METEORIC RESOURCES NL — Capital/Financing Update 2012

Aug 29, 2012

ASX Release 30 August 2012

ASX code: MEI

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COORARA IRON UPDATE

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Meteoric Resources has been encouraged by the positive preliminary feasibility study results on Macarthur Minerals’ (TSX:MMS) Ularring hematite project which abuts Meteoric’s Coorara iron project (MMS News Release 16 August 2012). Macarthur announced that the study results indicate the Ularring project to be potentially economically viable and robust and that further project development is justified. Meteoric’s Coorara project covers a 40km extension of the banded iron formation (BIF) hosting the Ularring project and shows very similar styles of magnetite BIF and hematite-goethite alteration.

A key element in the positive Macarthur results is the recognition that hematitegoethite mineralisation grading 47% Fe is amenable to beneficiation using conventional techniques to produce a plus 60% Fe product with mass yields in the order of 60%. Significantly, by lowering the cut-off grade to 40% Fe the resource tonnage and strip ratio improve substantially.

Meteoric has applied a 40% Fe cut-off to its wide spaced scout RC drilling results, as summarised in Table 1. The outcome is that intersected widths of mineralisation improve significantly in some areas, increasing the potential to expand the size of the exploration targets. A drill location map and cross sections are shown in Figures 1, 2 and 3 respectively.

Table 1 Coorara RC Drilling Results + 40% Fe

Hole Number	Coordinates	Coordinates	From m	To m	Interval m	Fe %
	E	N
CRC02	218620	6664354	0	8	8	48.5
			12	16	4	43.9
CRC06	217872	6664813	15	19	4	59.2
CRC07	217905	6664837	0	6	6	41.7
			42	46	4	43.9
CRC08	217947	6664861	2	8	6	43.7
			32	40	8	45.2
CRC09	217983	6664888	0	8	8	48.2
CRC10	218042	6664691	0	7	7	45.1
			40	51	11	46.8
CRC12	219246	6663332	0	8	8	47.4
CRC14	219312	6663264	12	16	4	40.6
CRC15	219366	6663167	6	14	8	44.2
			18	22	4	42.0
CRC17	219192	6663280	0	4	4	52.5
CRC23	220037	6661706	0	4	4	41.6
CRC24	220083	6661734	34	38	4	41.4
CRC28+	217157	6667327	10	20	10	50.0
CRC29+	217137	6667313	0	4	4	49.5
			10	22	12	54.5

Hole Number	Coordinates	Coordinates	From m	To m	Interval m	Fe %
	E	N
CRC30+	217126	6667312	6	19	13	56.2
CRC32+	217122	6667308	0	10	10	49.4
CRC42	222434	6657665	4	8	4	43.0
			16	26	10	47.9
CRC43	222453	6657679	12	18	6	51.4
			20	24	4	50.0
CRC44	222475	6657685	26	34	8	45.8
CRC45	222491	6657706	0	8	8	47.0
CRC48+	223335	6656196	9	18	9	48.6

1m or 2m samples. Analyses by fused disc XRF or 1CP OES determination except for rare portable XRF estimates. Hole dip-60[o ] azimuth 055[o] -064[o] unless shown otherwise. + hole azimuth 270[o ]

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Figure 1

Drill Locations and Aeromagnetics

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Figure 2 Cross Section 6667300N

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Figure 3 Cross Section 6657675N

The sections shown in Figures 2 and 3 comprise two of numerous targets where altered BIF has been mapped and high grade surface samples identified. The alteration zone shown in Figure 3 can be traced for at least 1km and to date is tested with only one drill profile. Meteoric’s drilling is still very wide spaced and many targets remain to be tested. Further investigations are being carried out to identify priority targets for further drilling of the hematite-goethite mineralisation and to select representative samples for metallurgical testing.

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

Please direct enquiries to: Roger Thomson George Sakalidis Managing Director Executive Director – Exploration Phone (08) 9485 2836 Phone (08) 9485 2836 Mob 0419 969 183 Mob 0411 640 337

The information in this report that relates to exploration results is based on information compiled or reviewed by Roger Thomson BSc, ARSM, MAusIMM, who is a Member of the Australian Institute of Geoscientists. Roger Thomson is a director of Meteoric Resources NL. Roger Thomson has sufficient experience which is relevant to the style of mineralisation and 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Roger Thomson consents to the inclusion of this information in the form and context in which it appears in this report.