Announcement PDF INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 ABN 96 008 719 015 1 | P a g e Contents Page Review of Operations 2 Directors’ Report 4 Auditor’s Independence Declaration 6 Condensed Consolidated Statement of Comprehensive Income 7 Condensed Consolidated Statement of Financial Position 8 Condensed Consolidated Statement of Changes in Equity 9 Condensed Consolidated Statement of Cash Flows 10 Notes to the Consolidated Financial Statements 11 Directors' Declaration 19 Auditor’s Review Report to the Members 20 Adavale Resources Limited Review of Operations For the half year ended 31 December 2025 2 | P a g e Parkes Gold-Copper Project Exploration Activity (NSW, Australia) London Victoria Gold Mine During the half year, Adavale made substantial operational progress in achieving several major exploration milestones across its flagship Parkes Gold and Copper Project (“Parkes Project”), located in the Lachlan Fold Belt of New South Wales. Activities during the half year were primarily focused around advancing the London- Victoria Gold Mine (“London-Victoria”) on EL7242 (JORC Inferred Mineral Resource Estimate (MRE) of 3.14Mt @ 1.06 g/t Au for 107koz). On 4 August 2025, Adavale completed the maiden RC drilling program at the London Victoria Mine with a total of 14 RC holes for 2,060m drilled. 9 of the 14 holes were drilled from the eastern flank and along the southern strike of the existing pit, with 5 holes drilled from within the pit itself. On 17 November 2025, Adavale completed a detailed independent structural geology study at London-Victoria, identified a major east-dipping shear and associated parasitic fold as the primary control for gold mineralisation over a 1.5km strike length at London-Victoria. This interpretation also highlighted the potential for fold repeats and stacked mineralised zones at depth, plunging to the south and further indicating significant upside potential for resource growth extending beyond London-Victoria’s existing Mineral Resource Estimate (3.14Mt at 1.06g/t Au for 107,000 oz). Adavale completed the second phase drilling program on 18 December, with a total of 2,411m drilled across 12 holes. Subsequent to half year, the Company announced the highest-grade gold drilling intercepts to date from the phase two program, including 14m at 2.62g/t Au from 133m (hole ALRC018) and 23m at 1.64g/t Au from 142m (hole ALRC020), including higher-grade intervals of up to 2m at 5.17g/t Au. Greenfields and regional prospects – Parkes project A high-resolution ground-based magnetics survey was undertaken across the broader Ashes-Myalls Prospect. The survey covered 11.9km² on 50m line spacing, totalling 238-line km; the enhanced magnetic data provides better resolution that the wider spaced regional magnetics and was designed to detect subtle anomalies, including the potential for small footprint but highly prospective pipe-like porphyry related intrusive systems. In conjunction with the magnetics, an IP survey was undertaken proximal to a previously defined strong 50 mV/V chargeability anomaly at Ashes. The survey included 7 x 1,600m lines, spaced 200m apart, aimed at better defining the geometry and extent of the anomaly to the north. Ground magnetic surveys were completed over the Corner Prospect (EL8831), with processing and interpretation currently pending. Reconnaissance rock chip sampling at Corner returned multiple gold-bearing quartz vein samples, with some assays exceeding 1g/t Au. Best results include 1.16g/t Au, 1.82g/t Au and 1.55g/t Au, which highlights the prospectivity of the target over a wide area. At Parkvale South, further rock chip sampling was carried out as follow-up to the high-grade result received from an earlier Adavale rock chip sample that assayed 22.2g/t Au. At the Koh-I-Noor Mine on newly granted EL9785, a drone photogrammetry survey identified an east west orientation of the historic workings where initial rock chip sampling was also conducted. A total of 27 rock chip samples were taken across the 4 location areas. Adavale Resources Limited Review of Operations For the half year ended 31 December 2025 3 | P a g e Uranium Exploration Activity (SA, Australia) On 22 October 2025, Adavale announced that it had secured 100% Native Title consent across its Marree Uranium Project in the state of South Australia. The Company detailed that it has executed a Native Title Mining Agreement with The Dieri Aboriginal Corporation and received consent from the Adnyamathanha Traditional Lands Association. Adavale acknowledges the Adnyamathanha and Dieri as Traditional Custodians of the land on which our current works are located. With respect to Elders past, present and emerging, Adavale is committed to conducting its activities with respect to the communities in which it operates. Nickel Exploration Activity (Tanzania) Adavale’s Kabanga Jirani and Luhuma Nickel Projects in Tanzania remain long-term exploration assets as part of the Company’s broader portfolio. Whilst the Company is monitoring the nickel market and broader economic conditions with these assets in mind, there was no significant activity during the half-year period. Corporate Mr David Ward was appointed as Managing Director of the Company, effective as of 17 November 2025. Mr Ward transitioned from his existing role with Adavale as Non-Executive Technical Director, stepping into the executive position. Approximately $3.1 million of funding was secured in the September quarter, with a new cornerstone shareholder ‘Gleneden’ taking a 20% stake in the company, $152,000 participation from directors and $588,000 from a new strategic investor group. Competent Persons Statement 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. 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 there with JORC Table 1 in which the Competent Person’s findings are presented have not materially changed from the original announcement. The information in this document that relates to exploration results is based on information compiled by David Ward BSc, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM), (Member 228604). David Ward has over 25 years of experience in metallic minerals mining, exploration and development and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a ‘Competent Person’ as defined under the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Ward consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Adavale Resources Limited Directors’ Report For the half year ended 31 December 2025 4 | P a g e 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 2025. 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 Allan Ritchie – Executive Chairman and Chief Executive Officer David Ward – Managing Director (previously Non-Executive Technical Director) Maurice (Nic) Matich – Non-Executive Director Chief Financial Officer and Company Secretary Leonard Math PRINCIPAL ACTIVITIES The Company is in the business of mineral exploration for Gold in NSW, Nickel in Tanzania and Uranium in South Australia. The Company’s primary aim in the near-term is to explore for, discover and develop gold, nickel and uranium deposits on the mineral exploration projects in New South Wales, 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 2025 was a loss after tax of $2,369,129 (December 2024: Loss after tax of $1,274,841). EARNINGS PER SHARE The basic loss per share for the half year ended 31 December 2025 was 0.99 cents (December 2024: 2.08 cents). SUBSEQUENT EVENTS On 2 January 2026, 862,500 Performance Rights have lapsed. On 2 February 2026, the Company announced that it had received firm commitments to raise up to $5.15 million (before costs) at $0.05 per share (“Placement”). Approximately 103 million fully paid ordinary shares will be issued in 2 tranches. Tranche 1 of 60 million shares were issued on utilising the placement capacity under ASX Listing Rule 7.1 and 7.1A, raising $3 million (before costs) and the balance under Tranche 2 including the Directors’ participation will be subject to shareholder approval at a General Meeting. Adavale will offer the Placement investors (including the Directors) one (1) free listed option (ADDO) for every two (2) New Shares subscribed for under the Placement (“New Options”). The New Options will be exercisable at $0.10 each with an expiry of 31 December 2027 and will be offered to Placement investors (including the Directors) subject to shareholder approval. GBA Capital Pty Ltd acted as Lead Manager to the Placement. The Lead Manager will receive a broker fee of 6% of funds raised and will be issued 5,000,000 Lead Manager Options. The issue of the Lead Manager Options will be subject to shareholder approval. Adavale Resources Limited Directors’ Report For the half year ended 31 December 2025 5 | P a g e On 17 February 2026, the Company announced it has entered into an agreement with Alkane Resources Limited (“Alkane”) (ASX:ALK) to acquire a package of exploration licenses directly adjoining the existing Parkes Gold-Copper Project. The acquisition covers 2 areas – southern 14 units of EL5675 and EL9178. Subject to satisfactory of the conditions precedent, the Company will issue Alkane 5,500,000 fully paid ordinary shares at a deemed issue price of $0.05 per share. The shares will be voluntarily escrowed for 6 months from date of issue. 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. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the half year ended 31 December 2025 has been received and forms part of the Directors’ report and can be found on page 6 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. Allan Ritchie Chairman and CEO 13 March 2026 Perth, Western Australia 6 | 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 2025, 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 2026 L Di Giallonardo Partner Adavale Resources Limited Condensed Consolidated Statement of Comprehensive Income For the half year ended 31 December 2025 7 | P a g e Note 31 Dec 2025 31 Dec 2024 $ $ Revenue from services provided - 43,796 Interest received 421 - Expenditure Insurance (26,749) (21,780) Share registry fees (59,909) (37,472) Administration, corporate, consultant fees and salaries (598,201) (391,776) Share based payments 4(c) (256,165) 11,732 Legal expenses (40,067) (39,695) Finance and Interest expense (916) (13,127) Exploration and evaluation expenditure (1,381,503) (813,334) Depreciation 2 (3,997) (10,795) Loss from write-off of fixed assets - (969) Loss from foreign exchange (2,043) (1,421) Loss before income tax (2,369,129) (1,274,841) Income tax expense - - Loss after income tax (2,369,129) (1,274,841) Other comprehensive income - - Total comprehensive loss for the period (2,369,129) (1,274,841) Basic and diluted loss per share attributable to the ordinary security holders of the Company (cents per share) 6 (0.99) (2.08) The accompanying notes form part of these consolidated financial statements Adavale Resources Limited Condensed Consolidated Statement of Financial Position As at 31 December 2025 8 | P a g e The accompanying notes form part of these consolidated financial statements Note 31 Dec 2025 30 Jun 2025 $ $ ASSETS Current assets Cash and cash equivalents 1,271,036 200,795 Other assets 120,374 83,038 Total current assets 1,391,410 283,833 Non-current assets Investment 550 - Property, plant & equipment 2 64,488 2,691 Total non-current assets 65,038 2,691 Total assets 1,456,448 286,524 LIABILITIES Current liabilities Trade and other creditors 384,277 325,037 Borrowings 3 12,431 - Total current liabilities 396,708 325,037 Non-current liabilities Borrowings 3 59,026 - Total non-current liabilities 59,026 - Total liabilities 455,734 325,037 Net assets/(liabilities) 1,000,714 (38,513) Equity Issued capital 4(a) 25,368,320 22,301,129 Reserves 4(b) 2,494,525 2,153,360 Accumulated losses (26,862,131) (24,493,002) Total equity/(deficiency in equity) 1,000,714 (38,513) Adavale Resources Limited Condensed Consolidated Statement of Changes in Equity For the half year ended 31 December 2025 9 | P a g e 2025 Issued Capital Share- based Payments Reserve Accumulated Losses Total $ $ $ $ Opening Balance – 1 July 2025 22,301,129 2,153,360 (24,493,002) (38,513) Loss for the period - - (2,369,129) (2,369,129) Total comprehensive loss for the period - - (2,369,129) (2,369,129) Issue of shares on exercise of options 16,667 - - 16,667 Issue of shares (net of costs) 3,014,333 - - 3,014,333 Loss on settlement of creditor via issue of shares 36,191 - - 36,191 Share based payments (net) - 341,165 - 341,165 Balance as at 31 Dec 2025 25,368,320 2,494,525 (26,862,131) 1,000,714 2024 Issued Capital Share- based Payments Reserve Accumulated Losses Total $ $ $ $ Opening Balance – 1 July 2024 19,477,276 1,249,633 (20,438,736) 288,173 Loss for the period - - (1,274,841) (1,274,841) Total comprehensive loss for the period - - (1,274,841) (1,274,841) Issue of shares to vendor 125,000 - - 125,000 Issue of shares (net of costs) 1,114,975 82,500 - 1,197,475 Share based payments (net) - (11,732) - (11,732) Balance as at 31 Dec 2024 20,717,251 1,320,401 (21,713,577) 324,075 The accompanying notes form part of these consolidated financial statements Adavale Resources Limited Condensed Consolidated Statement of Cash Flows For the half year ended 31 December 2025 10 | P a g e 31 Dec 2025 31 Dec 2024 $ $ Cash flows from operating activities Receipts from customers - 43,796 Interest received 421 - Payments to suppliers and employees (544,331) (354,109) Payments for exploration and evaluation expenditure (1,286,346) (737,479) Net cash outflows from operating activities (1,830,256) (1,047,792) Cash flows from financing activities Proceeds from share issues and exercise of options (net of costs) 2,904,001 1,137,725 Proceeds from loan - 110,000 Repayment of loan (1,459) (110,000) Finance and interest payments - (13,127) Net cash inflows from financing activities 2,902,542 1,124,598 Net increase in cash and cash equivalents held 1,072,286 76,806 Cash and cash equivalents at the beginning of the period 200,795 280,295 Foreign exchange differences (2,045) (1,421) Cash and cash equivalents at the end of the period 1,271,036 355,680 The accompanying notes form part of these consolidated financial statements Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 11 | P a g e 1. SUMMARY OF MATERIAL 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 2025 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 2025. 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. Standards and Interpretations applicable to 31 December 2025 In the half-year ended 31 December 2025, 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 2025. 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. Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 12 | P a g e 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 2026. As a result of this review, the Directors have determined that there is no material impact of these new and revised Standards and Interpretations on the Company and therefore no material change is necessary to Group accounting policies. Going Concern Basis of Accounting The Group is at the exploration and evaluation phase in relation to each of its mining tenements. The Group has incurred a loss from continuing operations for the period of $2,369,129. The Group had a cash outflow from operating activities of $1,830,256, while over the same period raised a cash amount of $2,904,001 (net of cash costs) from placement of shares and exercise of options. At period end, the Group’s cash reserves were $1,271,036. Current assets exceeded current liabilities by $994,701. The Group is committed to payments to maintain rights to perform its continuing exploration and evaluation activity in the Parkes Project in New South Wales and the South Australian Uranium Projects. The Company’s Kabanga Jirani Nickel Project and the Luhuma Nickel Project in Tanzania have been put into care and maintenance due to the current nickel price and market. The Company is continuing its objective as an exploration Company which entails continued cash outflows from operating activities in future. As set out in Note 10, subsequent to balance date, the Company completed Tranche 1 of a capital raising, whereby $3 million (before costs) was raised via the issue of 60 million shares at $0.05 each. Tranche 2 of the capital raising will comprise the issue of 43 million shares at $0.05 each to raise $2.15 million (before costs). Tranche 2 will be subject to shareholder approval at a General Meeting that will be held in the near future. On the basis of the above, the Directors consider it is appropriate to prepare the financial statements on a going concern basis. Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 13 | P a g e 2. PROPERTY, PLANT & EQUIPMENT 31 December 2025 $ 30 June 2025 $ Non-current Property, plant and equipment – carrying amount 64,488 2,691 Cost Half Year to 31 Dec 2025 Year to 30 June 2025 Movement for the period Beginning of financial period 105,122 106,091 Addition 65,794 - Disposal - (969) End of the financial period 170,916 105,122 Accumulated Depreciation Movement for the period Beginning of financial period 102,431 81,604 Depreciation 3,997 20,827 End of financial period 106,428 102,431 Carrying amount at the end of the financial period 64,488 2,691 3. BORROWINGS Vehicle hire purchases liability: Current 12,431 - Non-current 59,026 - Total 71,457 - Non-cash financing and investing activity: During the period, the Company acquired a motor vehicle for $65,794 plus GST, which was financed via hire purchase. 4. CONTRIBUTED EQUITY (a) Issued capital 269,161,144 ordinary fully paid shares (June 2025: 2,287,279,222) 25,332,129 22,301,129 31 December 2025 Number of shares $ Movements in share capital for the financial period Balance at beginning of the financial period 2,287,279,222 22,301,129 Issued during the period: Share consolidation (20:1) (2,172,915,693) - Placement at 2.1 cents per share 154,321,425 3,240,750 Exercise of options 476,190 16,667 Loss on settlement of creditor via issue of shares - 36,191 Share issue costs - (226,417) Balance at end of the financial period 269,161,144 25,368,320 Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 14 | P a g e (b) Reserves 31 December 2025 $ 30 June 2025 $ Share based payments reserve 2,494,525 2,153,360 Movement for the period Half Year to 31 Dec 2025 Year to 30 June 2025 Beginning of financial period 2,153,360 1,249,633 Share based payments (options – cost of share issue) - 132,750 Share based payments (options – consultancy) - 56,800 Share based payments (performance rights) 256,165 114,177 Issue of options to acquire Parkes Gold Project - 600,000 Issue of options to lead manager 85,000 - End of financial period 2,494,525 2,153,360 (c) Performance rights issued during the half-year During the half year, 25,000,000 Performance Rights were issued to Directors and executives of the Company. Participants Class A Class B Class C TOTAL Allan Ritchie 3,000,000 2,250,000 2,250,000 7,500,000 Nic Matich 2,000,000 1,500,000 1,500,000 5,000,000 David Ward 3,000,000 2,250,000 2,250,000 7,500,000 Leonard Math 2,000,000 1,500,000 1,500,000 5,000,000 Class A Performance Rights would vest upon the Company achieving a 5-day VWAP of at least $0.05 over 5 consecutive days on or before 4 December 2027. Class B Performance Rights would vest upon the Company achieving a 5-day VWAP of at least $0.075 over 5 consecutive days on or before 4 December 2028. Class C Performance Rights would vest upon the Company achieving a 5-day VWAP of at least $0.10 over 5 consecutive days on or before 4 December 2029. These rights have been valued using a Binomial model with the valuation assumptions below: Share based payments for the Performance Rights granted to Messrs Allan Ritchie, David Ward, Nic Matich and Leonard Math (pre-consolidation). Class A Class B Class C Number Issued 10,000,000 7,500,000 7,500,000 Expiry Date 4 December 27 4 December 28 4 December 29 Grant Date 28 November 25 28 November 25 28 November 25 Share price at grant date $0.046 $0.046 $0.046 Volatility 120% 120% 120% Risk Free Rate (%) 3.702% 3.783% 3.903% Underlying Fair Value on Grant Date $0.04496 $0.04386 $0.04338 Total Fair Value ($) – Life of rights $449,000 $328,950 $325,350 Total Fair Value ($) – expensed to 31 December 2025 $20,325 $9,913 $7,354 Method of valuation Binomial Binomial Binomial Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 15 | P a g e On 11 July 2025, Mr David Ward was issued 1,500,000 Performance Rights with the following vesting conditions in equal tranches. Class A Performance Rights would vest upon the Company achieving a 20-day VWAP of at least $0.005 on or before 23 January 2028. Class B Performance Rights would vest upon the Company achieving a 20-day VWAP of at least $0.01 on or before 23 January 2028. Class C Performance Rights would vest upon the Company achieving a 20-day VWAP of at least $0.015 on or before 23 January 2028. These Performance Rights were cancelled subsequently on 4 December 2025 together with 6,750,000 Performance Rights previously issued to Messrs Allan Ritchie, Nic Matich and Leonard Math. These were cancelled by agreement with the relevant parties following the issue of new Performance Rights on 28 November 2025. These rights contained market-based conditions. The cancellation is accounted for as an acceleration of vesting. Accordingly, the remaining expense that would otherwise have been recognised over the remainder of the vesting period was recognised immediately. 31 December 2025 $ Expense arising from cancelled performance rights 209,980 Expense arising from performance rights issued during the current and prior periods 46,185 256,165 (d) Options issued during the half-year During the half year, the Company issued 77,160,702 options exercisable at $0.035 each expiring 30 June 2028 as attaching options to the placement conducted in July 2025. The Company also issued 5,000,000 options exercisable at $0.035 each expiring 30 June 2028 to GBA Capital as Lead Manager Options for the placement. These options were valued at $85,000 utilising a Black & Scholes option pricing model with the following inputs: Grant date: 5 September 2025 Expiry date: 30 June 2028 Share price at grant date: 2.9 cents Exercise price: 3.5 cents Risk-free rate: 3.60% Volatility: 100% Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 16 | P a g e 5. SEGMENT INFORMATION The Company has identified its operating segments based on internal reports that are reviewed by the Board and management. The Company operated in one operating segment during the half year, being mineral exploration and in two geographical areas, being Australia and Africa. Expenditure, assets and liabilities not directly related to either is referred to as other. The segment reporting is detailed below: Mineral Exploration Australia $ Mineral Exploration Africa $ Corporate $ Total $ For the half year ended 31 Dec 2025 Income Interest received 421 - - 421 Total Segment Income 421 - - 421 Segment Result (Loss) before income tax (1,144,914) (239,810) (984,405) (2,369,129) Income tax expense - - - - Net (Loss) (1,144,914 (239,810) (984,405) (2,369,129) Total Segment Assets 20,000 7,745 1,428,703 1,456,448 Total Segment Liabilities 210,649 - 245,086 455,735 Mineral Exploration Australia $ Mineral Exploration Africa $ Corporate $ Total $ For the half year ended 31 Dec 2024 Income Services provided - 43,796 - 43,796 Total Segment Income - 43,796 - 43,796 Segment Result (Loss) before income tax (599,475) (219,895) (455,471) (1,274,841) Income tax expense - - - - Net (Loss) (599,475) (219,895) (455,471) (1,274,841) Total Segment Assets - 8,747 461,904 470,651 Total Segment Liabilities - - (146,576) (146,576) Adavale Resources Limited Notes to the Consolidated Financial Statements For the half year ended 31 December 2025 17 | P a g e 6. LOSS PER SHARE December 2025 $ December 2024 $ (a) Reconciliation of earnings used in calculating loss per share (Loss) attributable to the owners of the company used in calculating basic and diluted loss per share (2,369,129) (1,274,841) (b) Weighted average number of shares used as the denominator Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 240,182,416 61,250,605 Basic and diluted (loss) per share attributable to the ordinary security