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Adavale Resources Limited (ASX:ADD)

ALERT: Price-sensitive ASX Announcement for ADD
Current share price for ADD : $0.030 -0.008 (-21.05%)+
Announcement
Release
11 Jun 2026 8:43AM
Price at Release
$0.038
Full Release
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Summary
Orpheus Uranium Limited announced a strategic acquisition of seven exploration licences from Adavale Resources Limited, significantly expanding their landholding to approximately 2,513 km² around their Marree Project in South Australia. This acquisition, pending fulfillment of conditions, positions Orpheus as the sole ASX-listed junior uranium explorer with district-scale tenure in this region. The tenements, located along the Northern Flinders Ranges' western margin, have historical data showing potential for significant uranium deposits. The deal includes a payment of $50,000 for exclusivity, followed by $300,000 cash and 2.5 million ORP securities upon completion. This acquisition is aligned with Orpheus's strategy to consolidate high-quality uranium exploration assets and leverage historical datasets with modern exploration techniques.
Key Points
  • Orpheus entered a binding agreement to acquire seven exploration licences from Adavale Resources.
  • The acquisition expands Orpheus's landholdings to about 2,513 km² contiguous to their Marree Project.
  • The acquisition involves a $50,000 non-refundable payment, $300,000 cash, and 2.5 million ORP securities initially.
  • The deal strategically positions Orpheus as the only ASX-listed junior with district-scale tenure in the Northern Flinders Ranges.
  • Historical data indicates potential for significant uranium exploration due to identified uranium anomalies.
  • The acquisition is expected to enhance Orpheus's uranium exploration assets in South Australia.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.