ADMIRALTY RESOURCES NL 
By ACN 010 195 972
GPO Box 517, Melbourne 3001
Level 16, 379 Collins Street, Melbourne [t] +61 3 9620 7144 [f] +61 3 8677 6949
www.ady.com.au
12 January 2012
Mr Simon O'Brien
ASX Compliance Pty Limited
Level 5, Riverside Centre,
123 Eagle Street
Brisbane QLD 4000
By email to Simon.O'Brien@asx.com.au
Dear Mr O'Brien,
Re: Price QueryWe have received your letter dated 11 January 2012 by email with the topic Price Query and that lists a number of questions. Our response to these questions is set out below:
1. The Company is not aware of any information that has not been announced, which, if known, could be an explanation for recent trading in securities of the Company.
2. Question two is not applicable.
3. The Company is aware of recent accumulation of shares by the top 20 holders. The top 20 holders currently own 57.769% of the issued capital as at 12 January 2012 compared with
56.893% as at 31 December 2011. The Company is not aware of any other reason for the price increase.
4. We confirm that the Company is in compliance with the listing rules and, in particular, listing rule 3.1.
Yours faithfully,
Patrick RossiCompany Secretary
11 January 2012
M Patrick Rossi Company Secretary Admiralty Resources NL
Level 16, 379 Collins Street MELBOURNE VIC 3001
By email: p.rossi@ady.com.au
Dear Mr Rossi
ASX Compliance Pty Limited
ABN 26 087 780 489
Level 5, Riverside Centre
123 Eagle Street
Brisbane QLD 4000
PO Box 7055
Riverside Centre
Brisbane QLD 4001
Telephone 61 7 3835 4000
Facsimile 61 7 3832 4114 www.asx.com.au
Admiralty Resources NL (the "Company") PRICE QUERY
We have noted an increase in the price of the Company's
securities from a close of 5.0 cents on Tuesday,
3 January 2012 to an intraday high of 6.8 cents today. We
have also noted an increase in the volume of trading in the
securities over this period.
In light of the price change and increase in volume, please
respond to each of the following questions.
1. Is the Company aware of any information concerning it that
has not been announced which, if known, could be an
explanation for recent trading in the securities of the
Company?
Please note that as recent trading in the Company's
securities could indicate that information has ceased to be
confidential, the Company is unable to rely on the exceptions
to listing rule 3.1 contained in listing rule 3.1A when
answering this question.
2. If the answer to question 1 is yes, can an announcement be
made immediately? If not, why not and when is it expected
that an announcement will be made?
Please note, if the answer to question 1 is yes and an
announcement cannot be made immediately, you need to contact
us to discuss this and you need to consider a trading halt
(see below).
3. Is there any other explanation that the Company may have
for the price change in the securities of the
Company?
4. Please confirm that the Company is in compliance with the
listing rules and, in particular, listing rule 3.1. Your
response should be sent to me by email at simon.obrien@asx.com.auor by facsimile on (07) 3832 4114.
It should not be sent to the Market Announcements Office
(formerly Company Announcements Office).
Unless the information is required immediately under listing
rule 3.1, a response is requested as soon as possible and, in
any event, by 8.30am (Brisbane time) tomorrow, Thursday, 12
January 2012.
ADY2012.01.11pq-sjo Page 1 of 2
Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a suitable form and separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.
Listing rule 3.1
Listing rule 3.1 requires an entity to give ASX immediately
any information concerning it that a reasonable person would
expect to have a material effect on the price or value of the
entity's securities. The exceptions to this requirement are
set out in listing rule 3.1A.
In responding to this letter you should consult listing rule
3.1 and Guidance Note 8 - Continuous Disclosure:
listing rule 3.1.
If the information requested by this letter is information
required to be given to ASX under listing rule 3.1 your
obligation is to disclose the information immediately.
Your responsibility under listing rule 3.1 is not confined
to, or necessarily satisfied by, answering the questions set
out in this letter.
If you are unable to respond by the time requested, or if the answer to question 1 is yes and an announcement cannot be made immediately, you should consider a request for a trading halt in the Company's securities. As set out in listing rule 17.1 and Guidance Note 16 - Trading Halts we may grant a trading halt at your request. We may require the request to be in writing. We are not required to act on your request. You must tell us each of the following.
