Adavale Resources increases gold numbers from zero to 383,000 oz in 20 months

• Parkes gold resource more than triples to 383koz
• London–Victoria Resource surges 228% to 263koz
• London–Victoria remains wide open for growth
• Significant exploration upside remains across the Parkes project

Adavale Resources (ASX: ADD) has unveiled a substantial updated mineral resource estimate for the London-Victoria gold mine in central-west New South Wales.

The updated London-Victoria MRE of 9.74 million tonnes (Mt) at 0.84 grams per tonne (g/t) gold for 262,700 ounces represents a 228% growth in contained gold compared with the previous MRE of 3.8Mt at 0.95 g/t for 115,000 ounces.

The result more than doubles the London-Victoria Mineral Resource, with mew Inferred mineral resources at Victoria South (18,000 ounces) and Armstrongs (51,800 ounces) lift the combined estimate to 332,500 ounces. Including Calarie, Adavale’s Parkes gold mineral resource inventory increases to 383,300 ounces.

“When we completed the Parkes acquisition in January 2025, the project had no gold mineral resource reported under JORC 2012,” executive chairman, Allan Ritchie, said.

“In approximately 20 months, we have built a total Parkes gold resource inventory of 383,300 ounces through resource definition, successful drilling and strategic acquisitions. That progress demonstrates our ability to recognise an overlooked opportunity and turn it into a growing resource base.

“We see this as just the beginning. Our drilling has concentrated on London–Victoria alone, where mineralisation remains open, while exploration across the broader project area is still at an early stage. With new near-mine resources established and further gold and copper targets to test, we are only beginning to assess the potential of the belt scale portfolio we have assembled.

“Our focus is now on continuing to grow this resource base while pursuing new discoveries across the broader project. Alongside this we are advancing the technical work required to properly evaluate the development opportunity.”

MD, David Ward, added that the upgrade is a step-change result for Adavale, the first update to the London-Victoria JORC mineral resource since the maiden resource was released in May 2025, reflecting the quality of the recently completed systematic 85-hole drillout,

“Importantly, mineralisation remains open in every direction, at depth, down plunge, along strike and in parallel zones and multiple near-mine prospects have only just started to be tested. From a technical perspective, we’re only starting to define the scale of the London- Victoria system let along the broader Parkes gold project.”

The updated mineral resources at London-Victoria and the two satellite deposits are shallow and contained within a modelled US$4,200 per ounce open-pit optimisation shell. London-Victoria contains 126,200 ounce classified as Indicated, representing 48.0% of its contained gold and providing a stronger technical foundation for the planned scoping study and assessment of potential open-pit mining and processing alternatives.

ADD was down 1.11% to 4.5¢. Mkt cap $17.73M.

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