WEEBIT NANO LTD — Interim / Quarterly Report 2015

Nov 2, 2014

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ACN 146 455 576

ASX Release

31 October 2014

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

P + 61 8 9389 9919 F + 61 8 9389 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 David Sourbutts - Non-Executive

Issued Capital

132,248,630 Ordinary Shares 5,000,000 Unlisted Options

ASX Code

RAD (Fully Paid Ordinary Shares)

Quarterly Activities Report For the three months ended 30 September 2014

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its Quarterly Activities Report for the quarter ended 30 September 2014.

In the past year as previously announced and after a period of intensive review, Radar acquired two new iron ore projects, the Yerecoin Project near Perth and the Uruara project in Brazil. Both projects have the potential for production in the near term.

In the past Quarter, management’s focus has been to secure funding to complete the Yerecoin acquisition and provide working capital.

To this end, Radar completed a placement to sophisticated investors and a share purchase plan in the Quarter raising approximately $300,000.

In addition, Radar was delighted to announce recently the following agreement with a private Australian investment company, Victory Mining Pty Ltd (“Victory”), to raise a total of $5.5 million in two tranches:

•  A placement of 26.1m shares to raise approximately $0.91M, completed on 31 October, and;

•  A one for one non-renounceable rights issue to raise approximately $4.6M expected to be completed in mid December, 2014.

The placement at a price of 3.5 cents per share resulted in Victory holding approximately 19.7% of Radar’s issued capital.

The rights issue offer to shareholders will be at a minimum price of 3.5 cents. Victory has agreed to underwrite the offer subject to the approval of shareholders, which if approved, is expected to be completed by mid December 2014.

The funds procured will enable the Company to progress the technical studies necessary to achieve an early development decision at Yerecoin and to undertake an initial drilling programme at the Uruara project.

Completion of this new funding package will enable the Company to continue to execute on its strategy objective to produce high quality, higher margin magnetite concentrates for the steel industry.

Radar is now in the process of transitioning from an explorer to a miner in coming years.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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YERECOIN PROJECT

Radar Iron Ltd acquired the Yerecoin Iron Ore Project in April 2014.

The project area contains the Yerecoin deposit that is within approximately 150km of Perth and is adjacent to an accessible rail line. Yerecoin has been drilled with sufficient density to enable resource estimation. The Company has reported JORC 2012 Inferred and Indicated Mineral Resources of 383Mt – refer ASX releases of 24 April 2014 “ Major Project Acquisition ” and 8 September 2014 “ Yerecoin Resource Upgrade ” as available on the Company’s website www.radariron.com.au .

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In the past quarter a number of studies and processes have continued aimed at further assessing the data and to facilitate project development. These include:

1. re-modelling of the Yerecoin Main Deposit to partially upgrade the Resource to Indicated, refer ASX release “Yerecoin Resource Upgrade” on 08/09/2014

2. a mining engineering review of previous pit optimisation results to establish priority locations for initial development

3. review of environmental data and approvals to confirm existing level of understanding and define the timelines required for rapid project development

4. cost review studies to refine assumptions and better define areas needing further assessment (see below)

5. transport option studies along with discussions with infrastructure providers to determine the most cost effective means of land and sea movement

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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These studies have been undertaken using a combination of internal Company resources along with a number of external consultants and will continue in coming months. The aim is to progressively develop the optimal processes and infrastructure networks that will enable production within approximately 2 years.

Radar’s business model envisages initial production of approximately 250,000 tonnes of high quality (>68%Fe) magnetite concentrate per annum using a small scale production plant for an estimated capital cost of approximately $20-30m. Once any technical issues are resolved a production level of approximately 2mtpa is possible.

The location of the deposit directly adjacent to a WA Government owned rail line will enable transport to the port of Kwinana for relatively low cost with several berth options being considered to enable export.

URUARA BRAZIL PROJECT

Following due diligence completed early in 2014, Radar entered a farm-in agreement to acquire 50% of the Uruara high grade iron ore project in Para State, Brazil, from a private Brazilian company.

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Figure 2: Uruara Project Location

Project Update

The Uruara Project covers approximately 39,000Ha of tenements with excellent exploration potential for high grade lump iron ore. Subject to positive drilling results, the presence of accessible infrastructure and the supportive Brazilian mining environment could enable an initial mining operation to begin within 2 years for low capital.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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Previous reconnaissance mapping and rock chip sampling indicated the presence of substantial surface occurrences of high grade hematite and magnetite mineralisation. Rock chip assay values are commonly above 60% Fe with low levels of contaminants.

Three main corridors of mineralisation have been interpreted to date forming zones 150400m in width and up to several kilometres in length. The mineralisation commences at surface. No previous drilling has been completed.

Using surface sampling and mapping data an exploration target for the high grade mineralisation is 20Mt-40Mt at 58-65% Fe has been estimated as detailed in an ASX release “Brazilian Iron Ore Project Acquired” on 13/11/2013 and is available to view on the Company’s website www.radariron.com.au. 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.

Should mining be possible, the proposed production route would involve onsite crushing and screening prior to the ore being trucked to one of several existing deep water river ports for direct loading or via barge onto ships.

The Trans Amazonian Highway leads to the ports of Vitoria du Xingu and Santarem. Panamax (60,000t) size ships can navigate the Amazon River in the area and there are numerous operating Panamax ports in the region.

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Figure 3. Mineralisation and Sample Location – Southern Part of EL 850.245

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For the Three Months Ended 30 September 2014

Quarterly Activities Report

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Initial trial mining approvals for approximately 300,000tpa per lease may be obtained in Brazil normally after a six month to twelve month process.

Mapping, sampling and a ground magnetic survey in 2014 have demonstrated the potential for continuous high grade zones of mineralisation and clearly indicate that drill testing is warranted. The widths and continuity indicated for the mineralisation increases the potential for substantial zones of mineralisation to be defined. With the focus on fund raising, exploration was confined to office based planning for the planned drill programme in the current quarter. With the success of the fund raising as discussed above, Radar intends to compete first pass drilling in the December Quarter over the key prosects identified to date.

YILGARN PROJECT

Figure 4: Yilgarn Project Location

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Within its Central Yilgarn Project Radar has defined resources of hematite and magnetite. The WA State Government has selected a preferred developer to expand the export capacity of the Port of Esperance with the expansion planned for completion in 2016. Radar is well positioned to develop its Johnston Range hematite deposits in this time frame. Once the developer is appointed and timing for operation clarified then Radar will recommence project development activity.

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.

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 “Maiden Hematite JORC Resource for Muldoon Prospect” dated 8/05/12. Mapping and drilling has indicated potential for the resource to be increased.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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Figure 5: Yilgarn Prospect Location

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A major magnetite ore body has been identified at Die Hardy Range (see Figure 5) and following substantial drilling programmes, the 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 ASX announcement “Maiden 353Mt Magnetite JORC Resource for Die Hardy” on 08/05/2012 and in the December Quarterly report to the ASX on January 31, 2012.

The deposit outcrops as a ridge of magnetite bearing banded iron formation (BIF) over 3km in length. The BIF is partially demagnetised to a depth of 40-50m. 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.

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. A scoping study 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.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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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.

FUTURE WORK

With the funding for the Yerecoin project development work now secured, the ongoing technical evaluation studies will ratchet up in scope. These studies into metallurgical properties, reserve definition, transport options etc., are continuing and negotiations continue with infrastructure providers to better define the cost structure. Further releases on these aspects are expected in coming months.

New drill campaigns will be planned following the pit definition work aimed at obtaining further samples for metallurgical assessment and to increase the confidence in the current resource base.

Drilling plans for the potential high grade DSO iron ore Uruara project in Brazil will also be finalised so first pass drilling can be completed in the coming months.

Corporate

During the September Quarter Radar completed two fund raising events:

1. A share placement at 5 cents per share was completed to sophisticated investors. 2,300,000 ordinary shares were issued, raising $115,000 in July 2014

2. A Share Purchase Plan (SPP) in which all shareholders were eligible to invest for new shares at 3.5 cents per share. This offer in closing on September 12 raised $176,000 with 5,028,560 new shares issued.

During September, an Australian investment company, Victory Mining Pty Ltd agreed to invest in Radar by taking up a placement of 26.1 million shares at 3.5 cents per share to raise $913,500 (before costs) and underwriting a rights issue.

Victory is a Sydney-based private investment company, with a focus on mineral investments in Australia and abroad. The proposed investment in Radar Iron is the company's first investment in Australia. Further details are contained in ASX announcement of 22 September 2014 titled “Placement and Fully Underwritten Rights Issue to raise $5.5 million.

The placement was completed and funds received, after the end of the reporting period, on 31 October 2014 pursuant to shareholder approval which was received at a general meeting of shareholders held on 23 October 2014.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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The issue price for the placement was $0.035 and raised 0.91M. Following the issue of the placement shares, Victory has become Radar’s largest shareholder with 19.7% of Radar’s expanded share capital.

Radar’s Annual General Meeting has been scheduled for November 19, whereat shareholders will have the opportunity to vote on the proposed underwritten rights issue. If approved, the rights issue will be completed around mid December 2014 and will raise approximately $4.6M.

Victory Mining has agreed to fully underwrite a pro rata one for one non-renounceable issue subject on the following conditions:

• a. Radar lodging a prospectus for the Rights Issue;

• b. Radar obtaining all necessary approvals (including shareholder approval under section 611 (item 7) of the Corporations Act);

• c. no material adverse change to Radar or its assets;

• d. there being no material breach of any warranty given by Radar;

• e. if required, Investor obtaining FIRB approval;

• f. the All Ordinaries Index remains at all times at least 90% or more than at the close of business on the business day prior to the date of the term sheet; and

• g. the Platts daily Iron Ore 62% Fe, North China price remains at all times at least 90% or more than at the business day prior to the date of this Term Sheet.

The issue price for the placement will be the greater of 80% of the volume weighted average closing price for Shares over the last 20 days on which sales took place before the Rights Issue prospectus is lodged and $0.035.

This investment from Victory underscores the potential of Radar’s projects and the funds will enable Radar to focus on rapid project development in the coming year.

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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Announcements

The Company made the following announcements since the open of the quarter.

Date	Headline
15/07/2014	CompanyPresentation -July2014
25/07/2014	Appendix 3B
31/07/2014	Quarterly Cashflow and Activity Reports
04/08/2014	Expiry ofOptions
20/08/2014	Cleansing Notice & Share Purchase Plan
28/08/2014	YerecoinUpdate
03/09/2014	Yerecoin Transport Optimisation Study
04/09/2014	Share Purchase Plan Offer Extended
08/09/2014	Yerecoin Resource Upgrade
15/09/2014	TradingHalt
16/09/2014	Results of Share Purchase Plan
17/09/2014	Suspension from Official Quotation
18/09/2014	Appendix3B
18/09/2014	Update on Capital Raising
19/09/2014	Change of Directors Interest Notices
22/09/2014	Placement & Fully Underwritten Rights Issue to Raise $5.5m
22/09/2014	Reinstatement to Official Quotation
22/09/2014	Change in substantial holding from POK
22/09/2014	Appendix 3B for Entitlement Issue
23/09/2014	Notice ofGeneral Meeting/ProxyForm for 23 October
30/09/2014	Annual Report to shareholders
16/10/2014	CompanyPresentation -October 2014
22/10/2014	Notice of Annual General Meeting/Proxy Form
23/10/2014	Results of Meeting

For or on behalf of Radar Iron Ltd

Jonathan Lea

Managing Director

COMPETENT PERSON’S STATEMENT

The information in this report that relates to Exploration Results is based on information 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

A Mineral Resource was established previously for the Yerecoin Magnetite Deposit. 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 ASX releases that are available to view on the Company’s website www.radariron.com.au. The ASX releases were:

“Major Project Acquisition” on 24/04/2014

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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“Yerecoin Resource Upgrade” on 08/09/2014

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.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that any production target itself will be realised.

There is information in this announcement relating to surface sampling assays at the Uruara Project completed in two sampling programmes in 2013 and one in 2014. These were detailed in ASX releases and available to view on the Company’s website www.radariron.com.au. The ASX releases were:

1. “Brazilian Iron Ore Project – Update 1” on 18/11/2013 and

2. “Brazilian Iron Ore Project – Update 2” on 15/01/2014

3. “Brazilian Update – Uruara Project Option Exercise” on 21/01/2014

4. “Brazilian Iron Ore Project – Update 6” on 02/04/2014

An Exploration Target was established previously for the Uruara mineralisation following assessment in 2013. This was detailed in an ASX release and is available to view on the Company’s website www.radariron.com.au. The ASX release was: “Brazilian Iron Ore Project Acquired” on 13/11/2013.

The potential quantity and grade for Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.

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.

Mineral Resources were established previously for the Die Hardy Magnetite Deposit and the Muldoon Hematite Prospect in 2011 and 2012 respectively. This information was first reported under the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. and has not been updated. The Mineral Resources were detailed in ASX releases and are available to view on the Company’s website www.radariron.com.au. The ASX releases were:

1. “Maiden 353Mt Magnetite JORC Resource for Die Hardy” on 16/11/2011, and

2. “Maiden Hematite JORC Resource for Muldoon Prospect” on 08/05/2012.

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.

APPENDIX A – TENEMENTS HELD AT 30 SEPTEMBER 2014

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Quarterly Activities Report

For the Three Months Ended 30 September 2014

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Lease	Location	Interest at End ofQuarter	Acquired During the Quarter	Disposed of During the Quarter
E77/1926	Yilgarn WA	100
E77/1280	Yilgarn WA	100
E77/1281	Yilgarn WA	100
E77/1807	Yilgarn WA	100
E77/1961	Yilgarn WA	100
E70/2783	Northam WA	100
E70/2784	Northam WA	100
E70/3937	Northam WA	100
E70/3938	Northam WA	100
E70/3939	Northam WA	100
E70/3940	Northam WA	100
E70/2733	Yerecoin WA	100
E70/3990	Yerecoin WA	100
E70/4388	Yerecoin WA	100
E70/4391	Yerecoin WA	100

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