2 February 2026 – Perth, Australia | Adavale Resources Limited (ASX:ADD) has received firm commitments to raise up to $5.15 million (before costs) through a strongly supported placement of shares, providing funding to accelerate drilling and development activities at the London Victoria Gold Mine in central west New South Wales.
The placement, priced at $0.05 per share, was heavily supported by an existing cornerstone investor, which has maintained its 20% shareholding, alongside strong participation from other existing major shareholders and the introduction of new strategic, long-term gold investors. Directors and management have subscribed for up to $168,000, subject to shareholder approval, maintaining a meaningful alignment with shareholders.
The capital raise will be completed in two tranches, with approximately 103 million new fully paid ordinary shares to be issued. Tranche 1 will be completed under the Company’s existing placement capacity, while Tranche 2, which includes director participation, will be subject to shareholder approval at a general meeting. Placement investors will also be offered one free listed option (ADDO) for every two new shares subscribed for, exercisable at $0.10 with an expiry of 31 December 2027, subject to shareholder approval.
Funds raised will be applied primarily to advancing the brownfields London Victoria Gold Mine, including the commencement of a more extensive Phase 3 drilling program, metallurgical test work, mineral resource updates and early-stage scoping studies. The Company will also continue systematic greenfields exploration across its broader Parkes Gold and Copper Project portfolio.
Recent Phase 1 and Phase 2 drilling at London Victoria has delivered multiple significant gold intercepts, reinforcing the scale and continuity of the mineral system, which remains open at depth, down plunge and along strike. Assay results from a further seven Phase 2 drill holes are pending.
Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented:
“On behalf of the Board, I thank our shareholders and new investors for their overwhelming support in this placement. We are pleased that our cornerstone investor continues to support the Company to maintain its position at 20%, alongside strong participation from our major shareholders. This demand is a solid endorsement of the Company’s strategy and growth potential.”
Managing Director Dr. David Ward added:
“The Company is now well funded to advance the London Victoria Gold Mine, following strong Phase 2 results to date. We look forward to updating shareholders as assays from the remaining 7 holes are received. An expanded Phase 3 drilling campaign is expected to commence shortly. In parallel, the Company will advance broader exploration activities across the Parkes Gold and Copper Project, with a focus on new discovery.”
GBA Capital Pty Ltd acted as Lead Manager to the placement.
About us:
ABOUT ADAVALE RESOURCES
Exploring for Gold and Copper in the NSW Lachlan Fold Belt, Uranium in South Australia, and Nickel Sulphide in Tanzania.
The Parkes Project
Adavale Resources Limited (ASX:ADD) tenements span ~371km2 including 100% of EL9785 and a 72.5% interest in the Parkes Gold and Copper Project, consisting of four granted exploration licences that are highly prospective for Au-Cu, primarily due to their location adjacent the giant Northparkes copper-gold mine and encompassing the Ordovician-aged rocks of the Macquarie Arc, within the crustal-scale structure of the Lachlan Transverse Zone (LTZ) that contain both Northparkes and the world-class Cadia gold-copper Mine.
Contact details:
Jane Morgan Management
Investor & Media Relations
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