Slide 1: Presentation to Lodge Partners
Le ay y ne Sone gc Presentation to Lodge Partners Co i ee ee 2 Bi) _ ae y oe
Slide 2: Vital Statistics
“e Adelaide . = gs Resources Vital Statistics Limited Board members left to right: : oes John den Dryver — Director * 12 month trading: Keith Yates — Executive Chairman 32 to 64 cents Chris Drown — Exploration Director * Market capitalisation: John Horan — Director ~$38 million (50 cents) Paul Dowd
Slide 3: Profile
» Adelaide Resources Limited Profile South Australian based diversified mineral explorer and developer listed since 1996 Experienced Board and Management - well funded Exciting zircon rich mineral sand discovery in prefeasibility mode Range of projects - uranium, gold-copper, iron ore - at promising
Slide 4: Limited
Adelaide Resources Limited Rover - Gold/Copper | Colona — Mineral sands Barton - Nickel P _ New soul Eyre Peninsula ~ Gold : : Anabama Copper ® foonta —Copper/Gold/Uranium
Slide 5: Performance Indicators
Adelaide Resources Performance Indicators Limited Exploration Expenditure ($ million) Drilling (metres) 3.6 3 > 9M Joint Venture 25 U8 Adelaide Resources 2 a 96-97 97-98 98-93 99-00 00-61 61-02 02-03 03-04 04-05 #2 RC/Diamond WR RAB/Aircore 96-97 97-98 98-99 99-00 00-01 61-62 02-03 03-04 04-05
Slide 6: Limited
Adelaide Resources Limited
Slide 7: What are mineral sands?
» Adelaide What are mineral sands? Resources Limited * Mineral sand deposits are concentrations of heavy minerals generated by wave action on beaches * These beaches can be modern day or as old as 40-50 million years at * The valuable components are typically zircon and the titanium bearing minerals
Slide 8: Zircon Uses — Ceramics dominate
*» Adelaide Zircon Uses — Ceramics dominate Resources Limited TV Glass Zirconia ZR Chemical 5% 6% Other 6% 2% Precision Casting Refractory 13%
Slide 9: Indicative Market Share - Zircon
Adelaide Indicative Market Share - Zircon Resources Limited DuPont 6% Ticor 10% Namakwa 11% Bemax 2% BHPB 10% Others 14% Rio Tinto 10% lluka 37% {courtesy lluka Resources) Iluka is the dominant player
Slide 10: Zircon Market
at *» Adelaide : Resources Zircon Market Limited Industry Nornimal Prices USSit ; 1000 ~ * Strong price increases in 2006 (20%) 800 600 - * lluka 2006 zircon price $US 730-745 * High demand from China and India Soutce: TAME (courtesy Hluka Resources}
Slide 11: Limited
Adelaide Resources Limited wp _ Ls eee Me ee ee Sy eae PLT i y Le Ly _ ae é a a 7 a Da ; i : p 55 ay ee ee ee D7 oe | y, Oe TIEN KE ts oe (courtes: luke Resources) *Projected supply gap growing to >200,000 tpa
Slide 12: Zircon Source
fér Zircon Source s ’s prem g 6 = = & ‘be = £ iS) a. itaka ip Eucla Basin - iscoveries Tri Adelaide/Iluka lluka d Adelaide Resources
Slide 13: Adelaide Resources strategically positioned
*» Adelaid : : ag: Resources Adelaide Resources strategically positioned Limited Eucla Basin Outline JACINTH & AMBROSIA Adelaide Resources Huka Resources Others GULLIVER’S
Slide 14: Tripitaka has a favourable location
*» Adelaide Tripitaka has a favourable location Resources Limited ‘may dumatinn Selina Ambrosia 90km from Ceduna to Tripitaka turn-off & * ca hiometres
Slide 15: Limited
Adelaide Resources Limited
Slide 16: Limited
Adelaide Resources Limited Previous drilling 6 >1%HM o <1% HM 2006 drill * Resource deiliholes £24225 (lula) Tripitaka 1% HM resource outline
Slide 17: Tripitaka - Section 5085SE (looking North)
*» Adelaide Resources Limited Tripitaka - Section 5085SE (looking North) TRIPITAKA luke | Colona Resources | Joint Veriture traverse SOSSSE 4 EL3233 | EL3316 s re S a a 21m @ 5.6%HM Bangsanhit | incl3 @ 15.4%HM fal Sgr ete 21% HM LTD oo HM MME 2540
Slide 18: Adelaide
Adelaide Resources
Slide 19: Tripitaka Inferred Resource (1% HM cut-off)
ie Ss ee . : 2 oe Adelaide Tripitaka Inferred Resource (1% HM cut-off) Limited Resources Material HM Clay HM Zircon, Rutile | limenite Tonnes (%) (%) Tonnes (A) (%) (%) (million) evr lluka 100% Sees + Rounding may generate differences in ihe last decimal place
Slide 20: Ownership — Tripitaka Inferred Resources
» Adelaide Resources Limited Ownership — Tripitaka Inferred Resources ILUKA 100% (406,000 HM) 400,000 HM COLONA JV 4 600,000t HM — ILUKA 51% (306,000t HM) Total 7,000,000 HIM ~ AdRes 49% (294,000t HM) (650,000t zircon) Adelaide Resources share ~0.3 million tonnes of HM
Slide 21: Comparison of Australian HM Resources
Adelaide Resources Comparison of Australian HM Resources Limited Province Company HM % limenite™ ASIt HM conc) AG$it in ground Stradbroke Is “ Huka 0.9% 45% 239 2.20 Murray Basin a Huka 11.5% 48% 226 26.00 Murray Basin @) Bemax 2.9% 53% 255 7.40 Murray Basin 8) Aust. Zircon 3.2% 66% 318 10.20 WA mid
Slide 22: Tripitaka - Key Attributes
» Adelaide Resources Limited Tripitaka - Key Attributes Well located 130 km from Ceduna (90km sealed) — Others ~300km Situated on Pastoral Lease (others in Yellabinna) Extraordinarily high zircon concentration — world class Capital and operating cost advantages Potentially shorter time to production
Slide 23: Tripitaka — State of play
» Adelaide Resources Limited Tripitaka — State of play Prefeasibility study (PFS) firmly underway ADN is holding its JV interest by contributing to the study Regional exploration continuing for further HMS deposits Elements of PFS - Mine Planning - Resource Upgrade - Water supply - Metallurgy - Envi
Slide 24: High uranium endowment
Adelaide Resources Limited High uranium endowment South Australia’s has >30% of world’s low-cost uranium reserves
Slide 25: Uranium Price — Past Years
Adelaide Resources Limited Uranium Price — Past 20 Years Spectacular rise eo og on) $40 oO g 3 2 ioe B 5 oe wo So $20 $10 4 87 88 89 90 91 92 9 Source: UXC.COM 7 7 T 7 7 3 94 95 96 97 98 99 00 OF 02 03 04 05 06 07
Slide 26: Eyre Peninsula Uranium Project
3 Adelaide Resources Limited EYRE. PENINSULA URANIUM _ PROIECT Drilling on three 100% owned basement uranium prospects recently completed e Feb/Mar 2007 Uranium drill torget Adolaide Resources 100% Basement - Adres 100% Cover ~ Quasar earning 60% Quasar earning &
Slide 27: Limited
Adelaide Resources Limited
Slide 28: Ulysses
Adelaide Resources Limited Ulysses
Slide 29: Ulysses Prospect
Adelaide Resources Limited ULYSSES PROSPECT @ No assays received ULY-1120 5m @ 165ppm U,0, ULY-1107 1m @ 330ppm U,0, ULY-1062 1m @ 248ppm U,0, ULY-1109 3m @ 149ppm U,0,
Slide 30: Oxidised
» Adelaide Resources Limited Oxidised Downhole Gamma counts Secondary uranium plume 4m @ 63ppm UO, 1m @ 330ppm U,0, 1m @ 248ppm U,0,
Slide 31: Ulysses Prospect - Significance
Adelaide Ulysses Prospect - Significance Resources Limited Uranium at highly anomalous levels First known basement U occurrence on northern EP Mineralisation interpreted as secondary derived from underlying primary source Discovered using method previously untried in the district More drilling is ne
Slide 32: Limited
Adelaide Resources Limited SIs ge ll age a a oe eS nee
Slide 33: Yaninee Eyre Peninsula Uranium Joint Venture
*» Adelaide Resources Limited YANINEE Eyre Peninsula Uranium Joint Venture ‘Tertiary Palasocharnel : gg eae een fee net 3065 km? — Basement rights Hinneenertt 8 Covent i oud Guid pronpest la Brame eran | 5277 km? — Total JV Area i sod ‘chattengor Olvmple . o Tanke :
Slide 34: Who is Quasar/Heathgate?
» Adelaide Who is Quasar/Heathgate? Resources Limited Quasar Resources Pty Ltd is an affiliate of Heathgate Resources. Heathgate Resources Pty Ltd is an affiliate of General Atomics, a substantial private company based in San Diego USA. Heathgate Resources is based in South Australia and operates th
Slide 35: The Quasar (Heathgate) Deal
» Adelaide Resources Limited The Quasar (Heathgate) Deal Joint venture applies to cover sediments over 5277 sq km. Basement rights over 3065 sq km to Quasar — Adelaide retains basement mineral rights to other areas. Quasar to spend $3 million over four years to earn 60% interest. Minimum expenditure
Slide 36: Alliance Resources — 25% Beverley Mile (Quasar JV)
*» Adelaide Resources Limited Alliance Resources — 25% Beverley 4 Mile (Quasar JV) ConmSec « ae oe ® PARITECH charts AGS - ALLIANCE RESOURCES. a 26-tMar enter oP 2. oD | Market capitalisatio i creer eal |e 18 ; Values Beverley 4 Mile at ~$2 billion!! [Rxzmaatmaememae al a0 12. ‘Price (Dollars) Close
Slide 37: Yorke Peninsula Uranium
*» Adelaide Resources Limited Yorke Peninsula Uranium theway wewere Selected items from The : Advertiser, published during the past 100 years. Compiled by CHRIS BRICE. — The Advertiser 1806 (September 5) AT A meeting of the Royal Society ‘held. on. Tuesday evening several papers: were read. which, t
Slide 38: Yorke Peninsula Uranium
Adelaice Yorke Peninsula Uranium Resources Limited Moonta Mines ~ (meta) Torbernite Cu(UO,).(PO,),.10H,O
Slide 39: Slide 39
Slide 40: Uranium Search Summary
tis 2 - Uranium Search Summary Adelaide Resources Limited Significant escalation in uranium exploration underway. > $1 million 2007 expenditure from all sources. Promising early results prompt follow-up drilling at 100% owned basement prospects. Major joint venture with Quasar/Heathgate — drilling p
Slide 41: Dual initiatives in South Australia
Adelaide Resources Limited Dual initiatives in South Australia + Zircon — potential development + Uranium ~ aggressive search Providing shareholders with discovery opportunities!