ADMIRALTY RESOURCES NL. — Interim / Quarterly Report 2021

Jul 29, 2021

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30 July 2021

For the quarter ended 30 JUNE 2021

Admiralty Resources NL (ASX: ADY) is pleased to report its activities for the June 2021 quarter.

Exploration and Quarterly Activities

Mariposa

The existing arrangement under the Co-op Agreement saw Hainan fund and operate the Mariposa project exclusively, with the Company receiving a royalty payment on success of the project (refer to ASX Announcement of 15 February 2021 for further details).

Having reviewed the Company’s overall portfolio and in particular the strategy around the commercialisation of the Group’s Chilean mining assets, it was determined that in the current iron ore market and based on the Groups significant historical expenditure on the project, that receiving a royalty payment was not the best commercial pathway for the Group to monetise its interest in the Mariposa project.

In renegotiating the Co-op Agreement, the Company’s focus was to restructure the arrangement such that the Company’s shareholders would receive a more significant return in consideration for reverting to being a direct participant in the development of the Mariposa project.

The effect of the Term Sheet is to terminate the existing Co Op Agreement in favour of the terms newly negotiated which mean that the Company will revert to being an operator of the Mariposa Project and that Hainan and Admiralty would jointly seek to provide the capital and resources required to develop an operating mine.

Soberana

There was no activity during the quarter.

The Company is engaged with the liquidator of Rocterra. ADY will continue to keep the market informed as progress is made during this process.

Australian Projects

No activity to report during the quarter.

Admiralty Resources NL Activities Report for the quarter ended 30 June 2021 Page 1

Corporate Activities

In June 2021, the Company completed a successful capital raising of $2.6 million to institutional and sophisticated investors (the Placement) to fund the Company’s participation in a joint venture with Hainan Xinlei Mining Management Co Ltd (Hainan) on the Mariposa project.

The Placement was offered at $0.018 per share, a 14.29% discount to the last traded price and a 8.58% discount to the 5 day VWAP. The Company will issue 144,444,445 Fully Paid Ordinary Shares as a result of the Placement. These securities will be issued under the Company’s ASX Listing Rule 7.1 placement capacity.

During the quarter, $27,000 was paid to directors of the Company in director fees, as noted in Item 6.1 of the 5B. Approved for release by the Board of Directors.

About Admiralty

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

Admiralty’s flagship projects are the iron ore districts in Chile: Harper South (2,498 Ha), Pampa Tololo (3,455 Ha) and El Cojin (600 Ha). The districts are located in prime locations, with close and easy access to the PanAmerican Highway (a major route), a railway and power line and operating shipping ports.

Admiralty’s project in Australia is the Pyke Hill Project, a cobalt and nickel project in Western Australia, whose mining lease is 50% owned by Admiralty.

Admiralty in Chile

The Harper South district (“Harper South”) is the most advanced district in respect to exploration. To date, six targets have been confirmed as carriers of iron mineralisation: Mariposa, La Chulula, Soberana, Negrita, La Vaca and Mal Pelo.

• § Mariposa has a JORC 2004 compliant resource of 174.5 Mt ( as per ASX announcement on 25/1/2013 ). An engineering mine plan (or Prefeasibility Study) for an initial production of one million tonnes of finished product per annum has been commissioned to Redco Mining Engineers.

• § La Chulula . The Mineral Resource Estimate quantifies the resources at La Chulula at 96 Mt at 24% Fe for a 15% Fe cut-off in the inferred category. The La Chulula resource estimate is based on the results obtained from the reverse circulation and diamond drilling campaign completed in 2012

• § Soberana has a JORC 2004 compliant resource of 90.2 Mt ( as per ASX announcement on 15/1/2013 ).

Pampa Tololo district - A high resolution ground magnetic survey carried out in 2011 identified three targets: Cochrane, O’Brien and Simpson. A reverse circulation drilling campaign of 3,311m took place at Simpson in July/August 2012. The results of this campaign are currently being evaluated by the Company.

El Cojin district - It is the least advanced of Admiralty’s projects in Chile, with the first piece of exploration work being a high-resolution ground magnetic survey carried out in 2012. The survey identified 5 targets in total with 3 of them showing great depth and high susceptibility.

Admiralty Resources NL Activities Report for the quarter ended 30 June 2021 Page 2

Schedule of tenements

Tenement Reference	Registered Holder	% Held	Country	Project Group
M39/159	Pyke Hill Resources Pty Ltd	50%	Australia	Pyke Hill
HARPER SOUTH
Negrita 1-4	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Negrita Group
Leo Doce, 1-60	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Negrita Group
Soberana 1-5	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Soberana Group
Phil Cuatro, 1-16	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Soberana Group
Leo 101, 1-30	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Soberana Group
Leo Cinco, 1-60	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Seis, 1-58	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Ocho, 1-60	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Nueve. 1-60	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Diez, 1-40	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Once, 1-40	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
Leo Trece, 1-60	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Mariposa Group
OTHER SECTORS
Pampa Tololo 1-2475	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Pampa Tololo Group
Cerro Varilla 1-732	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Pampa Tololo Group
Leo 14, 1-40	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Other Tenements
Leo 105	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Other Tenements
Leo 106	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Other Tenements
Leo 107	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Other Tenements
Mal Pelo	Admiralty Minerals Chile Pty Ltd Agencia en Chile	100%	Chile	Other Tenements

Issued Capital 1,159,134,699 shares (as of 30 April 2021)

Board

Contact

Managing Director Suite 305 Mrs Qing Zhong 35 Lime Street Executive Director Sydney NSW 2000 Mrs Jian Barclay Australia Non-executive Director Mr Bin Li Phone: (02) 9283 6502 Email: info@ady.com.au Company Secretary Website: www.ady.com.au Mr Jarrod White

Admiralty Resources NL Activities Report for the quarter ended 30 June 2021

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