WEEBIT NANO LTD — Capital/Financing Update 2013

Mar 18, 2013

Mt Ruby Project Update

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ACN 146 455 576

• Historic drilling data indicates mineralisation continues to at least 80 m depth

• 30m thick zones of magnetite skarn intercepted

• Ground magnetic survey to facilitate better drill targeting

ASX Release

19 March 2013

Suite 2, 12 Parliament Place West Perth WA 6005 PO BOX 902 West Perth WA 6872

P + 61 8 9482 0580 F + 61 8 9482 0505 E info@radariron.com.au W www.radariron.com.au

Contact:

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

Phillip Wingate Company Secretary E pwingate@radariron.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)

Media Enquiries:

Fortbridge +612 9003 0477 Bill Kemmery 0400 122 449

• Funding negotiations continue

Radar Iron Ltd (ASX: RAD) is pleased to provide investors with an update on the progress in acquiring 51% of the Mount Ruby DSO deposit in the Innisfail district of Far North Queensland.

Due diligence continues on the project with latest developments as detailed below:

• The drill data for three diamond core holes drilled in the 1970’s has been located. None of the holes were assayed for iron content but the geological logs were available. Two holes were drilled east to west, both intercepting approximately 30m of magnetite rich skarn mineralisation. A further hole drilled from west to east passed under the mineralisation (Figures 2 and 3). The existing interpretation of an east dipping orientation for the magnetite skarn mineralisation is supported by this drill data. The schematic cross (Figure 3) section shows Holes 2 and 3 and the current geological interpretation for the orientation of the mineralisation. Hole 1 lies approximately 75m to the south and was not included on the section for pictorial simplicity – this hole intercepted the skarn approximately 80m below the top of Mt Ruby and supports the geological interpretation shown on the section.

• A ground magnetic survey is scheduled to be completed this week to facilitate optimal drill targeting.

• Drilling approvals are expected this week with RC drill testing planned to start immediately after that.

• Discussions continue with a number of potential investment partners with a view to funding the acquisition and project development through off-take agreements.

The Company will provide regular updates on drilling and due diligence progress in the coming weeks.

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Mt Ruby Update

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Figure 1 – Project Location

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Figure 2 – Geology and Drill Plan

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Figure 3 – Schematic Cross Section DDH3

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Mt Ruby Update

Background

Radar and Developed Iron Ore Pty Ltd (DIO) will form a joint venture aimed at exploiting the high grade DSO mineralisation at Mt Ruby following a 3 month due diligence period as announced to the ASX on 8 February 2013.

An exploration target for the mineralisation at Mt Ruby of 8Mt-27Mt at 57-68% Fe has been estimated using extensive surface sampling data (averaging 64.2% Fe) along with geophysical interpretation. 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.

Mining of high grade direct shipping ore is planned for the second half of 2013 with approvals in place or pending. Mt Ruby lies within 120km trucking distance from the port near Innisfail.

DIO has already completed project evaluation and mining studies on the project and agreements are in place to enable transport including highway trucking and export through the port of Mourilyan. Other approvals already in place or pending allow an initial mining rate of 600,000tpa with mining expected to commence in the December Quarter 2013.

The three diamond holes were drilled around 1971. Two drill collars have been identified on the ground (DDH1 and DDH3) while the third collar (DDH2) no longer exists. The core has not been retained and the drill logs have only just been located. The holes were drilled at IP anomalies and did not intersect significant levels of base metal mineralisation.

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.

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