mpsecurities recommendation

The following is the latest recommendation from MPSecurities in March 2006.

MPSecurities specialize in Mining stocks

From the 9 stocks in review, ADY is the only stock with a "strong speculative buy" rating.



Admiralty Resources Limited (ADY) Strong Spec Buy
ADY has built up a highly prospective portfolio of exploration and development projects
in Chile, Argentina and Australia. The Company is primarily focused on the
development and mining of its world class industrial chemicals project in Argentina and
the Cia Minera Santa Barbara Iron Ore project (ADY 49%) in Northern Chile.
In Argentina, ADY holds a world class lithium rich hyper saline lake with inferred
resources of 70kt lithium, 1.3Mt potassium, 130kt borate and 0.5Mt magnesium.
Hydrometallurgical work and development to commence shortly with a 12,000t lithium
chloride operation scheduled to start in FY08.
In Chile, the Company has upgraded its reserves for the Japonesa mine to 32.75Mt @
12.2% Fe. Plant commission has been postponed to JQ06 with ADY targeting an initial
10-year 1.2-1.5Mtpa Fe from mid 2006 onwards.