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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-K

(Mark One)

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

For the fiscal year ended July 31, 2010

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

For the transition period from _____to _____

COMMISSION FILE NUMBER000-52879

CONTACT MINERALS
CORP.(Exact name of registrant as specified in its
charter)

|NEVADA                                                             | 39-2060052                          
|------------------------------------------------------------------ | ------------------------------------
|State or other jurisdiction of incorporation or
      organization | (I.R.S. Employer Identification No.)
|                                                                   |                                     
|595 Hornby Street, Suite 706                                       |                                     
|Vancouver, British Columbia, Canada                                | V6C 2E8                             
|(Address of principal executive offices)                           | (Zip Code)                          

Registrant's telephone number, including area code (604)
629-1007

Securities registered under Section 12(b) of the Act:
NONE.

Securities registered under Section 12(g) of the Act:
Common Stock, $0.001 Par Value Per Share.

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

Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No
[X]

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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 [ ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§229.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [ ] No [ ]

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not 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.

|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 Act). Yes [X]No [ ]

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 the last business day of the registrants most recently completed
second fiscal quarter: $1,601,600, as of January, 31, 2010,based on a price of $0.22, being the last price at which the
registrant sold shares of its common stock prior to thatdate.

Indicate the number of shares outstanding of each of the
registrants classes of common stock, as of the latest practicable date.
As of October 22, 2010, the Registrant had 16,530,000 shares of common
stock outstanding.

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|CONTACT MINERALS CORP.          
|--------------------------------
|                                
|ANNUAL REPORT ON FORM 10-K      
|FOR THE YEAR ENDED JULY 31, 2010
|                                
|TABLE OF CONTENTS               

|               |                                          |                                                                                                                          | PAGE
|-------------- | ---------------------------------------- | ------------------------------------------------------------------------------------------------------------------------ | ----
|PART
      I   |                                          | 3                                                                                                                       
|               | ITEM
      1.                            | BUSINESS                                                                                                                 | 3   
|               | ITEM
      1A.                           | RISK
      FACTORS                                                                                                       | 5   
|               | ITEM
      2.                            | PROPERTIES                                                                                                               | 8   
|               | ITEM
      3.                            | LEGAL
      PROCEEDINGS                                                                                                  | 8   
|PART
      II  |                                          | 9                                                                                                                       
|               | ITEM
      5.                            | MARKET
      FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
      PURCHASES OF EQUITY SECURITIES | 9   
|               | ITEM
      7.                            | MANAGEMENT'S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.                             | 10  
|               | ITEM
      8.                            | FINANCIAL
      STATEMENTS AND SUPPLEMENTARY DATA.                                                                       | 13  
|               | ITEM
      9.                            | CHANGES
      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE                         | 14  
|               | ITEM
      9AT. CONTROLS AND PROCEDURES. | 14                                                                                                                      
|               | ITEM
      9B. OTHER INFORMATION         | 15                                                                                                                      
|PART
      III |                                          | 16                                                                                                                      
|               | ITEM
      10.                           | DIRECTORS,
      EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.                                                            | 16  
|               | ITEM
      11.                           | EXECUTIVE
      COMPENSATION.                                                                                            | 17  
|               | ITEM
      12.                           | SECURITY
      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS.              | 18  
|               | ITEM
      13.                           | CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.                                         | 19  
|               | ITEM
      14.                           | PRINCIPAL
      ACCOUNTING FEES AND SERVICES.                                                                            | 20  
|PART
      IV  |                                          | 21                                                                                                                      
|               | ITEM
      15.                           | EXHIBITS,
      FINANCIAL STATEMENT SCHEDULES.                                                                           | 21  
|               | SIGNATURES                               | 22                                                                                                                      

2

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PART I

Certain statements contained in this Annual Report 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, "Part I - Item 1A. Risk
Factors, and elsewhere in this Annual Report.

Forward looking statements are based on the reasonable
assumptions, estimates, analysis and opinions of management made in light of its
experience and perception of trends, current conditions and expected
developments, as well as other factors that management believes to be relevant
and reasonable at the date the such statement are made.

We intend to discuss in our Quarterly Reports and Annual
Reports any events or circumstances that occurred during the period to which
such documents relate that are reasonably likely to cause actual events or
circumstances to differ materially from those disclosed in this Annual Report.
New factors emerge from time to time, and it is not possible for management to
predict all of such factors and to assess in advance the impact of each such
factor on our business or the extent to which any factor, or combination of such
factors, may cause actual results to differ materially from those contained in
any forwarding looking statement.

We advise you to carefully review the reports and documents we
file from time to time with the United States Securities and Exchange Commission
(the SEC), particularly our periodic reports filed with the SEC pursuant to
the Securities Exchange Act of 1934 (the "Exchange Act").

ITEM 1.    BUSINESS.

General

We were incorporated under the laws of the State of Nevada on
April 25, 2007.

We currently have no business operations or significant assets.
We are an exploration stage company engaged in the acquisition and exploration
of mineral properties. We plan to identify and acquire an interest in a mineral
property. The acquisition of a mineral property will be dependent upon our
possessing sufficient capital resources at the time to purchase such mineral
property. We have not entered into any discussions, understandings, arrangements
or other agreements, preliminary or otherwise, for acquiring any mineral
property and/or funding arrangements for the purpose of acquiring a mineral
property.

Competition

We are a company engaged in the acquisition and exploration of
mineral properties. We compete with other mineral exploration and development
companies for financing and for the acquisition of new mineral properties. Many
of the mineral exploration and development companies with whom we compete have
greater financial and technical resources than we do. 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 our ability to finance future mineral property acquisitions and the
exploration of those properties.

The mineral exploration industry, in general, is intensively
competitive and, even if commercial quantities of ore are discovered, a ready
market may not exist for the sale of the ore. Numerous factors beyond our
control may affect the marketability of any substances discovered. These
factors include market fluctuations, the proximity and capacity of natural
resource markets and processing equipment, government regulations, including
regulations relating to prices, taxes, royalties, land tenure, land use,
importing and exporting of minerals and environmental protection. The exact
effect of these factors cannot be accurately predicted, but the combination of
these factors may result in us not receiving an adequate return on invested
capital.

3

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Compliance With Government Regulation

Our activities are subject to extensive regulation at all
levels of government. There are a number of applicable rules that regulate the
exploration and mining of mineral properties, and also the possible effects of
such activities upon the environment. Future legislation and regulations could
cause additional expense, capital expenditures, restrictions and delays in the
exploration and development of a mineral property, the extent of which cannot be
predicted. In addition, we will also be subject to rules regulating the
employment, occupational health and safety, accident investigation, work place
conditions, protective equipment, training programs, and site supervision.
Additional approvals and authorizations may be required from other government
agencies, depending upon the nature and scope of the proposed exploration
program.

Compliance With Environmental Regulations

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 on any
mineral properties that we acquire. 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 enter the production phase of a mineral property, 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:

| | (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.

Employees

Other than our sole executive officer and director, we have no
employees as of the date of this Annual Report. We conduct our business largely
through agreements with consultants and arms-length third parties.

Research And Development Expenditures

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

Patents And Trademarks

We do not own any patents or trademarks.

4

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ITEM 1A.    RISK FACTORS.

The following are some of the important factors that could
affect our financial performance or could cause actual results to differ
materially from estimates contained in our forward-looking statements. We may
encounter risks in addition to those described below. Additional risks and
uncertainties not currently known to us, or that we currently deem to be
immaterial, may also impair or adversely affect our business, financial
condition or results of operation.

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

As of July 31, 2010, we had cash in the amount of $93,389. We
plan to identify and acquire an interest in a mineral property. Our ability to
acquire a mineral property will be dependent upon obtaining additional
financing. Obtaining additional financing would be subject to a number of
factors, including the market prices for the mineral property and gold, silver,
copper and iron. These factors may make the timing, amount, terms or conditions
of additional financing unavailable to us. There are no assurances that we will
be able to obtain additional financing on terms satisfactory to us.

Because of the speculative nature of exploration of mining
properties, there is substantial risk that our business will fail.

We were incorporated on April 25, 2007 and, to date, have been
involved primarily in organizational activities and the acquisition of a mineral
property, which has since lapsed. We have not earned any revenues as of the date
of this report. The likelihood of success must be considered in light of the
problems, expenses, difficulties, complications and delays encountered in
connection with acquiring a mineral property and the exploration of an acquired
the mineral property. These potential problems include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates. Assuming that we are able to acquire
a mineral property, prior to completion of our exploration stage, we anticipate
that we will incur increased operating expenses without realizing any revenues.
We expect to incur significant losses into the foreseeable future. We recognize
that if we are unable to generate significant revenues from development and
production of minerals from a claim, we will not be able to earn profits or
continue operations. There is no history upon which to base any assumption as to
the likelihood that we will prove successful, and it is doubtful that we will
generate any operating revenues or ever achieve profitable operations. If we are
unsuccessful in addressing these risks, our business will most likely fail.

Even if we discover proven reserves of precious metals on a
mineral property, we may not be able to successfully commence commercial
production.

Assuming that we are able to acquire a mineral property, if an
exploration program is successful in discovering proven reserves on a mineral
property, we will require additional funds in order to place a mineral property
into commercial production. The expenditures to be made by us in the exploration
of a mineral property in all probability will be lost as it is an extremely
remote possibility that the mineral claim will contain proven reserves. The
funds required for commercial mineral production can range from several million
to hundreds of millions. We currently do not have sufficient funds to place a
mineral property into commercial production. Obtaining additional financing
would be subject to a number of factors, including the market prices for gold,
silver, copper and iron, and the costs of exploring for or mining these
materials. These factors may make the timing, amount, terms or conditions of
additional financing unavailable to us. Because we will need additional
financing to fund our exploration activities, there is substantial doubt about
our ability to continue as a going concern. At this time, there is a risk that
we will not be able to obtain such financing as and when needed.

Because we anticipate that our operating expenses will
increase prior to our earning revenues, we may never achieve
profitability.

Assuming that we are able to acquire a mineral property, prior
to completion of an exploration stage, we anticipate that we will incur
increased operating expenses without realizing any revenues. We therefore expect
to incur significant losses into the foreseeable future. We recognize that if we
are unable to generate revenues from the exploration of a mineral property, we
will not be able to earn profits or continue operations.

5

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There is no history upon which to base any assumption as to the
likelihood that we will prove successful, and we can provide investors with no
assurance that we will generate any revenues or ever achieve profitability. If
we are unsuccessful in addressing these risks, our business will most likely
fail.

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 valuable minerals involves numerous hazards and
risks normally incident to exploring for and developing mineral properties. As a
result, we may become subject to liability for such hazards, including
pollution, cave-ins, unusual or unexpected geological formations, environmental
pollution, personal injuries, flooding, changes in technology or mining
techniques, periodic interruptions, industrial accidents, and other hazards
against which we cannot insure or against which we may elect not to insure. At
the present time we have no coverage to insure against these hazards and have no
plans to insure against these hazards. The payment of such liabilities may have
a material adverse effect on our financial position.

If we receive positive results from an exploration program
and we decide to pursue commercial production, we may be subject to an
environmental review process that may delay or prohibit commercial
production.

Assuming that we are able to acquire a mineral property, if we
enter a production phase, 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. Examples of regulatory
requirements include:

| | (i)   | Water discharge will have to meet 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)  | An assessment of 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 remediated;
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.

There is the possibility that we would not be able to proceed
with commercial production upon completion of the environmental review process
if government authorities did not approve our mine or if the costs of compliance
with government regulation adversely affected the commercial viability of the
proposed mine.

Because our sole executive officer does not have formal
training specific to the technicalities of mineral exploration, there is a
higher risk that our business will fail.

Kerry J. McCullagh, our sole executive officer and sole
director, does not have any formal training as geologists or in the technical
aspects of management of a mineral exploration company. With no direct training
in these areas, our management may not be fully aware of the specific technical
requirements related to working within this industry. Although Mr. McCullagh has
some extensive business experience with exploration companies, his decisions and
choices may not take into account standard exploration or managerial approaches
mineral exploration companies commonly use. Consequently, our operations and
ultimate financial success could suffer irreparable harm due to managements
lack of technical know-how in this industry.

We are highly dependent on our senior management. The loss
of our sole executive officer could hinder our ability to pursue our stated plan
of operation and obtain debt or equity financing, if and when required.

We believe that our continued success depends to a significant
extent upon the efforts and abilities of our senior management and in particular
Kerry J. McCullagh, our sole executive officer and director. Mr. McCullagh has
worked in the mining exploration industry for over 20 years. We believe that the
loss of Mr. McCullagh's business and management experience could hinder our
ability to pursue our stated plan of operation and obtain debt or equity
financing, if and when required.

6

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Because our sole executive officer has only agreed to
provide his services on a part-time basis, he may not be able or willing to
devote a sufficient amount of time to our business operations, which may cause
our business to fail.

Kerry J. McCullagh, our sole executive officer and director, is
also a principal of Polar Capital Corp., now a private British Columbia
consulting company providing management and administrative services to mining
exploration companies. Because we are in the early stages of our business, Mr.
McCullagh devotes approximately 10 hours per week to our affairs. If the demands
of our business require the full business time of Mr. McCullagh, he is prepared
to adjust his timetable to devote up to 20 hours a week. However, Mr. McCullagh
may not be able to devote sufficient time to the management of our business, as
and when needed. It is possible that the demands of Mr. McCullagh's other
business interests will increase with the result that he would no longer be able
to devote sufficient time to the management of our business. Competing demands
on Mr. McCullagh's time may lead to a divergence between his interests and the
interests of other shareholders.

Because our sole executive officer and sole director owns
42% of our outstanding common stock, investors may find that corporate decisions
influenced by Mr. McCullagh are inconsistent with the best interests of other
stockholders.

Kerry J. McCullagh, our sole executive officer and sole
director, controls 42% of the issued and outstanding shares of our common stock.
Accordingly, in accordance with our Articles of Incorporation and Bylaws, Mr.
McCullagh is able to significantly influence who is elected to our board of
directors and thus could act, or could have the power to act, as our management.
The interests of Mr. McCullagh may not be, at all times, the same as those of
other shareholders. Since Mr. McCullagh 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. McCullagh 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, Mr. McCullagh will have the ability to
significantly influence the outcome of most corporate actions requiring
shareholder approval, including the merger of our company with or into another
company, the sale of all or substantially all of our assets and amendments to
our Articles of Incorporation. This concentration of ownership with Mr.
McCullagh may also have the effect of delaying, deferring or preventing a change
in control of Contact which may be disadvantageous to minority shareholders.

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

The SEC has adopted rules that regulate broker-dealer practices
in connection with transactions in penny stocks. Penny stocks are generally
equity securities with a price of less than $5.00, other than securities
registered on certain national securities exchanges or quoted on the Nasdaq
system, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or quotation
system.

Because our securities constitute penny stocks within the
meaning of the rules, the rules apply to us and to our securities. The rules may
further affect the ability of owners of shares to sell our securities in any
market that might develop for them. As long as the trading price of our common
stock is less than $5.00 per share, the common stock will be subject to rule
15g-9 under the Exchange Act. The penny stock rules require a broker-dealer,
prior to a transaction in a penny stock, to deliver a standardized risk
disclosure document prepared by the SEC, that:

|1. | contains a description of the nature and level of risk in
      the market for penny stocks in both public offerings and secondary
      trading;                                                                                        
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                          
|2. | contains a description of the brokers or dealers duties
      to the customer and of the rights and remedies available to the customer
      with respect to a violation to such duties or other requirements of
      securities laws;

7

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|3. | contains a brief, clear, narrative description of a
      dealer market, including bid and ask prices for penny stocks and the
      significance of the spread between the bid and ask price;
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                               
|4. | contains a toll-free telephone number for inquiries on
      disciplinary actions;                                                                                                            
|   |                                                                                                                                                                                               
|5. | defines significant terms in the disclosure document or
      in the conduct of trading in penny stocks; and                                                                                  
|   |                                                                                                                                                                                               
|6. | contains such other information and is in such form,
      including language, type, size and format, as the SEC shall require by
      rule or regulation.                                   

The broker-dealer also must provide, prior to effecting any
transaction in a penny stock, the customer with: (a) bid and offer quotations
for the penny stock; (b) the compensation of the broker-dealer and its
salesperson in the transaction; (c) the number of shares to which such bid and
ask prices apply, or other comparable information relating to the depth and
liquidity of the market for such stock; and (d) a monthly account statements
showing the market value of each penny stock held in the customer's account. In
addition, the penny stock rules require that prior to a transaction in a penny
stock not otherwise exempt from those rules; the broker-dealer must make a
special written determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's written acknowledgment of the receipt
of a risk disclosure statement, a written agreement to transactions involving
penny stocks, and a signed and dated copy of a written suitably statement. These
disclosure requirements may have the effect of reducing the trading activity in
the secondary market for our stock.

ITEM 2.     PROPERTIES.

We maintain our corporate office at 595 Hornby Street, Suite
706, Vancouver, BC, Canada V6C 2E8. Our office space is currently provided to us
free of charge by our sole executive officer and director. We recognize donated
rent of $500 per month for the office space.

ITEM 3.     LEGAL PROCEEDINGS.

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

8

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PART II

ITEM 5.    MARKET FOR REGISTRANTS COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES.

Market Information

Our common stock is quoted on the OTC Bulletin Board under the
symbol CNTM. The high and the low prices for our shares for each quarter of
our last two fiscal quarters of actual trading were:

Quarter Ended
    High
    LowJuly 31, 2010
    $0.21
    $0.21April 30, 2010
    N/A
    N/AJanuary 31, 2010
    N/A
    N/AOctober 31, 2009
    N/A
    N/AJuly 31, 2009
    N/A
    N/AApril 30, 2009
    N/A
    N/AJanuary 31, 2009
    $0.30
    $0.10October 31, 2008
    $0.55
    $0.05


The above quotations have been adjusted to reflect our 2-for-1
stock split effected February 9, 2009. The market quotations provided reflect
inter-dealer prices, without retail mark-up, markdown or commission and may not
represent actual transactions.

Registered Holders Of Our Common Stock

As of October 22, 2010, we had 29 registered shareholders and
16,530,000 shares of our common stock issued and outstanding. We believe that a
large number of stockholders hold stock on deposit with their brokers or
investment bankers registered in the name of stock depositories.

Dividends

We have neither declared nor paid any cash dividends on our
capital stock since our inception and do not contemplate paying cash dividends
in the foreseeable future. It is anticipated that earnings, if any, will be
retained for the operation of our business. Our board of directors will
determine future dividend declarations and payments, if any, in light of the
then-current conditions they deem relevant and in accordance with the Nevada
Revised Statutes.

There are no restrictions in our articles of incorporation or
in our bylaws which prevent us from declaring dividends. The Nevada Revised
Statutes, however, do prohibit us from declaring dividends where, after giving
effect to the distribution of a 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 to satisfy the rights of
      shareholders who have preferential rights superior to those receiving
      distributions.

Recent Sales Of Unregistered Securities

All unregistered sales of equity securities during the year
ended July 31, 2010 have been previously reported in our Current Reports on Form
8-K.

9

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ITEM 7.    MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Plan Of Operation

Our plan of operation for the next twelve months is to identify
and acquire an interest in a mineral property on which we will carry out
exploration activities. We are unable to provide an estimate of our exact
financial needs for the next twelve months. However, as at July 31, 2010, we had
cash on hand of $93,389 and a working capital deficit of $42,648. As such, we
will require substantial additional financing in the near future in order to
meet our current obligations and to continue our operations. In addition, in the
event that we are successful in identifying a mineral property, of which there
is no assurance, we anticipate that we will need to obtain financing in order to
pursue an exploration program.

Results Of Operations

|Summary of Year End Results |   |                     |   |   |                     |   |  |            | 
|--------------------------- | - | ------------------- | - | - | ------------------- | - |  | ---------- | 
|                            |   |                     |   |   |                     |   |  | Percentage | 
|                            |   | Year Ended          |   |   | Year Ended          |   |  | Increase / | 
|                            |   | July
      31, 2010 |   |   | July
      31, 2009 |   |  | (Decrease) | 
|Revenue                     | $ | --                  |   | $ | --                  |   |  | n/a        | 
|Expenses                    |   | (69,263             | ) |   | (68,238             | ) |  | 1.5%       | 
|Other Expenses              |   | (363,659            | ) |   | --                  |   |  | 100%       | 
|Net Loss                    | $ | (432,922            | ) | $ | (68,238             | ) |  | 534.4%     | 

Revenues

We have not earned any revenue since inception. We do not
anticipate earning revenues until such time as we are able to acquire a mineral
property and subsequently enter into commercial production of a mineral
property. We are presently in the exploration stage of our business and we can
provide no assurance that we will discover proven reserves on a mineral
property, or if such deposits are discovered, that we will enter into further
exploration programs.

Operating Expenses

The major components of our operating expenses for the years
ended July 31, 2010 and 2009 are outlined in the table below:

|                             |   |                     |  |   |                     |   |  | Percentage |   
|---------------------------- | - | ------------------- |  | - | ------------------- | - |  | ---------- | --
|                             |   | Year Ended          |  |   | Year Ended          |   |  | Increase / |   
|                             |   | July
      31, 2010 |  |   | July
      31, 2009 |   |  | (Decrease) |   
|General and Administrative   | $ | 12,520              |  | $ | 9,472               |   |  | 32.2%      |   
|Foreign Currency Loss (Gain) |   | 5,484               |  |   | (912                | ) |  | 701.3%     |   
|Management Fees              |   | 12,000              |  |   | 12,000              |   |  | n/a        |   
|Mineral Property Costs       |   | --                  |  |   | 396                 |   |  | (100       | )%
|Professional Services        |   | 33,259              |  |   | 41,282              |   |  | (19.4      | )%
|Rent                         |   | 6,000               |  |   | 6,000               |   |  | n/a        |   
|Total Operating Expenses     | $ | 69,263              |  | $ | 68,238              |   |  | 1.5%       |   

The slight increase in our operating expenses from $68,238
during the fiscal year ended July 31, 2009, to $69,263 during the fiscal year
ended July 31, 2010, is due to increases in general and administrative expenses
and foreign currency loss. The increase in our operating expenses was partially
offset by a decrease in professional services.

Professional services consist of accounting and legal fees in
connection with meeting our ongoing reporting obligations under the Exchange
Act.

10

---

We do not currently pay any management fees to our sole
executive officer and director or any rent for use of our office. However, we
recognize $1,000 per month for donated management fees and $500 per month for
donated rent provided by our sole executive officer and director.

We anticipate that our expenses will increase significantly if
we are able to identify and acquire a mineral property and pursue an exploration
program on a mineral property. However, there are no assurances that we will be
able to identify and acquire a mineral property.

Liquidity And Capital Resources

Cash Flows

|                                          |   | Year Ended          |   |   | Year Ended          |  
|----------------------------------------- | - | ------------------- | - | - | ------------------- | -
|                                          |   | July
      31, 2010 |   |   | July
      31, 2009 |  
|Net Cash Used In Operating Activities     | $ | (42,686             | ) | $ | (56,864             | )
|Net Cash Used In Investing Activities     |   | -                   |   |   | -                   |  
|Net Cash Provided By Financing Activities |   | 112,500             |   |   | 59,103              |  
|Net Increase in Cash During Period        | $ | 69,814              |   | $ | 2,239               |  

|Working Capital         |   |                     |   |   |                     |   |  |                       |   
|----------------------- | - | ------------------- | - | - | ------------------- | - |  | --------------------- | --
|                        |   | Year Ended          |   |   | Year Ended          |   |  | Percentage            |   
|                        |   | July
      31, 2010 |   |   | July
      31, 2009 |   |  | Increase / (Decrease) |   
|Current Assets          | $ | 93,389              |   | $ | 23,905              |   |  | 290.7%                |   
|Current Liabilities     |   | (136,037            | ) |   | (127,790            | ) |  | 6.5%                  |   
|Working Capital Deficit | $ | (42,648             | ) | $ | (103,885            | ) |  | (58.9                 | )%

We had cash on hand of $93,389 and a working capital deficit of
$42,648 as of July 31, 2010 compared to cash on hand of $23,575 and a working
capital deficit of $103,885 as of July 31, 2009. Our working capital deficit
decreased as a result of the fact that we raised $112,500 from the sale of
convertible notes (the Notes), which were converted as follows: (a) on
February 22, 2010, we issued 1,500,000 shares of our common stock upon
conversion of the $75,000 of the Notes at a conversion price of $0.05 per share;
and (b) on April 9, 2010 we issued 750,000 shares of our common stock upon
conversion $37,500 of the Notes at a price of $0.05 per share.

Financing Requirements

Our ability to identify and acquire a mineral property is
dependent upon our ability to obtain additional financing in the near term. We
anticipate that such funding will be in the form of equity financing from sales
of our common stock. However, there is no assurance that we will be able to
raise sufficient funding from the sale of our common stock to fund our business
plan should we decide to proceed. We believe that debt financing will not be an
alternative for funding the acquisition of a mineral property or the exploration
of a mineral property. The risky nature of this enterprise and lack of tangible
assets places debt financing beyond the credit-worthiness required by most banks
or typical investors of corporate debt until such time as an economically viable
mine can be demonstrated.

On January 8, 2009, our Board of Directors approved a private
placement offering of up to $150,000 of 10% convertible notes (the "Convertible
Notes Offering"). The Convertible Notes Offering will be completed pursuant to
Regulation S to persons who are not U.S. Persons as contemplated under
Regulation S. The proceeds of the Convertible Notes Offering will be used to
fund our business and for working capital purposes. There is no assurance that
the Offering will be completed on the above terms or at all. To date we have
completed $112,500 of the Convertible Notes Offering. There is no assurance that
we will be able to complete the sale of any additional securities under the
Convertible Notes Offering.

We anticipate continuing to rely on equity sales of our common
shares and advances from our sole executive officer and director in order to
continue to fund our business operations. Issuances of additional shares will
result in dilution to our existing shareholders. There is no assurance that we
will achieve any additional sales of our equity securities or arrange for debt
or other financing to fund our business operations.

11

---

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 is
material to stockholders.

Critical Accounting Policies

The preparation of financial statements in conformity with
United States generally accepted accounting principles requires our management
to make estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Our management routinely makes judgments and estimates about the effects of
matters that are inherently uncertain.

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 Note 2 to the audited financial statements included in this Annual
Report.

Mineral Property Costs

We have been in the exploration stage since our formation on
April 25, 2007 and have not yet realized any revenues from our planned
operations. We is primarily engaged in the acquisition and exploration of
mineral properties. Mineral property acquisition costs are capitalized when
management has determined that probable future benefits consisting of a
contribution to future cash inflows have been identified and adequate financial
resources are available or are expected to be available as required to meet the
terms of property acquisition and budgeted exploration and development
expenditures. Mineral property acquisition costs are expensed as incurred if the
criteria for capitalization are not met. In the event that a mineral property is
acquired through the issuance of our shares, the mineral property will be
recorded at the fair value of the respective property or the fair value of
common shares, whichever is more readily determinable.

When mineral properties are acquired under option agreements
with future acquisition payments to be made at our sole discretion, those future
payments, whether in cash or shares, are recorded only when we have made or are
obliged to make the payment or issue the shares. When it has been determined
that a mineral property can be economically developed as a result of
establishing proven and probable reserves and pre feasibility, the costs
incurred to develop such property will be capitalized.

Donated Capital

In accordance with Statement of Financial Accounting Standards
No. 116 (SFAS 116), Accounting for Contributions Received and Contributions
Made, we reflect donated capital, such as outright gifts to us by way of
donated management services provided, in the Statement of Operations. Donated
management services are recognized if the services received (a) create or
enhance non-financial assets, or (b) require specialized skills, are provided by
individuals possessing these skills, and would typically need to be purchased if
not provided by donation.

12

---

ITEM 8.    FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA.

Audited Financial Statements, including:

| | 1. | Report of Independent Registered Public Accounting
      Firm;                                                                                                
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                               
| | 2. | Balance Sheets as at July 31, 2010 and 2009;                                                                                                                  
| |    |                                                                                                                                                               
| | 3. | Statements of Operations for the years ended July 31,
      2010 and July 31, 2009, and accumulated from inception on April 25, 2007
      to July 31, 2010;  
| |    |                                                                                                                                                               
| | 4. | Statements of Cash Flows for the years ended July 31,
      2010 and July 31, 2009 and for the period from inception on April 25, 2007
      to July 31, 2010;
| |    |                                                                                                                                                               
| | 5. | Statement of Stockholders Equity (Deficit) for the
      period from inception on April 25, 2007 through July 31, 2010;
  and                                
| |    |                                                                                                                                                               
| | 6. | Notes to the Financial
Statements.                                                                                                                            

13

---

Contact Minerals Corp.
  (An Exploration Stage Company)

July 31, 2010

|                                                              | Index
|------------------------------------------------------------- | -----
|Report of Independent Registered Public
      Accounting Firm | F1  
|Balance Sheets                                                | F2  
|Statements of Operations                                      | F3  
|Statements of Cash Flows                                      | F4  
|Statement of Stockholders Equity (Deficit)                   | F5  
|Notes to the Financial Statements                             | F6  

---



Report of Independent Registered Public Accounting Firm

To the Directors and Stockholders of 
  Contact Minerals
  Corp.
  (An Exploration Stage Company)

We have audited the accompanying balance sheets of Contact
  Minerals Corp. (An Exploration Stage Company) as of July 31, 2010 and 2009, and
  the related statement of operations, cash flows and stockholders' deficit for
  the years then ended and accumulated from April 25, 2007 (Date of Inception) to
  July 31, 2010. These financial statements are the responsibility of the
  Company's management. Our responsibility is to express an opinion on these
  financial statements based on our audits.

We conducted our audits in accordance with the standards of the
  Public Company Accounting Oversight Board (United States). Those standards
  require that we plan and perform the audits to obtain reasonable assurance about
  whether the financial statements are free of material misstatement. An audit
  includes examining, on a test basis, evidence supporting the amounts and
  disclosures in the financial statements. The Company is not required to have,
  nor were we engaged to perform, an audit of its internal control over financial
  reporting. An audit includes consideration of internal control over financial
  reporting as a basis for designing audit procedures that are appropriate in the
  circumstances, but not for the purpose of expressing an opinion on the
  effectiveness of internal control over financial reporting. An audit also
  includes assessing the accounting principles used and significant estimates made
  by management, as well as evaluating the overall financial statement
  presentation.

In our opinion, the financial statements referred to above
  present fairly, in all material respects, the financial position of Contact
  Minerals Corp. (An Exploration Stage Company) as of July 31, 2010 and 2009 and
  the results of its operations and its cash flows for the years then ended and
  accumulated for the period from April 25, 2007 (Date of Inception) to July 31,
  2010 in conformity with accounting principles generally accepted in the United
  States.

The accompanying financial statements have been prepared
  assuming the Company will continue as a going concern. As discussed in Note 1 to
  the financial statements, the Company has not generated any revenues and has
  incurred operating losses since inception. These factors raise substantial doubt
  about the Companys ability to continue as a going concern. Managements plans
  in regard to these matters are also discussed in Note 1. The financial
  statements do not include any adjustments that might result from the outcome of
  this uncertainty.

/s/ “Manning Elliott LLP”

CHARTERED ACCOUNTANTS

Vancouver, Canada

October 20, 2010

F-1

---

|Contact Minerals Corp.        
|------------------------------
|(An Exploration Stage Company)
|Balance Sheets                
|(Expressed in U.S. dollars)   

|                                                                                                                                                                 |  | July 31, |   |  | July 31, |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | - |  | -------- | -
|                                                                                                                                                                 |  | 2010     |   |  | 2009     |  
|                                                                                                                                                                 |  | $        |   |  | $        |  
|                                                                                                                                                                 |  |          |   |  |          |  
|ASSETS                                                                                                                                                           |  |          |   |  |          |  
|Current Assets                                                                                                                                                   |  |          |   |  |          |  
|Cash                                                                                                                                                             |  | 93,389   |   |  | 23,575   |  
|Prepaid expenses                                                                                                                                                 |  |         |   |  | 330      |  
|Total Assets                                                                                                                                                     |  | 93,389   |   |  | 23,905   |  
|                                                                                                                                                                 |  |          |   |  |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                                                            |  |          |   |  |          |  
|Current Liabilities                                                                                                                                              |  |          |   |  |          |  
|Accounts payable
      (Note 3(c))                                                                                                                               |  | 96       |   |  | 92       |  
|Accrued liabilities                                                                                                                                              |  | 581      |   |  | 552      |  
|Due to related party (Note
      3(b))                                                                                                                           |  | 135,360  |   |  | 127,146  |  
|Total
      Liabilities                                                                                                                                          |  | 136,037  |   |  | 127,790  |  
|Contingencies and Commitments (Note
      1)                                                                                                                     |  |          |   |  |          |  
|Stockholders Deficit                                                                                                                                            |  |          |   |  |          |  
|Preferred Stock 
             Authorized:
      15,000,000 shares, par value $0.001 
             None issued and outstanding                                    |  |         |   |  |         |  
|Common Stock 
             Authorized: 300,000,000 shares,
      par value
      $0.001 
             Issued:
      16,530,000 shares (2009  14,280,000 shares) |  | 16,530   |   |  | 14,280   |  
|Additional
      Paid-in Capital                                                                                                                                 |  | 524,629  |   |  | 50,720   |  
|Donated Capital (Note 3(a))                                                                                                                                      |  | 59,881   |   |  | 41,881   |  
|Deficit Accumulated During the
      Exploration Stage                                                                                                           |  | (643,688 | ) |  | (210,766 | )
|Total
      Stockholders Deficit                                                                                                                                |  | (42,648  | ) |  | (103,885 | )
|Total Liabilities and Stockholders Deficit                                                                                                                      |  | 93,389   |   |  | 23,905   |  

(The accompanying notes are an integral part of these financial
  statements) 
  F-2

---

|Contact Minerals Corp.        
|------------------------------
|(An Exploration Stage Company)
|Statements of Operations      
|(Expressed in U.S. dollars)   

|                                                            |  | Accumulated from       |   |  |            |   |  |            |  
|----------------------------------------------------------- |  | ---------------------- | - |  | ---------- | - |  | ---------- | -
|                                                            |  | April 25, 2007         |   |  | For the    |   |  | For the    |  
|                                                            |  | (Date of Inception) to |   |  | Year Ended |   |  | Year Ended |  
|                                                            |  | July 31,               |   |  | July 31,   |   |  | July 31,   |  
|                                                            |  | 2010                   |   |  | 2010       |   |  | 2009       |  
|                                                            |  | $                      |   |  | $          |   |  | $          |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Revenue                                                     |  |                       |   |  |           |   |  |           |  
|                                                            |  |                        |   |  |            |   |  |            |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Expenses                                                    |  |                        |   |  |            |   |  |            |  
|                                                            |  |                        |   |  |            |   |  |            |  
|General and administrative                                  |  | 37,102                 |   |  | 12,520     |   |  | 9,472      |  
|Foreign currency loss (gain)                                |  | 4,572                  |   |  | 5,484      |   |  | (912       | )
|Management fees (Note 3(a))                                 |  | 39,000                 |   |  | 12,000     |   |  | 12,000     |  
|Impairment of mineral property
      costs                  |  | 5,000                  |   |  |           |   |  |           |  
|Mineral property costs                                      |  | 14,978                 |   |  |           |   |  | 396        |  
|Professional services                                       |  | 159,877                |   |  | 33,259     |   |  | 41,282     |  
|Rent
      (Note 3(a))                                      |  | 19,500                 |   |  | 6,000      |   |  | 6,000      |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Total Operating
      Expenses                              |  | 280,029                |   |  | 69,263     |   |  | 68,238     |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Loss from Operations                                        |  | (280,029               | ) |  | (69,263    | ) |  | (68,238    | )
|                                                            |  |                        |   |  |            |   |  |            |  
|Other Expenses                                              |  |                        |   |  |            |   |  |            |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Accretion of discount on convertible note (Note 4)          |  | (112,500               | ) |  | (112,500   | ) |  |           |  
|Loss on change in fair value of conversion feature (Note 4) |  | (251,159               | ) |  | (251,159   | ) |  |           |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Net Loss                                                    |  | (643,688               | ) |  | (432,922   | ) |  | (68,238    | )
|                                                            |  |                        |   |  |            |   |  |            |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Net Loss Per Share
       Basic and Diluted                |  |                        |   |  | (0.03      | ) |  |           |  
|                                                            |  |                        |   |  |            |   |  |            |  
|Weighted Average Common Shares Outstanding                  |  |                        |   |  | 15,166,000 |   |  | 14,280,000 |  

(The accompanying notes are an integral part of these financial
  statements) 
  F-3

---

|Contact Minerals Corp.        
|------------------------------
|(An Exploration Stage Company)
|Statements of Cash Flows      
|(Expressed in U.S. dollars)   

|                                                                                  |  | Accumulated            |   |  |            |   |  |            |  
|--------------------------------------------------------------------------------- |  | ---------------------- | - |  | ---------- | - |  | ---------- | -
|                                                                                  |  | From April 25, 2007    |   |  | For the    |   |  | For the    |  
|                                                                                  |  | (Date of Inception) to |   |  | Year Ended |   |  | Year Ended |  
|                                                                                  |  | July 31,               |   |  | July 31,   |   |  | July 31,   |  
|                                                                                  |  | 2010                   |   |  | 2010       |   |  | 2009       |  
|                                                                                  |  | $                      |   |  | $          |   |  | $          |  
|Operating Activities                                                              |  |                        |   |  |            |   |  |            |  
|Net loss for the period                                                           |  | (643,688               | ) |  | (432,922   | ) |  | (68,238    | )
|Adjustments to reconcile net loss to net cash
      used in operating activities: |  |                        |   |  |            |   |  |            |  
|Donated services
      and rent                                                   |  | 59,881                 |   |  | 18,000     |   |  | 18,000     |  
|Accretion of discount on
      convertible note                                   |  | 112,500                |   |  | 112,500    |   |  |           |  
|Loss on change
      in fair value of derivative liability                        |  | 251,159                |   |  | 251,159    |   |  |           |  
|Impairment of mineral property
      costs                                        |  | 5,000                  |   |  |           |   |  |           |  
|Changes in operating assets
      and liabilities:                                |  |                        |   |  |            |   |  |            |  
|Accounts payable and accrued
      liabilities                                    |  | (1,823                 | ) |  | 33         |   |  | (4,263     | )
|Due to related
      parties                                                      |  | 76,257                 |   |  | 8,214      |   |  | (2,033     | )
|Prepaid expenses                                                                  |  |                       |   |  | 330        |   |  | (330       | )
|Net Cash Used in Operating Activities                                             |  | (140,714               | ) |  | (42,686    | ) |  | (56,864    | )
|Investing Activities                                                              |  |                        |   |  |            |   |  |            |  
|Acquisition of mineral property
      claims                                      |  | (2,500                 | ) |  |           |   |  |           |  
|Net Cash Used in
      Investing Activities                                       |  | (2,500                 | ) |  |           |   |  |           |  
|Financing Activities                                                              |  |                        |   |  |            |   |  |            |  
|Advances from related party                                                       |  | 59,103                 |   |  |           |   |  | 59,103     |  
|Proceeds from issuance of
      convertible notes                                 |  | 112,500                |   |  | 112,500    |   |  |           |  
|Proceeds from issuance of common stock                                            |  | 65,000                 |   |  |           |   |  |           |  
|Net Cash Provided by Financing Activities                                         |  | 236,603                |   |  | 112,500    |   |  | 59,103     |  
|Increase in Cash                                                                  |  | 93,389                 |   |  | 69,814     |   |  | 2,239      |  
|Cash  Beginning of Period                                                        |  |                       |   |  | 23,575     |   |  | 21,336     |  
|Cash  End of
      Period                                                        |  | 93,389                 |   |  | 93,389     |   |  | 23,575     |  
|Non-Cash Financing Activities                                                     |  |                        |   |  |            |   |  |            |  
|Conversion of debt into common shares                                             |  | 112,500                |   |  | 112,500    |   |  |           |  
|Supplemental Disclosures:                                                         |  |                        |   |  |            |   |  |            |  
|Interest paid                                                                     |  |                       |   |  |           |   |  |           |  
|Income taxes paid                                                                 |  |                       |   |  |           |   |  |           |  

(The accompanying notes are an integral part of these financial
  statements) 
  F-4

---

|Contact Minerals Corp.                     
|-------------------------------------------
|(An Exploration Stage Company)             
|Statement of Stockholders Equity (Deficit)
|(Expressed in U.S. dollars)                

|                                                         |  |            |  |  |        |  |  |            |   |  |               |   |  |         |  |  | Deficit     |   |  |          |  
|-------------------------------------------------------- |  | ---------- |  |  | ------ |  |  | ---------- | - |  | ------------- | - |  | ------- |  |  | ----------- | - |  | -------- | -
|                                                         |  |            |  |  |        |  |  |            |   |  |               |   |  |         |  |  | Accumulated |   |  |          |  
|                                                         |  |            |  |  |        |  |  | Additional |   |  | Stock         |   |  |         |  |  | During the  |   |  |          |  
|                                                         |  | Common     |  |  | Par    |  |  | Paid-In    |   |  | Subscriptions |   |  | Donated |  |  | Exploration |   |  |          |  
|                                                         |  | Stock      |  |  | Value  |  |  | Capital    |   |  | Receivable    |   |  | Capital |  |  | Stage       |   |  | Total    |  
|                                                         |  | #          |  |  | $      |  |  | $          |   |  | $             |   |  | $       |  |  | $           |   |  | $        |  
|Balance  April 25, 2007 (Date of
      Inception)       |  |           |  |  |       |  |  |           |   |  |              |   |  |        |  |  |            |   |  |         |  
|Shares issued for cash at $0.0005 per share              |  | 8,000,000  |  |  | 8,000  |  |  | (4,000     | ) |  |              |   |  |        |  |  |            |   |  | 4,000    |  
|Shares issued for cash at $0.005 per share               |  | 4,800,000  |  |  | 4,800  |  |  | 19,200     |   |  | (1,000        | ) |  |        |  |  |            |   |  | 23,000   |  
|Shares issued for cash at $0.025 per share               |  | 1,480,000  |  |  | 1,480  |  |  | 35,520     |   |  | (3,750        | ) |  |        |  |  |            |   |  | 33,250   |  
|Donated services and rent                                |  |           |  |  |       |  |  |           |   |  |              |   |  | 5,881   |  |  |            |   |  | 5,881    |  
|Net loss for the
      period                            |  |           |  |  |       |  |  |           |   |  |              |   |  |        |  |  | (18,676     | ) |  | (18,676  | )
|Balance  July 31, 2007                                  |  | 14,280,000 |  |  | 14,280 |  |  | 50,720     |   |  | (4,750        | ) |  | 5,881   |  |  | (18,676     | ) |  | 47,455   |  
|Subscription received                                    |  |           |  |  |       |  |  |           |   |  | 4,750         |   |  |        |  |  |            |   |  | 4,750    |  
|Donated services and rent                                |  |           |  |  |       |  |  |           |   |  |              |   |  | 18,000  |  |  |            |   |  | 18,000   |  
|Net loss for the
      year                              |  |           |  |  |       |  |  |           |   |  |              |   |  |        |  |  | (123,852    | ) |  | (123,852 | )
|Balance  July 31, 2008                                  |  | 14,280,000 |  |  | 14,280 |  |  | 50,720     |   |  |              |   |  | 23,881  |  |  | (142,528    | ) |  | (53,647  | )
|Donated services and rent                                |  |           |  |  |       |  |  |           |   |  |              |   |  | 18,000  |  |  |            |   |  | 18,000   |  
|Net loss for the year                                    |  |           |  |  |       |  |  |           |   |  |              |   |  |        |  |  | (68,238     | ) |  | (68,238  | )
|Balance  July 31, 2009                                  |  | 14,280,000 |  |  | 14,280 |  |  | 50,720     |   |  |              |   |  | 41,881  |  |  | (210,766    | ) |  | (103,885 | )
|Shares issued upon conversion of
      convertible notes |  | 2,250,000  |  |  | 2,250  |  |  | 110,250    |   |  |              |   |  |        |  |  |            |   |  | 112,500  |  
|Fair value of conversion feature on convertible notes    |  |           |  |  |       |  |  | 363,659    |   |  |              |   |  |        |  |  |            |   |  | 363,659  |  
|Donated services and rent                                |  |           |  |  |       |  |  |           |   |  |              |   |  | 18,000  |  |  |            |   |  | 18,000   |  
|Net loss for the
      year                              |  |           |  |  |       |  |  |           |   |  |              |   |  |        |  |  | (432,922    | ) |  | (432,922 | )
|Balance  July 31, 2010                                  |  | 16,530,000 |  |  | 16,530 |  |  | 524,629    |   |  |              |   |  | 59,881  |  |  | (643,688    | ) |  | (42,648  | )

(The accompanying notes are an integral part of these financial
  statements) 
  F-5

---

|Contact Minerals Corp.           
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in U.S. dollars)      

|1. | Exploration Stage Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Contact Minerals Corp. (the Company) was incorporated
      in the State of Nevada on April 25, 2007. The Company is an Exploration
      Stage Company, as defined by Financial Accounting Standard Board (FASB)
      Accounting Standards Codification (ASC) 915, Development Stage
        Enterprises. The Companys principal business is the acquisition and
      exploration of mineral properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | These financial statements have been prepared on a going
      concern basis, which implies the Company will continue to realize its
      assets and discharge its liabilities in the normal course of business. The
      Company has never generated revenue and has never paid any dividends and
      is unlikely to pay dividends or generate earnings in the immediate or
      foreseeable future. The continuation of the Company as a going concern is
      dependent upon the continued financial support from its shareholders, the
      ability of the Company to obtain necessary equity financing to continue
      operations and to determine the existence, discovery and successful
      exploitation of economically recoverable reserves in its resource
      properties, confirmation of the Companys interests in the underlying
      properties, and the attainment of profitable operations. As at July 31,
      2010 the Company has a working capital deficiency of $42,648 and has
      accumulated losses of $643,688 since inception. These financial statements
      do not include any adjustments to the recoverability and classification of
      recorded asset amounts and classification of liabilities that might be
      necessary should the Company be unable to continue as a going concern.
      These factors raise substantial doubt regarding the Companys ability to
      continue as a going concern.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The Companys plan of operation for the next twelve
      months is to identify and acquire an interest in a mineral property on
      which to carry out exploration activities. The Company is unable to
      provide an estimate of the exact financial needs for the next twelve
      months but as at July 31, 2010, the Company has cash on hand of $93,389
      and a working capital deficit of $42,648. As such, the Company will
      require additional financing in the near future in order to meet its
      current obligations and to continue operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | On January 8, 2009, the board of directors of the Company
      approved a private placement offering of up to $150,000 of 10% Convertible
      Notes (the "Offering"). The Company may pay a commission or finders fee of
      up to 10% of the Offering proceeds. The proceeds has been used to fund the
      Companys business and for working capital purposes. During the fiscal
      year ended July 31, 2010, the Company received $112,500 under
      subscriptions for Convertible Notes that were converted into 2,250,000
      shares of the Company's common stock. The Company will pursue the
      remaining private placement offering of $37,500 in the future. Refer to
      Note 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2. | Summary of Significant Accounting
      Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

| | a) | 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 US dollars. The Companys fiscal
      year-end is July 31.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | b) | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    | The preparation of financial statements in conformity
      with US generally accepted accounting principles requires management to
      make estimates and assumptions that affect the reported amounts of assets
      and liabilities and disclosure of contingent assets and liabilities at the
      date of the financial statements and the reported amounts of revenues and
      expenses during the reporting period. The Company regularly evaluates
      estimates and assumptions related to valuation of donated services and
      rent, fair value measurements and deferred income tax asset valuation
      allowances. The Company bases its estimates and assumptions on current
      facts, historical experience and various other factors that it believes to
      be reasonable under the circumstances, the results of which form the basis
      for making judgments about the carrying values of assets and liabilities
      and the accrual of costs and expenses that are not readily apparent from
      other sources. The actual results experienced by the Company may differ
      materially and adversely from the Companys estimates. To the extent there
      are material differences between the estimates and the actual results,
      future results of operations will be affected.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | c) | Cash and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    | The Company considers all highly liquid instruments with
      maturity of three months or less at the time of issuance to be cash
      equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | d) | Foreign Currency Translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    | The Companys functional and reporting currency is the
      United States dollar. Monetary assets and liabilities denominated in
      foreign currencies are translated using the exchange rate prevailing at
      the balance sheet date. Non- monetary assets and liabilities denominated
      in foreign currencies are translated at rates of exchange in effect at the
      date of the transaction. Average monthly rates are used to translate
      revenues and expenses. Gains and losses arising on translation or
      settlement of foreign currency denominated transactions or balances are
      included in the determination of income. The Company has not, to the date
      of these financial statements, entered into derivative instruments to
      offset the impact of foreign currency
      fluctuations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

F-6

---

Contact Minerals Corp.
  (An Exploration Stage Company) 
  Notes to the Financial Statements 
  (Expressed in U.S. dollars)

|2. | Summary of Significant Accounting Policies
      (continued)
|-- | ------------------------------------------------------------
|   |                                                             
|   | e)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | f)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             

| |         |  | Fair Value Measurements Using |  |  |             | 
| | ------- |  | ----------------------------- |  |  | ----------- | 
| |         |  | Quoted Prices in              |  |  | Significant | 
| |         |  | Active Markets                |  |  | Other       | 
| |         |  | For Identical                 |  |  | Observable  | 
| |         |  | Instruments                   |  |  | Inputs      | 
| |         |  | (Level 1)                     |  |  | (Level 2)   | 
| |         |  | $                             |  |  | $           | 
| |         |  |                               |  |  |             | 
| | Assets: |  |                               |  |  |             | 
| | Cash    |  | 93,389                        |  |  |            | 

The Company does not have any
  liabilities measured at fair value on a recurring basis presented on the
  Companys balance sheet as of July 31, 2010.

Financial instruments that potentially
  subject the Company to a concentration of credit risk consist primarily of cash.
  The Company limits its exposure to credit loss by placing its cash with high
  credit quality financial institutions.

F-7

---

|Contact Minerals Corp.           
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in U.S. dollars)      

|2. | Summary of Significant Accounting Policies
      (continued)
|-- | ------------------------------------------------------------
|   |                                                             
|   | g)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | h)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   |                                                             
|   | i)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | j)                                                          
|   |                                                             
|   |                                                             
|   |                                                             
|   | k)                                                          
|   |                                                             
|   |                                                             

F-8

---

|Contact Minerals Corp.           
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in U.S. dollars)      

|2. | Summary of Significant Accounting Policies
      (continued)                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | l)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|3. | Related Party Transactions and Balances                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4. | Convertible Notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | During the fiscal year ended July 31, 2010, the Company
      issued $112,500 of secured Convertible Notes (the Notes). The Notes were
      due on January 31, 2011, bore interest at 10% per annum payable annually
      and were convertible into shares of common stock at the lesser of $0.05
      per share or 75% of the average market price of the Companys shares of
      common stock for the ten trading days immediately preceding the date of
      conversion.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The Company determined that the conversion features of
      the Notes met the criteria of embedded derivatives in accordance with ASC
      815. The debt did not meet the definition of conventional convertible
      debt because the number of shares which may be issued upon the conversion
      of the debt was not fixed. The Company calculated the fair value of the
      conversion features and recognized a discount of $112,500.                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | On February 22, 2010 and April 9, 2010, the Company
      issued 1,500,000 and 750,000 shares of common stock, respectively, upon
      conversion of the Notes at $0.05 per share. (Refer to Note 5).                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | During the year ended July 31, 2010, the Company recorded
      accretion expense of $112,500, and recognized a loss on the change in the
      fair value of the conversion features of $251,159. The Company recorded
      the fair value of the conversion features of $363,659 on the date of
      conversion in additional paid-in capital.                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5. | Common Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-9

---

|Contact Minerals Corp.           
|---------------------------------
|(An Exploration Stage Company)   
|Notes to the Financial Statements
|(Expressed in U.S. dollars)      

|6. | Income Taxes                                                                                                                                                                                                     
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                  
|   | A reconciliation of the expected income tax recovery
      computed by applying the combined statutory United States federal and
      state income tax rates of 35% to income (loss) before taxes
      follows:

| |                                       |   | July 31, |   |   | July 31, |  
| | ------------------------------------- | - | -------- | - | - | -------- | -
| |                                       |   | 2010     |   |   | 2009     |  
| | Income tax recovery at statutory rate | $ | (151,520 | ) | $ | (23,880  | )
| | Permanent differences                 |   | 133,580  |   |   | 6,300    |  
| | Change in valuation allowance         |   | 17,940   |   |   | 17,580   |  
| | Provision for
      income taxes      | $ |         |   | $ |         |  

The components of the net deferred
  income tax asset at July 31, 2010 and 2009 consist of:

| |                                  |   | July 31, |   |   | July 31, |  
| | -------------------------------- | - | -------- | - | - | -------- | -
| |                                  |   | 2010     |   |   | 2009     |  
| | Net operating loss carry-forward | $ | (75,280  | ) | $ | (57,340  | )
| | Valuation
      allowance        |   | 75,280   |   |   | 57,340   |  
| | Net deferred income tax asset    | $ |         |   | $ |         |  

At July 31, 2010, the Company has net
  operating loss carry-forwards of $215,091 which expire between fiscal 2027 and
  2030. Pursuant to ASC 740 the Company is required to compute tax asset benefits
  for net operating losses carried forward. The potential benefit of net operating
  losses have not been recognized in these financial statements because the
  Company cannot be assured it is more likely than not it will utilize the net
  operating losses carried forward in future years.

Current United States income tax laws
  limit the amount of loss available to be offset against future taxable income
  when a substantial change in ownership occurs. Therefore, the amount available
  to offset future taxable income may be limited under IRC 382.

F-10

---

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

None.

ITEM 9AT.  CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of July 31, 2010 (the Evaluation Date). This evaluation was
carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed below.

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in this report, we believe that our financial statements contained in
our Annual Report on Form 10-K for the year ended July 31, 2010 fairly present
our financial condition, results of operations and cash flows in all material
respects.

Management's Annual Report on Internal Control Over
Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company.

Internal control over financial reporting includes those
policies and procedures that: (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of our assets; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that our receipts
and expenditures are being made only in accordance with authorizations of its
management and directors; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of our assets that could have a material effect on the financial statements.

Management recognizes that there are inherent limitations in
the effectiveness of any system of internal control, and accordingly, even
effective internal control can provide only reasonable assurance with respect to
financial statement preparation and may not prevent or detect material
misstatements. In addition, effective internal control at a point in time may
become ineffective in future periods because of changes in conditions or due to
deterioration in the degree of compliance with our established policies and
procedures.

A material weakness is a significant deficiency, or combination
of significant deficiencies, that results in there being a more than remote
likelihood that a material misstatement of the annual or interim financial
statements will not be prevented or detected.

Under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer, management conducted an
evaluation of the effectiveness of our internal control over financial
reporting, as of the Evaluation Date, based on the framework set forth in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on its evaluation under
this framework, management concluded that our internal control over financial
reporting was not effective as of the Evaluation Date. In its assessment of the
effectiveness of internal control over financial reporting as of the Evaluation
Date, management determined that there were control deficiencies that
constituted the following material weaknesses:

14

---

|1. | Certain entity level controls establishing a tone at the
      top were considered material weaknesses. As of July 31, 2010, the Company
      did not have any independent directors on its audit committee and did not
      have a policy on fraud. The Company does not believe that a whistleblower
      policy is necessary given the small size of the organization.                                                                                                                                                                                                                                                                                                                      
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|2. | Due to the significant number and magnitude of
      out-of-period adjustments identified during the year- end closing process,
      management has concluded that the controls over the period-end financial
      reporting process were not operating effectively. A material weakness in
      the period-end financial reporting process could result in us not being
      able to meet our regulatory filing deadlines and, if not remediated, has
      the potential to cause a material misstatement or to miss a filing
      deadline in the future. Managements override of existing controls is
      possible given the small size of the organization and lack of
      personnel.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3. | There is no system in place to review and monitor
      internal control over financial reporting. The Company maintains an
      insufficient complement of personnel to carry out ongoing monitoring
      responsibilities and ensure effective internal control over financial
      reporting.                                                                                                                                                                                                                                                                                                                                                                                                 

Management is committed to improving its internal controls and
will (1) continue to use third party specialists to address shortfalls in
staffing and to assist the Company with accounting and finance responsibilities,
(2) increase the frequency of independent reconciliations of significant
accounts which will mitigate the lack of segregation of duties until there are
sufficient personnel and (3) may consider appointing outside directors and audit
committee members in the future.

Management, including our Chief Executive Officer and Chief
Financial Officer, has discussed the material weakness noted above with our
independent registered public accounting firm. Due to the nature of this
material weakness, there is a more than a remote likelihood that misstatements
which could be material to the annual or interim financial statements could
occur that would not be prevented or detected.

This Annual Report does not include an attestation report of
our registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the our
registered public accounting firm pursuant to temporary rules of the SEC that
permit us to provide only management's report in this annual report.

Changes in Internal Controls

There were no changes in our internal control over financial
reporting that occurred during the fiscal year ended July 31, 2010 that have
materially affected, or that are reasonably likely to materially affect, our
internal control over financial reporting.

Limitations on the effectiveness of controls and
procedures

Our management, including our Chief Executive Officer and Chief
Financial Officer, do not expect that the our controls and procedures will
prevent all potential errors or fraud. A control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met.

ITEM 9B.        
OTHER INFORMATION.

None.

15

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE.

The following table sets forth the name and positions of our
sole executive officer and director.

Name
    Age
    PositionsKerry J. McCullagh
    53
    President, Secretary, Treasurer, Chief
      Executive Officer, Chief Financial Officer and Sole Director


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

Kerry J. McCullaghhas been our President, Secretary,
Treasurer, Chief Executive Officer, Chief Financial Officer and the sole member
of our Board of Directors since our inception on April 25, 2007. Mr. McCullagh
has been involved in the mineral exploration industry for more than twenty years
though he has no formal professional training or technical credentials in the
exploration, development and/or operations of metal mines.

Mr. McCullagh has participated in production gold mining,
extensive exploration programs including preliminary sampling, trenching, as
well as diamond drilling programs in both North and Central America. For the
past 5 years, he has been self-employed. Mr. McCullagh is also the principal and
sole shareholder of Polar Capital Corp., a private consulting British Columbia
company that provides management and administrative services to other mining
exploration companies. He is not currently an officer or director of any other
publicly listed company.

Mr. McCullagh was the president and director of Imperial
Consolidated Capital, a Nevada corporation that filed a Form 10-SB Registration
Statement to become a reporting company under the Exchange Act. Imperial
Consolidated Capital subsequently filed a Withdrawal of its Form 10-SB
Registration Statement and filed a Form 15 Notice of Termination of Registration
on July 12, 2006. Our former mineral property, the Triune Property was
originally the sole asset of Imperial Consolidated Capital.

During our early stages of business development, our President
devotes approximately 10 hours per week of his time to our business. If,
however, the demands of our business require more business time, such as raising
additional capital or addressing unforeseen issues with regard to our plan of
operation, he is prepared to adjust his timetable to devote up to 20 hours a
week on our business in furtherance of our plan of operation. However, Mr.
McCullagh may not be able to devote sufficient time to the management of our
business, as and when needed.

Terms of Office

Members of our board of directors are appointed to hold office
until the next annual meeting of our stockholders or until his or her successor
is elected and qualified, or until they resign or are removed in accordance with
the provisions of the Nevada Revised Statutes. Our officers are appointed by our
board of directors and hold office until removed by the board.

We do not pay to our directors any compensation for each
director serving as a director on our board of directors. In addition, at
present, there are no ongoing plans or arrangements for compensation of any of
our officers. Presently, there are no plans or agreements for compensation of
our officers and directors even if certain milestones are achieved in the
business plan. However, we expect to adopt a plan of reasonable compensation to
our officers and employees when and if we become operational and profitable.

Significant Employees

We have no significant employees other than our sole officer
and director. We conduct our business through agreements with consultants and
arms-length third parties. Currently, we have no formal consulting agreements in
place.

16

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Audit Committee and Audit Committee Financial Expert

We have a separately designated audit committee and Mr.
McCullagh is the sole member.

Mr. McCullagh is our sole director and does not qualify as an
audit committee financial expert. We believe that the cost related to
retaining such a financial expert at this time is prohibitive. Further, because
we are in the start-up stage of our business operations, we believe the services
of an audit committee financial expert are not warranted at this time.

Code Of Ethics

We adopted a Code of Ethics applicable to our officers and
directors, which is a code of ethics as defined by applicable rules of the
SEC.

Our Code of Ethics was attached as an exhibit to our Annual
Report on Form 10-K for the year ended July 31, 2008. If we make any amendments
to our Code of Ethics other than technical, administrative, or other
non-substantive amendments, or grant any waivers, including implicit waivers,
from a provision of our Code of Ethics to our officers or directors, we will
disclose the nature of the amendment or waiver, its effective date and to whom
it applies in a Current Report on Form 8-K filed with the SEC.

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 own more than 10% of a registered class
of our securities (Reporting Persons), to file reports of ownership and
changes in ownership with the SEC. Reporting Persons are required by SEC
regulations to furnish us with copies of all forms they file pursuant to Section
16(a). Based solely on our review of the copies of such forms received by us, we
believe that, during the last fiscal year, 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(m)(2) of Regulation S-K during the fiscal years ended July 31, 2010 and
2009:

SUMMARY COMPENSATION
      TABLEName & Principal
      Position
    Year End July 31,
    Salary ($)
    Bonus ($)
    Stock Awards ($)
    Option Awards ($)
    Non-EquityIncentive Plan
      Compen- sation ($)
    Nonqualified 
      Deferred Compen-
      sation Earnings ($)
    All Other Compen- sation
      ($)
    Total ($)Kerry J. McCullagh President, Secretary,
         Treasurer, CEO & CFO
    2010 
      2009
    $0 $0
    $0 $0
    $0 
      $0
    $0 $0
    $0 $0
    $0 $0
    $0 $0
    $0 
$0


We do not currently pay our directors or officers any salary or
consulting fee. We recognize donated services of $1,000 per month for the
services provided by Mr. McCullagh.

Outstanding Equity Awards At Fiscal Year-End

As at July 31, 2010, we had no outstanding equity awards.

Employment Contracts

We are not party to any employment contracts.

17

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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 October 22,
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
and each of our named executive officers (as defined under Item 402(m)(2) of
Regulation S-K), and (iii) officers and directors as a group. Unless otherwise
indicated, the shareholders listed possess sole voting and investment power with
respect to the shares shown.

Title of Class
    Name and Address of
      Beneficial Owner
    Number of Shares of Common
      Stock(1)
    Percentage of Common
      Stock(1)DIRECTORS AND OFFICERSCommon Stock
    Kerry J. McCullagh       CEO, CFO, President,
      Secretary, Treasurer & Director
    7,000,000 Shares (direct)
    42.3%Common Stock
    All Officers and Directors as a Group (1
      person)
    7,000,000 Shares
    42.3%5% SHAREHOLDERSCommon Stock
    Kerry J. McCullagh       CEO, CFO, President,
      Secretary, Treasurer & Director 
      595 Hornby Street, Suite 706,
      Vancouver, BC V6C 2E8
    7,000,000 Shares (direct)
    42.3%


|(1) | Under Rule 13d-3, a beneficial owner of a security
      includes any person who, directly or indirectly, through any contract,
      arrangement, understanding, relationship, or otherwise has or shares: (i)
      voting power, which includes the power to vote, or to direct the voting of
      shares; and (ii) investment power, which includes the power to dispose or
      direct the disposition of shares. 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 October 22, 2010. As of October 22, 2010,
      there were 16,530,000 shares of our common stock issued and
      outstanding.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Changes In Control

We are not aware of any arrangement that might result in a
change in control in the future.

18

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

Related Transactions

Except as described below, none of the following parties has,
during the last two fiscal years, 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.                                                                         

As at July 31, 2010, we are indebted to Mr. Kerry J. McCullagh
$135,360 (2009 - $127,146) for advances and expenses incurred on our behalf. The
amount is non-interest bearing, unsecured and due on demand.

Director Independence

Our common stock is quoted on the OTC Bulletin Board
inter-dealer quotation system, which does not have director independence
requirements. Under NASDAQ Rule 5605(a)(2), a director is not considered to be
independent if he or she is also an executive officer or employee of the
corporation. Our sole director, Kerry J. McCullagh, is also our sole executive
officer. As a result, we do not have any independent directors.

As a result of our limited operating history and minimal
resources, our management believes that it will have difficulty in attracting
independent directors. In addition, we would likely be required to obtain
directors and officers insurance coverage in order to attract and retain
independent directors. Our management believes that the costs associated with
maintaining such insurance is prohibitive at this time.

Canadian National Instrument 58-101

We are a reporting issuer in the Province of British Columbia.
National Instrument 58-101 of the Canadian Securities Administrators requires
our company to disclose annually on our Annual Report certain information
concerning corporate governance.

Board of Directors

Our Board of Directors is currently comprised of one member,
Mr. McCullagh. Mr McCullagh is not independent, as that term is defined in
Nation Instrument 52-110, due to the fact that he is our sole executive
officer.

Directorships

Mr. McCullagh is not currently a director or officer of any
other reporting issuer (or the equivalent in a foreign jurisdiction).

Orientation and Continuing Education

Mr. McCullagh provides an overview of the our business
activities, systems and business plan to all new directors. New director
candidates have free access to any of our records, employees or senior
management in order to conduct their own due diligence and will be briefed on
the strategic plans, short, medium and long term corporate objectives, business
risks and mitigation strategies, corporate governance guidelines and existing
policies of the Company. Directors are encouraged to update their skills and
knowledge by taking courses and attending professional seminars.

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Ethical Business Conduct

Our sole director believes good corporate governance is an
integral component to the success of the Company and to meet responsibilities to
shareholders. Generally, our sole director has found that the fiduciary duties
placed on individual directors by the Companys governing corporate legislation
and the common law and the restrictions placed by applicable corporate
legislation on an individual directors participation in decisions of the Board
of Directors in which the director has an interest have been sufficient to
ensure that the Board of Directors operates independently of management and in
the best interests of the Company.

Our sole director is also responsible for applying governance
principles and practices, and tracking development in corporate governance, and
adapting best practices to suit the needs of the Company. The sole director
may also be directors and officers of other companies, and conflicts of interest
may arise between their duties. Such conflicts must be disclosed in accordance
with, and are subject to such other procedures and remedies as applicable under
the Nevada Revised Statutes.

Nomination of Directors

Our sole director has not formed a nominating committee or
similar committee to assist him with the nomination of directors for the
Company. Our sole director considers the size of the Board of Directors to be
too small to warrant creation of such a committee; and our sole director has
contacts he can draw upon to identify new members of the Board of Directors as
needed from time to time.

Our sole director will continually assess the size, structure
and composition of the Board of Directors, taking into consideration its current
strengths, skills and experience, proposed retirements and the requirements and
strategic direction of the Company. As required, directors will recommend
suitable candidates for consideration as members of the Board of Directors.

Assessments

Our sole director has not implemented a process for assessing
his effectiveness. As a result of our small size and stage of development, our
sole director considers a formal assessment process to be inappropriate at this
time. Our sole director plans to continue evaluating his own effectiveness on an
ad hoc basis.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The aggregate fees billed for the two most recently completed
fiscal years ended July 31, 2010 and 2009 for professional services rendered by
the principal accountant for the audit of our annual financial statements and
review of the financial statements included in 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 July 31, 2010
    
    
    Year
      Ended July 31, 2009Audit Fees
    $
    13,283
    
    $
    14,542Audit-Related Fees
    
    -
    
    
    -Tax Fees
    
    -
    
    
    -All Other Fees
    
    -
    
    
    -Total
    $
    13,283
    
    $
    14,542


20

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PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

|Exhibit |                                                                                                                                                                                                             
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description of Exhibit                                                                                                                                                                                      
|3.1     | Articles of Incorporation, as
      amended.(1)                                                                                                                                                             
|3.2     | Certificate of Change Pursuant to NRS 78.209
      increasing the authorized capital of common stock to 300,000,000 shares,
      par value $0.001 per share (2-for-1 Stock Split).(3)                      
|3.3     | Bylaws.(1)                                                                                                                                                                                                  
|4.1     | Form of Convertible Note.(4)                                                                                                                                                                                
|10.1    | Property Option Agreement dated
      June 30, 2007 between William McCullagh and Contact Minerals
      Corp.(1)                                                                                           
|10.2    | Amendment to Property Option Agreement between
      William McCullagh and Contact Minerals Corp.(2)                                                                                                        
|14.1    | Code of Ethics.(2)                                                                                                                                                                                          
|31.1    | Certification of Chief Executive Officer and
      Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
      of 2002.                                                                 
|32.1    | Certification of Chief
      Executive Officer and Chief Financial Officer pursuant to pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002.
|99.1    | Audit Committee Charter.(2)                                                                                                                                                                                 

Notes:

(1) Filed with the SEC as an exhibit to our Registration
Statement on Form SB-2 filed on October 1, 2007. (2) Filed with the SEC as
an exhibit to our Annual Report on Form 10-K filed on October 29, 2008.(3)
Filed with the SEC as an exhibit to our Current Report on Form 8-K filed on
February 9, 2009. (4) Filed with the SEC as an exhibit to our Current Report
on Form 8-K filed on February 12, 2010.

21

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SIGNATURES

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

|      |                  |     | CONTACT MINERALS CORP.                                                                    
|----- | ---------------- | --- | ------------------------------------------------------------------------------------------
|      |                  |     |                                                                                           
|      |                  |     |                                                                                           
|      |                  |     |                                                                                           
|Date: | October 29, 2010 | By: | /s/
      Kerry J. McCullagh                                                              
|      |                  |     | KERRY J. McCULLAGH                                                                        
|      |                  |     | Chief Executive Officer, Chief Financial
      Officer, President, Secretary and Treasurer
|      |                  |     | (Principal Executive Officer & Principal
      Accounting Officer)                        

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

|Date: | October 29, 2010 | By: | /s/
      Kerry J. McCullagh                                                              
|----- | ---------------- | --- | ------------------------------------------------------------------------------------------
|      |                  |     | KERRY J. McCULLAGH                                                                        
|      |                  |     | Chief Executive Officer, Chief Financial
      Officer, President, Secretary and Treasurer
|      |                  |     | (Principal Executive Officer & Principal
      Accounting Officer)                        
|      |                  |     | Director                                                                                  

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