WEEBIT NANO LTD — Interim / Quarterly Report 2011

Apr 20, 2011

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ACN 146 455 576

Quarterly Activities Report For the Three Months Ended 31 March 2011

Highlights

Exploration

• RC drilling of magnetite and hematite targets at Johnston Range provides encouraging results with significant intervals of magnetite mineralisation intersected

ASX Release

21 April 2011

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

• Field mapping and reconnaissance continues to identify additional hematite prospects

• Independent geophysical review of Johnston Range Project confirms large scale target magnetite mineralisation potential

• Acquisition of a significant package of iron mineralisation rights in Central Yilgarn – substantially increase footprint and potential

Corporate

• Entitlements Issue of Options currently being finalised.

• Cash Position of $4.75m

Overview

The board of Radar Iron Ltd (“Radar”) is pleased to present its quarterly activities report for the quarter ended 31 March 2011. Radar is focused on identifying and defining hematite and magnetite resources in the Central Yilgarn district of Western Australia.

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

61,880,112 Ordinary Shares 22,750,000 Unlisted Options

ASX Code

Following the Company’s successful float in December 2010, Radar has been actively exploring its tenement holding.

During the March Quarter a second drill campaign was completed aimed at the initial testing of the hematite and magnetite targets at Johnson Range. Encouraging results were obtained enabling the better targeting of future drilling.

A geophysical review of the Johnston Range tenement holding reinforced the massive potential for magnetite mineralisation.

Agreement was reached to acquire a significant package of iron ore rights on tenements in the Central Yilgarn – significantly increasing Radar’s footprint and providing further exposure to tenements highly prospective for iron mineralisation.

Radar’s overall exploration objectives in 2011 are to focus on defining initial hematite and magnetite resources and to continue to assess the large tenement holding for further prospects. Following resource identification it is planned to commence scoping or feasibility studies to enable rapid progress towards mining.

RAD (Fully Paid Ordinary Shares)

Media Enquiries:

Fortbridge +612 9331 0655 Luke Dean 0414 535 433

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Quarterly Activities Report For the Three Months Ended 31 March 2011

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Figure 1: Project Area

Iron Rights Acquisition

Radar agreed to acquire a significant package of iron ore rights from Southern Cross Goldfields Ltd (SXG) in the central Yilgarn iron district of WA in February 2011.

The iron rights, covered by tenement holdings of 913 km[2] , more than triples Radar’s current land position (previously around 300 km[2] ). SXG will continue to hold the tenement titles with Radar having the right to access, explore and exploit all iron and associated minerals. Over 80 linear kilometres of banded iron formation (BIF) has been identified on the tenements. The ground has had limited exploration for iron mineralisation in the past and is considered highly prospective for direct shipping hematite ores and magnetite mineralisation.

The tenements are adjacent to some of the key iron ore production centres in the area at Jackson Range and Windarling adjacent to infrastructure such as the open access rail line to the south.

The terms of the acquisition were:

1. a cash payment of $1.5M;

2. 1,000,000 shares in Radar, and;

3. the non iron ore rights to Radar’s tenements E77/1280, E77/1281 and E77/1807.

Radar has completed due diligence and made an initial payment of $500,000. The balance owing ($1M) will be paid following completion (subject to an agreement defining joint mineral rights currently in preparation) now expected in May.

Radar intends to commence initial exploration over this ground in the June quarter testing both the hematite and magnetite potential. It is likely aero-magnetic data will acquired initially to facilitate target identification.

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Quarterly Activities Report For the Three Months Ended 31 March 2011

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Figure 2: Iron Rights Acquisition

Exploration Summary – March Quarter

Radar’s exploration focus in the March Quarter was on two of the three original project areas, Johnston Range and Die Hardy, (Figure 3). Work at the third project area, Evanston, was confined to data review.

Aboriginal heritage clearance surveys and flora surveys were completed at Johnson Range and Die Hardy to enable future drilling approvals. A Conservation Management Plan (CMP) was completed for the region. This document again assists in streamlining future exploration approvals. Programme of Works approvals were submitted to the Department of Minerals and Petroleum and approvals were gained for a number of targets.

An RC drilling programme (1978 metres) was completed at Johnston Range to provide geological and stratigraphic information and to commence testing of hematite and magnetite targets. Regional mapping of the BIF was also completed on this project area to aid in target identification for both hematite and magnetite.

A geophysical review of the aero-magnetic data covering its Johnston Range project was completed by independent geophysical consultants aimed at identifying areas in the 35km Johnston Range banded iron formation (BIF) with greater potential to host significant mineralisation and to better define exploration targets. A global target exploration potential for magnetite mineralisation was estimated to be 4.0Bt - 6.7Bt at 20-45% Fe

Radar Iron advises that the potential quantity and grade of iron deposits reported as exploration target 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.

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Quarterly Activities Report For the Three Months Ended 31 March 2011

Additional regional geological reconnaissance review was completed over many of the existing and new project areas which again reinforced the prospectivity of the holding to contain iron mineralisation

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Figure 3: Project Location

Exploration Detail – March Quarter

Johnston Range

Mapping in January at Johnston Range utilising a consultant mapping specialist confirmed the presence of enriched banded iron formations that form a number of hematite targets. Assessment and prioritisation of these targets continues prior to drill testing.

A geophysical review of the aero-magnetic data covering its Johnston Range project was completed by independent geophysical consultants, Resource Potentials of Perth and was aimed at identifying areas in the 35km Johnston Range banded iron formation (BIF) with greater potential to host significant mineralisation and to better define exploration targets.

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Quarterly Activities Report

For the Three Months Ended 31 March 2011

The results were:

• 1 Primary Magnetite BIF: 4.0Bt - 6.7Bt at 20-45% Fe

• 2 Potential Enriched Material: 370Mt - 617Mt at 40-65% Fe

• 3 Total Exploration Potential: 4.4Bt - 7.3Bt at 20-65% Fe

Radar Iron advises that the potential quantity and grade of iron deposits reported as exploration target 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.

The RC drilling programme at Johnston Range was undertaken in February 2011 and comprised 20 holes for 1978m. The aim of the drilling was to provide geological and stratigraphic information, to test previously defined hematite targets and to obtain metallurgical samples from the magnetite targets. Drilling data is shown in Table 1 with assay results in Tables 2 and 3.

Five hematite targets were tested, with the Rowling prospect returning the best results – 16m at 55.7% Fe (full details in Table 2). The Rowling results indicate that the BIF has been enriched in places to economic grades and that the potential to define economic hematite mineralisation in the Johnston Range project area remains high.

While a number of the more obvious targets were tested by first pass drilling, the potential for hematite mineralisation remains high with numerous outcropping and buried anomalies remaining to be tested. The current expectation for hematite mineralisation in the Johnston Range area is for a number of relatively small bodies that will accumulate to provide a critical tonnage sufficient to justify mining.

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Figure 4: Johnston Range – Drill hole location

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Quarterly Activities Report For the Three Months Ended 31 March 2011

TABLE 1 Drill Hole Data

Drill Hole Number		Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location
	Prospect	Length	East	North	Dip	Azimuth
RIRC012	Dang	54	728922	6717322	‐60	305
RIRC013	Dang	90	728920	6717323	‐60	125
RIRC014	Dang	120	728941	6717291	‐60	305
RIRC015	Dang	96	728808	6717124	‐60	305
RIRC016	Muldoon	72	713228	6711679	‐60	250
RIRC017	Muldoon	96	713192	6711874	‐60	250
RIRC018	Muldoon	120	713047	6712670	‐60	250
RIRC019	Muldoon	114	713070	6712677	‐60	70
RIRC020	Rowling	96	711962	6713412	‐60	100
RIRC021	Rowling	126	712021	6713428	‐60	100
RIRC022	Rowling	138	712042	6713430	‐60	110
RIRC023	Rowling	60	712028	6713432	‐60	280
RIRC024	Rowling	88	711996	6713423	‐60	100
RIRC025	Clutch	78	726256	6710465	‐60	305
RIRC026	Lange	114	726720	6715268	‐60	125
RIRC027	Lange	150	726706	6715284	‐55	305
RIRC028	Lange	72	726746	6715241	‐60	125
RIRC029	Lange	36	726742	6715245	‐60	305
RIRC030	Dang	108	728494	6716798	‐60	125
RIRC031	Dang	150	728506	6716774	‐60	305

Notes:

Coordinates MGA94 Zone 50

TABLE 2 Hematite Assay Results

Prospect	Drill Hole Number			Intercepts ‐	Intercepts ‐	Average Weighted Grades	Average Weighted Grades	Average Weighted Grades
		From	To	Length	% Fe	% SiO2	% Al2O3	% P	%S	LOI
Dang	RIRC013	4	10	6	56.0	11.2	3.09	0.05	0.04	5.90
Rowling	RIRC021	0	30	30	53.1	10.7	4.23	0.05	0.06	9.00
Rowling	RIRC023	2	18	16	55.7	8.5	2.34	0.06	0.06	8.80
Rowling	RIRC024	16	26	10	56.0	6.3	3.53	0.06	0.01	9.14

Note:

Assaying on 2m sample intervals Assaying (XRF) completed by Spectrolab, Geraldton 50% Fe cut‐off applied Maximum of 4m internal dilution

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Quarterly Activities Report

For the Three Months Ended 31 March 2011

TABLE 3 Magnetite Assay Results

Prospect	Drill Hole Number			Intercepts ‐	Intercepts ‐	Average Weighted Grades	Average Weighted Grades	Average Weighted Grades
		From	To	Length	% Fe	% SiO2	% Al2O3	% P	%S	LOI
Dang	RIRC013	28	50	22	34.1	49.2	0.61	0.05	0.02	2.56
Dang	RIRC014	74	120	46	33.4	45.9	1.20	0.06	0.11	1.74
Dang	RIRC015	82	96	14	33.8	45.3	1.12	0.06	0.13	2.03
Muldoon	RIRC017	54	86	32	37.1	45.3	0.31	0.07	0.00	2.02
Muldoon	RIRC018	66	106	40	34.9	45.6	0.85	0.07	0.08	0.17
Muldoon	RIRC019	64	106	42	35.2	46.1	0.52	0.07	0.04	‐0.57
Rowling	RIRC021	48	118	70	33.0	46.8	2.02	0.05	0.06	1.21
Rowling	RIRC022	40	138	98	33.6	46.0	1.45	0.05	0.02	1.11
Rowling	RIRC024	78	88	10	37.8	39.9	0.64	0.04	0.05	5.34
Lange	RIRC026	76	90	14	30.6	46.5	2.72	0.05	0.12	4.93
Dang	RIRC030	86	100	14	31.0	44.0	2.76	0.06	0.11	4.86
Dang	RIRC031	66	150	84	33.9	46.0	0.59	0.06	0.06	2.01

Note: Assaying on 2m sample intervals Assaying (XRF) completed by Spectrolab, Geraldton 20% Fe cut‐off applied Maximum of 4m internal dilution

Following on from the geophysical review of the exploration potential for magnetite at Johnston Range three of the more prominent magnetite zones were drill tested during the February drill campaign. The aim was to establish the potential size of the BIF mineralisation and to obtain initial samples for DTR testing.

Significant widths of magnetite were intercepted (best result 98m at 33.6% Fe) with average grades around 3334% Fe. The results (Table 3) reinforce the large exploration potential as defined recently for magnetite mineralisation.

The results were highly encouraging with 3 zones identified with estimated thicknesses of 80-150m with grades consistently above 30% Fe. The potential length of each mineralised zone (Lange, Muldoon and Rowling) is 4-5 km containing 3-4 BIF units oriented approximately parallel to each other within each zone. Testing has only been completed on one or two of the units at each location.

Metallurgical assessment is ongoing through DTR (Davis Tube Recovery) testing with consultancy firm Calibre Global being retained to review results and provide guidance for ongoing test work.

Drilling approvals are currently being sought to enable commencement of definitive testing of magnetite targets, aimed at JORC resource estimation later in the year.

Ethnographic and botanical surveys were completed to facilitate further drilling approvals for the hematite and magnetite mineralisation at Johnson Range. Some drilling approvals are already in place and others are expected in the June Quarter.

On this basis, a major drill programme is scheduled to commence in April to further test hematite and magnetite targets and commence the resource definition process.

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Quarterly Activities Report

For the Three Months Ended 31 March 2011

Die Hardy Project

The Lara prospect forms a prominent ridge approximately 3.4km long and 200-300m wide dipping sub-vertically. The two holes drilled in 2010 support the interpreted width and depth potential and the initial assay and DTR results from the drilling were highly encouraging. Further DTR test work is ongoing and drilling is planned for 2011. Lara is clearly the highest priority magnetite target identified to date given the interpreted size and encouraging metallurgical properties.

Lara is located in a Class C conservation Park. Hence the programme of works (PoW) process can take longer subject to the requirements of the regulators. The process has commenced and drill testing will commence after approvals are obtained (expected in May/June). Part of the western end of the prospect is covered by a registered aboriginal site. This will not prevent drill testing of the western half of the prospect in the short term and a Section 18 process has commenced to obtain drill approvals over the remaining area.

During the reporting quarter, environmental flora surveys and an ethnographic heritage clearance were completed to facilitate the planned drilling.

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Figure 4: Die Hardy – Lara Prospect and Drill hole location

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Quarterly Activities Report

For the Three Months Ended 31 March 2011

Regional Exploration

Following the acquisition of the SXG iron rights in the region, regional geological reconnaissance was completed. A number of areas have been identified as containing outcropping hematite mineralisation and magnetite potential is widespread. Data compilation will be undertaken over all the new ground in conjunction with further field reconnaissance. A geophysical review of the new ground has commenced and it is planned to acquire aeromagnetic data in coming months to and possibly gravity data to assist in target definition. Any prospects identified will be drill tested as warranted commencing later in 2011.

Corporate

Radar Iron’s entitlement issue of options has now closed. The Company is currently reconciling subscriptions and will notify the market of the results once complete.

Radar’s cash position at the end of the quarter was $4.75 million.

Announcements

The Company made the following announcements during the quarter.

Date	Headline
22/03/2011	Non-RenounceableEntitlementsIssueProspectus
22/03/2011	Shareholder Notice- Non-RenounceableEntitlementsIssue
22/03/2011	Non-RenounceableEntitlementsIssue andAppendix3B
21/03/2011	Investor Presentationand CorporateFlyer
16/03/2011	ExplorationUpdate
10/03/2011	Completionof DueDiligence on Iron RightsAcquisition
25/02/2011	Half Year Accounts
16/02/2011	TRH: RAD - Major AcquisitionofCentral Yilgarn Iron Rights
16/02/2011	Major AcquisitionofCentral Yilgarn Iron Rights
16/02/2011	SXG:Sale of Non-CoreIronOreAssets toRadar Iron
2/02/2011	Radar IronQuarterlyBriefingPresentation
1/02/2011	Exploration Potentialat Johnston RangeAmendment
31/01/2011	QuarterlyActivities and Cashflow Report
31/01/2011	Exploration Potentialof5Billiontonnes at Johnston Range
28/01/2011	Radar Iron Research Report- RM Research
20/01/2011	Boardroom RadioInterview withJonathan Lea
19/01/2011	Maiden MagnetiteDrill Results
18/01/2011	TradingHalt
11/01/2011	2011 Exploration Programme

For or on behalf of Radar Iron Ltd

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.

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Appendix 5B Mining exploration entity quarterly report

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Radar Iron Limited

ABN 146 455 576	Quarter ended (“current quarter”)
146 455 576	31 March 2011

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	- (626) - - (314) - 33 - - -	- (799) - - (426) - 58 - - -
	(907)	(1,167)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) – Cash acquired on acquisition of subsidiary Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(550) - (72) - - - - - -	(550) (120)* (84) - - - - - 18
	(622)	(736)
	(1,529)	(1,903)

• Cash paid in acquisition of Radar Resources Pty Ltd, as disclosed in the Prospectus dated 5 Nov 2010.

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(1,529)	(1,903)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other - Capital Raising Costs	- - - - - -	7,323 - - - - (669)
Net financing cash flows	-	6,654
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(1,529) 6,280 -	4,751 - -
	4,751	4,751

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		103
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Amounts paid to directors includes salaries and wages for director services.

Non-cash financing and investing activities

2.1

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	-	-

Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	900
	-
	-
	150
Total	1,050

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,751	6,280
	3,000	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	4,751	6,280

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference+securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs,redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	61,880,112	36,614,500
7.5 +Convertible debt securities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) Total 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	20,375,000 2,375,000 22,750,000	- -	Exercise price 25 cents 30 cents	Exercise date 30/11/13 31/05/14
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: (Director/ Company secretary )

Date: 21 April 2011

Print name: Phillip Wingate

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.