----

----

|   | For the fiscal year ended May 31, 2011 | Commission file Number 1-7602 |
|--------|----------------------------------------|-------------------------------|

| UTAH                                                       | 87-0292122                                |
|------------------------------------------------------------|-------------------------------------------|
| State or jurisdiction                                      | IRS Employer                              |
| of incorporation or organization                           | Identification No.                        |
|                                                       |                                      |
| Address of principal executive offices                     | Post office Box 3551                      |
|                                                       | Duluth, Minnesota  55803        |
|                                                       |                                      |
| Registrant’s telephone number                        | (218) 724-4711                            |
|                                                       |                                      |
| E-Mail address                                             | mhubert1@msn.com                          |
|                                                       |                                      |
| Securities registered pursuant to Section 12(b) of the Act |                                      |
|                                                       |                                      |
| Title of Each Class                                        | Name of each exchange on which registered |
| Common stock (Par value                                    |                                      |
| $0.01 per share)                                           | None                                      |
|                                                       |                                      |
| Securities registered pursuant to Section 12(g) of the Act | None                                      |
|                                                       |                                      |
|                                                       |                                      |
|                                                       |                                      |

----

| 1.   | May 27, 2005 Wyoming District Court – Magistrate William Beaman |
|----------------|-----------------------------------------------------------------------|

| 2.   | July 13, 2005 Wyoming District Court – Judge Clarence Brimmer |
|----------------|---------------------------------------------------------------------|

| 3.   | November 26, 2006 U. S. Court of Appeals 10th Circuit – Circuit Judges Lucero, Siler, & O'Brien |
|----------------|-----------------------------------------------------------------------------------------------------------|

| 4.   | February 12, 2008 Supreme Court of the United States |
|----------------|------------------------------------------------------|

| 5.   | July 19, 2009 Wyoming District Court rejected lawsuit – Judge Clarence Brimmer |
|----------------|--------------------------------------------------------------------------------------|

----

| A. | Mountain West Mines, Inc. |
|----|---------------------------|

| B. | The Cleveland-Cliffs Iron Company (Cliffs Natural Resources Corp.) |
|----|--------------------------------------------------------------------|

----

| 1.   | The principal asset of Excalibur Industries is the uranium mineral ownership of all Area of Mutual Interest (AMI) projects as established by the May 17, 1967 Option & Agreement between Mountain West Mines and The Cleveland-Cliffs Iron Company. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The December 9, 2005 Option & Sales Agreement on some 14,000 acres of mineral rights – Excalibur Industries/Uranerz Energy Corporation. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | On August 17, 2010, Excalibur traded its Powder River Drill Hole Library to Uranerz Energy Corporation (URZ) for two million share warrants of URZ stock – strike price $3.00 – four-year term with scheduled execution. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | The May 17, 1967 Option and Agreement – MWM/Cliffs has multiple illicit violations of contract terms.  Some five court attempts by Excalibur have failed to rectify this the largest legal conflict in U. S. mining history.  The adverse Appellate Court ruling did, however, in an adjunct ruling, validated the “Buyer/Cliffs agreements.  Cliffs remains totally accountable. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The August 22, 1973 Mining Deed/MWM – American Nuclear (ANC) Corporation transferred some 400 unpatented mining claims to ANC with a reserve 2 1⁄2% royalty to MWM.  ANC later entered into a Joint Venture with T.V.A.  The ANC/TVA mineral acreage changed hands several times.  June 11, 1999, Pathfinder (Cogema) acknowledged ownership with 2 1⁄2% royalty obligations to MWM.  In August 2010, project changes suggest via Uranium One, the Russian ARMZ (Rosatom) now controls Uranium One Powder River Basin holdings, all now subject to AMI 4% royalty to Excalibur. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   |  8% yellow cake on:  North Butte/Brown deposit – 2002 – approx. 26,000,000 lbs. |
|----------------|------------------------------------------------------------------------------------------------------------|

| 2.   |  4% yellow cake on:  Brown Ranch deposit - and |
|----------------|---------------------------------------------------------------|

----

| Power Resources (CEGB)                                  |                                                                              |                                               |                    | Cogema (Pathfinder) |   |
|---------------------------------------------------------|-----------------------------------------------------------------------------------|----------------------------------------------------|-------------------------|---------------------|--------|
| Year                                                    |                                                                              | Mine                                               |                    |                |   | Year |   | Mine |   |
|                                                    | Highland                                                                          |                                               |                    |                |   |   | Irrigary |   |   |
| 1989                                                    |                                                                              | 742,000                                            |                    |                |   | 1990 |   | 33,400 |   |
| 1990                                                    |                                                                              | 1,000,000                                          |                    |                |   | 1991 |   | 58 |   |
| 1991                                                    |                                                                              | 500,000                                            |                    |                |   | 1994 |   | 342,400 |   |
| 1992                                                    |                                                                              | 992,000                                            |                    |                |   | 1997 |   | 507,800 |   |
| 1993                                                    |                                                                              | 821,513                                            |                    |                |   | 1998 |   | 340,000 |   |
| 1994                                                    |                                                                              | 811,200                                            |                    |                |   | 1999 |   | 185,000 |   |
| 1995                                                    |                                                                              | 866,000                                            |                    |                |   | 2000 |   | 64,000 |   |
| 1996                                                    |                                                                              | 1,180,000                                          |                    |                |   | 2001 |   | 38,000 |   |
| 1997                                                    |                                                                              | 1,551,361                                          |                    |                |   | 2002 |   | 33,000 |   |
| 1998                                                    |                                                                              | 1,126,000                                          |                    |                |   | 2003 |   | 24,000 |   |
| 1999                                                    |                                                                              | 2,580,000                                          |                    |                |   | 2004 |   | 8,000 |   |
| 2000                                                    |                                                                              | 880,000                                            |                    |                |   | 2005 |   | 3,000 |   |
| 2001                                                    |                                                                              | 695,000                                            |                    |                |   |   |   |   |   |
| 2002                                                    |                                                                              | 880,000                                            |                    |                |   |   |   |   |   |
|                                                    |                                                                              |                                               |                    |                |   |   |   |   |   |
| Highland & Smith (Cameco-Power Resources-Pathfinder | Smith Power Resources (Cameco)                                                    |
| 2002                                                    |                                                                              | 250,000                                            |                    |                |   | 2005 |   | 1,294,000 |   |
| 2003                                                    |                                                                              | 1,200,000                                          |                    |                |   | 2006 |   | 2,044,000 |   |
| 2004                                                    |                                                                              | 1,225,000                                          |                    |                |   | 2007 |   | 2,400,000 |   |
|                                                    |                                                                              |                                               |                    |                |   | 2008 |   | 1,200,000 |   |
|                                                    |                                                                              |                                               |                    |                |   | 2009 |   | 1,800,000 |   |
|                                                    |                                                                              |                                               |                    |                |   |   |   |   |   |
|                                                    |                                                                              |                                               | TOTALS: 26,312,000 lbs. |                |   |   |   |
|                                                    |                                                                              |                                               | VALUE: $1,600,000,000   |                |   |   |   |
|                                                    |                                                                              |                                               |                    |                |   |   |   |   |   |
|                                                    |                                                                              | ROYALTY DUE: $65,000,000 plus 7% Compound Interest |                    |                |
|                                                    |                                                                              |                                               |                    |                |   |   |   |   |   |
|                                                    | Total of current undisclosed contingency liabilities due Excalibur: $200,000,000+ |                                               |

----

| 1)   |  2,000,000 share warrants – divided into four parcels. |
|----------------|-------------------------------------------------------------------|

| 2)   | Strike Price of $3.00/share. |
|----------------|------------------------------|

| A)   | 500,000 shares @$3.00 anytime between now and June 30, 2014. |
|----------------|--------------------------------------------------------------|

| B)   | 500,000 shares @$3.00 anytime between July 1, 2011 and June 30, 2014. |
|----------------|-----------------------------------------------------------------------|

| C)   | 500,000 shares @$3.00 anytime between July 1, 2012 and June 30, 2014. |
|----------------|-----------------------------------------------------------------------|

| D)   | 500,000 shares @$3.00 anytime between July 1, 2013 and June 30, 2014. |
|----------------|-----------------------------------------------------------------------|

----

| 3)   |  The 2,000,000 shares are now registered with the American Stock Exchange. |
|----------------|---------------------------------------------------------------------------------|

| 4)   |  On August 25, 2010, the URZ Board of Directors issued a Shareholder Rights Plan which sets an Exercise Price at US $8.75/share in any future takeover event. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5)   |  The four warrant parcels are stored at Wells Fargo Bank NA safe deposit vault, Duluth, MN |
|----------------|-------------------------------------------------------------------------------------------------|

| 6)   |  The warrants can only be redeemed at the direction of Excalibur’s Board of Directors. |
|----------------|---------------------------------------------------------------------------------------------------|

| 7)   |  Current access to the Safe Deposit Storage is limited to:  Mr. Dexter A. Larsen, Atty/Fryberger, Buchanan, Smith & Frederick  P. A. 302 W. Superior Street, Ste. 700, Duluth, MN 55802; and Joseph P. Hubert, President Excalibur Industries. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8)   |  Mr. Dexter A. Larsen has agreed to exercise the warrants, during their time frame, with proper written authorization from Excalibur’s Board of Directors. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | North Butte Deposit Area                        |                |   |
|--------|-------------------------------------------------|---------------------|--------|
|   | Pfister Patent - 49-77-0019                | 222,420 acres  |   |
|   | Brown Patent - 49-77-0022                       | 730,016 acres       |   |
|   |                                            | 952,436 acres  |   |
|   |                                            |                |   |
|   | Surface acres included with mineral acres  | 309,000 acres  |   |
|   |                                            |                |   |
|   | Greasewood Creek Deposit Area                   |                |   |
|   | Greasewood Creek Patent - 49-75-0068       | 646,596 acres  |   |
|   | Surface acres                              | 0.000 acres    |   |
|   |                                            |                |   |

----

----

| 1.   |  MWM/Cliffs Agreements and Deeds Agreement not assignable in whole or in part without prior written notice by Cliffs et al: |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

----

| 6.   |  Project Liability: |
|----------------|--------------------------|

| (a-d) | No matters were submitted to a vote of security holders during the quarter ended May 31, 2010 through solicitation of proxies or otherwise.  The last annual shareholder’s meeting of the Company was held November 23, 2010. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | Principal Market:  The stock of the Corporation was formerly traded on the Intermountain Stock Exchange in Salt Lake City, Utah.  At the present time the stock is not traded on a listed stock exchange and the Company knows of no market maker. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Approximate number of shareholders of record as of May 31, 2011 is 1,103. |
|-----|---------------------------------------------------------------------------|

| (c-1) | No dividends have been paid or declared in the past 5 fiscal years. |
|-------|---------------------------------------------------------------------|

----

|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |
|---------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|-----------|
|                                                                |   | 2011   |      |   | 2010   |   |      | 2009   |   |   | 2008      |   |   | 2007   |      |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |
| Total Revenues                                                      |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $ | 0 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Total Operating Expense                                             |   |   | 28,747    |   |   |   | 15,316    |   |   |   | 60,437    |   |   |   | 21,408    |   |   |   | 12,398 |   |
| Income (Loss) from Operations                                       |   |   | (28,747   | )      |   |   | (15,136   | )      |   |   | (60,437   | )      |   |   | (21,408   | ) |   |   | (12,398 | ) |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Other Income (Expense)                                              |   |   | 53,394    |   |   |   | 9,044     |   |   |   | 13,122    |   |   |   | 13,616    |   |   |   | 9,139 |   |
|     Income (Loss) -                             |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|         Before Income Taxes |   |   | 24,647    |   |   |   | (6,092    | )      |   |   | (47,315   | )      |   |   | (7,792    | ) |   |   | (3,259 | ) |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Provision For Income Taxes                                          |   |   | 121       |   |   |   | 200       |   |   |   | 100       |   |   |   | 100       |   |   |   | 100 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     Net Income (Loss) Before                    |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|         Extraordinary Gain  |   |   | 24,526    |   |   |   | (6,292    | )      |   |   | (47,415   | )      |   |   | (7,892    | ) |   |   | (3,359 | ) |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Extraordinary Gain                                                  |   |   | 0         |   |   |   | 0         |   |   |   | 0         |   |   |   | 0         |   |   |   | 0 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     Net Income (Loss)                           |   |   | 24,526    |   |   |   | (6,292    | )      |   |   | (47,415   | )      |   |   | (7,892    | ) |   |   | (3,359 | ) |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Retained Earnings (Deficit)                                         |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     Beginning of Year                           |   |   | 92,092    |   |   |   | 98,384    |   |   |   | 145,799   |   |   |   | 153,691   |   |   |   | 157,050 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Retained Earnings (Deficit)                                         |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     End of Year                                 |   | $      | 116,618   |   |   | $      | 92,092    |   |   | $      | 98,384    |   |   | $      | 145,799   |   |   | $ | 153,691 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Average Shares of Common                                            |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     Stock Outstanding                           |   |   | 6,319,307 |   |   |   | 6,319,307 |   |   |   | 6,319,307 |   |   |   | 6,319,307 |   |   |   | 6,319,307 |   |
| Net Income (Loss) Per Share                                         |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     of Common Stock                             |   | $      | 0.0039    |   |   | $      | (0.0010   | )      |   | $      | (0.0075   | )      |   | $      | (0.0012   | ) |   | $ | (0.0005 | ) |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Total Assets -                                                      |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     End of Year                                 |   | $      | 291,866   |   |   | $      | 272,223   |   |   | $      | 309,102   |   |   | $      | 309,102   |   |   | $ | 297,470 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
| Long-Term Obligations                                               |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $ | 0 |   |
| Cash Dividends Declared                                             |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |
|     Per Share of Common Stock                   |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $      | 0         |   |   | $ | 0 |   |
|                                                                |   |   |      |   |   |   |      |   |   |   |      |   |   |   |      |   |   |   |   |   |

----

----

----

|   Excalibur Industries                                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Consolidated Balance Sheets                                                                                                                                                                  |
| May 31, 2011, 2010 and 2009                                                                                                                                                                  |
| (Unaudited)                                                                                                                                                                                  |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   | 2011 |   |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| Current Assets                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |
|     Cash and cash equivalents                                                                                                                                            |   | $ | 7,802 |   |   | $ | 65,842 |   |   | $ | 100,999 |   |
|     Marketable securities                                                                                                                                                |   |   | 183,964 |   |   |   | 106,005 |   |   |   | 46,025 |   |
|     Interest receivable                                                                                                                                                  |   |   | 0 |   |   |   | 276 |   |   |   | 1,354 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Current Assets                         |   |   | 191,766 |   |   |   | 172,123 |   |   |   | 148,378 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Property and Equipment                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|     Mining properties and interests                                                                                                                                      |   |   | 100,000 |   |   |   | 100,000 |   |   |   | 100,000 |   |
|     Furniture and fixtures                                                                                                                                               |   |   | 2,354 |   |   |   | 2,354 |   |   |   | 2,354 |   |
|     Mining equipment                                                                                                                                                     |   |   | 1,347 |   |   |   | 1,347 |   |   |   | 1,347 |   |
|                                                                                                                                                                                         |   |   | 103,701 |   |   |   | 103,701 |   |   |   | 103,701 |   |
|     Accumulated depreciation                                                                                                                                             |   |   | (3,661 | ) |   |   | (3,661 | ) |   |   | (3,661 | ) |
|                         Total Property and Equipment                 |   |   | 100,040 |   |   |   | 100,040 |   |   |   | 100,040 |   |
| Other Assets                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|     Deposits                                                                                                                                                             |   |   | 60 |   |   |   | 60 |   |   |   | 60 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Assets                                 |   | $ | 291,866 |   |   | $ | 272,223 |   |   | $ | 248,478 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|     Income tax payable                                                                                                                                                   |   | $ | 100 |   |   | $ | 100 |   |   | $ | 100 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Liabilities                            |   |   | 100 |   |   |   | 100 |   |   |   | 100 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' Equity                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|     Common stock - $.01 par value,                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|         authorized 10,000,000 shares,                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|             issued 6,066,011 shares including shares in treasury                                                                 |   |   | 63,193 |   |   |   | 63,193 |   |   |   | 63,193 |   |
|     Capital received in excess of par value                                                                                                                              |   |   | 80,591 |   |   |   | 80,591 |   |   |   | 80,591 |   |
|     Retained earnings (deficit)                                                                                                                                          |   |   | 116,618 |   |   |   | 92,092 |   |   |   | 98,384 |   |
|     Accumulated other comprehensive income                                                                                                                               |   |   | 31,469 |   |   |   | 36,352 |   |   |   | 6,315 |   |
|     Treasury Stock 10,100 shares at cost                                                                                                                                 |   |   | (105 | ) |   |   | (105 | ) |   |   | (105 | ) |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Stockholders' Equity                   |   |   | 291,766 |   |   |   | 272,123 |   |   |   | 248,378 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Liabilities and                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                             Stockholders' Equity |   | $ | 291,866 |   |   | $ | 272,223 |   |   | $ | 248,478 |   |

----

|  Excalibut Industries                                                                                                                                                        |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Operations and Changes in Retained Earnings (Deficit)                                                                                                  |   |
| Years Ended May 31, 2011, 2010 and 2009                                                                                                                                           |   |
| (Unaudited)                                                                                                                                                                       |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                              |   | 2011 |   |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |
|     Royalties                                                                                                                                                 |   | $ | --- |   |   | $ | --- |   |   | $ | --- |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|     Mining and related expenses                                                                                                                               |   |   | --- |   |   |   | --- |   |   |   | --- |   |
|     General and administrative                                                                                                                                |   |   | 28,747 |   |   |   | 15,136 |   |   |   | 60,437 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Total Operating Expenses          |   |   | 28,747 |   |   |   | 15,136 |   |   |   | 60,437 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Loss From Operations              |   |   | (28,747 | ) |   |   | (15,136 | ) |   |   | (60,437 | ) |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Income (Expense)                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|     Interest Expense                                                                                                                                          |   |   | --- |   |   |   | --- |   |   |   | --- |   |
|     Interest and dividend income                                                                                                                              |   |   | 11,136 |   |   |   | 9,432 |   |   |   | 9,223 |   |
|     Gain on other equity investments                                                                                                                          |   |   | 42,258 |   |   |   | (388 | ) |   |   | 3,899 |   |
|                                                                                                                                                                              |   |   | 53,394 |   |   |   | 9,044 |   |   |   | 13,122 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Income (Loss) Before Income Taxes |   |   | 24,647 |   |   |   | (6,092 | ) |   |   | (47,315 | ) |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision For Income Taxes                                                                                                                                                        |   |   | 121 |   |   |   | 200 |   |   |   | 100 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Net Income (Loss)                 |   |   | 24,526 |   |   |   | (6,292 | ) |   |   | (47,415 | ) |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings - Beginning of Year                                                                                                                                             |   |   | 92,092 |   |   |   | 98,384 |   |   |   | 145,799 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Retained Earnings - End of Year                                                                                                                                                   |   | $ | 116,618 |   |   | $ | 92,092 |   |   | $ | 98,384 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Income (Loss) Per Share of Common Stock                                                                                                                                       |   | $ | 0.0039 |   |   | $ | (0.0010 | ) |   | $ | (0.0075 | ) |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding Number of Common Shares                                                                                                                                               |   |   | 6,319,307 |   |   |   | 6,319,307 |   |   |   | 6,319,307 |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |

----

|  Excalibur Industries                                                                                                                                                                   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated Statements of Cash Flows                                                                                                                                                        |   |
| Years Ended May 31, 2011, 2010 and 2009                                                                                                                                                      |   |
| (Unaudited)                                                                                                                                                                                  |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                         |   | 2011 |   |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Cash Flows From Operating Activities                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
|     Net income (loss)                                                                                                                                                    |   | $ | 24,526 |   |   | $ | (6,292 | ) |   | $ | (47,415 | ) |
|     Adjustments to reconcile net loss to net cash                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|         provided by operating activities                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|             (Increase) Decrease in:                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                 Interest receivable                                                                          |   |   | 276 |   |   |   | 1,078 |   |   |   | (605 | ) |
|            (Gain) loss on other equity investments                                                                                    |   |   | (42,258 | ) |   |   | 388 |   |   |   | (3,899 | ) |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Net Cash Provided By (Used in)               |   |   |   |   |   |   |   |   |   |   |   |   |
|                             Operating Activities |   |   | (17,456 | ) |   |   | (4,826 | ) |   |   | (51,919 | ) |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows From Investing Activities                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|     Purchase of investment securities                                                                                                                                    |   |   | (124,587 | ) |   |   | (35,387 | ) |   |   | (39,710 | ) |
|     Proceeds from sale of investment securities                                                                                                                          |   |   | 84,003 |   |   |   | 5,056 |   |   |   | 78,895 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Net Cash (Used) Provided By                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                             Investing Activities |   |   | (40,584 | ) |   |   | (30,331 | ) |   |   | 39,185 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash Flows From Financing Activities                                                                                                                                                         |   |   | --- |   |   |   | --- |   |   |   | --- |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Net Cash Provided (Used) By                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                             Financing Activities |   |   | --- |   |   |   | --- |   |   |   | --- |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|                         Net decrease In Cash                         |   |   | (58,040 | ) |   |   | (35,157 | ) |   |   | (12,734 | ) |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash - Beginning of Year                                                                                                                                                                     |   |   | 65,842 |   |   |   | 100,999 |   |   |   | 113,733 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash - End of Year                                                                                                                                                                           |   | $ | 7,802 |   |   | $ | 65,842 |   |   | $ | 100,999 |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Disclosures                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Income taxes paid                                                                                                                                                    |   | $ | 121 |   |   | $ | 200 |   |   | $ | 100 |   |
|     Interest paid                                                                                                                                                        |   | $ | --- |   |   |   | --- |   |   |   | --- |   |
|                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|                                                |   | 2011   |    |   | 2010   |   |    | 2009   |   |
|-----------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|  Cost                                          |   |   | 152,495 |   |   |   | 69,653  |   |   |   | 39,710 |   |
|  Fair value                                    |   |   | 183,964 |   |   |   | 106,005 |   |   |   | 46,025 |   |
|  Total gains in accumulated                    |   |   |    |   |   |   |    |   |   |   |   |   |
|      Other comprehensive income |   |   | 31,469  |   |   |   | 36,352  |   |   |   | 6,315 |   |
|                                                |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                |   |   |    |   |   |   |    |   |   |   |   |   |

|          |   | 2011   |    |   | 2010   |   |    | 2009   |
|---------------|--------|--------|---------|--------|--------|--------|---------|--------|
|  Uranium |   | $      | 100,000 |   |   | $      | 100,000 |   |   | $ | 100,000 |   |   |
|          |   |   |    |   |   |   |    |   |   |   |   |   |   |

|                                 |   |   | 2011   |   |   |   | 2010  |   |   |   | 2009  |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|------------|--------|
|                                 |   |   |   |   |   |   |       |   |   |   |       |   |
|  Reports and publications       |   |   | 1,760  |   |   |   | 1,531      |   |   |   | 1,685      |   |
|  Professional                   |   |   | 19,737 |   |   |   | 8,313      |   |   |   | 49,242     |   |
|  Office expenses and travel     |   |   | 7,250  |   |   |   | 5,292      |   |   |   | 9,510      |   |
|                                 |   |   |   |   |   |   |       |   |   |   |       |   |
|       Total |   | $      | 28,747 |   |   | $      | 15,136     |   |   | $      | 60,437     |   |

----

| A)   | $1,319,287.00 advance royalty owed to the Cleveland-Cliffs Iron Company from royalties due MWM from any and all AMI production.  This obligation was satisfied by three different AMI operations – found to be invalid by Appellate Court ruling. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B)   | $250,000.00 advance royalty owed to the Uranerz Energy Corporation from production royalty due Excalibur from any of the following ore deposits:  Verna Ann; Niles Ranch; Hank; Willow Creek; Doughstick; and, Nichols Ranch. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C)   | $100,000.00 in two payments of $50,000 each from production royalty owed to Cliffs Natural Resources due MWM. |
|----------------|---------------------------------------------------------------------------------------------------------------|

----

| D)   | Securities and Exchange Commission - Form 10-K |
|----------------|------------------------------------------------|

|  (a, b & e) |  Name                  |  Age |  Position                                                              |
|----------------------|-----------------------------|-----------|-----------------------------------------------------------------------------|
|                 |                        |      |                                                                        |
|                 |  Joseph P. Hubert      |  79  |  President, Chief Executive Officer and chairman of Board of Directors |
|                 |  Jack D. Powers        |  74  |  Vice President and Director                                           |
|                 |  Allen E. Nugent       |  65  |  Director                                                              |
|                 |  Marguerite H. Emanual |  77  |  Secretary/Treasurer                                                   |
|                 |  John T. Morro         |  67  |  Director                                                              |
|                 |  Bruce H. Sederberg    |  56  |  Vice President and Director                                           |

----

| (c) | Excalibur has no full time employees. |
|-----|---------------------------------------|

| (d) | Mrs. Marguerite H. Emanuel was elected Corporate Secretary at the November 19, 2002 Annual Meeting.  Mrs. Emanuel is the sister of Joseph P. Hubert, President and CEO.  There are no other family relationships between any Director and Executive Officer and/or any other Director or Executive officer or nominee for Director. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   (g)  | No Officer, Director or nominee for Director has been involved in any legal proceedings involving Federal bankruptcy laws, or any State insolvency laws, or has been convicted or named in a criminal proceeding, or is the subject of any order, judgment, or decree limiting him in any activity, or from engaging in any type of business practice, or from engaging in any activity in connection with the purchase or sale of any security, or in connection with any violation of Federal or State security laws. A comprehensive review and examination by the United States Securities and Exchange Commission was conducted in 2004 and any deficiencies were corrected. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | Security Ownership of Certain Beneficial Owners: |
|-----|--------------------------------------------------|

|  Name and Address                                                    |  *Amount and      |  Nature of            |  Percent of Beneficial   |
|---------------------------------------------------------------------------|------------------------|----------------------------|-------------------------------|
|  of Beneficial Owner                                                 |  Title of Class   |  Beneficial Ownership |  Ownership as of 5/31/06 |
|                                                                      |                   |                       |                          |
|  Joseph P. Hubert                                                    |  1,179,000 Common |  Direct               |  18.66%                  |
|  1800 Lakeview Drive                                                 |                   |                       |                          |
|  Duluth, MN  55803                                              |                   |                       |                          |
|                                                                      |                   |                       |                          |
|  Allen E. Nugent                                                     |  1,396,828 Common |  Direct               |  22.10%                  |
|  10238 South 2375 East                                               |                   |                       |                          |
|  Sandy, UT  84092                                               |                   |                       |                          |
|                                                                      |  300,000 Common   |  Direct               |  4.75%                   |
|  Service Credit Corp.                                                |                   |                       |                          |
|  377 N. Main                                                         |                   |                       |                          |
|  Layton, UT  84041                                              |                   |                       |                          |
|                                                                      |                   |                       |                          |
|                                                                      |                   |                       |                          |
| (b)       Security Ownership of Management: |
|                                                                      |                   |                       |
| Name of                                                                   | Amount and   | Nature of                  |                          |
| Beneficial Owner                                                          | Title of Class         | Beneficial Ownership       |                          |
|                                                                      |                   |                       |                          |
| Joseph P. Hubert                                                          |  1,179,000 Common |  Direct               |  18.66%                  |
| Marguerite H. Emanuel                                                |  167,500 Common   |  Direct               |  2.65%                   |
| Allen E. Nugent                                                      |  1,396,828 Common |  Direct               |  22.10%                  |

| (c) | Changes in Control: |
|-----|---------------------|

| (a) | Transactions with Management and Others |
|-----|-----------------------------------------|

----

|   | (a) | 1. | Unaudited Consolidated Financial Statements for the fiscal years ended May 31, 2011, 2010 and 2009, including: Accountants' Compilation ReportConsolidated Balance SheetsConsolidated Statements of Operations and Changes in Retained Earnings (Deficit)Consolidated Statements of Cash FlowsNotes to Consolidated Financial Statements |
|--------|-----|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. 3. | None None |
|--------|------------|----------------|

| (b) | No reports on Form 8-K have been filed during the quarter ended May 31, 2011 |
|-----|------------------------------------------------------------------------------|

| (c) | None |
|-----|------|

| (d) | None |
|-----|------|

|  Date:  July 1, 2011 |  By: |  /s/  Joseph P. Hubert         |   |
|--------------------------------|-----------|------------------------------------------|--------|
|                           |      |  President, Chief Executive Officer |   |
|                           |      |  and Chairman of Board of Directors |   |
|                           |      |                                     |   |
|  Date:  July 1, 2011 |  By: |  /s/  Jack D. Powers           |   |
|                           |      | Vice President and Director         |   |
|                           |      |                                     |   |
|                           |      |                                     |   |
|                           |      |                                     |   |

----

----