Adavale Executes $1.2m Uranium Portfolio Sale to Refocus on Parkes Gold-Copper Project

Strategic Divestment of Marree Uranium Portfolio

Adavale Resources Limited (ASX:ADD) has formalised the sale of its Marree Embayment Uranium Portfolio to Orpheus Uranium Limited (ASX:ORP), locking in a combined consideration of $1.225 million. The transaction involves seven granted exploration licences across the Marree region, with Adavale receiving $650,000 in cash plus 5 million Orpheus shares currently valued at approximately $575,000 based on an 11.5 cent share price.

This divestment crystallises value from non-core uranium assets while preserving upside exposure through Adavale’s resulting 1.25% equity stake in Orpheus. The deal follows a binding agreement announced in June 2026 and is now subject to conditions precedent including the assignment of two Native Title Mining Agreements and regulatory approvals required for tenement transfers.

Refocusing on Gold-Copper Ambitions at Parkes

The sale proceeds will bolster Adavale’s exploration funding for its flagship Belt-Scale Parkes Project in New South Wales’ Lachlan Fold Belt, a Tier-1 mining jurisdiction renowned for world-class deposits such as Cadia Ridgeway and Northparkes. The Parkes Project currently hosts a combined historical resource of 166,000 ounces of gold across the Calarie Mining Licence and London Victoria Mine, alongside ten granted exploration licences covering approximately 610 square kilometres.

Adavale’s immediate priority is to advance and upgrade the London-Victoria Resource, with a Mineral Resource update anticipated this quarter. Recent drilling campaigns have confirmed broad, consistent gold mineralisation extending beneath the London-Victoria open pit, underpinning expectations for a resource upgrade and potential near-term production opportunities. These developments support Adavale’s strategic pivot to focus on gold-copper assets with higher growth potential within the Lachlan Fold Belt’s prolific Macquarie Arc.

Transaction Mechanics and Market Response

Executive Chairman Allan Ritchie emphasised that the transaction not only unlocks value from non-core uranium holdings but also maintains shareholder uranium exposure through Orpheus. He highlighted the near doubling of Orpheus’s share price since the binding agreement, reflecting market optimism around Orpheus’s ongoing exploration efforts.

Completion hinges on the successful transfer of Native Title Mining Agreements and regulatory approvals, which remain standard but critical steps in tenement transactions. The cash component provides Adavale with immediate liquidity to sustain and expand its exploration programs, while the Orpheus shareholding offers a stake in uranium upside without direct operational involvement.

Broader Portfolio and Growth Prospects

Beyond Parkes and uranium, Adavale also holds the Kabanga Jirani Nickel Project in Tanzania, comprising 11 granted licences near the world-class Kabanga Nickel Deposit. While this African nickel portfolio remains a longer-term play, the company’s current focus is clearly on advancing its NSW gold-copper assets, leveraging recent drilling successes and geological potential.

As the company navigates the regulatory steps to close the uranium sale, investors will be watching the upcoming Mineral Resource update at Parkes closely. The combination of fresh capital and ongoing exploration momentum positions Adavale to sharpen its profile in a competitive gold-copper landscape.