ADMIRALTY RESOURCES NL. — Capital/Financing Update 2007

Dec 12, 2007

ASX Company Announcement

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Admiralty Resources NL ACN 010 195 972

Rincon Lithium Limited ACN 088 854 639 Level 14, 200 Queen Street Melbourne VIC 3000

[t] +61-3-96701838 [f] +61-3-9670 1898 [w] www.ady.com.au

13 December 2007

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

30 NOVEMBER 2007 10 CENT OPTIONS EXERCISED

The board of Directors are pleased to advise that all the outstanding options in the 2007 series have been exercised by the due date. From the date of issue to 30 November 2007 A$17,500,000 was raised.

Yours sincerely,

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Phillip Thomas Executive Director – Admiralty Resources Managing Director – Rincon Lithium Limited [t] +61-3-96701838 [f] +61-3-9670 1898 [e] pthomas@ady.com.au

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