Slide 1: Cover letter: PowerPoint presentation to ASX
Adelaide Resources Limited ABN 75 061 503 375 378 Unley Road Unley Park SA 5061 PO Box 3006 Unley SA 5061 Ph: (08) 8271 0600 Fax: (08} 8271 0033 email: adres@adelaideresources.com.au “ill 5 March 2004 Company Announcements Office Australian Stock Exchange Limited PO Box 11224 Australia Square NSW 20
Slide 2: Adelaide Resources Limited presentation
Slide 1 i iii) ee a MINING CLUB e KEITH es Limited sm Hf
Slide 3: The Company
Adelaide Resources Limited Directors... Keith Yates The Company . ae : {Executive Chairman) * Listed in 1996 * ASX Code: ADN * 57.3 million shares issued Unlisted options - 2.43 million Cash - $2.3 million 1100 shareholders 12 month trading - 10 to 26 cents Kevin Wills Market capitalisation - $12 mi
Slide 4: South Australia
Adelaide Resources Limited SOU TH South Australia AUSTRALIA CRATON Prominent Challenger e Tarcoola Olympic Copper-Gold Province ea Proterozoic Gold Arc
Slide 5: South Australian Projects
Adelaide Resources Limited SOUTH A USTRALIAN GAWLER South Australia PROJECTS CRATON o, ae MOONTA - WALLARO Ca a\ ( afd)" f Adelaide Olympic Copper-Gold Province ea Proterozoic Gold Arc
Slide 6: Eyre Peninsula Project: The Challenge in 1996
Adelaide Resources Limited EYRE PENINSULA PROJECT THE CHALLENGE IN 1996 * To demonstrate that a very poorly explored region with no mining history in an unfashionable province was prospective for gold * To convince investors of the Gawler Craton’s gold potential and of the project's merit * To devel
Slide 7: Central Gawler Craton
Adelaide Resources Limited CENTRAL GAWLER CRATON Proterozoic Gold Arc Tarcoola 2% Stuart Shelf Hiltaba Suite Granites Gawler Range or Voicanics Tunkillia Proterozoic Nuckulla Hill gold mineralisation Australia’s new gold frontier
Slide 8: The Gold Arc
Adelaide Resources Limited THE GOLD ARC * Emerging regional gold province ~500km long * Very little outcrop - sand cover and deep weathering * Recognition of significance required calcrete geochemistry commencing 1995 * Calcrete is highly effective and cost efficient * Large mineralising systems evi
Slide 9: Proterozoic Gold Arc
Adelaide Resources Limited PROTEROZOIC GOLD ARC Q1: Why wasn't it identified by early prospectors? 41: The early prospectors missed it because: * << 1% outcrop * Lack of drainage * Geochemical depletion in upper regolith
Slide 10: Proterozoic Gold Arc
Adelaide Resources Limited PROTEROZOIC GOLD ARC Q1: Why wasn’t it identified earlier by modern explorers? Ai: Modern explorers missed it because: Lack of effective reconnaissance gold exploration technique until calcrete geochemistry (1993) Excepting Tarcoola-Glenloth, 20th century gold exploration
Slide 11: Nodular calcrete
Slide 10 Nodutar calcrete
Slide 12: Calcrete sample locations and gold values
ig ye Lo ee Calcrete sample location and gold value in parts/billion Vy 2.5 ppb gold a s
Slide 13: Gold in Calcrete
Slide 12 GOLD IN CALCRETE L-] Eyre Peningula Tenements "50 Kilomotres EL 2869 4 EL 2806 Warramboa iron Projact {Excluded from Nevement Joint Venture) mi Darke Posk
Slide 14: The Newmont - Adelaide Eyre Peninsula Joint Venture
THE NEWMONT - AD. EYRE PENINSULA JOINT 4.65% shareholding in Ade $5 million over 5 years max. $1 million minimum per yea Adelaide initial operator Adelaide may contribute at ¢ 30% free carried If required Newmont to assis! Sole risk arrangements
Slide 15: Barns Gold Project
fy MMMM oject lron Pr Barns Gold Project
Slide 16: Eyre Peninsula Joint Venture with Newmont
EYRE PENINSULA JOINT VENTURE with Newmont Austra JV expenditure to end 2003 of $0.7 District wide gold exploration 391 RAB/Aircore holes (20,15€ nine gold prospects 1440 surface calcrete sampl nine tenements
Slide 17: Weg
Weg 1) | PS A oo Nt nan = SSS as = Slide 16
Slide 18: Eyre Peninsula JV - A new gold discovery
EYRE PENINSULA JV - A new goh Barns Gold Projec t Yy Yfy
Slide 19: Barns Gold Project
Slide 18 cose, | J BARNS GOLD calerete contour oS < oo : PROJECT — Drill averse B Bedrock anomaly] zone % =m $00 metres —_ White Tank [ Zone: :
Slide 20: Mineralised zone drill intercepts
Slide 19 — i = SSS SS 146.7@087gt < 88.6@1.25git © 2m @ 67.6 git ‘ 9m @ 1.17 git Mineralised zone Y UY Yj fy 44444
Slide 21: 2003 RAB Drilling
Slide 20 2003 RAB Drilling Re SS WLLLELE LLL Ly ae rrr—C—“#Ea FE, iy a HOE a Lo iy a ..... aia Ei a Co = 7h a i iT dei pul
Slide 22: Wudinna
Wudinna ‘=: = > a) S > ®H < = : s y
Slide 23: Loe
Loe ~ 15/1.04
Slide 24: Red Rag zone
WUDG - 6362900mN Red Rag zone EYRE PENINSULA JOINT VENTURE 50 to 100ppb Au HMM 100 to 500ppb Au >500ppb Au me e SS SSS
Slide 25: Eyre Peninsula JV 2004 Budget
EYRE PENINSULA JOl 2004 Budget - $1. ~80% on drilling rela RC Drilling
Slide 26: South Australian Projects
Adelaide Resources Limited SOUTH AUSTRALIAN South Australia GAWLER PROJECTS CRATON by Prominent % Hill Get ASO 2 { - Sh Z ANABAMA . E ie ‘ EYRE PENINSULA Adelaide rg as %, Olympic Copper-Gold Province \ ee Proterozoic Gold Arc
Slide 27: Western Gawler Craton
Slide 26 WESTERN GAWLER CRATON
Slide 28: Barton Nickel Exploration Concept
Barton Siding BARTON NICKEL EXPLORATION CONCEPT Target intrusive ie Airborne EM Traverse Proposed airborne EM survey areas
Slide 29: Barton Nickel Project: Airborne Electromagnetics
BARTON NICKEL PROJECT Airborne Electromagnetics Hoistem system
Slide 30: Barton Nickel Project
Slide 29 BARTON NICKEL PROJECT Vastly underexplored area Conceptually attractive geological setting Target is massive nickel sulphides of Voisey’s Bay style Airborne EM provides the exploration tool Negotiations with potential JV party at advanced stage
Slide 31: Annual Drilling Activity
Slide 30 Adelaide Resources Limited ANNUAL DRILLING ACTIVITY eT Forecast Ses — SSS — WI wees | fe SS [ 1999 2000 2001 2002 2003 7 RC/ Diamond | ___ RAB/Aircore
Slide 32: Annual Exploration Expenditure
Adelaide Resources Limited ANNUAL EXPLORATION EXPENDITURE $ (million) 3.0 2.5 rena 2.0 _ 15 1.0 : I een eeeeee 1998 1999 2000 2001 2002 2003 2004 Joint Venture _ | Adelaide Resources Limited
Slide 33: Summary: Australia's newest gold frontier
‘CrIOn Gai ACI : on gai - High levels of drilling in Australia’s newest gold frontier Exciting new gold prospects Active drilling program on new targets in pedigreed copper-gold district ~$2M funding by joint venturers in 2004 with additional ADN expenditure New deals and projects in pipeline Provid