WEEBIT NANO LTD — Capital/Financing Update 2014

Jun 9, 2014

Yerecoin Scoping Study Results

• Scoping Study completed

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ACN 146 455 576

ASX Release

• Very positive project development outcomes

• Radar has commenced further project studies

Radar Iron Ltd is pleased to announce the results of a scoping study completed on the Yerecoin Iron Deposit by engineering group Engenium. The Yerecoin deposit lies within approximately 150km of Perth and is adjacent to an accessible rail line. The scoping study results support Radar’s objective of having a low capital development cost with production targeted for 2015/16.

Key Scoping Study findings are:

• The project is economically and technically viable.

10 June 2014

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

P + 61 8 9389 9919 F + 61 8 6389 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:

98,540,070 Ordinary Shares 5,300,000 Unlisted Options

ASX Code:

RAD (Fully Paid Ordinary Shares)

• The project is substantially de-risked as relatively low levels of capital are required initially while the concentrate production process is optimised.

• The Yerecoin “Main” deposit should be the initial focus of mining with an Inferred Mineral Resource of 146.5M tonnes and a concentrate grade of 68.8% Fe with 2.8% SiO2 and very low alumina, sulphur and phosphorus levels.

• The existing rail line adjacent to Yerecoin can handle approximately 750,000t of concentrate prior to any substantial upgrade capital requirement.

• That Radar’s staged development plan which minimises initial capital and hence project risk is an appropriate development strategy

• That further project development is justified.

Radar has commenced further studies aimed at increasing the level of technical knowledge and cost base for the entire mining and transport process. Further results will be released as they come available.

The scoping study referred to in this report is based purely on the Yerecoin Inferred Resource and on low level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised.

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Radar’s West Australian Projects

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Yerecoin Scoping Study

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YERECOIN PROJECT

Radar Iron Ltd announced in April the purchase of a large iron ore tenement holding in the south west region of Western Australia. The project area contains the major Yerecoin Deposit within approximately 150km of Perth and is adjacent to an accessible rail line. The Deposit has been drilled with sufficient density to enable resource estimation – which stands at 404Mt Inferred – as announced in Radar’s ASX release “Major Project Acquisition” dated 24/04/14.

Key aspects of the project/acquisition are as follows:

• A large iron ore tenement holding (501km[2] ) in the south west region of Western Australia, including tenements surrounding Northam and the Yerecoin Project close to Perth.

• Yerecoin contains a coarse grained easily processed magnetite with excellent metallurgical properties;

  • A 404Mt JORC Inferred resource.

  • Concentrate at >68% Fe with very low contaminant levels – increasingly sought after on world markets;

  • 105 micron grind – economical to produce and transport and can be direct fed to sinter plants similar to DSO fine ores.

• The location of the deposit directly adjacent to a WA Government owned rail line

• enabling transport to the port of Kwinana for relatively low cost.

• Radar has an industry leading, very low capital and low risk development approach, targeting moderate concentrate production initially while the metallurgical treatment process is optimised and transport solutions are optimised.

• Radar believes that development in the near term is possible with production to be scaled up in subsequent years.

RADAR’S MAGNETITE BUSINESS MODEL

Radar believes that with the depletion of high grade direct shipping iron ore, global demand for high grade magnetite concentrate (which can be used to supplement lower grade DSO ore) will increase substantially.

Radar has determined that an orderly and progressive approach to the development of new magnetite ore bodies is preferable. Initial smaller scale economic projects can be repeated or scaled up to successfully enter the high quality iron feedstock business.

This new approach to magnetite project development substantially de-risks the process by negating the need for significant capital prior to the processing and transport characteristics being fully understood.

This strategy drove Radar’s acquisition of this project, that has the potential to initially produce approximately 250,000 tonnes of high quality (68%+) magnetite concentrate per annum using a small scale production plant for an estimated capital cost of approximately $35m. Radar considers that this project strategy enables the exploitation of a major mineral resource in a measured and progressive way.

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Yerecoin Scoping Study

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Rail Options – SE Western Australia

FUTURE WORK

Radar will complete sufficient studies in coming months to demonstrate Stage 1 development viability. Concurrently Radar will continue the work required to obtain development approvals and finalise the optimal transport network. The studies will focus on:

• Continuing the flora/fauna programmes to provide sufficient base line data to enable project approval in 2015.

• Reviewing the existing mineral resource model

• Reviewing existing metallurgical network results

• Discussions/contract negotiations with infrastructure providers to determine the best port option and to increase accuracy of current cost estimates

• Ongoing review of project development plans to optimise the production process including mining rates and to determine the appropriate mix of owner-operated and contractor services

For and on behalf of Radar Iron Ltd

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Jonathan Lea

Managing Director

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Yerecoin Scoping Study

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COMPETENT PERSON’S STATEMENTS

The information in this report is compiled by Mr Jonathan Lea, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Lea is a full-time employee of Radar Iron Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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.

PREVIOUS REPORTED RESULTS YERECOIN

A Mineral Resource was established previously for the Yerecoin Magnetite Deposit in 2014. This information was reported under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Mineral Resource was detailed in an ASX release and is available to view on the Company’s website www.radariron.com.au. The ASX release was:

“Major Project Acquisition” on 24/04/2014

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the data in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

CAUTION REGARDING FORWARD LOOKING INFORMATION

This document contains forward looking statements concerning Radar. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Radar’s beliefs, opinions and estimates of Radar as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development.

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