• Rover Gold-Copper Project – NT
• At ROVER 1 outstanding copper and gold intersections were achieved in the company’s first drillhole at the prospect. Intersections include 55 metres at 3.36% copper including 9 metres at 8.00% copper; 34 metres at 2.14g/t gold and 2.05% copper; and 47 metres at 1.51g/t gold.
• At ROVER 4 further significant intersections were returned including 21 metres at 2.33% copper and 0.94g/t gold; 27 metres at 1.20% copper; and 17 metres at 1.81% copper, including 7 metres at 3.07% copper. Mineralisation open to the west.
• An aggressive, drill dominated, exploration program is planned for the Rover Project in 2010.
• Moonta Copper-Gold Project – SA
• Calcrete soil geochemistry sampling program currently underway to define drill targets scheduled for testing in March-April 2010.
• Corrobinnie Palaeochannel Uranium JV – SA
  
• Drilling program completed on Eyre Peninsula to explore the previously untested Thurlga Palaeochannel with four radiogenic anomalies identified.
• Finance
• At 31 December 2009, the company had available funds of $9.379 million.
  The funds included $3.0 million raised through a successful Share Purchase Plan which closed on 11 November 2009 over-subscribed.

• Rover Gold-Copper Project - NT
• Significant intervals of visible copper sulphide mineralisation intersected in seven holes at the Rover 4 Prospect.
• Assays at hand for three holes include intersections of 9 metres at 1.57% copper and 1.09g/t gold; 46 metres at 1.24% copper; and 25 metres at 1.05% copper. Sampling and assaying of four other mineralised holes in progress.
• Neighbouring explorer announces bonanza grade gold and copper intersections at the Rover 1 deposit – some zones persist to within metres of Adelaide Resources’ tenement boundary.
• Drilling at Rover 1 now underway to confirm whether this gold and copper mineralisation persists into Adelaide Resources’ exploration licence.
• Corrobinnie Palaeochannel Uranium Joint Venture - SA
  
• Drilling program completed on Eyre Peninsula to explore the previously untested Thurlga Palaeochannel with four radiogenic anomalies identified.
• Yalanda Hill Joint Venture – SA
• New joint venture announced with Southern Uranium Limited to explore for uranium and other minerals on eastern Eyre Peninsula.
• Finance
• At 30 September 2009, the company had available funds of $5.554 million.
• Share Placement and Shareholder Share Purchase Plan announced in October to raise up to a maximum of $5.28 million.

• Rover Gold-Copper Project - NT
• Encouraging result with visible copper mineralisation intersected in varying concentrations over an 81 metre downhole interval from 306 to 387 metres in new drillhole R4ARD21 testing western part of Rover 4 prospect.
• Mineralisation is predominantly hosted in an 80 metre interval of magnetite-rich ironstone – the first occurrence of this rock type at Rover 4, and analogous to the host rock of many Tennant Creek gold-copper deposits.
• Gold and copper assays are anticipated before the end of August.
• The promising results at Rover 4 have prompted the company to extend the drilling program by a further 1800 metres, with drilling of the first follow-up hole anticipated to commence in the next week.
• New Gold Project (Glenroy) - QLD
• Initiative to build a new gold project underway with application lodged for an exploration tenement prospective for epithermal gold-silver mineralisation in Queensland’s Drummond Basin.
• Finance
• At 30 June 2009, the company had available funds of $6.383 million.

• Finance
• At 31 March 2009, the company had available funds of $6.934 million.
• Strategy
• The company will focus on gold, with uranium and copper remaining as important, but secondary, commodities.
• In response to the current financial situation, a meaningful, but financially prudent, exploration program will be implemented.
• Alternative funding options for selected projects, such as inviting joint venture participation by suitably credentialed third parties, will be pursued.
• Exploration
• At Rover in NT, exploratory drilling at Rover targeting gold and copper is planned to commence in early June to test new targets and existing prospects.
• A review of the gold potential of the Moonta Project in SA has highlighted a number of targets and opportunities. Design of exploration programs to advance these prospects is underway.
• A bedrock drilling program, planned to commence in May, will test a conceptual uranium target on Eyre Peninsula in SA.
• Joint venturer involvement sought for the large gold-uranium-copper Eyre Peninsula project on the Gawler Craton.
• Corporate
• Mr Andrew Brown has been appointed Non-executive Director of Adelaide Resources Limited.

• Strong Financial Position
• Liquidity of $7.642 million at 31 December 2008 comprising liquid investments of $0.203 million and cash and term deposits of $7.439 million (which includes GST of $0.500 million payable in February 2009).
• Opportunity to acquire new projects and conduct ongoing mineral exploration effort without short term capital raising.
• Exploration
• Sale of Eucla Basin assets for $5 million cash completed in November.
• Project-wide, high resolution helimag survey flown at Rover in Northern Territory.
• Traditional Aboriginal Owners consent to the grant of important Rover Exploration Licence.
• 55 hole, 3469 metre, uranium exploration drilling program completed by Quasar Resources on Eyre Peninsula joint venture.
• New Project Generation
• Initiative to identify new gold projects in Australia or overseas underway.
• Corporate
• In-specie distribution of Iron Road Limited securities to participating shareholders completed in December.

• Colona Joint Venture
• Agreement executed to sell the company’s Eucla Basin assets, including its equity in the Tripitaka zircon resource, for $5 million cash.
• Transaction to be completed by the end of December.
• Cash position in excess of $7 million after sale completion, negating the need for fundraising in the near term.
• Rover Copper-Gold Project
• Project-wide, high-resolution helimag survey underway.
• $100,000 exploration drill funding awarded by NT Govt.
• Negotiation for grant of important tenement progressing.
• Corrobinnie Palaeochannel Uranium Joint Venture
• Electro-magnetic survey flown to delineate the architecture of the uranium prospective Narlaby Palaeochannel.
• 50 hole drilling program to investigate Narlaby targets scheduled to commence in November.
• Iron Road Limited Distribution
• Distribution of free Iron Road shares anticipated in December
• Shareholder approval sought for additional concurrent in-specie distribution of free Iron Road options.
• Project Generation
• An initiative to identify and acquire a new gold project has commenced.

• Iron Road IPO (Warramboo Iron Project)
• Iron Road Limited’s $5 million Initial Public Offering closed heavily oversubscribed.
• Trading in Iron Road commenced 12 June at healthy premium to IPO price.
• General Meeting of Adelaide Resources shareholders called for 12 August to vote on pro-rata in-specie distribution of Iron Road shares.
• Iron Road’s maiden drilling program at Warramboo scheduled for August start.
• Rover Copper-Gold Project
• Six hole, 1841 metre diamond drilling program completed at Rover 4 prospect.
• Intervals of sulphide mineralisation intersected - assays awaited.
• Colona Zircon Joint Venture (Tripitaka Project)
• Tripitaka prefeasibility study in final stages.
• Exploration drilling program planned for September Quarter to test joint venture ground east of Typhoon discovery.
• Moonta-Wallaroo Uranium Project
• Assay of historic holes returns further intervals of uranium including 0.91 metres at 802 ppm U3O8 from 68.5 metres down hole in DDH 198.

• Iron Road IPO (Warramboo Iron Project)
• Iron Road’s Initial Public Offering opened on 28 April with ASX listing anticipated on 10 June 2008.
• Priority Offer facility available for qualifying Adelaide Resources shareholders.
• Adelaide Resources to seek approval to distribute Iron Road shares to its shareholders through in-specie return of capital.
• Eyre Peninsula Basement Uranium Project
• RAB/aircore drilling program on Eyre Peninsula returns strongly anomalous uranium at Ulysses and KO11S prospects.
• Assayed intersections include:
  7 metres at 235 ppm U3O8 from 44 metres (Ulysses)
  6 metres at 342 ppm U3O8 from 36 metres (Ulysses)
  6 metres at 171 ppm U3O8 from 27 metres (KO11S)
  3 metres at 341 ppm U3O8 from 47 metres (KO11S).
• Radiometric anomalies similar to those associated with Ulysses and KO11S present elsewhere on the company’s tenements highlight regional prospectivity.
• Moonta-Wallaroo Uranium Project
• Assay of historic holes returns best result of 0.8 metres at 0.17% U3O8 from 245.9 metres down hole in DDH 169.
• Colona Joint Venture (Tripitaka Project)
• Iluka Resources Limited, the joint venture manager, has advised that the Tripitaka pre-feasibility study completion date has been delayed until June quarter.

• Copper-Gold
• Recommencement of delayed drilling program at Rover 4 near Tennant Creek planned as soon as wet season and rig availability allow.
  Further drilling will test for extensions to 2007 intersection of
  15 metres at 2.07% copper with anomalous gold.
• Uranium
• Joint Venturer Quasar Resources completes 88 hole drilling program - anomalous results to 0.45 metres at 136ppm eU3O8.
  Follow-up drilling at the 100% owned Ulysses and KO11S uranium prospects scheduled for February.
• Zircon
• Tripitaka prefeasibility study progressing with completion scheduled for end first quarter 2008.
• Iron Ore
• Warramboo Iron Project to be vended into a proposed float of Iron Road Limited with consideration being 40% of the shares in Iron Road.
  Successful IPO would see Iron Road listing on the Australian Securities Exchange in April 2008.
• Adelaide Resources to seek approval to complete in-specie distribution of its Iron Road holding thereby placing the transaction value directly in the hands of its shareholders.

Quarter ending September 2007

• Tripitaka Zircon Project
• Successful water exploration drilling program locates likely ground water supply for Tripitaka.
• In-principle Native Title Agreement negotiated for Tripitaka development.
• Rover Copper-Gold Project
• Reverse circulation drillhole at the Rover 4 prospect discovers
  15 metres at 2.07% copper and 0.15g/t gold.
• The Rover 4 intersection is significant and typical of Tennant Creek deposits, many of which were developed as high grade, profitable, underground copper-gold mines.
• This intersection will be the stimulus to an expanded drilling program to assess the economic significance of the find.
• Uranium Projects
• Joint venturer, Quasar Resources, to shortly commence a substantial rotary drilling program on the Corrobinnie Palaeochannel Project on Eyre Peninsula.
• Adelaide Resources resolves not to proceed with the listing of Eyre Energy and to conduct uranium exploration on the company’s high quality projects by self funding or through joint venture.

• Tripitaka Zircon Project
• Prefeasibility study significantly advanced
• Joint venture approved $3.5 million study budget
• Parsons Brinckerhoff appointed study manager
• Infill resource definition drilling completed
• Imminent drilling of promising water targets
• Recent mineral sand discovery by Iluka Resources at Typhoon could potentially extend into nearby Colona Joint Venture area (ADN 49%)
  Additional discoveries by other groups continue to highlight the value of the company’s strategic interests in the Eucla Basin.
• Uranium
• Decision to spin-off Gawler Craton uranium interests into Eyre Energy Limited with priority entitlement and later in specie distribution for ADN shareholders.
• Eyre Energy Prospectus lodged with ASIC to raise $10 million fully underwritten.  Anticipated opening date 8 August 2007.

• Tripitaka Zircon Project (SA)
  Prefeasibility study (PFS) for Tripitaka is firmly underway with two drill rigs completing infill drilling to enable upgrade of resource to Indicated status.
• Preliminary mine planning study indicates potential for recovery of 500,000 tonnes of zircon from the total deposit over a minimum 5 year period at a low strip ratio.
• Uranium (SA)
• Maiden drilling and sampling programs in three widely distributed, 100% owned, South Australian projects yield positive results justifying follow-up drilling.
• Promising analyses from sampling of historic diamond drill core at Alford near Kadina including 42.7 metres at 278 ppm U3O8 including 1.5 metres at 1084 ppm (0.1%), and 6.4 metres at 554 ppm (0.05%) in a second hole.
• Highly anomalous values such as 330 ppm U3O8 over 1 metre and 5 metres at 165 ppm at Ulysses near Wudinna in first pass RAB drilling.
• Elevated values in broad reconnaissance RAB drilling at Dark Horse, south of Olary, including 2 metres at 175 ppm U3O8 and 1 metre at 271 ppm associated with pyritic gossan. Further analyses to follow.

Quarter ending December 2006

• Commencement of project studies to establish the potential economic benefit of developing the Tripitaka zircon deposit.
• Substantial scale-up of uranium exploration – more than $1 million for calendar 2007.
• Key Eyre Peninsula joint venture with South Australian uranium miner will contribute valuable technology, expertise and $750,000 p.a. to this effort.
• Maiden uranium drill programs planned to commence in February to test two 100% owned prospects.

• The company achieved a major milestone during the quarter with the announcement of an Inferred Resource Estimate for the Tripitaka zircon rich mineral sand deposit located in the Colona Joint Venture area in the Eucla Basin, South Australia.

• High level of drilling activity in Colona mineral sand project, both in the resource drill-out at Tripitaka and in regional exploration at Colona Central. Uranium exploration commenced on Eyre Peninsula with early detection of anomalies. Rover gold-copper drilling is imminent. Annual exploration expenditure was $3.2 million, a record for the company.

• Active program with drilling on three projects focussing on mineral sand, gold and copper. This activity will continue into the June quarter. Detailed drilling to generate a mineral sand resource estimate for Tripitaka commenced. Positive outcome to appraisal of uranium potential of Eyre Peninsula Project.

• A significant mineral sand discovery was made in the Eucla Basin while a high level of exploration activity, reflected in $1 million exploration expenditure by the company and its joint venturers, was maintained across several projects. Drilling planned for three projects in coming quarter.

• Another active quarter saw a total of $0.66 million spent on the company’s properties with drilling on three projects, Rover, Colona and Moonta-Wallaroo. Drilling continues at both Rover and Colona. Promising drill intersections resulted from all three programs with assays awaited from a strong ironstone intersection at Rover 12 near Tennant Creek.

• In the light of positive market conditions the company is well advanced in a review of the uranium prospectivity of its extensive tenement holdings in South Australia. Already this review has highlighted significant potential for the presence of palaeochannel hosted uranium deposits in the company’s wholly-owned Eyre Peninsula Project area.

• The acquisition of the Rover Gold-Copper Project represents an exciting opportunity and a substantial upgrading of the quality of the company’s exploration portfolio.