21 August 2023 NOTICE TO HOLDER OF UNLISTED OPTIONS EXERCISABLE AT $0.03 ON OR BEFORE 22 SEPTEMBER 2023 (“EXPIRING OPTIONS”) We write to you as a registered holder of Expiring Options. These options entitle you to acquire ordinary fully paid shares in Adavale Resources Limited (“Company”). Each option held is for the acquisition of one fully paid share in the issued capital of the Company, and the exercise price is $0.03 per share. You are formally advised that these options will expire at 5:00 pm Western Standard Time (“WST”) on 22 September 2023. The Expiring Options may be exercised in whole or in part by completing the form entitled Notice of Exercise of Options and Application for Shares (“Notice of Exercise”) overleaf and returning it to the Company on the address noted, together with payment of $0.03 for each share applied for, by no later than 5:00 pm (WST) on 22 September 2023. Please note a Notice of Exercise is only effective when the Company has received payment in full for the quantity of shares being applied for in cleared funds. If the Notice of Exercise, together with payment in cleared funds, is not received by the Company on or before 5:00 pm WST on 22 September 2023, the Expiring Options will not be exercised and will result in forfeiture of any rights that you as an optionholder may have had in relation to ordinary shares. Pursuant to Listing Rule 6.24 and Appendix 6A, item 5 of the ASX Listing Rules, the Company provides the information contained in this notice. Market (Closing) Prices of Shares The latest available market (closing) price of shares in the Company on the ASX was $0.014 on 18 August 2023, being the last trading day prior to the date of this notice. During the three months preceding the date of this notice, the highest market (closing) price of shares in the Company on the ASX was $0.034 on 14 June 2023 and the lowest market (closing) price of shares in the Company on the ASX was $0.014 on 18 August 2023. How to Exercise your Options If you wish to exercise your Options, you must complete the Notice of Exercise accompanying this letter and provide the completed Notice of Exercise together with payment of $0.03 per Option being exercised in accordance with the instruction set out in the Notice of Exercise. Your completed Notice and payment (in cleared funds) must be received prior to 5:00 pm WST on 22 September 2023. Level 2, 49 Oxford Close, West Leederville WA 6007, Australia W: www.adavaleresources.com ABN 96 008 719 015 If you have any enquiries concerning this Notice or your option holding, please contact the Company Secretary, Leonard Math on + 61 2 8003 6733, Monday to Friday (excluding public holidays) between 8:30 am and 5:30 pm (WST) or Computershare on 1300 850 505. Yours sincerely, Leonard Math CFO & Company Secretary Level 2, 49 Oxford Close, West Leederville WA 6007, Australia W: www.adavaleresources.com ABN 96 008 719 015