ADAVALE RESOURCES LIMITED — Capital/Financing Update 2020

Nov 17, 2020

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1 8 November 20 20

Company Announcements Platform ASX Limited Level 4, Exchange Centre

20 Bridge Street

Sydney NSW 2000

Dear Sir/Madam,

Re: Adavale Resources Limited (ASX: ADD) - Disclosure Notice Under Section 708A(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by Adavale Resources Limited ( Adavale ) ( Company ) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ).

Adavale issued 25,746,504 fully paid ordinary shares through the conversion of 100% of the Convertible Notes held by relevant Sub-Note Holders.

Adavale advises that:

(a) the Securities were offered for issue without disclosure to investors under Part 6D.2 of the Corporations Act and without a Product Disclosure Statement for the Offer Securities being prepared;

• (b) this notice is being given under section 708A(5)(e) of the Corporations Act;

• (c) as at the date of this notice the Company has complied with:

• (d) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

• (e) section 674 of the Corporations Act as it applies to the Company; and

• (f) as at the date of this notice, there is no excluded information of the type referred to in subsections 708A(7) and 708A(8) of the Corporations Act.

For and on behalf of the Board

Julian Rockett

Company Secretary