Fellow Shareholders:Certainly integrity, honesty, transparency,...

Fellow Shareholders:

Certainly integrity, honesty, transparency, ethics are all desirable traits for the directors of any public company.

I, probably like other Ady shareholders on the date of the EGM was under the impression that the sole proposal that Ady had received that merited consideration was the proposal from Icarus Derivatives Ltd and Corsair Capital Ltd and upon this basis, Ady?s directors had entered into an agreement with Icarus and Corsair for which Ady, was seeking shareholder approval for their actions and if such approval was withheld, the company could be in jeopardy. What gave me this impression? It was the ?Explanatory Memorandum? sent out to the shareholders that accompanied The Notice Of The EGM and by the material that was presented by Ady?s directors at the EMG. Do I feel I was misinformed? Having now the knowledge that Ady did in fact receive a proposal from Hebei Wenfeng Iron & Steel Group that was 50% superior in terms of guaranteed cash and royalty payments to Ady than the agreement that Ady?s directors were requesting the shareholders approval for? you can be absolutely sure that I feel that I was were misinformed. If I Ady?s directors had provided me with the benefit of having full knowledge of both the agreement signed with Icarus and Corsair and the proposal received from Hebei Wenfeng Iron & Steel Group; would I have voted in favor of approving the agreement signed with Icarus and Corsair Of course not!!

Withholding the fact from Ady?s shareholders that Ady did in fact, receive and reject a proposal on behalf of Hebei Wenfeng Iron & Steel Group that was 50% superior in guaranteed cash and royalty payments than the cash and royalty payments in the agreement signed with Icarus and Corsair essentially paved the way at the EGM for obtaining shareholder approval for the agreement with Icarus and Corsair and assured that there was no competitive bids for the agreement signed with Icarus and Corsair. In any business transactions there are winners and losers. Was in fact the agreement with Icarus and Corsair the best alternative for Ady and its shareholders? Most certainly not!! How could it be in light of the fact that Ady did receive a proposal from the Hebei Wenfeng Iron & Steel Group that was 50% superior in the guaranteed cash and royalty payments to Ady in comparison to the agreement signed by Ady?s directors with Icarus and Corsair? Who benefited the most by the Ady directors? recommendation to Ady?s shareholders that they approve the agreement signed with Icarus and Corsair Capital? It wasn?t Ady! It wasn?t the individual shareholder! It was the owners of Icarus Derivatives Ltd and Corsair Capital Ltd who ever they are!!!

This merits asking the questions once again?who are the shareholders of Icarus Derivatives Ltd and Corsair Capital Ltd?....who are the directors of Icarus and Corsair?...what are the true assets and financial resources of Icarus?what is the demonsratable expertise and experience of Icarus and Corsair in the mining and metals industries upon which Ady?s directors have determined that Icarus and Corsair to in fact have the capability of developing and successfully operating an integrated profitable iron mining and port project in Chile?...and what are the full details of the agreement that Ady?s directors have signed with Icarus and Corsair?

It also merits asking the questions?What other proposals were received by Ady in addition to the Icarus - Corsair and Hebei Wenfeng Iron & Steel Group proposals?... Were such proposals if received; negotiable? What was the criteria used to evaluate all of the proposals received?..Were standards of fair play and objectivity applied to the evaluation process?

Ady belongs to its shareholders and Ady?s directors like it not; are accountable to Ady?s shareholders for their performance and professional behavior. Ady?s directors are paid a fee for their services and they are not on Ady?s board as a matter of charity. No longer can we permit our company to be managed for the gain and benefit of a privileged few to the detriment of the best interests of Ady and the vast majority of Ady?s shareholders. Ady?s name has been drug muddied in the past by the personal actions of some of its former directors as is the case with the Opus Prime scandal and our company must clean up its image if it is to be successful. Unsatisfactory performance or behavior by Ady?s directors should not be tolerated by Ady?s shareholders and Ady?s shareholders should take all the provisions they to assure that such things do not occur within our company. Only then do we shareholders stand a reasonable chance of protecting our investment in our company. We shareholders had to swallow a very bitter pill with what occurred with the sale of Rincon Lithium to Charge Resources which was also championed by Ady?s directors?let us not place ourselves in the same position in which we have to swallow an even more bitter pill with the sale of Vallenar Iron Company to Icarus. At the end of the day, even if Ady has to return the USD 1,000,000 it recently received from Icarus and pay Icarus the USD 450,000 break fee; Ady and Ady?s shareholders best interests will be far better served by entering into a commercial arrangement on Vallenar Iron Company with a company that has the corporate profile, financial resources asset base, expertise and experience in the mining and metals industries of the Hebei Wenfeng Iron & Steel Group rather than remaining aligned with an obscure entities such as Icarus Derivatives Ltd and Corsair Capital Ltd both of which IMHO, have dubious financial resources, dubious assets and dubious expertise and experience in the mining and metals industries.

IMHO, the present situation relative to the proposal that Ady received and rejected from the Hebei Wenfeng Iron & Steel Group in favor of the agreement entered into by Ady?s directors with Icarus Derivatives Ltd and Corsair Capital Ltd without a doubt warrants Ady?s shareholders making a request to ASIC that ASIC undertakes an in-depth investigation into these matters. ASIC according to my understanding of its mandate; has an obligation to protect the best interests of the shareholders of a public company as well as to ensure that the directors of a company fulfill their fidijuary responsibilities and obligations in accordance to what is established in the Australian Corporations Act. We shareholders have a right to request that ASIC investigate these matters and we have an obligation to ourselves to exercise this right. ASIC?S contact information can be found on its? website. I do not share the view held be some that ASIC is a toothless tiger. I spoke last night with a mate who is an experienced lawyer who assured me that in his opinion it is not all lost and there is a chance to revert the situation to one that would be more palatable and equitable for Ady?s shareholders but we must take action.

I have a feeling that it is going to be a most controversial and interesting AGM especially with two Ady directors standing for re-election!! (Its time to change the guard fellow shareholders). It will probably rate as one of the best shows in town!!! See you there.