METEORIC RESOURCES NL — Interim / Quarterly Report 2011

Jul 28, 2011

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QUARTERLY REPORT for the Quarter Ended 30 June 2011

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Meteoric Resources NL ABN 64 107 985 651

ASX Codes: MEI and MEICA

16 Ord Street West Perth WA 6005

T +61 8 9485 2836 F +61 8 9485 2840 E info@meteoric.com.au

SUMMARY

COORARA

• Additional sampling and mapping identifies elevated areas with potential for deeper and more extensive hematite-goethite mineralisation.

PO Box 963 West Perth WA 6872

Issued Capital : Shares - Quoted: 74,029,251 fully paid shares 27,504,727 contributing shares

Options - Unquoted:

2,400,000 options over partly-paid shares exercisable at $0.065 by 16.11.2011 2,580,000 options over fully paid shares exercisable at $0.2249 by 23.12.2014 230,000 options over fully paid shares exercisable at $0.237 by 21.12.2015

• Drill testing of these target areas scheduled to commence in August/September.

WEBB

• Agreement reached for North Australian Diamonds Ltd to farm in on Meteoric’s kimberlite targets.

• Access agreement signed and heritage surveys completed, paving the way for field work to start in the next quarter.

TIBOOBURRA

• RAB drilling to test large gold and multi-element anomalies scheduled to commence in August.

Cash: $1.56 million

Directors: Peter Thomas Chairman Roger Thomson Managing Director George Sakalidis Executive Director

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COORARA (Meteoric right to 100%)

Following the initial reverse circulation (RC) drilling reported in the March 2011 quarter, further geological mapping and rock sampling has been carried out to identify areas where hematite-goethite enrichments with direct shipping ore (DSO) potential may be developed over greater thicknesses than those intersected in the initial drilling. The mapping and sampling identified several elevated areas with encouraging surface grades. 105 rock samples were taken with significant results shown in Table 1.

Some of the target areas, aggregating several kilometres in length, appear to be remnants of an older land surface where preservation of hematite-goethite alteration of the magnetite BIF maybe deeper and more extensive.

		Table 1 Coorara Rock Sampling Results	Table 1 Coorara Rock Sampling Results	Table 1 Coorara Rock Sampling Results
Sample Number	Easting	Northing	Fe %	SiO2 %	Al2O3 %	LOI %
BIF101	216855	6664796	57.39	7.9	5.1	4.4
BIF102	216926	6664834	56.01	14.6	1.5	3.5
BIF109	216670	6666280	52.99	15.2	2.8	5.8
BIF116	215943	6667665	53.76	11.4	5.9	5.4
BIF131	222377	6656148	53.89	16.0	2.7	2.3
BIF142	217075	6665089	55.17	8.9	3.9	7.7
BIF161	217268	6663804	51.27	9.9	4.2	11.7
BIF164	216934	6664789	57.11	9.4	3.2	5.3
BIF172	215970	6667600	53.92	14.9	3.5	4.0
BIF178	219580	6660830	60.76	10.8	1.2	0.6
BIF179	228349	6648346	60.34	4.5	3.5	4.6
BIF195	219489	6661401	58.88	5.8	4.0	3.2
BIF198	219432	6661558	60.79	3.9	3.1	5.5

Fused disc XRF determination of Fe, SiO2, Al2O3. LOI: Loss on Ignition

A 1,500m drilling programme is being planned to test these target areas. Subject to permitting and rig availability, drilling is anticipated to commence in late August. In addition, surface sampling has identified evidence of accumulations of detrital hematite-goethite on the flanks of the BIF sequences, with potential for valley-fill deposits derived from the erosion of the hematite-altered BIF. An aircore drilling programme is being planned in order to test this detrital iron target.

ROBINSON RANGE (Meteoric 100%)

Negotiations with the legal representatives of the traditional owners regarding terms for aboriginal heritage surveys have not yet resulted in an agreement which would allow botanical surveys and drilling to proceed.

WEBB (Meteoric 100% or earning majority interests)

As previously reported (Meteoric ASX release of 1 June 2011), Meteoric has signed a Heads of Agreement with North Australian Diamonds Limited (ASX:NAD) for NAD to explore a 500sq km package of four exploration tenements in the West Arunta region of Western Australia for diamonds. Meteoric holds a 100% interest in three granted exploration licences with rights to acquire up to a 90% interest in exploration licence application E80/2506. These tenements are in addition to those where Meteoric is currently exploring for gold and copper in this previously unexplored region.

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Meteoric acquired the tenements over a cluster of more than 50 discrete, circular magnetic anomalies evident from regional aeromagnetic data in the Webb area – see Figures 1 and 2. Meteoric’s geophysical consultants advise that the magnetic character of these anomalies is consistent in shape, size and amplitude with those associated with some kimberlite and lamproite pipes in Archean cratons and Proterozoic mobile belts. The magnetic targets may represent a kimberlite or lamproite pipe field in an area of extensive windblown sand cover. There are no records of any previous diamond exploration having been carried out in this area and the targets are considered to be completely untested.

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Figure 1 Figure 2 Webb Regional Aeromagnetic Image Aeromagnetic Image Showing Target and Tenure Anomalies

North Australian Diamonds is Australia’s most active diamond explorer and has a long term commitment to diamond exploration and development in Australia. NAD has extensive diamond holdings in northern Australia and has recently announced an upgraded resource at its Merlin project in the Northern Territory of 30 million tonnes containing a total of 7.2 million carats of diamonds (NAD March 2011 quarterly report). NAD has completed pre-feasibility production trials at Merlin prior to commencing a feasibility study this year.

Under the terms of the agreement, and subject to completion of an exploration access agreement with the traditional owners, NAD may earn 70% of Meteoric’s rights in the tenements by expenditure of $2.5M within five years of signing an access agreement. A minimum programme of sampling and 1,000m of drilling is required during the first two years prior to NAD’s right of withdrawal.

Meteoric has reached agreement in principle with the traditional owners for exploration of the tenements and a helicopter-supported heritage survey has been completed. Subject to clearances from the heritage survey it is anticipated that NAD will commence field work in the next quarter.

TIBOOBURRA (Meteoric right to earn up to 75%)

Heritage clearances have been obtained for a 3,500m RAB drilling programme at the New Bendigo, Kink and Mt Poole areas where gold, antimony and arsenic geochemical anomalies have been identified over a cumulative strike length of 10km. The gold anomalies occur within the old Tibooburra goldfield, an area where extensive quartz veining is evident yet where very little exploration or drilling has been completed. Drilling of these gold targets is scheduled to commence in August.

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UNALY HILL SOUTH (Meteoric 100%, diluting)

Meteoric’s Unaly Hill South tenement covers a 2km strike length of the Atley Igneous Complex, a differentiated mafic intrusion containing vanadium-bearing magnetite horizons. As previously reported, Meteoric has entered a joint venture agreement with Black Ridge Mining which has identified an 11km-long magnetic zone hosting magnetite-vanadiumtitanium mineralisation immediately along strike from the Meteoric tenement. Drilling on the Meteoric tenement by Black Ridge during 2010 intersected encouraging grades of magnetite and vanadium. Black Ridge has announced that it is preparing further drilling on its Unaly Hill tenements to define a resource as part of a commercialisation study.

Vanadium is used in the production of high performance steels for the pipeline, construction and automotive industries and in the production of titanium alloys. Potential future uses include lithium-vanadium batteries in electric vehicles and industrial vanadiumredox batteries.

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 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

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