METEORIC RESOURCES NL — Regulatory Filings 2021

May 6, 2021

ASX ANNOUNCEMENT

7 May 2021

Porphyry Drilling Update Juruena Project, Brazil

Meteoric Resources NL ( ASX: MEI ) (the Company ) encloses an updated ASX release relating to the Porphyry Drilling at the Juruena Project Brazil. The updated announcement provides additional detail relating to the visual estimations of sulphide occurrences encountered during drilling as well as a JORC Table 1.

The announcement has been authorised for release by:

Matthew Foy Company Secretary +61 8 9226 2011

ASX ANNOUNCEMENT

4 May 2021

Porphyry Drilling Update Juruena Project, Brazil

Key Highlights

• Hole JUDD042, the first drillhole to test the porphyry copper gold potential at depth, has reached 841m downhole (2/05/2021).

• From 600m the hole has progressed through complex, classic porphyry geology including felsic to intermediate porphyry intrusives, dolerites and lamprophyres overprinted by intense phyllic alteration with abundant sulphides including copper sulphides and possible gold mineralised zones.

• Even more significantly, quartz pyrite + molybdenite and quartz + chalcopyrite ± bornite veins have been encountered from approximately 700m depth.

• The rocks have undergone intense brittle-ductile deformation resulting in strong phyllic alteration and complex vein arrays indicating Meteoric may be approaching its main copper-gold porphyry target, the Juruena fault, earlier than expected.

• In addition, several zones of potassic alteration with pyrite have also been intersected and will be assayed for gold.

Meteoric Resources NL ( ASX: MEI ) (the Company ) is pleased to announce the ongoing drilling progress of JUDD042 designed to test the giant IP chargeability anomaly detected in late 2020 (ASX:MEI 09/12/20).

Managing Director, Andrew Tunks said , “ We are intersecting the right rocks and alteration styles to indicate we are within a major magmatic system. From around 600m depth we have been logging quartz molybdenite veins and from 700m we have progressed into a zone with quartz, chalcopyrite bornite veins. We appear to be entering a zone of intense alteration overprinting porphyritic and mafic intrusives cut by hydrothermal breccias all with abundant stockwork veining. The hole will continue for approximately another 250m into our main copper-gold porphyry target, the Juruena Fault."

JUDD042 GEOLOGY DETAIL

Drill-hole JUDD042 was designed to investigate the main chargeability anomaly along line L1600 (Figure 1), surveyed during the second half of 2020. The drillhole was drilled towards 030° azimuth with an -80° dip, aiming to intersect the whole IP/Chargeability anomaly and then hit the projected Juruena fault system at depth (Figure 2) (refer ASX release 17 March 2021 for drill collar information).

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Figure 1: 3D Voxel with chargeability sections generated by the Deep IP survey at the Juruena Project. Prospects have also been highlighted. The 3D body was modeled using10mv/v.

The geology expected at target is part of a large breccia pipe with magmatic hydrothermal alteration first investigated by Lago Dourado, in a shallow IP survey and some diamond and RC drilling.

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Figure 2 : Line 1600 IP Chargeability section with major faults and JUDD042 drill hole trace, looking WNW

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In the shallow portion of JUDD042 the most widespread and common alteration is a regional propylitic alteration overprinting the regional granite country rock (porphyritic granite) (Figure 3). This alteration is associated with moderate to weak carbonate and/or chlorite veining and locally epidote veins. This regional propylitic alteration commonly has around 1% very fine pyrite disseminations (ranging up to 3%), almost always associated with chlorite/magnetite spots.

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Figure 3 : Regional propylitic alteration of granite country rock

Overprinting the regional propylitic alteration are phyllic alteration intersections which are most dominant from 534.66 to 645 metres (Table 1). These phyllic alteration zones are narrow, each varying from a few centimetres up to 30cm in width. The frequency of these zones varies within the 110m interval from 1-2 zones per metre up to 5 zones per metre, presenting a well-developed phyllic vein system (Figure 4).

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Figure 4 : Phyllic alteration and related veins

Inside the phyllic zones the alteration is pervasive and granitic textures are completely obliterated by intense sericitization (phengite composition) dominantly affecting the feldspars. Pyrite occurs as disseminations and as veinlets/stringers and varies in intensity from 1% where there is only disseminations up to 8% in the zones containing stringers. Rare blebs of chalcopyrite were observed in these zones. Where the alteration zones exhibit pyrite stringers, they appear very similar to those described in the classical Porphyry Deposits literature as D type veins.

Outside of the phyllic zones, the host granites (both fine grained and porphyritic) are well preserved.

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Figure 5 : Quartz + molybdenite veins

Another local alteration seen to overprint the regional propylitic alteration is distinctive potassic alteration zones (Table 1). Two sets of veins likely accompany the potassic alteration zones:

Quartz veins with ~ 5% total sulphides characterised by disseminated pyrite + molybdenite +/- chalcopyrite (Figure 5). These veins are characterised by milky quartz and exhibit no associated haloes. They are common down the hole but more prominent from 471 to 579 metres.

Molybdenite occurs in the veins as filling fractures (Figure 6). Pyrite is typically very fine, but locally can become coarser (Figure 7). The sulphides are commonly deposited at vein boundaries (B-type veins) and may reflect more proximal conditions in relation to the intrusions responsible for the magmatic hydrothermal mineralisation. B-type veins can be used as a vector into the hotter portions of the magmatic system. These veins can be strongly overprinted by both phyllic and propylitic assemblages.

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Figure 6 : Molybdenite filling fractures .

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Figure 7: Quartz + pyrite + molybdenite bearing vein.

The second important vein set accompanying potassic alteration are bornite-bearing grey quartz veins, with disseminations of bornite occurring only as a trace mineral up to 1%. Bornite is typically very fine and occurs disseminated throughout the vein (Figure 8 & Table 1). Although bornite is rare, this type of association like the ones with molybdenite, are important for understanding the system and serves as an indication of higher temperature mineral assemblies and can be used as a vectoring tool to the magmatic system's hottest portions.

The bornite/chalcopyrite mineral assemblages confirms that copper is present in this zoned magmatic hydrothermal system.

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Figure 8 : Quartz + pyrite + molybdenite bearing vein.

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Table 1 . Alteration log for JUDD042 including detailed visual estimations of sulphide occurrence, style, and intensity. Note: The Company cautions that the reporting of visual estimates in advance of analytical results is uncertain.

From	To	Lithology	Alteration	Veining %	Sulphide Occurrence	Intensity (%)	Cu minerals Cpy‐Bo
63.14	71.85	Porphyritic Granite	Propyllitic	1‐2%	Py in veinlets	1‐3%
123	123.95		Phyllic	4‐6%	py disseminations in phengite haloes enveloping quartz veins	3‐5%
269.12	280.41		Phyllic	5‐8%	py disseminations in phengite haloes enveloping quartz veins	3‐5%
292.61	319		Phyllic	4‐6%	py disseminations in phengite haloes enveloping quartz veins	4‐6%
440.22	460.8		Propyllitic	1‐2%	py disseminations and fine quartz veinlets bearing molybdenite	1‐3%
520.32	525.11		Propyllitic	1‐2%	Quartz + molybdenite veinlets	1‐3%
534.66	537.46	Thin Granite	Phyllic	4‐6%	Quartz + molybdenite veinlets	2‐4%
555.02	557.12		Phyllic	2‐4%	Quartz + molybdenite veinlets	3‐5%
560.68	562.09		Propyllitic	1‐3%	bornite and chalcopyrite bearing quartz veins	1‐2%	0.5‐1%
564.19	579.04		Silicification	2‐4%	Py and molybdenite in quartz veinlets	1‐3%
579.04	617.65		Phyllic	4‐6%	Molybdenite in quartz veins and py disseminations in phengite haloes enveloping quartz veins	2‐4%
617.65	620.97		Phyllic	2‐4%	py disseminations in phengite haloes enveloping quartz veins	3‐5%
625.67	630.54		Phyllic	3‐5%	py disseminations in phengite haloes enveloping quartz veins	2‐4%
631.56	645		Phyllic	2‐4%	py disseminations in phengite haloes enveloping quartz veins	4‐6%
650.12	661.6	Intermediate Porphyritic Dyke	Propyllitic	1‐2%	Disseminated py	0.5‐1%
668.33	671.13		Propyllitic	1‐2%	Disseminated py	0.5‐1%
692.77	696.25	Dolerite Dyke	Propyllitic	1‐3%	py disseminations and strings	1‐2%
717.85	719.42		Propyllitic	1‐3%	py disseminations and strings	0.5‐2%
719.42	748.8	Fine‐Grained Granite	Phyllic	3‐5%	py ± molybdenite in quartz veins	3‐5%
793.28	794.56		Propyllitic	1‐3%	py disseminations and quartz + molybdenite veinlets	1‐2%	0.1‐1%

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The two main intrusives seen within the country rock are intermediate porphyritic intrusives and mafic dolerites.

The intermediate porphyritic intrusive rocks are rich in chlorites (Figure 9) and have undergone some potassic alteration (potassic haloes preserved around quartz veins), but the intense overprinting by the late propylitic alteration makes it difficult to decipher. Epidote is also quite common in these rocks. Pyrite disseminations between 0.5% and 1% are seen in almost the entire length of the intersections, with local zones showing a strong increase in pyrite up to 5% (Table 1).

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Figure 9: Intermediate porphyritic dikes

The 2 dolerites intersected (Table 1) are strongly chlorite altered with abundant carbonate as calcite veins hosted in the zones. Generally sulphides are absent however locally there are intersections where the sulphides increase noticeably, having locally pyrite as disseminations and stringers (Figure 10). Sometimes pyrite is also deposited in local foliations near the contacts. Gold enrichment has been previously noted at Dona Maria and Querosene associated with the mafic dykes so there is potential for high grade gold mineralisation and sampling of these zones is important.

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Figure 10 : Dolerite dikes.

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Drilling so far confirms that we are within a major mineralised magmatic hydrothermal system. The intercepted phyllic alteration zones (containing abundant sulphides) plus the mafic and porphyritic intermediate dikes (which also show considerable sulphide disseminations) conceivably explains the large chargeability anomaly generated in the 2020 Deep IP survey. However, drilling also confirms that we are only now approaching the intersection of the Deep IP chargeability anomaly and the Juruena fault, a priority copper-gold porphyry target,

The announcement has been authorised for release by the Directors of the Company.

For further information, please contact:

Dr Andrew Tunks Victoria Humphries Managing Director Investor and Media Relations Meteoric Resources NWR Communications E: ajtunks@meteoric.com.au E: victoria@nwrcommunications.com.au T: +61 400 205 555 T: +61 431 151 676

The information in this announcement that relates to mineral resource estimates and exploration results is based on information reviewed, collated and fairly represented by Mr Peter Sheehan who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to Meteoric Resources NL. Mr Sheehan has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Sheehan consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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Appendix 1 - JORC Code, 2012 Edition Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Sampling	• REVERSE CIRCULATION (RC) drilling was used to obtain 1 m samples from which 3-5 kg was split out, then sent to the laboratories
techniques	to be pulverised to produce a 50 g charge for fire assay.
	• DIAMOND CORE (DD) drilling was used to obtain 1 m samples from which 3-5 kg was cut, then sent to the laboratories to be
	pulverised to produce a 50 g charge for fire assay.
Drilling	• BCRC holes are Reverse Circulation (RC) holes. RC drilling was carried out using a T450 Schramm with 3.5’ rods and a 5.5’ face
techniques	sampling hammer.
	• BCDD Holes are Diamond Drill Holes. DD drilling was completed using a KWL1600 drilling rig which produced HQ diameter core.
	• BCRD holes use an RC pre-collar (pilot hole) to a designed depth short of target and then Diamond drilling techniques through the
	target zone
	• The core was oriented using the TruCore UPIX tool and structural measurements were collected in zones of mineralisation and/or
	zones of interest.
Drill sample	• Core loss is systematically measured and recorded by the Field Technician when the core is received from the rig. Additionally, it is
recovery	often recorded by the Geologist in the Comments section of the summary logging sheets. Core recovery was excellent with >98% recoveries in fresh rock.
	• The condition of RC drill chips are recorded in the Comments section of the sample sheets if there was ‘wet sample’ or ‘no sample’
	return. To (2) holes experienced excessive water and were abandoned (at >300m depth). Only the last 2-3 metres returned ‘wet’
	samples.
	• The utilisation of a high capacity RC drill rig (listed above) ensures recoveries are maximized in the deep RC drilling.
	• No relationship (positive or negative) was observed between recovery and gold grade. There is no reason to believe any sample bias
	has been introduced as a result of the recovered sample fraction.

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Criteria	Commentary
Logging	• RC drill holes were geologically logged on 1m intervals and in sufficient detail to support descriptions of rock types and mineralisation
	presented in the Announcement above.
	• DD drill holes were logged based on lithology/alteration boundaries and in sufficient detail to support descriptions of rock types and
	mineralisation presented in the Announcement above.
	• Logging is qualitative in nature recording: oxidation, texture, rock type, structure type and alpha angles, alteration type and intensity,
	sulphide type and percentages.
	• All DD and RC drill holes were logged in their entirety for the 2020 drilling program.
Sub-sampling	• DD Core for sampling was systematically sawed in half (using a cut line as a reference) and Half Core was generally submitted to the
techniques and sample preparation	laboratory for analysis. The same side of the cut line was submitted for analysis to maximise representivity. Where Duplicate samples were required, the half core was sawed in half again and quarter core for the relevant interval was submitted to the laboratory for analysis. • RC chips were split by individual metre at the drill rig into 3-5kg sub samples using a cone splitter.
	• Both sampling methods are considered appropriate for Au determination given the sample size and are supported by Standard
	Industry practices.
Quality of assay	• Analysis was carried out by Australian Laboratory Services (Perth, WA), an accredited Laboratory, namely. Au determination was by
data and	Fire Assay (50g charge).
laboratory tests	• No additional methods or tools for sampling are considered in the text. • Quality control samples were inserted every 20 samples with a mixture of standards, blanks and duplicates. For RC a duplicate
	sample was taken from the cone splitter. For DD where quarter core was sampled, quarter core was submitted as a duplicate sample.
	Where half core was sampled, quarter core was submitted as a duplicate sample. Where whole core was sampled, no duplicate
	samples were submitted.

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Criteria	Commentary
Verification of	• Significant intersections in the above announcement were cross checked by site geologists by revisiting the individual chip trays or
sampling and assaying	diamond drill core and making a visual comparison of observed alteration with reported gold grades, and/or against recorded drill hole logs. • Significant intersections in historic drill holes in the area of the existing pit were supported by grade control drilling. The author is
	encouraged by reported recovered mill reconciled grades of 2.09g/t Au versus a stated resource grade of 2.10g/t Au. While this is not
	definitive it does lend weight to accurate drilling grades.
	• Several historic RC holes (BCRC) were twinned by historic diamond holes (BCD). For several holes both grade and intersection
	width varied significantly. This will be followed up in subsequent work.
	• MEI completed several twin drill holes of historic drill holes in the 2020 drilling program with results and geostatistics to be reported
	upon when complete (upon receipt of all outstanding assays).
	• Drill hole information was recorded on a combination of paper logs and excel spreadsheets in the field, then transferred into an access
	database at the completion of the program. Data checks are run by Project manager subsequent to loading the data looking for
	incomplete or incorrect intervals in the database.
	• Assay data has not been adjusted.
Location of data	• Drill hole collars have been picked up with a handheld GPS and recorded using MGA94 datum.
points	• MNG Survey based in Kununurra provided survey control for the drill program and all 2020 drill hole collars will be picked up using a
	DGPS using MGA.
	• Current topographic control (20m contours) plus collar pickups are considered adequate as a basis for the design and reporting of
	exploration drilling.
Data spacing and	• Drill spacing over the historical resource at Butchers Creek is generally 40m between collars, drilled on sections 20m apart.
distribution	• Drill spacing for 2020 program is up to 80m between collars, drilled on sections 40m-50m apart.
	• The drill spacing is considered sufficient to support exploration results.
	• No compositing has been applied to exploration results.

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Criteria	Commentary
Orientation of	• Mapping of the pit floor and walls during open cut mining by PMA identified a complex vein system. The structural orientation of
data in relation	mineralized vein system at Mt Bradley is poorly understood. All MEI’s 2020 DD holes we orientated with structural and lithological
to geological structure	data recorded in the logging to better understand any veining. • The drill orientation for all holes at Mt Bradley is dominantly at right angles to the strike of the stratigraphy but not necessarily the vein
	array. The majority of holes at Butchers Creek are angled with an easterly drill azimuth, which is optimal to test both steep and
	shallow west dipping mineralisation. Several vertical holes are shown on section.
Sample security	• All sampling of MEI’s 2020 drilling program was supervised and carried out by experienced geologist and technician. Both RC and DD
	samples were bagged in calico bags onsite, with 4 calico’s bags containing samples were transferred into a ploy-weave bag and then
	into a large bulka bag for transport via road from Halls Creek to ALS in Perth using a reputable transport company.
	• The security of the sampling process is considered to be appropriate by the author.
Audits or reviews	�No audits or reviews have been conducted on the project.

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
	Criteria	Commentary
	Mineral tenement	�Previously reported.
	and land tenure
	status
	Exploration done	• A Low-Level aerial Magnetic-Radiometric survey was flown over 30% of the project area in Dec 1996.
	by other parties	• Southern Geoscience completed a litho-structural analysis of the aeromagnetic and identified 16

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Criteria	Commentary
	exploration targets for gold mineralisation.
	• Two regional stream sediment surveys were completed Geochemex (1996) and Stockdale (1997) and 440 sites sampled.
	• PMA completed infill stream sediment sampling of 16 target areas and three high priority areas were identified.
	• Prior to Meteoric, there hasn’t been any systematic exploration or drilling of these tenements since mine closure in June 1997.
Geology	• The project is located within the Halls Creek Mobile Zone and includes numerous gold occurrences, the majority of which are
	associated with quartz vein systems developed within anticlinal hinges and adjacent to fault zones. The Butchers Creek mine
	sequence is composed of Lower Proterozoic turbiditic sediments, trachyic volcanics of the Olympio Formation, Butchers Ck Member
	and basic sills and dykes, which are tightly folded and metamorphosed to greenschist facies.
	• Mineralisation is associated with the quartz vein arrays associated with the brittle deformation of massive trachyandesite, particularly
	where its highly altered, with a high sulphide occurrence.
	• Gold mineralisation is associated with anticlinal fold hinges, which plunges at 20-30degrees to the south from the southern limit of the
	open cut. The folded trachyandesite is within a tightly folded overturned anticline, with the western limb dipping 70 west and eastern
	limb dipping 85 degrees west dipping, beside a major north trending regional shear zone.
Drill hole	�Provided in Table 1 of main report.
Information
Data aggregation	• Mineralised Intercepts provided in Table 1 are uncut, have a minimum width of 2m, use a lowercut 0.5g/t Au, and allow a maximum of
methods	2m internal dilution.
	• Generally, where >75% of the contained metal for an intercept is contained with <25% of the width, short lengths with high-grades are
	reported as “including…”.
	• No Metal Equivalents are used.

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Criteria	Commentary
Relationship	• All assay intervals are down hole intersections, the true width isn’t reported.
between	• The drill orientation for reported holes is dominantly at right angles to the strike of the stratigraphy, but not necessarily the vein array.
mineralisation	The majority of holes at Butchers Creek are angled with an easterly drill azimuth, which is optimal to test both steep and shallow west
widths and intercept lengths	dipping mineralisation. Several vertical holes are shown on section. • Mineralisation is interpreted to dip 70o-80otowards the (grid) west, drilling is generally oriented 60o-80oto (grid) east. Therefore, true widths are likely to be ~25% narrower than reported downhole widths.
Diagrams	�Refer to body of the announcement for Cross-Sections and Dill Collar plots.
Balanced	�Mineralised Intercepts for all drill holes reported in the above report are presented in the Table 2.
reporting
Other substantive	�There is no other substantive exploration data that is meaningful and material to the current Release.
exploration data
Further work	�Refer to the body of announcement.

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