this morning, page-4

re: financial info on iron ore ady current production at 25k tons per month at $72usd per ton generates $1800000 usd per month.production at 125k tons per month generates $9000000 usd per month.

contract in place now

Press Release
1 of 1
Admiralty Resources NL

16 March 2005
Dear Sir/Madam,
Admiralty Resources Chilean JV Co. Signs Major Sales Agreement
with US-based COMETALS
COMETALS to buy minimum of 1.5 million tonnes per annum of iron ore over five years
Admiralty Resources NL [ASX: ADY] today announces that Cia Minera Santa Barbara (CMSB), its 50%
owned iron ore joint venture in Chile, has signed an agreement with Cometals, a division of iron and
steel manufacturer CMC, which is listed on the NYSE with a market capitalisation of some USD$1.84
billion.
Under the agreement, Cometals will purchase a minimum of 1.5 million and a maximum of 3 million
tonnes of iron ore per annum, over a minimum five-year period.
Admiralty Executive Chairman and CEO, Phillip Thomas, said the agreement was a key strategic
milestone for CMSB that demonstrated the enormous potential of the company’s iron ore assets.
Revenue
At the current CIF iron ore price of USD$72 per tonne, post the 71% price increase that comes into
effect for Brazilian ore in April 2005, Admiralty’s agreement with Cometals has a value of USD$72m
(AUD$90m) per annum per million tonnes of ore shipped.
Earnings Per Share
ADY expects to generate USD$13m to USD$15m per annum per one million tonne of ore sold in EBIT
distributions from the CMSB joint venture. At an EBIT share of USD$13m, and on the basis of
465,342,630 ADY shares on issue and a AUD/USD exchange rate of $0.78, the agreement is expected
to generate an EBIT of AUD 3.6 cents per share per one million tonnes .
CMSB has established an office in Vallenar, in northern Chile, and the first shipment of ore from its
mines is scheduled for September this year.
Phillip Thomas
For further information please contact Phillip Thomas, Executive Chairman/CEO