Fellow Shareholders, To try and cover up professional...

Fellow Shareholders,

To try and cover up professional incompetency with the use of the word ?misprints? only serves to clearly illustrate the low regard that our illustrious directors have for the intelligence of the shareholders of this company. The unacceptable attitude of these directors towards the shareholders will continue for as long as we remain docile and permit it to go on. They sold off the company?s assets in Argentina for a pittance and have now sold off more 50% of the company?s assets in Chile for little more than a song and a dance. In two years the total asset base of our company rather than growing; has been reduced by over half.

IMHO, there is still much cause to be concerned about the sale of Vallenar Iron Company to Icarus to who Corsair Capital has acted as the guarantor. At the EGM, Prior, was less that forthcoming with answers to questions such as: Who are the shareholders of Icarus and Corsair? Who are the directors of Icarus? What are Icarus?and Corsair?s assets? What is the basis upon which it is assumed that Icarus backed by Corsair has the professional mineral industry expertise and experience and the financial resources by which to successfully develop and an integrated mining and port project in Chile? In addition to not being provided answers to these questions, no shareholder (apart from the illustrious directors), have seen the actual complete agreement that was signed with Icarus. We are the details of this agreement not being shared with the all of the shareholders? Vallenar Iron Company has never turned a profit; therefore, it can be assumed that Vallenar Iron Company may have significant operating losses can be written off against future profits in addition to having a significant value added tax recovery potential. Who gets the benefit of Vallenar iron Company?s operating losses and value added tax recoveries? The answer of course is; the owners of Vallenar Iron Company which is now Icarus! Was ADY compensated for Vallenar Iron Company?s operating losses or value added tax recoveries? According to the ?Explanatory Memorandum? for the EGM the answer to this question is NO. We should have been able to figure out by now that the successful development of a mining project in any of Vallenar Iron Company?s or ADY?s mineral concessions is dependent upon having a port from which to export the mineral products. The port concession now belongs to Icarus and is there any compensation for ADY in the event that Vallenar Iron Company under the ownership of Icarus for any reason looses the port concession? Once again according to the ?Explanatory Memorandum? for the EGM; the answer is NO. Is there any possibility of ADY using another port? The of course answer is NO because if there was an alternate port available there would be no reason to have to build a new port!

What other proposals apart from the Icarus proposal may have been received by ADY? Who were the parties behind these proposals? What were the details of these proposals? Why were not all of the proposals submitted to an evaluation by a qualified independent third party?

We can justly complain about ASIC but the responsibility for protecting our investment in ADY starts with us. Apathy and indifference will get the shareholders nowhere. The AGM is coming up and this is an opportunity to send a decisive message to ADY?s board. Two directors; are standing for re-election neither of which, IMHO, deserve a yes vote.