ADMIRALTY RESOURCES NL. — AGM Information 2009

Nov 15, 2009

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ANNUAL GENERAL MEETING MONDAY, 16 NOVEMBER 2009

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Admiralty Resources NL ABN 74 010 195 972 Registered in Australia Registered Office: Level 14, 200 Queen Street Melbourne Victoria 3000 Australia Tel: +61 3 9642 8787 Fax: +61 3 8677 6949

BALANCE SHEET

		30/06/2008	1/11/2008	31/12/2008	30/06/2009	16/11/2009
	YA GLOBAL INVESTMENTS L.P.	A$7.28m	A$17.7m	A$17.38m	A$6.4m		-
	HAWKSWOOD
	INVESTMENTS	A$10.18m	A$11.75m	-	-		-
	PTY LTD
	CONVERTIBLE NOTES	-	A$1.9m	A$400,000	-		-
	OWNERSHIP SCM
	VALLENAR IRON	60%	60%	60%	100%	100%
	COMPANY

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LAST YEAR IN A NUTSHELL

NOVEMBER 2008

NOVEMBER 2009

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• Increase in company assets and gain smoothness at management level.

• Settlement of all legal issues .

 Liquidation of all outstanding debt:

• A$11.8m to Hawskwood Investments Pty Ltd’s Receivers in December 2008

• A$1.9m owed to private investors in December 2008

• US$12m to Ya Global Investments L.P. in November 2009 (50% cash; 50% issue of shares)

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Vallenar is located 64 Km Inland from the deep natural Harbour of Huasco. Vallenar Iron Tenure Geology and Explorations Department - Gerencia de Geología y Exploraciones

VALLENAR IRON’S PROPERTIES AT A GLANCE

CHILEAN IRON ORE BELT

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CHILEAN IRON ORE BELT OUR TENURE (11,000 Ha)
Cerro Imán (Santa Fe)
Copiapó
Pampa Tololo
(5,500 Ha)
Manto Negro (Vechiolla)
Boquerón Chañar
(Hostchild, 500 mt)
Los Colorados (CMP, 245 mt)
Las Sosas, Huanteme,
Huasco
Chañar Quemado (CMP, 73 mt) Freirina Vallenar
Vallenar
JAPONESA GROUP
(VIC, 231 MT @ 18% FE)
Japonesa and the mine
operations area
(4,700 Ha)
ARGENTINA
Algarrobo (CMP)
Leo Sur
El Romeral (CMP) (900 Ha)
La Serena
Geology and Explorations Department - Gerencia de Geología y Exploraciones
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FOB PRICE PER TONNE

Based on mining a minimum of 10 years at a conservative

production rate of 2,500,000 tonnes per annum

Capital Works	x $1000	Cost per tonne	Comments
RAILWAY UPGRADE	$36,175	$3.15	Rebuild every 5 years
BRIDGES	$600	$0.25	Annualized cost
TRAIN & OFF MINE MOBILES		$5.63	Annualized cost
WHARF	$42,976	$0.50	Annualized cost
SHIPLOADER	$9,378	$0.11	Annualized cost
CAMP	$768	$0.31	Annualized cost
ADMINISTRATION OVERHEADS	$445	$0.18	Annualized cost
PRE-DRILLING STUDIES	$5,100	$0.20	Annualized cost
MINING	$23,317	$9.33	Annualized cost
FUEL & CONSUMABLES		$5.00	Annualized cost
	Total/Tonne Shipped	$US24.66

Geology and Explorations Department - Gerencia de Geología y Exploraciones