---

UNITED STATESSECURITIES
AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-KSB

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

For the fiscal year ended SEPTEMBER 30, 2007

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

For the transition period
from_________________to__________________

Commission file number: 333-132648

Nugget Resources Inc.(Name of small business issuer in its charter)

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

778 Fort Street StreetVictoria, British Columbia, Canada V8W 1H2(Address of principal executive offices)

(250)385-8444Issuer's telephone number

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

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

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

Common Stock (Title of
Class)

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Check whether the Issuer (1) filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
during the past 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes _____ No X

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

Yes X  No
_____

Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes X 
No_____

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

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

$55,000 as at December 27, 2007 based on the
last sale's price of our common stock.

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

10,500,000 shares of common stock as at December
27, 2007

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TABLE OF CONTENTS

|         |                                                                                             | PAGE
|-------- | ------------------------------------------------------------------------------------------- | ----
|ITEM 1:  | DESCRIPTION OF
      BUSINESS                                                               | 1   
|ITEM 2:  | DESCRIPTION OF PROPERTY                                                                     | 3   
|ITEM 3:  | LEGAL
      PROCEEDINGS                                                                     | 3   
|ITEM 4:  | SUBMISSION OF MATTERS TO A VOTE OF
      SECURITY HOLDERS                                   | 3   
|ITEM 5:  | MARKET FOR COMMON
      EQUITY AND RELATED STOCKHOLDER MATTERS                              | 3   
|ITEM 6:  | PLAN OF OPERATION                                                                           | 4   
|ITEM 7:  | FINANCIAL
      STATEMENTS                                                                  | 5   
|ITEM 8:  | CHANGES IN AND DISAGREEMENTS WITH
      ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES | 19  
|ITEM 8A: | CONTROLS AND PROCEDURES                                                                     | 19  
|ITEM 9:  | DIRECTORS, EXECUTIVE OFFICERS,
      PROMOTERS AND CONTROL PERSONS                          | 20  
|ITEM 10: | EXECUTIVE
      COMPENSATION                                                                | 21  
|ITEM 11: | SECURITY OWNERSHIP OF CERTAIN
      BENEFICIAL OWNERS AND MANAGEMENT                        | 22  
|ITEM 12: | CERTAIN
      RELATIONSHIPS AND RELATED TRANSACTIONS                                        | 22  
|ITEM 13: | EXHIBITS AND REPORTS                                                                        | 23  
|ITEM 14: | PRINCIPAL
      ACCOUNTANT FEES AND SERVICES                                                | 23  

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PART I

ITEM 1: DESCRIPTION OF BUSINESS

We commenced operations as an exploration stage
company. During the fiscal year ended September 30, 2007, we held an interest in
one mineral claim known as the Raven property located approximately 17
kilometers northeast of Princeton, in south central British Columbia. However,
we were unable to keep the mineral claim in good standing due to lack of funding
and our interest in it has lapsed.

We are reviewing other potential acquisitions in
the resource and non-resource sectors. While we are in the process of completing
due diligence reviews of several opportunities, there is no guarantee that we
will be able to reach any agreement to acquire such assets.

Employees

We have no employees as of the date of this annual
report other than our two directors.

Research and Development Expenditures

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

Subsidiaries

We do not have any subsidiaries.

Patents and Trademarks

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

Risk Factors

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

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

Our current operating funds are less than
necessary to complete any acquisition of a business interest and fund its future
development. As of September 30, 2007, we had no cash on hand. We currently do
not have any operations and we have no income. We will require additional funds
to review, acquire and develop business assets. We do not currently have any
arrangements for financing and we can provide no assurance to investors that we
will be able to find such financing if required.

1

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BECAUSE WE DO NOT HAVE ANY BUSINESS OPERATIONS,
WE FACE A HIGH RISK OF BUSINESS FAILURE.

We were incorporated on March 10, 2005 and have
been involved in the acquisition and exploration of mineral exploration
properties. We were unsuccessful in this initial business plan and are now
seeking to acquire an interest in alternative assets. We may not be able to
identify and acquire any interest in suitable business assets.

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 operating revenues
or ever achieve profitable operations. If we are unsuccessful in addressing
these risks, our business will fail.

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

We have incurred losses since our inception
resulting in an accumulated deficit of $75,951 at September 30, 2007. Further
losses are anticipated in the acquisition and development of a business. As a
result, there is substantial doubt about our ability to continue as a going
concern. Our ability to continue as a going concern is dependent upon our
ability to generate profitable operations in the future and/or to obtain the
necessary financing to meet our obligations and repay our liabilities arising
from normal business operations when they come due. If we cannot raise financing
to meet our obligations, we will be insolvent and will cease business
operations.

BECAUSE OUR PRESIDENT HAS OTHER BUSINESS
INTERESTS, HE MAY NOTBE ABLE OR WILLING TO DEVOTE A
SUFFICIENT AMOUNT OF TIME TO OUR BUSINESS OPERATIONS, WHICH COULD CAUSE OUR
BUSINESS TO FAIL.

Our president, Mr. Peter Sorel spends
approximately 50% of his business time providing his services to us. It is
possible that the demands on Mr. Sorel from his other obligations could increase
with the result that he would no longer be able to devote sufficient time to the
management of our business.

OUR COMMON SHARES ARE CONSIDERED PENNY STOCK,
WHICH LIMITS AN INVESTORS ABILITY TO SELL THE STOCK.

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

Forward-Looking Statements

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

2

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ITEM 2: DESCRIPTION OF PROPERTY

We do not own or lease any property.

ITEM 3: LEGAL PROCEEDINGS

There are no legal proceedings pending or
threatened against us.

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

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

PART II

ITEM 5: MARKET FOR COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS

Market Information

Our shares of common stock are quoted for trading
on the OTC Bulletin Board under the symbol NUGR. However, no trades of our
shares of common stock have occurred through the facilities of the OTC Bulletin
Board to the date of this annual report.

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

Dividends

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

1. we would not be able to pay our debts as they
become due in the usual course of business; or

2. our total assets would be less than the sum of
our total liabilities plus the amount that would be needed to satisfy the rights
of shareholders who have preferential rights superior to those receiving the
distribution.

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

3

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ITEM 6: PLAN OF OPERATION

Our plan of operation for the twelve months
following the date of this annual report is to continue to review other
potential acquisitions in the resource and non-resource sectors. Currently, we
are in the process of completing due diligence reviews of several business
opportunities. We expect that these reviews could cost us a total of $25,000 in
the next 12 months.

As well, we anticipate spending an additional
$25,000 on administrative fees, including fees we will incur in complying with
reporting obligations. Total expenditures over the next 12 months are therefore
expected to be $50,000.

We do not currently have enough funds on hand to
cover our anticipated expenses for the next 12 months. We anticipate that
additional funding will be required in the form of equity financing from the
sale of our common stock or from director loans. However, we do not have any
arrangements in place for any future equity financing.

Results of Operations for the Fiscal Year Ended
September 30, 2007

We did not earn any revenues for the year ended
September 30, 2007. We incurred operating expenses in the amount of $29,220 for
the year ended September 30, 2007 consisting of general and administrative
expenses. At September 30, 2007, we had no assets and had total liabilities
recorded at $23,151. These consisted of a $1,201 bank overdraft, account payable
and accrued liabilities of $11,950 and $10,000 due to a related party.

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

4

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Item 7: Financials



****

|Nugget Resources Inc.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Financial Statements          
|(Expressed in U.S. Dollars)   
|30 September 2007             





The accompanying notes are an integral part of
these financial statements.

5

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Report of Independent registered Public Accounting Firm

To the Board of Directors and Stockholders 
  Nugget Resources, Inc.
  British Columbia, Canada

We have audited the accompanying balance sheet of Nugget Resources, Inc. (An Exploration Stage Company) as of September 30, 2007 and the related statements of operations, stockholders deficit and cash flows for the year then ended, and from inception (March 10, 2005) to September 30, 2007. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nugget Resources, Inc. (An Exploration Stage Company) as of September 30, 2007 and the related statements of operations, stockholders deficit and cash flows for the year then ended, and from inception (March 10, 2005) to September 30, 2007 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in the financial statements, the Company has suffered losses from operations; current liabilities exceed current assets, and the Company has an accumulated deficit of $75,951, all of which raise substantial doubt about its ability to continue as a going concern. Managements plan in regards to these matters is also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



/s/ De Joya Griffith & Company, LLC 
  Henderson, Nevada

December 6, 2007

6

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|JAMES STAFFORD
|--------------
|              
|              
|              
|              
|              
|              
|              
|              
|              

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of 
  Nugget Resources Inc.(A Development Stage Company)

We have audited the balance sheets of Nugget Resources Inc.as at 30 September 2006 and 2005, and the related statements of operations, cash flows and changes in stockholders equity for the year ended 30 September 2006, from the period of inception on 10 March 2005 to 30 September 2005 and for the period from the date of inception on 10 March 2005 to 30 September 2006. 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 of America). 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of 30 September 2006 and 2005 and the results of its operations, cash flows and changes in stockholders equity for the year ended 30 September 2006, from the period of inception on 10 March 2005 to 30 September 2005 and for the period from the date of inception on 10 March 2005 to 30 September 2006 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note Error! Bookmark not defined.to the financial statements, conditions exist which raise substantial doubt about the Companys ability to continue as a going concern unless it is able to generate sufficient cash flows to meet its obligations and sustain its operations. Managements plans in regard to these matters are also described in Note Error! Bookmark not defined.. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

|                  | /s James Stafford  
|----------------- | ---------------------
|Vancouver, Canada | Chartered Accountants

6 December 2006

7

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|Nugget Resources Inc.         
|------------------------------
|(An Exploration Stage Company)
|Balance Sheets                
|(Expressed in U.S. Dollars)   

|                                                              |   | As at 30  |   |   | As at 30  |  
|------------------------------------------------------------- | - | --------- | - | - | --------- | -
|                                                              |   | September |   |   | September |  
|                                                              |   | 2007      |   |   | 2006      |  
|                                                              |   | (Audited) |   |   | (Audited) |  
|                                                              |   |           |   |   |           |  
|                                                              |   |           |   |   |           |  
|Assets                                                        |   |           |   |   |           |  
|                                                              |   |           |   |   |           |  
|Current
      Assets                                          |   |           |   |   |           |  
|Cash and cash equivalents                                     | $ | -         |   | $ | 2,243     |  
|                                                              |   |           |   |   |           |  
|Total Current
      Assets                                    |   | -         |   |   | 2,243     |  
|                                                              |   |           |   |   |           |  
|TOTAL ASSETS                                                  | $ | -         |   | $ | 2,243     |  
|                                                              |   |           |   |   |           |  
|Liabilities and Stockholders
      Deficit                   |   |           |   |   |           |  
|                                                              |   |           |   |   |           |  
|Current
      Liabilities                                     |   |           |   |   |           |  
|Bank
      overdraft                                          | $ | 1,201     |   | $ | -         |  
|Accounts payable and accrued
      liabilities (Note 4)       |   | 11,950    |   |   | 10,574    |  
|Due to related
      party (Note 6)                           |   | 10,000    |   |   | -         |  
|                                                              |   |           |   |   |           |  
|Total Current
      Liabilities                               |   | 23,151    |   |   | 10,574    |  
|                                                              |   |           |   |   |           |  
|TOTAL
      LIABILITIES                                       |   | 23,151    |   |   | 10,574    |  
|                                                              |   |           |   |   |           |  
|Stockholders
      deficit                                   |   |           |   |   |           |  
|Common stock(Note 5): $0.001 par value; authorized 75,000,000 |   |           |   |   |           |  
|shares; issued
      and outstanding: 10,500,000              |   | 10,500    |   |   | 10,500    |  
|Additional paid-in
      capital                              |   | 42,300    |   |   | 27,900    |  
|Deficit
      accumulated during the exploration stage        |   | (75,951   | ) |   | (46,731   | )
|                                                              |   |           |   |   |           |  
|Total
      Stockholders Deficit                             |   | (23,151   | ) |   | (8,331    | )
|                                                              |   |           |   |   |           |  
|TOTAL
      LIABILITIES AND STOCKHOLDERS DEFICIT             | $ | -         |   | $ | 2,243     |  

The accompanying notes are an integral part of
these financial statements.

8

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|Nugget Resources Inc.         
|------------------------------
|(An Exploration Stage Company)
|Statements of Operations      
|(Expressed in U.S. Dollars)   
|                              

|                                               |   | For the year |   |   | For the year |   |   | From inception on |  
|---------------------------------------------- | - | ------------ | - | - | ------------ | - | - | ----------------- | -
|                                               |   | ended        |   |   | ended        |   |   | 10 March 2005 to  |  
|                                               |   | 30 September |   |   | 30 September |   |   | 30 September      |  
|                                               |   | 2007         |   |   | 2006         |   |   | 2007              |  
|                                               |   |              |   |   |              |   |   |                   |  
|Revenues                                       | $ | -            |   | $ | -            |   | $ | -                 |  
|                                               |   |              |   |   |              |   |   |                   |  
|Expenses                                       |   |              |   |   |              |   |   |                   |  
|Mineral property expenditures
      (Note 3)   |   | -            |   |   | 5,000        |   |   | 9,000             |  
|General and
      administrative               |   | 14,820       |   |   | 20,276       |   |   | 38,151            |  
|Management fees  related party
      (Note 6) |   | 12,000       |   |   | 12,000       |   |   | 24,000            |  
|Rent expense 
      related party (Note 6)    |   | 2,400        |   |   | 2,400        |   |   | 4,800             |  
|                                               |   |              |   |   |              |   |   |                   |  
|Net
      loss                                 | $ | (29,220      | ) | $ | (39,676      | ) | $ | (75,951           | )
|                                               |   |              |   |   |              |   |   |                   |  
|Basic loss
      per common share              | $ | (0.003       | ) | $ | (0.004       | ) |   |                   |  
|                                               |   |              |   |   |              |   |   |                   |  
|Weighted
      average number of common        |   |              |   |   |              |   |   |                   |  
|shares                                         |   | 10,500,000   |   |   | 10,500,000   |   |   |                   |  

The accompanying notes are an integral part of
these financial statements.

9

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|Nugget Resources Inc.             
|----------------------------------
|(An Exploration Stage Company)    
|Statement of Stockholders Deficit
|(Expressed in U.S. Dollars)       
|                                  

|                                    |  |               |  |   |               |  |   |            |  |   | Deficit,    |   |   |               |  
|----------------------------------- |  | ------------- |  | - | ------------- |  | - | ---------- |  | - | ----------- | - | - | ------------- | -
|                                    |  |               |  |   |               |  |   |            |  |   | accumulated |   |   |               |  
|                                    |  | Number of     |  |   |               |  |   | Additional |  |   | during the  |   |   |               |  
|                                    |  | common        |  |   |               |  |   | paid-in    |  |   | Exploration |   |   | Stockholders |  
|                                    |  | shares issued |  |   | Capital stock |  |   | capital    |  |   | stage       |   |   | deficit       |  
|                                    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|                                    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|Balance at 10
      March 2005      |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|(inception)                         |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|Common shares issued for cash       |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|($0.001 per share)
      - 18 March |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|2005                                |  | 5,000,000     |  | $ | 5,000         |  | $ | -          |  | $ | -           |   | $ | 5,000         |  
|Common shares
      issued for cash |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|($0.001 per share) - 5 April 2005   |  | 4,000,000     |  |   | 4,000         |  |   | -          |  |   | -           |   |   | 4,000         |  
|Common shares
      issued for cash |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|($0.01 per share) - 13 April 2005   |  | 675,000       |  |   | 675           |  |   | 6,075      |  |   | -           |   |   | 6,750         |  
|Common shares
      issued for cash |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|($0.01 per share) - 21 April 2005   |  | 825,000       |  |   | 825           |  |   | 7,425      |  |   | -           |   |   | 8,250         |  
|Net loss for the
      period       |  | -             |  |   | -             |  |   | -          |  |   | (7,055      | ) |   | (7,055        | )
|                                    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|Balance at 30 September
      2005  |  | 10,500,000    |  |   | 10,500        |  |   | 13,500     |  |   | (7,055      | ) |   | 16,945        |  
|Contributions to capital by         |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|related parties 
      expenses    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|(Notes 5 and 6)                     |  | -             |  |   | -             |  |   | 14,400     |  |   | -           |   |   | 14,400        |  
|Net loss for the
      year         |  | -             |  |   | -             |  |   | -          |  |   | (39,676     | ) |   | (39,676       | )
|                                    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|Balance at 30 September
      2006  |  | 10,500,000    |  |   | 10,500        |  |   | 27,900     |  |   | (46,731     | ) |   | (8,331        | )
|Contributions to capital by         |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|related parties 
      expenses    |  |               |  |   |               |  |   |            |  |   |             |   |   |               |  
|(Notes 5 and 6)                     |  | -             |  |   | -             |  |   | 14,400     |  |   | -           |   |   | 14,400        |  
|Net loss for the
      period       |  | -             |  |   | -             |  |   | -          |  |   | (29,220     | ) |   | (29,220       | )
|Balance at 30
      September 2007  |  | 10,500,000    |  | $ | 10,500        |  | $ | 42,300     |  | $ | (75,951     | ) | $ | (23,151       | )

The accompanying notes are an integral part of
these financial statements.

10

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|Nugget Resources Inc.         
|------------------------------
|(An Exploration Stage Company)
|Statements of Cash Flows      
|(Expressed in U.S. Dollars)   
|                              

|                                                              |   |              |   |   |              |   |   | From            |  
|------------------------------------------------------------- | - | ------------ | - | - | ------------ | - | - | --------------- | -
|                                                              |   | For the year |   |   | For the year |   |   | inception on 10 |  
|                                                              |   | ended        |   |   | ended        |   |   | March 2005 to   |  
|                                                              |   | 30 September |   |   | 30 September |   |   | 30 September    |  
|                                                              |   | 2007         |   |   | 2006         |   |   | 2007            |  
|                                                              |   |              |   |   |              |   |   |                 |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Cash flows from operating
      activities                    |   |              |   |   |              |   |   |                 |  
|Net loss                                                      | $ | (29,220      | ) | $ | (39,676      | ) | $ | (75,951         | )
|Adjustments to
      reconcile net loss to net cash used by   |   |              |   |   |              |   |   |                 |  
|operating activities                                          |   |              |   |   |              |   |   |                 |  
|Contributions to capital by related parties  expenses        |   |              |   |   |              |   |   |                 |  
|(Notes 5 and
      6)                                         |   | 14,400       |   |   | 14,400       |   |   | 28,800          |  
|Changes in operating assets
      and liabilities             |   |              |   |   |              |   |   |                 |  
|Increase in accounts payable and
      accrued liabilities    |   |              |   |   |              |   |   |                 |  
|                                                              |   | 1,376        |   |   | 7,574        |   |   | 11,950          |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Net cash used in operating
      activities                   |   | (13,444      | ) |   | (17,702      | ) |   | (35,201         | )
|                                                              |   |              |   |   |              |   |   |                 |  
|Cash flows from financing
      activities                    |   |              |   |   |              |   |   |                 |  
|Bank overdraft                                                |   | 1,201        |   |   | -            |   |   | 1,201           |  
|Due to related party                                          |   | 10,000       |   |   | -            |   |   | 10,000          |  
|Common shares issued for cash                                 |   | -            |   |   | -            |   |   | 24,000          |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Net cash provided by financing
      activities               |   | 11,201       |   |   | -            |   |   | 35,201          |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Increase (decrease) in cash and cash
      equivalents        |   | (2,243       | ) |   | (17,702      | ) |   | -               |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Cash and cash equivalents, beginning of
      period          |   | 2,243        |   |   | 19,945       |   |   | -               |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Cash and cash equivalents, end of
      period                | $ | -            |   | $ | 2,243        |   | $ | -               |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Supplemental schedule of non-cash financing
      activities: |   |              |   |   |              |   |   |                 |  
|                                                              |   |              |   |   |              |   |   |                 |  
|                                                              |   |              |   |   |              |   |   |                 |  
|Cash paid during the year for
      interest                  | $ | -            |   | $ | -            |   | $ | -               |  
|Cash paid during the year for income
      taxes              | $ | -            |   | $ | -            |   | $ | -               |  



11

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|1. | Nature of Operations
|-- | --------------------

Nugget Resources Inc. (the
Company) was incorporated under the laws of the State of Nevada on 10 March
2005. The Company has acquired a mineral property located in the Province of
British Columbia, Canada and has not yet determined whether this property
contains reserves that are economically recoverable. The recoverability of
property expenditures will be dependent upon the discovery of economically
recoverable reserves, confirmation of the Companys interest in the underlying
property, the ability of the Company to obtain necessary financing to satisfy
the expenditure requirements under the property agreement and upon future
profitable production or proceeds for the sale thereof.

The Company is an
exploration stage enterprise, as defined in Statements of Financial Accounting
Standards (SFAS) No. 7. The Company is devoting all of its present efforts to
securing and establishing a new business and its planned principal operations
have not commenced. Accordingly, no revenue has been derived during the
organization period.

The Companys financial
statements as at 30 September 2007 have been prepared on a going concern basis,
which contemplates the realization of assets and the settlement of liabilities
and commitments in the normal course of business. The Company has a loss for the
years ended 30 September 2007 and 2006 of $29,220 and $39,676, respectively and
has a working capital deficiency of $23,151 and $8,331, respectively.

Management cannot provide
assurance that the Company will ultimately achieve profitable operations or
become cash flow positive, or raise additional debt and/or equity capital.
Management believes that the Companys capital resources should be adequate to
continue operating and maintaining its business strategy during the fiscal year
ending 30 September 2008. However, if the Company is unable to raise additional
capital in the near future, due to the Companys liquidity problems, management
expects that the Company will need to curtail operations, liquidate assets, seek
additional capital on less favourable terms and/or pursue other remedial
measures. These financial statements do not include any adjustments related to
the recoverability and classification of assets or the amounts and
classification of liabilities that might be necessary should the Company be
unable to continue as a going concern.

At 30 September 2007, the
Company was not engaged in a business and had suffered losses from exploration
stage activities to date. Although management is currently attempting to
implement its business plan, and is seeking additional sources of equity or debt
financing, there is no assurance these activities will be successful.
Accordingly, the Company must rely on its president to perform essential
functions without compensation until a business operation can be commenced.
These factors raise substantial doubt about the ability of the Company to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

|2. | Significant Accounting Policies
|-- | -------------------------------

The following is a summary
of significant accounting policies used in the preparation of these financial
statements.

Basis of presentation

The financial statements
of the Company have been prepared in accordance with accounting principles
generally accepted in the United States of America applicable to exploration
stage enterprises, and are expressed in U.S. dollars. The Companys fiscal year
end is 30 September.

12

---

Cash and cash
equivalents

Cash and cash equivalents
include highly liquid investments with original maturities of three months or
less.

Mineral property costs

The Company has been in
the exploration stage since its formation 10 March 2005 and has not yet realized
any revenues from its planned operations. It is primarily engaged in the
acquisition and exploration of mining properties. Mineral property acquisition
and exploration costs are charged to operations as incurred. When it has been
determined that a mineral property can be economically developed as a result of
establishing proven and probable reserves, the costs incurred to develop such
property, are capitalized. Such costs will be depleted using the
units-of-production method over the estimated life of the probable reserve.

Although the Company has
taken steps to verify title to mineral properties in which it has an interest,
according to the usual industry standards for the stage of exploration of such
properties, these procedures do not guarantee the Companys title. Such
properties may be subject to prior agreements or transfers and title may be
affected by undetected defects.

Financial instruments

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

Derivative financial
instruments

The Company has not, to
the date of these financial statements, entered into derivative instruments to
offset the impact of foreign currency fluctuations.

Environmental
expenditures

The operations of the
Company have been, and may in the future, be affected from time to time, in
varying degrees, by changes in environmental regulations, including those for
future reclamation and site restoration costs. Both the likelihood of new
regulations and their overall effect upon the Company vary greatly and are not
predictable. The Companys policy is to meet or, if possible, surpass standards
set by relevant legislation, by application of technically proven and
economically feasible measures.

Environmental expenditures
that relate to ongoing environmental and reclamation programs are charged
against earnings as incurred or capitalized and amortized depending on their
future economic benefits. Estimated future reclamation and site restoration
costs, when the ultimate liability is reasonably determinable, are charged
against earnings over the estimated remaining life of the related business
operation, net of expected recoveries.

13

---

Income taxes

Deferred income taxes are
reported for timing differences between items of income or expense reported in
the financial statements and those reported for income tax purposes in
accordance with SFAS No. 109,Accounting for Income
Taxes, which requires the use of the asset/liability
method of accounting for income taxes. Deferred income taxes and tax benefits
are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and
liabilities and their respective tax bases, and for tax loss and credit
carry-forwards. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The Company
provides for deferred taxes for the estimated future tax effects attributable to
temporary differences and carry-forwards when realization is more likely than
not.

Basic and diluted net
loss per share

The Company computes net
loss per share in accordance with SFAS No. 128,Earnings
per Share. SFAS No. 128 requires presentation of both
basic and diluted earnings per share (EPS) on the face of the income
statement. Basic EPS is computed by dividing net loss available to common
shareholders (numerator) by the weighted average number of shares outstanding
(denominator) during the period. Diluted EPS gives effect to all potentially
dilutive common shares outstanding during the period. In computing diluted EPS,
the average stock price for the period is used in determining the number of
shares assumed to be purchased from the exercise of stock options or warrants.
Diluted EPS excludes all potentially dilutive shares if their effect is
anti-dilutive.

Use of
estimates

The preparation of
financial statements in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenditures during the reporting period.
Actual results could differ from these estimates.

Concentrations of
credit risk

The Companys financial
instruments that are exposed to concentrations of credit risk primarily consist
of its cash. The Company places its cash and cash equivalents with financial
institutions of high credit worthiness. At times, its cash and cash equivalents
with a particular financial institution may exceed any applicable government
insurance limits. The Companys management also routinely assesses the financial
strength and credit worthiness of any parties to which it extends funds and as
such, it believes that any associated credit risk exposures are limited.

Risks and uncertainties

The Company operates in
the resource exploration industry that is subject to significant risks and
uncertainties, including financial, operational, technological, and other risks
associated with operating a resource exploration business, including the
potential risk of business failure.

14

---

Recent accounting
pronouncements

In February 2006, the
Financial Accounting Standards Board ("FASB") issued SFAS No. 155, "Accounting
for Certain Hybrid Financial Instruments--an Amendment of

FASB Statements No. 133
and 140" ("SFAS No. 155"). SFAS No. 155 allows financial instruments that
contain an embedded derivative and that otherwise would require bifurcation to
be accounted for as a whole on a fair value basis, at the holders' election.
SFAS No. 155 also clarifies and amends certain other provisions of SFAS No. 133
and SFAS No. 140. This statement is effective for all financial instruments
acquired or issued in fiscal years beginning after September 15, 2006. We do not
expect that the adoption of SFAS No. 155 will have a material impact on our
financial condition or results of operations.

In March 2006, the FASB
issued SFAS No. 156, "Accounting for Servicing of

Financial Assets-an
Amendment of FASB Statement No. 140" ("SFAS No. 156"). SFAS No. 156 provides
guidance on the accounting for servicing assets and liabilities when an entity
undertakes an obligation to service a financial asset by entering into a
servicing contract. This statement is effective for all transactions in fiscal
years beginning after September 15, 2006. We do not expect that the adoption of
SFAS No. 156 will have a material impact on our financial condition or results
of operations.

In July 2006, the FASB
issued FIN 48, "Accounting for Uncertainty in Income Taxes--an interpretation of
FASB Statement No. 109" ("FIN 48"). FIN 48 clarifies the recognition threshold
and measurement of a tax position taken on a tax return. FIN 48 is effective for
fiscal years beginning after December 15, 2006.

FIN 48 also requires
expanded disclosure with respect to the uncertainty in income taxes. We are
currently evaluating the requirements of FIN 48 and the impact this
interpretation may have on our financial statements.

In September 2006, the
FASB issued Statement of Financial Accounting Standard No. 157 Fair Value
Measurements. SFAS 157 defines fair value, establishes a framework for measuring
fair value in generally accepted accounting principles (GAAP), and expands
disclosures about fair value measurements. This Statement applies under other
accounting pronouncements that require or permit fair value measurements. This
Statement does not require any new fair value measurements. SFAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. We do not
expect the adoption of SFAS 157 to have a material impact on the Companys
financial position, results of operations or cash flows.

In February 2007, the FASB
issued Statement No. 159, "The Fair Value Option for Financial Assets and
Financial Liabilities, including an amendment of FASB Statement No. 115" (FAS
159). FAS 159 permits companies to choose to measure many financial instruments
and certain other items at fair value that are not currently required to be
measured at fair value and establishes presentation and disclosure requirements
designed to facilitate comparisons between companies that choose different
measurement attributes for similar types of assets and liabilities. The
provisions of FAS 159 become effective as of the beginning of our 2009 fiscal
year. We are currently evaluating the impact that FAS 159 will have on our
financial statements. We do not expect the adoption of SFAS 159 to have material
impact on the Companys financial position, results of operations or cash flows.

15

---

In December 2007, the FASB
issued SFAS 160,Noncontrolling Interests in Consolidated
Financial Statements,an
amendment of ARB No. 51which applies to all entities
that prepare consolidated financial statements, except not-for-profit
organizations, but will affect only those entities that have an outstanding
noncontrolling interest in one or more subsidiaries or that deconsolidate a
subsidiary. The statement is effective for annual periods beginning after
December 15, 2008.

|3. | Mineral Property
|-- | ----------------

Pursuant to a mineral
property purchase agreement dated 17 August 2005, the Company acquired a 100%
undivided right, title and interest in a 524.728 hectare mineral claim, located
in the Similkameen Mining Division of British Columbia, Canada for a cash
payment of $4,000 (paid). During the year ended 30 September 2006, the Company
paid $5,000 for exploration work on the property. The Company was unable to keep
the mineral claim in good standing due to lack of funding and has lost its
interest in the mineral claim..

|4. | Accounts Payable and Accrued Liabilities
|-- | ----------------------------------------

Accounts payable and
accrued liabilities are non-interest bearing, unsecured and have settlement
dates within one year.

|5. | Capital Stock
|-- | -------------

Authorized

The total authorized
capital is 75,000,000 common shares with a par value of $0.001 per common share.

Issued and outstanding

The total issued and
outstanding capital stock is 10,500,000 common shares with a par value of $0.001
per common share.

| | i.   | On 18 March 2005, 5,000,000 common shares of the Company
      were issued for cash proceeds of $5,000.
| | ---- | -------------------------------------------------------------------------------------------------------
| |      |                                                                                                        
| | ii.  | On 5 April 2005, 4,000,000 common shares of the Company
      were issued for cash proceeds of $4,000. 
| |      |                                                                                                        
| | iii. | On 13 April 2005, 675,000 common shares of the Company
      were issued for cash proceeds of $6,750.  
| |      |                                                                                                        
| | iv.  | On 21 April 2005, 825,000 common shares of the Company
      were issued for cash proceeds of $8,250.  

At 30 September 2007,
there were no outstanding stock options or warrants.

During the period ended 30
September 2007, officers and/or directors of the Company made contributions to
capital by the payment of Company expenses (Note 6).

16

---

|6. | Related Party Transactions
|-- | --------------------------

During the periods ended
30 September 2007 and 2006, officers and/or directors of the Company made
contributions to capital for management fees and rent of $12,000 and $2,400 for
both years, respectively (Note 5).

During the period ended 30
September 2007, a director of the Company advanced $10,000 to the Company. The
amount is unsecured, non interest bearing and is due on demand.

|7. | Income Taxes
|-- | ------------

At September 30, 2007 and
2006, the Company had a federal operating loss carryforward of approximately
$47,200 and $32,300, respectively, which begins to expire in 2025.

The provision for income
taxes consisted of the following components for the years ended September 30,:

2007
    
    
    2006Current:Federal
    $
    --
    
    $
    --Foreign
    
    --
    
    
    --Deferred:
    
    --
    
    
    --$
    --
    
    $
    --


Components of net deferred
tax assets, including a valuation allowance, are as follows at September 30,:

2007
    
    
    2006Deferred tax
      assets:Net operating loss
      carryforward
    $
    16,031
    
    $
    10,992Total deferred tax assets
    
    16,031
    
    
    10,992Less: Valuation Allowance
    
    (16,031
    )
    
    (10,992
    )Net Deferred Tax Assets
    $
    --
    
    $
    --


The valuation allowance
for deferred tax assets as of September 30, 2007 and 2006 was $16,031 and
$10,992, respectively. In assessing the recovery of the deferred tax assets,
management considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of
deferred tax assets is dependent upon the generation of future taxable income in
the periods in which those temporary differences become deductible. Management
considers the scheduled reversals of future deferred tax liabilities, projected
future taxable income, and tax planning strategies in making this assessment. As
a result, management determined it was more likely than not the deferred tax
assets would not be realized as of September 30, 2007 and 2006, and recorded a
full valuation allowance.

17

---

Reconciliation between the
statutory rate and the effective tax rate is as follows for the years ended
September 30,:

2007
    
    
    2006Federal
      statutory tax rate
    
    (34.0
    )%
    
    (34.0
    )%Foreign
    
    (4.5
    )%
    
    (4.5
    )%Change in
      valuationallowance
    
    38.5%
    
    
    38.5%Effective tax rate
    
    0.0%
    
    
    0.0%


|8. | Subsequent Event
|-- | ----------------

Subsequent to the year
ended 30 September 2007, a director of the Company advanced $6,000 to the
Company. This amount is unsecured, non interest bearing and has no specific
terms of repayment.

18

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ITEM 8: CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 8A: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls

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

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

Limitations on the Effectiveness of Controls

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

Conclusions

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

19

---

PART III

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

Our executive officers and directors and their
respective ages as of the date of this annual report are as follows:

Directors:Name of Director
    AgePeter Sorel
    55Executive Officers:Name of Officer
    Age
    OfficePeter Sorel
    55
    President, Chief ExecutiveOfficer, Secretary, Treasurerand a Director


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

Mr. Peter Sorel has acted as our President, Chief
Executive Officer, and as a director since July 6, 2005. Since January, 2001 he
has been employed as the store manager of Nugget Jewelers Inc., a retail jeweler
store located in Victoria, British Columbia, Canada.

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

Mr. Sorel intends to devote 50% of his business
time per week to our affairs.

All directors are elected annually by our
shareholders and hold office until the next Annual General Meeting. Each officer
holds office at the pleasure of the board of directors. No director or officer
has any family relationship with any other director or officer.

Section 16(A) Beneficial Ownership Reporting
Compliance

20

---

Section 16(a) of the Exchange Act requires our
executive officers and directors, and persons who beneficially own more than 10%
of our equity securities, to file reports of ownership and changes in ownership
with the Securities and Exchange Commission. Officers, directors and greater
than 10% shareholders are required by SEC regulation to furnish us with copies
of all Section 16(a) forms they file. Based on our review of the copies of such
forms we received, we believe that during the fiscal year ended September 30,
2007 all such filing requirements applicable to our officers and directors were
complied except for reports filed late by the following persons:

|Name and principal       | Number          | Transactions Not Timely | Known Failures         
|------------------------ | --------------- | ----------------------- | -----------------------
|position                 |                 |                         |                        
|_______________          | Of late Reports | Reported                | To File a Required Form
|                         |                 |                         |                        
|Peter Sorel              | 0               | 0                       | 1                      
|(President and CEO,      |                 |                         |                        
|secretary, treasurer and |                 |                         |                        
|director)                |                 |                         |                        

ITEM 10: EXECUTIVE COMPENSATION

The table below summarizes all compensation
awarded to, earned by, or paid to our executive officers by any person for all
services rendered in all capacities to us for the fiscal year ended September
30, 2007.

Annual Compensation

|        |        |      |        |       | Other | Restricted | Options/ | LTIP | Other   |     
|------- | ------ | ---- | ------ | ----- | ----- | ---------- | -------- | ---- | ------- | ----
|        |        |      |        |       |       | Stock      |          | SARs | payouts | Comp
|Name    | Title  | Year | Salary | Bonus | Comp. | Awarded    | (#)      | ($)  |         |     
|        |        |      |        |       |       |            |          |      |         |     
|Peter   | Pres.  | 2007 | $0     | 0     | 0     | 0          | 0        | 0    | 0       |     
|Sorel   | CEO &  |      |        |       |       |            |          |      |         |     
|        | Dir    |      |        |       |       |            |          |      |         |     
|        |        | 2006 | $0     | 0     | 0     | 0          | 0        | 0    | 0       |     
|        |        |      |        |       |       |            |          |      |         |     
|David   | Former | 2007 | $0     | 0     | 0     | 0          | 0        | 0    | 0       |     
|Matzele | Sec. & |      |        |       |       |            |          |      |         |     
|        | Treas. |      |        |       |       |            |          |      |         |     
|        |        | 2006 | $0     | 0     | 0     | 0          | 0        | 0    | 0       |     



21

---

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

The following table sets forth information
regarding the beneficial ownership of our shares of common stock at December 27,
2007 by (i) each person known by us to be the beneficial owner of more than 5%
of our outstanding shares of common stock, (ii) each of our directors, (iii) our
executive officers, and (iv) by all of our directors and executive officers as a
group. Each person named in the table, has sole voting and investment power with
respect to all shares shown as beneficially owned by such person.

|TITLE OF     | NAME AND ADDRESS                    | BENEFICIAL | PERCENT 
|------------ | ----------------------------------- | ---------- | --------
|CLASS        | OF BENEFICIAL                       | OWNERSHIP  | OF CLASS
|             | OWNER                               |            |         
|             |                                     |            |         
|Common Stock | Peter Sorel                         | 5,000,000  | 47.62%  
|             | President,
      Chief              |            |         
|             | Executive Officer,                  |            |         
|             | Secretary, Treasurer and            |            |         
|             | Director                            |            |         
|             | 778 Fort Street,                    |            |         
|             | Victoria, BC, Canada                |            |         
|             |                                     |            |         
|Common Stock | All officers and directors
      as | 5,000,000  | 47.62%  
|             | a group that consists of
      one  |            |         
|             | person                              |            |         

The percent of class is based on 10,500,000 shares
of common stock issued and outstanding as of the date of this annual report.

ITEM 12: CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS

None of our directors or officers, nor any
proposed nominee for election as a director, nor any person who beneficially
owns, directly or indirectly, shares carrying more than 10% of the voting rights
attached to all of our outstanding shares, nor any promoter, nor any relative or
spouse of any of the foregoing persons has any material interest, direct or
indirect, in any transaction since our incorporation or in any presently
proposed transaction which, in either case, has or will materially affect
us.

22

---

ITEM 13: EXHIBITS AND REPORTS

|Exhibits |                                                                                                                                   
|-------- | ----------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                   
|3.1*     | Articles of Incorporation                                                                                                         
|3.2*     | Bylaws                                                                                                                            
|5.1*     | Legal opinion                                                                                                                     
|31.1     | Certification
      pursuant to Rule 13a-14(a) under the Securities Exchange Act of
      1934                                    
|31.2     | Certification pursuant to Rule
      13a-14(a) under the Securities Exchange Act of 1934                                          
|32.1     | Certification
      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
      the Sarbanes-Oxley Act of 2002
|32.2     | Certification pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002
|99.1*    | Claims Location
      Map                                                                                                         

* filed as an exhibit to our registration
statement on Form SB-2 dated March 22, 2006

Reports on Form 8-K

During and subsequent to the last quarter of
fiscal 2007, we did not file any current reports on Form 8-K.

ITEM 14: PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our principal accountants, James Stafford,
Chartered Accountants, rendered invoices to us during the fiscal periods
indicated for the following fees and services:

Fiscal year ended
    Fiscal year endedSeptember 30, 2007
    September 30, 2006Audit fees
    $5,000
    $3,482Audit-related fees
    Nil
    NilTax fees
    Nil
    NilAll other fees
      $0
    $5,410


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

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

23

---

SIGNATURES

Pursuant to the requirements of Section 13 and 15
(d) of the Securities Exchange

Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nugget Resources Inc.

|By | /s/ Peter Sorel                              
|-- | ---------------------------------------------
|   | Peter Sorel                                  
|   | President, CEO &
      Director              
|   | Secretary Principal Accounting
      Officer,
|   | Principal Financial
      Officer,Treasurer  
|   | and Director                                 

Date:
December 28, 2007

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

|By | /s/ Peter Sorel                              
|-- | ---------------------------------------------
|   | Peter Sorel                                  
|   | President, CEO &
      Director              
|   | Secretary Principal Accounting
      Officer,
|   | Principal Financial
      Officer,Treasurer  
|   | and Director                                 



24

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Exhibit 31.1

CERTIFICATION

I, Peter Sorel, President and Chief Executive
Officer of Nugget Resources, Inc., certify that:

1. I have reviewed this annual report on Form
10-KSB of Nugget Resources, Inc.;

2. Based on my knowledge, this report does not
contain any untrue statement of material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
annual report;

3. Based on my knowledge, the financial
statements, and other financial information included in this annual report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this report;

4. The registrants other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such
disclosure controls and procedures, or caused such disclosure control and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

b) designed such
internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation;

d) disclosed in this
report any change in the registrants internal control over financial reporting
that occurred during the registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and

5. The registrants other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrants auditors and the audit committee
of the registrants board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrants
ability to record, process summarize and report financial information; and

b) any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrants internal control over financial reporting

Date: December 28, 2007

/s/ Peter SorelPeter Sorel, President
and C.E.O. (Principal Executive Officer)

25

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Exhibit 31.2

CERTIFICATION

I, Peter Sorel, Treasurer and Director of Nugget
Resources, Inc., certify that:

1. I have reviewed this annual report on Form
10-KSB of Nugget Resources, Inc.;

2. Based on my knowledge, this report does not
contain any untrue statement of material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
annual report;

3. Based on my knowledge, the financial
statements, and other financial information included in this annual report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this report;

4. The registrants other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such
disclosure controls and procedures, or caused such disclosure control and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

b) designed such
internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation;

d) disclosed in this
report any change in the registrants internal control over financial reporting
that occurred during the registrants most recent fiscal quarter (the
registrants fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and

5. The registrants other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrants auditors and the audit committee
of the registrants board of directors (or persons performing the equivalent
functions):

a) all significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrants
ability to record, process summarize and report financial information; and

b) any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrants internal control over financial reporting

Date: December 28, 2007

/s/ Peter SorelPeter Sorel, Secretary, Treasurer and Director Principal Financial
Officer

26

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Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350 AS ADOPTED PURSUANT TOSECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002

I, Peter Sorel, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that the Annual Report on Form 10-KSB of Nugget Resources, Inc., for the
fiscal year ended September 30, 2007 fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the
information contained in the Annual Report on Form 10-KSB fairly presents in all
material respects the financial condition and results of operations of Nugget
Resources, Inc.

Date: December 28, 2007

/s/ Peter SorelPeter Sorel
President, C.E.O. and Director (Principal Executive Officer)

27

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Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350 AS ADOPTED PURSUANT TOSECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002

I, Peter Sorel, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that the Annual Report on Form 10-KSB of Nugget Resources, Inc., for the
fiscal year ended September 30, 2007 fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the
information contained in the Annual Report on Form 10-KSB fairly presents in all
material respects the financial condition and results of operations of Nugget
Resources, Inc.

Date: December 28, 2007

/s/ Peter SorelPeter SorelSecretary, Treasurer and Director (Principal
Financial Officer and Principal Accounting Officer)

28

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