options justification

I understand that Phil is justifying his 37m ten cent options because of meeting his objectives and I recall that he stated that the drop in shareprice was attributed to investors quitting the register.

In my opinion another reason why ADY has lost favour is due to critical timelines and profit targets being missed.

Following are extracts from ASX announcements that clearly demonstrate this point.Surely many shareholders lost confidence and bailed out when they could not see profits being delivered.

Again I think that hurdles should be put in place. For rewards to be issued these hurdles should have been set by the Board a year ago and now for the future.

Any ideas?


ADMIRALTY RESOURCES HIGHLIGHTS

Dec 14th 2004 Chairmans Report

Projected earnings per share for Jun 2005 to be 1cent
Projected earnings per share for Jun 2006 to be 6cents

None received to date

Nilvav to be rollouted into Europe late 2004.

Did it happen? The investment in Nilnav was made because of dividends.


Jan 31st 2005 Dec 2004 Quarterly Report

Rincon Salar valued at $1.73 per share based upon 450m shares.

Work to commence at Rincon Salar during first quarter 2005. Did it?


Feb 23rd 2005 Chairmans Announcement

ADY buys 50% of Santa Barbara from Wyndham Exploration.

Admiralty will receive profit distributions of 3-5cents over next 12 months ( 2005)for iron ore.
None received .

Contracts for storage are being finalized at Huasco port. When were they actually finalized?


Mar 29th 2005 Presentation to Colonial First State

One million tonnes production of iron ore commencing September 2005 was shown on a slide.
Time and target missed.

Oct 27th 2005 September Quarterly Report

American Depositary Receipt trading approved.
No trading has occurred . Why?

Shipping of iron ore will commence later in the year ( 2005) due to plant being upgraded.

No shipping occurred in 2005.

Dec 16th 2005 Update on Chilean Iron Ore Project

Plant now expected to be completed in March 2006. Date missed.

New port in Caldera selected.

Shipping delayed and now to be from July 2006.Date missed.


April 28th 2006 March Quarterly Report

Details of a junior plant at Santa Barbara were announced.

Reconfirmation of July 2006 shipping of iron ore. Date missed.

Rincon Salar pilot plant to be completed in Oct 2006.It is really a pilot.


Jun 26th 2006 June Quarterly Report


First shipment of iron ore took place in Jun 2006. However tonnage was not material.In other words the original objective was missed.

Pilot plant at Rincon Salar was commissioned in May 2006. One month prior we were told that the date would be Oct 2006.


Oct 26th First Quarter ( Sept) Report

Main plant at Santa Barbara not completed on time.

A shipment of 30,000 tonnes of iron ore is planned for end Oct 2006. Did it occur?

Major shipments now to commence in 2007 with first delivery February 2007. Lets now see if it happends.

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Aegis Reports with details sourced from Admiralty Resources


Aegis Quarterly Exploration Report Oct 2005

We expect iron ore production late 2005 and shipping 1st quarter 2006. Missed.

Aegis Quarterly Exploration Report Dec 2005

We expect iron ore production late 2005 and shipping 1st quarter 2006. Missed.

Production from Rincon Salar is expected early 2006.

Admiralty will bring cash flow in 2006. Missed to date.


Note that i hold ADY and believe in the stock.