METEORIC RESOURCES NL — Interim / Quarterly Report 2012

Apr 22, 2012

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QUARTERLY REPORT for the Quarter Ended 31 March 2012

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Meteoric Resources NL ABN 64 107 985 651

SUMMARY

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

PO Box 963 West Perth WA 6872

Issued Capital : Shares - Quoted: 85,113,867 fully paid shares 27,504,727 contributing shares Options - Unquoted: 2,580,000 options exercisable at $0.2249 by 23.12.2014 230,000 options exercisable at $0.2370 by 21.12.2015 2,550,000 options exercisable at $0.0915 by 27.12.2016

Cash: $1.475 million

Directors:

Peter Thomas Chairman

Roger Thomson Managing Director George Sakalidis Executive Director

• 5,814m follow up RAB/aircore drilling programme completed at Tibooburra.

• 500m-long quartz veined alteration zone defined at New Bendigo main zone.

• Encouraging mineralisation intersected in two holes to the west of the main zone at New Bendigo.

• Soil sampling confirms a 2km-long coherent gold anomaly at New Bendigo pointing to additional drilling targets.

• RC drilling at New Bendigo and Kink scheduled to start in late May.

• 51% interest earned in the Tibooburra project.

• Discussions on the Coorara and Robinson Range iron projects in hand with interested parties with the aim of accelerating the evaluation of these prospective iron formations.

• Opportunities to divest the 61,000oz Wilthorpe gold resource being followed up.

• Agreement in principle for a new joint venture to test the Webb kimberlite targets in the West Arunta region.

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TIBOOBURRA (Meteoric right to earn up to 75%)

During the quarter a 204-hole, 5,814m RAB/aircore drilling was completed at the New Bendigo, Kink and Phoenix gold prospects at Tibooburra, north of Broken Hill, NSW. Completion of the drilling was delayed by two substantial rain events. The aim of the drilling at New Bendigo and Kink was to infill and step out from Meteoric’s initial drilling which intersected encouraging gold grades (MEI ASX 13 October 2011). Results of 4m composite samples and selected 1m samples are summarised in Table 1 and Table 2 respectively.

Table 1 4m Composite Drill Sample Results

Hole No	Collar	Coordinates	From m	To m	Interval m	Grade Au g/t	eoh eoh eoh eoh
	E	N
Kink
TIBRB-96*	590464	6710658	32	34	2	0.16
TIBRB-112*	590519	6711462	12	20	8	0.24
New Bendigo
TIBRB-141*	587519	6719502	4	8	4	0.35
TIBRB-144*	587238	6719234	24	40	16	0.24
TIBRB-149	587623	6719188	24	32	8	0.25
			40	44	4	0.52
			52	56	4	0.92
TIBRB-159*	587348	6719034	4	20	16	0.33
			36	40	4	0.95
TIBRB-160	587366	6719040	36	40	4	0.31
TIBRB-167	587654	6719118	32	36	4	0.35
TIBRB-168	587591	6718991	0	4	4	0.39
TIBRB-179	587633	6718772	32	36	4	0.23
TIBRB-181	587668	6719055	32	36	4	1.08
TIBRB-185	587684	6718479	20	24	4	0.54
TIBRB-235	587606	6719176	32	40	8	1.05
TIBRB-238	587417	6719438	20	24	4	0.63
TIBRB-244	587907	6718735	28	32	4	0.33
TIBRB-247	587886	6718398	16	20	4	0.22
TIBRB-248	587902	6718413	16	20	4	0.43
			44	46	2	0.16
TIBRB-250	587935	6718351	12	16	4	0.12
TIBRB-253	588000	6718315	36	40	4	0.12
TIBRB-256	588262	6718059	8	12	4	0.1
TIBRB-257	588278	6718071	32	36	4	0.11
TIBRB-262	587499	6719490	4	12	8	0.47

50g charge fire assay, AAS determination or 30g charge fire assay, ICPS determination (unless otherwise indicated), uncut. * Aqua regia digestion, ICPS determination. Kink hole azimuth range 87° to 119°, dip -60°. New Bendigo hole azimuth range 224° to 254°, dip -60°. eoh: end of hole

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Table 2 1m Drill Sample Results

Hole No	Collar	Coordinates	From m	To m	Interval m	Grade Au g/t	eoh
	E	N
Kink
TIBRB-91	590491	6710385	16	18	2	0.11
TIBRB-94	590384	6710430	17	18	1	0.13
TIBRB-96	590464	6710658	16	17	1	0.73
			22	24	2	0.13
			25	26	1	0.11
TIBRB-103	590505	6710996	27	28	1	0.10
TIBRB-112*	590519	6711462	7	8	1	0.13
			12	14	2	0.26
			17	19	2	0.46
New Bendigo
TIBRB-139	587465	6719469	9	10	1	1.24
TIBRB-144	587238	6719234	26	27	1	0.58
			29	31	2	0.52
			35	36	1	0.42
TIBRB-149	587623	6719188
TIBRB-159	587348	6719034	5	6	1	1.17
			10	11	1	0.81
			15	16	1	0.54
			37	38	1	1.78
TIBRB-160	587366	6719040	37	38	1	1.95
TIBRB-165	587619	6719096	33	34	1	0.95
TIBRB-166	587636	6719107	13	14	1	0.47
			16	17	1	0.54
TIBRB-177	587578	6718752	10	11	1	0.73
TIBRB-181	587668	6719055	34	36	2	1.23
TIBRB-185	587684	6718479	22	23	1	0.71
TIBRB-235	587606	6719176	12	19	7	8.08
			26	30	4	0.93
TIBRB-236	587540	6719192	9	10	1	0.77
TIBRB-237	587578	6719215	9	11	2	1.95
TIBRB-238	587417	6719438	17	18	1	4.63
TIBRB-263	587599	6718759	12	13	1	0.94
			21	22	1	0.11
Phoenix
TIBRB-202	580352	6735277	6	8	2	0.70
TIBRB-209	580439	6735085	12	13	1	0.30
TIBRB-210	580415	6735078	7	8	1	0.89

50g charge fire assay, AAS determination, or 30g charge fire assay, ICPS determination, uncut. Hole azimuth range 224° to 254°, dip -60°. eoh: end of hole

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New Bendigo

Numerous quartz veins and stringer zones, sometimes sulphide-bearing, were intersected in sericite-altered sediments, indicating the presence of a 500m-long mineralised main zone and the presence of mineralised or anomalous zones to the west, possibly over a strike length of some 400m, see Figure 1. However, results are lower grade and narrower than expected.

Similar to Meteoric’s first drilling programme, the first pass sampling used an aqua regia digest method. Re-analysis of some samples using a fire assay method indicated that the aqua regia method was underestimating the gold values, particularly where sulphides are present. As a result, a programme of re-assaying was carried out to check grades where sulphides were indicated, these results are summarised in the tables above.

Drill hole TIBRB-149 was drilled below previous hole TIBRB-12 (20m @ 5.22g/t Au from 8m) and intersected 18m of pyritic quartz veining containing an intercept of 2m @ 0.93g/t Au from 43m. The sharp drop in grade may be due to one or more of the following factors; supergene enrichment in the weathered zone; localised shoot development; irregular, spotty gold distribution within the mineralised zone. Drill hole TIBRB-235 was twinned with TIBRB-12 as a check and returned intersections of 7m @ 8.08g/t Au from 12m, 4m @ 0.93g/t Au from 26m and 8m @ 1.05g/t Au from 32m confirming the intersection in TIBRB-12. However hole TIBRB-241, which was drilled in the opposite direction across TIBRB-12 as a scissor hole, intersected grades of less than 0.4g/t Au, indicating that the mineralisation is irregular and/or sub-parallel to this hole.

In addition, holes TIBRB-236, 237 and 238 twinned holes TIBRB-6, 8 and 18 respectively. Holes TIBRB-237 and 238 returned similar grades to TIBRB-8 and 18 however TIBRB-236 returned a significantly lower grade and thickness compared to TIBRB-6 again indicating some irregularity in the mineralisation.

Encouraging intercepts were made in holes TIBRB-159 and TIBRB-160 in an area of soil cover to the west of the main zone, with both holes ending in mineralisation.

Infill geochemical sampling at New Bendigo, which had been delayed by severe rain events, has confirmed a coherent 2km-long gold-arsenic-antimony anomaly (Au values 10 to 50 times background) encompassing the areas drilled to date and identifying additional drilling targets.

Kink

Situated 6km south of New Bendigo, anomalous gold values were intersected at Kink in several drill holes (refer Tables 1 and 2) confirming the presence of low grade gold mineralisation at shallow depth below Cretaceous cover on three drill lines over a 1,000m strike length, see Figure 2. The aircore drilling mostly penetrated only 20m or less into the bedrock hosting the veins leaving this mineralisation untested at shallow depth.

Phoenix

The drill programme included 43 shallow geochemical drill holes on five 200m-spaced lines at Phoenix, situated 18km north of New Bendigo close to the New Bendigo Fault zone. Phoenix comprises a series of old diggings scattered over a 700m strike length.

Several areas of quartz stringer veining containing anomalous gold (plus 50ppb Au) were intersected with a best intercept of 2m @ 0.70g/t Au from 6m in hole TIBRB-202, see Table 2.

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Figure 1 New Bendigo RAB Drilling

Meteoric has reached the first earn-in point on this joint venture, having earned a 51% interest in the three Tibooburra exploration licences.

The drilling to date has mostly been shallow, testing the mineralisation to depths of less than 35m below surface. A programme of RC drilling to test the mineralisation at depth below the weathered zone is scheduled to commence in late May, subject to rig availability..

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Figure 2 Kink Aircore Drilling

COORARA (Meteoric 100%)

Meteoric holds a 40km strike length of banded iron formation in the South Yilgarn iron province within trucking distance of the standard gauge Trans Australian Railway. The iron formations have demonstrated potential for both goethite-hematite and magnetite as indicated by Meteoric’s scout drilling. Discussions are in progress with interested parties with the aim of accelerating the evaluation of this prospective iron formation sequence.

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ROBINSON RANGE (Meteoric 100%)

Drilling targets on goethite-hematite outcrops with direct shipping ore (DSO) potential have been identified on a sequence of folded Proterozoic banded iron formation in the Mid West iron province some 70km from a proposed rail head at Jack Hills. Terms for heritage surveys have yet to be agreed with the traditional owners. In the meantime Meteoric is holding discussions with interested parties with the aim of divesting this project or accelerating the evaluation of the iron formation where sampling by the Geological Survey of WA has indicated ore-grade outcrops.

WILTHORPE (Meteoric 90%)

As previously reported, a 61,000oz gold resource has been identified at Harrods Central and Harrods South with potential extensions between these two deposits. Meteoric is approaching third parties with the object of divesting this gold project.

WEBB IOCG Targets (Meteoric 70%)

The Webb joint venture tenements cover three pronounced aeromagnetic anomalies in the West Arunta region, an area identified by the Geological Survey of WA as being prospective for iron oxide-copper-gold (IOCG) mineralisation. Terms for a heritage survey over two of the targets have yet to be agreed with the traditional owners.

WEBB Kimberlite Targets (Meteoric 100% or right to acquire 90%)

North Australian Diamonds has withdrawn from a farmin agreement following continual delays in finding access deeds. The local Kiwirrkurra aboriginal community has signed the agreements and completed heritage surveys but the Ngaanyatjarra Land Council has yet to sign off. In the meantime Meteoric has reached agreement in principle for diamond explorer GeoCrystal Limited to earn up to 70% of Meteoric’s interest in 500 sq km of tenements by sole funding expenditure of $2million within four years of signing a heads of agreement. The agreement is subject to GeoCrystal listing on ASX prior to December 2012.

The tenements cover a group of more than 50 discrete circular magnetic anomalies consistent in shape, size amplitude with those associated with some kimberlite and lamproite pipes in Archean cratons and Proterozoic mobile belts. The magnetic targets may represent a kimberlite of lamproite pipe field, however they are conceptual in nature and are not based on field evidence as they occur in an area of extensive windblown sand cover with no evident outcrop.

Meteoric considers these anomalies to be attractive diamond exploration targets particularly given the growing gap between increasing diamond demand and falling supply. Global diamond output has fallen by about one fifth in the past five years.

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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