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Adavale Resources Limited ( (AU:ADD) ) just unveiled an announcement.
Adavale Resources has raised $5.15 million via a heavily oversubscribed share placement at $0.05 per share to accelerate work at its London Victoria Gold Mine and broader Parkes Gold & Copper Project. The capital raising, strongly backed by the cornerstone investor maintaining a 20% stake, major shareholders and new long-term gold investors, will fund an expanded Phase 3 drilling program following significant intercepts in earlier phases, metallurgical test work, and an updated mineral resource estimate, as well as ongoing greenfields exploration and general working capital, reinforcing market confidence in the company’s growth strategy and potential resource upside.
The most recent analyst rating on (AU:ADD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Adavale Resources Limited stock, see the AU:ADD Stock Forecast page.
More about Adavale Resources Limited
Adavale Resources Limited is an ASX-listed exploration and development company focused on gold and copper projects, with its flagship brownfields London Victoria Gold Mine and the broader Parkes Gold & Copper Project in Australia. The company targets resource growth and new discoveries through systematic drilling, metallurgical testing and regional exploration, positioning itself to expand its mineral resource base and advance development studies.
Average Trading Volume: 615,519
Technical Sentiment Signal: Sell
Current Market Cap: A$15.07M
For detailed information about ADD stock, go to TipRanks’ Stock Analysis page.