2013 Interim Financial Report

for the half year ended 31 December 2012

• Total Mineral Resources trebled, increasing from 87.8 Mt at 23.3% Fe to 264.7 Mt at 24.5% Fe at a cut-off grade of 15% Fe. 
• Mariposa�s mineral resources increased from 87.8 Mt at 23.3% Fe to 174.5 at 24.5% (cut-off grade of 15% Fe).
• A maiden resource statement with an estimate tonnage of 90.2 Mt at 24.5% Fe (cut-off grade of 15% Fe) was released on Soberana.
• 12,975m of reverse circulation drilling completed. A record in Admiralty�s history.
• The drilling was distributed as follows: 7,952m at La Chulula (from mid June 2012 to mid January 2013, 684m at Soberana (mid July 2012), 3,253m at Simpson (August 2012) and 1,086m in Bulman (NT, Australia, September 2012).
• Exploration expenditure more than doubled, amounting to $2.55M (31 December 2012: $0.92M)
• Work on the Pre-Feasibility Study for Mariposa and the Scoping Study for Soberana continued during the period, with final reports expected in the next few weeks.
• An Environmental Impact Declaration was submitted for Soberana in January 2013.                                                
• Admiralty remained debt free and had $2,425,467 cash on hand at the end of the period (31 December 2011: $3,210,902).