Delayed Financials and ASX Suspension Cloud Admiralty’s Mariposa Growth Prospects

Production Momentum at Mariposa

Admiralty Resources NL has continued to build on its production ramp-up at the Mariposa Iron Ore Project in Chile during the third quarter of 2025. The company reported mining of over 105,000 tonnes and production of 44,024 tonnes of iron ore concentrate averaging 65% iron content. While the monthly production showed a slight decline from July to September, the overall quarterly output reflects steady progress in scaling operations.

Mariposa remains in its pre-production phase, but the recent approval from local environmental authorities for temporary road transport access marks a significant operational milestone. This approval permits the export of up to 150,000 tonnes of concentrate over 180 days, facilitating three shipments of approximately 50,000 tonnes each. Admiralty has appointed global commodity trader Trafigura as its export agent, aiming to ship 50,000 tonnes by the end of 2025, underscoring the company’s commitment to moving product to market efficiently.

Infrastructure and Sustainability Initiatives

Infrastructure development at Mariposa is advancing alongside production. Admiralty is transitioning its energy supply from diesel to electric power, leveraging an agreement with Agrosuper to use existing land and electricity connections. Construction of a new transmission line is underway, expected to be completed by year-end, pending final approvals from the national electricity operator. This shift aligns with broader industry trends toward cleaner, more sustainable mining operations.

Water supply logistics are also being addressed, with Admiralty finalising pipeline designs and negotiating land access to secure a reliable industrial water source. Meanwhile, the company is constructing a tailings dam and installing critical processing equipment, preparing for a planned expansion to 1 million tonnes of annual production. These infrastructure investments are crucial for scaling up operations and meeting future demand.

Exploration and Regional Projects

Beyond Mariposa, Admiralty is progressing exploration and development at other Chilean projects, including Soberana and La Chulula. Both projects have secured road transport permits and are preparing for drilling and blasting activities to support production growth. In Australia, the Pyke Hill cobalt and nickel project remains on hold with no activity reported this quarter.

Corporate and Regulatory Challenges

On the corporate front, Admiralty disclosed a delay in lodging its audited annual financial statements for the year ended 30 June 2025. The delay stems from ongoing consultations with accounting advisers and auditors over appropriate accounting standards and disclosures. As a result, the ASX suspended trading of Admiralty’s securities on 1 October 2025 pending the report’s lodgement. This suspension introduces uncertainty for investors regarding financial transparency and timing.

Additionally, an internal legal review led to updates in the company’s tenement register, correcting previous omissions. Admiralty continues to rely on funding and operational support from its joint venture partner Hainan Xinlei Management Co Ltd, which is managing the project and covering most development costs.

Looking Ahead

Admiralty’s focus remains on advancing production and infrastructure at Mariposa to support its ambitious expansion plans. The company’s ability to secure export approvals and progress critical infrastructure projects bodes well for scaling output. However, the delay in financial reporting and ASX suspension highlight ongoing governance and compliance challenges that investors will watch closely.