Admiralty Resources NL is a diversified mining company with mineral interests in Australia and Chile and trades on the Australian Securities Exchange under the code ADY.

• Admiralty is focused on iron or in Chile, with the company also having projects in Australia – including the Bulman Project in the Northern Territory and the Pyke Hill Project near Leonora in Western Australia.
• In May this year Admiralty delivered a positive Pre-Feasibility Study for its Mariposa magnetite iron ore project, which is located in the Atacama region of Chile, and is around 20 kilometres south of Vallenar.
• Key takeaways include a 49.1% post-tax internal rate of return, a 2.25 year payback on a $65.5 million capital investment.
• This is based on a Resource of 66.6 million tonnes at 35.6% iron using a cut-off of 25% iron that provides for a 12 year Life of Mine and operational cost for final product CFR China ports of $89.10 per tonne.
• Mariposa also has a post-tax Net Present Value (NPV) of $211 million at a 8% discount rate at World Bank forecasted long-term iron prices with an average of $141/tonne1 of the final product at 62% iron.
• The PFS was completed by Redco Mining Consultants (REDCO) over the project. It also found that changing the parameters to use a current prevailing iron ore price of $128.50/tonne CFR China still yielded an attractive IRR of 41.37%, a 2.5 year payback and a post-tax NPV of $148 million.
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