ADMIRALTY RESOURCES NL. — Capital/Financing Update 2021

Aug 18, 2021

Admiralty Resources NL ACN 010 195 972

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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

19 August 2021

Mariposa Term Sheet Update

Sydney, Australia, 19 August 2021 . Admiralty Resources NL (ASX: ADY) (the Company or ADY ) is pleased to provide an update on its negotiations with Hainan Xinlei Mining Management Co Ltd ( Hainan ) with respect to the binding term sheet announced on 18 June 2021 (the Term Sheet ).

Pursuant to the Term Sheet and as previously announced, the Company is in the process of revising its existing Co-op Agreement with Hainan for the Mariposa project to be a joint venture over a royaltybased co-operation.

The Company and Hainan initially intended for a Joint Venture Agreement under the Term Sheet to be executed this month, however both parties have agreed to a further extension till 17 September 2021 to provide further time for negotiations to settle and for the Company to seek legal advice in Chile with respect to the structure of the agreement.

The Company is confident that these negotiations will result in ADY shareholders benefitting through direct operational involvement in the Mariposa project, taking advantage of highly positive conditions in the iron ore market.

The Company will provide further updates on the completion of these negotiations in due course.

Expenditure Summary for June 2021 Quarter

Separately, in accordance with Listing Rule 5.3, the Company advises that in the quarter ended 30 June 2021, the Company expended $124,000 in exploration and evaluation expenses which related to DIA and other statutory and regulatory costs for the Soberana project. The Company confirms that there was no mining exploration activity at Soberana during the quarter (as disclosed in the 30 June 2021 Quarterly Activities Report).

For more information:

ADMIRALTY RESOURCES NL Jarrod White, Company Secretary +61 3 9620 7144

Approved for release by the Board of Directors.