METEORIC RESOURCES NL — Interim / Quarterly Report 2007

Apr 29, 2007

t 08 9485 2836 £ 08 9485 2840 e info@meteornc.com.au w meteoric com au

2nd Roor 35 dutram st west perth wa 6005 po box 963 west perth. western anstralia 6872

OUARTERLY REPORT For the Quarter Ended 31 March 2007

METEORIC RESOURCES NIL abn 64 107 985 651

SUMMARY

• A near-surface resource of 712,000 tonnes at 1.5g/t Au identified at Harrods Central with drilling of potentially higher grade targets scheduled for the June quarter.
• Preliminary resource modelling of Harrods South in $\blacksquare$ progress.
• Drilling of ground magnetic targets with potential for $\blacksquare$ Centenary-style gold mineralisation scheduled for May at Scorpion Well near the +2Moz Darlot-Centenary gold mine.
• RC drilling to test depth extensions at Rutherfords Find $\blacksquare$ near Bullfinch scheduled to start in June.
• Scout drilling of gold targets at Top Well scheduled for June.
• Geochemical sampling for gold and nickel in progress at $\blacksquare$ Mt Remarkable.

$\mathbf{1}$

WILTHORPE (Meteoric 90%)

As previously announced (ASX release 27 March 2007) geological consultants have completed a preliminary resource model for Harrods Central, which forms part of Meteoric's Wilthorpe gold project situated 25km south of the 1Moz Fortnum gold mine in the Peak Hill goldfield, WA. A significant outcome from the modelling was the identification of several deeper targets with potential for high grade mineralisation.

Using a 0.8g/t cut-off grade and cutting high gold values to 20g/t a resource of 712,000 tonnes at 1.5g/t Au containing in excess of 34,000ozs has been outlined, as shown in the table below:

Depth	Indicated Resource		Inferred Resource		Total
	Tonnes	Grade g/t	Tonnes	Grade g/t	Tonnes	Grade g/t
Above 50m	251.000	1.5	32.000	1.6	283,000	1.5
Below 50m	201.000	1.6	228.000	1.5	429,000	1.5
TOTAL	452.000	1.5	260.000	1.5	712.000	1,5

Harrods Central Preliminary Resources
----------------------------------------------	--	--

0.8g/t Au cut-off. High values cut to 20g/t. Rounded tonnage and grade figures

The resource is contained within a northeast-trending zone approximately 170m in width and 300m in length with the resource model extending from surface to depths of between 50m and 150m below surface, see Figure 1 which shows the block model approximately 50m below surface. Using a 1g/t cut-off a resource of 497,000 tonnes at 1.8g/t Au (28,000ozs) has been estimated, comprising an Indicated Resource of 317,000 tonnes at 1.8g/t and an Inferred Resource of 180,000 tonnes at 1.8g/t. The mineralisation remains open at depth and also to the south where numerous drill intersections have been made in the one kilometre-long zone between Harrods Central and Harrods South, indicating potential for repetitions of the northeasttrending vein packages. Modelling of the 800m-long Harrods South mineralisation is in progress.

The resource model has identified several higher grade zones which are open at depth and which provide targets for further drilling to test for high-grade depth extensions, bearing in mind that much of the drilling at Harrods Central terminates at less than 100m below surface. Examples of sections through the block model are shown in Figures 2, 3 and 4. Drilling of these targets, most of which occur at depths starting from 120m below surface, is planned to start in June/July 2007. In the meantime, preliminary optimisation studies to investigate the open pit mineability of the Harrods Central resource are in progress.

SCORPION WELL (Meteoric 100% and earning up to 70%)

Meteoric completed 250 line kilometres of detailed ground magnetics at Scorpion Well situated 10km southeast of the +1Moz Darlot-Centenary gold mine. The Scorpion Well tenements cover host rocks favourable for Centenary-style gold mineralisation associated with a southeast-trending structural corridor passing through the Darlot-Centenary gold deposits. Previous scout drilling by joint venturer Image Resources confirmed the presence of gabbros and dolerites below alluvial cover on the joint venture tenement. Both the Darlot and Centenary gold deposits are hosted by dolerites/gabbros with the Centenary mineralisation mainly occurring within a magnetic unit of the mafic sequence adjacent to the southeast-trending El Dorado shear zone.

Figure 1
Harrods Central, Plan 455mRL

Figure 2
Harrods Central, Section 36500E

Figure 3
Harrods Central, Section 36555E

Figure 4
Harrods Central, Section 36580E

Figure 5
Scorpion Well Magnetic Interpretation

Interpretation of the recent magnetic survey indicates that the El Dorado shear zone passes through both the tenements comprising the project (E37/745 Meteoric earning 70% and application E37/886 Meteoric 100%) as shown in Figure 5. The ground magnetics have identified several anomalies which are interpreted to be structurally disrupted magnetic dolerites or gabbros adjacent to the El Dorado shear and thus are favourable positions for gold mineralisation. RAB drilling of these targets is anticipated to start in late May.

BULLFINCH (Meteoric 90%)

Further RC drilling is being planned at Rutherfords Find, about 10km east of Bullfinch, where Meteoric previously announced drill intersections over a 250m strike length with a best intercept of 4m @ 10.5g/t Au from 71m. The drilling will target the down-dip or down-plunge extensions of this mineralisation and is expected to start in June 2007.

TOP WELL (Meteoric earning up to 70%)

Interpretation of aeromagnetic data has identified several targets prospective for gold at this project situated 85km west of Leonora. RAB drilling of these targets is scheduled for early June 2007.

MT REMARKABLE (Meteoric earning up to 70%)

Interpretation of aeromagnetic and gravity data has identified possible greenstone sequences below cover which are considered to be prospective for gold and nickel. The project comprises two separate exploration licences situated immediately west of the Eucalyptus gold mining centre, about 80km southwest of Laverton. Meteoric has commenced reconnaissance sampling as part of a first pass exercise to assess the potential of the area.

BARKLY (Meteoric earning 70%)

As previously reported, Meteoric has confirmed a 51% interest in this project and elected to earn a 70% interest. Two anomalous copper-gold zones identified by RAB drilling at the Bluebird prospect are scheduled for follow-up drilling after the end of the NT wet season.

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, MAusIMM, 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 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.

MINING EXPLORATION ENTITY QUARTERLY REPORT

Name of entity:

Meteoric Resources NL

ABN:			Quarter ended ("current quarter")
	64 107 985 651		31/3/2007
	Consolidated statement of cash flows
	Cash flows related to operating activities	Current quarter \$AUD'000	Year to date $(9$ months) \$AUD'000
1.1	Receipts from product sales and related debtors	10	56.
1.2	Payments for: (a) exploration and evaluation (b) development (c) production	(104)	(637)
	(d) administration	(49)	(284)
1.3 1.4	Dividends received Interest and other items of a similar nature received	24	79
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	(119)	(786)
1.8	Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments		(9) (15)
1.9	(c) other fixed assets Proceeds from sale of: (a) prospects	(1)	(2)
1.10 1.11	(b) equity investments (c) other fixed assets Loans to other entities	2	55
1.12	Loans repaid by other entities Other (Loan repayments to associated company)	17	50.
	Net investing cash flows	18	79
1.13	Total operating and investing cash flows (carried forward)	(101)	(707)

(707)
(706)
2,109
1.403

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	28
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	$\blacksquare$

Estimated cash outflows for next quarter

• $4, 1$ Exploration and evaluation
• $4.2$ Development

Total

200
200
\$AUD'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	6	129.
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details) – Short Term Deposit	1.397	1.375
Total: cash at end of quarter (item 1.22)	1,403	1,504

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		N/A

		Total number	Number quoted	Issue price per	Amount paid up
				security (cents)	per security
					(cents)
7.1	Preference securities	N/A
7.2	Issued during quarter	Nil
7.3	Ordinary securities
	Fully paid Partly paid	43,790,326 15,508,309	43,790,326 15,508,309
7.4	Issued during quarter	Nil
7.5	Convertible debt securities	N/A
7.6	Issued during quarter	$\overline{N}$ il
7.7	Options	2,400,000 2,400,000 (Both to acquire partly paid shares)	Not quoted Not quoted	Exercise price \$0.06 \$0.06	Expiry date 21.11.2010 16.11.2011
7.8	Issued during quarter	Nil
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.

Roger Thomson Managing Director Date: 30 April 2007