ADAVALE RESOURCES LIMITED — Share Issue/Capital Change 2023

May 24, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

ADAVALE RESOURCES LIMITED

Date of this announcement

Thursday May 25, 2023

The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
ADDAAG	CONVERTIBLE NOTES	101	19/05/2023

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

ADAVALE RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ACN

Registration number

008719015

1.3 ASX issuer code

ADD

1.4 The announcement is

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New announcement

1.5 Date of this announcement

25/5/2023

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX

Previous Appendix 3B details:

Announcement Date and Announcement Title Selected Appendix 3B to submit quotation Time request 15-Mar-2023 10:35 New - Proposed issue of securities - A placement or other type of issue ADD

2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B? Yes

2.3a.3 Please provide details of the further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B

46,162,051 Options exercisable at $0.03 each expiring 31 December 2025

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B

Placement Details ASX +security code and description ADDAAG : CONVERTIBLE NOTES Date the +securities the subject of this notification were issued 19/5/2023 Any other information the entity wishes to provide about the +securities the subject of this notification Issue details Number of +securities 101 Were the +securities issued for a cash consideration? Yes In what currency was the cash consideration being What was the issue price per +security? paid? AUD - Australian Dollar AUD 10,000.00000000

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
ADD : ORDINARY FULLY PAID	519,526,091
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
ADDAAD : OPTION EXPIRING 22-SEP-2023 EX $0.03	98,341,923
ADDAAE : OPTION EXPIRING 03-AUG-2025 EX $0.03	5,000,000
ADDAAA : OPTION EXPIRING 13-JAN-2025 EX $0.15	9,000,000
ADDAAB : PERFORMANCE RIGHTS	17,000,000
ADDAAG : CONVERTIBLE NOTES	200

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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