Target Market Determination

This target market determination (TMD) has been prepared by the Company in relation to an offer to issue the Options made by the Company under a prospectus dated 25 July 2023 (Prospectus). A copy of the Prospectus is available on the Company’s website, https://www.adavaleresources.com/investor-centre/asx-announcements/. GBA Capital Pty Ltd (ACN 643 039 123) (GBA Capital) has been appointed as the underwriter to the offer.

Adavale Resources Limited – Target Determination