Business · Companies · 3 hrs ago
Adavale raises A$4.65 million for work at its Parkes project
Adavale Resources has secured A$4.65 million through a share placement to fund work at its Parkes gold-copper project in central New South Wales.
The company says the money will support drilling to expand its gold resources and work on a scoping study for the project.
Adavale has built a 383,000-ounce gold resource inventory at Parkes over the past 20 months, including deposits around the historic London-Victoria mine.
A September update put London-Victoria’s resource at about 263,000 ounces, including 126,000 ounces classified as Indicated.
The placement will issue shares in two tranches, with the second tranche subject to shareholder approval at a meeting planned for late November.
Adavale says the scoping study is expected in November and will help assess a development path for London-Victoria.
Adavale Resources received firm commitments for a A$4.65 million share placement to fund work at its Parkes gold-copper project in central New South Wales.
The two-tranche placement is priced at 3 cents per share and has backing from existing shareholders and new strategic investors.
The company plans to use the proceeds for resource drilling and to complete a scoping study on the London-Victoria project.
Adavale says it has built a 383,000-ounce gold Mineral Resource inventory at Parkes over the past 20 months.
The placement also supports exploration at Ashes, a separate copper-gold prospect.
- Who
- Adavale Resources, backed by existing shareholders and new strategic investors.
- What
- It received firm commitments for a A$4.65 million placement to support exploration and development work.
- When
- The announcement was published on October 22, 2026. First-tranche settlement is scheduled for October 28.
- Where
- The Parkes project in central New South Wales, Australia.
- Why
- To accelerate resource growth and complete a scoping study for London-Victoria, while advancing other work at Parkes.
This story does not have two clearly opposing sides.
Adavale says it acquired the Parkes project without a JORC Resource and built a 383,000-ounce gold inventory.
A resource update lifted London-Victoria’s contained gold to about 263,000 ounces.
Stockhead reported that Adavale had received firm commitments for the placement.
Settlement of the first tranche is scheduled.
Shareholder approval for the second tranche is planned for the company’s annual general meeting.
Adavale expects to complete its scoping study.
- Placement
- A$4.65 million
- Price
- 3 cents per share
- Maximum new shares
- 155 million
- Parkes gold inventory
- 383,000 ounces
- London-Victoria resource
- About 263,000 ounces of contained gold
- First-tranche settlement
- Scheduled for October 28
What people are saying
The support reflects the significant progress Adavale has made over the past 20 months, from acquiring the Parkes Project with no JORC Resource to assembling a 383koz gold inventory across a contiguous belt-scale landholding in the heart of the Lachlan Fold Belt
The capital raised will accelerate both resource growth and the completion of our Scoping Study next month, which together form the foundation for the next phase of value creation at London-Victoria and across the broader Parkes Project