WEEBIT NANO LTD — Interim / Quarterly Report 2013

Apr 29, 2013

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Quarterly Report

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Quarterly Activities Report For the three months ended 31 March 2013

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ACN 146 455 576

Highlights

• ∗ Joint Venture deal on Mt Ruby DSO magnetite project signed subject to due diligence

• ∗ Due diligence in progress with 11 holes completed assessing the mineralisation - assays pending

• ∗ Radar continues studies on rail and port options for Yilgarn project

ASX Release 30 April 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 9331 0655 Bill Kemmery 0400 122 449

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its quarterly activities report for the quarter ended 31 March 2013. During the quarter Radar focused on the acquisition and due diligence process for the Mt Ruby Magnetite project in far north Queensland.

Along with a review of all existing data, Radar competed an eleven hole RC drill programme (497m total) to test the nature and extent of the mineralisation prior to constituting the joint venture. Assay results are pending and a separate announcement will be made in coming weeks.

The Mount Ruby project offers the possibility of a rapidly exploitable resource with infrastructure in place and accessible. Due diligence is agreed to conclude in May, 2013.

While the due diligence process for Mt Ruby has been underway, active exploration elsewhere has been restricted. Drill targets have been identified over many of the tenement groups comprising the Central Yilgarn project. Drilling is planned in 2013 subject to approvals aimed at increasing the hematite resource inventory.

Radar continued metallurgical studies for the Yilgarn project aimed at testing the potential for lower grade ores to be beneficiated. The results are encouraging to date and indicate that the ore can be upgraded in iron content using gravity, magnetic and reverse silica flotation. The initial test work suggests that an original iron grade of 50-55% Fe is required to obtain a concentrate iron grade of >60%Fe. The test work is continuing.

Radar has participated in a number of studies in recent months aimed at better identifying the infrastructure requirements necessary to enable transport and shipping of the iron ore from the Yilgarn through the Port of Esperance. The results reinforce the view that an approximately 10Mtpa upgrade to port capacity can be achieved for a reasonable cost in a timely manner. The rail infrastructure while needing some upgrade is also suited for this scale of increase.

Simultaneously, the Esperance Port Authority is progressing the selection process for a preferred developer for the expansion with an operational target of early 2015.

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Quarterly Activities Report For the Three Months Ended 31 March 2013

Figure 1: Project Location

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Figure 2: Mt Ruby Project Location

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

Mt Ruby

Radar announced on February 8, 2013 an agreement to acquire 51% of the Mount Ruby Magnetite deposit in the Innisfail district of Far North Queensland from private company, Developed Iron Ore Pty Ltd (DIO). Following successful due diligence, Radar and DIO propose to form a joint venture aimed at exploiting DSO mineralisation at Mt Ruby. Mt Ruby lies within 120km trucking distance from the existing port near Innisfail (see Figure 2).

DIO has carried out project evaluation and mining studies on the project and agreements are in place or pending to enable transport including highway trucking (up to 600,000tpa) and export through the port of Mourilyan.

The acquisition is contingent on Radar completing due diligence including initial confirmatory drilling on the project by May 31, 2013. Following satisfactory due diligence, Radar will make a cash payment and spend funds on project development to secure a 51% interest in the project. Radar will also issue equity to DIO on delineating certain resources and upon the joint venture commencing mining.

Due diligence is in progress with review and validation of existing data being undertaken along with drill testing of the mineralisation. 11 RC drill holes were completed in April 2013 (after the end of this reporting period) – assay results are pending.

Following a review of the drill data, potential resource size and grade and potential economic value, a decision will be made on whether to form the joint venture. As per the time line this decision is expected by May 31.

Figure 3: Mt Ruby – Geology (Drill holes shown from 1970)

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

Johnston Range

Multiple hematite targets (generated through a combination of geological mapping, aero-magnetic and gravity geophysical interpretation) have been previously identified in the Johnston Range and Evanston project areas. Zones of surface hematite enrichment up to approximately 800m in length have been defined by mapping. It is Radar’s intention to progressively test these zones with the aim of delineating sufficient resources to justify mining by the time the port of Esperance is expanded to provide capacity.

The prospects lie around the Horse Well Anticline that defines the 40km long belt of banded iron formation on the Johnston Range tenements (Figure 5) and also on adjoining banded iron formation (BIF) ridges in the Evanston project. The Johnston Range is comprised of multiple bands of BIF which represents a target of several hundred linear kilometres of BIF with potential for hematite enrichment.

Johnston Range remains Radar’s key focus given the significant potential for hematite mineralisation. Drilling to date has only tested the more obvious targets at Johnston Range and the presence of multiple BIF bands and the variable strike length of the mineralisation means there are a significant number of potential hematite targets yet to be drill tested.

Radar Iron previously released the results of an independent geophysical review (based on modelling of aero-magnetic data) of the exploration potential at its Johnston Range project (see ASX releases dated 31/01/11 and 1/02/11).

The exploration potential of the Johnston Range mineralisation defined by the geophysical study was:

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

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

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

Following extensive drilling and surface mapping in the past year, the exploration potential for the sub DSO grade material at Johnston Range, averaging over 50% Fe has been re-estimated at:

• Potential Enriched Material : 32Mt - 55Mt at 50-65% Fe*

• Radar Iron advises that 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.

The Muldoon Prospect has been drilled with sufficient density to enables resource estimation – which stands at 2.1Mt at 57.6% Fe* – as announced in ASX release dated 8/05/12). Recent mapping and drilling has indicated the potential for the resource to be increased with potential extensions apparent.

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Quarterly Activities Report For the Three Months Ended 31 March 2013

Figure 4: Yilgarn Project Location

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Figure 5: Yilgarn Prospect Location and Future Drilling Location

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

Figure 6: Muldoon Prospect – Cross section

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Yilgarn Project Studies

It remains Radar’s objective to increase the current hematite resource base with a view to commencing mining by the time the Port of Esperance is expanded with the support of the Western Australian Government.

It is anticipated that the higher grade material at Muldoon and elsewhere will be mined initially to generate the capital required to construct a beneficiation plant should the recent metallurgical test work provide an economic path for enrichment

Radar is continuing the studies required for future export and also participating in the current market sounding process driven by the Port of Esperance with the aim of ultimately being allocated tonnage capacity in the expanded port. The status of the various studies is as follows.

Metallurgical Studies

An ongoing metallurgical test work programme for Johnston Range is aimed at assessing the potential for lower grade mineralisation to be upgraded by standard processes.

• The test work has been progressively undertaken though 2012/13 and managed by AMEC Australia Pty Ltd. The aims of the programme were to test partially mineralised hematite ores in the 45-55% Fe range to establish the potential to enrich the material to +60% Fe with a combined silica and alumina content of less than 6%. Four RC drill cutting samples from different prospects in the Johnston Range area were used for the preliminary metallurgical program.

• A significant suite of tests were performed including simple screening, magnetic separation, reverse silica flotation and heavy liquid separation to obtain an indication of the optimal method for enrichment.

• The results indicate that the samples can be upgraded in iron content using gravity, magnetic and reverse silica flotation. The initial test work suggests that an original iron grade of 50-55% Fe is required to obtain a concentrate iron grade of >60%Fe. Iron recovery for the tests is targeted in the 55-70% range and the test work indicates that this outcome is possible.

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

• Radar’s preliminary review of the potential processing costs indicates that a plant size capable of 2mtpa of feed or greater may be economically feasible although more work is required following the confirmation of the detailed process required.

• Qemscan analysis completed during the quarter with theoretical grade recovery curves indicating potential to improve Fe grade of concentrate with relatively low iron loss.

• Further metallurgical studies including a flotation optimisation programme will continue into 2013 aimed at identifying the optimal grind size and reagent types and quantities needed to optimise the process and reduce unit processing costs.

YIPA Studies

Radar, as part of the Yilgarn Iron Producers Association (YIPA), has been involved with a number of studies focussed at determining the requirements and capacity of the existing infrastructure servicing the Esperance Port. Cooperation with Radar’s peers in the Yilgarn region has enabled significant advancement in the understanding of the infrastructure (rail and port) requirement for Radar’s Johnston range and Die Hardy projects for a relatively low cost. The studies, which have been completed by independent consultant group AECOM, are:

• Supply Chain Study – focussed on the potential scope of the port and rail net work to carry increased tonnages, the likely bottlenecks and the remediation necessary (completed October 2012).

• Esperance Port Financial Study – provided evidence that a modest Esperance Port upgrade was the key to boosting output from the Yilgarn Iron Province suggesting that low capital (~$200M) and incremental upgrading of infrastructure can be used to cater for the stage one export of DSO material. (Study completed January 2013).

• Regional Economic Impact Study – confirmed major benefits to State’s economy during construction and subsequent operational phases of a modestly priced and commercially viable 10 million tonne per annum port upgrade and associated Yilgarn region as a whole iron ore mining activity. (Study completed January 2013). Benefits to WA included;

• Increased State Government iron ore royalty receipts of $95m per annum

• Employment for up to 1,000 workers during construction phase

• Increased direct employment for up to 360 people during mine operation, which could create 1,200 full-time equivalent jobs elsewhere in the economy.

• State Government payroll tax payments of up to $2.5m per annum during operational phase and $7.2m during construction phase.

• Advanced High Level Rail Study – refining earlier work to better define the improvement required to enable an additional 10Mtpa of iron ore to be railed to the Port from east and north of Kalgoorlie. (Study in progress)

WA Government Activity

• Esperance, Port Lands and Sea (EPSL) currently undertaking assessment of 5 private sector submissions to design, finance, build and operate the proposed new multi user iron facility (MUIOF) at the Port of Esperance following a the supply of a reference design by the Port Authority. EPSL expects the new facility will be operational in early 2015.

• The department of Transport has commenced a feasibility study into an intermodal freight terminal for the Kalgoorlie area – needed for the expected increase in iron ore and freight on the Eastern Goldfields Railway.

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

Future Work

Following conclusion of the Mt Ruby due diligence studies it is expected that active field work will recommence at Johnston Range in coming months culminating in identifying and prioritising targets for drill testing later in 2013. The metallurgical test work currently in progress will be a factor used for future drill planning - positive results that suggest material say above 45% Fe can be upgraded to DSO grade could change the focus of further work and potentially significantly increase the likely resource inventory.

Die Hardy Range Project

With Radar’s current focus on defining the Mt Ruby evaluation, no active field work has been completed at the Die Hardy magnetite project in recent months.

Radar is seeking a partner to progress this project, with the next stage of work expected to involve further resource drilling and metallurgical test work. The scoping study completed in 2011 suggested the project had robust economics, and the work to date along with the realistic regional transport options suggest a significant magnetite operation can be successfully established at Die Hardy.

The potential for a major body of magnetite mineralisation at the Die Hardy Range was indentified in 2010 through reconnaissance mapping and is approximately 3.4km long. A substantial RC drilling programme in 2011 resulted in the estimation of a maiden mineral resource estimation by consultant firm CSA Global in October 2011 and resulted in a JORC reportable Indicated and Inferred Mineral Resource at a 20% Fe cut-off grade of 353 million tonnes at 26.1% Fe (215Mt 26.7% Fe Indicated and 138Mt at 25.2% Fe Inferred). Details of the resource estimation procedure and ore body characteristics were provided in Radar’s December Quarterly report reported to the ASX on January 31, 2012.

The deposit outcrops as a ridge of magnetite bearing banded iron formation (BIF). The BIF is partially demagnetised to a depth of 40-50m. The mineralisation dips steeply south and is exposed over a strike length of several kilometres. The reverse circulation (RC) drilling intersected massive magnetite mineralisation with widths from 100 to 300m to a depth of 350m below surface. Drilling to date has not yet fully defined the extent or the depth of mineralisation.

The mineralisation has been tested for approximately 40% of its strike extent on Radar’s tenements and remains open along strike and at depth. Davis Tube Recovery (DTR) results and metallurgical test work indicates that a concentrate can be produced exceeding 69% Fe with low levels of contaminants at a grind size of 50 micron. This indicates that the mineralisation can be treated and has excellent potential for producing a saleable concentrate.

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Quarterly Activities Report For the Three Months Ended 31 March 2013

Figure 7: Die Hardy Range Project Plan

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Figure 8: Die Hardy Range – Cross Section

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

Regional Exploration

The focus for regional exploration remains to identify new hematite targets for potential drill testing in 2013. A number of targets (eg at Jackson, Evanston and Windarling East) have already been identified and planning for drill testing is underway.

Corporate

Radar’s cash position at the end of the quarter was $1.2 million.

Announcements

The Company made the following announcements during the quarter.

Date	Headline
27/03/2013	MtRubyProject Update
19/03/2013	MtRubyProject Update
12/03/2013	Half Year Accounts
19/02/2013	Change of Director'sInterestNotice
18/02/2013	MtRubyProject Update
15/02/2013	CompanyPresentation - February2012
8/02/2013	Radar Iron AcquiresMtRubyDSOProject
6/02/2013	TradingHaltRequest
6/02/2013	TradingHalt
30/01/2013	QuarterlyActivities and Cashflow Report
14/01/2013	Change of Director'sInterestNotice

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.

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.

Information in this report that relates to the Mineral Resource estimate for Muldoon reflects information compiled by Mr Alexey Zharnikov a full time employee of CSA Global Pty Ltd, who is a member of the Australian Institute of Geoscientists (AIG). Mr Zharnikov has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting 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 Zharnikov consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

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Quarterly Activities Report

For the Three Months Ended 31 March 2013

The information in this report relating to exploration results, sampling data validity and quality, mineralisation density and general project descriptions used in the Die Hardy Resource Estimate accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Mineral Resources and Ore Reserves). It was reviewed by Aloysius G.W. Voortman of CSA Global Pty Ltd who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting. Mr Voortman 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 Voortman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Information in this report that relates to the Mineral Resource for Die Hardy estimate reflects information compiled by Mr Aloysius G.W. Voortman of CSA Global Pty Ltd who is a Fellow and Chartered Professional of the AusIMM. Mr Voortman is a Competent Person as defined by the JORC and is a full time employee of CSA Global Pty Ltd as Principal Resource Geologist and Geostatistician. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is reporting 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 Voortman consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

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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

Name of entity
Radar Iron Limited
ABN 15 146 455 576	Quarter ended (“current quarter”)
15 146 455 576	31 March 2013

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–Research & development tax offset Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	- (214) - - (209) - 11 - - -	- (2,049) - - (738) - 73 - - 280
	(412)	(2,434)
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) –Project Due Diligence Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - (2) - - - - - (147)	(20) - (59) - - - - - (147)
	(149)	(226)
	(561)	(2,660)

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(561)	(2,660)
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	- - - - - -	- - - - - -
Net financing cash flows	-	-
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 ofquarter	(561) 1,805 -	(2,660) 3,904 -
	1,244	1,244

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
1.25	Explanation necessaryfor an understandingof the transactions

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
	200
	-
	-
	150
Total	350

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)	15	49
	1,229	1,756
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	1,244	1,805

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	81,340,070	81,340,070
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 2,375,000 300,000 23,050,000	- - -	Exercise price 25 cents 30 cents 45 cents	Exercise date 30/11/13 31/05/14 31/07/14
	-	-
	-	-
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:

Date: 30 April 2013

(Director/ Company secretary

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.