WEEBIT NANO LTD — Interim / Quarterly Report 2016

Oct 26, 2015

Quarterly Activities Report For the three months ended 30 September 2015

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ACN 146 455 576

ASX Release

27 October 2015

Overview

The Board of Radar Iron Ltd (“Radar”) is pleased to present its Quarterly Activities Report for the period ended 30 September 2015.

No on ground exploration was completed during the quarter. Management’s key focus aimed at executing the corporate strategy of minimising expenditure while reviewing options to revitalise the company.

As part of the process of minimising costs and retaining cash a number changes were made to the structure of the Radar Board and to remuneration for the directors.

The changes are detailed in the Corporate Section of this report but in summary:

• Directors agreed to a reduction in director fees

Suite 8, 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 Director E jlea@radariron.com.au

Damon Sweeny Company Secretary E damon@ampereltd.com.au

Directors

Alan Tough - Chairman Jonathan Lea - Non-Executive Ananda Kathiravelu - Non-Executive David Sourbutts - Non-Executive

Issued Capital

165,310,784 Ordinary Shares 5,000,000 Unlisted Options

• The founding Managing Director, Jonathan Lea resigned his executive role May 31 and was subsequently appointed as non–executive director.

• The board resolved that all director fees be accrued from June 2015 until such point that resumption of cash payments will have no adverse effect on the going concern basis of operations.

• In order to minimise cash outflows during the period to 30 June, the Directors had accrued over $127,000 in unpaid entitlements. To reduce future cash outflows, the directors resolved to seek shareholder approval at the next General Meeting of Shareholders to convert $62,000 of those entitlements into Radar equity.

Radar submitted its half yearly accounts to the ASX in August and this action in conjunction with the cost saving measures allowed Radar to be reinstated to official quotation on August 25[th] .

On August 26[th] Radar announced the raising of $495,932 from sophisticated professional investors in a placement involving the issue of 33,062,158 fully paid ordinary shares at $0.01, with one attaching $0.015 unsecured convertible note

for every 3 shares issued. The one year notes attract interest at 1% per month payable in arrears in shares. Details of the raising were provided in Radar’s ASX release “Capital Raising Update”, dated August 26, 2015, available at Radar’s web site www.radariron.com.au. The funds are being used for working capital as Radar seeks other investment opportunities.

Radar announced a General Meeting of Shareholders to be held in late October 2015, largely to ratify recent fund raising initiatives and to refresh Radar’s capacity to issue new equity as needed..

ASX Code

RAD (Fully Paid Ordinary Shares)

The saving measures above indicate that the Radar Board firstly, recognises the necessity to minimise expenditure until the market recovers to a point where equity funding can be raised at an acceptable level and more importantly that the Directors have faith in the potential of Radar going forward. Radar has been, and is, investigating a number of options to reinvigorate the Company by introducing new projects to the company both within and outside of the minerals sector. We thank our shareholders for their patience and assure all stakeholders that the Board will do its utmost to increase the value of the company going forward.

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For the Three Months Ended 30 September 2015

Quarterly Activities Report

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YERECOIN PROJECT

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

The Yerecoin project area 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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Figure 1: Project Location

CENTRAL YILGARN PROJECT

No field work completed.

Tenements in the Johnston Range project area were surrendered during the Quarter. While the ground is believed to have significant potential, the ongoing costs of holding the ground could not be justified. Four tenements, E77/1280, E77/1281, E77/1807and E77/1961 were surrendered. In addition a single block Exploration License (E77/1926) in the Jackson area was surrendered.

CORPORATE

Radar’s main focus during the quarter was aimed at lifting of the voluntary suspension from trading in the Company’s securities which Radar put in place in late 2014 which was achieved in August 2015.

Options are being reviewed to minimise expenditure on all tenement holdings in the near future, leading to the surrender of the Northam tenements as mentioned above and other strategies such as using retention licenses to keep tenements in good standing while restricting obligatory expenditure.

Details of the Board Restructure and revised remuneration implemented in early August were:

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Quarterly Activities Report

For the Three Months Ended 30 September 2015

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• Non-executive directors Messrs Alan Tough and Ananda Kathiravelu agreed to reduce their director’s fees to $3,000per month.

• The founding Managing Director, Jonathan Lea resigned his executive role May 31 and was subsequently appointed as non–executive director. This change has reduced the remuneration payable by the Company from $250,000 per annum to $36,000 in line with other non executive directors.

• The board resolved to cease any cash payments to directors and that all director fees be accrued from June 2015 onwards until such point that resumption of cash payments will have no adverse effect on the going concern basis of operations.

• In order to minimise cash outflows during the period to 30 June, the Directors had accrued over $127,000 in unpaid entitlements. To reduce future cash outflows, the directors have resolved to seek shareholder approval to convert $62,000 of those entitlements into Radar equity at a value of one cent per share.

Fund raising for working capital was completed late in August with $495,932 raised from sophisticated and professional investors in a placement managed by Armada Capital Pty Ltd. A number of new investors were introduced who offered a potential long term commitment to the Company The placement involved the issue of 33,062,158 fully paid ordinary shares at $0.01, with one attaching $0.015 unsecured convertible note for every 3 shares issued. The one year notes attract interest at 1% per month payable in arrears in shares. Subject to shareholder approval they will convert at a price equal to the greater of $0.015 or a 50% discount to the price at which the Company offers investors the opportunity to subscribe for Shares in the first of any subsequent capital raising to follow this Placement.

Radar announced, late in the Quarter, a General Meeting of Shareholders to be held on October 28[th] , 2015 largely aimed at ratifying and approving the recent fund raising activities and to allow Radar to refresh its capacity to issue new equity, as required.

ANNOUNCEMENTS

The Company has made the following announcements since the start of the quarter.

Date	Headline
31/07/2015	Quarterly Cashflow Report
31/07/2015	QuarterlyActivitiesReport
06/08/2015	Board Restructure and Remuneration
24/08/2015	Half Yearly Report and Accounts
25/08/2015	Reinstatement to OfficialQuotation
26/08/2015	Cleansing Prospectus
26/08/2015	Appendix3B
26/08/2015	Capital Raising Update
25/09/2015	Notice ofGeneral Meeting/ProxyForm

For or on behalf of Radar Iron Ltd

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Jonathan Lea Director

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Quarterly Activities Report

For the Three Months Ended 30 September 2015

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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. 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

“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.

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 1 – TENEMENTS HELD AT 30 SEPTEMBER 2015

Lease	Location	Interest at End of Quarter	Acquired During the Quarter	Disposed of During the Quarter
E77/1926	Yilgarn WA	0		100
E77/1280	Yilgarn WA	0		100
E77/1281	Yilgarn WA	0		100
E77/1807	Yilgarn WA	0		100
E77/1961	Yilgarn WA	0		100
E77/2240	Yilgarn WA	75.5
E70/2733	Yerecoin WA	100
E70/2784	Yerecoin WA	100
E70/3990	Yerecoin WA	100
E70/4388	Yerecoin WA	100
E70/4391	Yerecoin WA	100

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