METEORIC RESOURCES NL — Interim / Quarterly Report 2005

Jul 27, 2005

QUARTERLY REPORT For the Quarter Ended 30 June 2005

SUMMARY

• Significant extensions to the Harrods sheeted vein system at Wilthorpe identified, increasing the area of anomalism and mineralisation to 2.400m x 500m. Meteoric's focus has now shifted to assessing the potential of the whole of this large mineralised system, with RAB drilling of the new extensions in progress.
• Follow up RC drilling of encouraging intercepts at the Withers South, Rutherfords and Reynolds Find prospects at Bullfinch is scheduled for mid-August.
• Deep penetrating IP surveys in progress at Warrego North, testing for lateral and depth extensions to the Parakeet Au/Cu mineralisation prior to deep drilling.
• Drill testing of magnetic/gravity targets adjacent to the Perseverence and Bluebird gold workings at Barkly, near Tennant Creek, is scheduled for mid-August.

METEORIC'S FIRST YEAR

Meteoric Resources' first year since listing in July 2004 has been an extremely busy one with substantial exploration programmes completed on all of the company's projects. Drilling of identified targets has been Meteoric's initial focus with some 18,000m of RAB drilling and 10,000m RC drilling contributing to a total of 33,700m of drilling of various types carried out at the Wilthorpe, Jarbora Hill, Bullfinch and Warrego North projects. In addition Meteoric has been very active in applying geophysical techniques to aid its ore search, having completed approximately 1,000 line-km of ground magnetics and more than 18,000 gravity stations at its Barkly and Warrego North projects in the NT.

WILTHORPE (Meteoric earning 90%)

As previously reported (14 July 2005) a 10-hole, 1,500m RC drilling programme was completed on the central part of the Harrods prospect to test the strike continuity of the east-northeast trending veins. The drilling comprised two step-out sections 50m each side of the central north-south drill section through Harrods, as shown on the attached map. Significant intersections from the step-out drilling include:

WDRC - 37	6m at 1.4g/t Au from 41m
	3m at 2.2g/t Au from 65m
WDRC - 38	1m at 3.2g/t Au From 36m
	1m at 3.1g/t Au From 67m
WDRC - 39	1m at 16.8g/t Au From 93m
WDRC - 41	3m at 5.9g/t Au From 97m
	2m at 4.0g/t Au From 136m
WDRC - 45	2m at 3.0g/t Au from 8m
WDRC - 46	1m at 5.2g/t Au from 95m

The drilling confirmed the presence of numerous mineralised, narrow, sub vertical veins within a 250m x 100m north-trending block in the central part of the Harrods vein system. The drilling also indicated that the vein geometry and gold distribution is likely to be complex, requiring a higher drilling density than the current 50m x 40m pattern to allow a resource estimate to be made.

Significantly, the recent geochemical RAB drilling results recently announced (14 June 2005) indicate that the Harrods vein system could be much larger than previously recognised and could now extend over a north-south distance of 2,400m as shown in the attached map. Meteoric is now focusing on assessing the potential of the whole 2,400m x 500m anomaly before resuming drilling on the central part of Harrods.

Sampling results from a 96-hole, 4,786m inclined RAB Drilling programme testing parts of the southern extension of Harrods are summarised in the attached table. Significant results include:

WDRB - 115	2m at 5.7g/t Au from 10 m
	1m at 1.8g/ Au from 22m
WDRB - 130	1m at 2.4g/ Au from 5m
WDRB - 134	2m at 1.6g/t Au from 12 m
	12m at 1.3g/t Au from 18 m
WDRB - 136	3m at 2.5g/t Au from 12 m
WDRB - 140	4m at 3.6g/t Au from 40 m
WDRB - 145	4m at 3.0g/t Au from 7 m
WDRB - 180	10m at 4.0g/t Au from 40 m eoh
WDRB - 199	2m at 4.1g/t Au from 30 m

This wide-spaced (200m x 50m centres) encountered numerous gold-anomalous intersection associated with quartz stringers within metasediments, confirming the extension of the Harrods mineralisation over a 700m distance to the south.

Following these encouraging results, a 120-hole, 6,000m programme of wide-spaced inclined RAB is now in progress to test the new southern and northern extension indicated by the recent shallow geochemical drilling. In addition a 150-hole, 1,200m shallow geochemical RAB drilling programme will commence in the next few days to further define the bedrock anomalies. This drilling will complete the first-pass RAB drilling of the 2,400m x 500m target area and define specific parts of this large mineralised system for follow-up drilling.

BULLFINCH (Meteoric earning 90%)

As announced in the March quarterly report and in a release dated 25 May 2005, a programme of RC drilling was carried out at the Bullfinch project, situated 30km northwest of Southern Cross. This drilling was targeted at mineralisation identified by RAB drilling completed during the December quarter at Withers South and also at shallow drill intercepts obtained by previous explorers at the Reynolds Find and Rutherfords gold workings. Significant drill intercepts include:

Prospect	Hole No		Collar Coordinates	From	Тo	Interval	Gold grade
		Ν	E	m	m	m	g/t
Reynolds Find	BRC-4	79011	11169	61	66	5	3.5
Reynolds Find	BRC-7	79036	11053	51	52		4.2
Reynolds Find	BRC-8	79044	11013	49	53	4	2.1
Withers South	BRC-11*	74485	9289	81	83	2	11.7
			Including	81	82		22.1
Rutherfords	$BRC-18$ +	69625	11864	74	78	4	1.9
Rutherfords	$BRC-19$ T	69630	11714	49	77	8	3.9
			Including	49	71	2	9.0
the complete under Asimilar 0409 die			Including ROP Uninen athonican about	75	77	2	6.2

1m samples, uncut. Azimuth 012° dip - 60° unless otherwise shown
*Azimuth 210° dip - 55° $\qquad$ * Azimuth 360° dip - 60°

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

At Rutherfords drill holes BRC-18 and 19 (4m at 1.9 g/t Au from 74m and 8m at 3.9 g/t Au from 69m respectively) intersected quartz veining in a chloritic, altered granite down

dip from previous shallow RAB intercepts. The drill holes are 150m apart on east-west trending gold diggings with the mineralisation open along strike and down dip.

At Withers South drill hole BRC-11 (2m at 11.7 g/t Au from 81m) tested below a RAB intercept of 12m at 1.2q/t Au from 40m and intersected quartz veining from 79m-83m in an altered granite gneiss. This mineralisation, which is open along strike, occurs within a broad geochemical anomaly at least 600m in length with gold in soil values up to 64ppb Au. RC drilling at Reynolds Find tested below previous RC intercepts over a 240m strike length and intersected significant mineralisation in three out of eight holes, open along strike to the west.

Following the encouraging results from Rutherfords and Withers South further RC drilling is planned, to test the strike extent of these mineralised zones. This drilling is scheduled to start in mid August.

JUNCTION LAKE (Meteoric earning 100%)

Geochemical sampling and ground magnetic surveys (22 line-km) have been carried out over an aeromagnetic target at Junction Lake, situated 150km southeast of Kalgoorlie. Results are awaited.

WARREGO NORTH (Meteoric earning 100%)

A deep penetrating 100m and 200m dipole-dipole induced polarisation survey has commenced at the Parakeet prospect. The survey is targeting sulphide-bearing Au-Cu mineralisation near previous drill hole WNRC-03 which intersected 14m at 0.3% Cu from 145m (including 5m at 0.5% Cu from 154m). Previous detailed gravity and downhole magnetic surveys indicate that the main target is 50m to the west of WNRC-03. This deep penetrating IP will also test the depth extensions to the intersected mineralisation.

BARKLY (Meteoric earning up to 70%)

A detailed 220 line-km cesium vapour ground magnetic survey has been completed in the Perseverence-Bluebird area about 30km east of Tennant Creek. This has outlined 8 discrete haematitic targets which correlate in part with apparent density anomalies that have been generated from inversion of detailed gravity data (5.800 stations). These targets vary in size from 4ha up to 22ha in size. These combined magnetic/gravity targets are considered to be worthwhile targets for Nobles Nob style haematite-Au/Cu deposits. In particular, 5 targets are in close proximity to the Perseverance and Bluebird historical gold workings and represent high priority areas. A 5,000m shallow RAB programme is anticipated to start in August to test these areas.

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 in this report that relates to exploration results is based on information compiled by Roger Thomson BSc, ARSM who is a Member of the Australian Institute of Geoscientists. Roger Thomson is an employee 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 for 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.

Harrods RC Intersections

Hole Number	Collar Coords		From	To	Interval	Gold Grade
	N	Ε	m	m	w	g/t Au
WDRC - 32	4307	6506	104	105	$\uparrow$	1.0
			116	121	5	1.4
WDRC - 37	4235	6506	41	47	6	1.4
			65	68	3	2.2
			71	72	$\overline{\mathbf{1}}$	1.6
WDRC - 38	4275	6506	36	37	$\ddagger$	3.2
			53	54	$\ddagger$	1.3
			57	58	$\ddagger$	1.4
			67	68	$\mathfrak{f}$	3.1
$WDRC - 39$	4315	6505	11	12	$\overline{\mathbf{1}}$	1.2
			21	22	$\ddagger$	1.2
			51	55	4	1.5
			71	73	$\overline{2}$	1.1
			93	94	$\ddagger$	16.8
			97	99	$\overline{2}$	1.9
			113	114	$\ddagger$	1.0
			133	134	$\ddagger$	1.3
WDRC - 40	4355	6504	65	66	$\ddagger$	2.8
			79	80	$\ddagger$	2.7
WDRC - 41	4435	6502	78	81	$\overline{3}$	1.5
			97	100	3 $\ddagger$	5.9
			129 136	130 138	$\overline{2}$	3.1 4.0
$WDRC - 42$	4280	6611	22	25	3	1.0
			32	33	$\ddagger$	1.8
$WDRC - 43$	4320	6611	34	35	$\ddagger$	1.1
			45	46	$\ddagger$	1.1
			65	66	$\ddagger$	1.0
WDRC - 44	4360	6610	9	11	$\overline{\mathbf{c}}$	1.0
			55	57	$\overline{2}$	1.6
			68	70	$\overline{\mathbf{c}}$	1.4
$WDRC - 45$	4400	6609	8	10	$\overline{2}$	3.0
			49	51	2	1.2
			63	64	$\mathfrak{f}$	1.3
			76	78	2	1.1
			87	88	$\mathfrak{f}$	2.5
			105	106	1	1.2
$WDRC - 46$	4480	6608	18	19	1	2.8
			23	24	$\ddagger$	1.1
			95	96	$\mathfrak{f}$	5.2
			98	99	$\ddagger$	2.0

Im samples, uncut, azimuth 180°, dip -60,° eoh; end of hole

Harrods South RAB Intersections

Hole Number	Collar Coords		From	To	Interval	Gold Grade
	N	Е	m	m	m	g/t Au
WDRB - 115	4433	6352	10	12	$2^*$	$5.7*$
			22	23	$1*$	1.8
WDRB - 121	3662	6568	28	32	4	0.6
WDRB - 122	3687	6567	24	32	8	0.4
WDRB - 128	3837	6564	36	40	$\overline{4}$	0.4
WDRB - 130	3887	6563	5	6	$1*$	2.4
WDRB - 131	3912	6563	4	16	$12 \,$	0.5
WDRB - 132	3937	6562	12	20	8	0.9
WDRB - 133	3962	6562	8	20	12	0.6
WDRB - 134	3987	6561	12	14	$2^{\star}$	1.6
			18	30	$12*$	1.3
WDRB - 135	4012	6561	$\overline{4}$	24	20	0.4
WDRB - 136	4037	6560	12	15	$3^{\star}$	2.5
WDRB - 145	3641	6768	$\overline{7}$	11	$4^*$	3.0
WDRB - 146	3666	6767	4	12	8	0.5
WDRB - 147	3691	6767	4	8	$\overline{4}$	0.5
WDRB - 149	3741	6766	20	24	$\overline{4}$	0.4
			28	32	4	0.3
WDRB - 151	3791	6765	20	28	8	0.3
WDRB - 152	3816	6765	12	24	12	0.8
			28	32	$\overline{4}$	0.4
WDRB - 153	3841	6764	16	20	$\overline{4}$	0.5
			47	50	3	0.4
WDRB - 154	3866	6764	16	28	12	0.4
			44	47	$\overline{7}$	0.4
WDRB - 155	3891	6763	16	20	4	0.4
			40	47	$\overline{7}$	0.4
WDRB - 156	3916	6763	44	50	6	0.5
WDRB - 158	3966	6762	8	12	4	0.7
WDRB - 162	4066	6760	47	50	3	0.6
WDRB - 169	4491	6751	12	16	$\overline{4}$	0.4
WDRB - 174	3495	6971	36	44	8	0.4
WDRB - 180	3645	6968	40	44	$4^*$	3.6
WDRB - 189	3870	6964	40	16	16	0.5
WDRB - 192	3945	6962	47	50	3	0.3
WDRB - 194	3995	6961	16	20	4	0.3
WDRB - 199	3420	6972	30	32	$2^{\star}$	4.1
WDRB - 200	3445	6972	32	36	4	0.3
WDRB - 201	3470	6971	28	32	4	0.3
WDRB - 202	3491	6771	36	44	8	0.3

3m or 4m composite samples unless otherwise shown, uncut, azimuth 180°, dip -60°, * 1m samples

Harrods Gold Zone - Geochemistry & Proposed RAB Drilling

Harrods Geochemistry & Drilling

MINING EXPLORATION ENTITY QUARTERLY REPORT

Name of entity:

Meteoric Resources NL

ABN:		Quarter ended ("current quarter")
	64 107 985 651		30/6/2005
	Consolidated statement of cash flows
	Cash flows related to operating activities	Current quarter \$AUD'000	Year to date $(12$ months) \$AUD'000
1.1	Receipts from product sales and related debtors	45	205
1,2	Payments for: (a) exploration and evaluation (b) development (c) production	(439)	(1, 574)
	(d) administration	(87)	(460)
1.3 1.4	Dividends received Interest and other items of a similar nature received	42	213
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	(439)	(1,616)
1,8	Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments	(16) (21)	(24) (71)
1.9	(c) other fixed assets 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)	8 3	(438)
	Net investing cash flows	(26)	(533)
1.13	Total operating and investing cash flows (carried forward)	(465)	(2, 149)

1.13	Total operating and investing cash flows (brought forward)	(465)	(2, 149)
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	5 Ŧ $\blacksquare$	949. (299)
	Net financing cash flows	5	650
	Net increase (decrease) in cash held	(460)	(1,499)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	3,598	4,637
1.22	Cash at end of quarter	3,138	3,138

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	60
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	$\mathbf{r}$
3.2	Credit standby arrangements	$\mathbf{r}$

Estimated cash outflows for next quarter

	Total	300
-4.2	Development	$\mathbf{m}^{\prime}$
4.1	Exploration and evaluation	300
		SAUD'000

Reconciliation of cash

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 follows.		Current quarter \$AUD'000	Previous quarter \$AUD'000
5.1	Cash on hand and at bank	108	3,598
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details) - Short Term Deposit	3,030
	Total: cash at end of quarter (item 1.22)	3,138	3.598

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 relinguished, reduced or lapsed	EL10177	Mandatory reduction by 50%	100%	100%
6.2	Interests in mining tenements acquired or increased	EL24362 EL24364	Granted Granted	100% 100%	100% 100%
		E51/1109 E51/1111 M59/646	Application Application Application	Nil% Nil% Nil%	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	32,782,178
7.4	Issued during quarter	Nil
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: 28 July 2005