ADAVALE RESOURCES LIMITED — AGM Information 2021

Dec 16, 2021

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AGM PRESENTATION

17 December 2021 ASX: ADD ALLAN RITCHIE CHIEF EXECUTIVE OFFICER WWW.ADAVALERESOURCES.COM

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IMPORTANT NOTICE & DISCLAIMER

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This presentation has been prepared by Adavale Resources Ltd (ASX:ADD).This presentation contains background information about ADDcurrent at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport be all inclusive or complete nor does it contain all the information that aprospective investor may require in evaluating apossible investment inADDor its assets.

Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Recipients of this presentation who decide to invest in ADD do so at their own risk.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. This presentation is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. Afailure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek their own professional, legal, tax, business and/ or financial advice when deciding if an investment is appropriate.

To the fullest extent permitted by law, ADD and its related bodies corporate, its directors, officers, employees and representatives (including its agents and advisers), disclaim all liability, take no responsibility for any part of this presentation, or for any errors in or omissions from this presentation arising out of negligence or otherwise and do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts, conclusions or other representations contained in this presentation.

This presentation contains forward looking statements concerning Adavale. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this presentation are based on Adavale’s beliefs, opinions and estimates of Adavale as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of nickel, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward- looking statements in this presentation will actually occur.. Competent Person Statement

The information in this release that relates to “exploration results” for the Nickel Project is based on information compiled or reviewed by Mr David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it appears

.

The information in this release that relates to “exploration results” for the Uranium Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in which it appears.

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RIGHT TIME, COMMODITY, LOCATION, STRATEGY & TEAM

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8 hole (~3,000m) Diamond Drill (DD) test program completed

10+ hole (~1,800m) RC Drill Test program underway, discovery of potential mineralised system

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700 $22,500
Nickel Price and Inventories
600 $20,000
500 $17,500
400 $15,000
300 $12,500
200 $10,000
100 $7,500
0 $5,000
SHFE (kt) LME (kt) Nickel Price (US$/t)
Inventories (thousand tonnes)
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Positioned to capitalise on Electrification and Decarbonisation thematic. Outlook for nickel and uranium prices strong as demand is predicted to increase

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Nickel Tenement proximal to world’s largest “development ready” NiS resource, Kabanga Nickel Deposit (58 MT @ 2.62% Ni) Target 7 & contiguous Farm-in licences align to LUH06 (1.1% Ni in 8.4m massive sulphides)

Tanzania open for business; pro foreign mining and economic development Uranium Tenement ~60km from Boss energy’s Beverly and Four mile

Strategic and methodical approach enabling fast track exploration and drilling continues Progress attracting talent pool with deep Nickel, exploration and development experience

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ATTRACTING THE RIGHT PROFESSIONALS

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Grant Pierce – Chairman

• Mining engineer with 30yrs experience in Australia and Africa.

• • Strong and ongoing association with Tanzania

Dave Dodd – Competent Person, Consultant Geologist

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• 22+ years experience primarily Ni sulphide exploration, Africa Involved in over 30 Ni-PGE sulphide projects across Africa.

Allan Ritchie – Chief Executive Officer

• A career spanning 30+ years as an investment banker

• • Leadership roles in the energy & resources

Stephen Burke – Consultant Geologist

• 20+ years experience resource evaluation and mining.

• • Technical expertise - magmatic nickel sulphide

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Gavin Selfe – Consultant Geophysicist

David Riekie – Non-Executive Director

  - 25+ years experience,

• Experienced director, both Executive and Non-Executive ASX

• • Nickel, Uranium and African experience

• Detailed geological and structural interpretation

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John Hicks – Non-Executive Director

• Accomplished Nickel Sulphide Geologist with 40+ years of experience.

• • Worked 15+ years GM Exploration ASX:PAN

• Instrumental in sulphide Nickel discoveries

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Leonard Math – CFO & Co. Sec.

• Accomplished Resources sector CFO and Company Secretary

• • Serves OKR:ASX and previously AVZ:ASX

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CORPORATE

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ASX Code ADD
Shares on Issue (FPO’s) 351m
Options (@ $0.06, Exp Dec 2022
17.5m
(trigger on 5 day VWAP of FPO’s12cents)
$0.011 -
52 Week Range
$0.105
Share Price
$0.040
(16 Dec 2021)
Market Capitalisation ~$14.5m
Cash (AUD)
~$4m
(30 Sep 2021 Cash + PP + SPP)
Debt Nil
Top 20 Shareholders 25%
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41% 6%
BOARD AND KMP
Grant Pierce Chairman
6%
David Riekie Non-Executive Director
John Hicks Non-Executive Director
Allan Ritchie Chief Executive Officer
Institutions
47%
Management
Leonard Math CFO & Co. Sec.
Sophisticated Investors
Other
Drill rig
50 $0.10
on site
Ni + Cu bearing $2m placement
Four additional
sulphide veins + SPP launch
EL granted intersected @ $0.055
Disseminated
sulphides
40 $0.08
identified
Conversion
of debt
New Start of field exploration
Board
program
to focus
30 Ni US$19,000/t $0.06
on Ni
assets
20 Ni US$17,000/t $0.04
10 Ni US$15,000/t $0.02
0 $0.00
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
ADD Trading Volume (LHS, millions) ADD Share Price (RHS) US$ Nickel Price
Share Price (A$/share)
Trading Volume (millions)
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ADAVALE’S KABANGA JIRANI NICKEL PROJECT & LUHUMA FARM-IN TENURE

• Prospecting Licences were specifically targeted based on the rich details contained in the acquired BHP Data

• Focus has been on the NNE-trending Karagwe-Ankole Orogenic Belt of North-West Tanzania known for Ni, Cu, Co, Cr & PGE’s

• Meso-Proterozoic circum-cratonic tectonic setting similar to Thomson Belt, Raglan and Voisey’s Bay NiS deposits Canada and IGO’s Nova in the AlbanyFraser Belt in Western Australia. Targeting mafic-ultramafic layered intrusions emplaced into a sulphur bearing sediments.

• All Licences, cover ~1,244 km[2 ] (including 2 x Farm in licences ~99 km[2] ) within the highly prospective Kibaran Kabanga-Musongati mafic-ultra mafic alignment of Tanzania

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Held	Ministry ID	Area	Project Location
100%	PL 11406/2020	298 km2	Kabanga North East, Tanz.
100%	PL 11405/2020	114 km2	Kabanga North, Tanzania
100%	PL 11538/2021	64 km2	Burigi, Tanzania
100%	PL 11537/2021	194 km2	Burigi North, Tanzania
100%	PL 11591/2021	182 km2	Kabanga East, Tanzania
100%	PL 11590/2021	273 km2	Kabanga West, Tanzania
100%	PL 11592/2021	19 km2	Ruiza North East, Tanzania
Farm-in	PL 11692/2021	26 km2	Contiguous to Kabanga NE
Farm-in	PL 11693/2021	73 km2	Contiguous to Kabanga NE

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THE RIGHT GEOLOGICAL SETTING & EXPLORATION METHODOLOGY

• Right geological setting: within the Karagwe Ankolean belt which hosts the 58Mt @ 2.62% Ni Kabanga Nickel deposit

• Hosted in ultramafic intrusions/elevated Ni and Cu values in soils

• Mineralised massive sulphides are conductive

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LUH06
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• Additional underexplored Luhuma Farm-in licences surround Historic LUH06 intercepting 1.1% Ni in 8.4m of massive sulphides,

• evidence of mineralised system

▼ Exploration Techniques Applicable:

• Utilising BHP & UNDP data followed-up with geochemistry and geophysics resulted in the identification of 23 exploration targets

• ▪ Confirmed by ADD including Soil Geochemistry, Ground EM and Magnetics and AMT

• More recently gravity has been added to the arsenal of survey .

• techniques used to identify intrusions and sulphides

• Gravity has been successful in helping discriminate intrusions which are necessary to host magmatic sulphide deposits.

• Mafic/ultramafic intrusions have been identified at targets 16 and 7 and at target 21.

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COMPREHENSIVE INITIAL EXPLORATION PROGRAM

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HISTORICAL DATA ACQUIRED BY ADD

ADD WORKS

DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Regional Geochem (1,000m lines/500m station) Infill Geochem (400m lines/50m station)

UNDP DATA FROM 1970

Geological mapping Geochemical surveys

NSAMT ~75km (identify conductivity pre TDEM)

TDEM ~86km

((dentify plates – mineralisation)

BHP DATA UNTIL 1997

Geological lithological mapping Geochemical surveys Fixed wing airborne 400m spacing

• GEOTEM

• • Aero Magnetic

Ground Magnetics ~424km (detect intrusions)

3D Model of all Vectors ( rank drill-holes)

3000m Diamond Program Gravity Surveys (targeting intrusions) RC Drilling (testing mafic ultramafic)

VTEM at 200m spacing

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NEXT STEPS - Luhuma Farm-in - Priority Corridor - 23 Priority Targets

Continue programs for - RC Drilling - Gravity

Fresh programs for - DHEM - New Ground EM

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LUHUMA FARM-IN TRANSACTION OVERVIEW*

• Two New Prospecting Licences (PL’s) ~99 sq kms contiguous to ADD Kabanga Licence

• Expanded tenement holding ~1,244 sq kms, located in and around the major undeveloped Kabanga Nickel Project

▼ Deal outline *

• Stage 1: Earn-in and exclusive right to explore on PL’s

• 12 months initial payment US$12.5k cash/US$25k ADD shares (per Licence)

• Option to acquire up to 100% over staged/milestone payments (per

• licence):

• 65% interest US$25k cash/US$75k ADD shares.

• 80% US$50k cash/US$112.5k ADD shares.

• First rights for remaining 20%

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LUH06
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• 1.5% NSR on production

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• ASX Release “Highly Prospective Nickel Sulphide Tenure Expanded” dated 15 December 2021

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LUHUMA* - UNDERLYING POTENTIAL AND NEXT STEPS

• ▼Luhuma Layered Mafic-Ultramafic Intrusion (LMIU) identified by BHP historical drilling on airborne magnetics and EM anomalies with massive sulphide intersection achieved in drill hole (LUH06)*

• ▼LUH06, which returned a massive sulphide intersection of 8.4m grading 1.1% Ni is currently held by the Tanzanian government within a 3.74 km2 Retention Licence

• ▼Little modern exploration has been conducted at Luhuma since the late 1990’s (BHP)

• ▼Initial work by ADD, suggests the mineralized LMUI is a significant layered intrusion and potentially much more extensive than previously thought.

• Next Steps ; expanded gravity, ground EM and DHEM surveys to support drilling in conjunction with recently reported ADD RC/diamond drilling on adjacent Target 7

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Late channel EM (BHP data) merged with Adavale gravity show the potential extension of the Luhuma intrusion from LUH-06 to the south.

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*See ASX Release “Highly Prospective Nickel Sulphide Tenure Expanded” dated 15 December 2021

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SIGNIFICANT MAFIC- ULTRAMAFIC DISCOVERY* – TARGET 7 KABANGA NE

• Previously unknown mafic-ultramafic intrusion identified by RC/DD drill hole RCDDKNE13-07-02 at Target 7 on Adavale’s Kabanga NE Licence*

• ~248m Fine grain disseminated sulphides intersected throughout most of the drill hole (from 83m to end of hole 330.9m).

• Higher sulphide concentrations of ~10% intersected over two intervals between 148 to 161m and 172 to 182m and fine disseminated sulphides ranging to ~5% from 240m to 330.9m

• pXRF readings of the core returned readings to 1.7% Ni and MgO levels up to 24% typical of mafic-ultramafic intrusions

• Drill hole successfully cased in preparation for DHEM

• Possible connection recognised between Target 7 intersection and historical massive sulphide intersection 6km away at Luhuma, creating exciting high priority follow up work stream for 2022

Plan showing relative location between Target 7 and historic Luhuma drill hole LUH-06. Also shown is the possible strong gravity connection between Target 7 and the mineralised Luhuma intrusion

• Mafic intrusions associated with gravity anomalies at Targets 16 and 21 also identified for follow up testing

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*See ASX Release “Adavale Discovers Significant Mafic-Ultramafic Intrusion” dated 16 December 2021

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TARGET 7 DISCOVERY*

THE BIGGER PICTURE CONTEXT

• RCDDKNE13-07-02 at Target 7 proximal to Farm-in licence package and mineralized Luhuma layered mafic-ultramafic intrusion

• Scope for significant strike extension (up to 10km) to the mineralised Luhuma intrusion recognised

• Mafic intrusions associated with gravity anomalies also identified at Targets 16 and 21 to form part of extensive, high priority follow up testing program in 2022

• Next Steps: (2022 Programs currently being finalised and to include)

• Detailed ground gravity coverage at T21 and along extensive central corridor from Kabanga Nickel through T16, T7 to Luhuma

• Broader gravity coverage of remaining tenement areas to explore for new layered mafic-ultramafic intrusions

• Detail deep penetrating ground EM surveys to be completed over identified gravity anomalies

• Drilling prioritized on coincident gravity / EM anomalies. Orientated core drilling of selected mafic-ultramafic bodies to be undertaken to determine effects of folding

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• *See ASX Release “Adavale Discovers Significant Mafic-Ultramafic Intrusion” dated 16 December 2021

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KEY EXPLORATION OUTCOMES

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• Strategic Luhuma Licence Farm-in (prospective/adjacent) to significant existing

• Licence package

• Target 7 Discovery – pathfinder intercept (confirmation of the use of gravity survey techniques). Broad intercept of disseminated sulphides along strike from the historic LUH-06 drillhole.

• Proximity/scope for extension of the mineralised Luhuma intrusion to T7 and beyond

• Prospectivity of ADD’s licences in the broader geographical location, now emerging

  • Proximity of the world richest undeveloped nickel sulphide deposit – 58Mt @ 2.62% Ni

  • Geological setting confirmed

  • Historical exploration data available for continuous (re)analysis

  • Addition of gravity surveying vindicated and to be extended across much broader area

  • Addition of more powerful ground EM systems to improve depth penetration

  • Improved initial target testing efficiencies to flow from use of more mobile RC drill rigs

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TANZANIA’S INCREASING FAVOURABILITY

In a bid to improve the climate for investment with a view to attracting investors, the recently appointed Tanzanian President, H.E. Hassan is preparing the national investment development strategy and a new investment law with already a number of changes being flagged to investors including:

Signed framework Removing Reducing agreement barriers to delays in the US$664M with foreign issuing of Kabanga Nickel the investment permits and to develop the licenses Kabanga nickel project

Increased Improving Improving government bureaucratic taxation investment in growth processes processes areas

: International mining and exploration companies increasing activities and investment in Tanzania

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LAKE SURPRISE URANIUM PROJECT SOUTH AUSTRALIA

• The 100% owned Project in South Australia, situated 550kms north of Adelaide

• Ground holding comprises 3 granted EL’s (~400sqkms); 1 pending Application on the northern flank of the Flinders Ranges (considered highly uraniferous)

• ~60kms from Beverly Four-mile Uranium mine

• Original regional anomalies now expanded to encompass a significantly larger (1.8km x 8km) and stronger radiometric anomaly, which is also coincident with a recently identified helium anomaly survey

• Ongoing engagement with the Dieri as the Traditional Custodians of the land on which our Exploration Licences are located

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Ministry ID	Area (km2)	Project Location
EL 5892	92km2	Lake Arthur East, South Australia
EL 5893	167km2	Lake Arthur, South Australia
EL 6598	137km2	Canegrass Swamp, South Australia

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URANIUM - FIELD PROGRAM SUCCESS*

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• ▼400km of the planned 1,100 line-km, gamma survey completed

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• ▼Survey targeted the strongest gamma signals (from surface) to define the extent of the anomalies and rock chip sampling

• ▼Minimum values more than 5 times background radiation levels at 390 Counts Per Second (“CPS”); maximum value attained are more than 40 times background radiation levels at 3100 CPS

• ▼28 rock chip samples were collected and are being sent for analysis

• ▼The current program has better defined the surface expression of the gamma anomaly seen in the regional data.

• ▼Gamma anomalies interpreted to be hosted in the silicified sediments of a palaeochannel system that discharged from the northern Flinders Ranges

• ▼Assay results of geological sampling awaited to corroborate the relationship between gamma and confirmed uranium content

Image of the processed data from the gamma survey highlighting zones of anomalously high gamma radiation at the surface. Sampling took place in these zones to better understand the relationship between gamma and contained uranium

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*ASX release dated 17 December 2021 “Gamma Results Between 5 and 40 Times Background Radiation Levels at Adavale’s Uranium Licences”

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URANIUM - PLANNED FIELD PROGRAM

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Future work program

• Assay results to be used to refine future works on the Lake Surprise tenement package

▼ Planned exploration aims to include:

• Sampling across the palaeochannel to define zones where high uranium content expected

• Continuation of the gamma survey to cover the whole area originally planned

• Sampling helium anomalies highlighted

• Development of targeted drilling programs for resource definition

• Recommencement of exploration planned for early Q1 CY22 (based on assay results and confirmation) The data obtained to date is highly encouraging and provides a robust dataset to ensure ongoing systematic exploration.

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*ASX release dated 17 December 2021 “Gamma Results Between 5 and 40 Times Background Radiation Levels at Adavale’s Uranium Licences”

INVESTMENT HIGHLIGHTS

• Right commodity

• Right time initial drilling program underway

• Highly prospective location for very high-grade nickel sulphide deposits, given

• Geological setting

• Historical exploration data

• Proximity of the world richest undeveloped nickel sulphide deposit – 58Mt @ 2.62% Ni

• Surround LUH06 intercept 1.1% Ni in 8.4m massive sulphides

• Tanzanian Government open to mining business

• Uranium exploration early success

• ▼ Strong Board and management, extensive in country experience, receiving remuneration in shares to conserve cash for exploration. Attract best of breed consultants geology, geophysics and drilling

• Right Strategy –Data Driven, methodical fieldwork, maximise exploration drilling result potential.

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Level 7, 6 Underwood Street Sydney NSW 2000

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+61 2 8003 6733

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www.adavaleresources.com

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investor@adavaleresources.com Adavale Resources Limited

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@AdavaleL

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