Quarterly Report December 2011

ABN: 82 138 358 728 ASX: TMZ Level 1, 80 Chandos Street, St Leonards, NSW 2065

PO Box 956, Crows Nest, NSW 1585

Tel: [phone] Fax: [phone]

Web: www.thomsonresources.com.au

Quarter ended December 31, 2011

Quarterly

Report

HIGHLIGHTS

A further large mineralised, multiple-vein hydrothermal system confirmed at anomaly F3

Zinc mineralisation contained in a very large alteration system

o 1m at 0.4% Zn from 330m depth

o 0.3m at 0.9% Zn from 469.5m depth o 0.3m at 0.4% Zn from 568.9m depth o 1m at 0.4% Zn from 685m depth

EXPLORATION

Thomson Resources has completed the first phase drilling of its high priority, bullseye magnetic targets within the Thomson Fold Belt. During the quarter the Company completed a further two core holes (F03D02 and CutBD03) for a total of 502m, or 2,929m for this phase.
Drilling on the four prospects Cuttaburra A, Ac, B, and F3 has successfully proved the concept that each of these magnetic anomalies is associated with a mineralised hydrothermal system.
The alteration system encountered in F3D02 was the largest found to date and was still present when the hole was terminated at a depth of 715.6m for a total of 451m seen in core. Alteration consisted of silicification plus sericite and carbonate, with sheeted and stockwork quartz- carbonate veins ranging up to 1 metre in width The vein mineralisation sulphides include pyrrhotite, pyrite, plus base metal sulphides (sphalerite and chalcopyrite: zinc and copper). Assay results are listed in Table 1, but are generally of low tenor.
The host rocks were interbedded sandstone and siltstone, with one thin 0.5m granitic vein at
481m depth. This suggests that the hole was drilled some distance away from the main intrusion (but closer than F3D01, drilled in 2008). Petrology and whole rock chemical analysis is underway for this and other intrusive rocks encountered at other prospects.
Drilling then returned to Cut B (where grades of 4.2% Zn were intersected in previous drilling) to test a coincident IP chargeability and magnetic low in the northern part of the anomaly. Graphitic shale and pyritic siltstone were encountered, explaining the geophysical anomalies. A single instance of the zinc mineral sphalerite was noted in one vein at a depth of 203m and was not assayed.

Thomson Resources Quarterly Report September 2011

ASX code: TMZ

Figure 1: Location of anomalies in the Cuttaburra area, NW NSW. Prospects Cut A, B, Ac and F3 have been tested in the current drill program.

Downhole geophysical methods (3-component magnetometer, EM) were trialled, but this work is continuing and will be completed later in the current quarter. Surface and overburden conductivity is strong and may mask some more important basement anomalies.
Major flooding on the Darling River through December and into January has made access difficult and exploration in the first quarter of 2012 will concentrate on high priority prospects at shallow depths further east, at the company's Byrock and Warraweena Projects. These have potential for Orogenic Gold and Porphyry Copper-Gold type deposits.

TENEMENTS

One tenement was relinquished during the quarter (EL 6909, "Kanga"). A single drill hole had been drilled on a magnetic anomaly in this area. This intersected an olivine nephelinite rock, a probable diatreme, with low diamond potential. As a result the area was not considered prospective for diamond, base or precious metal deposits.
The relinquishment and other changes due to tenement renewals bring the total area being explored by Thomson to 6,133 square km including 2,443 square km under joint venture agreements.

CORPORATE

Exploration expenditure incurred during the quarter amounted to $711,000. Cash at the end of the quarter was $2.7 million.

Thomson Resources Quarterly Report December 2011 ASX code: TMZ

Thomson Resources Ltd

Eoin Rothery

Chief Executive Officer

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Eoin Rothery, (MSc), who is a member of the Australian Institute of Geoscientists. Mr Rothery is a full time employee of Thomson Resources Ltd. Mr Rothery 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Rothery consents to the

inclusion in the report of the matters based on his information in the form and context in which it appears.

Thomson Resources Quarterly Report December 2011 ASX code: TMZ

Table 1: All assays for F3D02.

HoleFrom To Width Au Ag As Bi Cu Mo Pb Sb W Zn% F3D02330 331 1 0.02 <0.5 <5 3 90 1 13 <5 <10 0.4% F3D02345.5 346.5 1 0.02 0.7 18 27 30 <1 36 7 10 0.0% F3D02395.5 396.5 1 0.05 <0.5 6 9 79 <1 9 <5 <10 0.0% F3D02423 423.5 0.5 0.01 1.2 <5 7 71 <1 49 <5 10 0.1% F3D02 469.5 469.8 0.3 <0.01 2 6 121 122 <1 80 8 10 0.9% F3D02 470.75 471.55 0.8 <0.01 0.8 <5 59 94 1 27 <5 10 0.1% F3D02479.6 480.47 0.87 <0.01 <0.5 <5 <2 293 <1 12 6 <10 0.0% F3D02480.95 481.4 0.45 <0.01 <0.5 <5 4 174 <1 25 <5 10 0.1% F3D02481.1 482 0.9 <0.01 <0.5 5 5 109 <1 16 <5 20 0.0% F3D02497.6 498 0.4 <0.01 1.1 <5 129 633 1 64 <5 200 0.0% F3D02498 498.76 0.76 <0.01 1.3 9 98 691 <1 32 <5 50 0.0% F3D02541.5 542 0.5 <0.01 <0.5 <5 26 342 <1 9 <5 30 0.0% F3D02 542 542.48 0.48 <0.01 <0.5 <5 2 20 <1 6 <5 20 0.0% F3D02 568.85 569.15 0.3 <0.01 <0.5 111 2 81 8 9 <5 10 0.4% F3D02571.45 572.15 0.7 0.02 <0.5 10 36 367 <1 28 5 60 0.0% F3D02572.15 572.85 0.7 <0.01 <0.5 <5 2 52 1 13 <5 10 0.0% F3D02620.25 621 0.75 0.02 <0.5 2760 43 54 <1 204 40 10 0.0% F3D02636.95 637.25 0.3 0.03 1.1 1045 86 199 1 87 7 10 0.1% F3D02641 641.7 0.7 0.01 0.5 141 15 240 2 15 <5 20 0.0% F3D02650.7 651.4 0.7 0.01 0.6 <5 21 271 <1 18 <5 40 0.1% F3D02 653.55 654.26 0.71 0.01 0.6 <5 8 351 <1 14 <5 30 0.0% F3D02674.1 675.1 1 0.01 <0.5 74 14 355 2 21 <5 10 0.1% F3D02675.1 676.1 1 0.03 <0.5 29 6 168 <1 11 <5 10 0.1% F3D02676.1 677.1 1 0.01 0.6 19 23 304 <1 32 6 20 0.2% F3D02677.1 677.6 0.5 0.02 0.7 30 7 288 4 20 <5 20 0.1% F3D02677.6 678.1 0.5 0.01 0.7 94 9 212 10 11 <5 20 0.1% F3D02679.5 680.5 1 0.01 <0.5 <5 11 221 <1 13 <5 20 0.1% F3D02685 686 1 0.01 0.5 83 9 308 2 18 <5 20 0.4% F3D02686 686.6 0.6 0.03 <0.5 556 3 103 <1 16 <5 30 0.1% F3D02686.6 687.6 1 0.03 <0.5 320 5 134 3 14 <5 20 0.1% F3D02687.6 688.1 0.5 0.03 <0.5 31 <2 54 <1 10 5 20 0.0%

F3D02688.1 688.6 0.5 0.07 0.5 506 4 104 13 25 5 20 0.1%

Samples were analysed by ALS laboratories in Orange, NSW. Gold was analysed by Au-AA26: Fire Assay Fusion and Atomic Absorption Spectroscopy. Other elements (except tin) were analysed by ME- ICP61: 4 acid digestion, HCl leach and inductively coupled plasma-atomic emission spectrometry.

Anomalous values in bold, all values in parts per million except for zinc, which is percent.

Thomson Resources Quarterly Report December 2011 ASX code: TMZ