Announcement PDF DELIVERING VALUE VIA THE DRILL BIT Extensional Drilling Campaign Underway -2 Rigs on site -Assays every month RIU Sydney Resources Round-up - May 2026 ASX:ADD 2 ASX:ADD Important Notice & Disclaimer This presentation has been prepared by Adavale Resources Ltd (ASX:ADD).This presentation contains background information about ADD current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport be all inclusive or complete nor does it contain all the information that a prospective investor may require in evaluating a possible investment in ADD or its assets. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. 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To the fullest extent permitted by law, ADD and its related bodies corporate, its directors, officers, employees and representatives (including its agents and advisers), disclaim all liability, take no responsibility for any part of this presentation, or for any errors in or omissions from this presentation arising out of negligence or otherwise and do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts, conclusions or other representations contained in this presentation. This presentation contains forward looking statements concerning Adavale. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this presentation are based on Adavale’s beliefs, opinions and estimates of Adavale as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of nickel, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward- looking statements in this presentation will actually occur. Competent Person Statement The information in this presentation that relates to exploration results on the London Victoria Gold Mine 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 25years 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 undertaken 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. The information in this presentation that relates to Exploration Targets and Exploration Results on Parkes Gold and Copper Project is based on information compiled by Barry Willott, who is a Member of The Australian Institute of Geoscientists (AIG) and The Australasian Institute of Mining and Metallurgy (AusIMM). Barry 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’. Barry Willott consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. 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 their context with JORC Table 1 in which the Competent Person’s findings are presented have not materially changed from the original announcement. Refer to the respective ASX announcements included in the presentation. 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. 3 ASX:ADD Leonard Math CFO & Company Sec. Chartered Accountant with 15+ years experience as CFO/ED/Co-Sec for several ASX-listed resources companies. Nic Matich Non-Exec. Director Experienced ASX Resources CEO, ED & MD with 17+ years experience in the resources sector. Corporate Overview Share Price Close (29/04/2026) $0.050 Shares On Issue (Post T2 **) 388.2m Market Capitalisation $19.4m Cash (Post T2 **) ~$5m Options on Issue* (Post T2 **) 208.8m Performance Rights 16.3m Top 20 Shareholders (Beneficial Ownership) 58.8% D&O Shareholding ~6.4% *ADDOD: 81,684,512 options with $0.035 Exercise, 30 Jun 2028 expiry. ADDO: 96,634,017, $0.10 Exercise, 31 Dec 2027 xpiry, ADDAAI: 15,000,000, $0.12 Exercise, 15 Oct 2029 Expiry, ADDAAJ: 15,000,000, $0.24 Exercise, 15 Oct 2029 Expiry. ** T2 expected to settle after EGM approval expected mid June Allan Ritchie Executive Chairman & CEO Experienced ASX/HKEx Energy and Resources Chair, MD & ED over 15 years and a 30+ year Investment Banking career. David Ward Managing Director Accomplished Geologist and mining executive with 30+ years’ experience across exploration, project development through to mining. GLENEDEN NOMINEES P/L 20.0% STRATEGIC INVESTOR GROUP 6.9% SYK CONSOLIDATED + 7 GROWTH 6.1% AGRICULTURAL EQUITY INVESTMENTS P/L 5.0% ALLAN RITCHIE (VARIOUS) 3.0% ALKANE (ASX:ALK) 1.4% REST OF TOP 20 (Benef. Ownership). 15.4% Other Shareholders 41.2% Volume2 Price1 1 Green Line = Share Price Close (Daily). Black Bar = Share Price High & Low (Daily). 2 Golden Bar = Trading Volume (Daily). 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.0 M 5.0 M 10.0 M 15.0 M 20.0 M 25.0 M Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 4 ASX:ADD The Lachlan Fold Belt, including Macquarie Arc Volcanics with associated Au & Cu mines and deposits nearby Parkes Project - Tier 1 Jurisdiction All-Scrip Acquisition of the Parkes Project. Same vendor as the Spur project for Waratah Minerals (ASX:WTM). A total area of 489.4km² across 9 licences, including the licence with the historic London-Victoria Mine. In the Lachlan Transverse Zone and adjacent to Northparkes (ASX:EVN) and along the zone from Cadia Mines (ASX:NEM). Macquarie Arc Volcanics with Ordovician Age Rocks, ideal location for uncovering a tier-1 discovery, particularly in Lachlan Transverse Zone and no vacancies nearby. 5 ASX:ADD . Up to A$14m earn-in deal in the Junee-Narromine belt, including farm- in with Magmatic for Myall project. 80% Purchase of Northparkes for A$720m. Triple Flag pay extra A$120m for Au Ag stream from E44 Up to A$15m deal with Newmont to A$6m deal with S2 Resources Lachlan Star buy Devex NSW portfolio for $7.5m +2% NSR. Up to A$145m earn-in deal with Inflection Resources & up to A$110m earn-in deal with Kincora. Up to A$75m option/JV deals with Gold & Copper. Purchase of Cargo/Spur project, share price move of 50x following re- rating on drilling success. Purchase of MAC Copper and the CSA mine for A$1.53bn, Surrounded by Giants, Lachlan Fold Belt Purchase of Newcrest (flagship Cadia) for A$26.2billion ✓ JORC Resource ✓ Brownfield & Greenfield Assets ✓ 440km2 holding adjacent to EVN & ALK ✓ Multiple untested high-conviction drill targets ✓ Clear resource expansion potential ✓ Swift, systematic execution ✓ Expanded initial 6,000m campaign underway ✓ Pathway to early production Merger of Equals (total transaction value of ~A$1.01bn). 6 ASX:ADD Investment Highlights Parkes Project, Exploration Licences & Surrounding Tenements TIMING ▪ Brownfield Asset: 115koz Au JORC , Early Production Potential. • Former BHP 550ktpa crushing & grinding circuit currently in use. • Approval exists for current open pit mining & 24/7 processing ▪ Greenfield Assets: High-conviction Targets, High-potential Discovery. ▪ Board: Highly Experienced, acquired ~6.4% stake, 100% Investor Aligned. ▪ Technical: World-class Expertise, Modern Exploration Techniques. ▪ Track Record: Swift, Systematic Execution across Portfolio. ▪ Catalysts: Expanded drilling campaign underway, batches of frequent Assay results, Met. Work & Scoping Study. ▪ Funded: Strongly Supported, Liquid ASX-listed Vehicle. ▪ Valuation: Modest Market Cap & EV with significant upside. TEAM ASSETS 7 ASX:ADD Proven Track Record Near Term Catalysts Brownfield London Victoria Mine Greenfield* Abundant Prospects *Ashes, Parkvale South, Golden Bar, Koh-I-Noor & Central January-March 2025 Quarter ✓ Parkes Project Acquisition & Site Visit ✓ Reconnaissance, Land Access, Drill Core Inspection ✓ Grid-Based Geochemical Survey Ashes & Myalls (5km2) , ✓ 279 grid-based soil samples & 19 rock chips including ✓ 10.6g/t Au, 1.98% Cu, 158g/t Ag April-June 2025 Quarter ✓ 115koz JORC MRE London-Victoria ✓ IP Survey Reprocessing & identification of high conviction target at Ashes ✓ Parkvale South returns 22.2g/t Au rock chip ✓ Strategic grant EL9785 contains historic High-Grade Koh-I-Noor Mine ✓ Soil Assay Results show Porphyry Cu-Au Fertility at Ashes July-September 2025 Quarter ✓ Phase 1 Drilling at London Victoria Mine ✓ Shallow High-Grade Gold Intercepts Confirm Growth Upside ✓ Widest Gold Intercepts Confirm Open Mineralisation at London Victoria zone October-December 2025 Quarter ✓ Transformational Appointment of David Ward as MD to Drive Gold & Copper Growth ✓ Major Resource Growth Uncovered at London Vic (Structural geology study, BHP Gold grade control drilling data.) ✓ Phase 2 Drilling completed – 12 hole campaign extending on Phase 1 success January-March 2026 Quarter ✓ Phase 2 drilling Assays uncover Adavale's Highest Grade Intercept at London Victoria Mine ✓ Porphyry Target Identified from IP at Broader Ashes Prospect\ ✓ Expanded extensional drilling campaign of an initial 6,000 underway, swiftly and systematically Current April to June 2026 Quarter ✓ 2nd drill rig at London Victoria ✓ Acquired ground from ALK, adding to Ashes prospectivity and London Victoria targets ✓ Bonanza Gold Grades up to 245g/t at Victoria South ✓ Outstanding 1st Assays from Extensional Drilling London Victoria – Assay results will be delivered every month Mar-26 Jun-26 Sep-26 Dec-26 "Drillout" Campaign Drone Magnetics "Drillout" Assays Met Work & Scoping Study MRE Update Ashes - Geochem & Mags Wider Parkes Geochem & Mags 1st Phase Drilling 1st Phase Assays 2nd & 3rd Phase Drilling 8 ASX:ADD Satellite view showing London Victoria Mine pit and processing plant London Victoria Mine (Brownfield) ▪ Located 20km South of Northparkes Mine (ASX:EVN) and 50km South of Tomingley Mine (ASX:ALK) ▪ Historic London-Victoria Gold Mine Produced c.155koz Au via open-pit mining at 1.5 g/t Au along 1.5km of strike, with higher-grade lodes, up until 1998. ▪ London Victoria Mine is a former BHP Gold open pit mine & processing centre. ▪ Development advantages include: ✓ Former BHP 550ktpa Crushing and grinding circuit currently in use. ✓ Environmental Approval exists for current open pit mining, 24/7 processing ▪ Several processing plants in the region hungry for feed stock. 115koz Au JORC (2012) Inferred Resource based on historic drilling 1.5km Refer ASX Announcement 5 May 2025 "Maiden JORC Resource at London-Victoria Project" 9 ASX:ADD London-Victoria Infrastructure 10 ASX:ADD 3D Structural Geology Model 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 Refer ASX Announcement 17 November 2025 "Major Resource Growth Uncovered at London Vic” Grade Control Data Some of the scanned and registered historic grade control maps (BHP Gold & Hargraves Resources, late 1980s– 1990s) overlayed on aerial photography of the London-Victoria open pit. Red > 2.0g/t Au, Yellow = 1.0 - 2.0g/t Au, Blue = 0.5 - 1.0g/t Au, Green <0.5g/t Au. Each small grid square represents 1m² Folded sequence interpreted to repeat - parallel, at depth and plunging to the south 1,000’s of hand drawn BHP Gold grade control drillholes discovered 5m x 5m spacing 11 ASX:ADD London Victoria Phase 1 Widest Intercept in 30 years, Phase 2 better Refer ASX Announcement 9 February 2026 “London-Victoria Continues to Deliver" 28m @ 1.53g/t Au Northern Pit Long Section & Phase 1 - ALRC001 drill result Southern Pit Long Section & Phase 2 - ALRC019 drill result 25m @ 1.17g/t Au 10m @ 1.95g/t Au 11m @ 4.87g/t Au 13m @ 9.66g/t Au 12 ASX:ADD London Victoria Phase 2 Tested only 150m of 1,500m long Pit Refer ASX Announcement 9 February 2026 “London-Victoria Continues to Deliver" 22m @ 1.40g/t Au Southern Pit Phase 2 - ALRC021 drill result Southern Pit Phase 2 - ALRC023 drill result 20m @ 1.26g/t Au 13 ASX:ADD London-Victoria - Current Drill Plan – 2 Rigs at Site Phase 2 Drilling (and ALRC014) Current Drilling Program of MRE Potential MRE Expansion 14 ASX:ADD Initial 6 hole assays from Drillout – 20 holes at the lab 15 ASX:ADD Acquisition of Southern Strike Extension of London-Victoria (EL9178) from Alkane (ASX:ALK) Extended Strike Line from London-Victoria Previously bound by Tenement Boundary Refer ASX Announcement 23 February 2026 "Porphyry Target Identified from IP in Newly Acquired Tenure" 16 ASX:ADD London-Victoria Near Mine Targets Refer ASX Announcement 26 March 2026 “Accelerating Resource Growth at London-Victoria" Refer ASX Announcement 7th April 2026 "Exciting Near Mine Targets at London-Victoria" Soil Geochemistry Detailed Drone Magnetic Survey Underway 17 ASX:ADD Victoria-South Target Refer ASX Announcement 26 March 2026 “Accelerating Resource Growth at London-Victoria" Refer ASX Announcement 7th April 2026 "Exciting Near Mine Targets at London-Victoria" 18 ASX:ADD Ashes Acquisition of Adjacent Tenure (ELA7017) from Alkane (ASX:ALK) High Tenor IP Chargeability Anomaly Previously bound by Tenement Boundary Refer ASX Announcement 23 February 2026 "Porphyry Target Identified from IP in Newly Acquired Tenure" Refer ASX Announcement 26 February 2025 "High-Grade Gold, Copper and Silver Rock Chips at Ashes" 19 ASX:ADD Abundant Greenfield Prospects (Green) ▪ Northern Diorite Prospect (EL8831): Intersected 4m @ 0.21ppm Au and 1230ppm Cu hosted in diorite, potential porphyry copper-style mineralisation. ▪ Central Prospect (EL8831): Magnetite-veined lithic tuff where historical RAB hole, found up to 0.16 ppm Au, most likely of hydrothermal origin, with the area having the potential to be the top of a porphyry copper-gold system. ▪ Corner Prospect (EL8831): RAB drilling - 2m @ 1.73g/t Au, in a dacite dyke; possible epithermal mineralisation style. Recent rock chips from quartz veins include gold assays of 1.16g/t Au, 1.82g/t Au and 1.55g/t Au. ▪ Koh-I-Noor Mine Licence (EL9785): Host to historic Koh-I-Noor mine which was mined to a depth of 304m yielding up to 43.8g/t Au. ▪ Parkvale & Parkvale South Prospects: anomalous rock chips up to 6.3g/t Au ▪ Large areas of residual soils = effective surface geochemistry ▪ Geophysics ▪ Drone and ground magnetic surveys ▪ Induced Polarisation (IP) ▪ Swift & Systematic Cost-Effective Exploration Refer ASX Announcement 29 November 2024 "Transformational Gold and Copper Project Acquisition" More Abundant Greenfield Prospects 20 ASX:ADD Allan Ritchie Executive Chairman and Chief Executive Officer David Ward Managing Director investor@adavaleresources.com +61 2 9127 9852 Contact Follow Us @Adavale_ASXADD www.adavaleresources.com Adavale Resources Limited Investment Summary ▪ 115kOz Au JORC being extended/expanded, in a Tier 1 Jurisdiction ▪ Near Term production with infrastructure at London Victoria ▪ Imminent re-rating potential ▪ 2 x Rigs at Brownfield London Victoria ▪ Assays expected monthly ▪ MRE Update due mid-year ▪ Greenfield Exploration Programs Underway ▪ Well-funded for success ASX:ADD