Hi Fellow InvestorsCopy of questions put to ADY .Hi as a...

Hi Fellow Investors

Copy of questions put to ADY .

Hi as a shareholder can you please provide me with the following .

Now that it has been confirmed that Mr. Clarke, Mr. Torres and Mr. Gonzalez have left Vallenar please provide information on the following:

� what remaining people in Vallenar have technical skills and what are those skills?

� what will become of remaining staff? Are they to remain employed by Vallenar or will they �leave� like Mr. Clarke, Mr. Torres and Mr. Gonzalez?

� Has Admiralty/Vallenar paid the amounts due to Mr. Clarke, Mr. Torres and Mr. Gonzalez as is outlined in page 16 of the Admiralty Annual Report?

� How much has been paid/is to be paid to Mr. Clarke, Mr. Torres and Mr. Gonzalez, and other staff that �leave� and what effect will this have on the liquidity/solvency of Admiralty and Vallenar?



If the proposed sale to Icarus does not pass at the EGM how will Admiralty:

� Manage the requirements in Chile � particularly as the senior technical staff (and others?) are no longer or will at the time of the meeting may not be employed by Vallenar?

� Ensure that it has sufficient liquidity to: pay the Break Fee; pay the amounts due to Mr. Clarke, Mr. Torres and Mr. Gonzalez (and others?); and fund its ongoing costs in Australia and Chile?



When is the AGM and what resolutions will be put to the shareholders for consideration.

Thanks