WEEBIT NANO LTD — Regulatory Filings 2012

May 7, 2012

Maiden Hematite JORC Resource for Muldoon Prospect

2.1 Mt at 57.6% Fe

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ACN 146 455 576

ASX Release

8 May 2012

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:

71,162,129 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

• Maiden JORC reportable Inferred Mineral Resource of 2.1 Mt at 57.6% Fe

• Excellent potential for increasing hematite resource inventory in 2012

• Mineralisation readily amenable for mining with infrastructure pathway being developed

Radar Iron Ltd (ASX: RAD) is pleased to announce the maiden Mineral Resource for the Muldoon prospect at the Johnston Range Iron Ore Project.

Modelling and mineral resource estimation by consultant firm CSA Global has resulted in a JORC reportable Inferred Mineral Resource at a 55% Fe cut-off grade of 2.1 million tonnes at 57.6% Fe. At lower cut-off grades the mineralisation inventory exceeds 3Mt at 56% Fe.

Radar has identified that the Johnson range area has significant potential to host numerous hematite enriched deposits of similar size and grade. It is Radar’s intention to progressively test these zones during 2012 with the aim of delineating additional resources at the project.

Managing Director Jonathan Lea said that Johnston Range remains Radar’s key focus given the potential for hematite mineralisation, and this strategy is starting to create investor interest within the wider industry in Asia.

“Drilling to date has only tested the more obvious targets at Johnston Range. The presence of multiple hematite enriched BIF bands is very exciting for the Company as extensive potential hematite targets are yet to be drill tested,” Mr Lea said.

The mineralisation at Muldoon is at or near surface and extraction through shallow open pit mining may be possible. A relatively low cost mining and crushing operation is envisaged, possibly where a period of campaign mining is followed by crushing to minimise the need for extensive site infrastructure.

Road transport to the public access rail, 130km to the south, with export through the Port of Esperance remains the most likely path for transport. Further exploration work to establish additional resources and reserves is required to establish any case for mining operations.

As lower grade material and mineralisation with higher levels of contaminants have also been intercepted in parts of the ore body, a metallurgical study has been commissioned to determine whether this mineralisation can be upgraded by relatively simple processes and increase the resource base. Results for this study are expected in the June Quarter.

The central Yilgarn district is the focus for a number of iron ore explorers and recent success has driven a commitment from WA Government to expand the port of Esperance. The State owned railway nearby connects to the port and is open to all potential miners and hence Radar believes access will be available for future export.

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MULDOON MAIDEN HEMATITE RESOURCE

Figure 1: Project Area

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Figure 2: Project Location

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MULDOON MAIDEN HEMATITE RESOURCE

Resource Estimation

Resource estimation was completed by CSA Global Pty Ltd (CSA), an international geological consultancy firm experienced in iron ore resource estimation. Based on the data provided by Radar, CSA Global estimates an Inferred Mineral Resource of 2.1 million tonnes (Mt) at grades of 57.6%Fe, 7.8%SiO2, 4.2%Al2O3, 0.06%P and 5.6%LOI; based on 55%Fe cut off at the Muldoon prospect. Table 1 below provides estimates of tonnages and grades at different cut off levels.

TABLE 1: Grade-Tonnage Table for Various Cut off Grades

Cut_off	Tonnes Mt	Fe %	SiO2 %	Al2O3 %	P %	LOI %
60	0.27	61.0	5.2	3.0	0.06	4.6
57.5	0.94	59.3	6.6	3.6	0.06	5.1
55	2.07	57.6	7.8	4.2	0.06	5.6
52.5	2.88	56.6	8.6	4.6	0.06	5.8
50	3.11	56.2	9.0	4.7	0.06	5.9
45	3.18	56.0	9.2	4.7	0.06	5.9

The mineralisation outcrops as low ridges of hematite and goethite enriched banded iron formation (BIF). Mineralisation results from enrichment of the BIF and typically reaches a depth from surface of 30-40m before grading back into siliceous un-weathered BIF. The two sub-parallel zones of mineralisation making up the resource are approximately 60m apart, 10-30m wide and dip sub-vertically. The larger zone of surface hematite enrichment as defined by mapping is approximately 800m in length. The mineralisation is surrounded by deeply weathered mafic and ultra-mafic rocks covered by soils.

The resource estimation was completed using 54 RC drill holes mostly drilled between November 2011 and March 2012. The RC holes were drilled at nominal 100m line spacing with at least two holes per section. Assaying was completed on two metre intervals. QAQC protocols for sampling were employed as per industry standards.

Radar personnel assessed the QAQC data and validated the drilling data base and found no significant issues. An earlier assessment of the standard QAQC protocols employed by Radar had been undertaken by CSA Global provided confirmation that the QAQC protocols employed were appropriate.

CSA Global employed Micromine software to assess the data and model the resource. Ordinary Kriging was used for grade interpolation within a mineralised envelope based on geological logging and assaying results. Tonnage estimations assumed densities of 2.8 tonnes per cubic metre. The resource classification was assigned based on modelling statistics, density of drilling and surface continuity based on both outcrop and aeromagnetic surveys. The Mineral Resource estimate is reported in accordance with the 2004 JORC Code.

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MULDOON MAIDEN HEMATITE RESOURCE

Figure 3: Muldoon Location Plan

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Figure 4: Drill Hole Location, Surface Geology Plan - Muldoon

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MULDOON MAIDEN HEMATITE RESOURCE

Figure 5: RC Drill Results – Muldoon

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MULDOON MAIDEN HEMATITE RESOURCE

Discussion

The Johnson Range project is located approximately 130km north of Southern Cross in the central Yilgarn region of Western Australia. Mining for direct shipping hematite iron mineralisation (10-12Mtpa total) is currently undertaken in the area by Cliffs Natural Resources and Mineral Resources. Several hematite and magnetite iron ore bodies have been identified in the region by other explorers and are undergoing feasibility studies.

The WA State Government announced in early 2012 its support for the expansion of the Port of Esperance to satisfy demand for potential new iron ore export from the Central Yilgarn. Work has commenced towards this end aimed at defining the level of demand prior to defining the detailed expansion plan. It is likely the port will be expanded by 1020mtpa capacity in the next few years.

The port is linked by Government owned, open access rail, initially on the main eastwest rail line to Kalgoorlie and then south to Esperance. Access to the line is available to all potential users although for significant additional tonnage, a contribution to upgrading capacity is likely to be required.

Multiple hematite targets - generated through a combination of geological mapping and aero-magnetic and gravity geophysical interpretation - have been identified in the Johnston Range area. Zones of surface hematite enrichment up to approximately 800m in length have been identified.

The prospects lie around the Horse Well Anticline that defines the 40km long belt of banded iron formation on the Johnston Range tenements (Figure 3). 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.

At a 45% Fe cut-off mineralisation is in excess of 3Mt at 56% Fe (Table 1). While material of this grade is still potentially marketable it might be possible to add value by upgrading the resource. A metallurgical study has been commissioned to determine whether this mineralisation can be upgraded by relatively simple and low cost processes. Results for this are expected in the next few months

As the mineralisation lies on or at surface, extraction through shallow open pit mining is considered conceptually possible. A relatively low cost contract mining and crushing operation is envisaged, possibly where a period of campaign mining is followed by crushing to minimise the need for extensive site infrastructure. Road transport to the public access rail, 130km to the south, with export through the Port of Esperance remains the most likely path for transport. Further exploration work to establish additional resources and reserves is required to establish any case for mining operations.

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MULDOON MAIDEN HEMATITE RESOURCE

Mapping and geophysical assessment is continuing to define and prioritise hematite targets in the Johnston Range area which will be tested throughout 2012. The primary aim remains to compile a significant hematite resource inventory during 2012.

Yours faithfully,

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 the exploration target 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 information in this report relating to exploration results, sampling data validity and quality, mineralisation density and general project descriptions 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 Jonathan Lea 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.

Information in this report that relates to Mineral Resource estimate 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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