• Strongly supported placement totalling $5.15 million
• Cornerstone investor and existing shareholders participated
• Proceeds to fund further drilling and development studies at London Victoria Gold Mine

Adavale Resources Ltd (ASX:ADD) has announced the successful completion of a $5.15 million placement to advance the London Victoria Gold Mine. The raise was heavily supported by the company's cornerstone investor, who maintained a 20% holding, alongside existing major shareholders who increased their positions, as well as new strategic, long-term gold investors. Directors and management also participated in the placement, subscribing for $168,000. The funds raised will be used to further advance the London Victoria Gold Mine, including a more extensive Phase 3 drilling program to commence shortly. Previous Phase 1 and 2 drilling delivered significant intercepts, with the mineral system remaining open at depth, down plunge, and along strike. The company will also use the proceeds to accelerate regional exploration across its broader portfolio and maintain balance sheet flexibility. In parallel, Adavale will continue systematic greenfields exploration activities at the Parkes Gold & Copper Project. The placement was strongly supported, demonstrating investor confidence in the company's strategy and growth potential.

The company looks forward to updating shareholders as assays from the remaining 7 Phase 2 drill holes are received, and 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.