ADAVALE RESOURCES LIMITED — Board/Management Information 2021

Jul 26, 2021

27 July 2021

Accomplished Director David Riekie Joins Adavale Board

Adavale Resources (ASX: ADD) is pleased to announce the appointment of David Riekie as a Non-Executive Director of the Company effective 28 July 2021.

David is an experienced director in the capacity of both Executive and NonExecutive roles of ASX listed companies. His career has spanned multiple continents. Within Africa Namibia, Tanzania, Eritrea, South Africa, DRC and Mozambique are notable. He has overseen exploration and resource development, scoping and feasibility studies, production optimisation, stakeholder engagement, acquisition programs and expansion initiatives.

David most recently has served on the Boards of remote power generation and energy solutions specialist Zenith Energy Limited (ASX: ZEN), independent uranium producer Paladin Energy Limited (ASX: PDN) and minerals explorer MetalsTech Limited (ASX: MTC). David also served as interim CEO to Poseidon Nickel Limited (ASX: POS).

David holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University and has been a member of the Australian Institute of Chartered Accountants since 1986.

David Riekie commented: “ As a shareholder since September 2020, I have followed Adavale’s progress with real interest. I welcome the opportunity to join the Board and actively contribute to the Company unlocking the potential of the Company’s highly prospective suite of nickel sulphide tenements. Well considered and cost-effective exploration undertaken to date has produced multiple highly promising opportunities. Nickel, copper and cobalt values in the maiden drillhole is solid validation of that. Adavale is exceedingly well positioned with a rich and growing pipeline of exploration targets and I am looking forward to this exciting new phase of the Company’s growth.”

Adavale Chairman Grant Pierce commented: “On behalf of Adavale and its shareholders, I welcome David to the Board. David brings a wealth of knowledge to the Company and his prior experience with both Poseidon Nickel and Paladin only adds to the Company’s credentials. In keeping with management’s ‘lead by example model’ of maximising expenditure into exploration and minimising expenditure on overheads, David joins the team on an equity only remuneration structure in line with the existing Leadership Team.

David will replace Steven Georgiadis who is stepping down from the Board to focus on his legal practice. The entire Board and management team thanks Steven for his service to Adavale and wishes him well. Steven provided sound legal advice to the Board when the Company was being restructured during the latter part of last year.”

Adavale’s Company Secretary & In-house Counsel Julian Rockett continues to provide Adavale with legal support going forward.

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ASX ANNOUNCEMENT - 27 JULY 2021

This announcement has been authorised for release by The Board of Adavale Resources Limited. For further information please contact investor@adavaleresources.com or visit www.adavaleresources.com

About Adavale

Adavale Resources Limited (ASX:ADD) is a nickel sulphide exploration company that holds 100% of the Kabanga Jirani Nickel Project a portfolio of 7 highly prospective granted licences, covering over 1,145km[2] surrounding and proximal to the world class Kabanga Nickel Deposit (58Mt @ 2.62% Ni) and located along the Karagwe-Ankolean belt in Tanzania. Adavale’s licences were selected based on their strong geochemical and geophysical signatures from previous exploration undertaken by BHP Billiton.

Adavale also holds three exploration licences within part of the highly prospective sedimentary uranium province within the northern part of the Lake Frome Embayment.

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Adavale Licences located within the Kibaran Kabanga-Musongati Mafic Ultramafic Alignment (indicated by the dotted red lines).

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