelu - Non-Executive

Issued Capital: 81,340,070 Ordinary Shares 23,050,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

• Infrastructure in place and accessible

• Mining possible in 18-24 months

• Farm-in arrangement – low risk to Radar

As previously announced Radar Iron Ltd (ASX: RAD) is looking at potential acquisitions to add shareholder value with a focus on low capex, early cash flow iron ore projects. Consistent with this, Radar has entered a farm in agreement to acquire 50% of the Uruara high grade iron ore deposit in Para State Brazil, from private Brazilian company, Sullis Mineracao SL.

An exploration target for the high grade iron ore mineralisation at Uruara of 20Mt-40Mt at 58-65% Fe has been estimated using surface mapping and sampling data. The potential quantity and grade is conceptual in nature. 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.

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The project covers 7 mineral titles covering 68,000Ha and further mapping is required to increase the extent of potential mineralisation. Mining of high grade direct shipping lump iron ore is considered possible within 18-24 months. Production costs are expected to be low with surplus cash flow used to provide capital for operational expansion after year 2. Transport would be via trucks to the Amazon River for shipping in 60,000t vessels.

The acquisition is contingent on Radar completing due diligence by 17[th] January, 2014. Following satisfactory due diligence, Radar will commence funding exploration and project development to secure a 50% interest in the project.

Sullis Mineracao has an exploration team available to commence work immediately along with logistical support – de-risking the acquisition from Radar’s perspective.

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Brazil Project Acquisition

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Project Details

• The project is located in Para State, Brazil, approximately 600km inland and approximately 7km from the major Trans Amazonian Highway with ready access to the Amazon River at several locations.

• The Uruara Project comprises 1 exploration license of approximately 10,000Ha hectares with a binding right to acquire 6 adjacent applications of 58,000Ha. The granted license lies partially over cleared farm-land.

• Mapping surface sampling and trenching has been undertaken to date in which extensive areas of massive high grade hematite and magnetite mineralisation was identified at surface. No drilling has been completed as yet.

• Three main corridors have been identified to date forming zones 250-400m in width and up to 2.5km in length. The mineralisation commences at surface, extends to at least 4 m depth. More mapping is required to track the zones under forest cover

• Previous sample results suggest grades consistently above 60% Fe with low levels of impurities. A further 11 assay results are expected in the coming week.

• Using surface sampling and mapping data an exploration target for the high grade mineralisation is 20Mt-40Mt at 58-65% Fe has been estimated. The potential quantity and grade is conceptual in nature. 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.

• Should a DSO resource be defined, ore would be crushed and screened onsite before being trucked to a deep water river port for direct loading to Panamax vessels or via barge.

• The Trans Amazonian Highway leads to the ports of Vitoria du Xingu and Santarem. Panamax size ships (~60,000t) can navigate the Amazon River in the area and there are numerous operating Panamax ports in the region.

• Initial trial mining approvals for approximately 300,000tpa may be obtained in

• Brazil normally after a six month to twelve month process.

• High grade lump ores have a market in Brazil as well as internationally and can command a premium price on the world market

Agreement Terms

• Following a $30,000 option payment Radar has until January 17, 2014 to complete due diligence.

• Upon successful due diligence Radar will earn a 50% interest on the granted exploration license by spending $1.5M on exploration within 18 months. The remaining 6 leases require $0.5M expenditure to earn 50% at which time a joint venture will commence.

• Tenement vendor payments are payable commencing in approximately 6 months and will be based on the number of licenses that Radar wishes to include in the farm-in process. Total payments over a 30 month period could total $2M if all 7 tenements have exploration potential and are retained in the farm-in.

• The agreement includes joint venture terms typically found in an agreement of this nature, including dilution and management.

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Brazil Project Acquisition

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Future Plans

The due diligence process has commenced to validate and better define the technical and commercial aspects of the project.

Rapid assessment of all 7 leases is planned in coming months to establish the prospectivity of each lease. Should any tenements not have significant potential they will not be included in the farm-in process to minimise vendor payments.

Provided the due diligence is positive, drilling will be scheduled for the second quarter of 2014 with the aim of rapidly establishing a resource base in 2014. Sullis Mineracao has an exploration team available to provide contract exploration and logistic services enabling immediate mobilisation and commencement of field studies.

Shareholders should be aware that this acquisition has been internally generated by Radar and is not related to the mandate provide to Lusona Capital as announced on October 13, 2013. Radar continues to work with Lusona Capital to identify other opportunities in iron ore, particularly in Latin America.

The Company will provide further updates as the due diligence progresses.

Yours faithfully,

For and 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.

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Brazil Project Acquisition

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Plate 1 Massive Iron Ore Outcrop

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Plate 3 4m Deep Trench – Iron mineralisation at base

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Plate 4 Massive iron mineralisation at base of trench

Plate 2 High Grade Iron Ore

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