WEEBIT NANO LTD — Interim / Quarterly Report 2014

Jul 30, 2014

Quarterly Activities Report For the three months ended 30 June 2014

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ACN 146 455 576

ASX Release

31 July 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

Issued Capital

100,840,070 Ordinary Shares 5,300,000 Unlisted Options

ASX Code

RAD (Fully Paid Ordinary Shares)

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its quarterly activities report for the quarter ended 30 June 2014.

As announced in the previous quarterly report, Radar acquired the Yerecoin Project in April 2014 and the overall focus for the quarter has been finalising the acquisition and the commencement of a number of studies aimed at validating the technical understanding and to facilitate project development.

A summary of activities for the quarter is:

•  Acquisition in April 2014 of the Yerecoin Iron Project within approximately 150km of Perth and adjacent to an accessible rail line.

•  Radar gaining a new cornerstone investor, related to the financing of the Yerecoin acquisition.

•  Commencement of development studies for Yerecoin.

•  Ongoing exploration at the Uruara iron ore project in Brazil with positive results from sampling and ground magnetics – drilling planned in coming quarter.

Following the acquisition of the Yerecoin deposit, Radar has changed its focus from acquisition to one of project development, with a focus on Yerecoin, with the intent of developing a low capital cost operation in the next 2-3 years.

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Figure 1: WA Project Location

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Quarterly Activities Report

For the Three Months Ended 30 June 2014

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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 vendor determined that the project did not fit its development criteria and following a multi-stage bidding process Radar successfully acquired the assets.

The project area contains a major deposit within approximately 150km of Perth and is adjacent to an accessible rail line. The Yerecoin 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 with a 404Mt JORC Inferred resource.

•  $3.74M acquisition cost spread over 12 months;

•  $0.86M on signing agreement

•  $1.44M, by November 30, 2014

•  $1.44M, 12 months from signing

•  Royalty $1/dry tonne of concentrate

•  Yerecoin, the first planned development involves a coarse grained easily processed magnetite with excellent metallurgical properties;

•  Concentrate at >68% Fe with very low contaminant levels – sought after on world markets as the current average grade of iron ore mined continues to decline;

•  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 will enable transport to the port of Kwinana for relatively low cost with several berth options being considered to enable export.

•  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. Technical and financial studies completed by Radar in conjunction with consultant group Engenium (owned by RDG) indicates the potential economic viability of the development and support this development strategy.

•  Major shareholders behind project delivery company Engenium agreed a 17.2M share placement in Radar at 5 cents per share to raise $0.86M. Engenium completed engineering studies on the project, reinforcing the validity of the development assumption.

•  Radar aims to 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 with the aim of commencing development in the near term and scaling up production in subsequent years.

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Quarterly Activities Report

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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 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, which 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 $20-30m. Radar considers that the Yerecoin acquisition meets Radar’s investment criteria and complements Radar’s existing iron ore projects in the Yilgarn and enables the exploitation of a major mineral resource in a measured and progressive way.

YERECOIN STUDIES

Since acquisition a number of studies and processes have commenced aimed at further assessing the data and to facilitate project development. These include:

1. Drill data base validation and assessment

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. Review of the current JORC reportable resource and estimation processes used

5. A scoping study to refine assumptions and better define areas needing further assessment (see below)

6. A transport options costing study along with initial discussions with infrastructure providers to determine the most cost effective means of land and sea movement

These studies have commenced using both internal Company resources along with a number of external consultants and will continue in coming months. The aim is to progressively crystallise the optimum processes and infrastructure networks that will enable development within approximately 2 years.

The scoping study results, completed on Yerecoin by engineering group Engenium, support Radar’s objective of having a low capital development cost with production targeted for 2016.

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Quarterly Activities Report

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Key Scoping Study findings were:

•  The project is economically and technically viable.

•  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.

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.

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

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Quarterly Activities Report

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Project Summary

The Uruara Project covers about 39,000Ha of tenements with excellent exploration potential for iron ore. 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. Key aspects of the project are as follows:

•  The Uruara Project is located in Para State, Brazil, approximately 600km inland and approximately 7km from the major Trans Amazonian Highway with ready access to the Amazon River at several locations.

•  The tenements lie in the Amazon Basin geological terrain – formed from recrystallised and enriched sediments. The weathering profile is thin; generally less than 1m, with the project area being covered by open farm land and forest with sparse outcrop.

•  Mapping surface sampling and trenching has been undertaken to date on only one of the licenses. The trenching suggests the mineralisation continues to at least 4m below surface.

•  Outcrops of massive high grade hematite and magnetite mineralisation have been identified which when joined together can be interpreted as forming continuous mineralised corridors. The ready identification of large areas of high grade massive iron ore at surface in a virgin area is considered highly encouraging and the potential to further extend the mineralised area is considered excellent.

•  Three main corridors have been interpreted to date forming zones 150-400m in width and up to several kilometres in length. The mineralisation commences at surface, extends to at least 4m depth. No drilling or regional aeromagnetic data exists.

•  Using surface sampling and mapping data an exploration target for the high grade mineralisation is 20Mt-40Mt at 58-65% Fe has been estimated. 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 a deep water river port 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.

•  Initial trial mining approvals for approximately 300,000tpa per lease may be obtained in Brazil normally after a six month to twelve month process. Drilling approvals are routinely gained in this area.

Lease Rationalisation/Acquisition

During the quarter, geological reconnaissance was completed over the 5 northern licenses applications included in the original farm-in agreement (850647-850651), Figure 3. Little geological potential was apparent and hence Radar withdrew from any further involvement with these tenements. The five tenements covered approximately 49,000Ha in total.

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Quarterly Activities Report

For the Three Months Ended 30 June 2014

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Along strike to the west of the current exploration focus, open ground was identified containing similar geological potential to that currently being assessed. Subsequently, an application was made for 2 new licenses (850197 and 850198) totalling approximately 20,000Ha (Figure 4). Mapping on the new ground will be undertaken in coming months.

The current project area for Uruara is now approximately 39,000Ha.

Exploration Summary– June Quarter

With only a small part of the lease area being explored to date, mapping and sampling of the tenements has continued during the quarter, albeit mostly focussed on the zones of mineralisation defined previously.

A ground magnetic survey was completed over part of Lease 850.245. The results were encouraging in that they indicated sub-surface continuity of the mineralisation.

27 surface sampling assay results were returned from reinforcing the potential presence of high grade mineralisation grading above 60% Fe with low levels of impurities (Table 1).

The recent geological mapping and sampling has increased the known extent of the mineralisation and revealed the potential for new iron rich zones across large areas in what is a largely unexplored region. The Cacao prospect in particular demonstrated very high grade massive iron mineralisation at surface over an area roughly 600m by 500m (Figure 6 and Table 1) with the highest grades being over 66% Fe.

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Figure 3: Original Tenement Location plan and current activity

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Quarterly Activities Report

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Figure 4: New Tenement Applications

Ground Magnetic Survey

A ground magnetic survey was completed in February/March on 100 or 200m line spacing over the existing identified zones of mineralisation. Analysis of the results was completed in the current quarter.

As much of the project area is covered by a thin veneer of soil, long grass or scrub the actual width and continuity of the interpreted zones of mineralisation had not been defined. The ground magnetic survey was deemed to be a cost effective way to assist in this process and to determine the effectiveness of the method in the event later airborne surveys are considered.

The magnetic survey was limited to the areas of open farm land and regrowth cacão plantation and did not extend to cover the areas of high grade iron mineralisation that has been identified in the forested areas on the lease.

The ground magnetic response has shown excellent correlation with mapped outcrop of high grade iron mineralisation and demonstrating that the mapped trends do indeed continue under cover along strike and are potentially significantly wider than previously estimated. This outcome is considered highly significant and increases the potential for substantial zones of mineralisation to be identified.

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Quarterly Activities Report For the Three Months Ended 30 June 2014

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The Cacao Prospect in particular (Figures 5, 7 & 9) appears to be over 1km in length with a width of several hundred metres and has potential for extension to the north.

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Jacare Prospect
Cacao Prospect
Limao Prospect
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Figure 5: Magnetic coverage and Prospect Location plan – southern part of EL850.245

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Figure 6: Magnetic Image and Assay results – Limao and Jacare Prospects Recent Assays - pink dots

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For the Three Months Ended 30 June 2014

Quarterly Activities Report

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Details of the ground magnetic survey procedure and results were provided in Radar’s ASX announcement “Brazilian Iron Ore Project - Update 6” on April 2, 2014.

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Figure 7: Magnetic Image and Assay results – Cacao Prospect Recent Assays - pink dots

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Quarterly Activities Report

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Mapping and Rock Chip Sampling

A programme of line clearing and more detailed rock chip sampling was completed in March quarter with results received this quarter. To facilitate access for the geophysical crew through long grass and scrub, N-S survey lines were cut across the known areas of iron ore out-crop. The resulting exposure from this systematic gridding enabled greater coverage of areas that had been mapped previously. More outcrop was identified than previously located providing indications of greater continuity and potential width than previously recognised.

A total of 27 samples were submitted to the laboratory for analysis, taken from all the prospects and in various lithological units (Table 1). In the results taken from massive hematite or magnetite mineralisation (17 samples) the iron grade averages 61.4% Fe with low contaminant levels. In the both the western Limão and Jacaré trends and the Cacão prospect, mapping has significantly increased the lateral footprint of high grade outcrop from previous mapping phases.

Table 1. Rock Sample assay results (South American 1969 datum, Zone 22S)

SampleID	East	North	Al2O3%	CaO%	Fe%	K2O%	LOI%	MgO%	MnO%	Na2O%	P%	SiO2%	TiO2%
SU-0034	227101	9603298	1.79	0.05	57.86	0.01	10.05	0.10	0.10	0.10	0.06	4.80	0.03
SU-0035	227002	9603304	0.79	0.07	62.14	0.01	5.82	0.10	0.07	0.10	0.05	3.97	0.02
SU-0036	227008	9603404	0.74	0.05	64.68	0.01	2.91	0.10	0.06	0.10	0.05	3.58	0.01
SU-0037	227043	9603563	5.50	0.02	50.81	0.04	11.28	0.10	0.36	0.10	0.21	8.56	1.07
SU-0038	227017	9603658	4.71	0.04	35.11	0.03	6.03	0.10	0.80	0.10	0.08	37.91	0.30
SU-0039	227042	9603809	1.07	0.29	60.43	0.11	3.92	0.10	0.10	0.13	0.03	7.75	0.04
SU-0040	227406	9603241	2.15	0.04	50.89	0.01	9.09	0.10	0.10	0.10	0.21	14.90	0.17
SU-0041	227386	9603272	0.83	0.05	62.05	0.01	6.34	0.10	0.06	0.10	0.05	3.50	0.01
SU-0042	227392	9603327	1.93	0.21	57.28	0.03	4.99	1.00	0.35	0.10	0.20	9.11	0.08
SU-0043	227459	9602853	13.16	0.02	39.95	0.02	11.69	0.10	0.03	0.10	0.16	16.22	1.28
SU-0101	223600	9603328	1.79	0.54	57.59	0.09	2.88	0.23	0.26	0.17	0.03	11.34	0.05
SU-0102	223595	9603414	2.39	0.40	59.64	0.09	4.48	0.23	0.17	0.15	0.03	6.83	0.10
SU-0103	223410	9603170	0.42	0.39	64.86	0.02	1.70	0.26	0.04	0.12	0.02	4.38	0.01
SU-0104	224407	9603605	0.20	0.07	32.22	0.01	3.51	0.10	0.02	0.10	0.01	50.09	0.01
SU-0105	224438	9603583	0.18	0.03	49.83	0.01	6.04	0.10	0.02	0.10	0.01	22.50	0.01
SU-0106	224598	9603383	0.37	0.03	37.26	0.01	3.54	0.10	0.12	0.10	0.01	42.72	0.01
SU-0107	224203	9604617	1.23	0.05	57.47	0.01	8.11	0.10	0.19	0.10	0.06	7.79	0.05
SU-0108	226691	9603199	0.34	0.08	66.39	0.01	2.48	0.17	0.07	0.10	0.02	1.58	0.01
SU-0109	223971	9603671	1.28	0.04	52.82	0.01	5.06	0.10	0.73	0.10	0.02	16.91	0.03
SU-0112	227291	9603393	1.32	0.07	63.79	0.02	3.64	1.52	0.13	0.10	0.05	2.08	0.05
SU-0113	227304	9603486	0.68	0.03	62.06	0.01	7.50	0.10	0.11	0.10	0.06	2.63	0.01
SU-0114	227506	9603544	0.39	0.04	51.09	0.01	8.20	0.10	0.18	0.10	0.01	17.97	0.02
SU-0115	226692	9603545	1.97	0.41	59.87	0.09	5.23	0.10	0.38	0.17	0.02	6.06	0.07
SU-0116	224301	9603797	0.18	0.28	59.84	0.14	0.70	0.14	0.07	0.13	0.01	12.72	0.01
SU-0117	224623	9603265	0.50	0.37	65.56	0.03	1.16	0.37	0.09	0.10	0.02	3.61	0.01
SU-0118	224780	9603596	0.61	0.03	45.54	0.01	7.85	0.10	0.30	0.10	0.01	25.98	0.03
SU-0119	224755	9604815	0.47	0.03	62.45	0.01	7.47	0.10	0.03	0.10	0.07	2.54	0.01

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Quarterly Activities Report

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Details of the rock ship sampling programme and results were provided in Radar’s ASX announcement “Brazilian Iron Ore Project - Update 6” on April 2, 2014.

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Jacare Prospect
Limão Prospect
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Figure 8: Assay results and interpreted mineralisation – Limao and Jacare Prospects

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Quarterly Activities Report

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Cacao Prospect
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Figure 9: Assay results and interpreted mineralisation – Cacao Prospect

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Quarterly Activities Report

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Figure 10. Mineralisation and Sample Location – Southern Part of EL 850.245

The results of the magnetic survey and further assay results are considered highly significant 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.

A man-portable diamond core rig has been sourced hat is suitable for both the open farm land and partially forested areas. Drilling is planned for August and with success the exploration plan is for resource delineation so that a resource base can be established in 2014.

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Quarterly Activities Report

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YILGARN PROJECT

Figure 11: Yilgarn Project Location

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Within its Central Yilgarn Project Radar has defined resources of hematite and magnetite. The WA State Government is continuing the process of selecting a preferred developer to expand the export capacity of the Port of Esperance. 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.

At Johnston Range multiple hematite targets up to approximately 800m in length (generated through a combination of geological mapping, aero-magnetic and gravity geophysical interpretation) have been identified. Radar has progressively drill tested these zones with the aim of delineating sufficient resources to justify mining by the time the port of Esperance is expanded to enable export.

The prospects lie around the Horse Well Anticline that defines the 40km long belt of banded iron formation on the Johnston Range tenements (Figure 12) and also on adjoining banded iron formation (BIF) ridges in the Evanston project. Johnston Range is comprised of multiple bands of BIF which represent 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.

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. Recent mapping and drilling has indicated potential for the resource to be increased.

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Quarterly Activities Report

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Figure 12: Yilgarn Prospect Location

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The potential for a major body of magnetite mineralisation at the Die Hardy Range (see Figure 12) was indentified in 2010 through reconnaissance mapping. 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 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.

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 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

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Quarterly Activities Report

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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.

Corporate

On 15 May, Radar gained shareholder approval at general meeting to issue shares to raise capital.

As part of the acquisition of the Yerecoin Project, Radar agreed to place shares to Lightshare Investments Pty Ltd (Lightshare) to finance the initial payment for the project. The placement was made in early May, 2014.

Lightshare agreed a 17.2M share placement in Radar at 5 cents per fully paid ordinary share to provide the initial payment for the acquisition. Lightshare owns approximately 17.5% of Radar’s issued capital following this transaction.

Lightshare was offered a non-executive Board position with Radar and has nominated Mr David Sourbutts. Mr Sourbutts, who is an experienced civil engineer and executive director of Engenium, commenced as a director in May 2014.

Since 30 June, 2,300,000 ordinary shares have been issued pursuant to Resolution 1 of the general meeting noted above

Radar’s cash position at the end of the quarter was $378,000.

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Quarterly Activities Report

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Announcements

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

Date	Headline
02/04/2014	BrazilUpdate 6
16/04/2014	Notice of General Meeting/Proxy Form
22/04/2014	Trading Halt
24/04/2014	Major ProjectAcquisition
01/05/2014	Quarterly Cashflow Report
01/05/2014	QuarterlyActivitiesReport
02/05/2014	Replacement Announcement - Major Project Acquisition
07/052014	New Cornerstone Investor
07/052014	Secondary Trading Notice & Appendix 3B
07/052014	Completionof Major Acquisition
09/05/2014	Change of Director's Interest Notice
13/05/2014	Changeinsubstantial holdingfrom POK
15/05/2014	Company Presentation-May 2014
15/05/2014	Change of Director's Interest Notice
15/05/2014	Results of Meeting
22/05/2014	Additional Placement Details
02/06/2014	Option Expiry Notice
10/06/2014	Yerecoin Scoping Study
19/06/2014	Change of Director'sInterestNotice
27/06/2014	Change of Director's Interest Notice
15/07/2014	Company Presentation-July 2014
25/07/2014	Appendix 3B

For or on behalf of Radar Iron Ltd

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Jonathan Lea Managing Director

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Quarterly Activities Report

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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 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:

1. “Major Project Acquisition” on 24/04/2014

Information in this report which relates to exploration results for the Yerecoin deposit, together with any related assessments and interpretations is based on information approved for release by Mr Giles Rodney Dale of G R Dale and associates. Mr Dale holds a Fellowship Diploma in Geology from RMIT; is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking 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 Dale 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 which relates to the Mineral Resource estimation the Yerecoin deposit, together with any related assessments and interpretations is based on information approved for release by Patrick Huxtable who is full time employee of Tetra Tech Australia. Mr Huxtable holds a BSc in Geology from Curtin University and is an RPGeo and Member in good standing with the Australasian Institute of Geosciences and has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking 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 Huxtable consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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

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.

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:

1. “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.

As specified in the text of this and the previous ASX release the Exploration Target was based on surface mapping and interpretation along with widely spaced surface sampling results. Further work as outlined will include additional mapping and sampling, magnetic surveys and drill testing to validate the Exploration Target. This work should be completed in the first half of 2014.

The tonnage was estimated by assuming mineralised corridors averaging 200m wide to a depth of 5m with a length of 10km covered by the 3 corridors of mineralisation identified to date. A bulk density of 3.5 was applied to estimate tonnage. The range of tonnage was rounded off to 20-40Mt to indicate the uncertainty in

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Quarterly Activities Report

For the Three Months Ended 30 June 2014

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this estimate. The grade was estimated using the average of the 16 ore grade assays results from the 24 samples taken that indicate ore grades will be approximately 62%Fe. The range was applied using practical knowledge of common maximum mined grades for iron ore deposits and a likely lower economic grade for extraction. The final grade will depend ultimately on the results obtained through drill testing and the economic cut off grade applied to any resource estimation.

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:

2. “Maiden 353Mt Magnetite JORC Resource for Die Hardy” on 16/11/2011, and 3. “Maiden Hematite JORC Resource for Muldoon Prospect” on 08/05/2012.

Information in this 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.

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.

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.

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Quarterly Activities Report

For the Three Months Ended 30 June 2014

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APPENDIX A – TENEMENTS HELD AT 30 JUNE 2014

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
E77/1375	Yilgarn WA	0		100
E70/2783	Northam WA	100	100
E70/2784	Northam WA	100	100
E70/3937	Northam WA	100	100
E70/3938	Northam WA	100	100
E70/3939	Northam WA	100	100
E70/3940	Northam WA	100	100
E70/2733	Yerecoin WA	100	100
E70/3990	Yerecoin WA	100	100
E70/4388	Yerecoin WA	100	100
E70/4391	Yerecoin WA	100	100

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