ADAVALE RESOURCES LIMITED — Director's Dealing 2010

Dec 9, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Adavale Resources Limited ABN 91 008 719 015

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mark Stevenson
Date of last notice	1 September 2009

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	The indirect shares are registered in the name of Holloman Minerals Pty Ltd and Holloman Value Holdings LLC. Mark Stevenson has the right to deal with and exercise the right to vote attached to the shares held by Holloman Minerals Pty Ltd and Holloman Value Holdings LLC in Adavale Resources. This right has been granted via Board approval from Holloman Corporation Inc given on 11 January 2008.
Date of change	7 December 2010
No. of securities held prior to change	670,981 direct and 6,833,333 indirect ordinary shares
Class	1. Ordinary shares 2. Unlisted options exercisable at $0.04 cents on or before 31 July

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number acquired	1. Shares- 1,250,000 direct and 12,500,000 indirect 2. Options - 625,000 direct and 6,250,000 indirect
Number disposed	nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	1. $275,000 2. Free granted with securities issued by virtue of sub- underwriting entitlement issue
No. of securities held after change	1. Shares- 1,920,981 direct, 19,333,333 indirect 2. Options- 625,000 direct and 6,250,000 indirect
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of securities by virtue of sub- underwriting entitlement issue, together with one free option for every two shares issued

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002