Target Market Determination

This target market determination (TMD) has been prepared by the Company in relation to an offer to issue the Options made by the Company under a prospectus dated 25 July 2023 (Prospectus). A copy of the Prospectus is available on the Company’s website, GBA Capital Pty Ltd (ACN 643 039 123) (GBA Capital) has been appointed as the underwriter to the offer.

Adavale Resources Limited – Target Determination