ANDROMEDA METALS LIMITED — Capital/Financing Update 2012

Jul 15, 2012

==> picture [544 x 57] intentionally omitted <==

==> picture [544 x 57] intentionally omitted <==

16 July 2012

Company Announcements Office Australian Securities Exchange Limited PO Box H224 Australia Square NSW 1215

Notice under ASIC Class Order (09-425)

This notice is given by Adelaide Resources Limited (ACN 061 503 375) ( ADN ) pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) (the Act).

As previously announced to the ASX on the 9 July 2012, ADN will conduct a Share Purchase Plan to provide Eligible Shareholders with an opportunity to subscribe for new fully paid ordinary shares in the capital of ADN ( New Shares ) in parcels of $2,000, $5,000, $10,000 or a maximum of $15,000, at an issue price per share of 4.5 cents. A maximum of 43,499,610 New Shares worth approximately $1.957 million will be raised.

ADN confirms that:

1. ADN will issue the New Shares without disclosure to investors under Part 6D.2 of the Act.

2. This notice is given in accordance with ASIC Class Order (CO 09-425) (share and interest purchase plans).

3. As at the date of this notice, ADN has complied with:

   • (a) the provisions of Chapter 2M of the Act as they apply to ADN; and

   • (b) section 674 of the Act.

4. As at the date of this notice, there is no information:

   • (a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

   • (b) that investors and their professional advisors would reasonably require, and would reasonably expect to find in a disclosure document, for the purpose of making an informed assessment of:

==> picture [478 x 42] intentionally omitted <==

• (i) the assets and liabilities, financial position and performance, profits and losses and prospects of ADN; or

• (ii) the rights and liabilities attaching to the New Shares.

Yours sincerely

==> picture [98 x 58] intentionally omitted <==

Chris Drown Managing Director

Page 2