METEORIC RESOURCES NL — Capital/Financing Update 2004

Nov 16, 2004

ASX Release 17 November 2004

METEORIC RESOURCES

€ 08 9485 2836 108 9485 2840 e info@meteoric.com.au w meteoric.com.au

2nd floor 35 outram st west perth wa 6005. po box 963 west perth. western australia 6872

BARKLY JOINT VENTURE, TENNANT CREEK

Meteoric Resources is pleased to announce a joint venture with Giants Reef Mining Limited on tenements EL10370, ML C57, and ML C217-C224 totalling 422sqkm in the south eastern part of the Tennant Creek field (see attached map). The Mineral Leases cover the Perseverance workings which have been previously drilled with best results of 3m $@$ 43.2g/t Au from 72m in hole PERC-01 and 4m @ 4.7g/t Au from 14m in hole PERC-06. This high-grade mineralisation is associated with a series of outcropping hematite and magnetite ironstones. The workings are covered by a Central Land Council exclusion zone. Just east of the exclusion zone the Bluebird workings have recorded historical production of 172 t @ 9.3g/t Au.

The ironstones form part of the Golden Mile line of historical workings that strike over a length of 4.5km. All the ironstones in this line are associated with numerous dipolar bullseve magnetic features with ground magnetic anomalies varying between 100nT to 5000nT. Within the Perseverance area the hematite ironstones are associated with the 100nT anomalies while the magnetite ironstones are associated with the 5000nT anomalies.

No detailed modern gravity surveys have been completed in this area and a detailed gravity survey is proposed covering the potential eastern extension of the Golden Mile line over an area of 2km x 6km to test for hematite Au/Cu-rich ironstones. A second target is a pronounced aeromagnetic anomaly at R29 located in the southern part of the Barkley project area where a number of holes were drilled in 1974 with best results of 3m @ 2.8g/t from 70m in hole DDH 468. None of the holes intersected any magnetic material to explain the aeromagnetic anomaly.

The key terms of the joint venture are as follows:

• Meteoric may earn a 51% interest by the expenditure of \$300,000 within 3 years and $\bullet$ must spend at least \$75,000 within the first year with a \$10,000 cash payment on signing of the agreement.
• Giants Reef may contribute at the 51% interest level. If Giants Reef does not contribute $\bullet$ at this level Meteoric may earn a further 19% by expenditure of \$200,000 within an additional 2 vears.
• Giants Reef may elect to toll treat mineable gold (and/or copper-gold) deposits of less than 100,000oz at its Warrego treatment plant, up to a maximum of 200,000ozs.

The Barkley joint venture is considered to be an opportunity for Meteoric to increase its landholdings of prospective and under-explored tenements in this high-grade mining district.

For more information on the company visit www.meteoric.com.au

Please direct enquiries to: Roger Thomson Managing Director Phone (08) 9485 2836 Mob 0419 969 183

George Sakalidis Executive Director - Exploration Phone (08) 9485 2836 Mob 0411 640 337

The information on mineralisation contained in this report accurately reflects the information compiled by Mr George Sakalidis BSc, MAustMM, who is a competent person (as defined by the Australasian Code of Reporting of Identified Mineral Resources and Ore Reserves) with relevant experience in relation to such mineralisation

BARKLY JOINT VENTURE AEROMAGNETIC IMAGE