Adavale Resources Limited advised the positive survey results received from the gravity survey commenced last month. The survey results delivered by the initial survey team have been outstanding with numerous discrete strong gravity anomalies mapped along a 12km narrow swathe within the broader Luhuma corridor. Results also show indications of several intrusions along strike and directly adjacent to historically drilled mineralization of 1.14% Ni over 8.4m.

Included in this initial work was the extended (and infill) coverage over ADD's partially defined 2021 T7 gravity target. The T7 target was subsequently drill tested by the Company and confirmed to be sourced by a sulphide bearing mafic-ultramafic body at depth. The extended gravity coverage over T7 now defines a very strong (+2 mGal) "Bullseye" gravity target, which with additional identified anomalies within the corridor, will be earmarked for follow-up exploration, including detail "deep penetrating" Electro Magnetic surveys prior to scheduled drilling.

Two additional gravity survey teams are now on site to accelerate the planned regional gravity survey program over the 1,000 km2 project area. The initial team commenced work mid-March and focused on extending two earlier surveys completed late last year along the Luhuma corridor. All three teams are now focusing on the broader line spaced regional programs radiating out from the Luhuma corridor.

The additional two gravity teams were mobilised to expedite the coverage of all the Company's southern and western licences. Logistics have also been developed to accommodate the deployment of additional teams when required. Surveying commenced with an initial crew on site in mid-March.

The decision to focus the initial team on the Luhuma corridor was based on the results of two smaller gravity programs completed in 2021 and the fact it is a largely under explored area of known mineralised mafic-ultramafic intrusions. The program encompasses the entire southern Licence area of the Kabanga Jirani Nickel Project and is being conducted on 400m spaced lines with readings taken every 100m. Approximately 24,000 gravity readings will be collected with approximately 5,400 in Kabanga East, 11,200 in Kabanga NE, 2,900 in Kabanga North and 4,400 in Kabanga West.

More detail infill surveys have and will be undertaken around areas of significant interest. Within this part of the Luhuma corridor is the historic drillhole LUH06 which returned an intersection of 1.14% Ni over 8.4m and Adavale's Target 7 drill hole RCDDKNE 13-07-02, which intersected finely disseminated sulphide hosted within a mafic intrusion over a broad interval of 248m until the end of hole. The survey results delivered by the initial survey team have been outstanding with numerous discrete strong gravity anomalies clearly mapped along a 12km, relatively narrow swathe of the Luhuma corridor.

Included in this initial work was the extended coverage over ADD's partially defined 2021 T7 target, which the Company drill tested last year and confirmed the source of the anomaly to be due to a sulphide-bearing mafic-ultramafic body at depth. The extended gravity coverage over T7 now clearly defines a very strong (+2 mGal) "Bullseye" gravity target. The much longer semi-continuous gravity feature to the east of the Bullseye feature is the Luhuma mafic-ultramafic intrusion extending SW from the historical drill hole intersection of LUH-06.

The broader, higher amplitude anomaly at the southern end of this feature has not previously been explored and no recent exploration has taken place on any of these gravity anomalies Another positive feature of the initial survey results is the possible beginnings of a new strong gravity feature developing in the north along the eastern edge of the current survey. The broader line-spaced regional gravity survey underway in this area will clarify this possibility in the next few weeks. These Luhuma gravity anomalies, with others that are expected to be identified will be earmarked and ranked for follow-up exploration, including detail "deep penetrating" EM surveys and drill testing after completion of the gravity survey program.