ADAVALE RESOURCES LIMITED — Capital/Financing Update 2020

Jul 28, 2020

A.B.N . 96 008 719 015

29 July 2020

Companies Announcement Office Australian Securities and Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

MARKET ANNOUNCEMENT

On 20 July, 2020 the Company announced a capital raising of $1,711,944 through a fully underwritten non-renounceable rights issue. The terms of the Offer Booklet dated 17 July 2020 included a term that:

“The Directors may, at any time, decide to withdraw this Offer Booklet and the offers of New Shares made under it, in which case Adavale will return all Application Monies (without interest) within 28 days of giving such notice of withdrawal.”

Following a referral of the rights issue to the Takeovers Panel, the details of which have been announced to the market on 24 July, 2020, the Board has decided to withdraw the Offer Booklet and the offers of New Shares made under it. All Application Monies will be returned.

If you have any further questions please do not hesitate to contact me.

This announcement has been authorised for release by the Company Secretary.

Yours sincerely

Stuart Cameron Company Secretary Ph: +61 404 267 365

Adavale Resources Limited C/- Boardworx Australia Pty Ltd, Level 5, 151 Castlereagh Street, Sydney NSW 2000 Postal address: GPO Box 3720, Sydney NSW 2001 Telephone: (02) 8263 0515 Website: www.adavaleresources.com.au