17 February 2026 – Sydney, Australia | Adavale Resources Limited (ASX:ADD) (“Adavale” or the “Company”), an Australian junior explorer focused on gold and copper in the Lachlan Fold Belt of New South Wales, has entered into an agreement with Alkane Resources Limited (ASX:ALK) (“Alkane”) to acquire a strategic package of exploration tenure adjacent to and complementary with its Parkes Gold-Copper Project (“Parkes Project” or “Parkes”).
This acquisition expands Adavale’s contiguous Parkes tenement holding from 380km² to 440km², consolidating approximately 56 kilometres of strike along the gold-rich Parkes Thrust and strengthening the Company’s regional position in one of Australia’s most prospective gold-copper corridors within the renowned Lachlan Fold Belt.
The tenure package includes two key areas:
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the southern 14 units of EL5675, directly adjacent to Adavale’s Ashes Prospect (EL8831); and
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EL9178, located immediately south of the London–Victoria Gold Mine title (EL7242), securing prospective ground along a highly favourable structural trend.
Adavale has said that the acquisition of the southern portion of EL5675 materially enhances the Company’s ability to systematically explore and extend the Ashes Prospect, while EL9178 secures strategic ground along strike from the London-Victoria Gold Mine.
The Company also highlighted the cooperative approach taken by Alkane during Adavale’s exploration process, including allowing Adavale to extend induced polarisation (IP) survey lines into EL5675. This enabled Adavale to close off previously identified IP and geochemical anomalism along the tenement boundary, which can now be re-evaluated without licence constraints.
Adavale Resources Managing Director, Mr. David Ward, commented:
“Acquisition of the adjacent tenement package strengthens Adavale’s regional position, expanding its footprint from 380km² to 440km² and consolidating approximately 56 kilometres of strike along the highly prospective and proven Parkes Thrust gold corridor. This acquisition also minimises the impact of the Ashes Prospect proximity to the EL boundary and extends the prospective strike of the LondonVictoria Gold Corridor.”
Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented:
“Alkane’s decision to retain exposure through a shareholding in Adavale is a strong endorsement of the quality and upside of the expanded tenure, and Adavale is pleased to welcome Alkane as a shareholder. With the recent $5.15 million raise, Adavale is now fully funded to aggressively advance exploration across its project portfolio. Our immediate focus remains on growing and upgrading the resource at our brownfield near-term production opportunity at London–Victoria, while swiftly and systematically progressing high-priority targets across the expanded Parkes tenure.”
Under the tenement sale agreement, Adavale will acquire 100% of EL9178 and has received an irrevocable letter of consent allowing the Company to apply for a new exploration licence over the 14 units of EL5675.
The consideration comprises 5,500,000 fully paid ordinary shares in Adavale at a deemed issue price of $0.05 per share, subject to voluntary escrow for six months from the date of issue. Completion is subject to standard conditions precedent including due diligence and regulatory approvals.
Adavale said the acquisition will enable a structured review of prospect priorities across the expanded Parkes Project, integrating geochemical, geophysical and structural datasets to refine targeting and sequence future exploration activities.
This acquisition is expected to deliver immediate exploration upside by removing boundary limitations at the site, expanding Adavale’s landholding over prospective strike extensions while enhancing the Company’s ability to pursue both brownfields and regional targets across the broader Parkes tenure.
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
[email protected]
