Announcement PDF ASX ANNOUNCEMENT MEDIA RELEASE 29 November 2024 Transformational Gold and Copper Project Acquisition in the Lachlan Fold Belt • Adavale has made an all-scrip acquisition of a 72.5% interest in the Parkes Gold and Copper Project (the ‘Project’) located in the prolific Lachlan Fold Belt of central New South Wales. • Adavale has acquired a 395km2 tenement holding, encompassing a geological setting that is considered highly prospective for structurally-controlled gold and porphyry copper-gold mineralisation. • The Project is located at the intersection of the crustal-scale Lachlan Transverse Zone structural corridor with Early Ordovician-age Macquarie Arc Volcanics. The Project is adjacent to the Northparkes porphyry-hosted copper-gold mine (5.2Moz Au & 4.4Mt Cu) [ASX:EVN] and in a similar tectono-stratigraphic setting to the world-class Cadia-Ridgeway copper-gold porphyry deposits (35Moz Au & 7.9Mt Cu) [ASX:NEM]. • The key Project asset is the historical London-Victoria gold mine in EL 7242, which has an Historical Estimate of 3.70Mt @ 1.04g/t Au for 124koz gold1 **. • A diamond drillhole on EL7242 was completed in November 2024 to test the depth potential of the London-Victoria gold deposit, intersected a possible 12m-thick down-dip extension of the deposit 250m below surface and 150m below the bottom of the pit. Assays are currently pending. • Highest priority exploration target is the Ashes Prospect, located 12km east of the Northparkes mine in EL 8831. It comprises an untested historical 200m-long, north-striking, up to 7.8% copper5 and 8.8g/t gold2 rock chip sample geochemical anomaly 200m east across strike from a yet to be fully resolved historical IP chargeability anomaly. Ashes is considered highly prospective for porphyry copper-gold mineralisation. • Modern techniques and advances in geochemistry targeting further enhance the regional potential of the wider Project area. **Cautionary Statement: Readers are cautioned that the Historical Estimate for the London-Victoria deposit referred to in this Announcement is not reported in accordance with the JORC 2012 Code. A Competent Person has not undertaken sufficient work to classify the Historical Estimate as a Mineral Resource in accordance with the JORC 2012 Code. Nothing has come to the attention of Adavale that causes it to question the accuracy or the reliability of the former owner’s Historical Estimate. However, Adavale has not independently validated the former owner’s estimate and therefore is not to be regarded as reporting, adopting or endorsing the estimate. Following evaluation and further exploration work, it is uncertain whether it will be possible to report the Historical Estimate as a Mineral Resource in accordance with the JORC 2012 Code. The Historical Estimate has been reported in accordance with ASX Listing Rule 5.12. Refer to Appendix 1 for further information. Directors & Officers ALLAN RITCHIE NIC MATICH Executive Chairman & CEO Non-Executive Director JOHN HICKS LEONARD MATH Non-Executive Director CFO & Company Secretary Adavaleresources www.adavaleresources.com AdavaleL Adavale Resources Limited Level 2, 49 Oxford Close West Leederville, WA, 6007 investor@advaleresources.com +61 2 8003 6733 • Tenement package includes several other highly prospective orogenic gold and porphyry copper-gold exploration targets proximal to the Northparkes mine including: o Myalls2 (EL 8831) quartz veins in volcaniclastic andesite ▪ o Corner3 (EL 8831) drill intercept over a magnetic anomaly ▪ o 6.3 g/t Au Cunich4 (EL 8830) ▪ o 2m at 1.73 g/t Au Parkvale4 (EL 8830) rock chips ▪ o Up to 0.86% Cu & 0.91 g/t Au 1.4 g/t Au rock chips with elevated Cu Birthday Mine4 (EL 8830) ▪ 11 g/t Au average head grade • Strong support from new and existing sophisticated and professional investors to raise $1.675 million. • Adavale is fully funded to progress exploration at the Project with a primary focus on increasing and upgrading the London-Victoria Resource to JORC-qualifying status. • Executive Chairman and CEO, Allan Ritche, will be holding an online Investor Webinar to provide detail of the announcement on 5 December 2024 at 11.30am (AEDT) / 8.30am (AWST) Adavale Resources Limited [ASX:ADD] (‘Adavale’ or the ‘Company’), a multi-resource mining company operating in both Australia and Tanzania, is pleased to advise that the Company has acquired a 72.5% interest in the Parkes Gold and Copper Project (the ‘Parkes Project’ or the ‘Project’) in the Lachlan Fold Belt of central New South Wales, Australia. The Project comprises four exploration tenements for a total area of 395km2, that are prospective for orogenic, epithermal and gold-rich porphyry-style copper-gold deposits. The Project area is located within the prolific gold and copper producing Macquarie Arc portion of the Lachlan Fold Belt in central NSW. The Exploration Licences (‘EL’s’) are situated where Early Ordovician-age Junee-Narromine Volcanic Belt rocks of the western part of the Arc are intersected by the crustal-scale structural corridor of the Lachlan Transverse Zone (‘LTZ’). Significantly, the LTZ is host to Tier 1 gold and copper mines, such as Northparkes (5.2Moz Au & 4.4Mt Cu) and CadiaRidgeway (35.1Moz Au & 7.9Mt Cu) where it intersects Macquarie Arc rocks (Figure 1). The Parkes Project’s most advanced prospect is the former London-Victoria Gold Mine which saw estimated historical production by BHP Gold and Hargraves of 200,000 to 250,000 ounces at a head grade of 1.5-2g/t Au. A non-JORC Historical Estimate of 3.7Mt at 1.04g/t Au for 123.8koz Au is defined for London-Victoria (Refer to Cautionary Statement and see Reference 1 – Agricultural Equity Investments 2011). At London-Victoria, it is intended to utilise the existing drillhole database, augmented by a small number of new well-targeted deeper holes, to estimate a Mineral Resource. This opportunity comes at relatively low cost and at a time of record gold prices. 2 Figure 1 – Map of the central New South Wales Lachlan Fold Belt showing the location of Adavale’s newly-acquired mineral tenure relative to significant copper and gold deposits, the Lachlan Transverse Zone and Ordovician volcanic belts of the Macquarie Arc Group. Note the Project’s proximity adjacent to the Northparkes mine at the intersection of the Lachlan Transverse Zone with the Junee-Narromine Volcanic Belt. Adavale’s Executive Chairman and CEO, Allan Ritchie commented: “We are absolutely thrilled to announce this transformational gold and copper project acquisition with significant upside, located in the Tier 1 jurisdiction of the Lachlan Fold Belt in NSW, near Parkes. The Parkes Project contains four granted licences with advanced gold and copper prospects and drill-ready targets identified in three of the Licenses. A diamond drill hole was also recently completed with assays currently pending. The Project is located adjacent to the giant Northparkes mine (ASX:EVN) that hosts 5.2Moz Au and 4.4Mt Cu, is along strike of the Tomingley mine (ASX:ALK) with 2.3Moz Au and not far from the world-class Cadia mine (ASX:NEM) with 35.1 Moz Au and 7.9Mt Cu. Adavale has the London-Victoria deposit with an Historical Estimate of 124koz Au. We are very excited about the deposit’s exploration potential and we see significant scope to increase the resource. We also have 3 other licences with abundant gold and copper targets. We are also very pleased with the support received for this Placement and welcome all our new investors. The company is now well-funded to advance exploration at the Parkes Project and commence our maiden drilling program at our uranium prospects in South Australia once we receive the final necessary approval. There is a lot of exciting work ahead of us and we look forward to providing regular updates to all shareholders.” 3 LONDON-VICTORIA GOLD MINE - NOVEMBER 2024 DIAMOND DRILLING An angled 453m-long diamond core hole (AEIDD001) was drilled by the Vendor in November 2024 to test the down-dip depth potential of the London-Victoria gold deposit. The hole targeted the deposit approximately 250m below surface and 150m below the bottom of the pit. AEIDD001 was drilled –55o towards the west with an anticipated target, target depth of 340m downhole. The hole intersected a prospective 12m-wide zone of quartz-carbonate veining and shearing in pyrite-sericite altered andesitic volcanoclastic rock from 339m to 351m. The intercept is broadly consistent with the geology, thickness, structure and alteration assemblage, exhibited by the ore that was mined at the bottom of the London-Victoria pit by BHP Gold and Hargraves in the 1980’s and 1990’s. The drill core appears to be mineralised however no inferences can be drawn from these observations about the gold grade of this intersection at present. Assay results for AEIDD001 are pending and will be reported in full by Adavale as soon as they become available. Figure 2 displays a satellite image showing AEIDD001’s location relative to the London-Victoria pit. A photo of the drill core from the potential down-dip extension interval of the London-Victoria deposit intersected in AEIDD001 is provided in Figure 3. Further information about this hole can be found in Appendix 2. Figure 2 – Satellite image of the historic London-Victoria pit showing AEIDD001’s collar location and drillhole trace. 4 Figure 3 – Photo of core trays 107 and 108 from DDH AEIDD001 (344.97-351.63m) showing most of the 12m-thick zone of quartz-carbonate veining and shearing in sericite-pyrite altered andesitic volcanoclastic rock intersected 339 to 351m downhole, which is thought to be the down-dip extension of the London-Victoria deposit. Core tray length is 1m. OTHER PROSPECTS Other prospects in the Project area include Ashes, Myalls, Corner, Parkvale, Cunich and Birthday Mine. These prospects have had minimal or no drill testing but have recorded numerous high-grade polymetallic rock chip sampling assay results with which to guide initial exploration activities. Key drill intercepts and rock chips from the prospects are presented in Table 1. The ‘walk up’ Ashes, Myalls and Corner Prospects are within tenement EL 8831; adjacent to and approximately 10km east of the Northparkes mine which contains an endowment of 5.2Moz Au and 4.4Mt Cu. These prospects share similar geology to Northparkes, as well as significant gold, silver and copper assay results in rock chip samples from the prospects, representing compelling exploration targets worthy of early follow-up by the Company (Figures 4 and 5). Ashes is a particularly compelling porphyry copper-gold target as it comprises an untested, historical, 200m-long, north-striking, up to 7.3% copper5 and 8.8g/t gold2 rock chip sample geochemical anomaly situated 200m east across strike from a yet to be resolved historical IP chargeability anomaly and 400m south-west of historical end-of-auger-hole diamond core tails that intersected monzonite which is the felsic intrusive lithology that hosts the Northparkes deposits6. In addition to these prospects, there is still additional potential to make further discoveries in the Project area. This is primarily due to advances in modern exploration geochemistry techniques, including lower detection limits and more comprehensive assay methods, in addition to advances in pathfinder element footprint vectoring for finding new deposits. 5 Figure 4 – Aerial photo showing the proximity of the Ashes and Myalls prospects to the Northparkes Mine. For reference, the distance between Ashes and the mine is 12km. Table 1: Highlights from exploration prospects. Refer to referenced sources (WGS 84 / UTM Zone 55S) Prospect LondonVictoria1 Licence Coordinates Sample EL7274 605450E, 6330000N Drill core Ashes2,5 EL8831 610609E, 6353745N Rock chip 8.8g/t Au & 19.2 g/t Ag 610600E, 6353667N Rock chip 5.5% Cu & 13.3 g/t Ag 610590E, 6353828N Rock chip 1.5g/t Au, 84g/t Ag & 2.1% Cu 610563E, 6329534N Rock chip 7.3% Cu & 0.02g/t Au (approximate location) Comment Visual indicators of mineralisation, assays pending (drillhole AEIDD001) Myalls2 EL8831 609113E, 6355834N Rock chip 0.86% Cu & 0.91 g/t Au, veins in andesite Corner3 EL8831 607550E, 6367900N RAB 2m at 1.73 g/t Au, metaseds and intrusives Parkvale4 EL8830 613613E, 6341984N Rock chip 6.3 g/t Au, over magnetic anomaly Cunich4 EL8830 613113E, 6335984N Rock chip 1.4 g/t Au rock chips with elevated Cu Birthday4 EL8830 607913E, 6329354N Historic 11 g/t Au historic (pre-1900) grade 6 Figure 5 – Parkes Project tenement location and prospect map. 7 Placement Details The Company is pleased to advise that it has received binding commitments to raise $1.675M (before costs) through a placement to new and existing professional and sophisticated investors (“Placement”). Proceeds from the Placement will be used to accelerate exploration activities within the Parkes Gold and Copper Project with a primarily focus on increasing and upgrading the London-Victoria resource to JORC-qualifying status. Proceeds will also be used for Adavale’s maiden drilling program (aircore) at MacDonnell and George Creek prospects in South Australia for uranium. The Company will issue 670,000,000 fully paid ordinary shares at an issue price of $0.0025 per share. Each Placement Share will receive 1 free attaching Option with an exercise price of $0.005 each expiring 31 December 2027 (“Attaching Options”). The Placement of 305,900,000 New Shares will be issued, pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1 and 7.1A, and is expected to be settled on or about 6 December 2024 (“Tranche 1”). Subject to receipt of shareholder approval at a General Meeting of shareholders to be convened, a further 364,100,000 New Shares and the Attaching Options will be issued (“Tranche 2”). Directors and management will participate on the same terms of the Placement for $95,000. The Directors Placement New Shares and Attaching Options will be subject to shareholder approval and, if approved, issued as part of Tranche 2. The New Shares will rank equally with the Company’s existing shares on issue. GBA Capital acted as Lead Manager to the Placement. GBA Capital facilitated this transaction as Corporate Advisor and subject to receiving Adavale’s shareholder approval, GBA Capital will be issued 57,500,000 fully paid ordinary shares and 40,000,000 Options exercisable at $0.005 expiring on 31 December 2027. Material Terms of Tenement Sale Agreement Acquisition Adavale Resources Limited (ASX:ADD) (ADD) agrees to acquire and Agricultural Equity Investments Pty Ltd (AEI) agrees to sell 72.5% of its rights, title and interest in exploration licences, EL8830, EL8831, EL7242 and EL9711 (Tenements). Consideration The consideration comprises; a) b) c) d) Conditions Precedent 383,333,333 fully paid ordinary shares in the capital of the Purchaser (Shares) at a deemed issue price of $0.003 per Share, to be subject to voluntary escrow for 6 months from the date of issue; 300,000,000 options to acquire Shares (Options) exercisable at $0.006 on or before 15 October 2029; and 300,000,000 Options exercisable at $0.012 on or before 15 October 2029, (together, the Consideration Securities); and A 2.5% net smelter return royalty on standard terms. Completion of the Acquisition is conditional upon the satisfaction (or waiver) of the following Conditions Precedent: 8 (a) (b) (c) (d) (e) (f) Due diligence: completion of financial, legal, and technical due diligence by Adavale on the Tenements, to the absolute satisfaction of Adavale; Shareholder approval: the shareholders of Adavale approving the transactions contemplated by this Agreement in a general meeting, including a resolution authorising the allotment and issue of the Consideration Securities to AEI in accordance with the ASX Listing Rules and the Corporations Act; Regulatory approvals: the Parties obtaining all necessary regulatory approvals or waivers pursuant to the ASX Listing Rules, Corporations Act or any other law to allow the Parties to lawfully complete the matters set out in this Agreement; Third party approvals: the Parties obtaining all third-party approvals and consents, including the consent of the Minister responsible for the Mining Act (if required), necessary to lawfully complete the matters set out in this Agreement; Deeds of assignment and assumption: AEI, Adavale and, if necessary, under the Third-Party Agreements (if any), the relevant third party, executing a deed of assignment and assumption in relation to each ThirdParty Agreement; Going Concern: Adavale confirms that the Company is not trading insolvent and has not appointed an Administrator A party may terminate this agreement by written notice to the other party if the conditions precedent are not satisfied (or waived by ADD) on or before 5pm (Perth time) on 17 January 2025 (End Date) (or such later date as the Parties may agree). Joint Venture If the renewal of EL7242 is not granted on or before 17 January 2025 the Parties agree to change the End Date to a date that is 28 days from the current End Date. This provision renews automatically if such renewal is not granted on or before the current End Date. The Parties agree that, as and from Completion, the Parties shall form an unincorporated joint venture in accordance with the terms set out in the Joint Venture Agreement for each Tenement. Adavale undertakes to free carry AEI for all joint venture exploration in each Tenement until a decision to proceed with the development of a Mining Operation in and in respect of that Tenement (the Decision to Mine) has been made, at which time the Joint Venture expenditure for that Tenement shall be split according to each Party’s Joint Venture interest in that Tenement. The tenement sale agreement is otherwise on standard terms and conditions, including confidentiality provisions, and representations and warranties. 9 Indicative Exploration Schedule Performance Rights Incentives The Company intends to issue up to 150m Performance Rights under the Company’s Employee Securities Incentive Plan, to be distributed among the directors, key employees, and contractors. The purpose of the issue is to provide an incentive to directors, key employees, and contractors of the Company to grow shareholder value by providing them with an opportunity to receive an ownership interest in the Company. The Board believes the proposed vesting conditions for the Performance Rights are in line with the Company’s strategy to become a serious gold player in the region following the Parkes Gold and Copper Project acquisition. The proposed vesting conditions of the Performance Rights: Class A: The Company achieving a 20-day VWAP share price of $0.005 Class B: The Company achieving a 20-day VWAP share price of $0.01 Class C: The Company achieving a 20-day VWAP share price of $0.015 The issue of the Performance Rights will be subject to shareholder approval under ASX Listing Rule 10.11 for Directors and 7.1 for employees and contractors. 10 Proposed Use of Funds Projects Expenditure Parkes Gold and Copper Project $1,000,000 Uranium in South Australia $300,000 Kabanga Jirani and Luhuma Nickel Project $150,000 Cost of capital raising and general working capital $225,000 Capital Structure (Post Completion and Placement) Fully Paid Ordinary Shares: 2,345,765,366 Options: 2,136,637,237* Performance Rights: 210,000,000** *Options series 542,720,571 Listed Options (ADDOA) at $0.03 expiring 31 December 2025 1,579,916,666 Options at $0.005 expiring 31 December 2027 5,000,000 Options at $0.03 expiring 3 August 2025 9,000,000 Options at $0.15 expiring 13 January 2025 **Proposed issue of 150m to directors, key employees and consultants Investor Webinar The Company is also pleased to invite shareholders and prospective investors to a live investor webinar on Thursday 5 December 2024 at 11.30am (AEDT) / 8.30am (AWST), where Executive Chairman and CEO, Allan Ritchie, will provide a company update, an overview of the acquisition, and engage in a Q&A session. Event: ADD Investor Webinar Presenter: Chairman & CEO, Allan Ritchie Time: Thursday, 5 December at 11:30 am AEDT / 8:30 am AWST Where: Zoom Webinar, details to be provided upon registration. To register your interest for the webinar, please click through to the link below. Registration link: https://janemorganmanagement-au.zoom.us/webinar/register/WN_pgjfbjkVQgaV6Pgc99-RlA After registering your interest at the link provided above, you will receive a confirmation email with information about joining the webinar. Participants will be able to submit questions via the Q&A feature on Zoom throughout the presentation. However, given this is a pre-recorded webinar, we encourage attendees to send through questions via email before the event at info@janemorganmanagement.com.au. This announcement is authorised for release by the Board of Adavale Resources Limited. 11 Further information: Allan Ritchie Executive Chairman and CEO Adavale Resources E: investor@adavaleresources.com P: +61 2 8003 6733 Jane Morgan Media and Investor Inquiries Jane Morgan Management E: jm@janemorganmanagement.com.au P: +61(0) 405 555 618 References 1Agricultural Equity Investments Pty Limited. Exploration Licence 7242, “Parkes”, Third Annual Exploration Progress Report, for the period 7th November 2010 – 6th November 2011. (Geoscience NSW database [DIGS] report RE0002336 [GS2012/0015]). Meridian Minerals Ltd. EL6644, “North Parkes East”, Annual Report for the Period Ending on 9th October 2010, Lachlan Fold Belt Project, NSW. (Geoscience NSW database [DIGS] report RE0002336 [GS2012/0015]). 2 3Newmont Australia Ltd. EL7940, “Dunmore”, Annual Exploration Report for 2013, Appendix A Previous Work. (Geoscience NSW database [DIGS] report RE0004378 [GS2013/0854]). 4Agricultural Equity Investments Pty Limited. EL8830, First Annual Exploration Report, “About 4.84km NE of Parkes Project”, Covering Period 13 April 2019 to 12 April 2020. (Geoscience NSW database [DIGS] report RE0012838 [GS2020/0571]). 5Geopeko (A Division of Peko-Wallsend Operations Ltd). Report No. PK92/79S, First Annual Report on EL 3544, For the Period May 1990 - May 1991. (Geoscience NSW database [DIGS] report R0003275 [GS1993/055]). 6Billiton Australia (Metals Division of the Shell Company of Australia Limited). Sixth Six Monthly Progress Report Parkes Joint Venture, EL 1660 Goonumbla & EL 1660 (Extended) for period 29/12/83 to 28/6/84 and EL 2198 Alectown West for period 23/3/84 to 28/6/84. (Geoscience NSW database [DIGS] report R00014651 [GS1983/249]). Forward Looking Statements Certain statements in this announcement are or may be “forward-looking statements” and represent Adavale’s intentions, projections, expectations, or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements don’t necessarily involve known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Adavale Resources, and which may cause Adavale Resources actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this announcement is a promise or representation as to the future. Statements or assumptions in this announcement as to future matters may prove to be incorrect and differences may be material. Adavale Resources does not make any representation or warranty as to the accuracy of such statements or assumptions. Competent Persons Statement The information in this report that relates to Exploration Results and Historical Estimates is based on information compiled or reviewed by Stephen Burke, a Competent Person who is a Member of the Australian Institute of Geoscientists. Stephen is employed by Burke Geoscience Pty. Ltd. as a consultant to Adavale Resources Limited. He has sufficient experience that is relevant to the styles of mineralisation and types of deposits 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’ (the ‘JORC Code’). Stephen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 12 ABOUT ADAVALE – Exploring for Gold and Copper in the NSW Lachlan Fold Belt, Uranium in South Australia and Nickel Sulphide in Tanzania. Adavale Resources Limited (ASX:ADD) is the holder of the Parkes Project comprising 4 granted Exploration Licences considered highly prospective for gold and copper due to their proximity to the giant Northparkes mine at the intersection of the Lachlan Transverse Zone with the western part of the prolific gold and copper producing Early Ordovician Macquarie Arc Volcanics – a geological setting also similar to the nearby world-class Cadia-Ridgeway CuAu porphyry deposit. Adavale holds 7 granted exploration licences prospective for their sedimentary uranium potential within the northern part of the highly prospective Northern outwash from the Flinders Ranges in South Australia and 4 exploration licence applications east of Ceduna on the Eyre Peninsula. Adavale has also secured the uranium rights over EL6968 increasing Adavale’s uranium tenement holdings including uranium rights to 6,117km2. Adavale also holds 7 granted exploration licences prospective for their sedimentary uranium potential within the northern part of the highly prospective Northern outwash from the Flinders Ranges in South Australia and 4 exploration licence applications east of Ceduna on the Eyre Peninsula. Adavale has also secured the uranium rights over EL6968 increasing Adavale’s uranium tenement holdings including uranium rights to 6,117km2. Adavale also holds the Kabanga Jirani Nickel Project, a portfolio of 12 highly prospective granted licences along the Karagwe-Ankolean belt in Tanzania. The 9 southernmost licences are proximal to the world-class Kabanga Nickel Deposit (87.6Mt @ 2.63% Ni Eq). Adavale holds 100% of all licences except 2 licences known as the Luhuma-Farm-in are held 65% adding a further 99km2 bringing the portfolio to 1,315km2). Adavale’s licences were selected based on their strong geochemical and geophysical signatures from the previous exploration undertaken by BHP. 13 Appendix 1 Schedule 1 - Details of Historical Estimate in relation to ASX LR Chapter 5. Sections 5.10 to 5.12. Requirements applicable to reports of historical estimates and foreign estimates of mineralisation for material mining projects. ASX Listing Rule 5.10 - An entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project to the public is not required to comply with rule 5.6 (The JORC Code) provided the entity complies with rules 5.12, 5.13 and 5.14. For the non-JORC Historical Estimate included in this market release, Adavale is not required to comply with Listing Rule 5.6 (JORC Code) as all relevant and requested disclosures are stated in the report and tabulated below. The Company complies with 5.12, 5.13 and 5.14 requirements for statement of non-JORC historical resource estimates, as tabled below. Listing Rule 5.11 - An entity must not include historical estimates or foreign estimates (other than qualifying foreign estimates) of mineralisation in an economic analysis (including a scoping study, preliminary feasibility study, or a feasibility study) of the entity’s mineral resources and ore reserves holdings. Adavale is not applying any economic analysis or commentary to the Historical Estimate referred to in this market release. Listing Rule 5.12 - Subject to rule 5.13 an entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project must include all of the following information in a market announcement and give it to ASX for release to the market. Listing Rule 5.12 sets out the parameters whereby Historical Estimates can be reported on the ASX. Accordingly, in addition to the disclosure in the body of this announcement, Adavale provides the following information regarding the Historical Estimate for the London-Victoria deposit. 5.12.1 – The source and date of the Historical Estimate of mineralisation. The Historical Estimate of 3.70Mt at 1.04 g/t Au for 124k oz Au (‘London-Victoria Historical Estimate’) is contained in the report titled: ‘Agricultural Equity Investments Pty Limited, Exploration Licence 7242, “Parkes”, Third Annual Exploration Progress Report, for the period 7th November 2010 – 6th November 2011”. This, and related, reports can be found in the Geoscience NSW public database (DIGS) as report RE0002336 (GS2012/0015). The Company estimates that 100% of this estimate is located within the properties it controls. 5.12.2 – Whether the historical resource estimates of mineralisation use categories of mineralisation other than those defined in JORC Code 2012 and if so, an explanation of the differences. The London Victoria Historical Estimate uses Indicated, Inferred and Total categories of mineralisation; the same as those defined under the JORC Code 2012. ASX Listing Rule 5.12.3 – The relevance and materiality of the Historical Estimates of mineralisation to the entity. The London-Victoria historical Estimate is considered by Adavale to be relevant and of significant materiality to an assessment of the value of the Parkes Gold and Copper Project as it provides an indication of scale and grade as well as a level of context and background for the potential development of the Project. 14 ASX Listing Rule 5.12.4 – The reliability of the Historical Estimate of mineralisation, including reference to any criteria in Table 1 of JORC Code 2012 which are relevant to understanding of the reliab