ANDROMEDA METALS LIMITED — AGM Information 2013

Nov 19, 2013

Annual General Meeting 2013 Managing Director’s Presentation

Disclaimer and Competent Person’s Statement

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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 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 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.

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 contained in this presentation. Recipients should make their own enquiries in relation to any investment decisions.

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 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 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 ‘Australasian Code for Reporting of

12 Months Summary

• Direct exploration expenditure for 2012/13 was $1.617M, significantly lower than the previous year reflecting a cautionary approach during the on-going difficult financial environment.

• Despite the reduced spend, the Company achieved success at the Alford West prospect on the flagship Moonta Project, announcing a number of high grade copper and gold drill intersections, and presenting an exciting opportunity to define a valuable resource.

• • When the cropping cycle precluded work at Moonta, the break provided an opportunity to complete low cost work on other projects, adding value to our Drummond Basin Project in particular.

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Gold and Copper prices in A$ – 12 month summary

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Gold A$/oz Copper A$/kg
2000 10
9
1800
8
1600
7
1400
6
1200
5
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Nov 12

Nov 13 Nov 12

Nov 13

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Project locations
DRUMMOND
ROVER
Gold
Gold/Copper
Northern
Territory Queensland
EYRE PENINSULA
South
Gold/Copper/Silver Australia ANABAMA
Copper/Gold/Iron Ore
M O ONTA
Victoria
YALANDA Copper/Gold
Gold/Silver
#5
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Moonta Project – location plan

The following slides set the scene

Olympic Copper-Gold Province – operating companies

All land in the OCGP where exploration is allowed is pegged.

Major companies and copper producers dominate.

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Uranium One
Xstrata
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OCGP – depth to prospective basement

The Yorke Peninsula in general, and the Moonta Project in particular, has the shallowest cover anywhere along the entire Olympic Copper Gold Province.

Schematic section

MOONTA Olympic PROJECT Prominent Hill Dam Carrapateena Spencer Vulcan Punt Hill Hillside Gulf A B Cover

A Prominent Hill (100m) Vulcan (900m) Challenger Olympic Dam (330m) Carrapateena (470m) Punt Hill Olympic (~700m) Copper-Gold Province MOONTA PROJECT (mostly < 10m) Hillside

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Moonta Project – exploration history timeline

Copper Price

Historical exploration at Moonta was dominated by mid caps and majors which needed to

Historic data – a hugely valuable asset

Past explorers bequeathed an enormous amount of data. In 2013 dollars, this data is valued

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Moonta Project scene setting key points

• Located in the Olympic Copper Gold Province, a region that is totally pegged and where ownership is dominated by many of the World’s largest copper producers.

• Our tenement is in the area where the prospective rocks are at their shallowest, allowing much more cost efficient exploration and the application of a broader range of search methods.

• The history of exploration on the Moonta Project is one dominated by large companies, presenting Adelaide Resources with both an extremely valuable historical dataset and a significant scale opportunity.

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•
Our advantage is magnified by historically good metal prices.
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Alford West – magnetic image showing WMC/NBH auger copper anomaly and drillhole collars

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Alford West Prospect – 2013 drilling summary

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Alford West Prospect – Section 753,015 mE

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6m @ 0.77% Cu
12m @ 0.41% Cu, 1.44g/t Au
6m @ 0.31% Cu, 0.20g/t Au
9m @ 0.58% Cu, 0.08g/t Au
8m @ 0.81% Cu, 0.03g/t Au
5m @ 0.37% Cu, 0.01g/t Au
11m @ 0.57% Cu, 0.10g/t Au
7m @ 0.36% Cu
50m @ 0.44% Cu, 0.05g/t Au
7m @ 0.38% Cu, 0.03g/t Au
11m @ 1.11% Cu, 0.03g/t Au
11.6m @ 0.42% Cu
8m @ 1.03% Cu
10.1m @ 0.37% Cu
#14
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Alford West Prospect – Section 753,730 mE

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20m @ 4.20% Cu, 0.27g/t Au
11m @ 2.33% Cu, 0.68g/t Au
6m @ 0.86% Cu, 0.06g/t Au 5m @ 0.92% Cu, 0.15g/t Au
18m @ 2.22% Cu, 0.17g/t Au
4 @ 1.38% Cu, 0.44g/t Au 6m @ 0.39% Cu, 0.03g/t Au 10m @ 4.23% Cu, 0.20g/t Au
3m @ 1.22% Cu, 0.08g/t Au
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Alford West Prospect – Section 753,785 mE

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14m @ 2.60% Cu, 0.70g/t Au
19m @ 0.29% Cu, 0.05g/t Au
20m @ 1.76% Cu, 0.33g/t Au
45m @ 1.56% Cu, 1.83g/t Au
30m @ 0.41% Cu, 0.30g/t Au
24m @ 0.41% Cu, 0.16g/t Au
#16
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Alford West – drill chips

	ALWAC007			ALWAC008
Depth	Cu %	Au g/t	Depth		Cu %	Au g/t
31-32	0.17	0.13	18-19		2.49	0.64
32-33	5.57	0.42	19-20		2.81	7.39
33-34	6.63	0.22	20-21		5.48	8.41
34-35	13.15	0.82	21-22		2.64	2.00
35-36	8.55	0.66	22-23		2.28	2.47
36-37	2.33	0.16	23-24		0.98	7.58
37-38	12.35	0.55	24-25		8.56	4.11
38-39 39-40	12.80 7.94	0.68 0.45	25-26 26-27		0.50 0.54	#17 0.57 1.35

Alford West – current 3-D model (ADN drilling only)

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3-D model looking SE
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Alford West – current 3-D model (ADN drilling only)

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3-D model looking down
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Alford West – current 3-D model (ADN drilling only)

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3-D model looking north
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Alford West compared to RXM’s Hillside deposit #1

Let’s plot Alford West at the same scale using the same parameters

Hillside Resource: 330Mt @ 0.6% Cu, 0.16g/t Au and 13.7% Fe (0.8% CuEq)

LEGEND

0m RL

Copper zone >0.2%

Cover

-300m

Host rock

OPEN

-600m

Alford West compared to RXM’s Hillside deposit #2

Extent of auger copper anomaly (3500m)

0m RL

-300m 1970s auger geochemistry defines target -600m 751000mE 752000mE 753000mE

754000mE

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LEGEND
0m RL
Copper zone
>0.2%
Cover
-300m
Host rock
OPEN
-600m
OPEN OPEN (Source: Modified from
OPEN OPEN OPEN REX Minerals Ltd Investor
NORTHERN
Presentation ASX
6173000mN 6174000mN 6175000mN PLUNGE Release 31 October
2012.)
Hillside deposit long projection
#22
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Alford West compared to RXM’s Hillside deposit #3

Extent of auger copper anomaly (3500m)

0m RL

-300m Auger holes rarely penetrated deeper than -600m 20 metres but returned very positive results

751000mE

752000mE 753000mE

754000mE

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LEGEND
0m RL
Copper zone
>0.2%
Cover
-300m
Host rock
OPEN
-600m
OPEN OPEN (Source: Modified from
OPEN OPEN OPEN REX Minerals Ltd Investor
NORTHERN
Presentation ASX
6173000mN 6174000mN 6175000mN PLUNGE Release 31 October
2012.)
Hillside deposit long projection
#23
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Alford West compared to RXM’s Hillside deposit #4

Extent of auger copper anomaly (3500m)

0m RL

-300m Drilling to date still relatively shallow but starting to grow deposit at depth

-600m

751000mE 752000mE

753000mE

754000mE

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LEGEND
0m RL
Copper zone
>0.2%
Cover
-300m
Host rock
OPEN
-600m
OPEN OPEN (Source: Modified from
OPEN OPEN OPEN REX Minerals Ltd Investor
NORTHERN
Presentation ASX
6173000mN 6174000mN 6175000mN PLUNGE Release 31 October
2012.)
Hillside deposit long projection
#24
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Alford West compared to RXM’s Hillside deposit #5 Extent of auger copper anomaly (3500m)

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0m RL
Never been drilled Never been drilled Very sparsely
drilled
-300m OPEN
OPEN OPEN OPEN
OPEN OPEN OPEN OPEN
-600m
Alford West should grow significantly with further drilling
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751000mE 752000mE 753000mE 754000mE

0m RL -300m OPEN -600m

LEGEND Copper zone >0.2% Cover Host rock

Alford West contoured historic auger copper geochemistry

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Alford Copper Belt
#27
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Landholder access granted and basement geology

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Moonta Summary

• Alford West defined by poorly drill tested 3.5 kilometre long auger copper geochemical anomaly. Shallow drilling has tested 1.1 kilometres so far, with copper- gold mineralisation present on every drill traverse.

• Coherent zones of high grade mineralisation present at Alford West , some persisting to within 5 metres of the surface.

• Exceptional potential exists to define a valuable resource. Forward program to drill untested portions of auger anomaly and to extend mineralisation at depth. Aircore drilling to commence in January 2014.

Rover Gold Copper Project – location

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Drummond Epithermal Gold Project – location

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Drummond Epithermal Gold Project – prospects and basement geology

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South West Limey Dam Prospect

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Drummond Epithermal Gold Project – location

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Eyre Peninsula Gold Project – location

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Eyre Peninsula Gold Project – CSIRO “Gold in Trees” biogeochemistry research offers potential new search method

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Eyre Peninsula Gold Project – gold anomalies and low carbonate areas where biogeochemistry may present breakthrough.

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Future Focus

• At Alford West complete significant drilling programs to test large un-drilled sections of the auger anomaly and to extend the deposit to depth.

• Focus search for next discovery on Alford copper Belt.

• Complete in-house modelling of Moonta deposits to begin building a project wide mineral inventory.

• Work to add shareholder value from high quality additional projects at Rover, Eyre Peninsula and Drummond.

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