WEEBIT NANO LTD — Capital/Financing Update 2013

Feb 17, 2013

Mt Ruby Project Update

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• Drilling contractor secured

• Drill testing scheduled for March

• Funding negotiations commenced

ACN 146 455 576

ASX Release

18 February 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

Radar Iron Ltd (ASX: RAD) is pleased to provide to 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 has commenced on the project as detailed below:

• A drilling contractor has been secured to commence drill testing in early March subject to pending environmental approvals

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

• Continuing discussions with Port authorities have confirmed capacity and the ability to provide the required shipping export solution

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

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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.

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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