METEORIC RESOURCES NL — Interim / Quarterly Report 2014

Jan 29, 2015

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QUARTERLY REPORT for the Quarter Ended 31 December 2014

_________

HIGHLIGHTS

Meteoric Resources NL ABN 64 107 985 651

ASX Codes: MEI and MEICA

22 Delhi Street West Perth WA 6005

T +61 8 9485 2836 F +61 8 9321 6571 E info@meteoric.com.au

PO Box 963 West Perth WA 6872

Issued Capital : Shares - Quoted: 113,253,682 fully paid shares 27,504,727 contributing shares

Options - Unquoted: 230,000 options exercisable at $0.2370 by 21.12.2015 2,550,000 options exercisable at $0.0915 by 27.12.2016 5,000,000 options exercisable at $0.045 by 31.1.2017

Directors: Neville Bassett

Non-Executive Chairman

Graeme Clatworthy Executive Director

George Sakalidis Executive Director

Barkly:

 More high grade copper-gold intersections at Bluebird, including:

 BBRC0012: 31m @ 2.48% Cu, 0.21g/t Au from 116m (including 12m @4.41% Cu, 0.23g/t Au from 125m)

 BBDD0004: 16m @ 3.02% Cu, 0.65g/t Au from 139m (including 4m @ 6.49% Cu, 0.74g/t Au from 141m)  The thick zone of strong transitional and fresh sulphide mineralisation outlined by the drilling reinforces the potential for significant high grade primary sulphide mineralisation at Bluebird

 The lower contact position containing high grade gold is yet to be fully tested

 The interpreted supergene enriched horizon is yet to be fully tested

 The mineralisation remains open along strike and down dip and further drilling is planned

Perseverance:

 A permit obtained for geophysical surveys and drilling at Perseverance, 1.4km along strike from Bluebird where historical drilling results include 3m @ 50.0g/t Au from 42m and 3m @ 43.2g/t Au from 72m

Warrego North:

 A farmin and joint venture agreement signed with Bulletin Resources, focussed on Meteoric’s 100%-owned Parakeet prospect where geophysical modelling indicates that previous drilling may have intersected the copper halo over a large copper-gold system. Drilling is anticipated to commence mid-year

Webb:

 40 new kimberlite bodies confirmed by drilling, bringing the total number of kimberlite bodies identified so far to 50. Processing of kimberlite samples for microdiamonds and indicator minerals is continuing with results expected in the March quarter

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BARKLY (Meteoric 50%, one sub-block 70% - subject to farmout)

The phase II RC and diamond drilling programme was completed at the Bluebird copper-gold prospect 30km east of Tennant Creek, NT. The drilling returned high grade transitional copper sulphide intersections in BBRC0012 and BBDD0004, as well as several other encouraging intersections. The high grade, broad thickness and the sulphide association indicates potential for significant primary sulphide mineralisation at Bluebird. Intersections include:

• BBRC0012: 31m at 2.48% Cu, 0.21g/t Au and 0.03% Bi from 116m Including 12m at 4.41% Cu, 0.23g/t Au and 0.02% Bi from 125m* And 1m at 11.50% Cu, 1.44g/t Au and 0.04% Bi from 142m

• BBDD0004: 16m at 3.02% Cu, 0.65g/t Au and 0.10% Bi from 139m Including 4m at 6.49% Cu, 0.74g/t Au and 0.18% Bi from 141m

• BBRC0010: 11m at 0.98g/t Au, 0.68% Cu and 0.03% Bi from 77m Including 2m at 3.54g/t Au, 0.25% Cu and 0.06% Bi from 77m* Including 1m at 3.45% Cu, 0.95g/t Au and 0.12% Bi from 86m

• BBRC0013: 14m at 1.31% Cu, 0.54g/t Au and 0.03% Bi from 162m Including 1m at 3.91% Cu, 0.78g/t Au and 0.02% Bi from 166m

• BBDD0005: 4m at 1.04% Cu, 0.55g/t Au and 0.04% Bi from 85m Including 1m at 3.45% Cu, 0.95g/t Au and 0.12% Bi from 86m

The positive results from the phase II drilling were achieved even though the broken ground conditions forced the abandonment of holes BBRC0012 and BBRC0013. A zone of broken ground runs east-west through the prospect at approximately 125m below surface, interpreted to be associated with late stage faulting which has enhanced the supergene enrichment at Bluebird. The current interpretation of the mineralisation, including the supergene zone and the estimated metal accumulation is shown in the longitudinal section in Figure 1. Priority drill targets are shown in the dark grey hatching. Cross sections of the drilling are shown in Figures 2-5. A summary of the RC and diamond drilling to date at Bluebird is shown in Table 1. Details of the phase II drilling programme (including the JORC 2012 Table 1) are shown in the MEI/BLZ ASX releases of 28 October 2014 and 9 December 2014.

Hole BBDD0003 (Figure 3) intersected zones of elevated copper and iron in the footwall hematite shale sequence, indicating potential for additional zones of footwall mineralisation. The recent drilling indicates that the ironstone host geometry and the chlorite-hematite alteration patterns are more complex than previously interpreted. Drilling is identifying significant changes in the ironstone composition from magnetite dominant to jasper-quartz dominant, to hematite-chlorite dominant as new areas are drilled. These observations and their relationships with metal zonation and structural architecture are enhancing the understanding of the geometry and controls on mineralisation.

• The phase III drilling, scheduled for March/April 2015, will aim to test the following targets:

• The interpreted high grade gold position on the lower ironstone contacts (Figures2, 3 and 4).

• Extend the primary copper-gold-bismuth mineralisation at depth (lower hatched target in Figure 1).

• Test the lateral extent of the supergene enrichment zone (east and west hatched targets in Figure 1).

Reprocessing of magnetic and gravity geophysical datasets has resulted in the identification of nine exploration targets in the vicinity of Bluebird. The highest ranking targets are Red Parrot and Dillon, shown in the longitudinal projection in Figure 6. These two targets are located along strike from Bluebird, situated on the Bluebird gravity ridge, have similar remnant magnetic responses to Bluebird and both are associated with gold grades up to 0.6g/t in historic RAB and RC drilling.

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Figure 1

Long Section of Bluebird, Looking North Showing Copper Equivalent (CuEQ%) x m* Contours

Note the priority drill targets marked by dark grey hatching, and the two abandoned holes BBRC0012 and BBRC0013.

*CuEQ grade is calculated by combining the metals of interest based on their prices. In this case Cu% + (Au ppm x 0.66) + (Bi% x 3.84) = CuEQ%. It is used as a visualisation tool only and is required at Bluebird due to the poly metallic and strongly zoned nature of the mineralisation. In this situation a CuEQ% provides a better picture of the overall geometry of the mineralisation than by using copper or gold grade alone. Metallurgical recoveries were not taken into account when calculating CuEQ%. CuEQ% x m is used for the contouring to give a spatial representation of total metal accumulation.

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Figure 2

Cross Section 448380mE, Looking West.

Note that diamond drilling of BBRC0012 was abandoned without any advancement beyond the end of the RC hole

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Figure 3 Cross Section 448400mE, Looking West Note the hematite shales and chlorite hematite breccia in the footwall which are anomalous in copper

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Figure 4

Cross Section 448360mE, Looking West

Note BBRC0013 diamond drilling was abandoned at 185m, after 6m of coring

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Figure 5

Cross Section 448420mE, Looking West

BBRC0008 was successfully completed by diamond drilling, but with significant core loss on the lower ironstone contact

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Figure 6

Longitudinal Projection of the Bluebird Trend Looking North

Showing successful drillhole pierce points in grey circles, labelled with significant RAB intercepts and high priority targets in red stars. Bluebird mineralisation is shown in red. Note the proximity of Dillon and Red Parrot to significant historic intercepts.

Table 1

Bluebird Drill Hole Intersection Summary

Hole ID	Lengt~~h~~	**Collar Location GDA94 **	**Collar Location GDA94 **	**Collar Location GDA94 **	**Dip **	Azimuth	From m	To m	Cu Grade %	Au Grade g/t	Bi Grade %	Width m	Intersection Description
		East	North	RL
BBDD-1	129.2	**448400 **	7827075	328	-60	0	89	92.8	1.26	0.08	0.01	3.8	3.8m @ 1.26% Cu, 0.08g/t Au, 0.01% Bi
							107.2	114	0.45	0.08	0.01	6.8	6.8m @ 0.45% Cu, 0.08g/t Au, 0.01% Bi
BBDD-2	198	**448400 **	7827025	324	-60	0	135.5	140	1.35	0.22	0.03	4.5	4.5m @ 1.35% Cu, 0.22g/t Au, 0.03% Bi
							157	177	0.61	8.17	0.22	20	20m @ 8.17g/t Au, 0.61%Cu, 0.22% Bi
						includes	169	173	0.66	37.90	0.80	4	4m@ 37.90g/t Au, 0.66% Cu, 0.80% Bi
						and	171	172	0.94	62.30	1.11	1	1m@ 62.30g/t Au, 0.94% Cu, 1.11% Bi
BBDD0003	251	**448400 **	7826997	328	-60	0	163	179	0.44	0.06	0.00	16	16m @ 0.44% Cu, 0.06g/t Au
							188	195	0.64	0.07	0.02	7	7m@ 0.64% Cu, 0.07g/t Au, 0.02% Bi
							228	235	0.34	0.02	0.00	7	7m@ 0.34% Cu, 0.02g/t Au
**BBDD0004 **	240.7	**448420 **	7827013	329	-60	0	139	155	3.02	0.65	0.10	16	16m @ 3.02% Cu, 0.65g/t Au, 0.10% Bi
**BBDD0005 **	122.6	**448420 **	7827085	329	-60	0	85	89	1.04	0.55	0.04	4	4m@ 1.04% Cu, 0.55g/t Au, 0.04% Bi
**BBDD0006 **	113.2	**448380 **	7827104	330	-60	0	64	67	0.06	0.04	0.82	3	3m @ 0.82% Bi
BBRC-1	100	**448329 **	7827204	326	-60	90							Meteroric Resources Hole NSI
BBRC-2	137	**448400 **	7827050	323	-60	0	115	119	4.69			4	Meteroric Resources Hole 4m@ 4.69% Cu, 0.38g/t Au, 170g/t Bi
BBRC-3	155	**448519 **	7827033	323	-60	0							Meteroric Resources Hole NSI
BBRC-4	77	**448400 **	7827120	331	-60	0							Anomalous Zone 37-55m @ 213ppm Cu
BBRC-5	113	**448400 **	7827097	328	-60	0	62	87	1.89	0.27	0.03	25	25m @ 1.89% Cu, 0.27g/t Au, 0.03% Bi
						includes	66	68	2.98	0.42	0.12	2	2m@ 2.98% Cu, 0.42g/t, 0.12% Bi
						and	74	78	8.93	1.05	0.01	4	4m@ 8.93% Cu, 1.05g/t Au, 0.01% Bi
						includes	75	77	16.50	0.15	0.01	2	2m@ 16.50% Cu, 0.15g/t Au, 0.01% Bi
						and	75	76	24.20	0.21	0.01	1	1m@ 24.2% Cu, 0.21g/t Au, 0.01% Bi
						and	76	77	1.20	3.81	0.01	1	1m@ 3.81g/t Au, 1.20% Cu, 0.01% Bi
BBRC-6	203	**448440 **	7827030	328	-60		126	135	0.89	0.36	0.04	9	9m @ 0.89% Cu, 0.36g/t Au, 0.04% Bi
						includes	126	128	0.09	1.21	0.01	2	2m@ 1.21g/t Au, 0.09% Cu, 0.01% Bi
						and	128	130	2.50	0.13	0.06	2	2m@ 2.50% Cu, 0.13g/t Au, 0.06% Bi
							146	149	0.80	1.57	0.02	3	3m@ 1.57g/t Au, 0.80% Cu, 0.02% Bi
							154	160	0.05	0.56	0.03	6	6m@ 0.56g/t Au, 0.05% Cu, 0.03% Bi
BBRC-7	137	**448360 **	7827081	328	-60	0	87	90	0.38	0.69	0	3	3m@ 0.69g/t Au, 0.38% Cu
							100	105	0.29	0.06	0	5	5m @ 0.29% Cu, 0.06g/t Au
BBRC0008	180.5	**448420 **	7827052	329	-60	0	110	134	0.73	0.31	0.05	24	24m@ 0.73% Cu, 0.31g/t Au, 0.05% Bi
						includes	111	113	1.85	1.29	0.16	2	2m@ 1.29g/t Au, 1.85% Cu, 0.16% Bi
						and	121	123	2.72	0.04	0.01	2	2m@ 2.72% Cu, 0.04g/t Au, 0.01% Bi
BBRC0009	100	**448420 **	7827106	330	-60	0	73	76	0.43	0.04	0	3	3m @ 0.43% Cu, 0.04g/t Au
BBRC0010	120	**448380 **	7827082	329	-60	0	77	88	0.68	0.98	0.03	11	11m@ 0.98g/t Au, 0.68% Cu, 0.03% Bi
						Includes	77	79	0.25	3.54	0.06	2	2m@ 3.54g/t Au, 0.25% Cu, 0.06% Bi
BBRC0011	245	**448380 **	7827009	329	-60	0	167	169	1.2	0.07	0.05	2	2m@ 1.20% Cu, 0.07g/t Au
							206	209	0.35	0.08	0	3	3m @ 0.35% Cu, 0.08g/t Au
BBRC0012	149*	**448380 **	7827049	329	-60	0	116	147	2.48	0.21	0.03	31	31m@ 2.48% Cu, 0.21g/t Au, 0.03% Bi
						includes	125	137	4.41	0.23	0.02	12	12m@ 4.41% Cu, 0.23g/t Au, 0.02% Bi
						and	142	143	11.5	1.44	0.04	1	1m@ 11.50% Cu, 1.44g/t Au, 0.04% Bi
BBRC0013	185*	**448360 **	7827040	329	-60	0	124	130	1.44	0.05	0.01	6	6m @ 1.44% Cu, 1.05g/t Au
							161	179	1.09	0.43	0.02	18	18m @ 1.09% Cu, 0.43g/t Au, 0.02% Bi
						includes	166	167	3.91	0.78	0.02	1	1m@ 3.91% Cu, 0.78g/t Au, 0.02% Bi

Copper cut-off grade 0.2%. Gold cut-off grade 0.2g/t. *Hole abandoned

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PERSEVERANCE (Meteoric 68.43%, Emmerson Resources 31.57%)

Meteoric holds a majority interest in nine granted mineral leases totalling 145ha in joint venture with Emmerson Resources. The tenements cover the Perseverance and Perseverance Extended copper-gold prospects situated 1.4km west of the Bluebird prospect held in joint venture with Blaze International. The tenements are centered on several outcropping ironstone lenses associated with a pronounced aeromagnetic anomaly coincident with a series of discrete gravity anomalies situated adjacent to the Bluebird gravity ridge. Historical drilling by Normandy Poseidon Ltd in 1987 intersected significant gold mineralization including:

• PERC001: 3m @ 43.2g/t Au from 72m

• PERC006: 4m @4.7g/t Au from 14m

• PERC009: 3m @ 3.3g/t Au from 77m

• PERC015: 3m @ 50.0g/t Au from 42m

Copper and bismuth assays are not recorded from these holes. A total of 41 RC holes and 3 diamond drill holes are recorded to have been drilled at Perseverance and Perseverance Extended during the period 1969 to 1997, however much of this drilling is less than 100m in depth and carried out prior to development of modern geophysical modelling techniques. No exploration has been carried out on the tenements since 1997.

During the quarter Meteoric received an Authority Certificate from the Aboriginal Areas Protection Authority to carry out geophysical surveys and drilling on the tenements, excluding a 150 square meter restricted works area centered on an aboriginal site. Meteoric is proposing to carry out a detailed ground magnetic survey on the tenements (excluding the small restricted works area) and model both the new magnetic data and existing gravity data in order to assess the extent and potential of the Perseverance mineralized ironstone system.

WARREGO NORTH (Meteoric 100%, subject to farmout)

Meteoric holds three granted exploration licences over magnetic anomalies near the old Warrego copper-gold mine (production 1.3Mozs gold and 91,000t copper), the largest mine in the Tennant Creek mineral field. Previous exploration has identified several large high magnetic susceptibility targets, some with pronounced coincident gravity anomalies similar in character to quartzmagnetite-chlorite ironstones associated with high grade copper-gold-bismuth mineralisation elsewhere in the mineral field. The target areas are situated N and NW of the Warrego mine as shown in Figure 7. The largest of these targets is Parakeet, 15km NW of Warrego, where previous drilling has intersected anomalous copper-gold-bismuth values and ironstone alteration.

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Figure 7 Warrego North Aeromagnetic Targets

During the quarter Meteoric entered into a farmin and joint venture agreement with Bulletin Resources Ltd. Under the terms of the agreement Bulletin may earn a 70% interest in the Warrego North tenements by expenditure of $750,000 within two years. The initial focus of the farmin will be the Parakeet copper-gold-bismuth target outlined by Meteoric’s modelling of geophysical data and previous drilling results, which indicate that the earlier drilling may have intersected what could be the copper halo over a large copper-gold system at depth (refer to MEI ASX release of 3 November 2014 for details). Drilling of this target has been delayed until after the NT wet season and is anticipated to commence mid-year.

WEBB (Meteoric 30% and right to acquire 27% of E80/4506).

During the quarter GeoCrystal Ltd earned 70% of Meteoric’s interest in the Webb project by completing expenditure of $2 million. As previously reported, loam sampling during the previous quarter identified a significant cluster of microdiamonds in the NE part of the main project area (MEI ASX release 6 October 2014). The 2014 drill programme was completed, comprising 48 holes totalling 6056m. This programme tested 48 targets of which 40 proved to be kimberlite, bringing the number of kimberlite bodies confirmed to date to 50. Figure 8 shows weathered kimberlite (yellow-brown and cream) and fresh kimberlite (blue-grey) intersected in hole W14RC002 below cover (brown). Kimberlite samples from the 2014 programme continue to be processed for microdiamonds and indicator minerals. Results of this work will be released upon compilation and interpretation of all the relevant laboratory reports, anticipated to be in the March quarter. In the meantime numerous kimberlite targets remain to be tested and planning for the 2015 drilling programme has commenced.

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Figure 8 Weathered and Fresh Kimberlite in Drill Hole W14RC-002

WILTHORPE (Meteoric 90%)

Meteoric holds a 90% interest in Harrods Central and Harrods South where identified resources total 61,00ozs of gold (refer to MEI March and September 2007 ASX quarterly reports for details). As previously announced (MEI ASX release 15 September 2014), Meteoric has entered into an agreement for the sale of Meteoric’s 90% interest. The sale is conditional amongst other things, upon the grant of a mining lease over the gold resources. During the quarter a mining lease application was lodged with the Department of Minerals and Energy.

COORARA (Meteoric 100%)

Meteoric holds a 40km strike length of banded iron formations (BIF) in the South Yilgarn iron province within trucking distance of the multi-user Trans Australian Railway. The BIF sequences have demonstrated potential for both goethite-hematite and magnetite iron ores. No exploration was carried out during the quarter.

CORTEGANA (Meteoric 100%)

Meteoric applied for a 65sq km Investigation Permit over crystalline, coarse flake graphite occurrences and old graphite mines in the Aracena Metamorphic Belt, Huelva province, Spain in 2012. No modern exploration has been carried out in this old mining district and Meteoric anticipates that airborne EM techniques should be very effective in identifying target areas for high grade graphite in an area close to markets in Europe. Meteoric has contacted the authorities in Huelva to expedite the grant of this permit.

For more information on the company visit www.meteoric.com.au

Please direct enquiries to: Graeme Clatworthy George Sakalidis Executive Director Executive Director Phone +61 8 9485 2836 Phone +61 8 9485 2836 Mob 0418 902 341 Mob 0411 640 337

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Roger Thomson BSc (Hons), ARSM, a Competent Person, who is a Member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy. Roger Thomson is a selfemployed consultant to Meteoric Resources. 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 2012 edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Roger Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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APPENDIX 1 TENEMENT HOLDINGS AT 31 December 2014

Tenement	Status	Project	Ownership (%)	Change in Quarter
E16/0372	Granted	COORARA	100%
E52/2067	Granted	WILTHORPE	90%
E52/2627	Granted	WILTHORPE	90%
E80/4235	Granted	ELIZABETH HILLS(Webb JV)	49%
E80/4407	Granted	ANGAS HILL (Webb JV)	49%
E80/4506	Granted	WEBB DIAMONDS(Webb JV)	Rights to 27%.	Dilution
E80/4737	Granted	WEBB DIAMONDS(Webb JV)	30%	Dilution
EL30057	Application	WEBB DIAMONDS(Webb JV)	30%	Dilution
E80/4815	Granted	LAKE MACKAY(Webb JV)	30%	Dilution
E80/4816	Granted	LAKE MACKAY(Webb JV)	30%	Dilution
E80/4818	Application	LAKE MACKAY(Webb JV)	nil	Withdrawn
E80/4819	Application	LAKE MACKAY(Webb JV)	nil	Withdrawn
E80/4863	Application	KIWIRKURRA	49%
EL23764	Granted	WARREGO NORTH	100%	Subject to farm out
EL24255	Granted	WARREGO NORTH	100%	Subject to farm out
EL24257	Application	WARREGO SOUTH	100%
EL24363	Granted	WARREGO NORTH	100%	Subject to farm out
EL28693	Application	WARREGO NORTH	100%	Subject to farm out
MLC217	Granted	PERSEVERANCE	68.43%
MLC218	Granted	PERSEVERANCE	68.43%
MLC219	Granted	PERSEVERANCE	68.43%
MLC220	Granted	PERSEVERANCE	68.43%
MLC221	Granted	PERSEVERANCE	68.43%
MLC222	Granted	PERSEVERANCE	68.43%
MLC223	Granted	PERSEVERANCE	68.43%
MLC224	Granted	PERSEVERANCE	68.43%
MLC57	Granted	PERSEVERANCE	68.43%
EL28620	Granted	BARKLY(Blaze JV)	50%
EL30666	Application	MONUMENT HILL	100%	Application
EL30701	Application	R29, BABBLER	100%	Application
H14913	Application	CORTEGANA - SPAIN	100%

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