METEORIC RESOURCES NL — Interim / Quarterly Report 2012

Mar 14, 2012

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NL

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HALF-YEAR FINANCIAL REPORT 31 DECEMBER 2011

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_____________
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ABN 64 107 985 651
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CONTENTS

HALF-YEAR FINANCIAL REPORT

	Page No.
Directors’ Report	3
Auditor’s Independence Declaration	15
Statement of Comprehensive Income	16
Statement of Financial Position	17
Statement of Changes in Equity	18
Statement of Cash Flows	19
Notes to and forming part of the Financial Statements	20
Directors' Declaration	24
Independent Review Report	25

• Page 2 -

DIRECTORS’ REPORT

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Your directors submit the financial report of the Company for the half-year ended 31 December 2011.

DIRECTORS

The following persons were directors of Meteoric Resources NL (“ Meteoric ”) during the whole of the half-year and up to the date of this report:

Mr Peter Thomas

Mr Roger Thomson Mr George Sakalidis

REVIEW OF OPERATIONS

The total loss from continuing operations for the half-year ended 31 December 2011 was $698,271 (2010: $843,521).

The Company’s activities during the six month period are summarised in this report which unless otherwise stated, should be read as if dated 31 December 2011.

TIBOOBURRA (Meteoric rights to earn up to 75%)

Meteoric Resources completed first pass RAB/aircore drilling (63 holes, 2049m) of geochemical anomalies at Tibooburra, 300km north of Broken Hill, NSW . The drilling tested parts of three anomalous gold trends with encouraging results at the New Bendigo and Kink prospects – see Figure 1

The Tibooburra goldfield comprises several inliers of Cambrian metasediments which host numerous zones of quartz veining within an area extending from Tibooburra town site for some 50km to the south west - see Figure 2. Old gold workings occur on several of the vein systems with 60,000oz of gold production recorded from both bedrock and alluvial sources. Lack of water was reported to be a significant factor in limiting development of the field.

Significantly, the Geological Survey of NSW has identified the Tibooburra goldfield as possessing an orogenic gold mineralisation style typical of slate belt gold provinces and has drawn similarities of mineralisation style, timing and structural setting to the Victorian goldfields. Very little systematic gold exploration has been completed in the Tibooburra goldfield, with only two of the numerous vein systems drilled previously, and no drilling below a depth of 60m.

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DIRECTORS’ REPORT

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Figure 1 Tibooburra Location Map

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DIRECTORS’ REPORT

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Figure 2 Tibooburra Geology

During the period Meteoric completed an extensive geochemical survey over the goldfield, as summarised in Figure 3. The survey identified four large gold anomalous areas each several kilometres in length at New Bendigo, Kink, Mt Poole and Evans Gully.

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DIRECTORS’ REPORT

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Figure 3 Tibooburra Geochemical Sampling

At New Bendigo, wide-spaced soil sampling (500m x 50m pattern) identified a broad 4km-long area of elevated gold values encompassing both outcropping Cambrian metasediments and alluvial cover – see Figure 4. The anomaly is situated adjacent to a regional structure, the New Bendigo Fault. In the southern part of this area two lines of old gold diggings occur within a 1.7km strike length, some showing evidence of pyritic, sericite-altered phyllites and metasiltstones with quartz stockworks – see Figure 5. A broad zone of sericite alteration has been mapped surrounding the diggings, extending for 1km in length and 100m to 300m in width, open to the north below cover. Seven lines of RAB drilling to an average down hole depth of 40m (holes 20m to 40m apart) were completed to test the northern part of the eastern diggings in an area of alluvial cover. Results of drilling are summarised in Table 1.

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DIRECTORS’ REPORT

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Figure 4 Tibooburra – New Bendigo

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DIRECTORS’ REPORT

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Figure 5 New Bendigo Sericite-Altered Quartz Stockwork

Table 1 New Bendigo RAB Drilling Results Hole Number Coordinates From m To M Interval m East North TIBRB02 587515 6719242 12 14 2 TIBRB03 587515 6719253 27 28 1 32 34 2 38 39 1 TIBRB04 34 36 2 TIBRB06 587543 6719193 10 17 7 22 23 1 TIBRB08 587578 6719215 8 11 3 TIBRB10 587568 6719154 7 11 4 TIBRB11 587585 6719165 9 10 1 36 38 2 TIBRB12 587602 6719176 8 28 20 including 13 16 3 TIBRB13 2 3 1 TIBRB14 587473 6719357 31 32 1 TIBRB15 587490 6719366 9 10 1 36 40 4 including 36 38 2 TIBRB18 587412 6719441 15 17 2 TIBRB19 587433 6719451 35 36 1 Drill azimuth 250°; Dip: -60°; 1m samples; 0.5g/t cut-off, uncut; eoh: end of hole; 50g charge fire assay;	Table 1 New Bendigo RAB Drilling Results	Table 1 New Bendigo RAB Drilling Results	Table 1 New Bendigo RAB Drilling Results	Table 1 New Bendigo RAB Drilling Results	Table 1 New Bendigo RAB Drilling Results	Table 1 New Bendigo RAB Drilling Results	Gold Grade g/t 1.12 0.61 1.52 0.54 0.51 3.33 2.79 1.79 2.46 0.61 0.69 5.22 22.62 3.75 5.73 0.59 11.33eoh 21.87 3.31 0.58 AAS determination
	Hole Number	Coordinates		From m	To M	Interval m	Gold Grade g/t
		East	North
	TIBRB02	587515	6719242	12	14	2	1.12
	TIBRB03	587515	6719253	27	28	1	0.61
				32	34	2	1.52
				38	39	1	0.54
	TIBRB04			34	36	2	0.51
	TIBRB06	587543	6719193	10	17	7	3.33
				22	23	1	2.79
	TIBRB08	587578	6719215	8	11	3	1.79
	TIBRB10	587568	6719154	7	11	4	2.46
	TIBRB11	587585	6719165	9	10	1	0.61
				36	38	2	0.69
	TIBRB12	587602	6719176	8	28	20	5.22
	including			13	16	3	22.62
	TIBRB13			2	3	1	3.75
	TIBRB14	587473	6719357	31	32	1	5.73
	TIBRB15	587490	6719366	9	10	1	0.59
				36	40	4	11.33eoh
	including			36	38	2	21.87
	TIBRB18	587412	6719441	15	17	2	3.31
	TIBRB19	587433	6719451	35	36	1	0.58
						charge fire assay;

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DIRECTORS’ REPORT

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The drilling identified a 300m-long zone of mineralised, quartz-veined, sericite-altered metasediments with a best intercept of 20m @ 5.22g/t Au from 8m, including 3m @ 22.62g/t Au from 13m in drill hole TIBRB12. Another high grade intercept of 4m @ 11.33g/t Au from 36m to the end of hole, including 2m @ 21.87g/t Au from 36m, occurs 200m to the north is drill hole TBRB15, as shown in Figure 6. The western line of diggings has yet to be drill tested although drill hole TBRB27 (3m @ 0.32g/t Au from 21m to end of hole) may have intersected the northern extension of this zone. The mineralisation is interpreted to comprise multiple sub-vertical zones of quartz veining and stockworks within a corridor ranging from 20m to 50m in width. The mineralisation appears to be strengthening to the south and is open in that direction. Drill cross sections are shown in Figure 7. At the Kink prospect 6km south of New Bendigo the drilling encountered anomalous gold grades in drill holes 1km apart as shown in Figure 8. The mineralisation occurs within ferruginous quartz veined Cambrian metasediments below 1-10m of cover, coincident with a gold-antimony geochemical anomaly. Both the New Bendigo and Kink prospects occur in proximity to a mapped regional fault structure, the New Bendigo Fault which extends for some 40 km within the project area. Gold mineralisation has been reported at the Peak diggings at the southern end of this structure. A programme of mapping and sampling is to be carried out at New Bendigo in order to define further drilling targets along strike on the eastern zone and at the untested western zone. Further drilling is also planned at Kink to follow up the anomalous results from the wide-spaced drilling.

Meteoric may earn an initial 51% interest in 375sq km of tenements covering most of the Tibooburra goldfield by expenditure of $500,000 by late 2013 and may elect to earn up to a 75% interest by expenditure of a further $1 million by late 2016.

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Figure 6
New Bendigo Drill Hole Locations
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DIRECTORS’ REPORT

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Figure 7 New Bendigo Cross Section

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DIRECTORS’ REPORT

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Figure 8 Kink Prospect, Aircore Drilling

COORARA (Meteoric 100%)

Mapping and sampling has identified several elevated areas of hematite-goethite iron oxides with encouraging iron grades. Some of the target areas, aggregating several kilometres in length, appear to be remnants of an older land surface where preservation of hematite-goethite enrichment of the underlying magnetite banded iron formation may be deeper and more extensive than encountered in the initial drilling.

During the period Meteoric completed a 31-hole, 984m shallow RC drilling programme as part of its initial reconnaissance programme at the Coorara iron project in the South Yilgarn iron province, see Figure 9.

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DIRECTORS’ REPORT

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Figure 9 Coorara Recent RC Drilling

WEBB IOCG Targets (Meteoric 70%)

Meteoric has earned a 70% interest in these exploration licences totalling 600sq km in the West Arunta region, an area identified by the Geological Survey of WA as being prospective for iron oxide-copper-gold (IOCG) mineralisation. The tenements cover three pronounced aeromagnetic anomalies considered to have potential for IOCG mineralisation – see Figure 10.

A deep diamond drill hole into target TI encountered minor hematite alteration and anomalous copper values, however this first hole is not considered to be a full test of this 3km-long magnetic and gravity anomaly. Negotiations are in hand on the terms of an aboriginal heritage survey to allow gravity and ground magnetic surveys to be carried out over targets T4 and T5.

During the period Meteoric withdrew from a joint venture with Sammy Resources Pty Ltd covering an additional two IOCG targets in order to focus on the higher priority targets in which it had earned an interest.

WEBB Kimberlite Targets (Meteoric 100% or earning a majority interest, diluting)

Meteoric holds, or may earn a majority interest in, 500sq km of exploration licences covering an unusual cluster of more than 50 discrete, circular magnetic anomalies interpreted to be possible kimberlite intrusions - see Figure 10.

Meteoric has signed a Heads of Agreement with North Australian Resources Limited (NAD) for NAD to explore this extensive package of tenements for diamonds, subject to completion of an - Page 12 -

DIRECTORS’ REPORT

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access agreement with the traditional owners. Meteoric reached agreement with the traditional owners at the Kiwirrkurra community for exploration of the tenements and a helicopter-supported heritage survey has been completed, clearing the tenements for exploration. Signing of the access agreement by the Ngaanyatjarra Land Council has yet to occur, which will clear the way for exploration to commence on this sand covered and totally unexplored area.

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Figure 10 Webb Kimberlite & IOCG Targets

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. Joint venturer and manager Black Ridge Mining has not reported any activity on the tenement during the period.

WARREGO (Meteoric 100%, diluting)

During the period Sipa Resources completed a 1,636 line km high resolution aeromagnetic and radiometric survey (50m line spacing) on Meteoric’s tenements north west of the old Warrego copper-gold mine near Tennant Creek, NT. The survey targeted numerous magnetic anomalies on the Meteoric tenements evident from previous regional aeromagnetic surveys. High-grade coppergold mineralisation in the Tennant Creek field is associated with discrete ‘bulls eye’ magnetic anomalies. Interpretation of the survey results is currently in progress.

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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DIRECTORS’ REPORT

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INDEPENDENCE DECLARATION BY AUDITOR

The lead auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 15 for the half-year ended 31 December 2011.

This report has been signed in accordance with a resolution of directors.

For and on behalf of the Directors

RM Thomson

Managing Director 15 March 2012

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AUDITOR’S INDEPENDENCE DECLARATION

To those charged with governance of Meteoric Resources NL

As auditor for the review of Meteoric Resources NL for the half-year ended 31 December 2011, I declare that, to the best of my knowledge and belief, there have been:

• a) No contraventions of the independence requirements of the Corporations Act 2001 in relation to the review; and

• b) No contraventions of any applicable code of professional conduct in relation to the review.

Somes Cooke

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Nicholas Hollens Perth 15 March 2012

Liability Limited by a Scheme approved under Professional Standards Legislation

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STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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Notes Revenue: Interest income Expenses: Depreciation expense Exploration and tenement expenses written off Share based payments expense 5 Other expenses (Loss) before income tax expense Income tax expense (Loss) from continuing operations Other comprehensive income: Changes in the fair value of available-for-sale financial assets 3 Other comprehensive income for the period, net of tax Total Comprehensive income for the period attributable to members of the Company Basic (loss) per share (cents per share) Diluted (loss) per share (cents per share) The accompanying notes form part of these financial statements.	Half Year Ended 31 Dec 2011 ($) 35,885 (6,716) (387,096) (150,960) (189,384) (698,271) - (698,271) (1,455) (1,455) (699,726) (0.9432) (0.9432)	Half Year Ended 31 Dec 2010 ($) 53,872 (8,054) (690,124) - (199,215)
		(843,521) -
		(843,521)
		(2,163) (2,163)
		(845,684)
		(1.2431) (1.2431)

• Page 16 -

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

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Notes Current Assets Cash and cash equivalents Trade and other receivables Other assets Total Current Assets Non-Current Assets Property, plant and equipment Other financial assets 3 Total Non-Current Assets TOTAL ASSETS Current Liabilities Trade and other payables Provisions Total Current Liabilities TOTAL LIABILITIES NET ASSETS Equity Contributed equity 4 Reserves 4 Accumulated losses TOTAL EQUITY	31 Dec 2011 ($) 945,220 21,132 12,573 978,925 54,561 45,450 100,011 1,078,936 40,498 1,347 41,845 41,845 1,037,091 10,321,656 243,078 (9,527,643) 1,037,091	30 June 2011 ($) 1,568,233 44,061 4,806
		1,617,100
		61,277 46,905
		108,182
		1,725,282
		138,609 816
		139,425
		139,425
		1,585,857
		10,321,656 628,293 (9,364,092)
		1,585,857

The accompanying notes form part of these financial statements.

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STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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	Contributed Equity (Net of Costs) ($)	Available for Sale Financial Assets Reserve ($)	Employee Benefits Reserve ($)	Accumulated Losses ($)	Total ($)
Balance at 1.7.2010	9,467,781	21,964	625,020	(7,778,407)	2,336,358
Operating (loss) for the period	-	-	-	(843,521)	(843,521)
Other comprehensive income	-	(2,163)	-	-	(2,163)
Balance at 31.12.2010	9,467,781	19,801	625,020	(8,621,928)	1,490,674
Balance at 1.7.2011	10,321,656	3,273	625,020	(9,364,092)	1,585,857
Operating (loss) for the period	-	-	-	(698,271)	(698,271)
Other comprehensive income	-	(1,455)	-	-	(1,455)
Share based payments expense	-	-	150,960	-	150,960
Expiry of unexercised director options	-	-	(534,720)	534,720	-
Balance at 31.12.2011	10,321,656	1,818	241,260	(9,527,643)	1,037,091

The accompanying notes form part of these financial statements.

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STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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CASH FLOWS FROM OPERATING ACTIVITIES Cash payments to suppliers and contractors Interest received Net cash (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of plant and equipment Payments for exploration and evaluation Purchase of new prospects Net cash (used in) investing activities Net (decrease) in cash held Cash and cash equivalents at the beginning of the financial period Cash and cash equivalents at the end of the financial period The accompanying notes form part of these financial statements.	Half Year Ended 31 Dec 2011 ($) (261,501) 53,872 (207,629) - (415,384) - (415,384) (623,013) 1,568,233 945,220	Half Year Ended 31 Dec 2010 ($) (238,464) 53,872
		(184,592)
		(501) (976,517) (2,951)
		(979,969)
		(1,164,561) 2,604,951
		1,440,390

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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NOTE 1 BASIS OF PREPARATION AND ACCOUNTING POLICIES

Basis of Preparation

These general purpose financial statements for the interim half-year reporting period ended 31 December 2011 have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard 134: Interim Financial Reporting .

These financial statements were approved by the Board of Directors on the date of the Directors Declaration.

This interim financial report is intended to provide users with an update on the latest annual financial statements of the Company. As such, it does not contain information that represents relatively insignificant changes occurring during the half-year. It is therefore recommended that this financial report be read in conjunction with the annual financial statements for the year ended 30 June 2011, together with any public announcements made by the Company during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

These financial statements have been prepared on an accruals and historical cost basis, except where indicated

These financial statements have been prepared on the going concern basis that contemplates normal business activities and the realisation of assets and extinguishment of liabilities in the ordinary course of business. As outlined at Note 7, since 31 December 2011, the Company has raised $720,500.

Accounting Policies

The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements.

The Company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period. The adoption of these Accounting standards and Interpretations did not have any significant impact on the financial performance or position of the Company.

Any new, revised or amending Accounting Standards of Interpretations that are not yet mandatory have not been adopted early.

NOTE 2 OPERATING SEGMENTS

Segment Information

Identification of reportable segments

The Company has identified that it operates in only one segment based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Company's principal activity is mineral exploration.

Revenue and assets by geographical region

The Company's revenue is received from sources and assets located wholly within Australia.

Major customers

Due to the nature of its current operations, the Company does not provide products and services.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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NOTE 3 OTHER FINANCIAL ASSETS Available-for-sale financial assets Balance at beginning of period Changes in the fair value during the period Closing balance NOTE 4 EQUITY Contributed Equity - Ordinary Shares At the beginning of the period Closing balance Contributed Equity - Contributing Shares – Partly-paid At the beginning of the period Closing balance Total Contributed Equity Reserves Available-for-sale financial assets reserve Employee benefit reserve Closing balance Options The Company had the following options over un-issued fully paid ordinary shares at the end of the period: Options exercisable at $0.2249 on or before 23.12.2014 to acquire fully paid ordinary shares Options exercisable at $0.2370 on or before 21.12.2015 to acquire fully paid ordinary shares Options exercisable at $0.0915 on or before 27.12.2016 to acquire fully paid ordinary shares Total Options	Half Year Ended 31 Dec 2011 ($) 46,905 (1,455) 45,450 Number 74,029,251 74,029,251 23,504,727 23,504,727 2,580,000 230,000 2,550,000 5,360,000	Half Year Ended 31 Dec 2010 ($) 63,596 (2,163)
		61,433
		$
		10,251,948
		10,251,948
		69,708
		69,708
		10,321,656
		1,818 241,260
		243,078

NOTE 5 SHARE BASED PAYMENTS EXPENSE

During the six month period ended 31 December 2011 , the Company issued 2,550,000 options to its directors and company secretary, which vested immediately upon issue. The options are to subscribe for ordinary fully paid shares in the Company at any time on or before 27 December 2016 at an exercise price of $0.0915 each.

NOTE 6 TENEMENT EXPENDITURE COMMITMENTS

The Company has entered into certain obligations to perform minimum exploration work on tenements held or joint ventured into. These obligations vary from time to time in accordance with contracts signed. Tenement rentals and minimum expenditure obligations which may be varied or deferred on application are expected to be met in the normal course of business.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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The minimum statutory expenditure requirements on the granted tenements for the next twelve months amounts to $843,100. Of this amount, $170,000 is expected to be met by JV participants as a result of various joint ventures. The tenements are located in Western Australia, New South Wales and Northern Territory and are subject to legislative requirements with respect to the processes for application, grant, conversion and renewal. The tenements are also subject to the payment of annual rent and the meeting of minimum annual expenditure commitments. There is no guarantee that any applications, conversions or renewals for the Company’s tenements will be granted. The inability of the Company to meet rent and expenditure requirements may adversely affect the standing of its tenements.

NOTE 7 EVENTS SUBSEQUENT TO REPORTING DATE

Since 31 December 2011, the Company has completed a placement of 11,084,616 ordinary fully paid shares at $0.065 each to sophisticated and professional investors for a total raising of $720,500.

Other than the transaction detailed above, there have been no matters or circumstances that have arisen since 31 December 2011 which have significantly affected or may significantly affect:

• (a) the Company’s operations in future years; or

• (b) the results of those operations in future years; or

• (c) the Company’s state of affairs in future years.

NOTE 8 CONTINGENT LIABILITIES

Native Title

The Company’s activities are subject to the Native Title Act and Aboriginal heritage legislation.

The Native Title Act recognises the title rights of indigenous Australians. State and Commonwealth native title legislation regulates the recognition, application and protection of native title. Native title may affect the status, renewal and conversion of existing tenements and the granting of new tenements. Indigenous land use agreements, including terms of compensation, heritage survey and protection agreements or other agreement types may need to be negotiated with affected parties.

The Native Title Act prescribes procedures applicable to the grant of tenements which may apply even in the case of, for instance, a granted exploration licence being “converted” to, say, a mining lease. Compensation may become payable in respect of any impact which the grant of any tenements or other activities have on native title. A tenement holder may be liable for the payment of compensation for the affect of mining and exploration activities on any native title rights and interests that exist in the area covered by a tenement. Compensation may be payable in forms other than money, including the transfer of property and the provision of goods and services.

It is not currently possible to assess whether compensation will be payable by the Company to native title holders in relation to any of the tenements but such compensation could be significant.

There may be sites and objects of significance to indigenous Australians located on the land relating to the Company’s tenements. State and Commonwealth Aboriginal heritage legislation aims to preserve and protect these sites and objects from use in a manner inconsistent with Aboriginal tradition. The Company proposes carrying out ‘clearance surveys’ if it considers this to be appropriate before conducting any exploration work that would disturb the surface of the land. The Company’s tenements may contain some such sites or objects of significance, which would need to be avoided or cause delays. It is possible that areas containing mineralisation or an economic resource may also contain sacred sites, in which case exploitation thereof may be entirely frustrated. Access agreements will need to be negotiated with affected parties.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

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Native title, Aboriginal heritage or other indigenous matters are matters of substantial risk (giving rise to the threat that certain tenements may not be granted, access to certain tenements may be denied or delayed in addition to potentially significant cost exposure in respect of things such as negotiations, surveys, incentive payments and compensation to name but a few) as the legislative frame works provide torturous and frequently uncertain routes to the endeavour by both stakeholders (that is explorers/miners and indigenous peoples) to attain certainty.

It is not possible to quantify the financial or other impact native title and Aboriginal heritage will have upon the Company as, amongst other things, the processes involved with:

• (a) identifying all and only the indigenous peoples with a relevant interest;

• (b) registering an indigenous land use agreement;

• (c) obtaining access to land without infringing the provisions of the Aboriginal Heritage Act;

are open ended, can involve substantial delay and cost and there can be no certainty as to the outcome with it being possible for projects to be entirely frustrated.

This could be the case, for instance, even in circumstances where:

• (a) a native title party consents to the grant of an exploration licence and assists the exploration endeavour thereon (and the discovery of an otherwise economic deposit);

• (b) the Company, in order to exploit that discovery, applies for a mining lease (or other required approval, consent, authority etc.) but such grant, approval, consent or authority is not forthcoming by reason of an objection by the same or another native title party.

Freehold Access

The interests of holders of freehold land encroached by tenements are given special recognition by the Mining Act (WA). As a general proposition, a tenement holder must obtain the consent of the owner of freehold before conducting operations on the freehold land. There can be no assurance that the Company will secure rights to access those portions of the tenements encroaching freehold land either at all or for all purposes but, importantly, the grant of freehold extinguished native title so wherever the tenements encroach freehold the Company is in the position of not having to abide by the Native Title Act albeit aboriginal heritage matters will still be of concern.

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DIRECTORS' DECLARATION

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The directors of the Company declare that:

1. the accompanying financial statements and notes:

2. (a) comply with Accounting Standard AASB 134 : Interim Financial Reporting and the Corporations Regulations 2001 ; and

3. (b) give a true and fair view of the financial position of the Company as at 31 December 2011 and its performance for the half-year ended on that date.

4. in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors:

Signed at Perth:

Roger M Thomson

Managing Director

Dated this 15[th] day of March 2012

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Independent Auditor’s Review Report

To the members of Meteoric Resources NL

Report on the Half-year Financial Report

We have reviewed the accompanying half-year financial report of Meteoric Resources NL, which comprises the statement of financial position as at 31 December 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ Responsibility for the Half-year Financial Report

The directors of Meteoric Resources NL are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of Meteoric Resources NL's financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Meteoric Resources NL, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Meteoric Resources NL, would be in the same terms if provided to the directors as at the time of this auditor’s review report.

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Meteoric Resources NL is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of Meteoric Resources NL’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Somes Cooke

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Nicholas Hollens

15 March 2012

Perth Western Australia

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