ASX Compliance Query Response

Advance Metals Limited (ASX:AVM) has responded to ASX queries regarding the 'Cleansing Notice' announcement and the disclosure of significant high grade gold assays at its Augustus polymetallic deposit in Arizona. The company issued 33,086,731 fully paid ordinary shares and 62,461,526 listed options exercisable at $0.05 with an expiry date of 31 May 2029 seeking to cleanse for secondary sale purpose the securities issued under the Appendix 2A and Cleansing Notice. The change in price of AVM's securities from $0.023 at the close of trading on 18 September 2024 to a high of $0.034 following the release of the Announcement has also been addressed.

Executive Commentary on ASX Queries

AVM considers the Appendix 2A and Cleansing Notice to be valid and effective, with the securities' issue announced on 12 June 2024 and approved by shareholders at a general meeting held on 5 September 2024. The company confirms that the content of the Announcement does not constitute information that a reasonable person would expect to have a material effect on the price or value of its securities, and it was released to distinguish the announcement from a routine procedural disclosure. AVM first became aware of the Announcement information shortly after 10am AEST on 17 September, after receiving the information from its United States based geological team. The company emphasizes that it became aware of the Announcement information after the lodgement of the three Appendix 2A's and Cleansing Notice. AVM confirms that it is in compliance with the Listing Rules, and the responses to the queries have been authorized and approved by the board.

Summary of ASX Query Response

Advance Metals Limited (ASX:AVM) has provided responses to ASX queries regarding the 'Cleansing Notice' announcement and the disclosure of significant high grade gold assays at its Augustus polymetallic deposit in Arizona. The company considers the Appendix 2A and Cleansing Notice to be valid and effective, with the securities' issue announced on 12 June 2024 and approved by shareholders at a general meeting held on 5 September 2024. AVM confirms that the content of the Announcement does not constitute information that would have a material effect on the price or value of its securities. The company emphasizes that it became aware of the Announcement information after the lodgement of the three Appendix 2A's and Cleansing Notice. AVM confirms its compliance with the Listing Rules and states that the responses to the queries have been authorized and approved by the board.