METEORIC RESOURCES NL — Interim / Quarterly Report 2016

Jul 26, 2016

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QUARTERLY REPORT ENDED 30 JUNE 2016

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Meteoric Resources NL ABN 64 107 985 651

HIGHLIGHTS

Webb Diamond JV

ASX Code: MEI

• 5 additional microdiamonds recovered

Ground Floor 10 Outram 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

• 2 microdiamond hotspots identified

• 42 untested high priority targets within the “hotspots” remain untested

Warrego Copper/Gold Project

• Warrego North Farmin and JV Agreement executed

• Chalice Gold Mines to spend $800,000 to earn 70% interest

• Large Copper/Gold geophysical target at Parakeet to be drill tested

Issued Capital :

Shares - Quoted: 203,268,395 fully paid shares

Options - Unquoted:

2,550,000 options exercisable at $0.0915 by 27.12.2016

5,000,000 options exercisable at $0.0415 by 31.1.2017

9,000,000 options exercisable at $0.012 by 9.9.2020

9,000,000 options exercisable at $0.02 by 30.6.2018

Directors:

Neville Bassett Non-Executive Chairman

Graeme Clatworthy Executive Director

George Sakalidis Executive Technical Director

WEBB (Meteoric 19% and right to acquire 16% of E80/4506)

During the quarter, results were reported on 27 April 2016 for an infill loam sampling programme undertaken within the Webb Diamond Project area in late 2015 comprising a total of 60 samples with a combined total weight of approximately 8.25 tonnes. These comprised 57 samples each of approximately 100kg and 3 bulk samples (+0.1 to 4mm) each of approximately 650kg.

Further testwork on the samples taken are continuing and are expected to be completed during the current quarter.

Also during the quarter, the processing of an additional 27 drill spoil samples remaining from the 2014 drilling program was commenced.

A total 24 microdiamonds have now been recovered from the four loam sampling programs undertaken within the project tenements.

The distribution of these microdiamonds is sufficiently spatially coherent to be interpreted as a broad surface microdiamond dispersion anomaly (Figure 1). Approximately 80% of the total microdiamonds recovered are located in the northern portion of the project area and of these 75% are situated within two ‘hot spots’ with areas of 40km[2 ] and 6km[2] . The larger ‘hot spot’ trends in a NWSE direction over a distance of 14km and has a width of 4km. The ‘hot spots’ are both characterised by a greater number of microdiamonds and with larger dimensions up to 0.4mm.

While the significance of this broad microdiamond anomaly which encompasses an area of approximately 150km[2] is speculative, the company remains highly encouraged by the persistence of the anomaly in repeated loam sampling programs, the presence of larger microdiamonds and the emergence of two ‘hotspot’ areas where there is a higher incidence of microdiamonds. Within the revised broader microdiamond cluster (see ASX:MEI 28 Oct 2015) there remain 42 untested kimberlite targets which have

METEORIC RESOURCES NL – OPERATIONS REPORT – 30 JUNE 2016

been identified from the detailed aeromagnetic survey undertaken by the Joint Venture in 2014.

Drilling of the 42 untested kimberlite targets located within the broad microdiamond cluster in the northern portion of the project area is expected later this year. To date, the JV has identified 51 kimberlites by drilling from the field of 280 magnetic targets.

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Figure 1 Webb Diamond Joint Venture- Location map of Micro Diamonds Recovered

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Tom Reddicliffe BSc (Hons), MSc. Tom Reddicliffe, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Tom Reddicliffe is a self-employed consultant to the Meteoric Resources NL - GeoCrystal Limited joint venture and a director of GeoCrystal Limited. Tom Reddicliffe 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'. Tom Reddicliffe consents to the inclusion in this report of his information in the form and context in which it appears.

WARREGO NORTH (Meteoric 100%, subject to farmout and JV)

During the quarter, Meteoric executed a Farmin and Joint Venture agreement with Chalice Gold Mines Ltd ( CGM ). CGM may earn up to a 70% interest in the Warrego North project by expenditure of $800,000 within five years.

The initial focus of the farmin will be drilling of the prospective Parakeet copper-gold target, considered to be one of the largest magnetic-gravity anomalies in the Tennant Creek field that has not been properly tested at depth. Modelling of geophysical data and previous drilling results indicates that earlier drilling may have intersected what could be the copper halo over a large copper-gold system at depth.

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Figure 2

Warrego North Aeromagnetic Targets

Warrego North Project

Meteoric holds a granted exploration licence (EL23764, 74.5sq km) over magnetic and gravity anomalies near the old Warrego copper-gold mine (1.3M ozs gold, 91,000t copper), the largest mine in the Tennant Creek mineral field. Previous exploration results have identified several large high magnetic susceptibility targets, some with pronounced coincident gravity anomalies similar in character to quartz- magnetitechlorite ironstones associated with high-grade copper-gold-bismuth mineralisation elsewhere in the mineral field. The target areas are situated north and northwest of the Warrego mine as shown in Figure 2. The largest of these targets is Parakeet, situated 15km NW of Warrego.

Meteoric has carried out processing and interpretation of ground magnetic, gravity and induced polarisation (IP) data at Parakeet. The processing includes 3D forward and inversion modelling of the ground magnetic and gravity data as well as 2D modelling of the IP. The Parakeet prospect is associated with two strong magnetic anomalies comparable in intensity with magnetic anomalies associated with copper gold ore bodies in the mineral field.

Historical drilling to depths of up to 200m at Parakeet has demonstrated anomalous copper, gold and bismuth values and ironstone alteration characteristic of Tennant Creek style iron oxide-copper-gold mineralisation. In more detail, the ground magnetic anomalies and associated gravity anomalies highlight three specific targets at Parakeet. All three targets have recorded historical drill intercepts with anomalous copper, gold or bismuth values. 3D inversion modelling of the ground magnetic data has identified a further three bodies bringing to six the total number of modelled bodies at Parakeet with magnetic susceptibility values greater than 0.4 SI units, characteristic of ironstone bodies at Tennant Creek.

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METEORIC RESOURCES NL – OPERATIONS REPORT – 30 JUNE 2016

Significantly, modelling of the ground magnetics, together with results of down hole magnetic surveys, indicate that the source of the magnetic anomalies at Parakeet has not been tested by the previous drilling, which appears to have intersected what could be the copper halo over a large copper-gold system at depth. It should be noted that these targets are interpretive at this stage and there has been insufficient exploration to estimate a mineral resource and it is uncertain whether further exploration will result in the estimation of a mineral resource.

Interpretation of aeromagnetic data suggests the presence of a strong NW-trending structure through Parakeet which could be a parallel structure to, or the extension of, the Navigator Fault, a major structure associated with the Warrego deposit, indicating a favourable structural setting for Parakeet. Additional magnetic and gravity targets which have not been fully tested on EL23764 include Bustard, south of Parakeet and Cuddihy and Pipeline east of the Warrego granite. Further details on the Parakeet targets are shown in MEI ASX release of 14 May 2014.

Farmin Agreement

Under the terms of the agreement, CGM has a minimum commitment to drill at least one deep diamond drill hole at Parakeet within the first year. The earn-in has two stages: CGM may earn a 51% interest by sole funding $400,000 within three years and may elect to earn an additional 19% by sole funding another $400,000 within a further two years. A full form agreement will be completed after CGM has completed its minimum commitment and confirmed its intention to continue to earn in. Upon CGM earning an interest, a contributing joint venture will be formed with normal provisions for dilution and pre-emptive rights.

High grade Tennant Creek-style copper-gold deposits such as Warrego (7Mt at 8g/t Au and 2% Cu) are very attractive, high value targets. The directors of Meteoric are most encouraged by the results of the geophysical modelling which indicates potential for a large copper-gold system below the previous drilling at Parakeet and welcome the association with CGM which provides the opportunity to test this and other attractive targets near the Warrego mine.

Barkly Joint Venture (MEI 30%, subject to JV)

During the quarter no exploration was undertaken.

Coorara Iron Ore Project (MEI 100%)

No exploration was undertaken during the quarter.

PERSEVERANCE (Meteoric 68.43%, Emmerson Resources 31.57%)

No exploration was undertaken during the quarter.

Competent Person Statements

The information in this report that relates to other 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 a Fellow of the Australasian Institute of Mining and Metallurgy. Roger Thomson is a self-employed 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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CORTEGANA GRAPHITE PROJECT (Meteoric 100%, application)

During the quarter Meteoric Resources continued the negotiations with the Huleva Delegation in Spain to an advanced stage. The company is hopeful to have the tenement granted in the near future.

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Cortegana Investigation Permit H14913

Geological research has shown the graphite occurrences in the Aracena Metamorphic Belt to be mainly of the stratabound type and coarsely crystalline and flaky, with graphite crystals ranging from 0.25-1mm in size. This type of coarse crystalline graphite commands a premium price in the market and forms an attractive target for exploration and possible development in an area of good infrastructure close to markets.

Graphite has traditionally been considered to be an industrial mineral used in the manufacture of refractories, batteries, steel, brake linings and lubricants. However research has shown that coarse crystalline graphite can be processed to form graphene, a product with many extraordinary properties. Graphene is 200 times stronger than steel by weight, conducts heat and electricity with great efficiency, is nearly transparent and has special electrical properties. Graphene usage is forecast to expand exponentially in the semiconductor, electronics, battery energy and composite materials industries. Thus coarse crystalline graphite is now becoming a high technology material.

New opportunities

During the quarter the company reviewed a number of opportunities to add shareholder value. As at 30 June 2016, no suitable transactions were completed. The company continues to seek opportunities in the resource sector.

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APPENDIX 1

TENEMENT HOLDINGS AT 30 JUNE 2016

Tenement	Nature of Interest	Project	Ownership (%)	Change in Quarter
E16/0372	Granted	COORARA	100%
E80/4235	Granted	ELIZABETH HILLS (Webb JV)	19%
E80/4407	Granted	ANGAS HILL (Webb JV)	19%
E80/4506	Granted	WEBB DIAMONDS (Webb JV)	Rights to 16%
E80/4737	Granted	WEBB DIAMONDS (Webb JV)	19%
EL30057	Application	WEBB DIAMONDS (Webb JV)	19%
E80/4815	Granted	LAKE MACKAY (Webb JV)	19%
E80/4996	Application	WEBB DIAMONDS (Webb JV)	19%
E80/5011	Application	WEBB DIAMONDS (Webb JV)	19%	New Application
EL23764	Granted	WARREGO NORTH	100%
EL30701	Application	R29 BABBLER	100%
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	30%
H14913	Application	CORTEGANA - SPAIN	100%

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