Announcement PDF Future Energy Minerals Nickel and Uranium Exploration FEBRUARY 2024 Important Notice & Disclaimer This presentation has been prepared by Adavale Resources Ltd (ASX:ADD).This presentation contains background information about ADD current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport be all inclusive or complete nor does it contain all the information that a prospective investor may require in evaluating a possible investment in ADD or its assets. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Recipients of this presentation who decide to invest in ADD do so at their own risk. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. This presentation is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. 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To the fullest extent permitted by law, ADD and its related bodies corporate, its directors, officers, employees and representatives (including its agents and advisers), disclaim all liability, take no responsibility for any part of this presentation, or for any errors in or omissions from this presentation arising out of negligence or otherwise and do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts, conclusions or other representations contained in this presentation. This presentation contains forward looking statements concerning Adavale. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this presentation are based on Adavale’s beliefs, opinions and estimates of Adavale as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of nickel, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward- looking statements in this presentation will actually occur. 2 Important Notice & Disclaimer Competent Person Statement The information in this release that relates to “exploration results” for the Nickel Project is based on information compiled or reviewed by Mr David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it appears. . The information in this release that relates to “exploration results” for the Uranium Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in which it appears. Visual Estimates & pXRF usage Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company regularly uses a portable hand-held XRF analyser to screen drill core for mineralisation before cutting and sampling. This allows for some understanding of the distribution of mineralisation prior to sampling to better ensure that the sampled core is representative of the type and style of mineralisation. Numerous readings are obtained and recorded for future reference. The hand-held XRF provides confirmation that mineralisation is present however it is not an accurate determination of the elemental concentration within the sample analysed. Limitations include; very small analysis window, possible inhomogeneous distribution of mineralisation, analytical penetration depth and possible effects from irregular rock surface. The pXRF readings are subject to confirmation by chemical analysis from an independent laboratory. = References 1. ASX Announcement 7 July 2022 “32 Nickel Targets Identified in the East African Nickel Belt” 2. ASX Announcement 13 September 2022 “Multiple Nickel Targets generated from successful EM survey” 13. ASX Announcement 17 August 2023 “Massive and Semi Massive Sulphide Zones Intersected” 3. ASX Announcement 7 December 2022 “Exploration Update – Kabanga Jirani Nickel Project” 14. ASX Announcement 6 September 2023 “Over 340m of Nickel Sulphide Mineralisation at Luhuma” 4. ASX Announcement 24 January 2023 “Strategic Expansion at Kabanga Jirani” 15. ASX Announcement 21 September 2023 “Luhuma Central Nickel mineralisation Extended” 5. ASX Announcement 4 April 2023 “Nickel sulphide drill target and 15km anomaly defined” 16. ASX Announcement 12 October 2023 “High MgO Zone provides vector to Prospective Nickel Sulphide” 6. ASX Announcement 28 April 2023 “March Quarterly Activity and Cashflow Report” 17. ASX Announcement 2 November 2023 “Ground EM Highlights Potential 700m Strike Extend of Nickel” 7. ASX Announcement 6 June 2023 “Massive Nickel Sulphides intersected at Kabanga Jirani” 18. ASX Announcement 27 November 2023 “Satellite imagery Identifies Paleochannels for Uranium Expl” 8. ASX Announcement 8 June 2023 “Second Luhuma Central hole commenced at Kabanga Jirani” 19. ASX Announcement 5 December 2023 “ Key Uranium Licence in South Australia Granted” 9. ASX Announcement 19 June 2023 “ADD Continues to Intersect Zone of Strong Nickel Sulphide” 20. ASX Announcement 18 January 2024 “ South Australia Uranium Exploration Program Finalised” 10. ASX Announcement 10 July 2023 “Assays Confirm Massive Nickel Sulphides at Luhuma Central” 21. ASX Announcement 19 January 2024 “Kabanga Jirani 2024 Exploration” 11. ASX Announcement 25 July 2023 "Adavale Replicates Maiden Massive Nickel Sulphide Intersection“ 22. Kabanga Nickel Limited Resource of 87.6Mt @ 2.63% NiEq. Lifezone Metals (LZM:NYSE) attributable 12. ASX Announcement 4 August 2023 titled “DHEM Delivers Massive Sulphides Extensions”. tonnage portion (69.713%) amounts to 61.1Mt Source: www.lifezonemetals.com 3 Investment Highlights • Uranium Nickel 1,700km2 landholding in South Australia 1,315km2 landholding surrounding • Uranium mining friendly state • Paleochannel prospectivity confirmed – imminent fieldwork • Strengthening price environment • • • Corporate world’s largest ‘under development’ high-grade NiS project - Kabanga • Experienced in country exploration team with deep Tanzanian relationships Nickel sulphides intersected in first five holes at Luhuma Central • Specialist nickel expert on Board • Market cap leveraged to success Numerous priority targets Corporate Overview ADD 1,025m 0.7c ASX Code Shares* Grant Pierce Non-Executive Chairman Mining engineer with ED, NED, GM experience. Strong and long-standing affinity with Tanzania Share Price (2 Feb 24) David Riekie $7.2m ~$2.5m ~6% Market Cap* Proforma Cash (@ 31 Dec 23*) Board and Management Ownership John Hicks 60 60m Allan Ritchie 526.7m Options Convertible Notes Executive Director Corporate experience, ASX roles (NED, MD, ED, CEO) including Nickel, Uranium/Energy, African experience Non-Executive Director Accomplished Nickel Sulphide Geologist/ Explorer, 15yrs of GM level Geo/Explorer for ASX listed companies Chief Executive Officer Performance Rights Experienced ASX/HKEx Energy and Resources CEO/ED/MD, 30+yr Investment Banking career Face value $10,000 each 5m (unlisted) @ $0.03, exp 8/25 9m (unlisted) @ $0.15, exp 1/25 512.7m (listed) @ $0.03, exp 12/25 ADDOA * Includes capital raising of $1.5m gross announced 30/1/2024 $0.04 Leonard Math CFO & Company Secretary Accountant with over 20 years experience as a CFO, director and Company Secretary for a number of ASX-listed resources companies 90.0 70.0 $0.03 60.0 50.0 $0.02 40.0 30.0 $0.01 20.0 10.0 5 $02-Feb-23 02-Apr-23 02-Jun-23 02-Aug-23 02-Oct-23 02-Dec-23 02-Feb-24 Volume (m) Price (A$/share) 80.0 Gerald Mturi Country Manager (Tanzania) Over 25 years experience in the Tanzanian resources sector, including roles as senior mine accountant and country manager Paschal Wadeya Chief Geologist (Tanzania) 10 years experience in field exploration in a range of commodities including gold, iron ore, coal, graphite and nickel within various geological settings in Tanzania. Dominant Position in the East African Nickel Belt Over 1,315km2 of granted licences in Tanzania Dominant nickel licence portfolio within the East African Nickel Belt of Tanzania Portfolio Overview Combination of 100% owned Licences & Farm–In tenements Licences are adjacent and along strike from the world’s largest “under development” high-grade Kabanga nickel sulphide deposit, 87.6Mt @ 2.63% Ni Eq Gravity, magnetics, Heli-EM, soil geochemistry and AudioMagneto Tellurics (AMT) have been used for prospect targeting Drilling has targeted high-priority conductors Nickel Sulphides intersected in all five holes at Luhuma Central (over 350m from 2,000m of Diamond Drilling) 6 Luhuma Central Massive Nickel Sulphides intersected in all diamond drillholes – Potential being unlocked Luhuma Central granted to Adavale in May 2023 Drilling commenced within three weeks, targeting known historical intercepts Five diamond drillholes completed by Adavale ALL intercepted nickel sulphide units Downhole EM and Ground EM completed Defined strike extent currently 700m (open) Prospective mineralisation increasing to the southwest Planned diamond drillhole, DDLUHC-006, to be re-drilled in March following mechanical issue Target zone at ~380- 450m downhole 7 Luhuma Central Nickel Sulphide drill intersections achieved in all five drillholes / significant mineralised zones at DDLUHC004 + 005 LUHUMA CENTRAL MINERALISED INTERSECTIONS DDLUHC001 to DDLUHC005 Drillhole ID Massive Sulphide (m) Semi-Massive sulphide (m) DDLUHC001 4 1 DDLUHC002 7.5 1 DDLUHC005 Total 5 Total (m) 5 5 DDLUHC003 DDLUHC004 Blebby + Disseminated Sulphide (m) 5 7.5 10.1 7.5 18.6 15.6 327.7 343.3 34.2 340.2 379.4 380 metres of nickel sulphides intersected from 2,000 metres of drilling Zones of massive nickel sulphides, semi-massive and disseminated nickel sulphides Diamond Drilling at Luhuma Central LUHC003 8 Luhuma Central - Massive nickel sulphide intersections Nickel sulphides intersected in all holes and trend extends SW at Luhuma Central 7.55m of massive sulphides in DDLUHC003 The increasing MgO content towards the SW is illustrated above with the red colour depicting the most primitive rock (Gabbronorite). 9 Luhuma Trend Anomalous prospects over 10km strike LUHUMA CENTRAL 700m strike identified from Drilling, DHEM, EM Targeting southwest extensions into more primitive/fertile geology HEM 2 Initially drilled in 2022 Sulphides in system and right geology intersected Further drilling and assessment required HEM 2NE Potential southern extension of Luhuma Central mineralisation Over 7.4m of massive sulphides intersected at depth Further drilling required HEM 4 Coincident EM, gravity and soil geochemistry RC drilling completed, promising results Soil Anomalies 10 HEM4 + HEM4 West - RC Drilling confirms regional prospectivity Drilling completed for initial RC drilling at HEM4 + HEM4 West • High priority target areas identified • 9-hole RC program completed(~1,900m) average depth ~150m • 6 RC holes intersected prospective Mafic lithologies (high MgO) • Prospective ultramafic rocks intersected at HEM4 West (coincident with high nickel-copper anomalies) – follow up drilling/EM in 2024 exploration plans • Zones of high-grade Ni/Cu soils also identified (300-600ppm Ni) HEM 4 Location of RC overlain on airborne magnetics with Ni and Cu soil anomaliestargets shown over airborne magnetics Major Regional Infrastructure Rail and Power Projects Supporting Commercial and Mining Developments Tanzania Standard Gauge Railway Project Multi-stage rail project with connections to Dar es Salaam New major regional terminal near Kabanga Jirani, new spur lines to Rwanda and Burundi Lake Victoria Proposed Kahama Refinery Indian Ocean 12 Rusumo Falls Hydroelectric Project 80MW project supplying Tanzania, Burundi and Rwanda Currently commissioning Tanzania – An Attractive Mining Destination ▪ Mining is a crucial sector for Tanzania, generating more than US$2.5 billion annually and accounting for over 50% of the country’s exports by value ▪ President Samia Suluhu Hassan, has pledged a “commitment to the development of the mining sector”, with the aim of the mining sector accounting for 10% of the country’s GDP by 2025, up from 6.7% in 2020 ▪ Renewal of public sector management with focus on project delivery ▪ Framework Agreements with consistent terms are being executed with international mining company investors ▪ Clear government ownership interest (16%) established ▪ Good infrastructure in place, with upgrades underway 13 President Samia Suluhu Hassan and US Vice President Kamala Harris recently met to discuss strengthening ties between the two countries. Tanzanian Social and Community Focused Initiatives Local community and health focused initiatives Vaka Health Foundation Bridge2Aid Australia (sponsorship) • Providing professional development train for 60 nurses at Ngara District Hospital • AAMEG 2022 award winner: Best Workforce & Industry Development Initiative • Prevention of infant oral mutilation • Training, awareness and treatment Rulenge District School Local Employment • Donation of 80 classroom desks • Graduate positions as field assistants • Local procurement • Drilling companies sourced locally 14 Uranium Price – Shaw and Partners forecasting US$150/lb 120 Uranium price has strengthened over 100% since mid-2023 100 U3O8 Price (US$/lb) 80 60 40 20 0 23-Jan-20 23-Jul-20 23-Jan-21 23-Jul-21 23-Jan-22 23-Jul-22 23-Jan-23 23-Jul-23 23-Jan-24 Lake Surprise Uranium Project, South Australia Significant prospective licence package – Uranium in the paleochannel system Located in South Australia - 550km north of Adelaide and 75km east of Marree Proven uranium province hosting multiple mines and deposits - 90km from Beverly Four Mile Uranium mine 100% owned tenure comprising 5 granted EL’s (~1,600km2) on the northern flank of the Flinders Ranges (considered highly uraniferous) 400km gamma survey1 interpreted to be hosted in the silicified sediments of a palaeochannel system discharging from northern Flinders Ranges Assay summary from rock chip samples2 : Highest uranium content of 356ppm 11 of 28 rock chip samples with uranium content above 100ppm (7 above 200ppm) Elevated gamma correlating with the uranium in samples *1 ASX release dated 17 December 2021 “Gamma Results Between 5 and 40 Times Background Radiation Levels at Adavale’s Uranium Licences” * 2 ASX release dated 7 February “Lake Surprise Uranium Geochemistry Results” 16 Mundowdna Uranium Target Areas Sentinel 2 satellite imagery interpretation highlights paleochannels Sentinel 2 satellite imagery analysed Analysis highlights palaeochannels forming fan from northern Flinders Ranges All major uranium deposits in region are found in this environment Overview of interpreted palaeodrainage and palaeochannels at surface with modern drainage overprinting sections of the outwash fans 17 Mundowdna Uranium Target Areas Gravity and EM data correlates with satellite data GRAVITY Data processed using first vertical derivative (1VD) 1VD gravity lows are coincident with interpreted paleodrainage May represent thicker catchment ‘pockets’ within the palaeochannels TEMPEST EM Airborne EM modelled at 60-100m vertical depth (representing approx. depth of paleochannels) EM conductors were found coincident with the interpreted paleochannels May represent thicker uranium accumulations within the palaeochannels 18 Mundowdna Uranium Target Areas – Next Steps Surface soils, gravity and gamma surveys to be undertaken Initial plan is to undertake soil sampling, gravity and gamma surveys to refine targets (3-4 week program) Transects (denoted in pink) will utilise existing tracks, no special permits required (covering ~ 80+ line kms) Ground disturbance applications underway and heritage discussions to progress to enable pathway to next phase of exploration (drilling) Overview of interpreted palaeodrainage and palaeochannels with proposed transects for soil and gravity program 19 Investment Highlights Uranium Price Increasing Adavale is leveraged to increases in the uranium price Uranium Newsflow Surface exploration to commence within weeks, with drilling to follow Demonstrated nickel rich region Proximal to high-grade nickel sulphide resources in the East African Nickel Belt Demonstrated Nickel Results Successful intercepts in first 5 DD holes and delivering Massive Nickel Sulphide 20 20 Contacts David Riekie Executive Director david@adavaleresources.com For media and broker enquiries Andrew Rowell White Noise Communications andrew@whitenoisecomms.com investor@adavaleresources.com M: 0400 466 226 www.adavaleresources.com investor@adavaleresources.com Adavale Resources Limited @AdavaleL