METEORIC RESOURCES NL — Interim / Quarterly Report 2016

Apr 28, 2016

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OPERATIONS REPORT

Quarter Ended 31 March 2016

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Meteoric Resources NL ABN 64 107 985 651

ASX Code: MEI

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

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 $0.045 by 31.1.2017

9,000,000 options exercisable at $0.0012 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 Diamond Joint Venture ( MEI – 19% and 16% Diluting)

During the quarter the the Joint Venture manager, GeoCrystal Limited, processed 60 surface loam samples, 57 samples were approximately 100kg and 3 larger bulk surface samples of approximately 650kg. In total, 7,700kg of sample was tested for the presence of micro and macro diamonds. The larger samples were taken at sites which had previously reported larger microdiamonds in surface samples and is aimed at testing for macrodiamonds or potentially small commercial sized diamonds. The focus of the loam sampling programme is a large microdiamond “HotSpot” located in the northern portion of the Webb Kimberlite Field (Figure 1).

The fine fraction (+0.1 to 0.3mm) microdiamond results have been received for all 60 samples with a total 5 microdiamond being recovered. This brings to 24 the total number of microdiamonds recovered from the four loam sampling programs undertaken within the project tenements. Results for the 3 bulk loam samples comprising a total 380kg (+1mm to 4mm) material has reported negative for diamonds. The results for the coarse fraction (+0.3 to 1mm) of the samples which are observed for indicator minerals and macrodiamonds are pending.

The distribution of the 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 NW-SE 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 150km2 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 broad anomaly there remain 42 untested kimberlite targets which have been identified from the detailed aeromagnetic survey undertaken by the Joint Venture in 2014.

METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

Drilling of the 42 untested kimberlite targets located within the broad microdiamond anomaly in the northern portion of the project area is expected later this year. To date, the JV has identified 51 kimberltes 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 on the Webb Diamond JV 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. TomReddicliffe 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.

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

BARKLY Copper Gold Project (Meteoric 30%, Diluting)

No field work was carried out during the quarter due to weather conditions.

Background

Meteoric Resources NL is in a Farm-In Joint Venture Agreement with Blaze International Limited (BLZ) (Barkly JV) over the Barkly Copper-Gold project . The project is located around 30 km east of the town of Tennant Creek in the Northern Territory (Figure 2).

Drilling has identified a Tennant Creek-style copper-gold-bismuth mineralised occurrence at Bluebird. Mineralisation is open to the east, west, and at depth.

Nine “Bluebird Lookalike” magnetic/gravity exploration targets have been identified within the Barkly JV exploration licence. The Joint venture believes these targets have the potential to produce further new discoveries in the area.

Work Completed to Date

Processing and interpretation of the data generated by the DHTEM survey of BBDD0004 has been conducted. Although several subtle responses were detected by the survey, none were strong enough to warrant 3D modelling at this stage. The subtle responses will still be targeted by future drilling.

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Figure 2 - Location of the Barkly Cu-Au-Bi project

The drill hole rehabilitation program has been completed at Bluebird in accordance with Mines Department statutory requirements. All drill holes, sumps and associated ground disturbance are now rehabilitated. The Company is now required to perform quarterly site inspections to monitor the success of the rehabilitation and undertake remedial work if necessary. Reseeding and/or weed control may be required on failed areas.

Further field mapping and ground based exploration has also been undertaken.

Phase III drilling is scheduled for 2016 and will aim to test the following:

1. The interpreted high grade gold position on the lower ironstone contact (see Figures 4, 5 and 6)

2. The extension of the primary copper-gold-bismuth mineralisation at depth (see hatched lower target area in Figure 3)

3. Test the lateral extents of the supergene enrichment zone (see the east and west hatched target areas in Figure 3)

4. Test the magnetic anomaly generated by the 3D magnetic probe survey completed on BBDD0004

5. Test the subtle off-hole conductors generated by the DHTEM survey of BBDD0004

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

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Figure 3 - 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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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

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Figure 4 – Bluebird cross section at 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 5 – Bluebird cross section at 448400mE, looking west. Note the hematite shales and chlorite hematite breccia in the footwall which are anomalous in copper

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

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Figure 6 – Bluebird cross section at 448360mE, looking west, showing recent drilling results. Note BBRC0013 diamond drilling was abandoned at 185m, after 6m of coring

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Figure 7 – Bluebird cross section at 448420mE, looking west. Note the apparent change in dip. BBRC0008 was successfully completed by diamond drilling, but with significant core loss on the lower ironstone contact

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

Competent Person’s Declaration

The information in this report that relates to exploration results at the Barkly JV is based on information compiled or reviewed by Luke Marshall, who is a full time employee of Golden Deeps Limited, consulting to Blaze International Limited and a member of the Australian Institute of Geoscientists. Mr Marshall 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’. Mr Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

PERSEVERANCE (Meteoric 68.43%, Emmerson Resources 31.57%)

Following grant of a permit to carry out geophysical surveys and drilling, Meteoric is continuing discussions regarding a possible farmout of its interest in this copper-gold prospect near Bluebird, subject to agreement from its existing joint venture partner. No exploration was conducted during the quarter. The tenements have now been renewd for a period of 10 years to 31.12.2025.

WARREGO NORTH (Meteoric 100%)

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 largest target is Parakeet, 15km NW of Warrego, where drilling has intersected anomalous copper-gold-bismuth values and ironstone alteration. No exploration was conducted during the quarter. The Company continued to seek a joint venture partner and is currently awaiting a potential offer.

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. The company is is continuing to seek a Joint Venture partner for the project. Due to depressed iron ore prices, the company is yet to find a suitable partner for the project.

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

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.

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

Corporate

During the quarter the company withdrew from the acquisition of People Post Pty Ltd ( ASX 17.03.2016). The company negotiated to have the $250,000.00 exclusivity fee refunded.

Competent Person’s Statement

Information in this report that relates to Exploration is based on information reviewed or compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a director of Meteoric Resources NL. He 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Blaze International Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Blaze International Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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

Please direct enquiries to:

Graeme Clatworthy Executive Director Phone +61 418 902 341

George Sakalidis Executive Technical Director Phone +61 411 640 337

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METEORIC RESOURCES NL – OPERATIONS REPORT – 31 MARCH 2016

APPENDIX 1 TENEMENT HOLDINGS AT 31 March 2016

Tenement	Nature of Interest	Project	Ownership (%)	Change in Quarter
E16/0372	Granted	COORARA	100%
E80/4235	Granted	ELIZABETH HILLS (Webb JV)	19%	Diluting
E80/4407	Granted	ANGAS HILL (Webb JV)	19%	Diluting
E80/4506	Granted	WEBB DIAMONDS (Webb JV)	Rights to 16%	Diluting
E80/4737	Granted	WEBB DIAMONDS (Webb JV)	19%	Diluting
EL30057	Application	WEBB DIAMONDS (Webb JV)	19%	Diluting
E80/4815	Granted	LAKE MACKAY (Webb JV)	19%	Diluting
E80/4816	Granted	LAKE MACKAY (Webb JV)	19%	Diluting
E80/4996	Application	WEBB DIAMONDS (Webb JV)	19%	Diluting
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%	Diluting
H14913	Application	CORTEGANA - SPAIN	100%

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