METEORIC RESOURCES NL — Interim / Quarterly Report 2004

Oct 28, 2004

QUARTERLY REPORT

For the Quarter Ended 30 September 2004

SUMMARY

• Encouraging higher grade drill results from Wilthorpe within a 200m x 100m alteration zone open along strike. Best intercepts include:

WDRB-52 $\,$ 8m at 6.2g/t Au from 52m
WDRB-54 4m at 7.3g/t Au from 76m
WDRB-56 4m at 14.9g/t Au from 76m
WDRB-59 4m at 10.8g/t Au from 44m

• Copper-anomalous drill intercepts and associated hematitemagnetite-chlorite alteration provide encouragement for further exploration at the Parakeet, Bustard and Cuddihy prospects at Warrego North.
• Anomalous shallow gold intercepts suggest potential for gold-bearing laterites over a 1km strike length at Jarbora Hill. The bedrock source of the lateritic gold remains to be defined.

Following its listing on ASX in mid-July 2004, Meteoric Resources has embarked on a very active programme of geophysical data acquisition and drilling at its Warrego North coppergold project in the NT and its Wilthorpe and Jarbora Hill gold projects in WA. These projects form part of an eight project joint venture with Image Resources NL. Under the terms of the joint venture Meteoric may earn 80% of Image's 90% interest in Wilthorpe by expenditure of \$1 million on all or any of the eight joint venture projects by mid-2006. Meteoric must spend at least \$500,000 on the joint venture by mid-2005 and may increase its interest to 100% of Image's interest by spending another \$1 million over a further three years, in which case Image is entitled to a 1% gross royalty.

WILTHORPE

Meteoric recently completed a drilling programme at its Wilthorpe gold project siotuated 25km south of the Fortnum mine in the Peak Hill region of WA. 4m composite sampling of aircore drilling at the Harrods prospect returned several encouraging intersections summarised as follows (see table below for details):

WDRB-52	8m at 6.2g/t Au from 52m
WDRB-54	4m at 7.3g/t Au from 76m
WDRB-56	4m at 14.9g/t Au from 76m
WDRB-59	4m at 10.8g/t Au from 44m

The aircore drilling (23 holes, 2154m) followed up previous RAB drilling intercepts at Harrods and the more recently discovered Cartier prospect some 2km further south. In addition, RAB drilling (24 holes, 1480m) was carried out over a number of structural targets. Results of the aircore drilling at Cartier and of the RAB drilling have not yet been received.

The drilling confirmed a broad zone of alteration and anomalous gold values in host metasediments some 200m in length and 100m in width. Evidence from ground magnetics and previous drilling suggests this alteration zone is open along strike to the north. Within this alteration halo gold mineralisation is associated with several zones of quartz stringer veining. Sub-sampling of the 1m intervals from the drill intersections is in preparation.

These results are considered to be a most encouraging start to Meteoric's evaluation of the Wilthorpe project and a programme of follow-up RC drilling is being planned at Harrods, and also at Cartier if warranted by the pending aircore drilling results.

			WIRDOLDS WILCOLS DUINING MESULES
Hole No.		Coordinates	From	То	Interval	Grade
	N	Е	m	m	m	g/t Au
WDRB-54	4380	6515	40	48	8	1.5
			68	72	4	1.6
			76	88	12	4.3
	includes		80	84	4	7.3
WDRB-56	4380	6565	16	20	4	1.9
			76	84	8	8.4
	includes		76	80	4	14.9
			88.	92	4	1.8
			96.	98	2	$1.3$ eoh $*$
WDRB-57	4331	6416	76	80	4	1.0
			116	120	4	1.4
WDRB-58	4331	6442	20	24	4	1.6
			48	60	12	4.8
	includes		52	60	8	6.2
			64	68	4	1.8
			84	88	4	2.7

tamista a sua calificação município mais distri

WDRB-59	4289	6430	28	32	1.5
			44	48	10.8
			100	104	1.3
WDRB-60	4289	6471	44	48
			68	72	1.2
WDRB-61	4289	6510	88	92	4.9
WDRB-64	4230	6481	44	48	I.O

4m composite samples, azimuth 090°, dip -60°. *eoh: end of hole

Samples analysed using an aqua regia digest, solvent extraction and flame atomic absorption spectrometry

WARREGO NORTH

During the quarter detailed gravity and ground magnetic surveys were carried out over several target areas at the project situated 3km north of the Warrego mine (1.3Moz gold and 91,500t copper) near Tennant Creek. A total of 10,916 gravity stations and 654line km of ground magnetics were completed.

Following interpretation and modelling of these geophysical surveys a 19-hole, 3529m RC drilling programme was carried out to test 12 coincident magnetic and gravity targets and 5 discrete gravity targets. These targets occur in two main groups; in a series of gravity highs and combined gravity-magnetic highs associated with a 9km-long NNW-trending gravity ridge that trends towards the nearby Warrego mine on the east side of the project area and a group of coincident gravity-magnetic highs in the Parakeet-Bustard areas on the west side of the project area.

Parakeet is a broad, distinctive coincident magnetic and gravity feature some 1.5km in diameter which in more detail is comprised of a cluster of coincident magnetic and gravity peaks. Limited previous exploration in this area returned a best drill intercept of 3m at 1.1% Cu and 0.13g/t Au from 105m in hole PKRC 06. Detailed geological mapping at Parakeet confirmed the presence of a series of narrow WNW-trending sub-cropping ironstones within a 500m x 200m area. The ironstones are truncated by a pronounced NW-trending structure which suggests structural complexity favourable for mineralisation. No outcrop is evident over the remainder of the Parakeet anomaly.

Significantly, of the 8 holes drilled at Parakeet-Bustard, 7 holes intersected anomalous copper values, some with anomalous gold. The anomalous copper values commonly range from 0.2% - 0.5% Cu over intersected thickness of 2m to 14m, with best intercepts of 4m at 0.3% Cu from 219m in hole WNRC 01, 2m at 0.2% Cu, 0.2g/t Au and 0.3% Bi from 198m in WNRC 02 and 14m at 0.3% from 145m (including 5m at 0.5%Cu from 154m) in WNRC 03. The anomalous intersections are hosted within chlorite-hematite and/or magnetite-altered siltstones interpreted to be Warramunga formation sediments which host the Tennant Creek copper-gold orebodies.

Of the 11 holes drilled on the east side of the project one hole, WNRC 05, intersected copper and bismuth values (1m at 0.2%Cu from 192m and 0.2%Bi from 193m) at the Cuddihy prospect which is a distinctive coincident magnetic and gravity anomaly situated about 9km north of the Warrego mine. The Cu-Bi anomalism is associated with a distinctive sulphide-bearing chlorite-muscovite altered siltstone.

Overall, these drilling results are considered to be an encouraging start to Meteoric's exploration of this under-explored area close to a significant copper-gold mine, particularly when considering the target size of typical Tennant Creek orebodies in relation to the size of the magnetic and gravity features being tested. Further infill gravity surveys are proposed over parts of the Parakeet and Bustard prospects to further define these targets. In addition, three-component downhole magnetic surveys are being carried out in 15 of the recently completed drill holes. The downhole surveys are designed to test for near misses of Tennant Creek style magnetite-associated mineralisation.

JARBORA HILL

Meteoric has completed a programme of RAB drilling (11 holes, 539m) and aircore drilling (36 holes, 1476m) at Jarbora Hill in the Tallering greenstone belt of WA's Murchison region. The project is situated 20km along strike from Giralia Resources' Snake Well project where a gold resources has recently been announced.

Previous exploration identified three gold anomalies grouped within a 1.5km x 1km area within the greenstone sequence and associated with a complex fold structure. Wide-spaced follow-up RAB drilling has previously recorded a best intercept of 1m at 4.2g/t Au from 35m at the end of drill hole JHRB 38.

The recent drilling intersected at variably altered and quartz veined sequence of mafic and ultramafic rocks overlain by a blanket of laterite up to 10m in thickness. The drillina identified anomalous gold values within the laterite in a NW-trending zone, toward the Emu Well prospect, potentially in excess of 1km in length with a best intercept of 4m at 1.3g/t Au from 4m in hole JHRB 50A. Other significant intercepts are summarised in the table below:

Hole No.	Coordinates		From	To	Interval	Grade
	N	E	m	m	m	g/t Au
JHRB 42	9440	9426	42	46		0.9
JHRB 50	9040	6700		16	12	0.8
		including		8		1.3
JHRB 50A	9030	6700	4	8		1.3
JHRB 50B	9035	6700		8		1.0
JHRB 51	9080	6700		8		0.6
			20	24		0.4
JHRB 62	9985	7180	44	56	12	0.5

Jarbora Hill Drilling Results

Aircore drilling (except JHRB62; RAB) 4m composite samples, aqua regia digest, analysed by graphite furnace atomic absorption spectrometry. All holes drilled on azimuth 360° at -60° (except JHRB 50B azimuth 180° at -60°).

Anomalous bedrock intercepts at Emu Well include 4m at 0.9g/t Au from 42m in hole JHRB 42 and 4m at 0.4g.t Au from 20m in hole JHRB 51. In addition anomalous gold in bedrock was intersected at the Fenceline prospect (12m at 0.5g/t Au from 44m in hole JHRB 62).

A 200-hole, 1500m vacuum drilling programme is planned to sample the near surface laterite blanket at the Emu Well prospect to assess the economic potential of the goldbearing laterite and in turn to provide vectors to bedrock gold mineralisation over a possible strike length in excess of 1km.

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

Please direct enquiries to:

Roger Thomson Managing Director Phone (08) 9485 2836 Mobile 0419 969 183 Email roger@meteoric.com.au George Sakalidis Executive Director - Exploration Phone (08) 9485 2836 Mobile 0411 640 337 Email george@meteoric.com.au

The information on mineralisation contained in this report accurately reflects the information compiled by Mr Roger Thomson BSc, MAusIMM, MAIG 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.

MINING EXPLORATION ENTITY QUARTERLY REPORT

Name of entity:

Meteoric Resources NL

	64 107 985 651		30/9/2004
	Consolidated statement of cash flows
	Cash flows related to operating activities	Current quarter \$AUD'000	Year to date $(3$ months) \$AUD'000
1.1	Receipts from product sales and related debtors	68	68
1.2	Payments for: (a) exploration and evaluation (b) development (c) production	(503)	(503)
1.3 1.4	(d) administration Dividends received Interest and other items of a similar nature received	65	65
1.5 1.6 1.7	Interest and other costs of finance paid Income taxes paid Other (provide details if material)
	Net Operating Cash Flows	(370)	(370)
1.8	Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets
1.9	Proceeds from sale of: (a) prospects (b) equity investments
1.10 1.11 1.12	(c) other fixed assets Loans to other entities Loans repaid by other entities Other (Loan repayments to associated company)	(424)	(424)
	Net investing cash flows	(424)	(424)
1.13	Total operating and investing cash flows (carried forward)	(794)	(794)

1.13	Total operating and investing cash flows (brought forward)	(794)	(794)
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (provide details if material) - Share issue expenses	934 $\blacksquare$ (296)	934 (296)
	Net financing cash flows	638	638
	Net increase (decrease) in cash held	(156)	(156)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	4,637	4,637
1.22	Cash at end of quarter	4,481	4,481

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$AUD'000
1.23	Aggregate amount of payments to the parties included in item 1.2
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

		Amount available \$AUD'000	Amount used \$AUD'000
3.1	Loan facilities	$\sim$
3.2	Credit standby arrangements	$\mathbf{r}$

Estimated cash outflows for next quarter

	Total	280
-4.2	Development	$\mathbf{m}^{\prime}$
4.1	Exploration and evaluation	280
		SAUD'000

Reconciliation of cash

follows.	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as	Current quarter \$AUD'000	Previous quarter \$AUD'000
5.1	Cash on hand and at bank	4,481	4,637
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details) – Short Term Deposit
	Total: cash at end of quarter (item 1.22)	4,481	4.637

Changes in interests in mining tenements

		Tenement reference	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed		N/A
6.2	Interests in mining tenements acquired or increased	E24362 E24363 E24364	Application Application Application	0% 0% 0%	100% 100% 100%

Issued and quoted securities at end of current quarter

		Total number	Number quoted	Issue price per security (cents)	Amount paid up per security (cents)
7.1	Preference securities	N/A
7.2	Issued during quarter	Nil
7.3	Ordinary securities	55,633,969	32,678,810
7.4	Issued during quarter	24,575,804		\$0.20	\$0.20
7.5	Convertible debt securities	N/A
7.6	Issued during quarter	Nil
7.7	Options	N/A		Exercise price	Expiry date
7.8	Issued during quarter	$\overline{N}$
7.9	Exercised during quarter	Nil
7.10	Expired during quarter	Nil
7.11	Debentures	N/A
7.12	Unsecured notes	N/A

Compliance statement

• $\mathbf{1}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX.
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Rudolf Tieleman (Company Secretary)
Date: 29 October 2004