ADMIRALTY RESOURCES NL. — Capital/Financing Update 2021

Feb 8, 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

9 February 2021

Project Financing Framework Agreement Terminated

Sydney, Australia, 9 February 2021 . Admiralty Resources NL (ASX: ADY) (“ the Company ”) announces that its Project Financing Framework Agreement (“the Framework”) with Ning Bo Qiaohui Leasing and Financial Co., Ltd (“Ning Bo”, “the Financier”) has been terminated by mutual consent effective this day.

The agreement has been terminated as a result of delays in being able to progress and effect the agreement which were largely a result of the global pandemic of COVID-19 and related travel required both to China and Chile by Ning Bo.

As previously announced and as part of establishing the Ning Bo facility, under the “framework agreement” ADY had paid a commitment fee to Ning Bo. This was used under the agreement as a guarantee fee to assist in the preparation of documents and to progress the facility itself. ADY is pleased to report that the guarantee fee instead of being returned has been used to purchase site buildings and integrated housing for the Chilean mine site which is critical to the infrastructure of the mine site.

The costs of these buildings will be deducted from the deposit paid by the Company which is due to be reimbursed.

The Board, on behalf of the Company, has consented to the termination of the arrangement with Ning Bo so that it can hasten to progress alternative financing and project partners and is confident that a near term solution to advance the Mariposa project will be forthcoming.

For more information:

ADMIRALTY RESOURCES NL Jarrod White Company Secretary + 61 2 8296 0000