Announcement PDF Massive Nickel Sulphide Hits in Elephant Country Nickel Sulphide Intercepts Confirm Potential within the East African Nickel Belt September 2023 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. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Recipients of this presentation who decide to invest in ADD do so at their own risk. This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. This presentation is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek their own professional, legal, tax, business and/ or financial advice when deciding if an investment is appropriate. 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 different 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. 2 Important Notice & Disclaimer Competent Person Statement The information in this release that relates to “exploration results” for the Nickel Project is based on information compiled or reviewed by Mr David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it appears. . The information in this release that relates to “exploration results” for the Uranium Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in which it appears. Visual Estimates & pXRF usage Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company regularly uses a portable hand-held XRF analyser to screen drill core for mineralisation before cutting and sampling. This allows for some understanding of the distribution of mineralisation prior to sampling to better ensure that the sampled core is representative of the type and style of mineralisation. Numerous readings are obtained and recorded for future reference. The hand-held XRF provides confirmation that mineralisation is present however it is not an accurate determination of the elemental concentration within the sample analysed. Limitations include; very small analysis window, possible inhomogeneous distribution of mineralisation, analytical penetration depth and possible effects from irregular rock surface. The pXRF readings are subject to confirmation by chemical analysis from an independent laboratory. References 1. ASX Announcement 7 July 2022 “32 Nickel Targets Identified in the East African Nickel Belt” 2. ASX Announcement 13 September 2022 “Multiple Nickel Targets generated from successful EM survey” 3. ASX Announcement 7 December 2022 “Exploration Update – Kabanga Jirani Nickel Project” 4. ASX Announcement 24 January 2023 “Strategic Expansion at Kabanga Jirani” 5. ASX Announcement 4 April 2023 “Nickel sulphide drill target and 15km anomaly defined” 6. ASX Announcement 28 April 2023 “March Quarterly Activity and Cashflow Report” 7. ASX Announcement 6 June 2023 “Massive Nickel Sulphides intersected at Kabanga Jirani” 8. ASX Announcement 8 June 2023 “Second Luhuma Central hole commenced at Kabanga Jirani” 9. ASX Announcement 19 June 2023 “ADD Continues to Intersect Zone of Strong Nickel Sulphide” 10. ASX Announcement 10 July 2023 “Assays Confirm Massive Nickel Sulphides at Luhuma Central” 11. ASX Announcement 25 July 2023 "Adavale Replicates Maiden Massive Nickel Sulphide Intersection“ 12. ASX Announcement 4 August 2023 titled “DHEM Delivers Massive Sulphides Extensions”. 13. ASX Announcement 17 August 2023 “Massive and Semi Massive Sulphide Zones Intersected 14. ASX Announcement 6 September 2023 Over 340m of Nickel Sulphide Mineralisation at Luhuma 15. www.lifezonemetals.com 3 Kabanga Jirani + Luhuma Dominance in East African Nickel Belt Dominant nickel licence portfolio within the East African Nickel Belt of Tanzania covers 1,315 sq km Portfolio Overview 100% owned Licences + Luhuma Farm – In ground (initial 65%, moving to 80%, trigger to 100%) Licences are adjacent and along strike from the world’s largest “under development” high-grade Kabanga nickel sulphide deposit, 58Mt @ 2.62% Ni Gravity, magnetics, Heli-EM, soil geochemistry and Audio-Magneto Tellurics (AMT) have been used for prospect targeting Drilling has targeted high-priority conductors Nickel Sulphides intersected in all five holes at Luhuma Central (over 350m from 2,000m of Diamond Drilling) 4 Adavale’s Kabanga Jirani and Luhuma farm-in Licences Luhuma Central Nickel Sulphide drill intersections achieved in all five drillholes / significant mineralised zone at DDLUHC005 LUHUMA CENTRAL MINERALISED INTERSECTIONS DDLUHC001 to DDLUHC005 Drillhole ID Massive Sulphide (m) Semi-Massive sulphide (m) DDLUHC001 4.13 1.00 DDLUHC002 Total (m) 5.13 5.00 DDLUHC003 7.55 DDLUHC004 1.12 DDLUHC005 Total Blebby + Disseminated Sulphide (m) 14.02 5.00 7.55 3.22 14.40 18.74 15.60 327.70 343.30 25.54 340.20 379.76 • 380 metres of nickel sulphides intersected form 2,000 metres of drilling • Zones of massive nickel sulphides, semi-massive and disseminated nickel sulphides Diamond Drilling at Luhuma Central LUHC003 Luhuma Central Assay results received and assays pending LUHUMA CENTRAL ASSAY RESULTS AND HISTORICAL DRILLHOLES Drillhole ID Nature of Mineralisation From (m) To (m) Thickness (m) Ni % Cu % Co % DDLUHC001 Massive Sulphide 223.4 227.5 4.13 1.03 0.14 0.17 DDLUHC001 Semi-Massive Sulphide 249.0 250.0 1.00 0.63 0.09 0.02 DDLUHC002 Blebby Sulphide 200.6 205.6 5.00 0.41 0.08 0.02 DDLUHC003 Massive Sulphide 261.7 269.3 7.55 – – – DDLUHC004 Semi-Massive 250.2 252.2 2.00 – – – DDLUHC004 Semi-Massive 255.2 256.4 1.22 – – – DDLUHC004 Massive Sulphide 256.4 257.5 1.12 – – – DDLUHC004 Disseminated Sulphide 286.7 294.2 7.50 – – – DDLUHC004 Alternating semi and massive sulphide 316.3 323.2 6.94 – – – DDLUHC005 Semi-Massive 408.0 423.6 15.6 – – – DDLUHC005 Disseminated Sulphide 80.3 408.0 327.70 – – – – Assay Results still pending Image: 7.55 m of Massive Nickel Sulphides intersected from 261.7m DDLUHC003 • Assay results received for DDLUHC001 + 002 • Assays pending for DDLUHC003+004 • DDLUHC005 Core logged and samples for assay being selected over 340m Luhuma Central Massive Nickel Sulphides intersected + Completed drillholes Plan view of current completed diamond drill holes (green dots) Historical holes red dot massive sulphides intercepted black dots indicate Ultramafic rocks intercepted AMT lines L1 to L3 surveyed by Adavale Blue outline magnetic low interpreted to be the host ultramafics Red corridor AMT anomaly interpreted as the mineralised trend Proposed Ground EM survey areas (yellow) – extension of drilling pathway Potential Mineralised Strike length 1-1.5kms (open N-S ) DHEM completed on all five drillholes Initial interpretation indicates potential thickening of mineralisation to the southwest Luhuma Central Long section shows open-ended potential north-south Mineralisation currently defined over 300m+ strike length (remains open N-S) Mineralisation thickening to the Southwest 340m mineralised zone intersected in DDLUHC005 • +300m Disseminated Ni Sulphide • 15m Semi-Massive Ni Sulphides 8 Luhuma Trend Anomalous prospects extend over 10km strike LUHUMA CENTRAL Awarded in May 2023 High priority targets, refined using AMT Nickel sulphides intersected in all five drillholes DHEM/ground EM surveys to identify strike extensions in progress Further DD holes being planned HEM 2 Initially drilled in 2022 Sulphides and right geology intersected Review of DHEM and Drilling outcomes under consideration HEM 2NE + 2E AMT surveys completed Coincident EM, gravity and soil geochem generated targets Historical disseminated and massive nickel sulphide intercepts reported Planned DD holes identified HEM 4 Coincident EM, gravity and soil geochem targets generated Priority RC drilling and drill pad preparation completed RC drilling to commence shortly Soil Anomalies 9 Planned Drill Program - HEM4 Drilling preparation completed for initial RC drilling at HEM 4 • High priority targets identified • Planned 6-hole RC program (900m) average depth 150m • Pad preparation in progress for initial 3 RC holes Airborne EM Target • Drilling to target ultramafic rocks coincident with high nickel-copper anomalies • Zones of high-grade Ni/Cu soils identified (300-600ppm Ni) HEM 4 targets shown over airborne magnetics Next Steps Busy exploration program and results expected for the remainder of CY 23 • Ground EM underway to assist targeting N-S strike extensions at Luhuma Central • Further DD at Luhuma Central (in planning based on ground EM) • RC drilling at HEM4 + HEM2E • DHEM/Ground EM and AMT at other selected targets • Further assay results to be reported from DD holes • DDLUHC003 & DDLUHC004 • DDLUHC005 – Core cutting and sample selection for broad zones of mineralisation underway 11 Tanzania – An Attractive Mining Destination ▪ Mining is a crucial sector for Tanzania, generating more than US$2.5 billion annually and accounting for over 50% of the country’s exports by value ▪ President Samia Suluhu Hassan, has pledged a “commitment to the development of the mining sector”, with the aim of the mining sector accounting for 10% of the country’s GDP by 2025, up from 6.7% in 2020 ▪ Renewal of public sector management with focus on project delivery ▪ Framework Agreements with consistent terms are being executed with international mining company investors ▪ Clear government ownership interest (16%) established ▪ Good infrastructure in place, with upgrades underway 12 President Samia Suluhu Hassan and US Vice President Kamala Harris recently met to discuss strengthening ties between the two countries. Major Regional Infrastructure in Progress Rail and Power Projects Supporting Commercial and Mining Developments Tanzania Standard Gauge Railway Project • Multi-stage rail project with connections to Dar es Salaam • New major regional terminal near Kabanga Jirani with spur lines to Rwanda and Burundi Rusumo Falls Hydroelectric Project • 80MW project supplying Tanzania, Burundi and Rwanda • Currently commissioning Tanzanian Social and Community Focused Initiatives Local community and health focused initiatives Vaka Health Foundation Bridge2Aid Australia (sponsorship) • Providing professional development train for 60 nurses at Ngara District Hospital • AAMEG 2022 award winner: Best Workforce & Industry Development Initiative • Prevention of infant oral mutilation • Training, awareness and treatment Rulenge District School Local Employment • Donation of 80 classroom desks • Graduate positions as field assistants • Local procurement • Drilling companies sourced locally 14 Lake Surprise Uranium Project, South Australia • Located in South Australia - 550km north of Adelaide and 75km east of Marree • Proven uranium province hosting multiple mines and deposits - 90km from Beverly Four Mile Uranium mine • 100% owned tenure comprising 4 granted EL’s (~1,080sqkms) on the northern flank of the Flinders Ranges (considered highly uraniferous) • Helium study from satellite imagery indicated several anomalies coincident Northern Territory with gamma anomalies and better defines uranium targets for exploration. • 400km gamma survey completed Nov 20211 interpreted to be hosted in the silicified sediments of a palaeochannel system discharging from northern Flinders Ranges • Assay summary from rock chip samples2 : LAKE SURPRISE Queensland South Australia Mt Gee Four Mile Lyndhurst Goulds Dam Beverley Yarramba Honeymoon New South Wales ✓Highest uranium content of 356ppm ✓11 of 28 rock chip samples with uranium content above 100ppm (7 above 200ppm) ✓Elevated gamma correlating with the uranium in samples 15 *1 ASX release dated 17 December 2021 “Gamma Results Between 5 and 40 Times Background Radiation Levels at Adavale’s Uranium Licences” * 2 ASX release dated 7 February “Lake Surprise Uranium Geochemistry Results” ADELAIDE Victoria Location Map Lake Surprise South Australia Drilling Confirms Uranium Mineralisation • 742m aircore uranium drilling program (~ 56 holes) completed in February 2023 • Results identified uranium hosted in a complex braided channel environment. • Drilled area is a very small subset of the overall tenement package. • Next step is geophysics to target the mineralised braided channels at Lake Surprise and the Company’s Canegrass, Jubilee and Mookwarinna prospects. * ASX release dated 20 June 2022 “Pathway Cleared for Uranium Drilling at Lake Surprise” * ASX release dated 3 March 2023 “Initial Lake Surprise Drilling Program Yields Results” Exploration Licences – South Australia Exploration Licence ID Area (km2) Project Location EL 5892 60 Lake Arthur East, South Australia EL 5893 167 Lake Arthur, South Australia EL 6598 EL 6821 137 714 Canegrass Swamp, South Australia S/W Lake Surprise, South Australia Total 17 1,078 * ASX release dated 20 June 2022 “Pathway Cleared for Uranium Drilling at Lake Surprise” 17 Corporate Overview 730m* 1.4c Share Price (14 Aug 23) $10.3m ~$1m* ~6% Market Cap Cash @ 30 June 282.4m* 117 Convertible Notes Options 5m (unlisted) @ $0.03, exp 8/25 9m (unlisted) @ $0.15, exp 1/25 268.4m (listed) @ $0.03, exp 12/25 ADDOA Face value $10,000 each $0.04 80.0 $0.03 Board/Execs Ownership 11.25m Performance Rights 50.0 $0.02 40.0 30.0 $0.01 free attaching listed options exercisable at 3 cents expiring 31 Dec 2025 18 David Riekie Non-Executive Chairman Executive Director Mining engineer with ED, NED, GM experience. Strong and long-standing affinity with Tanzania Corporate experience, ASX roles (NED, MD, ED, CEO) including Nickel, Uranium/Energy, African experience 70.0 60.0 *Placement and Rights issue secured $3.3m via the issue of 172m shares at 1.9 cents with Grant Pierce 90.0 20.0 10.0 John Hicks Allan Ritchie Non-Executive Director Chief Executive Officer Accomplished Nickel Sulphide Geologist/ Explorer, 15yrs of GM level Geo/Explorer for ASX listed companies Experienced ASX/HKEx Energy and Resources CEO/ED/MD, 30+yr Investment Banking career $- - Volume (m) Shares ASX Code ADD Share Price Share Price (A$/share) ADD Investment Highlights Critical minerals exposure Nickel is a key component of lithium-ion batteries Demonstrated nickel rich region Proximal to high-grade nickel sulphide resources in the East African Nickel Belt Demonstrated Nickel Results Successful intercepts in first 5 DD holes and delivering Massive Nickel Sulphide Uranium Bonus Large project area in South Australia with identified uranium mineralisation 19 Contacts David Riekie Executive Director david@adavaleresources.com For media and broker enquiries Andrew Rowell White Noise Communications andrew@whitenoisecomms.com investor@adavaleresources.com M: 0400 466 226 www.adavaleresources.com investor@adavaleresources.com Adavale Resources Limited @AdavaleL