ANDROMEDA METALS LIMITED — AGM Information 2012

Nov 26, 2012

ANNUAL GENERAL MEETING 2012

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Disclaimer and Competent Person’s StatementDisclaimer and Competent Person’s Statement

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The information in this presentation is published to inform you about Adelaide Resources The information in this presentation is published to inform you about Adelaide Resources Limited and its activities. Some statements in this presentation regarding estimates or future Limited and its activities. Some statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that could cause events are forward looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. All reasonable effort has been made to actual results to differ from estimated results. All reasonable effort has been made to provide accurate information, but we do not warrant or represent its accuracy and we provide accurate information, but we do not warrant or represent its accuracy and we reserve the right to make changes to it at any time without notice. reserve the right to make changes to it at any time without notice.

To the extent permitted by law, Adelaide Resources Limited accepts no responsibility or To the extent permitted by law, Adelaide Resources Limited accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information liability for any losses or damages of any kind arising out of the use of any information contained in this presentation. Recipients should make their own enquiries in relation to any contained in this presentation. Recipients should make their own enquiries in relation to any investment decisions. investment decisions.

The information in this presentation that relates to Exploration Results, Mineral Resources The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Chris Drown, who is a Member of The or Ore Reserves is based on information compiled by Chris Drown, who is a Member of The Australasian Institute of Mining and Metallurgy and who consults to Adelaide Resources Australasian Institute of Mining and Metallurgy and who consults to Adelaide Resources Limited on a full time basis. Mr Drown has sufficient experience which is relevant to the style Limited on a full time basis. Mr Drown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

12 Months Summary

• The Company maintained its focus on copper and gold, and its The Company maintained its focus on copper and gold, and its strategy of self funding its Tier 1, largely 100% owned, projects strategy of self funding its Tier 1, largely 100% owned, projects to preserve shareholder equity. to preserve shareholder equity.

• Our 2012 Moonta Copper-Gold Project exploration program Our 2012 Moonta Copper-Gold Project exploration program was highly successful, with significant drill results returned from was highly successful, with significant drill results returned from all four targeted prospects. The standout result was the all four targeted prospects. The standout result was the greenfields Paskeville copper discovery.greenfields Paskeville copper discovery.

• Geological modelling and ore resource assessment suggests Geological modelling and ore resource assessment suggests Rover 4 and Rover 1 can both play roles as “satellite” feed for Rover 4 and Rover 1 can both play roles as “satellite” feed for any broader Rover Field development. Positive exploration any broader Rover Field development. Positive exploration results were returned from Rover 12.results were returned from Rover 12.

• Very limited work completed on the Company’s two uranium Very limited work completed on the Company’s two uranium

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Gold/Copper/Uranium value in A$ – 12 month summary
Prices of Prices of Gold A$/ozGold A$/oz Copper A$/kgCopper A$/kg
ADN’s target ADN’s target 2000 10
commoditiescommodities 9
1800
8
1600
7
1400
6
1200
5
Nov 11 Nov 12 Nov 11 Nov 12
~5% decrease~5% decrease ~5% decrease~5% decrease
Uranium A$/kgUranium A$/kg
180
160
140
120
100
80
Nov 11 Nov 12
~29% decrease~29% decrease Data source: InfoMine.comData source: InfoMine.com
Slide 4
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ADN share price – 12 month summaryADN share price – 12 month summary

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Project locations
ROVER
Gold/Copper
DRUMMOND
Gold
Northern
Queensland
Territory
EYRE PENINSULA
South
ANABAMA
Gold Australia
Copper/Gold/Iron Ore
CORROBINNIE
Uranium
MOONTA
Victoria
Copper/Gold
YALANDA HILL
Gold/Silver/Uranium
Slide 6
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Moonta Copper Gold Project – SA

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Paskeville Prospect showing drillhole locations

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Paskeville Prospect Discovery Area

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Paskeville Prospect Discovery Area

StackedStacked cross sectionscross sections showing interpretedshowing interpreted outline of copperoutline of copper mineralisationmineralisation

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20 40
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Interpreted copper grade contours on Paskeville Prospect section

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Paskeville Prospect Reduced To Pole magnetic image

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Paskeville Prospect REPTEM late time (3.7 msecs) conductivity image

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Paskeville Prospect interpreted basement geology and schematic cross-section

Interpretation based on Interpretation based on combination of drill combination of drill geology and REPTEM geology and REPTEM results.results.

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Willamulka Prospect summary plan

2011 discovery of 2011 discovery of coherent shallow coherent shallow copper-gold deposit.copper-gold deposit.

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Willamulka Prospect section

2012 diamond drilling 2012 diamond drilling confirms Willamulkaconfirms Willamulka extends to depth below extends to depth below the region tested by the region tested by shallow aircore drilling.shallow aircore drilling.

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Copper Hill East Prospect summary plan

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Copper Hill East Prospect section

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Wombat Prospect summary plan

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Wombat Prospect section

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Moonta Project significant 2012 intersections

Prospect	Hole ID	Easting (mga94)	Northing (mga94)	Dip	Azimuth	Final Depth	From (m)	To (m)	Interval (m)	Cu %	Au g/t
	PAC001	767783	6235063	-90	~	75	11	21	10	1.06	~
							58	67	9	1.27	0.06
	PAC005	767823	6235035	-90	~	85	58	65	7	1.16	0.13
	PAC006	767771	6235048	-70	35	98	30	98	68	0.76	0.07
						incl.	56	98	42	1.10	0.11
						incl.	62	67	5	2.93	0.21
						and	78	87	9	1.69	0.14
	PAC009	767711	6235060	-60	35	94	22	29	7	1.07	0.02
	PAC016	767861	6235008	-60	35	92.5	30	62	32	0.58	0.06
						incl.	49	56	7	1.40	0.26
							70	91	21	0.53	0.04
	PAC017	767850	6234990	-60	35	80	35	80	45	0.45	0.05
	PAC024	767906	6234978	-60	35	90	32	63	31	0.51	0.03
						incl.	38	43	5	1.05	0.06
	PAC034	767921	6235003	-60	35	110	106	110	4	1.07	0.10
	PAC035	767891	6234958	-60	35	111	57	111	54	0.42	0.09
						incl.	77	84	7	0.96	0.06

Moonta Project significant 2012 intersections (Cont.)(Cont.)

Prospect	Hole ID	Easting (mga94)	Northing (mga94)	Dip	Azimuth	Final Depth	From (m)	To (m)	Interval (m)	Cu %	Au g/t
Willamulka	WAC135	764981	6243993	-60	135	93	15	25	10	0.7	0.04
	WAC136	764965	6244011	-60	135	81	30	44	14	1.04	0.32
						incl.	30	35	5	1.94	0.65
	WAC143	764703	6243779	-60	135	64	40	51	11	0.98	0.93
						incl.	40	45	5	0.96	1.75
	WAC148	764616	6243715	-60	135	76	45	50	5	0.84	0.04
	WLMDD001	764633	6243790	-60	144	242.3	105	109	4	0.31	1.66
						incl.	105	106	1	0.51	5.78
	WLMDD002	764681	6243828	-59	119	234.7	137	150	13	0.53	0.31
						incl.	142	146	4	0.79	0.43
Copper Hill East	CAC004	764733	6229354	-90	~	60	25	30	5	0.02	2.86
	CAC024	764516	6229290	-90	~	60	0	18	18	0.34	0.07
						incl.	13	17	4	0.78	0.03
	CAC030	764519	6229363	-90	~	60	25	40	15	0.38	0.02
	WOMDD001	748851.6	6247985.0	159.1	-60	431.6	236	283	47	0.84	0.03
						Incl.	241	263	22	1.14	0.03

Moonta Project summary

• Positive exploration results achieved at all four prospects Positive exploration results achieved at all four prospects targeted in 2012 exploration program.targeted in 2012 exploration program.

• Greenfields discovery at Paskeville with a range of good drill Greenfields discovery at Paskeville with a range of good drill intersections. Paskeville emerging as a coherent zone of low intersections. Paskeville emerging as a coherent zone of low grade copper mineralisation containing higher grade zones.grade copper mineralisation containing higher grade zones.

• Willamulka mineralised system confirmed to extend at depth Willamulka mineralised system confirmed to extend at depth albeit at low grade in the two diamond holes completed.albeit at low grade in the two diamond holes completed.

• Gold and copper intersections achieved at Copper Hill East, Gold and copper intersections achieved at Copper Hill East, and significant copper intersection returned from Wombat.and significant copper intersection returned from Wombat.

• We have the enviable, but difficult, task of determining which We have the enviable, but difficult, task of determining which prospect/s to focus our future effort and funds towards.prospect/s to focus our future effort and funds towards.

Rover Gold Copper Project – NT

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3-D model of Rover 4 host ironstone beneath unconformity

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Rover 4 and Rover 1

• 3-D geological modeling and mineral inventory assessment 3-D geological modeling and mineral inventory assessment completed at Rover 4.completed at Rover 4.

• Non-JORC mineral inventory suggests Rover 4 too small to Non-JORC mineral inventory suggests Rover 4 too small to fund a stand alone mill but can play a role as a source of fund a stand alone mill but can play a role as a source of “satellite” ore feed for a Rover Field mill.“satellite” ore feed for a Rover Field mill.

• Targets identified which show potential to increase size of Targets identified which show potential to increase size of Rover 4.Rover 4.

• ADN’s share of Rover 1 likewise is seen to have value as an ADN’s share of Rover 1 likewise is seen to have value as an obvious source of additional ore should Rover 1 be developed obvious source of additional ore should Rover 1 be developed by third party.by third party.

Rover 12 Prospect plan

Rover 12 magnetic Rover 12 magnetic anomaly similar in anomaly similar in scale to the anomaly scale to the anomaly associated with the associated with the Rover 1 deposit.Rover 1 deposit.

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Rover 12 Prospect section

Best drill intersections Best drill intersections achieved to date at achieved to date at Rover 12 highlight Rover 12 highlight exploration potential.exploration potential.

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Rover Project significant 2011-12 intersections

Prospect	Hole ID	Easting (mga94)	Northing (mga94)	Dip	Azimuth	Final Depth	From (m)	To (m)	Interval (m)	Cu %	Au g/t
Rover 1	R1ARD51	359075	7787958	-87	356.8	675.6	333	334	1	2.24	0.77
							354	364	10	1.79	0.40
	R1ARD56	359140	7788103	-80	176.8	556.8	479	480	1	1.10	3.07
Rover 4	R4ARD57	360470	7789745	-75	4.8	399.5	240	247	7	1.67	0.33
	R4ARD57-1	360470	7789745	-75	4.8	372.3	296	299	3	1.46	0.04
							35	352	2	2.46	0.75
	R4ARD63	360340	7790120	-65	179	431.9	314	319	5	3.84	0.48
						incl.	317	318	1	7.55	1.52
							369	407	38	0.53	0.19
						incl.	403	407	4	1.52	0.81
	R4ARD63-1	360340	7790120	-65	179	420.8	316	318	2	1.30	0.29
							370	375	5	1.70	0.43
	R12ARD59-1	339683	7793020	-71	342	560.3	417	434	17	0.76	0.02
						incl.	426	429	3	1.16	0.03
	R12ARD59-2	339683	7793020	-71	342	620.9	405	409	4	1.22	5.57
						incl.	406	407	1	1.39	13.50
							414	416	2	5.08	0.35

Rover Project summary

• Tight funding position required 2012 to be a substantially Tight funding position required 2012 to be a substantially quieter year at Rover.quieter year at Rover.

• Assessment of Rover 4 and ADN’s share of Rover 1 suggests Assessment of Rover 4 and ADN’s share of Rover 1 suggests neither will support a stand alone development but that both neither will support a stand alone development but that both can play roles as sources of additional feed for a mill servicing can play roles as sources of additional feed for a mill servicing the broader Rover Field.the broader Rover Field.

• Targets exist at both Rover 4 and Rover 1 that have a good Targets exist at both Rover 4 and Rover 1 that have a good chance of increasing mineral inventory.chance of increasing mineral inventory.

• The best drill results yet returned from the Rover 12 prospect The best drill results yet returned from the Rover 12 prospect highlight its ongoing exploration potential.highlight its ongoing exploration potential.

Eyre Peninsula Basement Project – SA

2800 sq km gold 2800 sq km gold project which has project which has been idle for the last been idle for the last 9 years.9 years.

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Baggy Green Prospect plan

2.6km

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> 2.5ppb calcrete anomaly RAB drilling (217 holes) RC drilling (31 holes) >25ppb gold in RAB drillhole >100ppb gold in RAB drillhole

NB Geological similarities NB Geological similarities with Tropicanawith Tropicana Existing drill pattern coarse Existing drill pattern coarse and potential remains highand potential remains high

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Baggy Green Prospect section
W E
Surface
0
Base of weathering
36/0.76 27/0.27
50
5/9.01
7/2.31
24/2.33
9/1.02
49/0.45
100
28/ 0.83 4/2.57
150
RAB drillhole
RC drillhole
50 M
7/2.31 7m @ 2.31 g/t gold
Slide 33
Gold mineralisedzone
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White Tank Prospect drill section

The identification of high The identification of high grade gold shoots could grade gold shoots could change the destiny of change the destiny of prospects like Baggy Green. prospects like Baggy Green. White Tank confirms they are White Tank confirms they are present.present.

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Graphite potential?

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EL 5064
(90% ADN )
0
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0 10 km
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Eyre Peninsula Basement Project summary

• Our goal is to get this project working for shareholders again in Our goal is to get this project working for shareholders again in 2013.2013.

• The Eyre Peninsula Gold Project includes numerous prospects The Eyre Peninsula Gold Project includes numerous prospects and three deposits at Barns, Baggy Green and White Tank, all and three deposits at Barns, Baggy Green and White Tank, all of which were discovered about a decade ago.of which were discovered about a decade ago.

• The Eyre Peninsula region has been back on investors radars The Eyre Peninsula region has been back on investors radars with the Paris silver discovery by Investigator Resources, the with the Paris silver discovery by Investigator Resources, the sale of Minotaur Resources’ share of the Tunkillia deposit to sale of Minotaur Resources’ share of the Tunkillia deposit to Mungana Goldmines, and positive graphite and iron ore Mungana Goldmines, and positive graphite and iron ore activity.activity.

• Our initial focus will be to better understand the structural Our initial focus will be to better understand the structural setting of deposits like Baggy Green and to test for high grade setting of deposits like Baggy Green and to test for high grade

Drummond Gold Project – Qld

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Drummond Gold Project summary

• Licence finally granted in 2013 over three years after tenement Licence finally granted in 2013 over three years after tenement application lodged.application lodged.

• Epithermal gold deposits similar to those in the Pajingo Field Epithermal gold deposits similar to those in the Pajingo Field located to the west are the target style. Such deposits form very located to the west are the target style. Such deposits form very attractive targets.attractive targets.

• Compilation and evaluation of previous exploration data Compilation and evaluation of previous exploration data currently underway in advance of planning on-ground programs currently underway in advance of planning on-ground programs for 2013.for 2013.

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2012 Summary

• The Company maintained its strong commodity focus on gold The Company maintained its strong commodity focus on gold and copper, and its strategy of self funding its Tier 1 Projects to and copper, and its strategy of self funding its Tier 1 Projects to maintain maximum shareholder equity.maintain maximum shareholder equity.

• Successful 2012 exploration program completed at Moonta Successful 2012 exploration program completed at Moonta Copper Gold Project highlighted by the discovery of the new Copper Gold Project highlighted by the discovery of the new Paskeville deposit.Paskeville deposit.

• Cautious approach required at Rover Gold Copper Project due Cautious approach required at Rover Gold Copper Project due to funding constraints. Rover 4 and Rover 1 can play roles as to funding constraints. Rover 4 and Rover 1 can play roles as additional ore sources for a broader Rover Field development.additional ore sources for a broader Rover Field development.

• $3.3 million in cash as at mid November 2012 will allow prudent $3.3 million in cash as at mid November 2012 will allow prudent continuation of exploration programs.continuation of exploration programs.

2013 Strategy, Program and Goals

• We believe our principal commodity focus on copper and gold We believe our principal commodity focus on copper and gold remains sound.remains sound.

• We believe maintaining maximum equity in our Tier 1 Projects, We believe maintaining maximum equity in our Tier 1 Projects, if the market will allow us to self fund them, is in shareholder's if the market will allow us to self fund them, is in shareholder's best interests.best interests.

• We plan to recommence our Moonta Project exploration We plan to recommence our Moonta Project exploration program at Paskeville and elsewhere early in 2013.program at Paskeville and elsewhere early in 2013.

• We will remain cautious at Rover as other developments may We will remain cautious at Rover as other developments may have a significant impact on how best to return value in the have a significant impact on how best to return value in the future from this project.future from this project.

• We wish to get the Eyre Peninsula and Drummond Gold We wish to get the Eyre Peninsula and Drummond Gold

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