Admiralty Resources has ramped up production at its Mariposa Iron Ore Project in Chile, securing key contracts with Trafigura and Compañía Minera del Pacífico amid ongoing audit delays.
- Quarterly mining volume up 12.5%, ore concentrate up 3.76%
- Signed purchase contract with Trafigura for 450,000 tonnes over 12 months
- First iron ore shipment successfully exported to China from Las Losas Port
- New monthly purchase order with Compañía Minera del Pacífico starting March 2026
- Audit delays continue, trading remains suspended pending financial statements
Production Momentum at Mariposa
Admiralty Resources NL has reported a solid quarter of progress at its flagship Mariposa Iron Ore Project in Chile, with mining volumes increasing by 12.5% to 118,301 tonnes and ore concentrate production rising 3.76% to 45,680 tonnes during the December 2025 quarter. The average iron grade remained strong at 65%, underscoring the quality of the deposit as the company continues its ramp-up from pre-production phases initiated in 2024.
This steady increase in output reflects Admiralty’s focus on optimising both quantity and quality of its iron ore concentrate, positioning the project well to meet ongoing global demand for steelmaking raw materials.
Strategic Sales Agreements Strengthen Commercialisation
A significant milestone was achieved with the signing of a purchase contract with global commodity trader Trafigura in late November 2025. The agreement covers three shipments totalling 450,000 wet metric tonnes of iron ore concentrate over the next year, priced transparently against the Metal Bulletin 65% Fe CFR North China Index. This partnership not only provides Admiralty with access to Trafigura’s extensive market networks but also establishes a robust framework for pricing and quality assurance under English law.
Following this, the company successfully completed its first shipment from Las Losas Port in Chile, with the iron ore concentrate now en route to Qingdao Port, China. This inaugural export marks a key operational achievement and confirms Las Losas as the designated export terminal for Mariposa’s ongoing shipments.
Adding to its commercial momentum, Admiralty secured a new purchase order with Compañía Minera del Pacífico (CMP) for monthly dispatches of at least 10,000 tonnes starting March 2026, contingent on transport approvals. This contract complements the Trafigura deal and signals growing market confidence in Admiralty’s product.
Infrastructure and Expansion Progress
Infrastructure development continues apace with pending electricity connection approvals expected by mid-February 2026, following the installation of a new 23 kV transmission line. Water supply arrangements have also been secured through a contract with Agrosuper, supporting operational needs as the project scales.
Meanwhile, Admiralty is advancing its ambitious one million tonne expansion plan, installing critical processing equipment such as roller crushers and tailings filters. These upgrades aim to enhance throughput and operational efficiency, underpinning the company’s growth trajectory.
Regulatory and Financial Challenges Persist
Despite operational progress, Admiralty remains suspended from trading due to delays in lodging its audited annual financial statements for FY2025. The delay stems from ongoing discussions with auditors and the absence of audited project accounts from its partner Hainan Xinlei Management Co Ltd, which finances and manages the Mariposa project. This situation introduces uncertainty around the timing of trading resumption and investor confidence.
Exploration activities continue on other Chilean projects such as Soberana and La Chulula, while Australian operations at Pyke Hill saw no activity during the quarter.
Bottom Line?
As Admiralty pushes forward with production and sales, the resolution of audit delays will be critical to unlocking full market confidence.
Questions in the middle?
- When will Admiralty resolve audit issues and resume trading on the ASX?
- How will the new contracts with Trafigura and CMP impact revenue and cash flow profiles?
- What are the timelines and risks associated with full environmental and infrastructure approvals?