ADMIRALTY RESOURCES NL. — Capital/Financing Update 2007

Jul 24, 2007

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MARKET RELEASE

25 July 2007

Admiralty Resources NL

TRADING HALT

The securities of Admiralty Resources NL (the “Company”) will be placed in pre-open at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Friday, 27 July 2007 or when the announcement is released to the market.

Security Code:

ADY

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Frances Finucan Senior Adviser, Issuers (Brisbane)

ADY2007.07.25mr-ff

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Admiralty Resources NL ACN 010 195 972

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GPO Box 517, Melbourne 3001 Level 14, 200 Queen Street, Melbourne [t] 61-3-96701838 [f] 61-3-9670 1898 [e] pthomas@ady.com.au www.ady.com.au

25 July 2007

Ms F Finucan Company Advisor ASX Riverside Centre, Level 5, 123 Eagle Street, Brisbane, QLD, 4000

Dear Francis,

We request that you place Admiralty Resources in a trading halt. We request this trading halt because of the following:

1. We are completing negotiations with Wyndham Explorations SA to acquire a further 10% of the issued share capital of the joint venture company Cia Minera Santa Barbara. This will increase Admiralty Resources NL equity in the joint venture from 50% to 60%. Admiralty Resources shares in Cia Minera Santa Barbara are held by Fortune Global Holdings Limited, a wholly owned subsidiary of Admiralty Resources NL. Earnings received by Admiralty will increase by 16.7%.

2. We request this trading halt to remain in place until Friday 27 July 2007 or when the announcement is released to the ASX, whichever is the earlier.

• We are not aware of any reason why the trading halt should not be granted.

1. There is no other information that needs to be provided to support this request. Executives and legal practitioners are working with the relevant parties to complete negotiations and documents to have it released as soon as practical.

Yours sincerely,

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Phillip Thomas Managing Director