Adavale Resources expands uranium portfolio in South Australia

Adavale Resources Limited (ASX: $ADD) has executed a binding agreement to acquire EL6890, covering 599km2, thereby increasing its South Australian Uranium tenement holdings to 2,657km2. The acquisition is contiguous with Adavale's existing Mundowdna South and Lake Surprise Project areas. The recent passing of a bipartisan bill by the US Senate to ban Russian uranium imports further supports the Uranium sector.

Executive Director's Commentary on Expansion and Acquisition

Following the recent acquisition of EL6553 from Kilonova, we have again strategically expanded our uranium portfolio in South Australia. The acquisition of EL6890 from Coast encompasses the exploration opportunity we identified between the Mundowdna and Lake Surprise project areas that highlighted the continuation of the palaeochannel systems shedding off the northern Flinders Ranges. With the results from our recently completed maiden Mundowdna program due over the coming weeks, we are adopting a systematic exploration approach designed to pinpoint the areas of greatest prospectivity for drilling. We intend to scale up our exploration effort over the coming months to encompass the whole of Adavale's uranium tenement package. We are also delighted to advise that the Kilonova transaction has gone unconditional, which has enabled Adavale to secure the consulting services of two quality uranium specialists in Terry Topping and Andy Rust to assist with the next stages of our uranium exploration in South Australia.

Summary of Expansion and Acquisition

Adavale Resources Limited has expanded its uranium portfolio in South Australia by acquiring EL6890, covering 599km2, and increasing its South Australian Uranium tenement holdings to 2,657km2. The acquisition is contiguous with Adavale's existing Mundowdna South and Lake Surprise Project areas, strategically positioning the company in an emerging uranium region. The recent passing of a bipartisan bill by the US Senate to ban Russian uranium imports further supports the Uranium sector. The company's next steps include land access and notice of entry forms for EL6553 and EL6890, results of the recently completed Mundowdna and Mundowdna South maiden exploration program, defining areas of greater interest/prospectivity, and preparation of a drilling program to determine uranium mineralisation potential. Adavale has also appointed Terry Topping and Andy Rust as specialist consultants to assist with the development of the Company's uranium exploration plans.