• Successful $5.1 million capital raise to accelerate exploration
• Expanded drilling program at London-Victoria Gold Mine
• Identified new high-grade prospect at Victoria South

Adavale Resources Limited (ASX: ADD) made significant operational progress across its Parkes Gold and Copper Project in New South Wales during the March 2026 quarter. Key activities included receiving final assay results from the Phase 2 drilling program at the London-Victoria Gold Mine, which confirmed the continuity and robustness of the gold mineralization. The company also commenced a systematic Phase 3 drilling campaign, targeting extensions to mineralization along strike and at depth, with the addition of a second drill rig to accelerate progress. Near-mine targeting and geological model refinement identified multiple coherent soil gold anomalies within and adjacent to the existing mine corridor. Importantly, the company also announced the results of a review of historical drilling at the Victoria South Prospect, which confirmed shallow, high-grade gold mineralization, including a bonanza-grade intercept of 1m @ 245.5g/t Au. This represents a significant near-mine growth opportunity. Regionally, Adavale expanded its landholding at the Parkes Project through the acquisition of adjacent exploration licenses, consolidating a significant strike position along the Parkes Thrust. At the Ashes Prospect, an integrated review of geophysical and geochemical datasets identified a significant chargeability anomaly, interpreted to represent a larger-scale mineralized system. The company also strengthened its financial position through the completion of a $5.1 million capital raise, providing funding to accelerate exploration activities across the Parkes Project.

Adavale is well-funded to continue executing its exploration and development strategy across the Parkes Project, with a focus on systematic resource growth at London-Victoria and evaluation of high-priority targets identified across its expanded NSW landholding.