Admiralty Resources NL is engaged in the exploration and development of mineral deposits. The Company’s subsidiaries include Bulman Resources Pty Ltd, which is engaged in lead and zinc exploration; Pyke Hill Resources Pty Ltd, which is engaged in nickel and cobalt exploration; ADY Investments Pty Ltd, which is engaged in investment holding; Five Star Resources Pty Ltd, which is engaged in mineral exploration; Fortune Global Holdings Corporation, which is a holding company for SCM Vallenar Iron Company; Inversiones Admiralty Resources Chile Ltda, which is a holding company; Sociedad Contractual Minera Vallenar Iron Company, which is a iron ore producer, and S.B. Graneles S.A., which is a holding company. On December 23, 2008, the Company completed the selling of Rincon Lithium Ltd. During the fiscal year ended June 30, 2009 (fiscal 2009), the Company completed the acquisition of S.B. Graneles S.A. In May 2009, the Company acquired the remaining 40% in Vallenar Iron Company.