New Risk • Mar 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.8m (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (188% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.8m market cap, or US$9.82m). Bekanntmachung • Feb 17
Adavale Resources Limited (ASX:ADD) entered into an agreement to acquire Package of Exploration Licences of Alkane Resources Ltd (ASX:ALK) for AUD 0.26 million. Adavale Resources Limited (ASX:ADD) entered into an agreement to acquire Package of Exploration Licences of Alkane Resources Ltd (ASX:ALK) for AUD 0.26 million on February 17, 2026. The consideration consists of 5.5 million common equity of Adavale Resources Limited having a value of AUD 0.26 million to be issued for Package of Exploration Licences of Alkane Resources Ltd. As part of consideration, AUD 0.26 million is paid towards Package of Exploration Licences of Alkane Resources Ltd.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation and third party approval needed. Bekanntmachung • Feb 02
Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 5.153738 million. Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 5.153738 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 43,074,764
Price\Range: AUD 0.05
Discount Per Security: AUD 0.003
Transaction Features: Subsequent Direct Listing Bekanntmachung • Oct 03
Adavale Resources Limited, Annual General Meeting, Nov 28, 2025 Adavale Resources Limited, Annual General Meeting, Nov 28, 2025. Location: level 2, 49 oxford close, west leederville, wa 6007, Australia Reported Earnings • Sep 30
Full year 2025 earnings released: AU$0.048 loss per share (vs AU$0.11 loss in FY 2024) Full year 2025 results: AU$0.048 loss per share (improved from AU$0.11 loss in FY 2024). Revenue: AU$43.8k (down 58% from FY 2024). Net loss: AU$4.05m (loss narrowed 14% from FY 2024). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Bekanntmachung • Jul 04
Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.652 million. Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.652 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 119,047,620
Price\Range: AUD 0.021
Discount Per Security: AUD 0.00126
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,238,095
Price\Range: AUD 0.021
Discount Per Security: AUD 0.00126
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Apr 11
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Nic Matich is the most experienced director on the board, commencing their role in 2024. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Bekanntmachung • Apr 11
Adavale Resources Limited Announces Parkes Project Advances in Central NSW Lachlan Fold Belt Adavale Resources Ltd. announced that London-Victoria Gold Mine ("London-Victoria") (EL 7242), with an Historical Estimate of 3.70Mt @ 1.04g/t Au for 124koz gold1 is currently under review by Derisk Geomining Consultants, with a view to converting to a JORC 2012 Mineral Resource Estimate. Assays completed by the previous operator and vendor of the Project have now been received. Best gold values were obtained in an intensely sheared portion near the base of the alteration zone that has intersected 3m @ 0.40 g/t Au (356-359m), including 1m @ 1.02g/t Au (356-357m), including 1m at 1.02g/t gold (356-357m). Additional rock chip assay results recently received for the Ashes Prospect (within the Parkes Project) returned the highest-grade gold and silver mineralisation to date: 10.65 g/t Au, 1.98% Cu & 158 g/t Ag (P24669). Assay results from the March geochemical survey at Ashes and Myalls are anticipated in April, which follow up the recently released high-grade gold, copper and silver rock chip assay results: 7.95 g/t Au, 2.2% Cu & 96.4 g/t Ag. 0.74 g/t Au, 0.76% Cu & 58.9 g/t Ag. o 0.32 g/t Au & 17.8 g/t Ag. Maiden drilling program to be planned during Second Quarter 2025 following assessment of existing and expected new target generation from geochemical survey assay results. Assay results from the recently completed geochemical survey at Ashes andMyalls (two of the more advanced Prospects at the Parkes Project) are anticipated in April. The results will be used to define likely infill sampling leading to potential drilling targets. Further delays in receiving assay results over the Christmas-New Year period and afterwards were experienced. It was then decided by Adavale that all gold and multi-element assay results from both submittals should be received to allow for a more definitive geological interpretation relating assays to quartz-carbonate veins and the logged enclosing alteration assemblage(s) intersected in AEIDD001. Assay results from a total of 157 core samples (1 metre length) have now been received from ALS and the results assessed. The intensely sheared 2.2m wide zone near the base of the logged main alteration zone has returned assay results preliminarily interpreted at depth, as representative of the London zone at London-Victoria mine, but recording subdued gold values of 1m @ 1.02 g/t Au (356 -357m) and 1m @ 0.17g/t Au (358-359m) downhole. The recent assay results obtained from completing AEIDD001 is the first exploration drilling to be carried out at the London-Victoria mine since 1990. Whilst these results from the 20m wide quartz-carbonate veined alteration zone are not particularly substantial, they show to some degree that similar geology and the main alteration zone persists at depths of up to 150-160 beneath the London open pit. The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Barry Willott, who is employed by Desdinova Metals Pty Ltd. as consultant to Adavale Resources Ltd. Mr. Willott is a Member of The Australian Institute of Geoscientists (AIG) and The Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Willott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. For future drilling on EL7242, Adavale will apply data spacing sufficient to establish the degree of geological and grade continuity appropriate for JORC 2012 Mineral Resource and Ore Reserves'. For Future drilling on EL7242, the Project progresses. For future drilling on EL7 242, Adavale will apply Data spacing sufficient experience that is considered to have introduced a sampling bias, Adavale will applydata spacing sufficient experience that is considered To future drilling on EL7242. Bekanntmachung • Apr 10
Adavale Resources Limited Announces Board Changes Adavale Resources Limited announced the appointment of seasoned geologist and mining industry executive, David Ward, as Non-Executive Technical Director to the Board. David Ward is a seasoned geologist and mining industry executive with over 25 years of experience encompassing early-stage exploration, project development through to open pit and underground mining. Throughout David's career, David has demonstrated a strong commercial perspective on driving value creation. For the last 8 years as Chief Geologist of Private Company, Bacchus Resources, David was instrumental in defining over 950Koz of gold resources in the NT, while overseeing the development of other exploration assets in the NT, QLD and NSW. These assets were then incorporated into key projects for multiple ASX-listed exploration companies. In addition to his success at Bacchus Resources, David has played key exploration and operational technical roles in several companies, including Newcrest Mining, as Production and Resource Definition Geologist for the Cadia Gold Mine and Clancy Exploration as Senior Exploration Geologist overseeing Porphyry and Epithermal exploration in the Lachlan Fold Belt NSW. David Ward's appointment marks a significant step in Adavale's broader growth strategy to advance its Parkes Gold-Copper Project in the Lachlan Fold Belt, as well as its Nickel and Uranium portfolios in Tanzania and South Australia. In parallel with this transition, Mr. John Hicks will retire from the Board, having served with distinction during Adavale's exploration phase. His leadership and geological insight have been instrumental in establishing Adavale's strong technical foundations. Reported Earnings • Mar 19
First half 2025 earnings released: AU$0.001 loss per share (vs AU$0.004 loss in 1H 2024) First half 2025 results: AU$0.001 loss per share (improved from AU$0.004 loss in 1H 2024). Revenue: AU$43.8k (down 92% from 1H 2024). Net loss: AU$1.27m (loss narrowed 57% from 1H 2024). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.5m free cash flow). Share price has been highly volatile over the past 3 months (50% average weekly change). Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (125% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$4.55m market cap, or US$2.88m). Bekanntmachung • Jan 29
Adavale Resources Limited (ASX:ADD) acquired 72.50% stake in Parkes Gold and Copper Project from Agricultural Equity Investments Pty Ltd for AUD 0.95 million. Adavale Resources Limited (ASX:ADD) agreed to acquire 72.50% stake in Parkes Gold and Copper Project from Agricultural Equity Investments Pty Ltd for AUD 0.95 million on November 29, 2024. The consideration consists of 383.33 million common equity of Adavale Resources Limited to be issued for assets of Parkes Gold and Copper Project. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, consummation of due diligence investigation and third party approval needed.
Adavale Resources Limited (ASX:ADD) completed the acquisition of 72.50% stake in Parkes Gold and Copper Project from Agricultural Equity Investments Pty Ltd on January 28, 2025. Bekanntmachung • Nov 30
Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.675 million. Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.675 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 670,000,000
Price\Range: AUD 0.0025
Discount Per Security: AUD 0.00015
Transaction Features: Subsequent Direct Listing Bekanntmachung • Oct 24
Adavale Resources Limited Announces Board Changes, Effective 31 October 2024 Adavale Resources Limited advised that the board have accepted Mr. David Riekie's resignation as Executive Director of the Company and subsequently resolved that Mr. Allan Ritchie take the position of Executive Chairman both effective 31 October 2024. David joined Adavale in July 2021 and played a pivotal role in aggregating a substantial Uranium package for Adavale in South Australia. David also directed Adavale's exploration of Adavale's South Australian Uranium projects and Nickel project in Tanzania. Bekanntmachung • Sep 27
Adavale Resources Limited, Annual General Meeting, Nov 29, 2024 Adavale Resources Limited, Annual General Meeting, Nov 29, 2024. Bekanntmachung • Jul 05
Adavale Resources Limited (ASX:ADD) completed the acquisition of Exploration Licence 6553 from Kilonova Metals Pty Ltd. Adavale Resources Limited (ASX:ADD) agreed to acquire Exploration Licence 6553 from Kilonova Metals Pty Ltd for AUD 0.32 million on March 26, 2024. As per the transaction, Adavale Resources Limited will pay AUD 0.015 million non-refundable deposit, 25 million shares and deferred consideration of 25 million shares payable upon Adavale Resources Limited completing a maiden drilling program and returning an intercept of a minimum of 1m combining to at least 10m at 0.05% U3O8 by December 31, 2025. The transaction is subject to due diligence investigations, regulatory board approvals, third party approvals and approval by shareholders of Adavale Resources Limited.
Adavale Resources Limited (ASX:ADD) completed the acquisition of Exploration Licence 6553 from Kilonova Metals Pty Ltd on July 4, 2024. Bekanntmachung • Jan 30
Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million. Adavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 200,000,000
Price\Range: AUD 0.007
Discount Per Security: AUD 0.00042
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,285,714
Price\Range: AUD 0.007
Discount Per Security: AUD 0.00042
Transaction Features: Subsequent Direct Listing New Risk • Jan 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.4m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-AU$1.1m). Earnings have declined by 49% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$7.30m market cap, or US$4.78m). Bekanntmachung • Oct 05
Adavale Resources Limited, Annual General Meeting, Nov 24, 2023 Adavale Resources Limited, Annual General Meeting, Nov 24, 2023. New Risk • Sep 30
New major risk - Negative shareholders equity The company has negative equity. Total equity: -AU$1.1m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.4m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-AU$1.1m). Earnings have declined by 49% per year over the past 5 years. Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.76m market cap, or US$5.63m). New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.9m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.6m market cap, or US$9.14m). Bekanntmachung • Jan 28
Adavale Resources Limited Announces Nickel Sulphide Host Rocks Intercepted At Kabanga Jirani Adavale Resources Limited provide an exploration update for the Company's Kabanga Jirani Nickel Project (Kabanga). Additional drilling and casing of the holes for DHEM survey has been undertaken since December 2022. Initial drill tests have now been completed on target areas HEM 4 located in Kabanga East and HEM 9 in Kabanga West. Both HEM 4 and HEM 9 are areas of coincident gravity, magnetic and EM anomalies and were drill tested by RCDDKE 006 and DDKW 007 respectively during December 2022. Drilling completed during 2022 (HEM 2, 4 and 9) shows the geology intersected at HEM 2 is the best potential host rock encountered during this initial drill program. Drilling was suspended in late December due to the onset of the wet season and will resume following the wet season in early 2023. Over the intervening period, DHEM surveying will be undertaken on the four diamond holes completed during 2022 to verify the EM anomalies targeted by each drillhole have been adequately tested and to detect any other off-hole conductors that maybe associated with nearby nickel sulphide mineralisation. This will indicate what follow-up drilling is required, particularly at HEM. In addition, a series of geochemical soil sampling programs have been implemented starting in the high priority area northeast of Luhuma. The soil results will be analysed against gravity anomalies to assist with prioritising drillhole targeting. Drilling was completed on drillhole RCDDKE 006 at HEM 4with the 500.5m deep hole designed to test a discrete EM anomaly underlying a gravity anomaly. The modelling shows a clearly defined vertical conductor, which at depth flattens out and envelopes the conductor. Drillhole RCDDKE 006 intersected an abundance of dolerite after 170m that may explain the source of the HEM 4 gravity anomaly while two zones of finely disseminated and narrow veins of sulphide (chalcopyrite and pyrrhotite) maybe the cause of the conductivity. DHEM will assist with future exploration at this target area. Drilling was also completed at HEM 9 which has discrete, coincident magnetic, gravity and EM conductors. This target was drill tested by DDKW 007 aimed at a fairly flat lying conductor shown in Figure 5 and to a target depth of 371.1m. As was the case at HEM 4, a 70m thick dolerite unit may explain the HEM 9 gravity anomaly while the conductivity maybe attributed to thin sulphide veins over 300m in width. With both HEM 4 and 9 target areas, Adavale's geophysical surveys correctly identified zones of greater density and conductivity as evidenced by the dolerite and sulphide vein intercepts at these two locations. In these two instances, however the intrusions have largely been composed of dolerite and the sulphides hosted within sediments rather than associated with layered mafic-ultramafic intrusions. To assist with differentiating between gravity anomalies associated with thickened dolerite units and mafic-ultramafic intrusions, the Company has implemented a series of additional geochemical soil sampling programs. Bekanntmachung • Dec 07
Adavale Resources Limited Intersects A Prospective Layered Mafic and Possibly Ultramafic Intrusions Containing Visible Low Tenor Iron Rich Sulphide Zones in the Initial Two-Holes Testing the HEM 2 Target Area Adavale Resources Limited announced that it has intersected a prospective layered mafic and possibly ultramafic intrusions containing visible low tenor iron rich sulphide zones in the initial two-holes testing the HEM 2 target area. These holes form a part of the ongoing Phase 1 drilling program designed to test multiple high priority targets within the Company's Kabanga Jirani (Kabanga) and Luhuma Nickel Sulphide Projects (Luhuma) located within the broader East African Nickel Belt of Tanzania. The first two RC and diamond extended drill holes of Adavale's 2022 drill program were completed within target area HEM 2. The two holes were drilled in a "scissor" pattern to target several modelled EM conductors located towards the western margin of the strong (4.5 mGal) gravity anomaly that was originally identified by Adavale in 2021 and subsequently shown to reflect a large mafic and possibly ultramafic intrusion. RCDDKNE004 was drilled towards the west at -60 degrees while RCDDKNE005 was drilled towards the east at -60 degrees, both within the confines of the intrusion. Importantly the two completed holes have provided confirmation of broad igneous layering within the host intrusion which implies that there may be a more primitive underlying portion. The settling of sulphides (via simple gravity) also makes the basal portions of intrusions the most likely trap sites for sulphides to accumulate if they are present. Based on visual logging and supported by systematic pXRF readings RCDDKNE004 encountered a homogeneous gabbronorite with Mg values averaging 9% over its full length. Whereas RCDDKNE005 to the west initially encountered less Mg rich gabbro until about 204m depth where it passed into the same gabbronorite (with 9% Mg)encountered in RCDDKNE004. This change from gabbro to gabbronorite reflects a fractionation trend which suggests the intrusion at HEM 2 has been rotated (titled) at least 60 70 degrees to the west after it was emplaced and therefore the more primitive and potentially nickel sulphide rich base of the intrusion is located at depth further to the east. Plans are currently being developed by Adavale to refocus exploration to test this interpretation. Both drill holes have intersected several intervals of low tenor (<0.1% Ni, based on numerous pXRF readings) iron rich disseminated and blebby sulphides which is likely to explain the source of the modelled EM conductors the drill holes were designed to target. To confirm this and test for off-hole anomalies at the base of the intrusion both holes have been cased with PVC pipe to enable a DHEM survey. Drilling is currently underway on drill hole RCDDKE 006 at HEM 4 and is currently at a depth of 325m (the vertical conductor identified may have been caused by disseminated sulphidesintercepted between ~ 250 and 300m). The 3D image has been compiled by processing Xcite data (collected from the HEM program) to show areas of high conductivity and envelops the perimeter of an intrusion (as identified from the gravity survey). The conductivity of the HEM target is estimated to be around 0.8 S/m and has been refined using a combination of 3D voxels and conductivity depth images (CDI's) models. The RC rig has been mobilised to HEM 9 situated with the Company's Kabanga West licence. The pre-collar has been completed and is awaiting the diamond drill rig to be mobilised after completion of drilling at HEM 4. The current program will see the RC rig move to HEM 7 and 8 to complete similar pre-collars in preparation for diamond drill testing these target areas in the first quarter of next year. As previously highlighted in recent announcements the Company intends to maintain a flexible and iterative approach in respect to the sequence and expansion of its drilling program. This will be based on drilling and survey information gained through field assessments of drill locations, drill results and the continual processing of relevant survey data being complied with by expert consultants. DHEM surveys are anticipated to be performed on all completed DD holes to verify the source of the individual conductors and identify potential new drill targets. While drill progress to date has been adequate, recent mechanical issues with the RC rig and heavier than usual seasonal rains, have intermittently impacted optimal drilling output. The Company intends to maintain the current drill program and complete the planned drill holes at HEM 4 and 9 during December. Bekanntmachung • Nov 23
Adavale Resources Limited Receives Approval for Drilling Lake Surprise Uranium Project Adavale Resources Limited advised that it has received notification from DEM of the remaining environmental approval to proceed with the 4,500m air-core drill program that will test the shallow (~30m) uranium targets at theCompany's 100% owned Lake Surprise Uranium Project ("Lake Surprise"), located in South Australia. The Company's tenements are prospective for uranium hosted within a silcrete capped paleochannel in close proximity to the Flinders Ranges in northern region of South Australia. Current drilling will be undertaken on Adavale's EL5893 situated at Clayton Station 70km East of Marree. The proposed sites for the 150 drill holes were mapped during field surveys in July 2022 using aerial drones with high resolution to identify the site of each hole and record the condition of each site for subsequent rehabilitation. Board Change • Nov 16
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Chairman Grant Pierce is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Bekanntmachung • Oct 29
Adavale Resources Limited Announces Diamond Drilling Underway At Kabanga Jirani Nickel Project Adavale Resources Limited advised that it has progressed the initial drilling program using reverse circulation (RC) to drill pre-collars for diamond drilling extensions at priority drill targets within the HEM2 target area of the Company's Kabanga Jirani (Kabanga) and Luhuma Nickel Projects (Luhuma) located within the broader East African Nickel Belt of Tanzania. Initial "Target Testing" Drill Program; The drill program now underway is using an RC rig to complete pre-collars through the barren and weathered surface profile which is up to 100m thick before switching to a DD rig to complete the designed hole and test the target zones that are typically 300 to 400m below surface. company's local drilling contractor has the necessary capability to provide the flexible combination of RC and diamond drilling rigs (together with additional rigs as required) for this initial drill campaign. The current drill program is estimated to involve up to 8,000m of combined RC and DD drilling. The proposed initial drill program has been refined to initially test high-priority target areas at: HEM 2 and 3 survey areas (within the Luhuma extension), followed by HEM 4 survey area in Kabanga East, before relocating to; HEM 7, 8 and 9 survey areas in Kabanga West (adjacent to Kabanga Nickel Limited). Bekanntmachung • Sep 30
Adavale Resources Limited, Annual General Meeting, Nov 29, 2022 Adavale Resources Limited, Annual General Meeting, Nov 29, 2022. Bekanntmachung • Sep 27
Adavale Resources Limited Announces Drill Rig Mobilising to Kabanga Jirani and Luhuma Projects Adavale Resources Limited (ADD or Company) advised that it has commenced mobilisation of a multi-purpose reverse circulation (RC)/diamond drill rig following completion of the 9 recent HEM surveys (HEM 1 to 9) conducted over the Company's Kabanga Jirani (Kabanga) and Luhuma Nickel Projects (Luhuma) located within the East African Nickel Belt of Tanzania. The drill program will initially focus on 7 high-priority nickel target areas (Target Areas) within the Kabanga North-East/Luhuma extension, Kabanga East and Kabanga West Licences. The program will be subject to ongoing refinement based on drill results, field assessments and the final processed data from the HEM contractor. Multi-purpose RC/DD drill rig mobilising to commence a high impact 6,000m to 8,000m "Priority Target Testing" program Drilling scheduled to commence in the first week of October Target areas selection based on coincident Heli-borne Electro Magnetic (HEM) and gravity anomalies Initial drill program to test multiple anomalies within 7 priority HEM/Nickel target areas within Adavale's East African Nickel Belt licences in Tanzania. Bekanntmachung • Sep 15
Adavale Resources Limited Announces Approvals Advanced for Drilling At Lake Surprise Project Adavale Resources Limited announced advancements for the upcoming air-core drill program that will test the shallow (~30m) uranium targets at the Company's 100% owned Lake Surprise Uranium Project ("Lake Surprise"), located in South Australia. The Company's tenements are prospective for uranium hosted within a silcrete capped paleochannel in proximity to the Flinders Ranges in northern region of South Australia. Adavale's geologist Patrick Harvey visited the proposed drill site in July 2022, to both locate and peg the proposed 150 drill hole sites and to also record the current condition of each site for subsequent rehabilitation. This program was completed in conjunction with a drone survey as this imagery will assist compliance required for the "before" and "after" drilling condition of the site, and the drill site rehabilitation process as required by the DEM of South Australia. Associated incident reporting documentation and the radiation management plans for exploration have also been submitted as part of the comprehensive process required for the PEPR. The planned drilling program in the Lake Surprise Uranium Project will consist of between 50-150 drill holes on lines spaced 180m apart and with drill holes 80m along the drill lines. Bekanntmachung • Sep 14
Adavale Resources Limited Advises the Helicopter-Borne Electromagnetic Survey Adavale Resources Limited advised that the Helicopter-borne Electromagnetic (HEM) survey has been completed at the Kabanga Jirani (Kabanga) and Luhuma Nickel Projects (Luhuma) located in Tanzania. The HEM survey was conducted over 9 high-priority areas (Figure 1) and has identified multiple targets that are being refined and prioritised for drill testing. The flexibility to receive and interpret the data in advance of the formal report from survey contractors means the identification of anticipated drill locations and engagement with local drilling contractors has been fast tracked. As anticipated, the high-quality HEM survey data generated by NRG's high-powered TDEM system has enabled discrete EM conductors to be identified up to 500-600m below the surface. Once fully interpreted and evaluated, drill testing of these priority targets is anticipated to commenceduring September/early October 2022. Bekanntmachung • Aug 15
Adavale Resources Limited Commences Helicopter-Borne Electromagnetic Survey at Kabanga Jirani and Luhuma Nickel Projects Located in Tanzania Adavale Resources Limited announced that the Helicopter-borne Electromagnetic (HEM) survey has commenced at the Kabanga Jirani and Luhuma Nickel Projects located in Tanzania. The survey helicopter, technical equipment and all key personnel have arrived on site for the campaign that will run for 10-14-days. The HEM survey will be conducted over 9 high-priority areas, that cover 18 of the 32 gravity anomalies identified from the recently completed ground-based gravity survey. New Resolution Geophysics (NRG) based in Cape Town, South Africa will complete the HEM surveys using their high-powered TDEM system which is capable of detecting EM conductors between 500-600m below the surface (subject to local ground conditions). Adavale will use the HEM data, in conjunction with existing exploration data to rank and prioritise targets for follow-up drill testing. Drill testing of these priority targets identified is anticipated to commence in late third quarter of current year 2022. Bekanntmachung • Jul 13
Adavale Resources Limited Selects 9 High-Priority Areas for Immediate Heli-Borne EM Survey Adavale Resources Limited announced it has selected 9 high-priority areas for immediateHeli-borne EM survey coverage. The nine areas to be surveyed cover 18 of the 32 gravity anomalies identified by the recently concluded ground-based gravity survey program conducted over theCompany's 100% owned Kabanga Jirani Nickel Project comprising Kabanga NE, North, East, Kabanga West, and the farmed-in Luhuma Nickel Project areas. The remaining 14 gravity anomalies outside the 9 chosen Heli-borne survey areas, will form the basis of a second-tier program offollow-up exploration targeting and testing. New Resolution Geophysics based in Cape Town, South Africa has been contracted to fly the Heli-borne surveys using their high-powered TDEM system which is capable of detecting EM anomalies up to 500-600m below the surface. The surveys will be flown on 100m spaced lines which will provide much greater resolution and depth penetrationthan the currently available 400m spaced GeoTEM survey data that was flown by BHP in the early1990s. The gravity survey identified anomalies that are indicative of underlying mafic-ultramafic intrusions whilst the EM survey will test for conductors which are potentially caused by sulphide mineralization hosted within these intrusions. Coincident EM and gravity anomalies identified in this way will form the immediate focus of Adavale's follow-up ongoing exploration including drill testing which is anticipated to commence in August. The cumulative total line kilometers to be flown over the nine survey areas is approximately 2,000 km. The helicopter, associated survey equipment, and technical personnel are currently being mobilised to the site with survey flying scheduled to commence the week beginning 18 July 2022. The anticipated duration of the survey is between 10 and 14 days with preliminary data available to Adavale's consultant geophysicists regularly throughout the course of the survey. This will enable progress to be monitored closely facilitating program refinements, QA/QC of generated data, and early identification of targets for drill testing. The final processed survey data from NRG to Adavale is anticipated in early August. Once completed and processed, Adavale will use the Heli EM data in conjunction with all other data sets to rank and prioritise targets for follow-up drill testing. At this point drill, testing of priority targets is anticipated to commence from late August. Next Steps and Progress milestones: In summary, over July and August the Company will be undertaking several important exploration workstreams. Bekanntmachung • Jun 21
Adavale Resources Limited Announces Significant Progress on Upcoming Low-Cost Air-Core Uranium Drilling Campaign on 100% Owned Uranium Tenements At Lake Surprise Uranium Project, South Australia Adavale Resources Limited announced the significant progress on the upcoming low-cost air-core uranium drilling campaign that will focus on the shallow target areas on the Company's 100% owned uranium tenements at Lake Surprise Uranium Project, South Australia. The Company's tenements are prospective for uranium hosted within a silcrete capped paleochannel in proximity to the Flinders Ranges in northern South Australia. Recent Results Exploration Licence 5893; EL5893 was previously explored by Adavale in 2007 and forms part of Lake Surprise Uranium Project. The tenement is prospective for paleochannel uranium hosted in silcrete capped sandy channels, which is overlayed by approximately 30m of transported regolith. The silcrete presents a hard barrier that is potentially a source of Naturally Occurring Radioactive Material (NORM) with the sandy channels underneath the capping also potentially containing NORM. Adavale's surface geophysical data collection and rock chip sampling in November 2021 showed significant gamma anomalies accompanying elevated uranium in rock chip samples. Results previously reported indicated that 11 of 28 samples had values greater than 100ppm, seven of which were above 200ppm and the highest reading being 356ppm. Summary of the Current Exploration Program and Approvals; The planned drilling program in the Lake Surprise Uranium Project will consist of a 50-150 drill hole program. Drilling will be on lines spaced 180m apart, with holes spaced 80m apart along the lines. Bekanntmachung • Jun 10
Adavale Resources Limited Announces Outstanding Results from Current Ground-Based Gravity Survey Program at its 100% Owned Kabanga Jirani Nickel Project and Farmed-In Luhuma Nickel Project Adavale Resources Limited announced the outstanding results from the current ground-based gravity survey program at its 100% owned Kabanga Jirani Nickel Project and the farmed-in Luhuma Nickel Project. The regional ground-based gravity survey program has indicated significant nickel sulphide potential, discovering 14 new priority targets over ~30km strike length of the nickel sulphide mineralised Luhuma corridor. The gravity survey program is now more than 60% complete with the Kabanga NE and Luhuma tenement areas now fully covered. The ground-based gravity surveys will also be completed on the Kabanga East and Kabanga West tenements soon. Key Outcomes: Preliminary processing and interpretation of the Kabanga NE and Luhuma gravity data is largely complete and reveals three large high priority target areas containing a total of 14 discrete strong (>1mGal) anomalies. High-density signatures above 0.75mGal are interpreted to indicate the presence of underlying bedrock mafic-ultramafic intrusions (similar to those that host the world class Kabanga and Nova-Bollinger nickel sulphide deposits) that when supported by other exploration indicators (Ni/Cu in soil and EM signatures) are ranked as high priority exploration targets. Gravity Survey Details - Kabanga NE (Incorporating the Luhuma Nickel Corridor) The processed Kabanga NE and Luhuma regional gravity data completed to date and has covered approximately 600 Sq kms. The remainder (<40%) of the gravity surveys at Kabanga West and East will be completed during the current month of June 2022. In addition to the three high priority Target Areas within the Luhuma Corridor, the Company has also identified a series of anomalies within the Enigma Target that also warrant additional investigation and exploration including EM survey. Three standout and broad Target Areas have been identified along the Luhuma trend. This Area contains multiple discrete targets. Target Area 1 defines and significantly extends the limits of the historically recognized Luhuma mafic-ultramafic intrusion. The Area has now been identified to comprise 6 semi-continuous discrete +1mGal gravity highs that extend 15km NE and SW from the Luhuma drill hole LUH06 which intersected 1.14% Ni over 8m1. The previously recorded known extents of the intrusion based on limited historical (circa 1990s) mapping and drilling was approximately 8km. Target Area 2 delineates what is interpreted to be a completely new mafic-ultramafic intrusion located immediately to the east and possibly stratigraphically below and parallel to the Luhuma intrusion. It consists of 7 large discrete +1mGal gravity feature with several smaller isolated highs extending over 7.5km. Target Area 2 has never been drill tested. Target Area 3 defines Adavale's +4.5mGal T7 "Bullseye anomaly" which the Company tested with a single drill hole in 2021 and confirmed the source of the anomaly was due to an underlying mineralized mafic-ultramafic intrusion. The orientation of the intrusion and the position of its more prospective basal contact (focal point for NiS) is not known at this point, nor has it been covered by modern powerful EM techniques and consequently it remains an exciting exploration target for the Company. Within this broader Luhuma area (comprising the Target Areas 1, 2 and 3) there are a total of 14 discrete gravity anomalies in-excess of +1mGal each potentially representing an underlying mafic-ultramafic intrusion. The concentration of the strong gravity features extending from Target Area 3 across to Target Area 2 is particularly intriguing as it reflects an area of focused magmatic activity which is favourable for the formation of large nickel sulphide deposits. The Enigma Target: Further to the west within the Kabanga NE tenement the regional gravity data appears to show a distinctive broad fold pattern and within this broad elevated gravity feature there are a series of significant Cu geochemical anomalies which may be related to discrete mafic-ultramafic bodies whose individual gravity response is being masked by the regional gravity high. Further gravity processing and modeling will be conducted to help resolve this conundrum on the prospect that has been referenced as The Enigma. These anomalies with others that are expected to be identified are significant and will be earmarked and ranked for follow-up exploration. The gravity survey has also successfully identified two new and previously unknown anomalies within the regional data set near the SW boundary of Kabanga NE. The dimension of these anomalies is in excess of 1km in length and with gravity values of +1mGal these are also considered significant anomalies for follow up investigation including EM survey. Next Steps and Progress milestones: Over the months of July and August, the Company will be undertaking a number of important exploration workstreams. Completion of the regional gravity survey including Kabanga East, West and North. Processing and interpretation of the survey data will be undertaken to rank the identified anomalies for follow-up EM survey: June 2022. The priority targets will be systematically covered using a detailed Heli-borne, time domain EM (TDEM) and magnetic survey equipment. NRG will conduct a minimum of 2,000-line km of survey from early July 2022. Receival and interpretation of final TDEM data: August 2022. Selection of priority targets for drill testing: August 2022. Board Change • Apr 27
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Chairman Grant Pierce is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Bekanntmachung • Apr 19
Adavale Resources Limited Advises the Positive Survey Results Received from the Gravity Survey Commenced Last Month Adavale Resources Limited advised the positive survey results received from the gravity survey commenced last month. The survey results delivered by the initial survey team have been outstanding with numerous discrete strong gravity anomalies mapped along a 12km narrow swathe within the broader Luhuma corridor. Results also show indications of several intrusions along strike and directly adjacent to historically drilled mineralization of 1.14% Ni over 8.4m. Included in this initial work was the extended (and infill) coverage over ADD's partially defined 2021 T7 gravity target. The T7 target was subsequently drill tested by the Company and confirmed to be sourced by a sulphide bearing mafic-ultramafic body at depth. The extended gravity coverage over T7 now defines a very strong (+2 mGal) "Bullseye" gravity target, which with additional identified anomalies within the corridor, will be earmarked for follow-up exploration, including detail "deep penetrating" Electro Magnetic surveys prior to scheduled drilling. Two additional gravity survey teams are now on site to accelerate the planned regional gravity survey program over the 1,000 km2 project area. The initial team commenced work mid-March and focused on extending two earlier surveys completed late last year along the Luhuma corridor. All three teams are now focusing on the broader line spaced regional programs radiating out from the Luhuma corridor. The additional two gravity teams were mobilised to expedite the coverage of all the Company's southern and western licences. Logistics have also been developed to accommodate the deployment of additional teams when required. Surveying commenced with an initial crew on site in mid-March. The decision to focus the initial team on the Luhuma corridor was based on the results of two smaller gravity programs completed in 2021 and the fact it is a largely under explored area of known mineralised mafic-ultramafic intrusions. The program encompasses the entire southern Licence area of the Kabanga Jirani Nickel Project and is being conducted on 400m spaced lines with readings taken every 100m. Approximately 24,000 gravity readings will be collected with approximately 5,400 in Kabanga East, 11,200 in Kabanga NE, 2,900 in Kabanga North and 4,400 in Kabanga West. More detail infill surveys have and will be undertaken around areas of significant interest. Within this part of the Luhuma corridor is the historic drillhole LUH06 which returned an intersection of 1.14% Ni over 8.4m and Adavale's Target 7 drill hole RCDDKNE 13-07-02, which intersected finely disseminated sulphide hosted within a mafic intrusion over a broad interval of 248m until the end of hole. The survey results delivered by the initial survey team have been outstanding with numerous discrete strong gravity anomalies clearly mapped along a 12km, relatively narrow swathe of the Luhuma corridor. Included in this initial work was the extended coverage over ADD's partially defined 2021 T7 target, which the Company drill tested last year and confirmed the source of the anomaly to be due to a sulphide-bearing mafic-ultramafic body at depth. The extended gravity coverage over T7 now clearly defines a very strong (+2 mGal) "Bullseye" gravity target. The much longer semi-continuous gravity feature to the east of the Bullseye feature is the Luhuma mafic-ultramafic intrusion extending SW from the historical drill hole intersection of LUH-06. The broader, higher amplitude anomaly at the southern end of this feature has not previously been explored and no recent exploration has taken place on any of these gravity anomalies Another positive feature of the initial survey results is the possible beginnings of a new strong gravity feature developing in the north along the eastern edge of the current survey. The broader line-spaced regional gravity survey underway in this area will clarify this possibility in the next few weeks. These Luhuma gravity anomalies, with others that are expected to be identified will be earmarked and ranked for follow-up exploration, including detail "deep penetrating" EM surveys and drill testing after completion of the gravity survey program. Bekanntmachung • Feb 21
Adavale Resources Limited Commences Exploring At Luhuma Nickel Project Adavale Resources Limited Commenced Exploring at Luhuma Nickel Project. Conditions precedent now met and provides Adavale immediate and exclusive rights to explore and evaluate the Luhuma licence area for 12 months. Staged Farm-In consideration USD 12.5k cash and USD 25k of Adavale shares per licence paid and issued to Vendor. Ground based surveys and exploration on Luhuma Licence area adjacent to Adavale's Kabanga NE licences proceeding. Total exploration area for Adavale's nickel sulphide exploration potential now extended to cover ~1,243sqkms. Interest being generated from BHP's recent strategic investment in adjacent Licence holder's Nickel project. Bekanntmachung • Feb 08
Adavale Resources Limited Announces Lake Surprise Uranium Geochemistry Results Adavale Resources Limited announced geochemistry results from the work program in the final quarter of 2021 on its 100% owned Lake Surprise Uranium Project tenements in South Australia. The gamma survey undertaken by Adavale's geological team targeted the strongest known radioactive signatures at surface from the historic regional data. This work along with surface rock chip sampling has shown a presence of highly anomalous uranium accompanying the elevated gamma. The exploration strategy moving forward will aim to: Identify targets that are a continuation of the surface anomaly with an appropriate method of exploration, most probably air core drilling. Identify new targets for a longer-term exploration program on the Lake Surprise Project utilising spectral surveys, ground surveys and ultimately drilling. With the above exploration objectives and broad goals in mind, Adavale will seek to expedite the exploration activities at the Lake Surprise Project, unlocking the resource potential of the tenement package. Initial on ground exploration commenced in early November 2021. The field work undertaken comprised a Gamma survey to better target rock chip sampling of outcrops that demonstrated elevated gamma reading. The data from this survey was processed in field and used on ground by geological staff to sample areas where gamma was elevated above background levels. The results of the geochemistry show uranium levels greater than 100 ppm in 11 out of 28 samples from zones of elevated gamma. This is an important correlation that will be used for future field activities in 2022. Key Highlights: Highest uranium content of 356ppm, 11 of 28 samples with uranium content above 100ppm of which 7 are above 200ppm, Elevated gamma correlating with the uranium in samples. To provide context to the results achieved, the average background levels of uranium in geological units in the Lake Surprise Uranium Project is below 4ppm. This value is estimated from the gamma spectrometer data and is in line with the global average for shales and mudstones (between 0.9 and 3.7ppm), and which make up most of the stratigraphic units (rock types) within the tenement package. The rock chip data collected shows that the uranium content of the silcrete is between 20 and 95 times the background levels and is coincidental with the zones of high gamma. The data reveals that the lower levels of the gamma readings have reduced uranium content in the surface samples, whereas the zones of elevated gamma have increased uranium values. With the key geochemical results now in Adavale is planning the next phase of work on the tenements and the company intends to extend the targets defined by the spectrometer survey and rock chip sampling. Adavale acknowledges the Dieri as Traditional Custodians of the land on which current works are located. With respect to Elders past, present and emerging Adavale is committed to conducting its activities with utmost respect to the communities in which it operates. Bekanntmachung • Jan 24
Adavale Resources Limited Provides Update on Early 2022 Exploration Plans Adavale Resources Limited provided an update on the Company's early 2022 exploration plans, outcomes from the recent field exploration activities, including the maiden drill program completed in 2021. Planning for exploration activities are currently being finalised for 2022, however initial field activities customised for the prevailing seasonal weather conditions commenced on 20 January 2022. These initial exploration activities will focus on two prospective mafic-ultramafic intrusion bodies identified in 2021 (the prerequisite host rocks for a nickel sulphide deposits), together with orientation geochemical soil sampling programs over several strong gravity anomalies known to be underlain by prospective mafic-ultramafic intrusions. The successful introduction of gravity surveying in September 2021 led to the identification of two previously unknown prospective mafic ultramafic intrusions ("intrusions"). Initial exploration activities for 2022 will be directed towards the completion of extensive gravity surveys, with the objective of better defining the newly discovered intrusions extent, as well as identifying new intrusions on a more regional basis. Intrusions identified will be further explored with detailed electromagnetic surveys to prioritise targets for Adavale's next drilling campaign. The following is an overview of Adavale's exploration strategy and plans for the resumption of exploration activities in 2022. The strategy is based on the keys learnings from the exploration programs conducted in 2021 and which resulted in the discovery of two large previously unknown mafic bodies at Target 7 and 21. Adavale is very encouraged by this development and believe more prospective mafic ultramafic bodies will be identified in 2022 with the adoption of this strategy. The Luhuma Corridor currently encompasses Adavale North-eastern and Eastern Prospecting Licences and the Farm-In Agreement tenement to the NE of Target 7. It contains the Luhuma mafic/ultramafic intrusion, a chonolith-like body that has been identified over a strike length of 5km. The Farm-In Agreement gives Adavale access to this key exploration ground around Luhuma and further expands the Company's effective footprint, around the eastern limb of Kabanga Jirani Nickel Project. Adavale has always considered the region prospective, which is now being confirmed with the exploration outcomes at Target 7 and 16 along what is now potentially a highly prospective emerging new trend. A historical massive sulphide intersection of 8.4m @ 1.1% Ni is recorded in drill hole LUH061 at Luhuma. Apart from this historical intersection, little is known about the Luhuma mafic-ultramafic intrusion. The Luhuma LUH06 intersection falls within a small 3.74km2 area ("LUH06 Area") held by the Tanzanian Government and is not part of the Adavale Farm-In Agreement. The 2021 field season included the completion of a gravity survey to the south of the LUH06 Area, which suggests that the mafic-ultramafic body identified at Target 7 may in fact be an extension of the mineralised Luhuma intrusion, the southern boundary of which is located 2km to 3km to the NE of Target 7. If proven to be the case, the actual strike extent of the Luhuma intrusion would approach 8km in length. Bekanntmachung • Dec 17
Adavale Resources Limited Announces Results from the Recent Work Program on Its 100% Owned Lake Surprise Uranium Project Tenements in South Australia Adavale Resources Limited announced results from the recent work program on its 100% owned Lake Surprise Uranium Project tenements (EL5892, EL5893 and EL6598) in South Australia. The gamma survey undertaken by Adavale's geological team, targeted the strongest known radioactive signatures at surface from the historic regional data provided online by the South Australian Department of Energy and Mining. Gamma radiation is used as a guide to identify locations where there are concentrations of radioactive elements. This method uses the daughter products of the uranium decay series as a proxy for where uranium is expected to be concentrated. Adavale used a continuous read gamma spectrometer to undertake the survey at Lake Surprise. The spectrometer provides a georeferenced reading every second and outputs the data collected into a table for processing. The results were fed into System for Automated Geoscientific Analysis (SAGA) GIS software and processed into an image that was used to target rock chip sampling. The current work undertaken better defines the surface expression of the gamma anomaly seen in the regional data. The gamma anomaly appears to be hosted in the silicified sediments of a palaeochannel system that discharged from the northern Flinders Ranges. This area is known to have fertile granites that are the source of uranium for systems like Australia's 3rd the producing and closely situated Beverly mine. The results of the gamma survey, clearly defined the eastern edge of the gamma anomaly with strong readings up to 10-times the background levels in the uranium channel on the survey spectrometer. The readings are semi-continuous along the strike of the outcropping palaeochannel. There is a signal in the data that also defines the western edge of the palaeochannel system. This is not visible in the regional geophysical data but becomes apparent in the high-resolution data from the spectrometer. This signal defines the width of the target palaeochannel and provides a definite area to focus future exploration and target a potential host for mineralisation. Zones of high gamma radiation defined in the survey were targeted on foot after the data was processed using SAGA GIS. Elevated gamma regions in the processed image turned up as red zones and were identified as the priority targets for the sampling process. An RS 125 Super Spec handheld gamma spectrometer was used in survey mode to measure the gamma at each outcrop on foot. Results from the handheld spectrometer were significantly above the background radiation levels of 75 CPS and were often 5-40 times the background value. The assay results from this program will be used by Adavale to refine future works on the Lake Surprise tenement package. Planned exploration will aim to include: Sampling across the palaeochannel to define zones where high uranium content is to be expected. Continuation of the gamma survey to cover the whole area originally planned. Sampling helium anomalies highlighted. Development of targeted drilling programs for resource definition. The data obtained so far is highly encouraging and provides a robust dataset to begin thoroughly and systematically exploring the tenement package at Lake Surprise. Executive Departure • Aug 03
Independent Non-Executive Director Stergios Georgiadis has left the company On the 28th of July, Stergios Georgiadis' tenure as Independent Non-Executive Director ended after less than a year in the role. As of March 2021, Stergios still personally held only 263.23k shares (AU$12k worth at the time). A total of 5 executives have left over the last 12 months. Bekanntmachung • Jun 22
Adavale Commences Maiden Drilling Ahead of Schedule Adavale Resources Limited announced diamond drilling is underway on the first of its high priority targets. From Company restructure, licence acquisition, through field exploration, data interpretation to commencement of drilling in the space of 10 months is a remarkable achievement. Adavale's initial exploration program has successfully identified 18 targets across 4 licences; Kabanga N, Kabanga E, Kabanga W and Kabanga NE. Sufficient follow up surveys have been conducted to identify six high quality targets, namely targets 1, 2, 3, 6, 8 and 10b. Additionally, targets 5, 11, 12, 15, and 16 have prospective features including high quality geochemical and Natural Source Audio-Frequency Magnetotelluric (NSAMT/AMT) anomalies. Once the magnetic and Time-Domain Electromagnetic (TDEM/EM) data has been modelled these targets will be prioritised and drilled. Target 1: The cross section and 3D model of Target 1 respectively shows the first drill hole (KN-01-01) dipping towards the bottom right of the image. Exploration and survey work have identified four important qualifying vectors that coincide at this target providing indications of potential underlying mineralisation: Coincident elevated Ni and Cu anomalies at surface - Magnetic lows indicative of an ultramafic intrusion - Conductors identified through NSAMT - Conductors identified through TDEM. General Methodology Used for Adavale's Target Identification: Drill targets have been identified on the following basis: Initially the Adavale licences were identified utilising the UNDP stream sediment and BHP airborne electromagnetic (EM) and magnetic data. This data was then used to identify more discrete geophysical targets (associated with magnetic lows being indicative of underlying ultramafic intrusions and EM conductors - which could possibly be attributed to underlying sulphides).
Regional geochemical surveys were then conducted using a line spacing of 1,000m and a
station spacing of 500m.
· Target areas identified from the airborne geophysics and the regional soil sampling were then
followed up with infill soil sampling using a 400m line spacing and 50m station spacing.
· The infill soil sampling combined with the airborne geophysical data was then used to identify
where ground geophysical surveys should be conducted.
· Geochemical anomalies were ranked according to the clustering of anomalous Cu and/or Ni
sample points.
· Ground geophysics started with AMT which is relatively quick and can be conducted with
single traverse lines across a target (unlike TDEM which requires a loop and an array of
readings).
· The combined results of the AMT and infill soil geochemistry was used to determine where ground magnetic and TDEM surveys would be conducted. All geophysical results are then modelled and viewed in 3D. In this manner the presence of the metals of interest, being Cu and Ni, is tested through soil geochemistry, the conductive nature of Ni and Cu bearing sulphides is tested through the TDEM and NSAMT and the presence of ultramafic intrusions (which are the hosts to Ni bearing sulphides) is tested through airborne and ground magnetics. Ideally targets will have a coincident Ni and Cu anomaly overlying a TDEM plate that coincides with an AMT conductor. The elevated Ni and Cu values overlying a conductor is indicative of Ni-bearing sulphides. Sulphides are hosted in mafic/ultramafic intrusions which are in turn detected through magnetic lows so the combination of soil anomalies, conductors and magnetic lows provide favourable drill targets. Bekanntmachung • Jun 04
Adavale Resources Limited Announces Rig and Drilling Crew Arrive on Site Adavale Resources Limited update its shareholders that Bamboo Rock's drill rig, support equipment and drilling crew arrived on site and on schedule in Rulenge 3 June 2021, in preparation for the commencement of Adavale's maiden drilling program this month. Bekanntmachung • Jun 01
Adavale Granted Ruiza North East Licence Adavale Resources Limited announce it has been granted the Ruiza North East tenement. The newly granted Ruiza NE licence comprises a standout nickel sulphide exploration target in the Tanzanian Karagwe-Ankole Belt that, like the Kabanga Nickel Deposit less than 100km to the south-west, is clearly defined by historical stream sediment data. Analysis of legacy data reveals that the Ruiza intrusion is highly prospective as it highly resembles the Kabanga Nickel Deposit in terms of its geological setting, its association with a magnetic low, its conductive nature and its elevated Ni and Cu stream sediment values. Like the Kabanga Nickel Deposit, Ruiza North East is characterised by a high-tenor Ni-Cu-Co-Cr stream sediment and rock chip anomaly proximal to: a large-scale negative polarity magnetic `low', airborne electromagnetic survey conductivity anomalies and, mapped mafic-ultramafic intrusive rocks of the Kabanga-Musongati Alignment. Bekanntmachung • May 25
Adavale Resources Provides A Brief Update on Its Preparation for Drilling in June Adavale Resources provided a brief update on its preparation for drilling in June. Bamboo Rock, Adavale's drilling contractor, has confirmed it will be mobilising the rig and personnel to site in the first week of June. The early mobilisation provides ample time to establish the onsite facility, arrange suitable accommodation for the team and prepare drill pads in advance of the highly anticipated maiden program. During this initial set up period, Adavale will introduce the drilling team leader to local government authorities and the surrounding community leaders to ensure all remain well informed as the company progress in drilling program, a critical step in maintaining sound relationship with the community in general. Bekanntmachung • May 18
Adavale Resources Provides Update on its Exploration Work to Refine Drill Targets for the Phase 1 Drilling Program, on Track to Commence in June 2021 Adavale Resources provided an update on its exploration work to refine drill targets for the Phase 1 drilling program, on track to commence in June 2021. The Target areas were first identified with broad spaced soil and rockchip sampling in November and December 2020 that was quicky followed up with more detailed infill sampling grids, using a 400m line spacing and 50m station spacing. Now this infill geochemical soil sampling program is completed at Kabanga N and Kabanga NE. Fifteen (15) discrete geophysical targets were then identified using the extensive historical BHP magnetic and electromagnetic database acquired by Adavale. These are depicted in the red squares in the image below. Some of the more distinct magnetic lows are shown below as pale blue polygons which are in some instances were coincident with the EM/Mag targets in red. The deliberately sequenced AMT surveys provide a clearer understanding of how the targets look beneath the surface. This is achieved through using naturally occurring electrical currents to map conductive geological features down to depths of 500 meters and sometimes more. The planned AMT surveys starting at Kabanga N licence. Approximately, three (3) AMT traverses will be conducted across each of the EM/Mag targets (in red) - many of which are selected because they are coindident with geochemical anomalies. In addition there are selected geochemical anomalies which are not coincident with geophysical targets that will still be followed up with AMT surveys due to other promising characteristics. AMT data acquired from two (2) of the Kabanga NE targets have not yet been modelled. The completed AMT surveys of the three AMT grids at Kabanga N resulted in favourable nickel and/or copper soil anomalies being detected at each target. The three (3) AMT anomalies are all steeply dipping, which was expected as the project area is characterised by subvertical sediments. Intrusions are expected to also be vertical/subvertical as their emplacement is controlled by the sediments. Intrusions can potentially host mineralised sulphides that are more conductive than their surrounding sediments. This helps them to detected through the use of AMT surveys. Bekanntmachung • Mar 05
Adavale Resources Limited Provides Update on Initial Exploration Program Undertaken in the Last Six Weeks of 2020 Adavale Resources Limited provided an update to shareholders on its initial exploration program undertaken in the last six weeks of 2020. As outlined in the previous ASX release (14 February 2020) the objective of Tanzanian Adavale exploration programs are to find an analogue to the Kabanga Nickel Deposit. Preliminary exploration techniques that are being utilized, allow for the identification of features displayed by the Kabanga Nickel Deposit, notably: elevated Ni and Cu in soil samples; a conductive electromagnetic response resulting from massive sulphides; and magnetic lows typical of underlying ultramafic host rocks within the Kibaran Belt. The current work program, commenced in February 2021, is adding the levels of detail necessary for identifying the kind of mineralization Adavale is using for the design and sequence of its maiden drilling program. Within the Kabanga Nickel Deposit the northern ore body is a steeply dipping tabular body associated with a subvertical ultramafic pipe and has a strike of several hundred metres whilst southern ore body has a strike of about 650m and is associated with an ultramafic sill that extends for several kilometres. Exploration is being aimed at locating similar ultramafic intrusions and associated mineralisation. Sills and intrusions within the Kibaran Belt are generally conformable to the sediments which have a NE-SW strike and frequently exploit thrust planes and fissile shaly layers adjacent to quartzite layers although, as is the case at the northern ore body at the Kabanga nickel deposit, the intrusions may be in the form of subvertical pipes/chonoliths and in such cases, can have quite a small surface exposure. The work program implemented by Adavale is designed to assist in the identification of the host ultramafic intrusions and ultimately any mineralisation that may be associated with them. Exploration work in December 2020 began with a relatively broad spaced sampling program, with a line spacing of 1km and a station spacing of 500m. The objective of the program was to see if geochemical signatures could be obtained that may indicate the presence of underlying ultramafic rocks and to determine how well that data corresponds to favourable geophysical features. Preliminary targets for the subsequent infill soil sampling program that is currently underway, have already been determined based on geophysical data but has been refined based on the recently acquired soil geochemical data derived from the reconnaissance soil sampling program which is described below. Bekanntmachung • Feb 16
Adavale Resources Limited Provides an Update of Next Phase of Fieldwork and Summary of the Technical Background Behind its Exploration Program Adavale Resources Limited provided shareholders with an update of Adavale's next phase of fieldwork and summary of the technical background behind its exploration program. This summary focuses on the four licences straddling the Kabanga deposit and the geophysical characteristics they exhibit. Geological Setting Implications for Exploration: Adavale's licences are located within a mobile belt on the margin of the Tanzanian Craton which hosts the Kabanga Nickel Deposit consisting of 58.2Mt @ 2.62% Ni (Measured, Indicated and inferred; Glencore 2014). This Mid or Meso-Proterozoic belt which circumscribes several cratons in Southern Eastern Africa includes a number of other nickel sulphide deposits. Their tectonic setting has allowed for the ingress of mafic/ultramafic intrusions which have been contaminated by sulphur rich sediments (deposited in basins along the craton margins) to form nickel bearing massive sulphide deposits. The Kabanga deposit is the largest of these examples. The intrusion hosting this mineralisation can be identified by its magnetic signature (a magnetic low) and the mineralisation itself can be recognized by elevated nickel and copper values in the soil overlying it, as well as the conductive nature of the mineralised massive sulphides. This makes it amenable to detection through soil surveys (to detect the elevated nickel and copper), electromagnetic (EM) surveys to detect the conductive sulphides and magnetic surveys to identify the host intrusions. Adavale has secured seven exploration licences (6 granted, one application pending), shown in white outlines in image below. Totaling 1,145 km2 along this prospective belt, four envelop the Kabanga deposit (black outline in image below) and another three that are further north, broadly along strike from the Kabanga deposit. Within these seven licences, exploration targets have been identified based on similar exploration characteristics that proved successful in the discovery of the Kabanga Nickel Deposit. Identification of Exploration Target: Several exploration targets have now been identified within the four licenses surrounding the Kabanga deposit, namely the Kabanga West, Kabanga North, Kabanga North East and Kabanga East licences which are collectively known as the Kabanga Jirani Nickel Project. The apparent continuity of geophysical features between Kabanga West and the Kabanga deposit highlights the potential of this licence. In the images below, it can be seen that the magnetic low (that appears blue in the images on the left) and sinuous late channel EM signature at the Kabanga deposit (that appears red in the image on the right) are very similar to those of the Kabanga West licence making this a high priority target for Adavale, having potential to contain similar intrusions to those at Kabanga (based on the magnetic lows). These potential intrusions are also associated with EM conductors that could have originated from massive sulphides (although massive sulphides are not the exclusive cause for conductivity). Exploration Program: Exploration targets across all seven licences may be refined after receiving the SGS analytical results but based on preliminary pXRF values, as well as the location of the EM anomalies and magnetic lows the targets are unlikely to change significantly. These targets are currently being followed up by the company's geological teams with a more detailed infill sampling program totaling approximately 13,000 samples which is expected to take up to three months to complete. Samples will be collected along sample lines running perpendicular to the general NE-SW geological strike with a sample line spacing of 400m to 500m and a station spacing of 50m. As infill sampling results from each high-value target area are verified Adavale will define the targets for a focused ground EM survey overlaying and fine tuning the acquired BHP data to pin-point drill hole locations. Each ground EM survey is expected to take approximately 6 days including survey design and modelling the data. On the premise that each licence will have two targets warranting ground EM this will result in eight targets and 40 days of surveying and be conducted as the infill sampling program continues. All high-quality EM anomalies will be followed up with drilling. Once geochemical results are verified from the initial infill sampling target, EM and drilling will proceed whilst infill sampling and EM continues on the remaining licences, allowing drilling to commence in late H1. Drilling will then continue on the remaining licences, once the soil sampling and EM surveys are completed on those licences. A similar program will be implemented at Ruiza North East, Burigi and Burigi North. Bekanntmachung • Jan 01
Adavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.503675 million. Adavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.503675 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,591,868
Price\Range: AUD 0.04
Transaction Features: Subsequent Direct Listing Bekanntmachung • Dec 30
Tanzanian Mining Commission Grants Adavale Resources Limited Four Nickel Sulphide Prospecting Licences, Namely Burigi, Burigi North, Kabanga East and Kabanga West Licences. Adavale's Licences Now Total Six with A Combined Adavale Resources Limited announced the Tanzanian Mining Commission has granted the Company four (4) nickel sulphide prospecting licences, namely Burigi, Burigi North, Kabanga East and Kabanga West licences. Adavale's licences now total six (6) with a combined area of 1127 km2. The licences are located within the prospective nickel sulphide Karagwe Ankolean Belt and are proximal to the world class Kabanga Nickel Deposit containing 58.2Mt @ 2.62% Ni (Measured, Indicated and Inferred, Glencore 2014). This belt is considered prospective for the following reasons: Meso-Proterozoic circum-cratonic tectonic setting analogous to that which hosts the Thomson Belt, Raglan and Voisey's Bay nickel sulphide deposits in the Circum-Superior Belt of eastern Canada and the Nova-Bollinger deposit in the Albany-Fraser Belt in Western Australia. Target mafic-ultramafic layered intrusions have been emplaced into a sulphur bearing package of sediments including pelites, iron sulphides and graphite that provide the sulphur source required for the formation of magmatic nickel sulphide deposits. Several of the intrusions along the belt are mineralised either with Ni- sulphides, Ni bearing laterites or both including Kabanga, Musongati, Nyabikere and Waga. Adavale's licences were targeted within this prospective belt utilizing historical BHP and UNDP data through identifying a combination of stream/soil anomalies and magnetic lows (possibly indicating underlying mafic/ultramafic intrusions). The six licences now owned by Adavale are located within the Karagwe Ankolean Belt along strike from the Kabanga deposit. The Kabanga deposit is characterised by a magnetic low and anomalous stream sediment results. The current exploration program will continue to focus on identifying these same features within all the Adavale licences. (Magnetic lows are significant as they show potential for underlying mafic-ultramafic intrusions which in turn may host Ni-sulphide mineralisation). Burigi is characterised by a Ni-Cu-Co-Cr stream sediment/soil anomaly proximal to a magnetic low (potentially indicating an underlying mafic/ultramafic intrusion). The Burigi soil anomaly has an extent of about 900m by 250m. Burigi North features a large magnetic low which could be related to an underlying intrusion. Soil sampling will be implemented to assist in detecting mineralisation that may be associated with this feature. These licences, along with the previously granted Kabanga North and Kabanga North East licences, straddle the Kabanga Nickel Deposit. Initial XRF results are encouraging and once selected samples have been cross-checked through SGS Tanzania and data collated the extent of any potential anomalies and their coincidence with magnetic lows will be verified. Bekanntmachung • Dec 16
Adavale Resources Limited Provides Nickel Sulphide Exploration Adavale Resources Limited provided an update to shareholders on its initial exploration program. The exploration program in the Kagera Region, North West Tanzania has seen to date over 31 pits that have been dug to depths of up to 3m and a total of 812 soil and rock chip grab samples collected. Soil samples have been collected with a line spacing of 1000m and a station spacing of 500m. Results will be used to identify unexposed mafic/ultramafic intrusives as well as well as to potentially directly identify mineralisation. Data is currently being plotted and samples selected for submission to SGS for QAQC purposes. Anomalies detected from this initial broad sampling campaign will be followed up with more detailed sampling. Similar to world's largest undeveloped resource of 58Mt @ 2.62% Ni Kabanga Nickel Deposit, Ruiza North East is characterised by a Ni-Cu-Co-Cr stream sediment anomaly proximal to a magnetic low as illustrated in the second figure below and is also associated with a historically identified EM anomaly. This application once granted will be very complimentary to Adavale's rapidly growing portfolio of projects in the prospective Karagwe Ankolean Belt trending NNE from the Kabanga deposit. MSA Group have been appointed technical consultants for the company. Established in 1983, The MSA Group has grown to become a holistic consulting and contracting company providing specialist technical input into international projects in the resources industry. The MSA team has an in depth understanding of the geology and mineralisation controls of deposits within the East African Nickel belt and a track record of discovery success. The agreement with the MSA Group provides Adavale access to exploration program planning and management, geological modelling and mineral resource evaluation. Bekanntmachung • Dec 13
Adavale Resources Limited announced that it expects to receive AUD 1.4 million in funding from Ausbil Investment Management Limited Adavale Resources Limited (ASX:ADD) announced a private placement of 35,000,000 common shares at a price of AUD 0.04 per share for gross proceeds of AUD 1,400,000 on December 11, 2020. Investors will receive 1 free attaching unlisted option for every 4 ordinary shares issued, exercisable at a price of AUD 0.06, that expire 24 months from the date of issue. The transaction will include participation from sophisticated investors including new investor Ausbil Global Resources Fund, fund managed by Ausbil Investment Management Limited. Under the company’s existing listing rule 7.1 capacity, 10,000,000 securities are going to be issued within 7 days, being 8,000,000 shares and 2,000,000 unlisted options. The remaining securities shall be issued from renewed issue capacity after the upcoming annual general meeting or otherwise once issue capacity is made available. The Options are not quoted or transferable and may not be assigned. The company has the right to require options to be exercised upon the company achieving a 10-day VWAP at AUD 0.12 per share or higher before their expiry. Bekanntmachung • Nov 16
Adavale Resources Limited, Annual General Meeting, Dec 21, 2020 Adavale Resources Limited, Annual General Meeting, Dec 21, 2020, at 14:00 E. Australia Standard Time. Agenda: To consider the Election of Steven Georgiadis as a Director; to consider the approval for the ratification of the March 2020 placement; to consider the Additional 10% Placement Capacity; Approval of the placement to Sophisticated and / or Professional Investors; to consider the issue of up to $500,000 worth of Shares to Service Providers in-lieu of Services; to consider the issue of Shares to Grant Pierce in-lieu of remuneration; to consider the issue of Shares to Gary Stewart in-lieu of remuneration; to consider the other matters. Bekanntmachung • Nov 12
Adavale Resources Limited Announces Commencement of Nickel Sulphide Field Exploration Program Adavale Resources Limited announced that it mobilized its geological team to the company's Kabanga prospecting licenses to undertake an initial exploration program. The company utilized the recently acquired historical BHP exploration data to identify exploration drilling targets on both the company's existing prospecting licenses and its prospecting licenses under application and pending approval. This initial field exploration program is designed to confirm geological targets and associated drill rig collar positions for the next stage of exploration. This initial field exploration program will include but not be limited to surface reconnaissance geological mapping, geochemical soil sampling, trenching and pitting. Two teams of geologists and geological technicians will manage all the planned exploration activities. Bekanntmachung • Oct 30
Adavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.29 million. Adavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.29 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 43,000,000
Price\Range: AUD 0.03 Bekanntmachung • Oct 20
Adavale Resources Limited Lodges Prospecting Licence Application over the Burigi North Nickel Sulphide Prospect in NW Tanzania Adavale Resources Limited announced it has lodged a prospecting licence application over the Burigi North nickel sulphide prospect in NW Tanzania. The prospect falls within the Kabanga Nickel belt and is situated 108km from the world class 58Mt at 2.6% Ni, Kabanga Nickel high grade sulphide deposit. The Burigi North nickel licence is considered by the Company as being highly prospective due to the intense magnetic and GEOTEM conductive anomalies comparable in magnitude to those of the Kabanga Nickel high grade sulphide deposit but on a smaller scale. The data to date points to a massive anomaly which highly prospective for nickel sulphide. Bekanntmachung • Sep 26
Adavale Resources Limited Obtains Exploration Data and Target Generation Adavale Resources Limited announced that it has obtained a historical and comprehensive exploration data package. The package comprises a significant body of exploration work undertaken in Tanzania's Kagera Nickel Belt region between the mid-1970's and 2008. The extensive data package covers much of the Kabanga /Kagera region and includes: Geochemical data including rock chip, soil and stream sediment sample results; High-level results of geophysical programs; Geological maps and reports; Previous drilling results and drill logs; Relevant geological interpretation and reports. All data is now being analysed by Adavale's geological team. The Company has also engaged Mr. Stephen Burke of Burke Geoscience Pty. Ltd. to assist Adavale with exploration target generation and exploration methodology. Mr. Burke is a nickel sulphide exploration specialist and has experience evaluating the nickel sulphide exploration potential of the part of Tanzania in which the Company's tenements are located. Bekanntmachung • Sep 08
Adavale Resources Limited Appoints Allan Ritchie as CEO Adavale Resources Limited announced that the Company has appointed a Chief Executive Officer to work with the Board and progress the development of the Company's assets. Mr. Allan Ritchie has accepted the role as Chief Executive Officer which takes effect immediately. During his career spanning 30 years, Allan has held numerous roles in the investment banking sector, predominantly focused on the energy and resources sectors. He has held senior positions with Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. Allan has served as a Director of both private and publicly listed companies and currently serves as Non-Executive Director of Hydrocarbon Dynamics Limited and previously served as the Executive Director & Deputy CEO of HK Listed energy group EPI Holdings Limited. Notably Allan has previously been both a Non-Executive Director and Managing
Director of Adavale Resources Limited. 
