ADMIRALTY RESOURCES NL. — AGM Information 2007

Nov 7, 2007

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Adm rai lty esources R NL

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AGM REVIEW OF OPERATIONS PRESENTATION November 2007

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Company Overview

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ASX:ADY OTCBB:ARYRY (see www.adrbny.com)

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973.875 million shares on issue (at 5 November 2007)

• 10.423 million unlisted options at 10 cents exercise price Nov 07 expiry

• 5.5 million employee options at 10 cents expire Nov 09

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988 million shares fully diluted

Admiralty Resources NL

433 million held by the top 20 shareholders 44.98%

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Fortune Global Holdings
60% o f Ci a Mi nera anta ar S B b ara
100% ADY Resources Ltd
Argentina
100% B u man esources l R P/L
Lead, Zinc
Pyke Hill Resources P/L
Pyke Hill – Nickel 50% Int
100% ADY Investments P/L
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10 , 472 shareholders , 396 overseas

1. ANZ Nominees – 28.19%

2. HSBC No 2 Nominees – 2.71%

3. 3 . Citicorp Nominees – 2 . 22%

4. HSBC Nominees – 1.55%

5. Merrill Lynch – 1.40%

Directors – 13 . 7%

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Key Personnel

Board of Directors

Prof. J Ross Harper CBE – LLB MA DUniv Chairman, Scottish Coal, legal background, London Michael Robert Clarke MSc – Managing Director – Santiago, Chile Phillip Thomas – BSc MBM AIG SIA Director, geology, investment, marketing – located L14, 200 Queen Street, Melbourne

John Anderson – Non-executive - B Com MBA Director, banking, mining management – Melbourne

Anthony Blumberg – B Com ATT Non-executive Director – stockbroking, margin lending, - Melbourne

Stephen Prior – B Com CPA – Company secretary

Techn cai l Dr Carlos Sorentino – PhD, MEnvSt, DipRadTech, BE(Chem),FAusIMM(CP), MMICA Technical Director, Rincon Salar (Sydney/Argentina) Dr Rodrigo Frias – Representative in Argentina, Legal Counsel (Salta) Dr Daniel Galli – Project Director, Sodium Sulphate, Potash (Argentina)/Jujuy

Cia Minera Santa Barbara

Board of Directors

Leonardo Farkas – President, Santiago, Vallenar Phillip Thomas - Director

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The Year In Review

� Demerger announced – to add investor value and management focus

• Achieved revenues to 30 June 07 of US$5 95m and $14 8m to. . 30 Oct 07 from sales of iron ore to WISCO

• Released ASX JORC indicated and inferred reserves of 89 million tonnes

• Sign a 10 year HOA with WISCO which is the preliminary to the final contract , new MD for Admiralty Resources

• � Commenced construction of the pilot plant and filling the ponds at the Rincon

• Acquired Rio Grande sodium sulphate deposit to produce sodium carbonate

• Comp el ted geochem si try and aeromagnetics for u man n, B l Z Pb ’ ~~s.~~

• ~~deposit, granted two new EL~~

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The Year Ahead

CMSB

� n - WISCO and 2[d] Cli 3 7 HOA ent year contracts (2008 2011), year � Production reaches 100,000 tonnes per month (2,000t per hour)

� Feb/March demerger comp etel d � 1 April 2008 international price increase � Sep 2008 Cande ar a comp et onl i l i

Rincon

� April 2008 first production of 50 tonnes LiCO3 comp el ted � 10% of annual production sold for 10 years � Agenc es appo ni i ted for 50% of production

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The Year Ahead continued

• April 2008 - $60m project finance in place

• Dec 2008 – construction of plant and 50% of ponds completed

Bulman

• January 2008 – geomagnetic survey results known

• July 2008 – drilling results and geological model known

• Sept 2008 – strategic position re new listing determined

• Pyke Hill

• Jan 2008 – drilling results known

• June 2008 – value strategy by Cougar Metals identified

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Demerger – what are the elements?

• Constitution will be changed to acquire unmarketable parcels, saving the company substantial amounts in ASX, annual report fees

• The number of Admiralty shares on issue will be reduced to 280 million

• An EGM will be held to decide if we should proceed with a capital distribution of 280 million Rincon Lithium Shares

• If approved, the Rincon Lithium will be listed

• The experts report provided to shareholders will determine the cost base or ax purposes anf t d address Adm rai lty so vency wl ithout Rincon Lithium

• Each shareholder prior to the demerger date will have one share in each company

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CMSB Project Overview

Cia Minera Santa Barbara

Nov 2007 – 30,000 tonnes p er month, 500 hours p er month

Nov 2007 – sign port agreement with Phelps Dodge for Candelaria, 4.5 years with roll option

Jan 2008 - $3.0m of equipment installed – capacity increase to 100,000 tonnes per month (200 tonnes an hour)

Feb 2008 – stockpile will reach 200-300,000 tonnes

Feb 2008 – shipping commences – fulfil the 06 SPA agreement to WISCO CFR contract

Apr 2008 – commence 2008 contracts – shipping from Caleta – 4 x 45,000 per month FOB Contract basis 2007 benchmark + increase

Sept 2008 – commission Mariposa, Mirador pits to expand production to 3.6m tonnes per annum

Oct 2008 – commission Panamax size port to increase shipping capacity by another 2.0m tonnes per annum

June 2009 – commission two more pits for production expansion to 7 million tonnes

Jan 2010 – commission cape size port (maybe earlier subject to funding/permits etc).

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Rincon Pilot Plant -timetable

Rincon Lithium Limited

Pilot Plant Construction and Commissioning

	Task	Duration, days	Begins	Ends
	Pilot Plant Assembly
	• Complete plant testing	14	29 Oct	15 Nov
	• Transport to site	3	16 Nov	20 Nov
	• Assembly, including electrics	7	21 Nov	29 Nov
	• Complete plant building	5	30 Nov	06 Dec
	• In situplant Testing	14	30 Nov	19 Dec
	Evaporation Ponds construction
	• Geomembranes welding and testing	14	29 Oct	15 Nov
	• Trucking of brines to ponds,	50	16 Nov	24 Jan´08
	Evaporation ponds
	• Evaporation	108	16 Nov	15 Apr ´08
	• Unrefined Li2CO3production	16 Apr´08

Full scale production scheduled for June – Sep 2009 subject to evaporation

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9

Key Statistics – Santa Barbara

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7,421 hectares of tenements at Japonesa Group Mine Vallenar
3,100 hectares at Pampa Tolofo, near Las Colorados Caleta
P or t
Santa Fe
10,000 metres drilling, 2.4m tonne capacity per annum (SB and SF)
Mine
JORC 89.0 m tonnes grading 18% at Japonesa Candelaria
Port
Mine head grade 22 . 3%
3 “fossil” stockpiles with 3 million tonnes fines at 14-16% Fe
457 staff operating plant –Besalco Staff
24 geologists, topographers, mining engineers
Punta
Santa Barbara
Alcalde
18 staff quality control/laboratory Mine
US$20-25m investment in plant – by Besalco
52 trucks to take ore to port each month
14 trucks to move ore to ship (500 metres) – 15,000 tonnes per day
SRK Geological Consulting key partner
10
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10,000 Hectares in Iron Ore Belt

	New Tenements Existing Tenements (Japonesa Agreement) Name Size - hectares Mine Name Size - hectares Leo 3 200 Japonesa 34 ****
	New Tenements		Existing Tenements (Japonesa Agreement)
	Name	Size - hectares	Mine Name	Size - hectares
	Leo 3	200	Japonesa ****	34
	Leo 4	200	Japonesita	96
	Leo 7	200	*Mirador	21
	Leo 8	300	*Gibaiju	41
	Leo 9	300	Natasha	50
	Leo 10	200	Tatiana	60
	Leo 11	200	Phil	3
	Leo 12	300	Pamela	67
	Leo 13	300	*Soberana	25
	Leo 14	200	*Negrita	24
	Leo 15	300	Total	421
	Leo 16	200	New Tenements
	L 18 eo	200	L U eo no	20
	Leo 19	100	Leo	35
	Leo 20	200	Leo siete	20
	Leo 100	300	Leo Cinco	300
	Leo 101	300	Leo Seis	300
	Leo 102	300	Leo Dos	200
	Leo 103	300	Tanati	80
	Leo 104	300	Tina	181
	Leo 105	300	Paco	14
	Leo 106	300	Chillan Veijo	50
	Leo 107	300	Total	1,200
	Total	5,800	Grand Total	7,421

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Current Production and Operations

Production (Tonnes) 2007 Japonesa --- Jan Feb 11,781 Mar 22,764 Apr 30,847 May 27,444 June 26 , 433 July 32,481 August 36,051 Sept 36,627 Oct 34,045

Santa Barbara has grizzly, primary crusher , and high speed drums to install (Jan 08)

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Reserves and Resource Estimates – Santa Barbara 89 Million Tonnes

Mine Tonnage Weighted Average Grade Japonesa 42.0 million 13.7% Japonesita* 47.0 million 21.6% Chilean Viejo Mariposa Mirador Viviana * Juanita Negrita Soberana Primavera Leo2

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Caleta, Caldera Port

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Candelaria Port - Panamax

Laser Picture of Iron ore stockpiled at Caleta Port

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Caleta Pier - handymax

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loading at Caldera

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Hopper ship loading

Port of Punta Alcalde

Estimated Cost – US$32-$40m Main road to pass site 14km road upgrade 300,000 tonne stockpile Container loading facility – Fruit Port Iron ore loading – Santa Barbara Copper/Silver – Barrick Mines Coal unloading – Pascua Lama Power project Estimated Completion date Jan 2009 subject to funding

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Rincon Salar - Argentina

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• Major, world-class, multi-element brine resource (Li, K,) located in the Salta Province of Argentina.

• The 37 tenements cover an area in excess of 250 square kilometres.

• Key resources are lithium chloride, lithium carbonate and potassium chloride, (Potash).

• Sodium Carbonate, sodium sulphate and boric acid also planned

• Resource due diligence & extraction methods for LiCl, LiOH, LiC03 KCl, have been finalised.

• Capital expenditure program for development of Rincon Salar has been established.

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Rincon Salar - Argentina

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The Resource

• The Rincon Pro j ect is located in north-western Argentina near the Chilean border.

• It is a hyper saline lake, brine enriched in lithium, magnesium, potash, and boron, with three rivers prov idi ng su b terranean waters fl ow ng i i nto t h e salar through volcanic rocks.

• The project is situated at an elevation of 3,700 -

• metres within the Antofalla Pocitos volcanic rift valley in the high Andean Plains, with 50 salars closeby.

• This ponded evaporate deposit is estimated to contain:

• 1.8m tonnes of LiCO3 equivalent

• 51.0m tonnes of KCl (Potash)

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JORC Reserve Calculation

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Production, Observation Wells and Ponds

	Analysis	Mean, mg/L	Relative dispersion
			f th rom e mean
	Li+	394	±11%
	K+ Na+	7,972 113,903	±9% ±5%
	Ca++ Mg++ Cl-	712 3,667 195,067	±65% ±14% ±3%
	SO4= B4O7= CO3H-	12,334 1,762 386	±66% ±44% ±17%

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SEPTEMBER 2007

Admiralty Salar de Rincon Pilot Plant

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• All major components have been manufactured and are being assembled on site; Sep ‐ Oct 2007

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• Pond Liners installed by end Oct 2007

• Plant automated to largest practical degree – plus global data transfer

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Product Specification

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Pilot Ponds Construction and Laboratory

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Japanese Import Statistics – Lithium Carbonate

	USD Per tonne lithium Carbonate imported into Japan		May-07
		Lithium carbonate	May-07
14,000 16,000			i t pr ce per onne
		CHINA	7,325.51
10,000 12,000	CHINA CANADA	GERMANY	39,575.14
		CANADA	14,024.21
4000 6,000 8,000	USA CHILE ARGENTINA
		USA	6,224.74
0 2,000 ,		CHILE	6,038.49
		ARGENTINA	6,448.66
	Jan-07 Feb-07 Mar-07 Apr-07 May-07

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THE DEMAND FOR LITHIUM COMPOUNDS IS ABOUT TO SKY ROCKET

• SQM Estimate of 00-06 CAGR – 6.8%, BUT; HEV, personal battery powered devices and other applications is causing accelerating growth in demand. -

• Lithium Battery CAGR 2000 05; 25%

• Car makers are now using Lithium-ion batteries to power Hybrid and full Electric Vehicles. Ford has the Escape and the 4WD Mercury Mariner, General Motors has the Sierra and the Saturn, Honda has the Accord.

• Citroen announced at the 2007 Frankfurt Motor Show that all Citroen cars will be Hybrid Diesel-Electric by 2012

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• Lithium Ion Batteries only currently viable solution

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,

• Cost of Hydrogen infrastructure currently prohibitive for hydrogen fuel or hydrogen fuel cell

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• New battery technologies near market ready: Lithium Polymer (allows battery to be moulded like putty. Lithium Ceramic Anode – hi g her ener gy densit y / g reater number of recharges

Citroen’s new baby Diesel - Electric Hybrid ~~The C-Cactus with 1.4l Diesel backup~~

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Global Lithium Supply & Pricing – an Opaque Oligopoly Admiralty Estimates a 30% Global Shortage of High Grade LCE

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SEPTEMBER 2007
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ADY Full Scale Production will have limited im act on increasin rices p g p

		Admiralty Estimate	Japanese Corporate Estimate	Industrial Minerals Estimate	Roskill Report 2006	SQM 2006 Estimate
	Admiralty					Annual Report
	Hombre Muerto FMC	12-15,000	16,000	17,500	12,168
	Attacama / Silver Peak, Chemetall	10-15,000	23,000	30,000	44,140
	Attacama SQM3	25-28,000	28,000	27,800
	Ri Adilt2	17000	17000	17000
	ncon mray	,	,	,
	Other	10,000 CITIC1 China			14,600
	Total FMC+SQM+Chemetall (Andes Brines)	57-68000	67000	75300	70908	838004
		,	,	,	,	,
	Admiralty production as a percentage of total Brines	29.8%- 25%	25.4%	22.6%	23.9%	20.3%

• Estimates of Lithium Compounds Production from Brines (Lithium Carbonate Equivalent - Tons)

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• Notes: 1 Chinese CITIC Production is possible part brine part Spodumene

• 2 Full Scale Production target mid 2009 3. SQM have been advising a capacity increase to 40,000 tons pa for a number of years 25

• Includes Spodumene, but ratios not disclosed

Admiralty Rincon Project Risks – RISK RATING Summary of Risks from Detailed Analysis

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Consequence
Insignificant Minor Moderate Major Catastrophic
Likelihood
(1) (2) (3) (4) (5)
Almost Certain
(5)
Likely 5.3
(4)
earthquake
Possible
4.1 econ 4.4 gas
(3)
b ene fi ts
4.2, 4.3, 4.5
Unlikely
5.2, 6.2 5.1, 5.4
(2)
5.4, 6.1, 6.3
Rare
(1)
Low Medium Significant High Extreme
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Admiralty Salar de Rincon - Summary

• A World Class Lithium Reserve plus “Free” Potassium Chloride (MOP),

• and Sodium Sulphate sales from Rio Grande

• Potential for production significantly greater than planned

• Rapidly increasing world demand on many fronts not just batteries; independent of base metals, increasing price even with additional future

• Admiralty production

• Lowest Global Cost of Production ( estimated )

• Relatively inexpensive to bring to Full Scale Production

• Excellent Economics – tax free zone for sales (Zona franca, Guemes)

• World Class Team

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Bulman – Northern Territory

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• Zinc and Lead oxide, sulphide deposit located in southern Arnhem land in Australia's Northern .

• Territory

• Applied for ELA23814 – 637 sq kilometres

• In the 1950’s CRA estimated there was 375,000 tonnes @ 15% Zn and 2% Pb of mainly oxide material.

• The Bulman Leases and five nearby Zn-Pb occurrences historically were considered having potential for at least 1 , 000 , 000 t of at- surface and near-surface exploitable oxide and sulphide ore at greater than 10% combined zinc and lead.

• Demand for low level treated ores in Thailand, Asia

• � Further sampling work to be undertaken in order to better define the leases and determine the areas acceptable f or prospecting

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Bulman Exploration Licences

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Bulman – MLN 726, 727

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Bulman Mining leases showing outcrops and banding

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Bulman Resources Lead and Zinc Anomalies

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Pyke Hill – Nickel Cobalt JV – Cougar Metals NL

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• The Pyke Hill Project is located approximately 40km southeast of the Murrin Murrin Nickel Operation, near Leonora, Western Australia.

• Prospective for a high-grade nickel-cobalt lateritic resource. Estimated in-ground value $3.1b.

• Aircore drilling undertaken by Cougar in FY2004 returned intersections including 7m @ 2 . 26% Ni , 6m @ 2.03% Ni and 8m @ 1.50% Ni.

• In FY2005 Cougar completed two additional drilling programs at the project. A total of 25 holes for 896m were drilled, The second program was completed at the end of FY2005 and consisted of 31 Aircore drill holes for 1380m.

• Results of the better intersections encountered ranged in thicknesses from 3m to 17m and averaged 7.5m. The depth to the top of mineralisation varied from 13m to a maximum of 23m. Grades averaged 1.48% Ni overall using a 1.2% Ni cut-off.

• Joint venture provides Admiralty with A$0.20 cents “ run of mine ” ore .

• per tonne of

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32