UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                    For the fiscal year ended March 31, 2007

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

     For the transition period from _________________ to __________________

                       Commission file number: 333-125068


                           Northern Explorations Ltd.
                 (Name of small business issuer in its charter)

           Nevada                                         Pending
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                        470 Granville Street, Suite 1120
                         Vancouver. B.C., Canada V6C 1V5
                    (Address of principal executive offices)

                                 (604) 713-8012
                            Issuer's telephone number

       Securities to be registered pursuant to Section 12(b) of the Act:

          Title of each class           Name of each exchange on which
          to be so registered           each class is to be registered
          -------------------           ------------------------------
                  None                               None

       Securities to be registered pursuant to Section 12(g) of the Act:

                                  Common Stock
                                (Title of Class)

Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [X] No [ ]

State issuer's revenues for its most recent fiscal year: Nil

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was sold, or the average bid and asked price of such common equity, as of a
specified date within the past 60 days. (See definition of affiliate in Rule
12b-2 of the Exchange Act.)

  $254,000 as at July 1, 2007 based on the last sale price of our common stock

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date.

               5,540,000 shares of common stock as at July 1, 2007
<PAGE>
                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ITEM 1:  DESCRIPTION OF BUSINESS...........................................   3

ITEM 2:  DESCRIPTION OF PROPERTY...........................................  10

ITEM 3:  LEGAL PROCEEDINGS.................................................  11

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS...............  11

ITEM 5:  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS..........  11

ITEM 6:  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.........  11

ITEM 7:  FINANCIAL STATEMENTS..............................................  13

ITEM 8:  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
         AND FINANCIAL DISCLOSURES.........................................  23

ITEM 8A: CONTROLS AND PROCEDURES...........................................  23

ITEM 9:  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS......  23

ITEM 10: EXECUTIVE COMPENSATION............................................  25

ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT....  25

ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS....................  26

ITEM 13: EXHIBITS AND REPORTS..............................................  26

ITEM 14: PRINCIPAL ACCOUNTANT FEES AND SERVICES............................  26

                                       2
<PAGE>
                                     PART I

ITEM 1: DESCRIPTION OF BUSINESS

IN GENERAL

We conduct operations as an exploration stage company. We are engaged in the
acquisition and exploration of mineral properties with a view to exploiting any
mineral deposits we discover. We own the option to acquire a 90% interest in one
mineral claim known as the Cade claim. In order to exercise this option, we
must:

     a)   pay $2,500 to Wells by March 31, 2005 (paid);
     b)   incur $5,000 in exploration expenditures on the Cade claim by December
          31, 2005 (expended); and
     c)   incur an additional $10,000 in expenditures on the Cade claim by
          December 31, 2007

If we are in default of any of the above requirements, Ms. Wells cannot
terminate the option agreement until she has first provided us with 60 days
written notice of the default and we have failed to cure the default during that
notice period.

There is no assurance that a commercially viable mineral deposit exists on the
Cade claim. We do not have any current plans to acquire interests in additional
mineral properties, though we may consider such acquisitions in the future.

Mineral property exploration is typically conducted in phases. Each subsequent
phase of exploration work is recommended by a geologist based on the results
from the most recent phase of exploration. Once we have completed each phase of
exploration, we will make a decision as to whether or not we proceed with each
successive phase based upon the analysis of the results of that program. Our
director will make this decision based upon the recommendations of the
independent geologist who oversees the program and records the results.

We completed the recommended phase one exploration program on the Cade claim, as
well as part of the second phase. Due to winter weather conditions, we were
forced to cease exploration in the autumn of 2005.

Our plan of operation is to conduct exploration work on the Cade claim in order
to ascertain whether it possesses economic quantities of copper, zinc and
silver. There can be no assurance that an economic mineral deposit exists on the
Cade claim until appropriate exploration work is completed.

Even if we complete our proposed exploration programs on the Cade claim and we
are successful in identifying a mineral deposit, we will have to spend
substantial funds on further drilling and engineering studies before we will
know if we have a commercially viable mineral deposit.

CADE CLAIM OPTION AGREEMENT

On January 4, 2005, we entered into a mineral property option agreement with
Gillian Wells of Tsawassen, British Columbia, whereby she granted us the option
to acquire a 90% undivided right title and interest in one mineral claim located
in the Lillooet Mining Division of British Columbia, Canada. In order to
exercise the option, we must

     a)   pay $2,500 to Wells by March 31, 2005 (paid);
     b)   incur $5,000 in exploration expenditures on the Cade claim by December
          31, 2005 (expended); and
     c)   incur an additional $10,000 in expenditures on the Cade claim by
          December 31, 2007

                                       3
<PAGE>
It is anticipated we will be able to meet half of the $10,000 expenditure
requirement by December 31, 2007 from existing cash and require additional
funding for the remaining $5,000. The additional funding may be through equity
financing, the sale of stock or loans from our director. At this time we have no
agreements for this funding.

DESCRIPTION, LOCATION AND ACCESS

The Cade claim is located south of Lillooet River approximately 25 kilometres
west northwest of Pemberton in southwestern British Columbia. It lies just off a
paved highway immediately south of the Pemberton Meadows on Lillooet River, in
British Columbia's southern Coast Mountains. The property is approximately 115
kilometres north of Vancouver. It can be accessed by two wheel drive vehicle in
about three hours from Vancouver via the Sea-to-Sky Highway 99: north along Howe
Sound from Vancouver's North Shore to Squamish, and then through the winter
resort town of Whistler to Pemberton. Pemberton is a fully-serviced community of
some 3,000 people and through which the BC Rail mainline runs as does major
power transmission. Local access to the property for the first three phases of
exploration is only practical via helicopter, but a year-round helicopter base
in nearby Pemberton is only 15 minutes flight-time away. Following an upgrade of
the existing road to the property, it will be accessible by four-wheel drive
vehicle.

Every time that we conduct exploration on the Cade property during the phase one
and two exploration programs, we will incur $1,000 in helicopter costs in order
to gain access to it. We have included this cost in our exploration budgets.
This will not have an impact on the frequency of our exploration phases. During
the initial exploration phases the use of a helicopter is the most practical and
convenient mode of transportation. We will use a helicopter to gain access to
the property for the phase one, two and three exploration programs. This will
cost us a total of $3,000.

It is not unusual in the mineral exploration sector to use a helicopter to
access mineral claims during the initial phases of exploration if a property is
not readily accessible by road. The geologist who prepared the technical report
on the Cade property, Mr. George Nicholson, confirms that this occurs frequently
in remote areas. If drilling of the property is justified, then it is necessary
to build or upgrade an existing road to the property in order to transport heavy
equipment.

Future exploration phases beyond phase three will require drilling and the use
of heavy equipment. Accordingly, we will then need to upgrade the road to the
Cade property at an approximate cost of $10,000. Once this is complete, we will
access the property by four-wheel drive vehicle. Once it has been determined
that there are economic reserves a mine road would be installed for greater
access to the property. This would cost us an additional $20,000 to $25,000.

Lillooet River is at an elevation of about 850 feet, and the ridge tops and
peaks near the east side of the property are in excess of 7,000 feet, so the
intervening slopes are commonly steep. Lower slopes heavily forested and mantled
by thick glacial drift, although local cliffs and creek canyons afford good rock
exposure. On the higher slopes, the tree line varies in elevation from about
5,000 to 6,000 feet, and bedrock exposure is generally excellent.

The vegetation of the Cade claim is typical rain forest found in the
coastal-interior ranges of British Columbia. There is a mix of cedar, hemlock,
spruce trees with alder, willow and cottonwood on old roads and poorly drained
areas. Undergrowth brush is typical with salal, devil's club and assorted berry
bushes. Climate is subtly changed from the lower mainland area with longer,
colder winters and warmer summers. The most snow observed on the tops of the
hills was four meters in late January. We will have access to the claims for
exploration from approximately April to November each year.

TITLE TO THE CADE CLAIM

The Cade property consists of one mineral claim comprising 500 hectares. A
"mineral claim" refers to a specific section of land over which a title holder
owns rights to explore the ground and subsurface, and extract minerals. Title to
the Cade claim is registered in the name of Gillian Wells. She has provided us

                                       4
<PAGE>
with an absolute bill of sale with respect to the property, with which we can
register a 90% interest in our name following the exercise of the option. If we
fail to exercise the option, we must return the absolute bill of sale to her and
we will not own any interest in the property.

Because title to the Cade claim is not registered in our name, we may incur
significant legal expenses if prior to us exercising the option, Ms. Wells
becomes bankrupt or transfers the claims to a third party without our knowledge.

Claim details are as follows:

          Claim Name        Record Number        Expiry Date
          ----------        -------------        -----------
             Cade              414552          August 18, 2007

The claim was created on August 28, 2004 and is in good standing until August
28, 2007. This means that the claim will expire on August 28, 2007 unless we
complete at least $200 worth of exploration work on the claim by that date. If
this required exploration work is incurred, then the deadline is extended to
August 28, 2008. In subsequent years, we must spend at least an additional $200
on the claim to extend the expiry date by one year.

MINERALIZATION

The area of the Cade claim is mapped as being underlain by Cretaceous - Jurassic
Age plutonic rocks, that is, rocks that vary from 65 to 206 million years old.
Plutonic rocks are created when a mass of molten rock cools below the earth's
surface. Volcanic boulders containing sulphides were located in drainages south
of the claim probably represent rock types on the claim. Sulphides are compounds
containing sulphur and one additional element, which are often associated with
valuable mineralization.

EXPLORATION HISTORY

The Cade clam was staked following initial field investigations that discovered
mineralized boulders down slope from the property. Several unexplained stream
sediment anomalies are also present throughout the drainages in the area of the
claim. Extensive research uncovered no previous property-scale work that had
been done in the immediate area of the claim. There is no assurance that a
commercially viable mineral deposit exists on the Cade property

GEOLOGICAL REPORT

We retained Mr. George Nicholson, a professional geologist, to complete an
evaluation of the Cade claim and to prepare a geology report on the claim.

Mr. Nicholson is a professional geologist who graduated from the University of
British Columbia with a bachelor's degree in geology in 1986. Since his
graduation, Mr. Nicholson has been continuously employed as a geologist. He is a
member of the Association of Professional Engineers and Geoscientists of British
Columbia and a Fellow of the Royal Geographic Society.

Based on his review, Mr. Nicholson concludes that the Cade claim warrants
further exploration due to the geochemistry and inferred geological continuity,
as well as the lack of previous exploration.

Mr. Nicholson recommends an initial exploration program consisting of three
phases. The first phase would consist of geological mapping, prospecting and
geochemical sampling. Geological mapping involves plotting previous exploration
data relating to a property area on a map in order to determine the best
property locations to conduct subsequent exploration work. Prospecting involves
analyzing rocks on the property surface with a view to discovering indications
of potential mineralization. Geochemical sampling involves gathering rock and
soil samples from property areas with the most potential to host economically
significant mineralization. All samples gathered are sent to a laboratory where
they are crushed and analysed for metal content.

                                       5
<PAGE>
We commenced and completed the phase one program in August 2005. The first phase
cost us $5,000 as described below.

BUDGET - PHASE I

         Geologist             3 day @ $400/day                         $ 1,200
         Geotechnician         3 days @ $350/day                        $ 1,050
         Equipment rental      1 x 4 wheeldrive vehicle                 $   300
                               Fuel, Food, Field Supplies               $   400
                               Assays 20 @ $20 each                     $   400
                               Helicopter 1 hour @ $1,000               $ 1,000
                               Report                                   $   500
                               Filing Fees                              $   150
                                                                        -------
         TOTAL                                                          $ 5,000
                                                                        =======

During the Phase I exploration program, 14 soil samples and six rock samples
were taken and assayed for mineral content. These were all grab samples, that
is, soil samples or pieces of rock that appear to contain precious metals such
as gold and silver, or industrial metals such as copper and nickel. The grab
samples that were assayed during the phase one exploration program indicated
that several areas of the property contain moderate to high levels of copper,
zinc and silver mineralization. These areas will be the focus of follow up
exploration to determine how far this surface mineral extends and whether it
continues below the surface of these property areas.

The initial part of the second phase of exploration, which was completed in the
autumn of 2005, consisted of a follow-up of the initial stage geological mapping
and included detailed geology. This exploration focused on areas of the property
that we identified in phase one as containing potential mineralization. We
gathered additional rock samples from the property surface from these areas. Our
consulting geologist will determine whether there is a geological explanation to
explain the patterns of mineralization found on the property following the
completion of the phase.

The third phase of exploration will consist of an airborne electromagnetic
survey of the Cade claim, followed by additional sampling of prospective areas.
The first part of this program involves attaching equipment to a helicopter that
is flown above the property surface. This equipment measures whether or not
rocks on the surface and subsurface of the property conduct electricity. Copper
and gold are excellent conductors of electricity. Areas of high conductivity are
targets for follow-up exploration. The activities that are involved in this part
of the exploration program are the retention of the helicopter company, the
affixation of the electromagnetic equipment to the helicopter and the flight of
the helicopter over the property surface. This process will take approximately
one week and will cost $10,000. The data from the equipment is then compiled and
analyzed by the consulting geologist. The cost of this analysis is $5,000.

Based on the results from the electromagnetic survey, the consulting geologist
will then gather additional rock and soil samples for analysis on property areas
that relate to the high electromagnetic results. This involves identifying and
marking sample areas of the property, placing rock and soil into sample bags,
transporting the samples to an assay laboratory and having the laboratory
analyze the samples for mineral content. The geologist then reviews these
results and prepares a report for us summarizing the results of the entire Phase
III program and recommending any further exploration work that is warranted. The
cost of this part of the exploration phase consists of $20,000 for the geologist
and $5,000 for assay costs.

BUDGET - PHASE III

          Airborne EM Survey                    $15,000
          Follow-up geological surveys          $25,000
                                                -------
                                                $40,000
                                                =======

However, we expect that we will need to raise additional financing to cover the
costs of the phase three program through the sale of our common stock, although
we currently do not have any specific financing arranged. Once we have received
the results of the Phase III surveys, we would then have our consulting

                                       6
<PAGE>
geologist make recommendations for future exploration phases to commence in the
summer 2007 when weather conditions permit.

Future exploration phases beyond phase three will require drilling and the use
of heavy equipment. Accordingly, we will then need to upgrade the road to the
Cade property at an approximate cost of $10,000. Once this is complete, we will
access the property by four-wheel drive vehicle. Once it has been determined
that there are economic reserves a mine road, accessible to 2 wheel drive
vehicles, would be installed for greater access to the property. We estimate
this would cost us an additional $20,000 to $25,000, based on the verbal
estimates of management's colleagues in the mining field. We are unable to
assure you we will be able to raise the funds necessary for any future
exploration or improvements.

There is the possibility that the Cade claim does not contain any reserves and
funds that we spend on exploration will be lost. Even if we complete our current
exploration program and are successful in identifying any mineral deposits we
will be required to expend substantial funds on further drilling and engineering
studies before we proceed. We are unable to assure you we will be able to raise
the additional funds necessary to implement any future exploration or extraction
program even if mineralization is found. If no commercially viable mineral
deposit exists on the Cade claim we may consider acquiring interests in
additional mineral properties in the future, though we do not have any current
plans to do so.

COMPLIANCE WITH GOVERNMENT REGULATION

We will be required to comply with all regulations, rules and directives of
governmental authorities and agencies applicable to the exploration of minerals
in Canada generally, and in British Columbia specifically.

Because there will not be any appreciable disturbance to the land during the
phase one and two exploration programs on the Cade claim, we will not have to
seek any government approvals prior to conducting exploration, as it is deemed
"low-disturbance/low-impact" by the British Columbia Department of Energy, Mines
and Petroleum Resources (BCDM).

We will have to sustain the cost of reclamation and environmental mediation for
all exploration and development work undertaken. The amount of these costs is
not known at this time as we do not know the extent of the exploration program
that will be undertaken beyond completion of the currently planned work
programs. Because there is presently no information on the size, tenor, or
quality of any resource or reserve at this time, it is impossible to assess the
impact of any capital expenditures on earnings or our competitive position in
the event a potentially economic deposit is discovered.

If we enter into production, the cost of complying with permit and regulatory
environment laws will be greater than in the exploration phases because the
impact on the project area is greater. Permits and regulations will control all
aspects of any production program if the project continues to that stage because
of the potential impact on the environment. Examples of regulatory requirements
include:

     -    Water discharge will have to meet water standards;
     -    Dust generation will have to be minimal or otherwise re-mediated;
     -    Dumping of material on the surface will have to be re-contoured and
          re-vegetated;
     -    An assessment of all material to be left on the surface will need to
          be environmentally benign;
     -    Ground water will have to be monitored for any potential contaminants;
     -    The socio-economic impact of the project will have to be evaluated and
          if deemed negative, will have to be re-mediated; and

                                       7
<PAGE>
     -    There will have to be an impact report of the work on the local fauna
          and flora.

With respect to the mechanized trenching or drilling - a plan of operation will
need to be filed with the BCDM. This plan will detail the extent, location and
amount of surface disturbance for the trenching and/or drilling. As the amount
of trenching and drilling (initially) will be limited the permit should be
issued within 30 days. We will be required to obtain a refundable bond in the
amount of $2,000 - $5,000 (depending on the anticipated amount of disturbance).
The bond is to ensure that we reclaim or repair the disturbance caused by the
trenching and drilling. Usually this reclaiming work entails filling in and
smoothing the surface at trenching sites, clean up and removal of any work
material, and seeding native grass/plants at the sites of any disturbance.

In the event that trees larger than 6 inches in diameter need to be cut down, a
permit will need to be obtained from the British Columbia Ministry of Forests.
This usually takes less than 30 days to obtain. We will try to adjust the areas
we work at and trench around larger trees (initially) to avoid any disturbance
to larger trees. If the disturbance to larger trees is unavoidable then a permit
to cut will be obtained. There are nominal costs involved in obtaining the BCDM
or Forestry permits (less than $100.00).

EMPLOYEES

We have no employees as of the date of this annual report other than our sole
director.

RESEARCH AND DEVELOPMENT EXPENDITURES

We have not incurred any research or development expenditures since our
incorporation.

SUBSIDIARIES

We do not have any subsidiaries.

PATENTS AND TRADEMARKS

We do not own, either legally or beneficially, any patents or trademarks.

RISK FACTORS

An investment in our common stock involves a high degree of risk. You should
carefully consider the risks described below and the other information in this
annual report before investing in our common stock. If any of the following
risks occur, our business, operating results and financial condition could be
seriously harmed. The trading price of our common stock could decline due to any
of these risks, and you may lose all or part of your investment.

IF WE DO NOT OBTAIN ADDITIONAL FINANCING, OUR BUSINESS WILL FAIL.

Our current operating funds are less than necessary to complete all intended
exploration of the Cade claim, and therefore we will need to obtain additional
financing in order to complete our business plan. We currently do not have any
operations and we have no income.

Our business plan calls for significant expenses in connection with the
exploration of the Cade claim. While we have sufficient funds to conduct a
portion of proposed exploration, we will need additional funds to complete all
proposed exploration and to exercise the option to purchase the Cade claim under
the option agreement.

We will require additional financing to sustain our business operations if we
are not successful in earning revenues once exploration is complete. We do not
currently have any arrangements for financing and may not be able to find such
financing if required.

                                       8
<PAGE>
BECAUSE WE HAVE ONLY RECENTLY COMMENCED BUSINESS OPERATIONS, WE FACE A HIGH RISK
OF BUSINESS FAILURE.

We have only recently commenced exploration on the Cade claim. Accordingly, we
have no way to evaluate the likelihood that our business will be successful. We
were incorporated on November 17, 2004 and to date have been involved primarily
in organizational activities, the acquisition of an interest in the Cade claim
and preliminary exploration on the property. We have not earned any revenues as
of the date of this annual report. Potential investors should be aware of the
difficulties normally encountered by new mineral exploration companies and the
high rate of failure of such enterprises. The likelihood of success must be
considered in light of the problems, expenses, difficulties, complications and
delays encountered in connection with the exploration of the mineral properties
that we plan to undertake. These potential problems include, but are not limited
to, unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates.

Prior to completion of our exploration stage, we anticipate that we will incur
increased operating expenses without realizing any revenues. We therefore expect
to incur significant losses into the foreseeable future. We recognize that if we
are unable to generate significant revenues from development of the Cade
property and the production of minerals from the claim, we will not be able to
earn profits or continue operations.

There is no history upon which to base any assumption as to the likelihood that
we will prove successful, and it is doubtful that we will generate any operating
revenues or ever achieve profitable operations. If we are unsuccessful in
addressing these risks, our business will most likely fail.

BECAUSE OF THE SPECULATIVE NATURE OF EXPLORATION OF MINING PROPERTIES, THERE IS
A SUBSTANTIAL RISK THAT OUR BUSINESS WILL FAIL.

The search for valuable minerals as a business is extremely risky. The
likelihood of our mineral claim containing economic mineralization or reserves
of gold is extremely remote. Exploration for minerals is a speculative venture
necessarily involving substantial risk. In all probability, the Cade claim does
not contain any reserves and funds that we spend on exploration will be lost. As
well, problems such as unusual or unexpected formations and other conditions are
involved in mineral exploration and often result in unsuccessful exploration
efforts. In such a case, we would be unable to complete our business plan.

BECAUSE OUR CONTINUATION AS A GOING CONCERN IS IN DOUBT, WE WILL BE FORCED TO
CEASE BUSINESS OPERATIONS UNLESS WE CAN GENERATE PROFIT IN THE FUTURE.

The report of our independent accountant to our audited financial statements for
the periods ended March 31, 2007 indicates that there are a number of factors
that raise substantial doubt about our ability to continue as a going concern.
Such factors identified in the report are that we have no source of revenue and
our dependence upon obtaining adequate financing. If we are not able to continue
as a going concern, it is likely investors will lose all of their investment.

BECAUSE OF THE INHERENT DANGERS INVOLVED IN MINERAL EXPLORATION, THERE IS A RISK
THAT WE MAY INCUR LIABILITY OR DAMAGES, WHICH COULD HURT OUR FINANCIAL POSITION
AND POSSIBLY RESULT IN THE FAILURE OF OUR BUSINESS.

The search for valuable minerals involves numerous hazards. As a result, we may
become subject to liability for such hazards, including pollution, cave-ins and
other hazards against which we cannot insure or against which we may elect not
to insure. The payment of such liabilities may have a material adverse effect on
our financial position.

EVEN IF WE DISCOVER COMMERCIAL RESERVES OF PRECIOUS METALS ON THE CADE CLAIM, WE
MAY NOT BE ABLE TO SUCCESSFULLY COMMENCE COMMERCIAL PRODUCTION UNLESS WE RECEIVE
ADDITIONAL FUNDS, OF WHICH THERE IS NO GUARANTEE.

                                       9
<PAGE>
The Cade claim does not contain any known bodies of mineralization. If our
exploration programs are successful in establishing gold of commercial tonnage
and grade, we will require additional funds in order to place the Cade claim
into commercial production. We may not be able to obtain such financing.

BECAUSE OUR SOLE DIRECTOR OWNS 54.15% OF OUR OUTSTANDING COMMON STOCK, HE COULD
MAKE AND CONTROL CORPORATE DECISIONS THAT MAY BE DISADVANTAGEOUS TO OTHER
MINORITY SHAREHOLDERS.

Our director owns approximately 54.15% of the outstanding shares of our common
stock. Accordingly, he will have a significant influence in determining the
outcome of all corporate transactions or other matters, including mergers,
consolidations, and the sale of all or substantially all of our assets. He will
also have the power to prevent or cause a change in control. The interests of
our director may differ from the interests of the other stockholders and thus
result in corporate decisions that are disadvantageous to other shareholders.

BECAUSE OUR PRESIDENT HAS OTHER BUSINESS INTERESTS, HE MAY NOT BE ABLE OR
WILLING TO DEVOTE A SUFFICIENT AMOUNT OF TIME TO OUR BUSINESS OPERATIONS,
CAUSING OUR BUSINESS TO FAIL.

Our president, Mr. Richard Novis, intends to devote approximately 15% of his
business time, or approximately six hours per week, providing his services to
us. While Mr. Novis presently possesses adequate time to attend to our
interests, it is possible that the demands on Mr. Novis from his other
obligations could increase with the result that he would no longer be able to
devote sufficient time to the management of our business.

BECAUSE OUR SOLE DIRECTOR HAS NO TECHNICAL EXPERIENCE IN MINERAL EXPLORATION,
OUR BUSINESS HAS A HIGHER RISK OF FAILURE.

Our sole director has no technical training in the field of geology and
specifically in the areas of exploring for, starting and operating a mine. As a
result, we may not be able to recognize and take advantage of potential
acquisition and exploration opportunities in the sector without the aid of
qualified geological consultants. As well, with no direct training or
experience, our management may not be fully aware of the specific requirements
related to working in this industry. His decisions and choices may not be well
thought out and our operations, earnings and ultimate financial success may
suffer irreparable harm as a result.

A PURCHASER IS PURCHASING PENNY STOCK WHICH LIMITS HIS OR HER ABILITY TO SELL
THE STOCK.

Our shares of common stock constitute penny stock under the Exchange Act. The
shares will remain penny stock for the foreseeable future. The classification of
penny stock makes it more difficult for a broker-dealer to sell the stock into a
secondary market, thus limiting investment liquidity. Any broker-dealer engaged
by the purchaser for the purpose of selling his or her shares in our company
will be subject to rules 15g-1 through 15g-10 of the Exchange Act. Rather than
creating a need to comply with those rules, some broker-dealers will refuse to
attempt to sell penny stock.

FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements that involve risks and
uncertainties. We use words such as anticipate, believe, plan, expect, future,
intend and similar expressions to identify such forward-looking statements. You
should not place too much reliance on these forward-looking statements. Our
actual results may differ materially from those anticipated in these
forward-looking statements for many reasons, including the risks faced by us
described in the "Risk Factors" section and elsewhere in this annual report.

ITEM 2: DESCRIPTION OF PROPERTY

We have the option to acquire a 90% interest in the Cade mineral claim. We do
not own any real property interest in the Cade claim or any other property.

                                       10
<PAGE>
ITEM 3: LEGAL PROCEEDINGS

There are no legal proceedings pending or threatened against us. Our address for
service of process in Nevada is 2470 St. Rose Pkwy, Suite 304, Henderson,
Nevada, 89074.

ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted during the fourth quarter of our fiscal year to a vote
of security holders, through the solicitation of proxies or otherwise.

                                    PART II

ITEM 5: MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

MARKET INFORMATION

Our shares of common stock are quoted for trading on the OTC Bulletin Board
under symbol "NXPN". However, there have not been any trades in our stock
through the facilities of the OTC Bulletin Board since our initial quotation on
February 12, 2007.

We have 30 shareholders of record as at the date of this annual report.

DIVIDENDS

There are no restrictions in our articles of incorporation or bylaws that
prevent us from declaring dividends. The Nevada Revised Statutes, however, do
prohibit us from declaring dividends where, after giving effect to the
distribution of the dividend:

     1.   we would not be able to pay our debts as they become due in the usual
          course of business; or
     2.   our total assets would be less than the sum of our total liabilities
          plus the amount that would be needed to satisfy the rights of
          shareholders who have preferential rights superior to those receiving
          the distribution.

We have not declared any dividends, and we do not plan to declare any dividends
in the foreseeable future.

ITEM 6: MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Our plan of operation for the next twelve months is to complete the recommended
phase two and phase three exploration programs on the Cade claim consisting of a
geological mapping, prospecting, detailed geology and geochemical sampling, as
well as an electromagnetic survey. The balance of the phase two program will
cost approximately $3,000 and was commenced in September 2006. The phase three
exploration program will cost approximately $40,000 The phase three exploration
program should take approximately two months to complete.

The third phase of exploration will consist of an airborne electromagnetic
survey of the Cade claim, followed by additional sampling of prospective areas.
An electromagnetic survey involves measuring whether or not rocks on the surface
and subsurface of the property conduct electricity. Copper and gold are
excellent conductors of electricity. Areas of high conductivity are targets for
follow-up exploration. The survey will involve leasing a helicopter equipped
with equipment that will obtain electromagnetic readings as the helicopter flies
over portions of the Cade claim. The data from the equipment is then compiled
and analyzed by the consulting geologist. He will then gather additional rock
and soil samples for analysis on property areas that relate to the high
electromagnetic results.

                                       11
<PAGE>
BUDGET - PHASE III

          Airborne EM Survey                    $15,000
          Follow-up geological surveys          $25,000
                                                -------
                                                $40,000
                                                =======

We do not have any verbal or written agreement regarding the retention of any
qualified engineer or geologist for this exploration program, though Mr. George
Nicholson has indicated that he will oversee all exploration if he is available.

As well, we anticipate spending an additional $15,000 on administrative fees,
including fees payable in connection with the filing of this registration
statement and complying with reporting obligations. We will pay most of these
expenses from our current cash on hand.

Total expenditures over the next 12 months are therefore expected to be $58,000.

While we have enough funds to cover some of our anticipated administrative
expenses, we will require additional funding in order to cover additional
exploration on the Cade claim and the balance of our operating costs. We
anticipate that additional funding will be in the form of equity financing from
the sale of our common stock or from director loans. We do not have any
arrangements in place for any future equity financing or loans.

RESULTS OF OPERATIONS FOR THE FISCAL YEAR ENDED MARCH 31, 2007

We did not earn any revenues during the fiscal year ended March 31, 2007. We do
not anticipate earning revenues unless we enter into commercial production on
the Cartan mineral claim, which is doubtful. We can provide no assurance that we
will discover economic mineralization on the property, or if such minerals are
discovered, that we will enter into commercial production.

We incurred operating expenses in the amount of $8,508 in the fiscal year ended
March 31, 2007 as compared to expenses of $13,201 in fiscal 2006. These
operating expenses were comprised entirely of administrative expenses. At March
31, 2007, our assets consisted of $7,543 in cash. At the same date, our
liabilities consisted of accounts payable of $1,580.

We have not attained profitable operations and are dependent upon obtaining
financing to pursue exploration activities. For these reasons our auditors
believe that there is substantial doubt that we will be able to continue as a
going concern.

We have not attained profitable operations and are dependent upon obtaining
financing to pursue exploration activities. For these reasons our auditors
believe that there is substantial doubt that we will be able to continue as a
going concern.

                                       12
<PAGE>
ITEM 7: FINANCIAL STATEMENTS

                           Chang G. Park, CPA, Ph. D.
                371 E STREET, CHULA VISTA, CALIFORNIA 91910-2615
         TELEPHONE (858)722-5953 FAX (858) 408-2695 FAX (858) 764-5480
                          E-MAIL changgpark@gmail.com


             Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders
Northern Explorations, Ltd.
(An Exploration Stage Company)

We have audited the accompanying  balance sheet of Northern  Explorations,  Ltd.
(the  exploration  stage  "Company")  as of  March  31,  2007  and  the  related
statements of operation,  changes in shareholders' equity and cash flows for the
year then ended and for the period from November 17, 2004  (inception)  to March
31, 2007.  These financial  statements are the  responsibility  of the Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements   based  on  our  audit.   The   financial   statements  of  Northern
Explorations,  Ltd. as of March 31, 2006,  and for the period from  November 17,
2004  (inception)  to March 31, 2006 were audited by other auditors whose report
dated May 25, 2006, expressed an unqualified opinion on those statements.  Their
report included an explanatory paragraph regarding going concern.

We conducted  our audit in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Northern Explorations,  Ltd. as
of March 31, 2007,  and the results of its  operation and its cash flows for the
year then ended and the period of  November  17, 2004  (inception)  to March 31,
2007 in conformity with U.S. generally accepted accounting principles.

The  financial  statements  have been  prepared  assuming  that the Company will
continue as a going concern. As discussed in Note 3 to the financial statements,
the Company's losses from operations raise  substantial  doubt about its ability
to continue as a going  concern.  The  financial  statements  do not include any
adjustments that might result from the outcome of this uncertainty.


/s/ Chang Park
--------------------------
CHANG G. PARK, CPA

May 14 2007
San Diego, CA. 91910

        Member of the California Society of Certified Public Accountants
          Registered with the Public Company Accounting Oversight Board

                                       13
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                                 Balance Sheets
                             (Stated in US Dollars)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                    As of              As of
                                                                   March 31,          March 31,
                                                                     2007               2006
                                                                   --------           --------
<S>                                                                <C>                <C>
                                     ASSETS

CURRENT ASSETS
  Cash                                                             $  7,543           $ 14,646
                                                                   --------           --------
TOTAL CURRENT ASSETS                                                  7,543             14,646
                                                                   --------           --------

       TOTAL ASSETS                                                $  7,543           $ 14,646
                                                                   ========           ========

                       LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable                                                 $  1,580           $    175
                                                                   --------           --------
TOTAL CURRENT LIABILITIES                                             1,580                175

TOTAL LIABILITIES                                                     1,580                175

STOCKHOLDERS' EQUITY
  Common stock, ($0.001 par value, 75,000,000 shares
   authorized; 5,540,000 shares issued and outstanding
   as of March 31, 2007 and 2006)                                     5,540              5,540
  Additional paid-in capital                                         26,460             26,460
  Deficit accumulated during exploration stage                      (26,037)           (17,529)
                                                                   --------           --------
TOTAL STOCKHOLDERS' EQUITY                                            5,963             14,471
                                                                   --------           --------

      TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                     $  7,543           $ 14,646
                                                                   ========           ========
</TABLE>


                       See Notes to Financial Statements

                                       14
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                            Statements of Operations
                             (Stated in US Dollars)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                       November 17, 2004
                                                Year                  Year                (inception)
                                                Ended                 Ended                through
                                               March 31,             March 31,             March 31,
                                                 2007                  2006                  2007
                                              -----------           -----------           -----------
<S>                                           <C>                   <C>                   <C>
REVENUES
  Revenues                                    $        --           $        --           $        --
                                              -----------           -----------           -----------
TOTAL REVENUES                                         --                    --                    --

OPERATING COSTS
  Administrative Expenses                           8,508                13,201                26,037
                                              -----------           -----------           -----------
TOTAL OPERATING COSTS                               8,508                13,201                26,037
                                              -----------           -----------           -----------

NET INCOME (LOSS)                             $    (8,508)          $   (13,201)          $   (26,037)
                                              ===========           ===========           ===========

BASIC AND DILUTED EARNINGS PER SHARE          $      0.00           $      0.00
                                              ===========           ===========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                      5,540,000             5,540,000
                                              ===========           ===========
</TABLE>


                       See Notes to Financial Statements

                                       15
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
             Statement of Changes in Stockholders' Equity (Deficit)
            From November 17, 2004 (Inception) through March 31, 2007
                             (Stated in US Dollars)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                               Deficit
                                                                                             Accumulated
                                                                   Common      Additional      During
                                                   Common          Stock        Paid-in      Exploration
                                                   Stock           Amount       Capital         Stage         Total
                                                   -----           ------       -------         -----         -----
<S>                                              <C>            <C>          <C>            <C>             <C>
BALANCE, NOVEMBER 17, 2004                              --       $     --       $    --      $     --       $     --

Stock issued for cash on December 7, 2004
 @ $0.001 per share                              3,000,000          3,000                                      3,000

Stock issued for cash on December 22, 2004
 @ $0.01 per share                               2,500,000          2,500        22,500                       25,000

Stock issued for cash on January 17, 2005
 @ $0.10 per share                                  40,000             40         3,960                        4,000

Net loss,  March 31, 2005                                                                      (4,328)        (4,328)
                                                ----------       --------       -------      --------       --------
BALANCE, MARCH 31, 2005                          5,540,000          5,540        26,460        (4,328)        27,672
                                                ----------       --------       -------      --------       --------
Net loss, March 31, 2006                                                                      (13,201)       (13,201)
                                                ----------       --------       -------      --------       --------
BALANCE, MARCH 31, 2006                          5,540,000          5,540        26,460       (17,529)        14,471
                                                ----------       --------       -------      --------       --------
Net loss, March 31, 2007                                                                       (8,508)        (8,508)
                                                ----------       --------       -------      --------       --------
BALANCE, MARCH 31, 2007                          5,540,000       $  5,540       $26,460      $(26,037)      $  5,963
                                                ==========       ========       =======      ========       ========
</TABLE>

                       See Notes to Financial Statements

                                       16
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                             Statement of Cash Flows
                             (Stated in US Dollars)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                               November 17, 2004
                                                                   Year            Year          (inception)
                                                                   Ended           Ended           through
                                                                  March 31,       March 31,       March 31,
                                                                    2007            2006            2007
                                                                  --------        --------        --------
<S>                                                               <C>             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                               $ (8,508)       $(13,201)       $(26,037)

  Changes in operating assets and liabilities:
    Increase (decrease) in accounts payable                          1,405             175           1,580
                                                                  --------        --------        --------
          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES       (7,103)        (13,026)        (24,457)

CASH FLOWS FROM INVESTING ACTIVITIES

          NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES           --              --              --

CASH FLOWS FROM FINANCING ACTIVITIES
  Issuance of common stock                                              --              --           5,540
  Additional paid-in capital                                            --              --          26,460
                                                                  --------        --------        --------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES           --              --          32,000
                                                                  --------        --------        --------

NET INCREASE (DECREASE) IN CASH                                     (7,103)        (13,026)          7,543

CASH AT BEGINNING OF PERIOD                                         14,646          27,672              --
                                                                  --------        --------        --------

CASH AT END OF PERIOD                                             $  7,543        $ 14,646        $  7,543
                                                                  ========        ========        ========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during year for:
  Interest                                                        $     --        $     --        $     --
                                                                  ========        ========        ========
  Income Taxes                                                    $     --        $     --        $     --
                                                                  ========        ========        ========
</TABLE>

                       See Notes to Financial Statements

                                       17
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                          Notes To Financial Statements
                                 March 31, 2007
                            (Stated in U.S. Dollars)


NOTE 1. NATURE AND CONTINUANCE OF OPERATIONS

The Company was  incorporated  in the State of Nevada on November 17, 2004,  and
its  year-end is March  31st.  The Company is an  Exploration  Stage  Company as
defined by  Statement  of  Financial  Accounting  Standard  ("SFAS")  No. 7. The
Company has acquired a mineral  property  located in the Nicola Mining Division,
British  Columbia,  Canada,  and has not yet  determined  whether this  property
contains  reserves that are  economically  recoverable.  The  recoverability  of
property  expenditures  will be dependent  upon the  discovery  of  economically
recoverable  reserves,  confirmation of the Company's interest in the underlying
property,  the ability of the Company to obtain  necessary  financing to satisfy
the  expenditure  requirements  under the  property  agreement  and upon  future
profitable production or proceeds for the sale thereof.

These  financial  statements  have been prepared on a going concern  basis.  The
Company has incurred losses since inception  resulting in an accumulated deficit
of $26,037 since inception and further losses are anticipated in the development
of its  business  raising  substantial  doubt  about the  Company's  ability  to
continue as a going  concern.  Its  ability to  continue  as a going  concern is
dependent upon the ability of the Company to generate  profitable  operations in
the future and/or to obtain the necessary  financing to meet its obligations and
repay its  liabilities  arising from normal  business  operations when they come
due. Management has plans to seek additional capital through a private placement
and public offering of its common stock. The financial statements do not include
any adjustments  relating to the  recoverability  and classification of recorded
assets,  or the  amounts  of and  classification  of  liabilities  that might be
necessary in the event the Company cannot continue in existence.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements have, in management's  opinion,  been properly prepared
within  reasonable  limits  of  materiality  and  within  the  framework  of the
significant accounting policies summarized below:

A) MINERAL PROPERTY COSTS

The Company has been in the  exploration  stage since its  formation on November
17, 2004 and has not yet realized any revenues from its planned  operations.  It
is primarily  engaged in the acquisition  and exploration of mining  properties.
Mineral property  acquisition and exploration costs are charged to operations as
incurred.   When  it  has  been  determined  that  a  mineral  property  can  be
economically developed as a result of establishing proven and probable reserves,
the costs incurred to develop such property, are capitalized. Such costs will be
amortized  using the  units-of-production  method over the estimated life of the
probable reserve.

                                       18
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                          Notes To Financial Statements
                                 March 31, 2007
                            (Stated in U.S. Dollars)


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

B) USE OF ESTIMATES AND ASSUMPTIONS

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of
contingent  assets and  liabilities at the date of the financial  statements and
the  reported  amounts of revenues  and expenses  during the  reporting  period.
Actual results could differ from those estimates. In accordance with FASB 16 all
adjustments are normal and recurring.

C) FINANCIAL INSTRUMENTS

The  carrying  value of cash,  and  accounts  payable  and  accrued  liabilities
approximates   their  fair  value  because  of  the  short   maturity  of  these
instruments.  The  Company's  operations  are in Canada and virtually all of its
assets and liabilities  are giving rise to significant  exposure to market risks
from changes in foreign currency rates. The Company's financial risk is the risk
that  arises  from  fluctuations  in  foreign  exchange  rates and the degree of
volatility  of these  rates.  Currently,  the  Company  does not use  derivative
instruments to reduce its exposure to foreign currency risk.

D) ENVIRONMENTAL COSTS

Environmental  expenditures  that  relate to current  operations  are charged to
operations  or  capitalized  as  appropriate.  Expenditures  that  relate  to an
existing  condition  caused by past  operations,  and which do not contribute to
current or future revenue generation, are charged to operations. Liabilities are
recorded when  environmental  assessments  and/or remedial efforts are probable,
and the  cost  can be  reasonably  estimated.  Generally,  the  timing  of these
accruals  coincides with the earlier of completion of a feasibility study or the
Company's commitments to plan of action based on the then known facts.

E) INCOME TAXES

The Company uses the asset and liability  method of accounting  for income taxes
in accordance with SFAS No. 109 - "Accounting  for Income Taxes".  This standard
requires the use of an asset and liability approach for financial accounting and
reporting  on income  taxes.  If it is more likely than not that some portion or
all of a deferred  tax asset will not be  realized,  a  valuation  allowance  is
recognized.

                                       19
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                          Notes To Financial Statements
                                 March 31, 2007
                            (Stated in U.S. Dollars)


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

F) BASIC AND DILUTED NET LOSS PER SHARE

The  Company  reports  basic  loss per share in  accordance  with SFAS No. 128 -
"Earnings  Per  Share".  Basic  loss per share is  computed  using the  weighted
average number of common stock outstanding  during the period.  Diluted loss per
share is computed using the weighted  average  number of common and  potentially
dilutive common stock  outstanding  during the period.  As the Company generated
net losses in the period presented,  the basic and diluted loss per share is the
same, as any exercise of options or warrants would be anti-dilutive.

G) COMPREHENSIVE LOSS

SFAS No. 130, "Reporting  Comprehensive  Income," establishes  standards for the
reporting and display of comprehensive  loss and its components in the financial
statements.  As at March 31,  2007,  the Company  has no items that  represent a
comprehensive loss and, therefore,  has not included a schedule of comprehensive
loss in the financial statements.

H) CASH AND CASH EQUIVALENTS

For  purposes  of the balance  sheet and  statement  of cash flows,  the Company
considers all highly liquid instruments with maturity of three months or less at
the time of issuance to be cash equivalents.

I) NEW ACCOUNTING STANDARDS

Management  does not believe that any recently  issued,  but not yet  effective,
accounting standards,  if currently adopted, could have a material effect on the
accompanying financial statements.

NOTE 3. GOING CONCERN

The  accompanying  financial  statements  have been  prepared  assuming that the
Company will continue as a going  concern.  The Company  generated a net loss of
$26,037 during the period from November 17, 2004  (inception) to March 31, 2007.
This condition raises  substantial doubt about the Company's ability to continue
as a going concern.  The Company's  continuation as a going concern is dependent
on its ability to meet its obligations, to obtain additional financing as may be
required and ultimately to attain profitability. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

                                       20
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                          Notes To Financial Statements
                                 March 31, 2007
                            (Stated in U.S. Dollars)


NOTE 3. GOING CONCERN (Continued)

Management  plans to raise  additional  funds through debt or equity  offerings.
Management  has yet to decide what type of offering  the Company will use or how
much capital the Company will attempt to raise.  There is no guarantee  that the
Company will be able to raise any capital through any type of offerings.

NOTE 4. MINERAL PROPERTY

Pursuant to a mineral  property  option  agreement  dated  January 4, 2005,  and
amended on December 31,  2006,  the Company was granted an option to acquire the
sole and exclusive  right,  privilege  and option to explore the claim  together
with the sole and  exclusive  right,  privilege  and  option to  purchase  a 90%
interest  in the Cade  Claim  located  in the Nicola  Mining  Division,  British
Columbia, Canada, for:

A) CASH PAYMENTS

Cash payment of $2,500 by March 31, 2005 (paid on March 17, 2005).  Cash payment
of $1,000 by December 31, 2006 (paid December 31, 2006).

B) EXPENDITURE COMMITMENTS

Expenditures  for  exploration  and  development  work on the Claim totalling at
least $15,000 by December 31, 2007, which work shall be conducted by the Company
under the direction of a qualified geologist or project engineer, as follows:

     -    $5,000 in  expenditures  on the Claim by  December  31,  2005 (paid on
          December 6, 2005); and
     -    an  additional  $10,000 in  expenditures  on the Claim by December 31,
          2007.

C) ASSESSMENT WORK

All Claim  payments  and  assessment  work  required  to keep the Claim and this
Option in good standing during the term of this Agreement.

NOTE 5.  SHARE CAPITAL

On December 7, 2004,  the Company sold  3,000,000  shares of its common stock at
$0.001 per share. On December 22, 2004, the Company sold 2,500,000 shares of its
common stock at $0.01 per share.  On January 17,  2005,  the Company sold 40,000
shares of its common stock at $0.10 per share.

                                       21
<PAGE>
                           NORTHERN EXPLORATIONS, LTD.
                         (An Exploration Stage Company)
                          Notes To Financial Statements
                                 March 31, 2007
                            (Stated in U.S. Dollars)


NOTE 5. SHARE CAPITAL (continued)

The  stockholders'  equity section of the Company contains the following classes
of capital stock as of March 31, 2007:

     *    Common  stock,  $  0.001  par  value:  75,000,000  shares  authorized;
          5,540,000 shares issued and outstanding.

At March 31, 2007, there were no outstanding stock options or warrants.

NOTE 6. INCOME TAXES

Potential benefits of income tax losses are not recognized in the accounts until
realization  is more likely than not.  The Company has  incurred  net  operating
losses of $26,037,  which expire in 2027.  Pursuant to SFAS No. 109, the Company
is required to compute  tax asset  benefits  for net  operating  losses  carried
forward.  Potential  benefit of net operating losses have not been recognized in
these financial statements because the Company cannot be assured that it is more
likely than not it will  utilize the net  operating  losses  carried  forward in
future years.

The  components  of the net  deferred  tax  asset at  March  31,  2007,  and the
statutory  tax  rate,  the  effective  tax rate and the  elected  amount  of the
valuation allowance are indicated below:

     Net operating loss              $ 26,037
     Statutory tax rate                    34%
                                     --------
     Deferred tax asset              $  8,853
     Valuation allowance               (8,853)
                                     --------

     Net deferred tax asset          $     --
                                     ========

NOTE 7. FOREIGN CURRENCY TRANSLATION

Functional  currency  for  Northern  Explorations,  Ltd  is  in US  dollars.  In
accordance  with FASB #52  paragraph 9 the Company will  continue to issue their
financial statements in their established functional currency unless significant
changes in economic facts and circumstances indicate clearly that the functional
currency has changed.

                                       22
<PAGE>
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

None.

ITEM 8A: CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS

We evaluated the effectiveness of our disclosure controls and procedures as of
the end of the 2007 fiscal year. This evaluation was conducted by our chief
executive officer and principal accounting officer.

Disclosure controls are controls and other procedures that are designed to
ensure that information that we are required to disclose in the reports we file
pursuant to the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported.

LIMITATIONS ON THE EFFECTIVE OF CONTROLS

Our management does not expect that our disclosure controls or our internal
controls over financial reporting will prevent all error and fraud. A control
system, no matter how well conceived and operated, can provide only reasonable,
but no absolute, assurance that the objectives of a control system are met.
Further, any control system reflects limitations on resources, and the benefits
of a control system must be considered relative to its costs. These limitations
also include the realities that judgments in decision-making can be faulty and
that breakdowns can occur because of simple error or mistake. Additionally,
controls can be circumvented by the individual acts of some persons, by
collusion of two or more people or by management override of a control. A design
of a control system is also based upon certain assumptions about potential
future conditions; over time, controls may become inadequate because of changes
in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and may not be detected.

CONCLUSIONS

Based upon their evaluation of our controls, the chief executive officer and
principal accounting officer has concluded that, subject to the limitations
noted above, the disclosure controls are effective providing reasonable
assurance that material information relating to us is made known to management
on a timely basis during the period when our reports are being prepared. There
were no changes in our internal controls that occurred during the quarter
covered by this report that have materially affected, or are reasonably likely
to materially affect our internal controls.

                                    PART III

ITEM 9:  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

Our executive officer and director and her age as of the date of this annual
report is as follows:

Name of Director                 Age
----------------                 ---
Richard Novis                    56

EXECUTIVE OFFICER:

Name of Officer                  Age                 Office
---------------                  ---                 ------
Richard Novis                    56             President, CEO Secretary,
                                                Treasurer, and Director

                                       23
<PAGE>
BIOGRAPHICAL INFORMATION

Set forth below is a brief description of the background and business experience
of our executive officer and director for the past five years.

MR. RICHARD NOVIS has acted as our president, secretary, treasurer, chief
executive officer and as a director since our incorporation on November 17,
2004. Mr. Novis is a graduate of the Burnaby based British Columbia Institute of
Technology where he earned a diploma in financial administration. He also
completed additional courses in economics, marketing and human resources at the
University of British Columbia in Vancouver and Simon Fraser University in
Burnaby. From 1999 to present, Mr. Novis has acted as manager of 416398 B.C. Ltd
dba Micro Cap et al, a private Vancouver, British Columbia based business
involved in providing marketing, promotion and investor relations services to
private and reporting companies. These services involve preparing promotional
and investor relations materials, introducing clients to potential underwriters
and financiers, and communicating with investment dealers, advisers and
shareholders to increase awareness of and interest in the client companies,

From July 2004 to present, he has also acted as president, secretary, treasurer
and a director of International Oil & Gas Inc., a United States company involved
in oil and gas exploration.

Mr. Novis does not have any professional training or technical credentials in
the exploration, development and operation of mines.

Mr. Novis intends to devote approximately 15% of his business time, or
approximately seven hours per week, to our affairs.

TERM OF OFFICE

Our directors are appointed for a one-year term to hold office until the next
annual general meeting of our shareholders or until removed from office in
accordance with our bylaws. Our officers are appointed by the board of directors
and will hold office until removed by the board.

SIGNIFICANT EMPLOYEES

We have no significant employees other than the officer and director described
above.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Exchange Act requires our executive officers and directors,
and persons who beneficially own more than 10% of our equity securities, to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission. Officers, directors and greater than 10% shareholders are required
by SEC regulation to furnish us with copies of all Section 16(a) forms they
file. Based on our review of the copies of such forms we received, we believe
that during the fiscal year ended March 31, 2007 all such filing requirements
applicable to our officers and directors were complied with exception that
reports were filed late by the following persons:

                                      Number    Transactions     Known Failures
                                      Of late    Not Timely        To File a
Name and principal position           Reports     Reported        Required Form
---------------------------           -------     --------        -------------
Richard Novis                           0            1                  1
(President CEO and director)

                                       24
<PAGE>
ITEM 10: EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE

The table below summarizes all compensation awarded to, earned by, or paid to
our executive officers by any person for all services rendered in all capacities
to us for the fiscal years ended March 31, 2007 and March 31, 2006

                               ANNUAL COMPENSATION

<TABLE>
<CAPTION>
                                                                                  Nonqualified
Name and                                                           Non-Equity       Deferred
Principal                                   Stock      Option    Incentive Plan   Compensation      All Other
Position         Year     Salary   Bonus    Awards     Awards     Compensation     on Earnings     Compensation    Total
--------         ----     ------   -----    ------     ------     ------------     -----------     ------------    -----
<S>              <C>        <C>     <C>     <C>        <C>        <C>              <C>              <C>            <C>
Richard Novis    2007       $0      $0       None       None          None             None            None          $0
(President)      2006       $0      $0       None       None          None             None            None          $0
</TABLE>

STOCK OPTION GRANTS

We have not granted any stock options to the executive officer since our
inception.

CONSULTING AGREEMENTS

We do not have any employment or consulting agreement with Mr. Novis. We do not
pay him any amount for acting as a director.

ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCKHOLDER MATTERS

The following table provides the names and addresses of each person known to us
to own more than 5% of our outstanding common stock as of the date of this
annual report, and by the officer and director, individually and as a group.
Except as otherwise indicated, all shares are owned directly.

                                                       Amount of
                           Name and Address            Beneficial     Percent of
Title of Class           of Beneficial Owner           Ownership        Class
--------------           -------------------           ---------        -----
Common stock       Richard Novis
                   470 Granville Street, Suite 1120
                   Vancouver, B.C., V6C 1V5            3,000,000        54.15%

Common stock       All officers and directors as a
                   group consisting of one person      3,000,000        54.15%

The percent of class is based on 5,540,000 shares of common stock issued and
outstanding as of the date of this annual report.

                                       25
<PAGE>
ITEM 12:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

None of the following parties has, since our date of incorporation, had any
material interest, direct or indirect, in any transaction with us or in any
presently proposed transaction that has or will materially affect us:

     *    Any of our directors or officers;
     *    Any person proposed as a nominee for election as a director;
     *    Any person who beneficially owns, directly or indirectly, shares
          carrying more than 10% of the voting rights attached to our
          outstanding shares of common stock;
     *    Our promoter, Richard Novis; or
     *    Any member of the immediate family of any of the foregoing persons.

ITEM 13: EXHIBITS AND REPORTS

Exhibits

     Exhibit
     Number                             Description
     ------                             -----------
      3.1*       Articles of Incorporation
      3.2*       Bylaws
      5.1*       Legal opinion of Joseph I. Emas, with consent to use
     10.1*       Mineral property option agreement dated January 4, 2005
     23.2*       Consent of George Nicholson, professional geologist, with
                 consent to use
     31.1        Certification pursuant to 18 U.S.C. Section 1350, as adopted
                 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     31.2        Certification pursuant to 18 U.S.C. Section 1350, as adopted
                 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     32.1        Certification pursuant to 18 U.S.C. Section 1350, as adopted
                 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     32.2        Certification pursuant to 18 U.S.C. Section 1350, as adopted
                 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     99.1*       Location map

----------
*    filed as an exhibit to our registration statement on Form SB-2 dated May
     19, 2005

Reports on Form 8-K

We did not file any reports on Form 8-K during the last fiscal quarter of 2007.

ITEM 14: PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our principal accountant, Chang G. Park, CPA, rendered invoices to us during the
fiscal periods indicated for the following fees and services:

                              Fiscal year ended        Fiscal year ended
                                March 31, 2007           March 31, 2006
                                --------------           --------------
     Audit fees                    $3,750                   $2,000
     Audit-related fees              Nil                      Nil
     Tax fees                        Nil                      Nil
     All other fees                  Nil                      Nil

Audit fees consist of fees related to professional services rendered in
connection with the audit of our annual financial statements, the review of the
financial statements included in each of our quarterly reports on Form 10-QSB.

Our policy is to pre-approve all audit and permissible non-audit services
performed by the independent accountants. These services may include audit
services, audit-related services, tax services and other services. Under our
audit committee's policy, pre-approval is generally provided for particular
services or categories of services, including planned services, project based
services and routine consultations. In addition, we may also pre-approve
particular services on a case-by-case basis. We approved all services that our
independent accountants provided to us in the past two fiscal years.

                                       26
<PAGE>
                                   SIGNATURES

Pursuant to the requirements of Section 13 and 15 (d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

Northern Explorations Ltd.


By /s/ Richard Novis
  --------------------------------------
  Richard Novis
  President, CEO & Director
  Date: July 1, 2007

In accordance with the Securities Exchange Act, this report has been signed
below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.


By /s/ Richard Novis
  --------------------------------------
  Richard Novis
  Secretary, Treasurer, Director and CFO
  Date: July 1, 2007

                                       27