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,

Phillip Thomas Managing Director

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

Australia Investor RelationsInvestor RelationsTel: +61 3 9642 8787 Email: investors@ady.com.au

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Admiralty Resources NL

PRESENTATIONPRESENTATIONJuly 2008

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Company Overview

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

Admiralty Resources NL

1. HSBC Custody Nominees (Australia) Ltd, A/C 2– 8.78%2. ANZ Nominees Ltd – 5.81%

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

Admiralty Resources NL

3. HSBC Custody Nominees (Australia) Ltd – 4.47%4. National Nominees Limited – 3.74%5 Citicorp Nominees Pty Ltd 2 91%

100% Rincon Lithium LimitedArgentina

100% Bulman Resources P/L5. Citicorp Nominees Pty Ltd – 2.91%

Directors – 2.2%Pyke Hill Resources P/LPyke Hill – Nickel 50% Int

Lead, Zinc

3100% ADY Investments P/L

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Key Personnel

Board of Directors-Prof. J Ross Harper CBE – LLB MA DUniv Chairman, legal background, LondonProf. 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 ChileMinera 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

TechnicalTechnical- Dr Carlos Sorentino – PhD, MEnvSt, DipRadTech, BE(Chem),FAusIMM(CP), MMICATechnical Director, Rincón Salar (Sydney/Argentina)- Dr Rodrigo Frías – Representative, Legal Counsel (Salta, in argentina)

D D i l G lli P j t Di t (S S l d d J j i A ti )- Dr Daniel Galli – Project Director (San Salvador de Jujuy, in Argentina)- Dr Ricardo Alonso – Head of Exploration (Salta, in Argentina)

Cia Minera Santa BárbaraB d f Di S i MBoard of Directors Senior Management- Michael Robert Clarke – President, Chile Fernando Pau – Finance Director- Phillip Thomas – Director, Australia Ricardo Gonzalez – Senior Geologist- Leonardo Farkas – Director, Chile Claudio Ferrada – Head of Accounting, Tax, Audit

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gErwin Nordenflycht– Head of Operations

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Demerger

• ADY – Propose to consolidate to < 150 million sharesADY Propose to consolidate to 150 million shares

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

days after all approvals received

• Consider Directors Report US SEC Solvency Tax andConsider Directors Report, US SEC, Solvency, Tax and

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

issueissue

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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 investment2009 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 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

7,421 hectares of tenements at Japonesa Group Mine VallenarCaleta

3,500 hectares at Pampa Tolofo, near Las Colorados

JORC for 26m tonnes final product grading 18.0% at Japonesa

3 1960 stockpiles with 3 million tonnes fines at 14-16% Fe

CaletaPort

3 1960 stockpiles with 3 million tonnes fines at 14 16% Fe

8 geologists, topographers, mining engineers

16 staff quality control/laboratory

TPort

52 trucks to take ore to port each month

14 trucks to move ore to ship (500 metres) – 15,000 tonnes per day

SRK G l i l C l i k Santa BarbaraSRK Geological Consulting key partner Santa BarbaraMinesPunta

Alcalde

Guacolda Port

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10,000 Hectares in Iron Ore Belt

New Tenements Existing Tenements (Japonesa Agreement)

N Si h t Mi N Si h tName Size - hectares Mine Name Size - hectares

Leo 3 200 *Japonesa 34

Leo 4 200 *Japonesita 96

Leo 7 200 *Mirador 21Leo 7 200 Mirador 21Leo 8 300 *Gibjiru 41Leo 9 300 Natasha 50Leo 10 200 Tatiana 60Leo 11 200 Phil 3L 12 300 P l 67Leo 12 300 Pamela 67Leo 13 300 *Soberana 25

Leo 14 200 *Negrita 24Leo 15 300 Total 421 Leo 16 200 New TenementsLeo 16 200 New TenementsLeo 18 200 Leo Uno 20Leo 19 100 Leo 35Leo 20 200 Leo siete 20

Leo 100 300 Leo Cinco 300L 101 300 L S i 300Leo 101 300 Leo Seis 300Leo 102 300 Leo Dos 200Leo 103 300 Tanati 80Leo 104 300 Tina 181Leo 105 300 Paco 14

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Leo 106 300 Chilean Veijo 50

Leo 107 300 Total 1,200Total 5,800 Grand Total 7,421

*Existing mines operated in 1960’s

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Product Specification

Element Rejection Level % Contract Specification %

Fe 62.00 min 63.5 Si02 6.0 max 5.00Al203 2.0 max 1.2

Annual shipping Capacity 2008Caleta – 2 x 45,000 x 9 months = 0.81 million tonnesAl203 2.0 max 1.2

P 0.11 max 0.07S 0.11 max 0.07Ca0 2 0 max 1 0

,1st half 2009Port T - Caldera – 1 x 200,000 x 12 months = 2.4 million tonnes2nd half 2009Ca0 2.0 max 1.0

Mg0 2.0 max 1.1K20+Na20 0.2 max 0.05H20 2 0 max 1 0

Port G – Huasco – 1 x 200,000 x 12 months = 2.4m2010Punta Alcalde – 3 x 200,000 x 12 months = 7.2m tonnes

H20 2.0 max 1.0

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Santa Barbara TenementsTenements

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Resource Estimates – Santa Bárbara137 Million Tonnes Indicated and Inferred

Mine Tonnage Weighted Average Grade at 15% cut off

137 Million Tonnes Indicated and Inferred

Japonesa 42.0 million 13.7% ASX Release 10 Aug 07g

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*C, D Mirador*

F, Primavera*

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Cia Minera Santa Bárbara Iron Ore Production

Port T at Caldera ** negotiations pending 18 tonne trucks taking ore to crusher 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

Caleta Pier - handymax Hopper ship loading

13Final 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 Bárbarag

Copper/Silver – Barrick Mines

Coal unloading – Pascua Lama Power projectg p j

Estimated Completion date June 2010 subject

to funding

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Rincón Salar - Argentina

Major, world-class, multi-elementbrine resource (Li, K,) located in theSalta Province of Argentina.

The 37 tenements cover an area inexcess of 250 square kilometres.

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

Sodium Carbonate, sodium sulphateand boric acid also planned

Resource due diligence & extractionesou ce due d ge ce & e t act omethods for LiCl, LiOH, LiC03 KCl,have been finalised.

Capital expenditure program forp p p gdevelopment of Rincón Salar hasbeen established.

Rincon Salar - Argentina

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Rincón Salar - Argentina

The ResourceThe Rincón Project is located in north-westernArgentina near the Chilean border.

It is a hyper saline lake brine enriched in lithiumIt is a hyper saline lake, brine enriched in lithium,magnesium and potash, with three riversproviding subterranean waters flowing into thesalar through volcanic rocks.

The project is situated at an elevation of 3,700metres within the Antofalla-Pocitos volcanic riftvalley in the high Andean Plains, with 50 salarsy gcloseby.

This ponded evaporate deposit is estimated tocontain: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 downopex costs down

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

All key staff hiredAll 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, mg/L

Relative dispersion mg/L dispersion from the

mean

Li+K+

3947 972

±11%±9%K+

Na+Ca++

7,972113,903

712

±9%±5%±65%Ca++

Mg++Cl-

7123,667

195,067

65%±14%±3%

20SO4= B4O7= CO H

12,3341,762386

±66%±44%±17%

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Jujuy R&D and Rincon Plant Organization Chart

Dr. D. GalliP j t M

Senior ManagementProject Manager

Ing. M.M. OtaizaChief Chemist

Ing. D. HumanaEngineering

ManagerProf. A. OtaizaAdministration

R. SantillanOperations Phil Thomas

ManagingManager

A. ZapataPlant Supervisor

R. MirandaSystems Assistant

J.C. CaceresSpectrometrist

Managing Director

Dr D GalliProduction

Dr C SorentinoConstruction,

T h i l S

Dr R FriasLegal and General

Dr R AlonsoExploration

A. AimaPlant Maintenance

J. MirandaMaintenance &

Security

C. CachaguaAnalyst

Production Technical Svcs General Manager

Exploration

Plant Operators3 shifts

12 operators

D. GordilloMaintenance &

Security

J. CarlosLaboratoryAssistant

S. TorresKitchen &

Housekeeping

J. MurilloXRF Operator

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EVAPORATION IN SOLAR PONDSProduction of Li2CO3 16,000 tonnes/year (mass balance)

PONDS A PONDS B PONDS C

Production of Li2CO3 16,000 tonnes/year (mass balance)

PONDS A PONDS B PONDS Cα

KCl (Potash)

A = 460 Ha A = 36 Ha A = 27 Ha ConcentrateBrine

Precipitate: NaCl

Precipitate: NaCl - KCl

Precipitate: NaCl - KCl

α αVolume: 32 L

Salt: 278 kg/m3 Salt: 18,5 kg/m3 Salt: 14,5 kg/m3

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Production of Crude Lithium Carbonate 98% and Lithium Carbonate 99 5%and Lithium Carbonate 99.5%

Concentrate Brine1 m3

Sodium Carbonate

Precipitation of Ca++

and Mg++ with Sodium Carbonate

Ion change

Dilution

NaOH

Precipitation

Centrifuge

Wash

Mother Liquor: M: 2,050 KgVol 1,8 m3

Sodium Carbonate

F h t Wash

Centrifuge

LITHIUM

Fresh water

LITHIUM CARBONATE

Mass: 40 KgLi2CO3 99.48%

To dry

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Product SpecificationSpecification

Lithium battery produced by A123 Systems

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

•The adjacent graph showsSQM view of Global Lithium Main UsesSQM view of GlobalLithium Consumption.

• There has been explosive growth

Lithium Main Uses

4%4%4%

8%23%

OthersBatteriesGreases

in batteries, ~ 25% CAGR,(2000-05 Roskill) and IndustrialAir Conditioning (as a desiccant)

9%

20%

Glass Colouring Beads (Frits)GlassA/CAluminium

• Traditional applications for Greasesand Glazes continue with strong demand, eg European Cook Tops

12%

16%

20% Aluminium PharmaceuticalPolymer• Expanding Lithium Production

may still not meet Global Demand

•Current market conditionssuggest a 30% shortfall in supply

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Japanese Import Statistics – Lithium Carbonate

USD per tonne of Lithium Carbonatei t d i t J

10 000

11,000

imported into Japan

7,000

8,000

9,000

10,000

Lithium carbonate

tonnage price per tonne

4,000

5,000

6,000carbonate

CHINA 71,5 6,305.48

CHILE 707 6 491 09

0

1,000

2,000

3,000 CHILE 707 6,491.09

ARGENTINA 180 7,046.78

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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Global Lithium Supply & Pricing – an Opaque OligopolyAdmiralty Estimates a 30% Global Shortage of High Grade LCE

ll l d ll h l d

SEPTEMBER 2007

Admiralty Estimate

Japanese Corporate

Industrial Minerals

Roskill

Report

SQM 2006

ADY Full Scale Production will have limited impact on increasing prices

Estimate Estimate Report 2006

Estimate Annual ReportAdmiralty

Hombre Muerto FMC 12-15,000 16,000 17,500 12,168

Attacama / Silver Peak, Chemetall 10-15,000 23,000 30,000

44,140Attacama SQM3 25-28,000 28,000 27,800

Rincón Admiralty2 17,000 17,000 17,000

Other 10,000 14,600

• Estimates of Lithium Compounds Production from Brines (Lithium Carbonate Equivalent - Tons)

Notes: 1 Chinese CITIC Production is possible part brine part Spodumene

2 Full Scale Production target mid 2009Other 10,000 CITIC1

China

14,600

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2 Full Scale Production target mid 20093. SQM have been advising a capacity increase to 40,000 tons pa for a number of years4. Includes Spodumene, but ratios not disclosed

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Lithium Carbonate – The Purity / Value EquationSEPTEMBER 2007

• Approximate current Asian spot market,+/- $500 (Japan, China and now India), prices for Lithium Carbonate (Li CO ) LCE at various purity levels:for Lithium Carbonate (Li2CO3) - LCE at various purity levels:

99.0% purity (and slightly lower) $ 6,000 USD / ton99 0+% purity $ 6 500 USD / ton99.0+% purity $ 6,500 USD / ton99.9+% purity $ 8,250 USD / ton99.99+% purity $ 13,200 USD / ton99.999% purity $ 25,000 USD / ton99.999% purity $ 25,000 USD / tonPure Lithium Metal $ 67,500 USD / ton

• A large number of long term contracts at much lower prices are ending allowing g g p g gproducers to substantially increase prices (SQM -2006 Annual Report), Chemetall price increase in July 2008.

Other Lithium Prices:Lithium Hydroxide (LiOH) $ 10,500 USD / tonLithium Chloride (LiCl) $ 8,500 USD / ton

28Potassium Chloride (KCl – MOP) $ 550 - $750 USD / ton

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Admiralty Salar de Rincón Pilot Plant SEPTEMBER 2007

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Bulman – Northern Territory

Zinc and Lead oxide, sulphide depositlocated in southern Arnhem land inlocated in southern Arnhem land inAustralia's Northern Territory.

ELA23814 – 250 sq kilometres

In the 1950’s CRA estimated there wassubstantial zinc sulphides from 11 drillholes.

A t i l d b h iArea extensively covered by geophysicssurveys and soil surveys.

Further sampling and drilling workndertaken in 2008 in order to betterundertaken in 2008 in order to better

define the leases and determine the areasacceptable 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

The Pyke Hill Project is located approximately 40km southeast of the Murrin Murrin Nickel Operation, nearsoutheast 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 gar completed t o additional drillingIn FY2005 Cougar completed two 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 1380mholes 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 averagedfrom 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 per tonne of “run of mine” ore.

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