Hi Fellow Investors Second PartCopy of limited replies to my...

Hi Fellow Investors Second Part

Copy of limited replies to my second set of questions send to ADY.

1) Re: Icarus Derivatives some brief info on Icarus and the investment it belongs to will be provided in the memorandum to shareholders

Background on Company

Where Registered

When Registered

Who are the a: Management

b: Directors

Who are the technical Advisors.

What gives the company confidence that Icarus can:

Pay the funds due info included in the memorandum to shareholders

Develop properties & export product - info included in the memorandum to shareholders

2) If Icarus Deal Done:

How much cash will Admiralty have. The transaction with Icarus is worth US$4m in cash plus the royalty agreement and the synergies to use product and sell/buy iron ore products. More detail on the royalty agreement and synergies are included in the memorandum to shareholders

How much development is remaining in properties. Admiralty has conducted JORC compliant drilling programmes in the following ore bodies: Japonesa, Japonesita, Mariposa, Mirador & Primavera, with the current mineral resources measured and inferred- being 189m tonnes at a cut off grade of 10% Fe. All the ore bodies listed before but for Mariposa will remain in Vallenar Iron as part of the Icarus deal and only Mariposa will be transferred out to another subsidiary of Admiralty. The JORC compliant mineral resources of Mariposa add to 98m tonnes.

Aside the drilling, all 9 ore bodies that compose the Harper Geological District have been subject to soil and rock sampling, geomagnetic surveys, trenching, etc.

How will they maintain/pay Chilean staff info included in the memorandum to shareholders

What are the plans for:

The remaining properties in Chile further drilling to estimate mineral resources in Negra & Soberana, which so far have proved very prospective. Depending on the results of the drilling programme, Admiralty may opt for a joint venture with a third party to develop the Southern Region, may opt for a loan to develop the project or may make use of the synergies contained in the Icarus deal.

Staff in Chile info included in the memorandum to shareholders

Australian Assets Pyke Hill is currently leased to Cougar Metals NL. The lease agreement runs out next year and the company may look at re-leasing / selling its current 50% equity / acquiring the other partys 50%, depending on the results of the work that is currently being done by Cougar. In respect of Bulman, we obtained proposals from Geos Mining in relation to the work to be done to determine if the deposit can be economically mined and the Company will pursue that line. Depending on the results of the works to be done in Bulman, the company may elect to dispose of the project (if not viable) or look for a joint venture partner to develop it.

Has Admiralty received any other offers, anticipate receiving other offers, if any other offers are received, will these other offers be put before shareholders for consideration and will there be an independent valuation undertaken and provided to shareholders?.

Admiralty has received other offers that the Board have considered but not deemed as attractive as the Icarus deal in its return to shareholders and the company cashflows.

These offers will not be put to shareholders at this stage unless the Icarus deal is not approved and the board reconsiders the offers.

In respect of the independent valuation, there will not be an independent valuation released to shareholders.

Regards