4 July 2025 – Sydney, Australia | Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce it has secured firm commitments to raise up to A$2.5 million (before costs) through a share placement to sophisticated investors (with Directors agreeing to subscribe for an additional $152,000), bringing the total placement to A$2.65 million.
Adavale is also pleased to announce that its geological team has completed further reconnaissance and prospect assessment at the Parkes Project, with an ongoing focus on systematic evaluation of historical prospects and adjoining areas of interest. Initial reconnaissance at the Cunich Prospect and the Golden Bar area conducted, along with additional sampling at Parkvale South (EL8830), which previously returned a highgrade assay result of 22.2 g/t Au from initial rock chip sampling in April.
Placement Highlights:
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Adavale Resources (ASX:ADD) receives firm commitments to raise up to A$2.5M via Placement at $0.021 per share.
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Directors to subscribe for an additional $152K, subject to shareholder approval.
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Proceeds to fund ongoing RC drilling at London Victoria Gold Mine, targeting shallow extensions to increase existing JORC Resource of 115koz Au.
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Placement includes 1:2 free-attaching options (ex. $0.035, exp. 30 June 2028), subject to shareholder approval
Operational Highlights:
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Additionally, multiple new high-priority gold and copper targets identified across the Parkes Project, including new prospects
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Recent reconnaissance confirms new zones of mineralisation at Parkvale South and Ashes prospects
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Geophysical and geochemical anomalies to be followed up with targeted exploration activities
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Drill targets prioritised based on coincident magnetic trends, geochemistry, and historical workings
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Upcoming work to include mapping, sampling and RC drilling across Ashes, Parkvale South, Myalls, No Mistake, The Dish and Front Gate
The Placement
Funds raised from the Placement will be used to advance drilling and exploration activities across the Company’s Parkes Gold Project in New South Wales, including an aggressive campaign underway at the historic London Victoria Gold Mine.
The RC drilling program at London Victoria comprises 10 holes totalling 2,200m and is targeting shallow mineralisation extensions to expand the current JORC Mineral Resource Estimate of 115koz gold, which includes a higher-grade subset of 3.14Mt at 1.06g/t Au for 107koz. The program will also investigate the presence of high-grade dilation veins similar to those mined historically at the nearby Koh-I-Noor Mine, which produced gold at grades up to 43.8g/t Au.
Commenting on the successful placement, Adavale Executive Chairman and CEO Allan Ritchie said: “The successful execution of this Placement enables Adavale to advance its current drilling program at the London Victoria Mine with the aim of increasing the JORC MRE of 115koz containing a higher-grade estimate of 3.14Mt at 1.06g/t Au for 107koz. We are very excited with the prospects of the London Victoria Mine which saw estimated historical production of 155,000 oz at a grade of ~2g/t Au. In addition, the drilling program will test for the presence of perpendicular dilation veins similar to the high-grade historical Koh-I-Noor mine which was mined at gold grades up to 43.8g/t Au.
This funding also allows us to immediately follow up on the high-potential areas identified following positive and successful exploration activities at the Parkvale South, Ashes and numerous other prospects. This Placement was well supported by new and existing sophisticated investors including a cornerstone investor. On behalf of the Board, I would like to extend our appreciation and gratitude to our new and existing shareholders for their support.”
The Company will issue approximately 119 million new shares in a single tranche using placement capacity approved by shareholders at the General Meeting held 27 June 2025. Directors’ participation in the Placement, comprising 7.2 million shares, is subject to shareholder approval.
In addition to the shares, Adavale will offer one (1) free-attaching option for every two (2) new shares subscribed. The options will be exercisable at $0.035 and expire on 30 June 2028. Quotation of the new options will be sought, subject to shareholder approval and ASX listing requirements. GBA Capital Pty Ltd acted as Lead Manager and will receive a 6% fee and 5 million options as part of their engagement.
Further Prospect Assessment
Recent assessments at the Parkvale South and Ashes prospects have confirmed the presence of mineralised zones coinciding with historical workings and favourable geophysical trends. These areas will be a focus for upcoming mapping, sampling, and RC drilling programs.
The Ashes prospect, located southeast of London Victoria, presents as a particularly promising target with widespread quartz float, strong soil geochemistry and evidence of artisanal workings. Similarly, the Parkvale South prospect displays anomalous magnetics and geochemical signatures consistent with structurally controlled gold mineralisation, which will be further investigated in the current campaign.
Additional target areas—Myalls, No Mistake, The Dish, and Front Gate—will also be subject to reconnaissance and target definition work. These zones were identified based on historical prospectivity, magnetic trends and interpreted structures. The Company is committed to a methodical and data-driven approach to exploration, using the latest geophysical techniques to delineate targets and optimise drill positioning.
Contact details:
Jane Morgan
Jane Morgan Management
Media & Investor Inquiries
[email protected]