High Conviction Drilling Completed
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www.adavaleresources.com
Adavale Resources Limited
Level 2, 49 Oxford Close
West Leederville, WA, 6007
Directors & Officers
ALLAN RITCHIE
Executive Chairman & CEO
DAVID WARD
Managing Director
NIC MATICH
Non-Executive Director
LEONARD MATH
CFO & Company Secretary
ASX: ADD
Adavaleresources
Adavale_ASXADD
Investor@adavaleresources.com
+61 2 9127 9852
ASX ANNOUNCEMENT
22 December 2025
HIGH CONVICTION DRILLING COMPLETED
Targeting Resource Growth, Supporting Near-Term Production Potential
Highlights
• 2,411m of Phase 2 RC drilling completed over 12 holes at Adavale’s Brownfields
London-Victoria Mine (3.14mt @ 1.06g/t Au for 107koz Au).
• Samples were dispatched in 2 batches, with the first 10 holes received at the lab
last week and results expected early in the New Year.
• The program has focused on both validating the structural controls on the gold
mineralisation and expanding the JORC MRE; following up ALRC014 (48m @ 0.82g/t
Au from 133m, including a higher-grade interval of 25m @ 1.2g/t Au from 144m).1
• Drill targeting was supported by recent structural geological modelling, which
indicates significant upside where the mineralisation has potential fold repeats,
open at depth and plunging to the south.2
• David Ward, MD who has a proven track record of creating value across the
Lachlan Fold Belt managed the drilling program.
• Ground magnetics and surface sampling workstreams has progressed over
Adavale’s highly prospective Corner and Parkvale South prospects.
Figure 1: RC Drilling at the London-Victoria Gold Mine, looking North
1 Refer to ASX announcement, “Wide Gold Intercepts Confirm Open Mineralisation”, 24 September 2025
2 Refer to ASX announcement, “Major Resource Growth Uncovered at London Vic”, 17 November 2025
2
Adavale Resources Managing Director, Mr. David Ward, commented:
“The Phase 2 drilling program was designed to validate the high-quality technical work completed
previously, with the objective of improving our understanding of the structural controls on mineralisation
as well as adding to the existing MRE. I am satisfied with the operational progress achieved on the
ground. The drilling was following up strong results from ALRC014, which intersected 48m of gold
mineralisation 100m below the pit floor. Multiple compelling targets remain untested across a 1.5km
strike length, providing significant scope for follow-up drilling campaigns and further Resource growth.
In parallel with work completed at London-Victoria, we have also advanced our Corner and Parkvale
South greenfields prospects, consistent with our strategy of maintaining a robust pipeline of gold and
copper opportunities.”
Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented:
“We are very pleased to have the depth of experience that David brought to this drilling campaign, which
is expected to underpin further gold Resource growth at London-Victoria. As a brownfields asset, and
with gold at record highs, we see real potential for a development scenario at the Project. Increasing the
scale of the Resource will support the scoping study and metallurgical assessments we have planned for
2026, which will assess pathways to unlock near-term production. We have made a tremendous amount
of progress in 2025 and I look forward to an even more successful 2026, beginning with receiving the
latest assay results early in the New Year.”
Adavale Resources Limited (ASX:ADD) (“Adavale” or the “Company”), an Australian junior
explorer focused on gold and copper in the Lachlan Fold Belt of New South Wales, is pleased to
provide an update on the exploration activities at the Company’s Parkes Gold-Copper Project.
Completion of Phase 2 Drilling at London-Victoria Gold Mine
Phase 2 drilling at the London-Victoria Gold Mine (“London-Victoria”) (Figure 1) was completed on
18 December, with a total of 2,411m drilled across 12 holes. The first batch of samples, comprising
1,963m from the first initial 10 drill holes, has already been submitted for laboratory analysis, with
the remaining samples to be dispatched on completion. Assay results from the drilling campaign
are expected early in the New Year, following which, further drilling programs will be planned.
Drill targets from the Phase 2 drilling program (Figure 2) were selected with the overall objective of
growing the Mineral Resource Estimate (“MRE”) of London-Victoria. Phase 2 drilling was
focused on testing the gold mineralised zone immediately below the pit floor and targeting
extensions to the mineralisation seen in ALRC014 (Figure 3) within the mineralised shear corridor,
including a >1g/t au mineralised zone (illustrated in red, Figure 4).
A growing body of technical and geological data continues to add value, including BHP Gold grade
control drilling data and a recent structural study completed by independent structural geologist
Ian E. Neilson MSc RP Geo.3
Targets highlighted from the mapping include an interpreted southern
plunge to the mineralised system, where increasing shear intensity and potential lithological
repetition point to strong exploration upside below and south of the current pit.
Growing the gold inventory and scale of London-Victoria will directly support Adavale’s plans to
move the Project through to a potential near-term production development scenario. Adavale
continues to see strong development potential in the asset given its brownfields setting, opportune
location close to Parkes and ongoing strength in AUD and USD gold prices. Metallurgical
3
Refer to ASX announcement, “Major Resource Growth Uncovered at London Vic”, 17 November 2025
3
assessments and a scoping study planned for 2026 will be focused on a near-term development
and production route for London-Victoria.
Figure 2: London-Victoria Gold Mine – Location of Completed Phase 2 Drilling
4
Figure 3: ALRC014 from Phase 1 Drilling intersected the mineralisation ~100m below the pit floor at The London-
Victoria Gold Mine.
Figure 4: Schematic Structural Geology cross section looking north for the southern portion of the London Victoria Pit;
demonstrating a parasitic fold on the east dipping limb of a larger anticlinal fold (preliminary interpretation pending
further structural studies) Red > 1.0g/t Au, Yellow = 0.5 - 1.0g/t Au
5
Greenfields Prospects Advanced
In parallel to ongoing advancement of London-Victoria, Adavale is systematically advancing its rich
pipeline of greenfields gold and copper prospects at the Parkes Project. Adavale considers the
ongoing advancement of its exploration pipeline to be an important component of its broader
growth strategy of becoming a leading gold and copper explorer/developer within the Lachlan Fold
Belt.
Ground magnetics have now been completed over the Corner Prospect (Figure 5) and is currently
pending processing. Results have been received for a further 12 rock chip samples which were
collected at the Corner Prospect. Three quartz vein rock chip samples returned assays of >1g/t
Au, with best results 1.16g/t Au, 1.82g/t Au and 1.55g/t Au from recent reconnaissance work at
this prospect. The gold bearing veined samples are exposed at surface within sub-cropping
metasediments and display multiple overprinting vein textures, suggestive of a long lived and
fertile hydrothermal system. This is noteworthy, as the Corner Prospect lies on a direct line half
way between a porphyry Cu-Au deposit (Northparkes) and a high-sulphidation epithermal deposit
(Peak Hill).
At EL8830, ground magnetics are underway at the highly prospective Parkvale South Prospect,
which has previously returned rock chip assays up to 22.2g/t Au.4
Work at Corner and Parkvale
South are part of a systematic and continual evaluation of the multiple greenfields prospects
through the Parkes Copper-Gold Project Area that will continue into the New Year.
Figure 5: Corner Prospect EL8831 – Rock chip samples on aerial photo displaying recently completed ground magnetic
survey (hatched).
4
Refer to ASX announcement, “Parkvale South Prospect Returns 22.2g/t Au Rock Chip”, 21 May 2025
6
London-Victoria Mine – Next Steps
• pXRF-based geochemical logging to refine lithological and geochemical discrimination
and to confirm the distribution of the host andesite and sedimentary sequences.
• Incorporate new structural data to continually refine Adavale’s geological and resource
model which will in turn guide near-term drilling and resource growth.
• Magnetic Survey: In the light of the positive magnetics vs gold association further airborne
and/or ground based magnetic survey planning is underway.
Next Steps at the Parkes Project
Multiple ongoing exploration efforts continue to take place at the Parkes Project simultaneously,
with key projects and milestones including:
• Further Geochemical Survey Planning: Identification of future targets for geochemical
work to take place simultaneously with other activity; Parkvale South becoming a high
priority dependent on results of further rock chip sampling and currently progressing
ground magnetics.
• Further Prospect Reconnaissance: Visits to additional targets on the project is ongoing
and being planned for future reconnaissance efforts, including additional areas on No
Mistake (EL8830) and an initial visit to The Dish (EL9711), as well as the Northern Areas of
Front Gate (EL8831).
Figure 6: Gantt Chart illustrating Adavale’s planned exploration work across its Parkes Gold-Copper Project, located in
the Lachlan Fold Belt, NSW.
7
This announcement is authorised for release by the Board of Adavale Resources Limited.
Further information:
Allan Ritchie
Executive Chairman and CEO
Adavale Resources
E: investor@adavaleresources.com
P: +61 2 9127 9852
David Ward
Managing Director
Adavale Resources
E: investor@adavaleresources.com
P: +61 2 9127 9852
Jane Morgan
Media and Investor Inquiries
Jane Morgan Management
E: jm@janemorganmanagement.com.au
P: +61(0) 405 555 618
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.
ASX Announcement References
• 24 September 2025 “Wide Gold Intercepts Confirm Open Mineralisation”
• 17 November 2025 “Major Resource Growth Uncovered at London Vic”
• 21 May 2025 “Parkvale South Prospect Returns 22.2g/t Au Rock Chip”
• 29 November 2024 “Transformational Gold and Copper Project Acquisition”
• 5 May 2025 “Maiden JORC Resource at London-Victoria Project”
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. 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.
Information on the Mineral Resources presented on the London-Victoria deposit is contained in the ASX
announcement dated 5 May 2025. Where the Company refers to Mineral Resource in this presentation,
it confirms that it is not aware of any new information or data that materially affects the information
included in that announcement and all material assumptions and technical parameters underpinning
the Mineral Resource estimate with that announcement continue to apply and have not materially
changed. The Company confirms that the form and context their with JORC Table 1 in which the
Competent Person’s findings are presented have not materially changed from the original
announcement.
8
Competent Persons Statement
The information in this announcement that relates to Exploration Targets and Exploration Results, 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’. Mr Willott
consents to the inclusion in the presentation of the matters based on his information in the form and
context in which it appears.
Overview of The Parkes Project: A World-Class Geological Setting
The Parkes Project comprises five granted exploration licences (EL’s) that cover a total area of
~371.39 km² strategically located within the Macquarie Arc of the Lachlan Fold Belt – a Tier-1 mining
jurisdiction. The region hosts world-class operations such as Cadia Ridgeway (35.1Moz Au &
7.9Mt Cu) and Northparkes (5.2Moz Au & 4.4Mt Cu), adjacent and directly west of the Parkes
Project.
Figure 7: Map of the central New South Wales Lachlan Fold Belt
9
ABOUT ADAVALE RESOURCES
Exploring for Gold and Copper in the NSW Lachlan Fold Belt, Uranium in South Australia, and Nickel
Sulphide in Tanzania.
The Parkes Project
Adavale Resources Limited (ASX:ADD)
tenements span ~371km2
including 100% of
EL9785 and a 72.5% interest in the Parkes
Gold and Copper Project, consisting of four
granted exploration licences that are highly
prospective for Au-Cu, primarily due to their
location adjacent the giant Northparkes
copper-gold mine and encompassing the
Ordovician-aged rocks of the Macquarie
Arc, within the crustal-scale structure of the
Lachlan Transverse Zone (LTZ) that contain
both Northparkes and the world-class
Cadia gold-copper Mine.
South Australian Uranium Portfolio
Adavale also holds 11 granted exploration
licences that are prospective for their
sedimentary uranium potential. 7 are held
within the northern part of the highly-
prospective Northern outwash from the
Flinders Ranges in South Australia, as well
as 4 granted exploration licence east of
Ceduna on the Eyre Peninsula, increasing
Adavale’s uranium tenement holdings to
4,959km2
.
The Kabanga Jirani Nickel Project
Adavale also holds the Kabanga Jirani Nickel
Project, a portfolio of 13 highly prospective
granted licences along the East African
Nickel belt in Tanzania. The nine
southernmost licences are proximal to the
world class Kabanga Nickel Deposit (87.6Mt
@ 2.63% Ni Eq). Adavale holds 100% of all
licences except for two licences that are
known as the Luhuma-Farm-in, which are
held at 65%, adding a further 99km2
and
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.
10
Appendix 1 – JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
SAMPLING
TECHNIQUES
• Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to
the minerals under investigation, such as downhole gamma sondes, or
handheld XRF instruments, etc.). These examples should not be taken as
limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that are Material to the
Public Report.
• In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay’). In other cases more explanation may be required, such as where
there is coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (e.g. submarine nodules) may
warrant disclosure of detailed information.
• The quality ofreversecirculation(RC)percussion drillingisgenerally medium–high because
the method significantly reduces the potential of contamination, unless there is a lot of
groundwater or badly broken ground. Consequently, these samples can be representative
of the interval drilled and therefore can be used for Mineral Resource estimation.
• RC drilling was used to obtain 1m samples collected through a rig mounted cyclone and
then using cone splitter to produce an approximately 3kg sample split for assay.
• The samples were then dispatched to the On Site Laboratory Services laboratory in
Bendigo. The samples are crushed and pulverised to produce a 50g charge for fire assay
with an AAS (atomic absorption spectroscopy) finish for gold determination, with a
0.01ppm detection limit.
• Drill chips were logged by a trained geologist.
• Duplicate samples were collected approximately every 20 samples and submitted to the
laboratory. Duplicates intervals were selected within zones of visual mineralisation by the
onsite geologist.
• Adavale rock chip samples were selected by the geologist for gold and multi-element assay
from random chips. Typically, samples collected were between 1kg and 3kg in weight from
outcrop, subcrop and float.
DRILLING
TECHNIQUES
• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc.).
• The drilling program was completed on the 18th December 2025 and used reverse
circulation methods.
• RC drilling was completed using a 140mm face sampling bit and hammer.
DRILL SAMPLE
RECOVERY
• Method of recording and assessing core and chip sample recoveries and
results assessed.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples.
• Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
• All samples were dry and RC drilling recoveries recorded.
• Sample recoveries were considered to be good and within acceptable tolerance for RC
drilling.
LOGGING • Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc.) photography.
• The total length and percentage of the relevant intersections logged.
• Systematic geological logging was undertaken onsite at the time of RC drilling. Data
includes:
• Collar information including hole depth, coordinates, survey method, survey type, survey
date, tenement number, tenement name, prospect name, hole status, date commenced
drilling, date completed drilling, pre-collar depth, water depth, bottom of complete
oxidation, top of fresh rock.
11
Criteria JORC Code explanation Commentary
• Nature and extent of weathering.
• Nature and extent of lithologies.
• Interpretation of relationship between lithologies.
• Nature and extent of veining.
• Amount and mode of occurrences of ore minerals.
• Magnetic susceptibility measurements for every 1m sample.
• Both qualitative and quantitative data was collected.
• RC chips were retained in chip trays and stored at the Company facility at Parkes.
• Chip trays were photographed.
• Geological observations on rock chips are both preliminary and qualitative. The
information contained within describes only dominant outcrop lithologies at discreet
locations, and minerals of interest.
• All data is stored in digital format for use in GIS and 3D software packages.
SUB-SAMPLING
TECHNIQUES
AND SAMPLE
PREPARATION
• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc. and whether
sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material
being sampled.
• RC samples were collected using rig mounted cone splitter.
• All of samples collected were dry.
• RC samples were dried, crushed, and pulverised to 90% passing 75 microns
• RC drilling field duplicates were taken every 20 samples. The samples were dried, crushed,
and pulverised to 90% passing 75 microns.
• The sample size and medium of the rock chips are considered appropriate for the purpose
of outlining surface geochemical anomalies.
QUALITY OF
ASSAY DATA
AND
LABORATORY
TESTS
• The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc.,
the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their
derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (i.e. lack of bias) and precision have been established.
• Gold (Au) is determined by 50g fire assay (method Au-PE01S) with a detection limit of
0.01ppm.
• Field duplicates were sampled using the same cone splitter as the primary samples. The
results of the duplicates are expected to be within acceptable tolerance from original.
• Drill data is compiled and collated and reviewed by senior Adavale staff.
• No historic or current drillholes have been twinned.
• The strong foliation in the host rocks caused significant deviation in some drillholes as a
result some holes have intersected the mineralised horizon close to historic drillhole
intersections.
• Rock chip samples were sent to ALS (Orange) for analysis using gold by fire assay (Method
Au-AA24; 50g sample) and a four acid digestion followed by ICP-MS analysis (Method ME-
MS61)
12
Criteria JORC Code explanation Commentary
VERIFICATION
OF SAMPLING
AND ASSAYING
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• Drill data is compiled and collated and reviewed by senior Adavale staff.
• No historic or current drillholes have been twinned.
• The strong foliation in the host rocks caused significant deviation in some drillholes as a
result some holes have intersected the mineralised horizon close to historic drillhole
intersections.
• No data verification has occurred from previous explorer rock chips and historical drilling
at Corner prospect. Details and information is relayed from historical exploration reports
held by the NSW Government in their on-line DIGS system.
• The Company has verified the presence of historically reported outcrop lithologies during
the reconnaissance phase of exploration works.
LOCATION OF
DATA POINTS
• Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations used
in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• Drill collar locations were initially pegged and surveyed using a handheld Garmin GPS with
an accuracy of 3-5m.
• Drillhole collar and downhole survey co-ordinates are recorded in UTM MGA94 Zone 55S.
• RC holes were downhole surveyed using a Reflex multishot survey tool and the remainder
a Reflex gyro survey tool to produce azimuth and dip readings. Readings were collected
typically at a 30m spacing for standard multishot survey tool on open hole surveys post
completion of drilling the holes. Reflex north seeking gyro survey was completed in -rod
every 5m. Downhole surveys for the first 4 holes (ALRC014-018) will be supported by
additional north seeking gyro survey data collected from open hole downhole televiewer
surveys subsequent to completion of drilling.
• Topography was determined via drone photogrammetry processed by Drone Deploy and
cross checked with the legacy open pit survey.
• All coordinates are based on Map Grid Australia Zone 55S, Geodetic Datum of Australia
1994.
• All reported rock chip locations are assumed to have a +/- 5m accuracy via use of handheld
GPS instruments.
DATA SPACING
AND
DISTRIBUTION
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications
applied.
• Whether sample compositing has been applied.
• Drillhole collar spacing is variable. Dip and azimuth of drillholes were modified to
intersect the interpreted mineralised zone approximately 25-40m away from the
hole ALRC014.
• The London-Victoria deposit has an existing 2012 JORC Inferred Mineral Resource
Estimate of 3.8Mt @ 0.95g/t Au for 115koz Au at a reporting cut-off of 0.25 g/t Au and
3.14Mt @ 1.06 g/t Au for 107koz at a 0.5g/t cut-off. (Adavale Resources Limited
Announcement 5th May 2025).
• All 1m samples collected were assayed for Au and no sample compositing has been
applied.
• Data points for rock chip sampling are guided by field outcrops instead of a grid
based spacing.
• No compositing of results has been reported in this announcement.
13
Criteria JORC Code explanation Commentary
ORIENTATION
OF DATA IN
RELATION TO
GEOLOGICAL
STRUCTURE
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
• If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling
bias, this should be assessed and reported if material.
• Drilling was mostly designed to intercept perpendicular to north-south oriented
mineralised shear zones.
• Drillhole deviations are considered mostly within tolerance for RC drilling in a
strongly foliated host rock.
• Field observation and sample points for rock chips are guided by outcrop location at
a reconnaissance stage of on-ground exploration.
• At the current stage of exploration no specific orientation of mineralisation is known
at Corner prospect and therefore no relationship of key mineralised structures
between outcrop mapping sites is established at present.
SAMPLE
SECURITY
• The measures taken to ensure sample security. • Drill chip sample bags were collected within green plastic sample bags and stored
onsite during the drilling program.
• The sample chain of custody has been managed by Adavale Resources Limited staff
and a local courier company who delivered the assay samples to the laboratory.
• On completion of the drilling program the samples were palletised, stored at a pick-
up site at a Parkes Industrial Estate. The samples were then dispatched by courier to
the analytical laboratory in Bendigo in two batches (processing of the first batch is
underway).
• Adavale Resources and its geological consultants retained possession of all samples
until they were hand delivered to the external ALS laboratory.
AUDITS OR
REVIEWS
• The results of any audits or reviews of sampling techniques and data. • No audits or reviews of data collection and sampling techniques have been
conducted at this stage.
14
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
MINERAL
TENEMENT AND
LAND TENURE
STATUS
• Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
• The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
• The London-Victoria Gold Project is located on EL7242 situated 5km south-west of
Parkes in Central-West NSW.
• The Corner prospect is located within EL8831, part of the Parkes Project which
comprises ELs 8831, 8830, 7242 and 9711.
• All tenements are subject to a JV agreement between Adavale and the tenements’
vendor, Agricultural Equity Investments Pty Ltd (“AEI”). Adavale owns 72.5% of the
tenements and is the operator of the JV with the remaining 27.5% interest held by AEI.
• ELs 7242, 8831, 8830 and 9711 have been renewed and are in good standing, with
expiry dates on or after 12 April 2027.
• Community Consultation Management Plans for all ELs are being developed as
appropriate for the proposed exploration activity.
EXPLORATION
DONE BY OTHER
PARTIES
• Acknowledgment and appraisal of exploration by other parties. • Records for mining at and around London-Victoria Project stem back to 1874 with the
discovery of alluvial leads interpreted to be sourced from the eroded
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