INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2023 ABN 96 008 719 015 Adavale Resources Limited Contents Page Review of Operations 2 Directors’ Report 11 Auditor’s Independence Declaration 13 Condensed Consolidated Statement of Comprehensive Income 14 Condensed Consolidated Statement of Financial Position 15 Condensed Consolidated Statement of Changes in Equity 16 Condensed Consolidated Statement of Cash Flows 17 Notes to the Consolidated Financial Statements 18 Directors' Declaration 26 Auditor’s Review Report to the Members 27 1 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 NICKEL Kabanga Jirani Nickel Project and Luhuma Nickel Project (Tanzania) Luhuma Central (100% owned) (PL12350/2023) is fully enclosed within Prospecting Licence PL11692/2021 of which Adavale has to date earned a majority interest of 65% with rights to earn up to 100% 1. The Company views Luhuma Central as a geologically important addition to its existing exploration tenure, due to its historical results and being within the broader 15km Luhuma geological trend discovered by Adavale 2. Historical results included an intercept of 1.14% Ni over 8.4m in massive sulphides and as such it has been the primary focus for the Company. Nickel mineralisation has been intersected in all completed holes to date, with DDLUHC005 intersecting mineralisation over 340m downhole and then ground electromagnetics extending the strike to a potential 700m during the reporting period. Luhuma Central Drilling During the September quarter, the Company received assays from the first four holes drilled at Luhuma Central. Results from its maiden hole DDLUHC001 recorded 4.13m @ 1.03% Ni from 223.3 as well as 1m at 0.63% Ni from 249m 3. The drillholes DDLUHC001 and DDLUHC002 intersected 4.13m of massive sulphides and 4.90m of blebby and heavily disseminated sulphides respectively. If mineralised intersections are connected between the drillholes as they are interpreted to be, then these sulphide bearing intervals would approximate their true thickness (although the drillholes are not completely orthogonal to the dip). Sitting approximately 60m to the north of the first two holes DDLUHC003 delivered 7.55m @ 0.96% Ni from 261.7m 4. The massive nickel sulphide intersected in the third hole between 261.7m to 269.25m was hosted within mafic rocks and dominated by pyrrhotite with between 1% to 5% pentlandite and minor pyrite and chalcopyrite. The massive sulphides occur below a 5.13m zone of interlayered mafic rocks and meta-phyllite sediments intersected between 237.42m to 242.55m, which host a series of thin semimassive pyrrhotite rich veins. Headline results from DDLUHC004 included 1.12m @ 1.34% Ni from 256m and 7.5m @ 0.42% Ni from 286m. The fourth hole was located approximately 200m to the south of drillhole DDLUHC003. The sulphide zones intersected in DDLUHC004 between 250m to 323m are dominated by pyrrhotite with between 1% to 5% pentlandite and minor pyrite and chalcopyrite 5. Toward the end of the reporting period, the Company received assays from the fifth diamond hole at Luhuma Central, DDLUHC005, with over 340m of weak disseminated nickel sulphide mineralisation intersected. Within this interval DDLUHC005 was a 15.6m (downhole) zone of semi-massive and heavily disseminated nickel sulphides including thin massive sulphide veins between 408m and 423.6m, which upon follow-up check assaying appears to be of a slightly higher tenor than similar mineralisation intersected in drillholes further to the north. In addition to this, DDLUHC005 provided another important piece of geological information in that this broad sulphide zone was associated with a more significantly MgO rich rock type compared to the more northern drillholes. Subsequent petrographic studies performed on samples from drillholes DDLUHC004 and 005 1 ASX Announcement 15 December 2021 – Highly Prospective Nickel Sulphide Tenure Expanded. 2 ASX Announcement 4 April 2023 – Nickel sulphide drill targets & 15km soil anomaly defined. 3 ASX Announcement 11 July 2023 - Assays Confirm Massive Nickel Sulphides at Luhuma Central 4 ASX Announcement 25 July 2023 – Adavale Replicates Maiden Massive Nickel Sulphide Intersection in Third Diamond Hole. 5 ASX Announcement 17 August 2023 – Multiple Massive and Semi Massive Nickel Sulphide Zones Intersected at Luhuma Central. 2 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 confirm the ultramafic character of the Luhuma Central intrusion with thin sections taken over broad intervals described as either harzburgite or iherzolite containing up to 50% olivine. Importantly, the petrographic descriptions support the Company’s previously reported observation that the MgO content of the Luhuma Central intrusion appears to be increasing towards the south, possibly reflecting increasing prospectivity in this direction 6. 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 potential increase in nickel tenor towards the south described above, together with the similar more primitive (increasing MgO content) nature of the associated host rocks in this direction indicates that the more prospective part of the Luhuma Central intrusion may lie further to the south. The significance of these trends pointing to this part of the intrusion is that further work in this area may identify the high MgO rich ultramafic chonolith (‘magma tube’) that formed the Luhuma intrusion and from where the magma spread laterally north and south ‘fractionating’ to form the lower MgO rich peripheral lithologies to the main conduit. If present, this high MgO ultramafic chonolith is where nickel sulphide mineralisation of both higher grade and tenor is likely to have accumulated. Drillhole DDLUHC006 commenced during the December quarter, stepping out 250m to the south of DDLUHC005. Unfortunately, a combination of wet weather and drill rig operator issues led to the hole being abandoned prior to the intersection of the target zone. Figure 1: Long section at Luhuma Central indicating a thickening to the south-west 6 ASX announcement 2 November 2023 titled - Ground EM Highlights Potential 700m of Strike Extent of Nickel. 3 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 Figure 2: Plan view of current and proposed drill hole location (yellow dot) at Luhuma Central, with estimated projected position of the sulphide plate Downhole EM Surveys Downhole EM (DHEM) surveys are an important tool in assessing the nickel sulphide potential of the project, providing a vector for follow up exploration. All holes in the current program are being cased with DHEM planned for all. This will aid in future drill planning. Following on from the orientation EM survey at Luhuma Central, Adavale completed the detailed ground EM surveys across the entire previously identified airborne EM anomaly at Luhuma. The survey lines and modelled plates generated by the surveys are shown in Figure 3. The central plate was derived from the initial orientation survey that was conducted over drillholes DDLUHC001 to DDLUHC005 to verify that ground EM could correctly identify the massive sulphide mineralisation intersected in these holes at depth. Based on the successful correlation confirmed through the orientation survey, additional surveys were conducted to the north and south of the orientation survey. These extended surveys enabled anomalies to be identified and modelled over the full strike length of the Luhuma airborne EM anomaly. It should be noted however that the northernmost plate has a lower modelled conductance than the central plate, thereby implying that the sulphide mineralisation may not be as well developed in this area. The modelled plates extending across the central survey area and further to the south do however show an equally strong measure of conductance to the central plate, implying that the massive sulphide mineralisation intersected in the central area extends to the south. These high conductance plates cover a strike extent of about 700m. 4 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 Figure 3: Locality of plates modelled from ground EM including collar positions of historically drilled holes as well as locations of planned RC holes and diamond hole overlying historic airborne EM HEM 4 RC Drilling At HEM 4, RC drilling was completed to determine if a series of coincident EM, geochemical and gravity anomalies identified there are associated with favourable host rocks at depth below the cover sequence. A total of nine drillholes for 1,894 drill metres were completed as part of this program. Initial interpretations at the HEM4 west, indicate six of the nine RC drill holes ended in favourable mafic lithologies, with one of these holes ending in ultramafic. Further exploration is planned for the HEM 4 area in 2024. 5 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 URANIUM Lake Surprise Uranium Project – Mundowdna South The Company was awarded a new 591km2 Mundowdna South Uranium Exploration Licence in September 2023. The new licence (EL6957) expands Adavale’s landholding to 1,669km2 and is contiguous with Adavale’s Mundowdna EL6821 Uranium Licence that was approved in late 2022 7 (Mundowdna licence package). The granted licences are located near the northern edge of the Flinders Ranges, the well-established source of the uranium that is mobilised into and eventually deposited into palaeochannel systems by saline groundwater shedding from the Ranges. These palaeochannel systems are host to several world class sandstone uranium deposits such as Beverly, Four Mile, Junction Dam, Gould’s Dam and Honeymoon. Mundowdna South is within 20km of the change from a narrow channel shedding from the Ranges into a broad fluvial outwash system. A significant historical electromagnetic (EM) dataset has been procured covering EL6821 and EL6957 (Mundowdna and Mundowdna South), where an extensive series of covered palaeochannels have been interpreted. The EM dataset, covering most of the Mundowdna licence package, was originally flown in 2007 for the purpose of identifying palaeochannels within a large recognised alluvial fan extending north-westward out from the Flinders Ranges. Reprocessing and interpretation of the EM dataset, supported by modern satellite imagery strongly indicates the presence of an extensive palaeochannel system within the Company’s Mundowdna licence package. Location and orientation of prospective palaeochannel system correlates well with Adavale’s upcoming low impact ground based exploration surveys of the Mundowdna licences The processing of the historical EM dataset secured a significant time and cost saving for Adavale. Adavale is well positioned to take advantage of the uranium price tailwind. Technical Data Outcomes The historical survey, flown using a Eurocopter Squirrel BA. VH-HHJ helicopter, encompassed a 1km line spacing oriented at 045-225 degrees to true north, at a height of 30m and airspeed of 55 knots. In total, approximately 400,000 survey data points were recorded. Images produced from the processed data were then used between 2007 and 2009 to direct drilling and exploration activities over the area. At the end of 2008, Eromanga Uranium geologists specifically stated that the data needed reinterpretation. Using a Simple Kriging algorithm in the System for Automated Geoscientific Analysis (SAGA) GIS and Adavale determined that a search distance of at least 2km was required to provide meaningful correlation across survey lines. Figure 4 shows Adavale’s re-processed image produced using the same simple kriging algorithm in the SAGA GIS package with the 2km search radius applied. The resulting imagery is much less noisy, providing strong indications for the presence of a palaeochannel system within the licence package. Reds and yellows represent high conductivity regions in the data. 7 ASX Announcement – 25 September 2023 Contiguous Uranium Licence to Expand Footprint in South Australia 6 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 Figure 4: Newly processed image showing smoother, continuous data when the image is appropriately processed. Reds and yellows represent high conductivity regions in the data, while pale blues are less conductive and deeper blues are resistive. The improved processing provides continuity across lines and the imagery can be interpreted with more ease. The newly processed imagery was then compared with the interpreted palaeochannel observed in the Sentinel 2 satellite imagery. While not exact, the interpreted palaeochannel positions within the processed TDEM and Sentinel 2 satellite imagery do closely correspond. Differences are to be expected as the TDEM data represents a depth slice of potentially deeper buried palaeochannels, while the Sentinel 2 data maps the youngest palaeochannels at surface. The high in the northwest of EL6821 is the result of groundwater related to mound springs associated with the main aquifer in the Great Artesian Basin. This is highlighted in Figure 5. 7 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 Figure 5: Interpreted Channels from processed data showing the channels in the alluvial fan and the area of Great Artesian Basin Influence. The interpreted channels are shown in green, and the area of Great Artesian Basin influence is shown as the red polygon in the north of EL6821. Considering the newly processed imagery, the current planned exploration program will proceed as originally designed. The transects planned on the Sentinel 2 imagery interpretation test several features that are also present in the TDEM data. The ground-based exploration program at Mundowdna is scheduled to commence in April 2024. 8 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 Figure 6: Location plan showing Adavale’s uranium tenure in South Australia. Figure 7: Overview of interpreted palaeodrainage and palaeochannels at surface with modern drainage overprinting sections of the outwash fans. 9 |P a g e Adavale Resources Limited Review of Operations For the half year ended 31 December 2023 CORPORATE During the September quarter, the Company completed a capital raising of $2.47m via a Placement to sophisticated and professional investors. The total Placement comprised the issue of 130 million new fully paid Ordinary shares at an issue price of $0.019 per share and a 1:1 attaching listed option exercisable at $0.03 per share expiring 31 December 2025 8. In addition, the Company raised a further $800,000 through an Entitlement Offer at the same terms as the Placement, which was partially underwritten by GBA Capital Limited 9. Subsequent to the end of the half year, the Company raised $1.5 million (before costs) through a placement to new and existing institutional and sophisticated investors (“Placement”). The Placement was oversubscribed and comprised of the issue of approximately 214.3 million new fully paid Ordinary shares at an issue price of $0.007 per share (“New Shares”) and a 1:1 attaching listed option (ADDOA) exercisable at $0.03 per share expiring 31 December 2025 (“Attaching Options”) 10. Proceeds from the placement will be used to recommence exploration activities at the Company’s Lake Surprise Uranium Project area (primarily Mundowdna and Mundowdna South) in South Australia and the continuation of the exploration program at the Luhuma Central Nickel Project in Tanzania. Competent Person Statement The information in this release that relates to “exploration results” for the Kabanga Jirani Nickel and Luhuma 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 undertaken 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 Lake Surprise 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 undertaken 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. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements as referred above. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 8 ASX Announcement 21 July 2023 – Massive Nickel Sulphide Drilling Program Benefits from Increased Placement. 9 ASX Announcement 4 September 2023 – Results of Non-Renounceable Entitlement Offer. 10 ASX Announcement 30 January 2024 – $1.5m Placement to accelerate Uranium and Nickel Exploration. 10 |P a g e Adavale Resources Limited Directors’ Report For the half year ended 31 December 2023 Your directors submit their interim report on the consolidated financial statements of Adavale Resources Limited (“Adavale” or the “Company”) and the entities it controlled (the “Group”) at the end of, or during, the half-year ended 31 December 2023. DIRECTORS The following persons were directors of the Company during the whole of the financial period and up to the date of this interim report unless otherwise indicated: Board of Directors Grant Pierce – Non-Executive Chairman David Riekie – Executive Director John Hicks – Non-Executive Director Chief Executive Officer Allan Ritchie Chief Financial Officer and Company Secretary Leonard Math PRINCIPAL ACTIVITIES The Company is in the business of mineral exploration for Nickel in Tanzania and Uranium in South Australia. The Company’s primary aim in the near-term is to explore for, discover and develop nickel and uranium deposits on the mineral exploration projects in Tanzania and South Australia. The Group has also been actively reviewing additional projects or mineral resources investment opportunities that would create wealth for the Group and its shareholders. FINANCIAL REVIEW The Group result for the financial period ended 31 December 2023 was a loss after tax of $2,970,215 (December 2022: Loss after tax of $2,291,714). EARNINGS PER SHARE The basic loss per share for the half year ended 31 December 2023 was 0.43 cents (December 2022: 0.50 cents). SUBSEQUENT EVENTS Subsequent to period end, the Company raised $1.5 million (before costs) through a placement of 214.3 million shares at an issue price of $0.007 per share with 1 for 1 free attaching listing options (ADDOA) exercisable at $0.03 per share expiring 31 December 2025. The Placement of 200 million shares has been issued with the balance of 14.3 million shares ($100,000) to be issued subject to shareholders’ approval. The issue of the free attaching options will be subject to shareholders’ approval. On 11 January 2024, 3,559,226 shares were issued following the conversion of 2 Convertible Notes including accrued interest (face value of $10,000 each) at a price of 0.649 cents per share. A further 17 Convertible Notes including accrued interest were converted at 0.7 cents per share on 15 January 2024 and 27 Convertible Notes including accrued interest at 0.74 cents per share were converted on 16 January 2024. A total of 61,024,328 shares were issued for the conversion on 15 and 16 January 2024. As at the date of this report, total outstanding Convertible Notes is 60. Other than as disclosed above, no matter or circumstance has arisen which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial periods. 11 |P a g e Adavale Resources Limited Directors’ Report For the half year ended 31 December 2023 AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the half year ended 31 December 2023 has been received and forms part of the Directors’ report and can be found on page 13 of the interim financial report. Signed in accordance with a resolution of the directors made pursuant to s 298(2) of the Corporations Act 2001. On behalf of the Directors. David Riekie Executive Director 13 March 2024 Perth, Western Australia 12 |P a g e AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Adavale Resources Limited for the half-year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 13 March 2024 L Di Giallonardo Partner 13 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Comprehensive Income For the half year ended 31 December 2023 Other Income Net gain on fair value of embedded derivative Expenditure Insurance Share registry fees Administration, corporate, consultant fees and salaries Share based payments Legal expenses Interest expense Exploration and evaluation expenditure Depreciation Effective interest of convertible notes (Loss)/Gain from foreign exchange Note 31 Dec 2023 $ 3 541,890 - (27,025) (64,152) (615,386) (9,476) (40,073) (76,041) (2,184,613) (11,981) (468,972) (14,386) (24,744) (63,348) (512,601) (55,691) (1,629,513) (15,234) 9,417 (2,970,215) (2,291,714) - - (2,970,215) (2,291,714) - - (2,970,215) (2,291,714) 4(b) 2 3 Loss before income tax Income tax expense Loss after income tax Other Comprehensive income Items that may be reclassified to profit or loss Total comprehensive loss for the period Basic and diluted loss per share attributable to the ordinary security holders of the Company (cents per share) 6 31 Dec 2022 $ (0.43) (0.50) The accompanying notes form part of these consolidated financial statements 14 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Financial Position As at 31 December 2023 Note ASSETS Current assets Cash and cash equivalents Other assets Total current assets Non-current assets Property, plant & equipment Total non-current assets 2 Total assets LIABILITIES Current liabilities Trade and other payables Convertible notes Total current liabilities 3 Total liabilities Net liabilities Equity Issued capital Reserves Accumulated losses Total deficiency in equity 4(a) 4(b) 31 Dec 2023 $ 30 Jun 2023 $ 943,439 63,291 1,006,730 893,473 125,115 1,018,588 36,337 36,337 48,318 48,318 1,043,067 1,066,906 130,984 923,818 1,054,802 191,441 1,936,735 2,128,176 1,054,802 2,128,176 (11,735) (1,061,270) 17,553,566 1,143,024 (18,708,325) (11,735) 13,615,292 1,061,548 (15,738,110) (1,061,270) The accompanying notes form part of these consolidated financial statements 15 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2023 2023 $ Sharebased Payments Reserve $ 13,615,292 1,061,548 (15,738,110) (1,061,270) - - (2,970,215) (2,970,215) (2,970,215) (2,970,215) Issue of shares (net of costs) Share based payments 4,010,274 (72,000) 81,476 - 4,010,274 9,476 Balance as at 31 Dec 2023 17,553,566 1,143,024 (18,708,325) (11,735) Issued Capital Opening Balance – 1 July 2023 Loss for the period Total comprehensive loss for the period 2022 Sharebased Payments Reserve $ Issued Capital $ Accumulated Losses Total $ $ Accumulated Losses Total $ $ 10,529,447 471,745 (10,790,220) 210,972 - - (2,291,714) (2,291,714) (2,291,714) (2,291,714) Issue of shares (net of costs) 2,972,809 - - 2,972,809 Share based payments (98,531) 98,531 - - 13,403,725 570,276 (13,081,934) 892,067 Opening Balance – 1 July 2022 Loss for the period Total comprehensive loss for the period Balance as at 31 Dec 2022 The accompanying notes form part of these consolidated financial statements 16 |P a g e Adavale Resources Limited Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2023 31 Dec 2023 $ 31 Dec 2022 $ Cash flows from operating activities Payments to suppliers and employees Payments to exploration and evaluation expenditure (777,674) (2,145,655) (633,061) (1,794,316) Net cash outflows from operating activities (2,923,329) (2,427,377) - - 3,062,673 2,972,809 (74,992) - 2,987,681 2,972,809 Net increase in cash and cash equivalents held 64,352 545,432 Cash and cash equivalents at the beginning of the period Foreign exchange differences 893,473 391,386 (14,386) 9,417 943,439 946,235 Cash flows from investing activities Net cash outflows from investing activities Cash flows from financing activities Proceeds from share issues and exercise of options (net of costs) Interest payment Net cash inflows from financing activities Cash and cash equivalents at the end of the period The accompanying notes form part of these consolidated financial statements 17 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2023 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance These interim consolidated financial statements are general purpose financial statements prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134: Interim Financial Reporting, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’. This condensed interim report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report. It is recommended that this interim financial report be read in conjunction with the annual financial report for the year ended 30 June 2023 and any public announcements made by Adavale Resources Limited and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules. Basis of preparation The interim report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted. For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period. Significant accounting judgements and key estimates The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report for the year ended 30 June 2023. Accounting policies and methods of computation The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period, the Group adopted the following Accounting policies except for the impact of the new Standards and Interpretations effective 1 July 2023 as described below. Standards and Interpretations applicable to 31 December 2023 In the half-year ended 31 December 2023, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Company and effective for the half-year reporting period beginning on or after 1 July 2023. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Group accounting policies. 18 |P a g e Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2023 Standards and Interpretations in issue not yet adopted The Directors have also reviewed all of the new and revised Standards and Interpretations on issue but not mandatory yet that are relevant to the Company and effective for the interim reporting periods beginning on or after 1 January 2024. As a result of this review, the Directors have determined that there is no material impact of these new and revised Standards and Interpretation