UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549




FORM 10-K




[X]Annual Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934




For the fiscal year ended November 30, 2009




[   ] Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934




For the transition period from _______________ to _______________





COMMISSION FILE NUMBER000-53346




CALIBERT EXPLORATIONS, LTD.


(Name of small business issuer in its charter)




NEVADA
Applied for(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)645 Bayway Boulevard,Clearwater Beach, FL
33767(Address of principal executive offices)
(Zip Code)




Issuer’s telephone number 727-442-2667




Securities registered under Section 12(b) of the Exchange Act:
NONE.Securities registered under Section 12(g) of the Exchange Act:
5,160,000 Shares of Common Stock, $0.001 Par Value Per Share.


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No X




Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the 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-X 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-K or any amendment to this Form 10-K.[X]




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):





Large accelerated filer
Accelerated filerNon-accelerated filer (Do not check if a smaller reporting company)
Smaller Reporting Company X




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-2of the Exchange Act.):




$12,900,000 based on sale price of $2.50 per share




State the number of shares outstanding of each of the issuer’s classes of common equity, as of the


latest practicable date 5,160,000 common shares issued and outstanding




Transitional Small Business Disclosure Format (check one): Yes [   ]   No [X]










TABLE OF CONTENTS




PART IITEM 1.
BUSINESS
3ITEM 1A.
RISK FACTORS
7ITEM 2.
PROPERTIES
9ITEM 3.
LEGAL PROCEEDINGS
13ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
13PART IIITEM 5.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
14ITEM 6.
SELECTED FINANCIAL DATA
15ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
15ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
19ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
20ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
35ITEM 9A.
CONTROLS AND PROCEDURES
35ITEM 9B.
OTHER INFORMATION
35PART IIIITEM 10.
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE COMPLIANCE WITH

SECTION 16(a) OF THE EXCHANGE ACT.
37ITEM 11.
EXECUTIVE COMPENSATION
39ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
40ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
41ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
42PART IVITEM 15.
EXHIBITS
43SIGNATURES
44
















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PART I




Certain statements contained in this Annual Report on Form 10-K constitute “forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect,” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption “Management’s Discussion and Analysis or Plan of Operation” and elsewhere in this Annual Report. We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the “SEC”), particularly our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.




As used in this Annual Report, the terms “we,” “us,” “our,” “Calibert ” and the “Company” means Calibert Explorations, Ltd., unless otherwise indicated. All dollar amounts in this Annual Report are expressed in U.S. dollars, unless otherwise indicated.




ITEM 1.
BUSINESS.





CORPORATE BACKGROUND




We were incorporated on February 21, 2007 under the laws of the state of Nevada. On the date of our incorporation, we appointed Andre Benard as our Director. On February 21, 2007, Mr. Benard was appointed President, Secretary, Treasurer, Principal Financial Officer, Principal Accounting Officer of our company. On July 18, 2007 we entered into an agreement with Jean Claude Dentiger to acquire a 100% interest in the Calibert Property mining claims located in the Chibougameau Mining District, Quebec, Canada, in consideration for $9,000 CAD The claim is registered in the name of our wholly owned subsidiary Calibert Exploration Ltd., a Quebec corporation.




We are a startup exploration stage company without operations, and we are in the business of Copper exploration. There is no assurance that a commercially viable mineral deposit exists on our mining claim. Additional exploration will be required before a final evaluation as to the economic and legal feasibility of our mining claim can be determined.




On July 18, 2007, we acquired two mining claim blocks covering 1,174 hectares from Jean Claude Dentiger for $9,000CAD. Under the Quebec Mining Act, title to Quebec mining claims can only be held by individuals or Canadian corporations. Because of this regulation, the claims will be transferred to our wholly owned subsidiary Calibert Exploration Ltd. a Quebec Corporation




The mining claims were staked by Jean Claude Dentiger and were acquired by us on July 18, 2007 from Mr. Dentiger.




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The mining claim is in the Chibougameau Mining District, Quebec, Canada. The claim numbers of the Calibert Property range from 2118375-2118407. The total area of our mining claim is 1,174 hectares or approximately 2935 acres. As of August 19, 2009 the Company had insufficient funds to meet the work requirements in order to retain its claim to the property. As a result the Company was unable to retain the Claims on the Calibert Property and is currently seeking other sources to finance operations.




Mr. Benard has no previous experience exploring for minerals or operating a mining company. Even if we complete our current exploration program and it is 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 or reserve.




In January 2008, we engaged a professional Mining Engineer named Donald Theberge who is familiar with the area of the Calibert Property to develop a report about our mining claim. The report entitled “Report On the Calibert Property dated March 26, 2008 describes the mining claim, the regional geology, the mineral potential of the claim and recommendations how we should explore the claim.




Our consulting mining engineer, Mr. Theberge is a professional engineer. He has an office in Levis, Quebec, Canada and is employed by Solumines Ltd. He is a qualified professional engineer with an MBA from Laval University in Quebec City, Canada, obtained in 1983. He has practiced his profession for twenty five years in North America, mainly Northern Quebec, and in Africa, in the countries of Morocco and Mali. He is a member in good standing of the Association of Professional Engineers and Geoscientists of Quebec. Mr. Theberge does not own any interest in our claim and is not a shareholder or affiliate of our company.




The cost of the mining claim charged to operations by us was $9,000CAD which represented the cost to acquire the claim from Jean Claude Dentiger. However, we will incur much more significant expenses in order to explore our claim as described in our Plan of Operation.




It is possible that beyond the foreseeable future that if our mineral exploration efforts fail and it is no longer economical to explore for these minerals we may need to change our business plans. However, until we encounter such a situation we intend to explore for minerals in Canada or elsewhere.




Compliance with Government Regulations




Additionally, if we decide to continue with the acquisition and exploration of mineral properties in the Province of Quebec we will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the Province of Quebec. The main agency that governs the exploration of minerals in the Province of Quebec is the Ministry of Energy and Mines.




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All mineral exploration activities carried out on a mineral claim or mining lease in Quebec must be done in compliance with the Ministry of Energy and Mines. This applies to all mines during exploration, development, construction, production, closure, reclamation and abandonment. It outlines the powers of the Chief Inspector of Mines, to inspect mines, the procedures for obtaining permits to commence work in, on or about a mine and other procedures to be observed at a mine. Additionally, the provisions of the Health, Safety and Reclamation Code for mines in Quebec contain standards for employment, occupational health and safety, accident investigation, work place conditions, protective equipment, training programs, and site supervision. Also, the Mineral Exploration Code contains standards for exploration activities including construction and maintenance, site preparation, drilling, trenching and work in and about a water body.




Additional approvals and authorizations may be required from other government agencies, depending upon the nature and scope of the proposed exploration program. If the exploration activities require the falling of timber, then either a free use permit or a license to cut must be issued by the state. Items such as waste approvals may be required from the Province if the proposed exploration activities are significantly large enough to warrant them. Waste approvals refer to the disposal of rock materials removed from the earth which must be reclaimed. An environmental impact statement may be required.




In addition, we will also have to sustain the cost of reclamation and environmental remediation for all exploration work undertaken. Both reclamation and environmental remediation refer to putting disturbed ground back as close to its original state as possible. Other potential pollution or damage must be cleaned-up and renewed along standard guidelines outlined in the usual permits. Reclamation is the process of bringing the land back to its natural state after completion of exploration activities. Environmental remediation refers to the physical activity of taking steps to remediate, or remedy, any environmental damage caused. 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 recommended work program. 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, our competitive position or on us in the event a potentially economic deposit is discovered.




If we anticipate disturbing ground during our mineral exploration activities, we may be required to make an application to the Province for a permit. We do not anticipate any difficulties in obtaining a permit, if needed. Initial exploration activities (grid establishment, geological mapping, soil sampling, geophysical surveys) do not involve ground disturbance and as a result do not, at this time, require a work permit. Any follow-up trenching and/or drilling will require permits, applications for which will be submitted well in advance of the planned work.




If we enter the production phase, of which there is no assurance, the cost of complying with permit and regulatory environment laws will be greater because the impact on the project area is greater. Permits and regulations will control all aspects of the production program if the project continues to that stage. The regulatory requirements that we will have to meet will likely include:






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(i)
Ensuring that any water discharge meets drinking water standards;(ii)
Dust generation will have to be minimal or otherwise re-mediated;(iii)
Dumping of material on the surface will have to be re-contoured and re-vegetated with natural vegetation;(iv)
All material to be left on the surface will need to be environmentally benign;(v)
Ground water will have to be monitored for any potential contaminants;


(vi)
The socio-economic impact of the project will have to be evaluated and if deemed negative, will have to be re-mediated; and(vii)
There will have to be an impact report of the work on the local fauna and flora including a study of potentially endangered species.




Competition




We are an exploration stage company. We compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties. Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources than us. Accordingly, these competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties. This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development. This competition could adversely impact on our ability to finance further exploration and to achieve the financing necessary for us to develop our mineral properties.




Employees




We have no employees other than our executive officers and directors as of the date of this Annual Report on Form 10-K. We conduct our business largely through agreements with consultants and arms length persons.




Research and Development Expenditures




We have not incurred any research expenditures since our incorporation.




Patents and Trademarks




We do not own, either legally or beneficially, any patent or trademark.




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ITEM 1A.  RISKS AND UNCERTAINTIES




If we do not obtain additional financing, our business plan will fail.




Our current operating funds are estimated to be sufficient to complete the first and second phase of exploration on our mining claim. However, we will need to obtain additional financing in order to complete our business plan. Our business plan calls for significant expenses in connection with the exploration of our mining claim. We have not made arrangements to secure any additional financing.




Because our President, and director, David Saltrelli, owns 57 % of our outstanding common stock, investors may find that corporate decisions controlled by Mr. Saltrelli are inconsistent with the interests of other stockholders.




David Saltrelli, our President, controls 57% of issued and outstanding shares of our common stock. Accordingly, in accordance with our Articles of Incorporation and Bylaws, Mr. Saltrelli is able to control who is elected to our board of directors and thus could act, or could have the power to act, as our management. Since Mr. Saltrelli is not simply a passive investor but is also one of our active executives, his interests as an executive may, at times, be adverse to those of passive investors. Where those conflicts exist, our shareholders will be dependent upon Mr. Saltrelli exercising, in a manner fair to all of our shareholders, his fiduciary duties as an officer or as a member of our board of directors. Also, due to his stock ownership position, Mr. Saltrelli will have: (i) the ability to control the outcome of most corporate actions requiring stockholder approval, including amendments to our Articles of Incorporation; (ii) the ability to control corporate combinations or similar transactions that might benefit minority stockholders which may be rejected by Mr. Saltrelli to their detriment, and (iii) control over transactions between him and Calibert.




We may conduct further offerings in the future in which case investors’ shareholdings will be diluted.




Since our inception, we have relied on equity sales of our common stock to fund our operations. We may conduct additional equity offerings in the future to finance any future business projects that we decide to undertake. If common stock is issued in return for additional funds, the price per share could be lower than that paid by our current stockholders. We anticipate continuing to rely on equity sales of our common stock in order to fund our business operations. If we issue additional stock, investors’ percentage interest in us will be diluted. The result of this could reduce the value of their stock.




Because of the speculative nature of mineral exploration, there is substantial risk that no commercially viable mineral deposits will be found.




Exploration for commercially viable mineral deposits is a speculative venture involving substantial risk. We cannot provide investors with assurance that our mining claim contains commercially viable mineral deposits. The exploration program that we will conduct on our claim may not result in the discovery of commercial viable mineral deposits. Problems such as unusual and unexpected rock formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts.




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In such a case, we may be unable to complete our business plan and you could lose your entire investment in this offering.




Because of the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages as we conduct our business.




The search for 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. We currently have no such insurance nor do we expect to get such insurance for the foreseeable future. If a hazard were to occur, the costs of rectifying the hazard may exceed our asset value and cause us to liquidate all of our assets resulting in the loss of your entire investment in this offering.




Because our stock is a penny stock, stockholders will be more limited in their ability to sell their stock.




The shares of our common stock constitute “penny stocks” under the Exchange Act. The shares will remain classified as a penny stock for the foreseeable future. The classification as a penny stock makes it more difficult for a broker/dealer to sell the stock into a secondary market, which makes it more difficult for a purchaser to liquidate his or her investment. Any broker/dealer engaged by the purchaser for the purpose of selling his or her shares will be subject to rules 15g-1 through 15g-10 of the Exchange Act. Rather than having to comply with these rules, some broker-dealers will refuse to attempt to sell a penny stock.




The "penny stock" rules adopted by the SEC under the Exchange Act subjects the sale of the shares of our common stock to certain regulations which impose sales practice requirements on broker/dealers. For example, brokers/dealers selling such securities must, prior to effecting the transaction, provide their customers with a document that discloses the risks of investing in such securities.




Legal remedies, which may be available to an investor in "penny stocks,” are as follows:




(a)
if "penny stock" is sold to an investor in violation of his or her rights listed above, or other federal or states securities laws, the investor may be able to cancel his or her purchase and get his or her money back.(b)
if the stocks are sold in a fraudulent manner, the investor may be able to sue the persons and firms that caused the fraud for damages.(c)
if the investor has signed an arbitration agreement, however, he or she may have to pursue his or her claim through arbitration.




If the person purchasing the securities is someone other than an accredited investor or an established customer of the broker/dealer, the broker/dealer must also approve the potential customer's account by obtaining information concerning the customer's financial situation, investment experience and investment objectives. The broker/dealer must also make a determination whether the transaction is suitable for the customer and whether the customer has sufficient knowledge and experience in financial matters to be reasonably expected to be capable of evaluating the risk of transactions in such securities. Accordingly, the SEC's rules may limit the number of potential purchasers of the shares of our common stock.





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ITEM 2.
DESCRIPTION OF PROPERTY.


We rent office spaces from our President and chief executive officer and director, David Saltrelli. This office space consists of approximately 400 square feet, and Mr. Saltrelli supplies this office space to us at no cost to the Company.




We currently do not own any physical property or own any real property.




THE CALIBERT PROPERTY




We acquired a 100% interest in the Calibert  Property fromJean Claude Dentiger for the sum of $9,000 CAD..




Description of Calibert Property




The Calibert mining claims are unencumbered and in good standing and there are no third party conditions which affect the claim other than conditions defined by the Province of Quebec as described below. The claims cover an area of 1,174 hectares, which is equivalent to an area of approximately 2,935 acres. We have no insurance covering the claim. We believe that no insurance is necessary since the claim is unimproved and contain no buildings or improvements. The claim number, registered owner number, expiry date, number of units, and work requirement. As of August 19, 2009 the Company had insufficient funds to meet the work requirements in order to retain its claim to the property. As a result the Company was unable to retain the Claims on the Calibert Property and is currently seeking other sources to finance operations.




Location




The Calibert mining claims are located in the Chibougameau Mining District, Quebec, Canada. The Calibert Property mining claim lies approximately 50 km miles northeast of Chapais Quebec. The claim are centered on latitude 345 064 E and 5 403 207 N longitude. Active roads may provide excellent access, however we have not confirmed the conditions of road access to the claim themselves.




Infrastructure




Currently there is no plant or equipment located on the Calibert Property. Neither our President our Consulting Engineer has been onto the mining claim. Our consulting Mining Engineer has indicated that the Calibert Property shows a relatively flat topography, with a maximum elevation of 30 m between the highest and lowest point of the property, average elevation is approximately at 365 m above sea level.  It is traversed from north to south by several small creeks, which joins the Opawica River.  In general the overburden thickness varies from 0 to 25 m.  Like at many places in this area, the property is covered by a mix of swamp and forest, of grey pine and spruce.




History




The following history is summarized from the report prepared by our consulting Mining engineer, Donald Theberge dated March 26, 2008 concerning our mining claim. Until we can validate otherwise, the claim are without known reserves and we have planned a four phase program to explore our claims.




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The first reported works in the area are credited to A.N.Béland, who mapped, from 1955 to 1959 the Gradis - Machault area, which cover the south part of the property, the DuGuesclin – Royal area and finally the Hazeur – Druillettes area.  At about the same time, in 1956, Jerome Remick mapped the Anville-Drouet area, which covers the north part of the property, and the Guercheville – Lapparent area, both authors worked on behalf of the Quebec Department of Mines. Several years later, more precisely from 1966 to 1968, SEREM Ltée, (a branch of the French BRGM), did geophysical surveys, followed by 19 diamond drill holes with 2 of them, named C1 and C2 drilled on the west part of the property, and a third one, C3 just outside of it, on the western side.





Almost 10 years later, in 1976, Falconbridge Nickel Mines Ltd, did ground geophysical surveys, and more precisely HLEM, Mag and Gravity surveys, on their Chibougameau project, covering a part of the actual property.  One year later in 1977, Falconbridge tested some of the discovered anomalies, this lead to one hole, numbered 770-7, drilled on the North-Western part of the property.  Assays were performed for precious and base metals.  No gold values are reported, copper, zinc and silver assays returned only background values.





Three years later, in 1980, the Ministère de l’Énergie et des Ressources du Québec, released an airborne EM (Input) survey, flown by Questor Surveys Ltd, and compiled by Les Relevés Géophysiques.  This survey covers the whole Calibert property, and delineated a trend of Input anomalies crossing the property in an almost E-W direction. In 1982, the same ministry made a large scale geological compilation of the area west of the town of Chapais.  During the same year, in 1982, the SDBJ did line cutting, Mag and VLF, on a 6 claims block (96 ha), located in the north central part of the property.  Later on in 1990, a report ordered by the SDBJ to Roche Ltée Groupe Conseil, on several properties, including the Gradis property, show that the property was reduced to 2 claims (32 ha), and reveal that a geological survey was done in 1983, and apparently was not declared to the MRNFQ.  This report indicates that gold was discovered in grab samples.  Alain Tremblay eng., states in his report  Gold mineralization was recognized for the first time in 1981, during a regional geological mapping program, ordered by the SDBJ.  A grab sample taken from a carbonatized rhyolite tuff has returned 2,7 g/t Au.  The following geophysical surveys, have shown that this outcrop did not respond to Mag and/or VLF.





A detailed geological mapping done in 1983 has extended this showing.  The rhyolitic tuff is in the form of bands varying in thickness from 0.5 to 10 m, enclosed in plagioclase phenocrist flow.  The tuff is locally carbonatized and contains small rhombohedral iron carbonates crystals with small amounts of disseminated cubic pyrite and in veinlets.





The most interesting outcrop is located close to the road, on the base line.  The tuff is strongly carbonatized and contains voids completely limonite filled.  The schistose areas are oriented at 1100 and contain quartz veinlets with a small amount of pyrite.  A sample taken from one of these quartz veins has returned 6 000 ppb Au.  The prospection on the lateral extensions of this tuff has shown a systematic gold enrichment with 1318, 523, 448, 106, and 79 ppb/Au.  No holes have been drilled on this showing.





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Later on in 1993, Cache Exploration has done an IP survey, on the same two claims, Five (5) anomalous zones were located.  Simon Tshimbalanga, eng., in his report indicates that the anomalies are very shallow, and can probably be prospected by stripping and/or trenching.





In 1983, a technical report was produced for Invesmin.  It covered the A claim block, which correspond to the north-east part of the Calibert property.  From 1984 to 1986, the exploration works are reported by Orbite VSPA inc., on the same claim block.  They consisted of photo interpretation, Mag and prospector carpetsurveys followed by six (6) diamond drill holes.  The assays results reflected only background gold values.  We should note that these works were performed just outside of the Calibert property, to the north, except for hole A7 which was drilled on the Calibert property.





From 1986 to 1988, Esso Minerals was the main player in the area, and was in fact the company which has done the most extensive works on the property.  Forty six (46) reverse circulation drill holes are reported in 1986, 44 of them drilled on the Calibert property, and two (2) just outside the property, on the east side.  From November 1986 to February 1987, Esso drilled 11 diamond drill holes for a total of 2 245 m.  In January 1987, an IP survey covered about 75% of the Calibert property, and many anomalies were located.  Unfortunately the survey was not extended enough to the north to cover the whole trend of Input anomalies occurring on the property.





The drilling resumed in 1988, with 16 more DDH totalling 2 414 m, 13 of them being directly located on the property with 2 of them just to the east, and one to the west of the property.





To summarize, Esso drilled 27 holes on and in the immediate vicinity of the property.  All this drilling and the IP survey have defined a trend of gold enrichment.  Many gold values are reported, they have been compiled and can be consulted in figure 5 «Compilation map» on next page.  This gold trend closely follows the north trend of IP anomalies, which roughly also corresponds to a trend of Input and Megatem anomalies.  The gold values are mainly associated to quartz veins slightly enriched in pyrite and sometimes in tourmaline, at several places, visible gold has been observed, these veins are located in a quartz feldsphar porphyry (QFP).  Networks of small fractures are also locally gold enriched.  No base metals have been reported.  We should note, that Esso is the only company, with the SDBJ, to report gold values.





All the other works reported from 1987 until now have been done by the MRNFQ.  They consist of geological surveys, and re-treatment of aeromagnetic surveys.





Two geological surveys, by Midra et all in 1991 and 1992 have covered the whole Calibert property, show the quartz feldsphar porphyry, which contains the gold mineralization.  Beaumier and Kirouac in 1997, produced colour geochemical maps (MB 97-09 and 10), anomalous area for gold and arsenic were located on the property.  From 2005 to 2007 the MRNFQ released studies concerning the potential for orogenic gold mineralization.


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Property Geology




Regionally speaking, the property is located in the Chibougamau – Matagami, archean greenstone belt in the north part of the Abitibi sub-province itself part of the Superior geological province.  The Caopatina – Desmaraisville volcano-sedimentary band form the south segment of this belt wedged between the Lapparent massif to the north and the Opawica anorthositic complex to the south.  It is mainly made of basaltic lavas and co-magmatic gabbroic sills of the Obatogamau formation.  The mafic lavas are made of massive and pillowed flows, rarely brecciated.  Minor horizons of clastic and chemical sediments with felsic volcanic occur in the mafic flows.




Pre to post tectonic mass intrudes the volcano-sedimentary pile. They vary in composition from tonalitic to granodioritic and often show a magmatic foliation.  Proterozoic dykes cut all the lithologies in a NE to NNE direction.  The regional metamorphism is generally to the greenschist facies, except close to the main intrusives where it can be up to the amphibolite facies.





From a structural standpoint, the volcano-sedimentary rocks show a penetrative schistosity oriented E-W to ESE.  They are generally traversed by many shear zones parallel to the regional schistosity with the most important ones being the Doda and Opawica faults.  These shear zones are cut by late faults oriented NE to NNE.





The mineralized zones are essentially contained in the E-W to ESE shear zones, which are highly schistose and strongly carbonates altered.  These zones show a variable sulphide content and are locally quartz veins injected.





At the property level, the geology is mainly made of the mafic lavas of the Obatogamau formation, which is in faulted contact to the south with the sedimentary rocks (wacke, mudstone, siltstone, conglomerate, etc) of the Caopatina formation.  The Drouet Pluton intrudes the basalts of the Obatogamau formation and crosses the property from west to east in a general 1000 direction, concordant with the enclosing rocks.  Structurally speaking, the Drouet Pluton is at the heart of the Druillettes syncline and correlates with the the Opawica fault.





The Drouet intrusive is located in the NE part of the territory, at the limits of the NTS sheets 32G06 and 32G11.  Only the south border, with a thickness of 300 m over a total thickness of 1.4 km, outcrop.  This south border affected by the Opawica fault, is characterized by a swarm of injected dykes oriented E-W and decimetric to metric in width.





Thin lenses of volcanics are sometimes wedged between two injections. Three phases of injections exist, the first correspond to an intermediate feldsphar intrusive porphyry (diorite and quartz diorite), the second and third phases correspond to a quartz feldsphar intrusive porphyry (QFP).  The last phase is different from the second by its high and grainy quartz percentage.  More to the north, the hearth of the intrusion is a tonalite.  On altered surface, the rock show a white-greenish to white brownish colour, due to the iron carbonate alteration.





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Current Exploration




We have not commenced our exploration program of the Calibert Property,our plan for the foreseeable future is to complete the following objectives within the time periods specified, subject to our obtaining any additional funding necessary for the continued exploration of our mining claims. We do not have enough funds to commence our exploration program which we would plan to start in the summer of 2010.




The following is a brief summary of our four phase exploration program:




Phase I
Quantity
Units
Cost
TotalCompilation of previous works, mainly the compilation of old drilling data in a database


$5,000
$5,000Mapping and channel sampling


$6,000
$6,000Assaying (Au, Ag, As, Cu Zn) and lithogeochemistry if required


$2,000
$2,000Total
Phase 1
$13,000Phase IIGeological survey 1,100$/day all inclusive
10
days
$1,100
$11,000Outcrops stripping


$10,000
$10,000Additional Mapping and channel sampling


$6,000
$6,000Assaying (Au, Ag, As, Cu Zn) and lithogeochemistry if required


$2,000
$2,000Total
PhaseII
$29,000Phase IIILine cutting
128
km
$450
$57,600Mag survey
128
km
$150
$19,200IP survey, x=50 m n=1 to 6
36
km
$1,200
$43,200Geophysical interpretation and report


$5,000
$5,000Miscellaneous 12%



$15,000Total geophysics and line cutting


Total
PhaseIII
$140,000Phase IV4500 m of drilling all inclusive, to probe the targets defined by the geophysical and geological surveys
4500
m
$130
$585,000Update of the NI 43-101 report, and filing the exploration works with the MRNFQ.



$10,000Miscellaneous 12%



$71,400Total drilling and report



$666,400Total Phase I to IV
$848,400


ITEM 3.
LEGAL PROCEEDINGS.


We are not a party to any material legal proceedings and, to our knowledge, no such proceedings are threatened or contemplated.




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





None




-13-




PART II




ITEM 5.
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES




General




Our authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.001 per share, as of, March15, 2010; there were 5,160,000 shares of our common stock issued and outstanding.




Market Information




Our shares of common stock have commenced being quoted on the OTC Bulletin Board under the symbol “CXLT”, the high and low bid information for our common stock for the year ended November 30, 2009 was:




QUARTER
HIGH ($)
LOW ($)1st Quarter 2009
$0
$02nd Quarter 2009
$0
$03rd Quarter 2009
$5.00
$2.00




Quotations provided by the OTC Bulletin Board reflect inter-dealer prices, without retail mark-up, markdown or commission and may not represent actual transactions




Dividends




We have not declared any dividends on our common stock since our inception. There are no dividend restrictions that limit our ability to pay dividends on our common stock in our Articles of Incorporation or Bylaws. Our governing statute, Chapter 78 – “Private Corporations” of the Nevada Revised Statutes (the “NRS”), does provide limitations on our ability to declare dividends. Section 78.288 of Chapter 78 of the NRS prohibits us from declaring dividends where, after giving effect to the distribution of the dividend:




(a)
we would not be able to pay our debts as they become due in the usual course of business; or(b)
our total assets would be less than the sum of our total liabilities plus the amount that would be needed, if we were to be dissolved at the time of distribution, to satisfy the preferential rights upon dissolution of stockholders who may have preferential rights and whose preferential rights are superior to those receiving the distribution (except as otherwise specifically allowed by our Articles of Incorporation).




Recent Sales of Unregistered Securities




There have been no recent issuances of unregistered securities.




-14-




ITEM 6.
SELECTED FINANCIAL DATA




Statement of Operations Information:





Year Ended

November 30,

2009


Year Ended

November 30,

2008Revenues

$
0


$
0Gross profit


0



0Total Operating Expenses


20,775



38,018Net income (loss)


(20,775
)


(38,018
)Income (loss) per share (basic and diluted)


(0.00
)


(0.01
)Weighted average shares of common stock outstanding(basic and diluted)


5,160,000



5,160,000





Balance Sheet Information:





November 30,

2009

November 30,

2008Working capital
$Total assets

3,708

17,233Total liabilities

14,750

7,500Accumulated Deficit

(78,774)

(58,999)Stockholders’ equity (deficit)

(11,042)

9,733




ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.




PLAN OF OPERATION




Our plan of operation for the foreseeable future is to complete the following objectives within the time periods specified, subject to our obtaining any additional funding necessary for the continued exploration of our mining claim. We do not have enough funds to commence our exploration program which we would plan to start in the summer of 2010.




The following is a brief summary of our four phase exploration program:




1.
As of August 19, 2009 the Company had insufficient funds to meet the work requirements in order to retain its claim to the property. As a result the Company was unable to retain the Claims on the Calibert Property and is currently seeking other sources to finance operations.  In order to keep the claim in good standing we must perform and register exploration work with the province of Quebec of at least CDN$25,200 on our mining claim as recommended by our consulting Mining Engineer, we plan to conduct the first phase of our four phase exploration program starting in July or August, 2010. This Phase One exploration program is expected to cost approximately $13,000. A Geologist and assistant will cover the property mapping and taking rock samples then ship to a laboratory for assay.  -15-


2.
The results obtained during the Phase One exploration program will be assembled, interpreted and we will review the results.




3.
With respect to our Phase Two program, our consulting geologist has indicated that we should budget approximately $29,000 for our Phase Two program. Our Phase two program is scheduled to proceed Between May 1, 2011 and July 31, 2011 A field crew will mobilize onto our claims, survey the claims  and perform stripping, trenching, additional mapping and sampling (both soil And rock) and then demobilize from the area.




4.
In the case of our Phase Two program, the results obtained during the Phase Two program will be assembled, interpreted and we will review the results of the Phase Two program. We will then engage our consulting geologist to interpret the results of Phase Two and develop a summary report.




5.
If the Phase three program were to proceed, our consulting mining engineer has indicated that we should budget approximately $140,000 for our Phase three program. If we proceed with a Phase Three program we would do so between August 1, 2011 and October31, 2011 A field crew will mobilize onto our claim and perform a significant amount of line cutting, VLF-EM and Magnetometer surveys.




In the case that the Phase Four program takes place, the results obtained during the Phase     Three program will be assembled, interpreted and we will review the results of the Phase three program. We will engage our consulting geologist to interpret the results of Phase Three and develop a summary report. At this stage we will have a significantly better understanding of any mineralization on our claim and be in a position to commence Diamond Drilling late 2011 or early 2012




As at November 30, 2009, we had a cash balance of $3,708. During the next 12 months, we do not anticipate generating any revenue. If additional funds become required, the additional funding will come from equity financing from the sale of our common stock or sale of part of our interest in our mining claim. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our Phase Two and Phase Three programs. In the absence of such financing, our business will fail.




We may consider entering into a joint venture partnership by linking with a major resource company to provide the required funding to complete our Phase Three exploration program. We have not undertaken any efforts to locate a joint venture partner for Phase Three. If we enter into a joint venture arrangement, we will assign a percentage of our interest in our mining claim to the joint venture partner.




-16-


Based on the nature of our business, we anticipate incurring operating losses in the foreseeable future. We base this expectation, in part, on the fact that very few mining claim in the exploration stage ultimately develop into producing, profitable mines. Our future financial results are also uncertain due to a number of factors, some of which are outside of our control. These factors include, but are not limited to:




·
Our ability to raise additional funding;




·
The market price for copper and silver;




·
The results of our proposed exploration programs on the mineral property; and




·
Our ability to find joint venture partners for the development of our property interests




Due to the lack of our operating history and our present inability to generate revenues, our auditors have stated in their audit report included in our audited financial statements for the year ended November 30, 2009 that there currently exists substantial doubt about our ability to continue as a going concern.




RESULTS OF OPERATIONS




Summary of Year End ResultsYear Ended November 302009


2008Revenue

$
-------


$
-------Expenses


20,775



38,018Net Comprehensive Loss

$
(20,775
)

$
(38,018
)




Revenues




We have not earned any revenues to date and we do not anticipate earning any revenues in the near future. We are an exploration stage company and presently are seeking other business opportunities.




The increases in expenses are primarily a result of the increase in consulting, accounting and legal fees and costs associated with our mineral exploration activities. The additional accounting and legal fees for the year ended November 30, 2009 relate primarily to the preparing and filing of our quarterly reports and this annual report with the Securities and Exchange Commission.




LIQUIDITY AND FINANCIAL CONDITION




Working CapitalAt November 30,

2009


At November 30,

2008Current Assets

$
3,708


$
17.233Current Liabilities

$
(14,750
)

$
(7,500
)Working Capital (Deficit)

$
(11,042
)

$
9,733





-17-




Cash FlowsYear Ended


From inception (February 21,2007) toNovember 30, 2009


November 30, 2009,Cash Flows used in Operating Activities

$
(13,525
)

$
(65,024
)Cash Flows used in Investing Activities

$
0


$
0Cash Flows provided by Financing Activities

$
0


$
68,732Net (Decrease) Increase in Cash During Period

$
(13,525
)

$
(65,024
)




As of November 30, 2009, we had cash on hand of $3,708.  Since our inception, our sole sources of financing have been sales of our common stock. We have not attained profitable operations and our ability to pursue any future plan of operation is dependent upon our ability to obtain financing. For these reasons, our auditors stated in their report to our audited financial statements for the period ended November 30, 2008 that there is substantial doubt that we will be able to continue as a going concern.




We anticipate continuing to rely on sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will be able to complete any additional sales of our equity securities or that we will be able arrange for other financing to fund our planned business activities.




OFF-BALANCE SHEET ARRANGEMENTS




We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.




CRITICAL ACCOUNTING POLICIES




We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are disclosed in the notes to the audited financial statements included in this Annual Report.




Foreign Currency Translation




We use the United States of America dollar as our reporting currency for consistency with the registrants of the SEC and in accordance with FAS No. 52.




Assets and liabilities denominated in a foreign currency at period-end are translated at the exchange rate in effect at the period-end and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period. Any gains or losses arising as a result of such translations are not included in operations, but are reported as a separate component of equity as foreign currency translation adjustments, if applicable.


-18-


Transactions undertaken in currencies other than the functional currency are translated using the exchange rate in effect as of the transaction date. Any exchange gains or losses are included in other income or expenses on the statement of operations, if applicable.




Mineral Property Costs




Mineral property exploration costs are expensed as incurred.  Mineral property acquisition costs are initially capitalized when incurred using the guidance in the Emerging Issues Task Force (EITF) 04-02, Whether Mineral Rights are Tangible or Intangible Assets.  The Company assesses the carrying costs for impairment under Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for Impairment or Disposal of Long Lived Assets, at each fiscal quarter end.  An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral property.  Impairment losses, if any, are measured as the excess of the carrying amount of the mineral property over its estimated fair value.




When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized.  Such costs will be amortized using the units-of-production method over the estimated life of the proven and probable reserves.  If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.




ITEM 7A
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK





We do not hold any derivative instruments and do not engage in any hedging activities. Because most of our purchases and sales will made in Canadian dollars, any exchange rate change affecting the value of the in Canadian dollar relative to the U.S. dollar could have an effect on our financial results as reported in U.S. dollars. If the in Canadian dollar were to depreciate against the U.S. dollar, amounts reported in U.S. dollars would be correspondingly reduced. If the in Canadian dollar were to appreciate against the U.S. dollar, amounts reported in U.S. dollars would be correspondingly increased.













-19-




ITEM 8.
FINANCIAL STATEMENTS.




Index to Financial Statements:




Audited financial statements as of November 30, 2009, including:




1.
Reports of Independent Registered Public Accounting Firm;*
F-12.
Balance Sheets as of November 30, 2009
F-23.
Statements of Operations for the years ended November 30, 2009 and 2008 and for the period from inception on February 21, 2007, to November 30, 2009;
F-34.
Statement of Stockholders’ Equity (Deficiency) for the period from inception on February 21, 2007 through November 30, 2009;
F-45.
Statements of Cash Flows for the years ended November 30, 2009 and 2008 and for the period from inception on February 21, 2007 to November 30, 2009; and
F-56.
Notes to Financial Statements.
F-6
































-20-


Report of Independent Registered Public Accounting Firm





To The Shareholders and Board of Directors


of Calibert Explorations Ltd.




We have audited the accompanying consolidated balance sheets of Calibert Explorations Ltd. (an Exploration Stage Company) as of November 30, 2009 and 2008 and the related statements of operations, changes in shareholders’ (deficiency) equity and cash flows for the years then ended and from February 21, 2007 (inception) through November 30, 2009. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.





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 consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation.  We believe that our audits provided a reasonable basis for our opinion.





In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Calibert Explorations Ltd. as of November, 2009, and the results of its operations and its cash flows for the year then ended and the period from February 21, 2007 (inception) through November 30, 2009 in conformity with accounting principles generally accepted in the United States.





The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern.  As more fully described in Note 2, the Company’s need to seek new sources or methods of financing or revenue to pursue its business strategy, raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans as to these matters are also described in Note 2.  The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.







Jewett, Schwartz, Wolfe & Associates


Jewett, Schwartz, Wolfe & Associates


Hollywood, Florida


March 13, 2010










F-1


-21-




CALIBERT EXPLORATIONS LTD.(An Exploration Stage Company)CONSOLIDATED BALANCE SHEETS






November 30,


November 30,2009


2008ASSETSCURRENT ASSETS:Cash


3,708


$
17,233TOTAL CURRENT ASSETS


3,708



17,233TOTAL ASSETS

$
3,708


$
17,233LIABILITIES AND SHAREHOLDERS' EQUITYAccounts payable and accrued expenses


14,750


$
7,500CURRENT LIABILITIES:


14,750



7,500COMMITMENTS AND CONTINGENCIESSHAREHOLDERS' EQUITY:Common Stock, $0.001 par value 200,000,000 sharesauthorized and 5,160,000 shares issued and outstandingas of November 30, 2009 and 2008


5,160



5,160Paid in capital


63,572



63,572Deficit accumulated during the exploration stage


(79,774
)


(58,999
)TOTAL SHAREHOLDERS' (DEFICIENCY) EQUITY


(11,042
)


9,733TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIENCY) EQUITY

$
3,708


$
17,233






F-2




-22-




CALIBERT EXPLORATIONSRESOURCES, INC(AN EXPLORATION STAGE COMPANY)STATEMENT OF OPERATIONS




For the Periodfrom February 21,For the year ended


For the year ended


2007 (inception) toNovember 30, 2009


November 30, 2008


November 30, 2009REVENUES

$
-


$
-


$
-Cost of operations


-



-



-GROSS PROFIT


-



-



-OPERATING EXPENSESGeneral and administrative expenses


20,775



38,018



79,774Total operating expenses


20,775



38,018



79,774Loss from continuing operationsbefore provision for income taxes


(20,775
)


(38,018
)


(79,774
)Provision for income taxes


-



-



-NET LOSS

$
(20,775
)

$
(38,018
)

$
(79,774
)Weighted average common shares outstanding

- basic and diluted


5,160,000



5,160,000



5,160,000Net loss per share-basic and diluted

$
(0.00
)

$
(0.01
)

$
(0.02
)
















F-3




-23-




CALIBERT EXPLORATIONSRESOURCES, INC(AN EXPLORATION STAGE COMPANY)STATEMENT OF STOCKHOLDER'S EQUITYFOR THE PERIOD FROM February 21, 2007 (INCEPTION) TO NOVEMBER 30, 2009









Common Stock200,000,000 shares authorized


Additional





TotalNumber of


Par Value


Paid-in


Accumulated


Shareholders'Shares


$
0.001


Capital


Deficit


(Deficiency) EquityBALANCE, FEBRUARY 21, 2007

(INCEPTION)


-


$
-


$
-


$
-


$
-Shares subscribed at $0.001


3,000,000



3,000



-







3,000Shares subscribed at $0.03


2,160,000



2,160



63,572







65,732Net loss


-



-



-



(20,981
)


(20,981
)BALANCE, NOVEMBER 30, 2007


5,160,000


$
5,160


$
63,572


$
(20,981
)

$
47,751Net loss


-



-



-



(38,018
)


(38,018
)BALANCE, NOVEMBER 30, 2008


5,160,000


$
5,160


$
63,572


$
(58,999
)

$
9,733Net loss


-



-



-



(20,775
)


(20,775
)BALANCE, NOVEMBER 30, 2009


5,160,000


$
5,160


$
63,572


$
(79,774
)

$
(11,042
)


















F-4




-24-






CALIBERT EXPLORATIONSRESOURCES, INC(AN EXPLORATION STAGE COMPANY)STATEMENT OF CASH FLOWSFor the Periodfrom  February 212007 (inception) toNovember 30, 2009
November 30, 2008
November 30, 2009CASH FLOW FROM OPERATING ACTIVITIES:Net loss




$                  (20,775)
$                  (38,018)
$                  (79,774)Changes in current assets and liabilities:Accrued expenses



7,250
3,750
14,750NET CASH USED IN OPERATING ACTIVITIES


(13,525)
(34,268)
(65,024)CASH FLOW FROM FINANCING ACTIVITIES:Subscriptions received from investor


-
-
68,732NET CASH PROVIDED BY FINANCING ACTIVITIES
-
-
68,732Increase (Decrease) in Cash and Cash Equivalents


(13,525)
(34,268)
3,708CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
17,233
51,501
-CASH AND CASH EQUIVALENTS, END OF PERIOD
$                      3,708
$                    17,233
$                      3,708SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:Cash paid for interest



$                           -
$                           -
$                           -Cash paid for income taxes



$                           -
$                           -
$                           -













F-5






-25-








CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009











NOTE 1 - NATURE OF OPERATIONS





Calibert Explorations Inc (Company) was incorporated in the State of Nevada on February 21, 2007.  The Company was organized to explore mineral properties in Quebec, Canada.





NOTE 2 – GOING CONCERN





These financial statements are presented on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business over a reasonable length of time. As of November 30, 2009, the Company had $3,708 in cash, working deficit of $11,042, and shareholders’ deficiency of $11,042 and accumulated net losses of $79,774 since inception. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Its continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing or refinancing as may be required, to develop commercially viable mining reserves, and ultimately to establish profitable operations.





Management's plans for the continuation of the Company as a going concern include financing the Company's operations through issuance of its common stock. If the Company is unable to complete its financing requirements or achieve revenue as projected, it will then modify its expenditures and plan of operations to coincide with the actual financing completed and actual operating revenues. There are no assurances, however, with respect to the future success of these plans.  Unless otherwise indicated, amounts provided in these notes to the consolidated financial statements pertain to continuing operations. The Company is not currently earning any revenues.





NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES




Basis of Presentation




These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in United States (US) dollars. The Company has not produced any revenue from its principal business and is an exploration stage company as defined by the Financial Accounting Standard Board (FASB) Accounting Standard Codification (ASC) 270. “Accounting and Reporting by Development Stage Enterprises”.





Principles of Consolidation




The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Calibert Explorations Ltd. a Company incorporated under the Company Act of Quebec on March 20, 2007.  All inter-company transactions have been eliminated.











F-6








-26-








CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009





Use of Estimates





The preparation of consolidated 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 these consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.





Concentration of Credit Risk





The financial instrument that subjects the Company to concentration of credit risk is cash.





Regulatory Matters





The company and its mineral property interests are subject to a variety of Canadian national and provincial regulations governing land use, health, safety and environmental matters. The company’s management believes it has been in substantial compliance with all such regulations, and is unaware of any pending action or proceeding relating to regulatory matters that would affect the financial position of the Company.





Impaired Asset Policy





The Company periodically reviews its long-lived assets when applicable to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable, pursuant to guidance established in ASC “Property, Plant, and Equipment". The Company determines impairment by comparing the undiscounted future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value.





Start-up Expenses





The Company has adopted Statement of Position (SOP) No. 98-5 ("SOP 98-5"), "Reporting the Costs of Start-up Activities," which requires that costs associated with start-up activities be expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's general and administrative expenses for the period from inception on February 21, 2007 to November 30, 2009.














F-7










-27-














CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009





Mineral Property Costs





Mineral property acquisition, exploration and development costs are expenses as incurred until such time as economic reserves are quantified. From that time forward, the Company will capitalize all costs to the extent that future cash flows from mineral resources equal or exceed the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. Costs related to site restoration programs will be accrued over the life of the project. To date, the Company has not established any proven reserves on its mineral properties.





Foreign Currency Translation





The Company’s functional currency is the Canadian dollar as substantially all of the Company’s operations are in Canada.  The Company used the United States dollar as its reporting currency for consistency with registrants of the Securities and Exchange Commission and in accordance with the ASC 830 “Foreign Currency Translation”.





Foreign Currency Translation





Assets and liabilities that are denominated in a foreign currency are translated at the exchange rate in effect at the year end and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period. Translation adjustments from the use of different exchange rates from period to period are included in the Comprehensive Income statement account in stockholders’ (deficiency) equity, if applicable. There were no translation adjustments as of November 30, 2009.





Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. If applicable, exchange gains and losses are included in other items on the statement of operations.  There were no exchange gains or losses as of November 30, 2009.





Cash and Cash Equivalents





The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.





Loss Per Share





The Company computed basic and diluted loss per share amounts for November 30, 2009 pursuant to the ASC 260 “Earnings per Share.”  There are no potentially dilutive shares outstanding and, accordingly, dilutive per share amounts have not been presented in the accompanying statements of operations.








F-8











-28-








CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009








Fair Value of Financial Instruments





ASC 820, “Fair Value Measurement and Disclosures,” requires disclosures of information regarding the fair value of certain financial instruments for which it is practicable to estimate the value.  For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale of liquidation.





Comprehensive Loss





ASC 220, “Reporting Comprehensive Income,” establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of November 30, 2009 the Company has no items that represent comprehensive loss and therefore, has not included a schedule of comprehensive loss in financial statements.





Income Taxes





Income taxes are recognized in accordance with ASC 740, “Income Taxes”, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.





Fair Value of Financial Instruments





“Disclosures about Fair Value of Financial Instruments,” requires disclosures of information regarding the fair value of certain financial instruments for which it is practicable to estimate the value.  For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale of liquidation.





The company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:




Level 1—inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. We have no Level 1 instruments as of November 30, 2009.




Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies and commodities. We have no Level 2 instruments as of November 30, 2009.







F-9




-29-


CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009





Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our Level 3 non-derivative assets primarily comprise investments in certain corporate bonds. We value these corporate bonds using internally developed valuation models, inputs to which include interest rate curves, credit spreads, stock prices, and volatilities. Unobservable inputs used in these models are significant to the fair values of the investments.We have no Level 3 instruments as of November 30, 2009.





Recent Accounting Pronouncements





Recent accounting pronouncements that the Company has adopted or will be required to adopt in the future are summarized below.





In May 2009, the FASB issued ASC 855, Subsequent Events,which provides guidance on events that occur after the balance sheet date but prior to the issuance of the financial statements. ASC 855 distinguishes events requiring recognition in the financial statements and those that may require disclosure in the financial statements. Furthermore, ASC 855 requires disclosure of the date through which subsequent events were evaluated. These requirements are effective for interim and annual periods after June 15, 2009. We adopted these requirements for the year ended December 31, 2009, and have evaluated subsequent events through March 13, 2010.





In August 2009, the FASB issued ASU 2009-05 which includes amendments to Subtopic 820-10, “Fair Value Measurements and Disclosures—Overall”. The update provides clarification that in circumstances, in which a quoted price in an active market for the identical liability is not available, a reporting entity is required to measure fair value using one or more of the techniques provided for in this update. The amendments in this ASU clarify that a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of the liability and also clarifies  that both a quoted price in an active market for the identical liability at the measurement date and the quoted price for the identical liability when traded as an asset in an active market when no adjustments to the quoted price of the asset are required are Level 1 fair value measurements. The guidance provided in this ASU is effective for the first reporting period, including interim periods, beginning after issuance. The adoption of this standard did not have a material impact on the Company’s consolidated financial position and results of operations.




In September 2009, the FASB has published ASU No. 2009-12, “Fair Value Measurements and Disclosures (Topic 820) - Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”. This ASU amends Subtopic 820-10, “Fair Value Measurements and Disclosures – Overall”, to permit a reporting entity to measure the fair value of certain investments on the basis of the net asset value per share of the investment (or its equivalent). This ASU also requires new disclosures, by major category of investments including the attributes of investments within the scope of this amendment to the Codification. The guidance in this Update is effective for interim and annual periods ending after December 15, 2009. Early application is permitted. The adoption of this standard did not have an impact on the Company’s consolidated financial position and results of operations.








F-10






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CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009







NOTE 4 – MINERAL LEASES AND CLAIMS




On July 18, 2007 the Company acquired a 100% interest in numerous claims known as the Feuillet 32G06 and Feuillet 32G11 Properties and are located in the Chibougameau Mining District, Quebec. The claims were purchased for $9,122 cash.




During the year ended November 30, 2007, the Company determined that the carrying amount of the mineral claims were in excess of its estimated fair value and recognized an impairment loss on mineral claims costs of $9,122.




NOTE 5 – STOCKHOLDERS’ EQUITY





Between February 21, 2007 and November 30, 2008 the company received one subscription from the company’s sole officer and director totaling a cash proceeds of $3,000 and the issuance of 3,000,000 common shares.





Between February 21, 2007 and November 30, 2008 the company received subscriptions from 40 non affiliate shareholders, totaling cash proceeds of $64,800 and the issuance of 2,160,000 common shares.





NOTE 6 - INCOME TAXES





Deferred income taxes arise from timing differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. A deferred tax asset valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. A valuation allowance of 100% of the deferred tax assets was made.  There were no deferred taxes as of November 30, 2009.





There was no income tax expense for the years ended November 30, 2009 and 2008 due to the Company’s net losses.





The Company’s tax benefit differs from the “expected” tax benefit for the year ended November 30, 2009, which is (computed by applying the Federal Corporate tax rate of 34% to loss before taxes), as follows:
















F-11





-31-











CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009





February 21,

2007

(inception)

Through

November 30,

2009
February 21,

2007

(inception)

Through

November 30,

2008Computed “expected” tax benefit
$
7,064
12,927Less; benefit of operating loss carryforwards

7,064
12,927$
-
-





The effects of temporary differences that gave rise to deferred tax assets at November 30, 2009 and 2008 are as follows:





2009
2008Current
$
-
-Non-current

27,124
20,060Total gross deferred tax assets

27,124
20,060Less valuation allowance

(27,124)
(20,060)Net deferred tax assets
$
-
-





The Company has a net operating loss carryforward of $27,124 available to offset future taxable income through 2020.




NOTE 8- EARNINGS PER SHARE





Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the Company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the Company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive.  As of November 30, 2009, there were no stock options or stock awards that would have been included in the computation of diluted earnings per share that could potentially dilute basic earnings per share in the future.  The information related to basic and diluted earnings per share is as follows:










F-12






-32-








CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009








Ended November 30,2009


2008Numerator:Continuing operations:Income from continuing operations

$
( 20,775
)

$
(  38,018
)Effect of dilutive convertible debt


--



--Total

$
(20,775
)

$
( 38,018
)Discontinued operationsLoss from discontinued operations


--



--Net income (loss)

$
( 20,775
)

$
( 38,018
)Denominator:Weighted average number of sharesoutstanding – basic and diluted


5,160,000



5,160,000




NOTE 9- SUBSEQUENT EVENTS




As of December 28, 2009, there were 5,160,000 shares of our common stock issued and outstanding. Each holder of common stock is entitled to one vote for each share held by such holder.




Shareholders holding 3,000,000 aggregate shares of common stock or 57%of the common stock outstanding on the record date approved the amendment of our Articles of Incorporation to change our name to Megalink Global Corp.




On February 23, 2010 we rescinded the Definitive Agreement to purchase certain assets of Megalink Global Corporation which we entered into on November 23, 2009 and which was filed with the SEC on a Form 8-K on December 2, 2009.   The 500,000 restricted shares of common stock that were to be issued for the assets were never issued by us.





On February 25, 2010, the Company entered into an exclusive employment agreement with David Saltrellli as President, Principal Executive Officer and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Mr. Saltrelli will be paid $96,000 per annum.





In addition, Mr. Saltrelli will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Mr. Saltrelli will be entitled to participate therein.











F-13






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CALIBERT EXPLORATIONS, LTD.


(An Exploration Stage Company)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


For the period of February 21, 2007 (Inception)


through November 30 2009





Further, Mr. Saltrelli will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Saltrelli abstaining from any vote thereon).





On February 25, 2010, the Company entered into an exclusive employment agreement with Peter Schuster as Vice President and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Peter Schuster will be paid $96,000 per annum.





In addition, Peter Schuster will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Peter Schuster will be entitled to participate therein.





Further, Peter Schuster will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Schuster abstaining from any vote thereon).















































F-14








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ITEM 9.                     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.




There has been no changes in, or disagreements with our principal independent accountants.




We have engaged Jewett Schwartz Wolfe and Associates as our independent auditors since July 2007.




During the years ended November 30, 2009 and 2008 and subsequent to November 30, 2009 through to the date hereof, neither we, nor anyone on our behalf, has consulted with Jewett Schwartz Wolfe and Associates. regarding the application of accounting principles to a specified transaction, whether completed or proposed, or the type of audit opinion that might be rendered on our financial statements, nor has Jewett Schwartz Wolfe and Associates. provided to us a written report or oral advice regarding such principles or audit opinion or any matter that was the subject of a disagreement or any reportable events as set for in Item 304(a)(3) of Regulation S-X.




ITEM 9A.                  CONTROLS AND PROCEDURES.




As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Our disclosure controls and procedures are designed to provide a reasonable level of assurance that our disclosure control objectives are achieved. Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are ineffective at providing this reasonable level of assurance as of the period covered, due to the fact that we had only one officer and director for the majority of the period. The company has added other directors with sufficient SEC and accounting related expertise, to provide adequate segregation of duties and financial accounting and reporting controls, which currently are significant deficiencies in our internal control.




There were no changes in our internal control over financial reporting during the year ended November 30, 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.




ITEM 9B.                 OTHER INFORMATION.




We have filed the following items on Form 8K during the fiscal year ended November 30, 2009




On September 23, 2009, Mr. John Kenney Berscht was appointed to the board in the capacity of President and a Director of the Company.





On October 29, 2009 Calibert Explorations, Ltd. (the “Registrant”) has entered into an Interim Agreement with Megalink Global, Inc. of Belleair Bluffs Florida. Megalink Global, Inc. is engaged in a web based business of developing and marketing a free savings site for retail consumers.





A definitive agreement will be entered into as soon as possible but no later than November 30, 2009 and will be subject to certain terms and conditions. The Definitive Agreement will provide for the purchase of Megalink’s assets with Calibert remaining as the operating entity.







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On November 3, 2009 Mr. Andre Benard resigned as Secretary and Treasurer and a Director of the Company.





On November 3, 2009 John Kenney Berscht resigned as President and will remain on the board of directors in the capacity of Secretary, Treasurer and a Director.





On November 3, 2009, Mr. David Saltrelli was appointed to the board in the capacity of President and a Director of the Company.





On November 23, 2009 Calibert Explorations, Ltd. (the “Registrant”) has entered into a Definitive Agreement to acquire the Assets of Megalink Global, Inc. of Belleair Bluffs Florida. Megalink Global, Inc. is engaged in a web based business of developing and marketing a free savings site for retail consumers.  The Definitive Agreement provides for the purchase of Megalink’s assets for 500,000 shares of the Company’s common stock, with Calibert remaining as the operating entity.




On November 23, 2009 the registrant’s former president and director Andre Benard sold 3,000,000 of his shares in the Registrant. to incoming president and Director David Saltrelli.




On November 23, 2009 it was determined that the Registrant’s offices be relocated


to 2840 West Bay Drive, Suite 176, Belleair Bluffs, Fl 33770





On November 18, 2009 the Board of Directors of the registrant passed unanimously a resolution authorizing a forward split of the issued and outstanding common shares on a fifteen  to one (15 – 1) basis bringing the total common shares issued and outstanding to 77,400,000 common shares




On February 23, 2010 we rescinded the Definitive Agreement to purchase certain assets of Megalink Global Corporation which we entered into on November 23, 2009 and which was filed with the SEC on a Form 8-K on December 2, 2009.   The 500,000 restricted shares of common stock that were to be issued for the assets were never issued by us.




On February 11, 2010 we appointed Peter Schuster as Secretary, Treasurer, and a member of the Board of Directors.




On February 25, 2010, the Company entered into an exclusive employment agreement with David Saltrellli as President, Principal Executive Officer and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Mr. Saltrelli will be paid $96,000 per annum. In addition, Mr. Saltrelli will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Mr. Saltrelli will be entitled to participate therein.




Further, Mr. Saltrelli will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Saltrelli abstaining from any vote thereon).




On February 25, 2010, the Company entered into an exclusive employment agreement with Peter Schuster as Vice President and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Peter Schuster will be paid $96,000 per annum. In addition, Peter Schuster will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Peter Schuster will be entitled to participate therein.






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Further, Peter Schuster will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Schuster abstaining from any vote thereon).






PART III




ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.




Our executive officers and directors and his age and titles are as follows:




Name
Age
PositionAndre Benard
51
President,  and Director February 21, 2007 to November 3, 2009John Kenney Berscht
71
Secretary, Treasurer and DirectorDavid Saltrelli
51
President, and Director as of November 3, 2009




Set forth below is a brief description of the background and business experience of our officer and director:




Mr. Andre Benard:Mr. Benard has acted as our sole Director and Officer since our inception on February 21, 2007. Mr. Benard has been employed in the hospitality industry for the last twenty years and currently owns and operates two establishments in the Montreal area.




Given that Mr. Benard has no previous experience in mineral exploration or operating a mining and exploration company. Mr. Benard also lacks any accounting or financial credentials, he intends to perform his job for us by engaging consultants who have experience in the areas where he is lacking. Mr. Benard is also studying information about our industry to familiarize himself with our business.





Mr Benard resigned from the Board of directors on November 23, 2009





Mr John Kenney Berscht:Mr. Berscht has worked in the investment banking and financial industry, specializing in the Natural Resource sector. During the last 5 years, Mr. Berscht has worked as a Vice President of International Enerplus, a Canadian income trust, managing their offshore branch in  Europe.  He has served as the President of Odyssey Management in the Cayman Islands and is registered as a Mutual Fund administrator in Cayman. Most recently, Mr. Berscht serves as president and a Director of Blugrass Energy, Inc. a Company Traded on the OTCBB under the symbol BLUG, and previously served as the Interim President and a director of Sterling Mining Company, until January 2009.





Mr. Berscht has a degree in Business Administration with Honors from the University of Western Ontario. During his years in the investment  business,  he qualified with the Investment  Dealers  Association  (IDA) in Canada  and as a general principal with the New York Stock Exchange  (NYSE). Mr. Berscht is currently a member of the SME and, in Europe, is registered as an Independent Financial Advisor (IFA).






-37-





Mr Berscht resigned from the Board of directors on December 28, 2009





Mr. David Saltrelli: David Saltrelli holds a MBA from the Simon School of Business at the University of Rochester where he majored in Finance & Economics.  Mr Saltrelli has served with the Investment Firms of Merrill Lynch and Prudential Bache.





Mr. Saltrelli later became a developer/marketer of Fractional Condominium Ownership as President of Pantra Investments.





He went on to build direct marketing companies that provided marketing services for many companies including direct mail programs and premium/incentive programs.





Most recently, Mr. Saltrelli has further developed marketing capabilities and now specializes in high volume/ electronic mass marketing strategies including web based delivery of electronic premiums, incentives, benefits, and electronic coupons to mass markets such as large affiliate groups, churches using fundraisers, and large organizations needing cost effective benefits.





Mr. Saltrelli has over 30 years of direct marketing experience





Mr. Peter Schuster:From 2006 to 2010, Mr. Schuster served as President of Awards and Incentives Inc., a web based marketing and sales company that developed and delivered premiums and incentives to large commercial entities, organizations, and affiliate groups requiring high volume lead generation and sales volume.  From 2002 to 2006, Mr. Schuster served as a commercial realtor focused specifically on the marketing, development, entitlement and sales of large commercial marina operations, multi use commercial land sites targeted for mixed use development, and conversion of existing hospitality properties to mixed and fractional commercial use.




TERM OF OFFICE




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




SIGNIFICANT EMPLOYEES




We have no significant employees other than our officers and directors




AUDIT COMMITTEE




We are not a listed issuer and as such our Board of Directors is not required to maintain a separately-designated standing audit committee. As a result, our entire Board of Directors acts as our audit committee. Our sole director does not meet the definition of an “audit committee financial expert.” We believe that the cost related to appointing a financial expert to our Board of Directors at this time is prohibitive.




-38-




COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT




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 (collectively, the “Reporting Persons”), to file reports of ownership and changes in ownership with the SEC. Reporting Persons are required by SEC regulation to furnish us with copies of all forms they file pursuant to Section 16(a). Based on our review of the copies of such forms received by us, other than as described below, no other reports were required for those persons. We believe that, during the year ended November 30, 2009, all Reporting Persons complied with all Section 16(a) filing requirements applicable to them.




ITEM 11.   EXECUTIVE COMPENSATION.




SUMMARY COMPENSATION TABLE




The following table sets forth total compensation paid to or earned by our named executive officers, as that term is defined in Item 402(a)(2) of Regulation S-X during the fiscal year ended November 30, 2009:




SUMMARY COMPENSATION TABLEName &

Principal

Position
Year
Salary

($)
Bonus

($)
Stock

Awards

($)
Option

Awards

($)
Non-

Equity

Incentive

Plan

Compen-

sation ($)
Nonqualified

Deferred

Compen-

sation

Earnings

($)
All

Other

Compen

-sation

($)
Total

($)Andre Benard(1)

President,

Secretary,

Treasurer &

Director
2007



2008



2009
$0



$0



$0
$0



$0



$0
$0



$0



$0
$0



$0



$0
$0



$0



$0
$0



$0



$0
$0



$0



$0
$0



$0



$0




OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END




As at our year ended November 30, 2008, we did not have any outstanding equity awards and have not had any since our inception.




EMPLOYMENT CONTRACTS




As of November 30, 2009 We had  no employment contracts, termination of employment or change-in-control arrangements with any of our executive officers or directors.




On February 25, 2010, the Company entered into an exclusive employment agreement with David Saltrellli as President, Principal Executive Officer and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Mr. Saltrelli will be paid $96,000 per annum. In addition, Mr. Saltrelli will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Mr. Saltrelli will be entitled to participate therein.






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Further, Mr. Saltrelli will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Saltrelli abstaining from any vote thereon).




On February 25, 2010, the Company entered into an exclusive employment agreement with Peter Schuster as Vice President and a member of the Board of Directors. The agreement is for a term of two years beginning February 25, 2010 and ending February 24, 2012. Peter Schuster will be paid $96,000 per annum. In addition, Peter Schuster will be entitled to two weeks paid vacation a year and will be reimbursed for business related expenses he incurs. In the event we establish a medical and dental plan, Peter Schuster will be entitled to participate therein.




Further, Peter Schuster will be entitled to such additional compensation, including bonuses, as may be granted by the Board (with Mr. Schuster abstaining from any vote thereon).




ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.




EQUITY COMPENSATION PLANS




We have no equity compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance.




SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT




The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of March 15, 2010 by: (i) each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, (ii) each of our directors, (iii) each of our named executive officers; and (iv) officers and directors as a group. Unless otherwise indicated, the shareholder listed possesses sole voting and investment power with respect to the shares shown.




Title of Class
Name and

Address

of Beneficial

Owner
Amount and

Nature of

Beneficial

Ownership
Percentage of

Common

Stock(1)DIRECTORS AND EXECUTIVE OFFICERSCommon Stock
David Saltrelli

President,

and Director
3,000,000

Direct
57%Common Stock
All Directors and Executive

Officers

as a Group (1 person)
3,000,000
57%


5% STOCKHOLDERS


Common Stock
David Saltrelli President, and

Director
3,000,000

Direct
57%


|







-40-





Notes:(1)
Based on 5,160,000 shares of our common stock issued and outstanding as of March 15, 2010, Under Rule 13d-3, certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on March 15, 2010.




CHANGE IN CONTROL




On November 23, 2009, Former President and Director Andre Benard transferred his position of 3,000,000 to incoming President and Director David Saltrelli for the sum of $3,000.




ITEM 13.                  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.




Except as described below, 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, other than noted in this section:




(i)
Any of our directors or officers;(ii)
Any person proposed as a nominee for election as a director;(iii)
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;(iv)
Any of our promoters; and(v)
Any relative or spouse of any of the foregoing persons who has the same house as such person.




We have issued 3,000,000 total shares of common stock who is our executive officer and director, Andre Benard, at a price of $0.001 per share and subsequently transferred his share position of 3,000,000 to incoming President and Director David Saltrelli for the sum of $3,000.




The shares were issued pursuant to Section 4(2) of the Securities Act and are restricted shares as defined in the Securities Act.






-41-




Director Independence




Quotations for our common stock are entered on the OTC Bulletin Board inter-dealer quotation system, which does not have director independence requirements. For purposes of determining director independence, we have applied the definitions set out in NASDAQ Rule 4200(a)(15). Under NASDAQ Rule 4200(a)(15), a director is not considered to be independent if he or she is also an executive officer or employee of the corporation.




ITEM 14.                  PRINCIPAL AND ACCOUNTANT FEES AND SERVICES.




Audit Fees




The aggregate fees billed for the two most recently completed fiscal years ended November 30, 2009 and 2008 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included our Quarterly Reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:




Year Ended November 30,

2009
Year Ended November 30,

2008Audit Fees
$15,000
$15,000Audit Related Fees
800
800Tax Fees
Nil
NilAll Other Fees
Nil
NilTotal
$15,800
$15,800



























-42-




ITEM 15.                   EXHIBITS.




ExhibitNumber
Description of Exhibits3.1
Articles of Incorporation.(1)3.2
Bylaws,.(1)4.1
Form of Subscription.(1)





14.1
Code of Ethics. (1)31.1
Certification of Principal Executive Officer and Principal Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
Certification of Principal Executive Officer and Principal Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.





(1)
Filed with the SEC as an exhibit to our Registration Statement on Form S-1originally filed on, June 9, 2008, as amended.

































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SIGNATURES





Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing of this Form 10-K and has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 15th day of March, 2010.








CALIBERT EXPLORATIONS, LTD.BY:
DAVID SALTRELLI

David Saltrelli, President, Principal Executive Officer,

Principal Accounting Officer and a member of the

Board of Directors.








In accordance with the 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:





Signature
Title
DateDAVID SALTRELLI
President, Principal Executive Officer, Principal
March 15, 2010David Saltrelli
Financial Officer and a member of the Board of

Directors.PETER SCHUSTER
Secretary, Treasurer and a member of the Board
March 15, 2010Peter Schuster
of Directors














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