WEEBIT NANO LTD — Interim / Quarterly Report 2010

Feb 1, 2011

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Radar Iron Ltd Quarterly Briefing

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February 2, 2011

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Contents
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• IPO

• Strategy

• Projects

• Summary

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Hematite iron enrichment at Dang

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IPO Outcomes
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• Radar was admitted to the ASX on Friday 17 December 2010 and quotation of the securities commenced on Tuesday 21 December.

• $6.8M raised with 495 new shareholders

• Initial seed capital raised $475,000 used to fund the costs of the IPO and initial exploration activities.

• Radar Iron completed the acquisition of 100% of the issued capital of Radar Resources Pty Ltd from Transit Holdings Ltd.

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Capital Structure Post IPO
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Ordinary Shares

	Shares Free Trading Escrow Total
	Fully Paid Ordinary Shares 36,614,500 25,265,612 61,880,112

Options

	Options Ex Price Expiry Free Trading Escrow Total
	Unlisted $0.25 30 Nov 13 375,000 20,000,000 20,375,000
	Unlisted $0.30 31 May 14 375,000 2,000,000 2,375,000
	Total 750,000 22,000,000 22,750,000

Market Cap (based on last trading price: $0.41)

	Shares Current $25 million Fully Diluted $35 million

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Project Summary
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• Assets located in

developing Yilgarn Iron Ore Province (YIOP)

• Proven haematite &

magnetite province – large resource position with existing and further proposed production

• Enhance potential for rapid project development with new projects planned for region potentially providing infrastructure

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Development Strategy
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• Rapid exploration and resource definition of iron ore resources

• Develop profitable mining operations

• New project acquisition if potential to significantly add to shareholder value

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• Hematite resource by mid-year

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• Magnetite resource by year end

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Project Location
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• Large magnetite deposits defined in district and being considered for development • Existing and proposed upgraded infrastructure (rail and port) solutions

• 3 Project areas

• Johnston Range – key focus

• 40km BIF

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Exploration 2010
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• In mid 2010, a geophysical review of existing magnetite and gravity data in the Johnston Range area – aimed at hematite identification.

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• Field reconnaissance followed to validate the programmes potential

• to initial drill identified both for

• targets leading targets being hematite and magnetite.

• Two flora were in 2010 surveys completed November/December by

• botanical consultants to facilitate future drilling approvals.

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• Further field mapping was completed in the Johnston Range area to validate existing and identify new targets.

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Exploration 2010 Cont/‐
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• Drilling approvals were received – for 91 planned drill holes over nine prospects at Johnston Range and Die Hardy. These approvals covered both hematite and magnetite drill targets.

• A 1388m, 11hole RC drill programme was completed, targeting magnetite mineralisation to provide initial samples for assay and preliminary metallurgical testing to assist in the prioritising of magnetite drill targets.

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• The prospects tested were Lara at the Die Hardy project and Beven, Clutch, Olger and Bolger at the Johnston Range Project.

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2010 Drill Targets
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Johnston Range Project

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Die Hardy Project
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Drill Hole Number	Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location	Drill Hole Data and Location	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades	Intercepts ‐ Average Weighted Grades
	Prospect	Length	East	North	Dip	Azimuth	From	To	Width	% Fe	% SiO2	% Al2O3	% P	% S
RIRC001*	Lara	120	734987	6680828	‐60	210	20	120	100	25.6	56.0	0.83	0.06	0.05
RIRC002*	Lara	166	735262	6680310	‐60	30	12	166	154	28.9	48.3	4.35	0.08	0.07
RIRC003	Beven	156	729996	6722504	‐60	160	0	16	16	32.0	46.3	2.54	0.02	0.03
	and						116	132	16	28.6	48.5	3.43	0.05	0.10
RIRC004	Beven	84	730372	6722650	‐60	150	20	72	52	27.5	45.9	3.57	0.04	0.08
RIRC005	Beven	108	730398	6722572	‐60	330	20	76	56	21.9	48.2	6.76	0.05	0.12
RIRC006	Beven	80	730015	6722435	‐60	330	24	56	32	27.9	45.4	3.61	0.04	0.04
RIRC007	Clutch	156	726200	6710510	‐60	125	4	44	40	37.4	33.9	5.76	0.03	0.02
RIRC008#	Clutch	80	726310	6710679	‐60	125	0	16	16	29.7	39.8	7.49	0.02	0.03
RIRC009#	Clutch	126	726341	6710654	‐60	125	4	24	20	28.1	28.4	18.33	0.01	0.06
RIRC010	Bolger	156	719819	6710765	‐60	330	0	16	16	27.8	54.2	1.22	0.06	0.03
	and						60	88	28	31.0	47.4	1.52	0.07	0.05
RIRC011	Olger	156	721309	6712024	‐60	25	84	120	36	31.5	44.6	0.83	0.07	0.20

Notes:

Sampling and assay intervals – 4 metres

Assay intervals calculated using a 20% minimum iron grade Maximum of 12m of internal dilution in assay intervals XRF assaying completed by Spectrolab, Geraldton

• Hole ended in mineralisation

Hole ended prematurely owing to high water influx

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Drilling Results – DTR
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	Prospect	Drill Hole Number	From	To	Mass Recovery	Fe %	SiO2 %	Al2O3 %	P %	S %
	Lara Lara Lara	RIRC001 RIRC002 RIRC002	108 104 156	120 116 166	35.6 43.1 48.1 42.2	63.5 70.3 70.0 67.9	11.6 2.9 4.3 6.2	0.16 0.06 0.03 0.08	0.02 0.00 0.01 0.01	0.01 0.01 0.01 0.01
	Beven Beven Beven	RIRC003 RIRC004 RIRC005	120 56 52	132 68 64	38.3 38.5 38.1 38.3	71.1 70.9 67.4 69.8	2.2 2.7 5.9 3.6	0.07 0.09 0.10 0.09	0.02 0.01 0.02 0.02	0.01 0.02 0.03 0.02
	Bolger	RIRC0010	64	76	38.6	58.4	16.7	0.12	0.04	0.03
	Olger	RIRC0011	108	120	50.8	55.4	20.8	0.23	0.06	0.02

• Davis Tube Recovery (DTR) test work is aimed at defining the potential concentration characteristics of magnetite mineralisation using magnetite separation.

• Typically DTR concentrates, to be indicative of being potentially economic ore, require the following characteristics:

• an iron grade greater than 66% Fe

• a silica (quartz) content less than 5%

• a mass recovery greater than 30% (percentage of sample recovered as magnetite)

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Magnetite Potential
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• Independent consultants reviewed existing Johnston Range aeromagnetic data – results for magnetite exploration potential: • Primary Magnetite BIF : 4.0Bt - 6.7Bt at 20-45% Fe

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

• • Total Iron Mineralisation : 4.4Bt - 7.3Bt at 20-65% Fe

• Die Hardy – Lara Prospect exploration potential

• Magnetite BIF: 0.5Bt - 0.7Bt at 25-32% Fe

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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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Summary
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• Radar hit the ground running and is kicking goals

• Radar magnetite exploration potential very significant

• Indications that magnetite concentrates will be saleable

• Drilling of hematite commences next week

• Recent mapping has indicated new hematite drill targets

• Hematite ore tonnage enhanced by recent studies

• On schedule for initial hematite resource by mid year

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Disclaimer
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This Presentation is issued by Radar Iron Ltd (“Radar” or “the Company”). The information contained herein is confidential and proprietary to the Company and is provided to recipients on the terms and conditions set out in this disclaimer. The document, in whole or in part, is not to be distributed, copied or reproduced, in any form, without the prior written consent of the Directors of the Company.

The document does not purport to cover all relevant information about the Company or its business. It does not intend to be a complete or accurate statement of material information.

Although the Company has used care and diligence in its preparation, this Presentation is provided on the basis that no representation or warranty, expressed or implied, is made by the Company or any of its associates or advisers as to the accuracy or completeness of the information.

None of the information contained in this Presentation or any other written or oral communication transmitted or made available to the recipient or any of its associates or advisers is, or shall be relied upon as, a promise or representation, whether as to the past or future, and no liability will attach to such information to the Company, its associates or advisers.

The Company and its directors, employees, agents and consultants shall have no liability including to any person by reason of negligence or negligent misstatement for statements, opinions, information or matters (express or implied) arising out of contained in or derived from or for any omissions from this Presentation, except where liability under statute cannot be excluded.

The information in this presentation that relates to iron ore exploration results, mineral resources or ore reserves is based on information prepared by Mr Jonathan Lea, who is an employee of the Company and a member of the Australasian Institute of Mining and Metallurgy. Mr Lea has sufficient experience which is relevant to the style of mineralisation and 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 this ASX Release of the matters based on his information in the form and context in which it appears in the Presentation.

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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Quarterly Review February 2011

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