ADMIRALTY RESOURCES NL. — Investor Presentation 2008

Jul 20, 2008

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NEWS RELEASE

Release Time IMMEDIATE

Date 21 July 2008

ADMIRALTY RESOURCES NL PRESENTATION

The attached presentation will be provided to investors, potential customers and stockbrokers in Japan, China, the United States and Australia.

Yours sincerely,

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Phillip Thomas Managing Director

Further information on Admiralty Resources NL can be found on our Internet site: www.ady.com.au

Australia

Investor Relations Tel: +61 3 9642 8787 Email: investors@ady.com.au

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Admiralty Resources NL

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PRESENTATION July 2008

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Company Overview

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ASX:ADY OTCBB:ARYRY (see www.adrbny.com) 1,133,457,841 shares on issue (at 30 June 2008)

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1,000,000 Non-Executive Director options (at 30 June 2008) 408 million held by the top 20 shareholders 36.04% (at 30 June 2008) 10,402 shareholders, 491 overseas (at 30 June 2008)

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Admiralty Resources NL

1. HSBC Custody Nominees (Australia) Ltd, A/C 2– 8.78%

2. ANZ Nominees Ltd – 5.81%

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3. HSBC Custody Nominees (Australia) Ltd – 4.47%

4. National Nominees Limited – 3.74% 5. Citicorp Nominees Pty Ltd – 2 91%.

Directors – 2.2%

Fortune Global Holdings Admiralty Resources Chile Ltda. 60% of Cia Minera Santa Barbara

100% Rincon Lithium Limited Argentina 100% Bulman Resources P/L Lead, Zinc

Pyke Hill Resources P/L Pyke Hill – Nickel 50% Int

100% ADY Investments P/L

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3

Key Personnel

Board of Directors

• Prof. J Ross Harper CBE – LLB MA DUniv Chairman, legal background, London

• • Phillip Thomas – BSc MBM AIG SIA Managing Director Admiralty Resources NL,, geology, investment,

• marketing, Director Cia Minera Santa Barbara – located L14, 200 Queen Street, Melbourne - Michael Robert Clarke MSc – Managing Director Admiralty Resources Chile Ltda., Chairman of Cia Minera Santa Barbara, Director Admiralty Resources NL – Santiago, Chile - John Anderson – B Com MBA Non-executive Director - banking, mining management – Melbourne - Stephen Prior – B Com CPA – Company secretary, taxation, finance, audit - Melbourne

• Technical

• Dr Carlos Sorentino – PhD, MEnvSt, DipRadTech, BE(Chem),FAusIMM(CP), MMICA Technical Director, Rincón Salar (Sydney/Argentina)

• Dr Rodrigo Frías – Representative, Legal Counsel (Salta, in argentina) - Dr an eD i l Galli – Pro ect j Director (San a vaS l dor e u uy, n rgent nad J j i A i )

• - Dr Ricardo Alonso – Head of Exploration (Salta, in Argentina) Cia Minera Santa Bárbara Board of Directors Sen or ien or ii Management

Sen or ien or ii Management Fernando Pau – Finance Director Ricardo Gonzalez – Senior Geologist Claudio Ferrada – Head of Accounting, Tax, Audit Erwin Nordenflycht– Head of Operations

• Michael Robert Clarke – President, Chile

• Phillip Thomas – Director, Australia

• Leonardo Farkas – Director, Chile

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Demerger

• ADY – Propose to consolidate to < 150 million shares

• Demerger proposal put to shareholders at EGM to be held 30

• days after all approvals received

• US SEC Tax and

• Consider Directors Report, , Solvency,

• Rincon Valuation Reports

• For every (consolidated) Admiralty share, one share will be

• issued in Rincon Lithium Limited (RLL)

• RLL funding to come from Pre-sales agreement and note

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issue

Project Overview – Production, Shipping, Focus

Cia Minera Santa Bárbara

April 2007 – first shipment in WISCO 08 Sales agreement shipped

Nov 2007 – 30,000 tonnes per month, 500 hours per month, six shipments completed – 210,000 tonnes final product shipped 63.5% fines

July 2008 – final two shipments from Caldera Port shipped, 4 panamax shipments in 2009 to complete 06 contract

July 2008 – put in place sales contracts with Shougang and $40m funding facility

Sept 2008 – Commission drilling program, to cover existing 5 mines, 20 hectares per month

2009 – commission Mariposa , Mirador pits to expand production to 3 . 9m tonnes per annum - $50m investment

2009 – commission Panamax size port, and if successful Cape size port to increase shipping capacity by another 2.0m tonnes per annum (Caleta 0.9m, Cape T Port 2.4m, Panamax G Port 1.2m)

2010 – commission two more pits for production expansion to 7 million tonnes (Chilean Veijo , Primavera) 2010 – commission conveyor system to Punta Alcalde port and construct cape size port

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Key Statistics – Sánta Barbara

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7,421 hectares of tenements at Japonesa Group Mine Vallenar
Caleta
3,500 hectares at Pampa Tolofo, near Las Colorados Port
JORC for 26m tonnes final product grading 18.0% at Japonesa
-
3 1960 stockpiles with 3 million tonnes fines at 14 16% Fe
T
8 geologists, topographers, mining engineers Port
16 staff quality control/laboratory
52 trucks to take ore to port each month
14 trucks to move ore to ship (500 metres) – 15,000 tonnes per day
Santa Barbara
SRK G eo og ca l i l C onsu t ng ey partner l i k Punta
Mines
Alcalde
Guacolda
Port
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10,000 Hectares in Iron Ore Belt

	New Tenements Existing Tenements (Japonesa Agreement)
	New Tenements		Existing Tenements (Japonesa Agreement)
	N ame	Si h t ze - ec ares	Mi N ne ame	Si h t ze - ec ares
	Leo 3	200	*Japonesa	34
	Leo 4	200	*Japonesita	96
	Leo 7	200	*Mirador	21
	Leo 8	300	*Gibjiru	41
	Leo 9	300	Natasha	50
	Leo 10	200	Tatiana	60
	Leo 11	200	Phil	3
	L 12 eo	300	P l ame a	67
	Leo 13	300	*Soberana	25
	Leo 14	200	*Negrita	24
	Leo 15	300	Total	421
	Leo 16	200	New Tenements
	Leo 18	200	Leo Uno		20
	Leo 19	100	Leo		35
	Leo 20	200	Leo siete		20
	Leo 100	300	Leo Cinco		300
	L 101 eo	300	L S i eo e s		300
	Leo 102	300	Leo Dos		200
	Leo 103	300	Tanati		80
	Leo 104	300	Tina		181
	Leo 105	300	Paco		14
	Leo 106 *Existing mines opera	300 ted in 1960’s	Chilean Veijo		50
	Leo 107	300	Total		8 1,200
	Total	5,800	Grand Total		7,421

Product Specification

Element Rejection Level % Contract Specification %

Fe	62.00 min	63.5
Si02	6.0 max	5.00	Annual shipping Capacity 2008
Al203	2.0 max	1.2	Caleta – 2 x 45,000 x 9 months = 0.81 million tonnes
P	0.11 max	0.07	1st half 2009 Port T - Caldera – 1 x 200,000 x 12 months = 2.4 million
S	0.11 max	0.07	tonnes
Ca0	2 0 max .	1 0 .	2nd half 2009
Mg0	2.0 max	1.1	Port G – Huasco – 1 x 200,000 x 12 months = 2.4m 2010
K20+Na20	0.2 max	0.05	Punta Alcalde – 3 x 200,000 x 12 months = 7.2m tonnes
H20	2 0 max .	1 0 .

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Santa Barbara Tenements

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Resource Estimates – Santa Bárbara 137 Million Tonnes Indicated and Inferred

Mine Tonnage Weighted Average Grade at 15% cut off Japonesa 42.0 million 13.7% ASX Release 10 Aug 07 Japonesita 47.0 million 19.4% ASX release 10 June 08 A,B Chilean Viejo* Mariposa 48.1 million 23.1% ASX release 10 June 08 C , *D Mirador F, Primavera* 11

Cia Minera Santa Bárbara Iron Ore Production

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Port T at Caldera ** negotiations pending

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18 tonne trucks taking ore to crusher

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Waste stockpiles

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Iron ore greater than 100m ready for crushing

Two 125 hour primary crushers

Port G at Huasco**

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Caleta, Caldera Port

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Caleta Pier - handymax

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Hopper ship loading
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Final product being loaded for truck transport to Caleta 230km away

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Port of Punta Alcalde

Estimated Cost – US$32-$40m Main road to pass site 14km road upgrade Conveyor transport system 300,000 tonne stockpile Container loading facility – Fruit Port Iron ore loading – Santa Bárbara Copper/Silver – Barrick Mines Coal unloading – Pascua Lama Power project Estimated Completion date June 2010 subject to funding

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Rincón Salar - Argentina

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• Major, world-class, multi-element brine resource (Li, K,) located in the Salta Province of Argentina.

• The 37 tenements cover an area in excess of 250 square kilometres.

• Key resources are lithium chloride, lithium carbonate and potassium chloride (Potash).

• Sodium Carbonate, sodium sulphate and boric acid also planned

• R esou r ce due d ili ge n ce & e x t r act i o n methods for LiCl, LiOH, LiC03 KCl, have been finalised.

• Ca ital ex enditure ro ram for p p p g

• development of Rincón Salar has been established.

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Rincón Salar - Argentina

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The Resource

• The Rincón Project is located in north-western Argentina near the Chilean border.

• It is a hyper saline lake , brine enriched in lithium , magnesium and potash, with three rivers providing subterranean waters flowing into the salar through volcanic rocks.

• � The project is situated at an elevation of 3,700 metres within the Antofalla-Pocitos volcanic rift valle y in the hi g h Andean Plains, with 50 salars closeby.

• This ponded evaporate deposit is estimated to contain:

• 7.4m tonnes of LiCO3 equivalent

• 51.0m tonnes of KCl (Potash)

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Rincón Salar - Argentina

Lithium Concentrations from drill hole data

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Key Advantages

• Patented production process that removes magnesium early in the process, and crystallises final product at low ppm concentrations

• Plant phase 1 of six now operating, 10,000 Na2SO4 per 14 days

• Process takes 100 days so low evaporation capital

• � All raw material is closeby and produced by Rincon Lithium keeping opex costs down

• Funding available through project finance, note issue and pre-sales

• All key staff hired

• Expansion to 34,000 tonnes Li2CO3 relatively simple, substantial reserves of brine

• Quality Assurance audit completed, new laboratory warehouse planned in Jujuy

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Reserve Calculation

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Production, Observation Wells and Ponds

	Analysis	Mean,	Relative
		mg/L	dispersion from the mean
	Li+	394	±11%
	K + Na+ Ca++	7 972 , 113,903 712	±9% ±5% ±65%
	Mg++ Cl-	3,667 195,067	±14% ±3%
	SO~~4~~=	12,334	±66%
	B4O7=	1,762	20 ±44%
	CO H 386 ±17%

Jujuy R&D and Rincon Plant Organization Chart

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Dr. D. Galli Senior Management
P ro ec j t M anager
Ing. D. Humana
Ing. M.M. Otaiza Prof. A. Otaiza R. Santillan
Chief Chemist Engineering Administration Operations Phil Thomas
Manager Managing
Director
J.C. Caceres R. Miranda A. Zapata
Dr R Frias
Dr C Sorentino
Spectrometrist Systems Assistant Plant Supervisor Dr D Galli Legal and Dr R Alonso
Construction,
Production T ec h n ca i l S vcs Manager General Exploration
J. Miranda
C. Cachagua A. Aima
Maintenance &
Analyst Plant Maintenance
Security
J. Carlos D. Gordillo Plant Operators
Laboratory Maintenance & 3 shifts
Assistant Security 12 operators
S. Torres
J. Murillo
Kitchen &
XRF Operator
Housekeeping
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EVAPORATION IN SOLAR PONDS
Production of Li CO
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PONDS A PONDS B PONDS C
α
KCl (Potash)
A = 460 Ha A = 36 Ha A = 27 Ha Concentrate
Brine
Volume: 32 L
Precipitate: α Precipitate: Precipitate:
α
NaCl NaCl - KCl NaCl - KCl
Salt: 278 kg/m [3] Salt: 18,5 kg/m [3] Salt: 14,5 kg/m [3]
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Production of Crude Lithium Carbonate 98% and Lithium Carbonate 99 5%.

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Concentrate Brine
Sodium Carbonate
1 m [3]
Precipitation of Ca [++]
and Mg [++] with
Sodium Carbonate
NaOH Ion change
Dilution
Sodium Carbonate Precipitation
Mother Liquor:
Centrifuge M: 2,050 Kg
Vol 1,8 m [3]
Fresh water Wash
Centrifuge
LITHIUM
CARBONATE
Mass: 40 Kg
Li [2] CO [3] 99.48%
To dry
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Product Specification

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Lithium battery produced by A123 Systems

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Lithium Applications – Lithium is not connected to the base metal market

• •The adjacent graph shows SQM view of Global Lithium Consumption.

Lithium Main Uses

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• There has been explosive growth in batteries, ~ 25% CAGR, (2000-05 Roskill) and Industrial Air Conditioning (as a desiccant)

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4%
4%
Others
4%
23% Batteries
8%
Greases
Glass Colouring Beads (Frits)
9% Glass
A/C
Aluminium
20%
12%
Pharmaceutical
Polymer
16%
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• Traditional applications for Greases and Glazes continue with strong demand, eg European Cook Tops

• Expanding Lithium Production may still not meet Global Demand

• •Current market conditions suggest a 30% shortfall in supply

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Japanese Import Statistics – Lithium Carbonate

USD per tonne of Lithium Carbonate imported ni to apanJ

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11,000
10 000,
9,000
8,000 price per
tonnage
tonne
Lithium
7,000
carbonate
6,000
5,000 CHINA 71,5 6,305.48
4,000
3,000 CHILE 707 6 , 491 . 09
2,000
1,000 ARGENTINA 180 7,046.78
0
Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08
CHINA USA CHILE ARGENTINA
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SEPTEMBER 2007

Global Lithium Supply & Pricing – an Opaque Oligopoly Admiralty Estimates a 30% Global Shortage of High Grade LCE ADY Fu ll Sca e Pro l d uction wi ll ave imite h l d im act on increasin rices p g p

		Admiralty Estimate	Japanese Corporate	Industrial Minerals	Roskill	SQM 2006
	Admiralty		Estimate	Estimate	Report 2006	Estimate Annual Report
	Hombre Muerto FMC	12-15,000	16,000	17,500	12,168
	Attacama / Silver Peak, Chemetall	10-15,000	23,000	30,000
					44,140
	Attacama SQM3	25-28,000	28,000	27,800
• Est (Li
	Rincón Admiralty2 imates of Lithium Compounds Production from Brines N	17,000 otes: 1 Chines	17,000 e CITIC Prod	17,000 uction is possi	ble part brine	part
	Other ~~thium Carbonate Equivalent - Tons)~~	10000 ~~Spodu~~	~~mene~~		14600
		, 2 Full S CITIC1 3. SQM	cale Productio have been adv	n target mid 2 ising a capacit	, 09 y increase to	40,000 tons	pa
		~~China~~ for a num 4. Includ	ber of years es Spodumen	e, but ratios no	t disclosed		27

SEPTEMBER 2007 Lithium Carbonate – The Purity / Value Equation

• Approximate current Asian spot market,+/- $500 (Japan, China and now India), prices for Lithium Carbonate (Li 2 CO 3 )[ -] LCE at various purity levels:

• 99.0% purity (and slightly lower) $ 6,000 USD / ton 99 . 0+% purity , $ 6 500 USD / ton 99.9+% purity $ 8,250 USD / ton 99.99+% purity $ 13,200 USD / ton 99.999% purity $ 25,000 USD / ton Pure Lithium Metal $ 67,500 USD / ton

• A lar e number of lon term contracts at much lower rices are endin allowin g g p g g

• producers to substantially increase prices (SQM -2006 Annual Report), Chemetall price increase in July 2008.

Other Lithium Prices: Lithium Hydroxide (LiOH) $ 10,500 USD / ton Lithium Chloride (LiCl) $ 8,500 USD / ton Potassium Chloride (KCl – MOP) $ 550 - $750 USD / ton

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SEPTEMBER 2007

Admiralty Salar de Rincón Pilot Plant

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Bulman – Northern Territory

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• Zinc and Lead oxide, sulphide deposit located in southern Arnhem land in Australia's Northern Territory.

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• ELA23814 – 250 sq kilometres

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• In the 1950’s CRA estimated there was substantial zinc sulphides from 11 drill holes.

• A rea extens ve y i l covere d b y geop h ys cs i surveys and soil surveys.

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� Further sampling and drilling work u ndertaken in 2008 in order to better define the leases and determine the areas acceptable for further exploration.

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Bulman Exploration Licences

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Proposed drill holes (red dots), K-Th-U (Red-Green-Blue) image, highlighting potassium anomalies (pink).

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Pyke Hill – Nickel Cobalt JV – Cougar Metals NL

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• The Pyke Hill Project is located approximately 40km southeast of the Murrin Murrin Nickel Operation, near Leonora, Western Australia.

• Prospective for a high-grade nickel-cobalt lateritic resource. Estimated in-ground value $3.1b.

• Aircore drilling undertaken by Cougar in FY2004 returned intersections including 7m @ 2.26% Ni, 6m @ 2.03% Ni and 8m @ 1.50% Ni.

• In FY2005 Co u w gar completed t o additional drilling

• programs at the project. A total of 25 holes for 896m were drilled, The second program was completed at the end of FY2005 and consisted of 31 Aircore drill holes for 1380m .

• Results of the better intersections encountered ranged in thicknesses from 3m to 17m and averaged 7.5m. The depth to the top of mineralisation varied from 13m to a maximum of 23m . Grades averaged 1.48% Ni overall using a 1.2% Ni cut-off.

• Joint venture provides Admiralty with A$0.20 cents er tonne of “run of mine” ore.

• p

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