ADMIRALTY RESOURCES NL. — Capital/Financing Update 2014

Nov 30, 2014

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Admiralty Resources NL ACN 010 195 972 Suite 305, Level 3, 35 Lime Street Sydney, NSW 2000 [t] +61 3 9620 7144 [f] +61 3 8677 6949

Email: investors@ady.com.au Web: www.ady.com.au

28 November 2014

Admiralty Resources NL executes letter of intent with state owned China Nuclear Industry 22[nd] Construction Co. Ltd

The Board of Admiralty Resources NL (ASX:ADY) is pleased to announce that state owned China Nuclear Industry 22nd Construction Co. LTD (“CNI22”) has signed a joint letter of intent indicating that they would like to cooperate with Admiralty on a number of ADY owned Iron ore projects proposed by ADY to the mutual benefit of both parties.

Key areas of interest for CNI22 are the Harper South district, the Pamapa Tololo District and the El Conjin District, all located in Chile and on grounds controlled by the Company. Under the terms of the letter the goal of the cooperative venture is to move the areas of interest from exploration to production phase sites.

The letter of cooperation is a pre cursor to continued negotiations which if successful will result in a contractual relationship similar to a Joint Venture and follows several visits of delegations sent by CNI22 to inspect ADY’s Chilean assets.

The cooperation model will be subject to the following terms;

• ADY is responsible for the confirmation of the deposits and reserves contained on the areas of interest and for obtaining any Chilean permits required to transition the sites from exploration to production. The Company is also responsible for further exploration of the areas of interest and obtaining JORC compliant evaluations of these areas and for any non-financial services required as a result of the cooperation;

• CNI22 is responsible for the production phase including funding, the construction of the living and production sites and for providing production machinery and organisation/coordination of the construction and production teams. CNI22 will also be responsible for the quality control of product, logistics and financing settlements;

• ADY can use its mines, resources and licenses (after valuation) as contributed capital to an eventual Joint Venture and can contribute mines separately to the venture (after valuation has been completed);

• CNI22 can use funds provided in accordance with the letter of intent;

• Inputs on or from CNI22 can be provided by CNI22’s strategic partners on behalf of CNI22;

• Depending on the contributed capital by ADY, CNI22 can choose where and when to invest

The letter is non-binding and sets out broadly the agreed terms for the parties to move to negotiate and sign a comprehensive cooperation agreement.

For more information:

Jarrod White Company Secretary (02) 8296 0000

About Admiralty Resources NL

Admiralty Resources NL is a public diversified mineral exploration company listed on the Australian Securities Exchange (ASX: ADY) with mineral interests in Chile and Australia.

Admiralty’s flagship projects are the iron ore districts in Chile: Harper South (2,498 Ha), Pampa Tololo (3,455 Ha) and Cojin (600 Ha). The districts are located in prime locations, with close and easy access to the Pan-American Highway (the major national route), a railway line and operating shipping ports. Admiralty’s projects in Australia are the Bulman project, a lead and zinc project located in the Northern Territory, and the Pyke Hill project, a

cobalt and nickel project in Western Australia, whose mining lease is 50% owned by Admiralty.

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