Successful Capital Raising to Accelerate Exploration at the High Grade Myrtleford Project

Advance Metals Limited (“Advance” or “the Company”) is pleased to announce the successful completion of a capital raising initiative to fully fund a follow-up exploration program at the Myrtleford Project in Victoria. The Company has secured firm commitments to raise $2.55 million (before costs) through a single-tranche Placement to institutional and sophisticated investors. Evolution Capital acted as Lead Manager for the raising, with significant backing from key existing AVM shareholders.

The raising follows recent exceptional gold results from the Company’s maiden drilling program at Happy Valley, including an intersection of 7.5 metres at 47.Gg/t gold in AMD003 (see ASX AVM 17 April 2025). Further assay results are currently pending for the fourth hole completed at Happy Valley, along with two additional holes now completed in the Twist Creek area to the north. The placement will also support upcoming exploration at the Company’s high grade projects in Mexico, with a maiden drilling program set to commence in the coming week at the Yoquivo Silver-Gold Project in Chihuahua.

Placement details:

• Total funds raised: $2.55 million
• Placement price: $0.050 per share
• Total new shares to be issued: 51,000,000 under Listing Rule 7.1 and 7.1A
• Attaching options: 1-for-3 listed options (AVMO), exercisable at $0.05 per option and expiring on 31 May 2029, subject to shareholder approval
• The issue price of $0.050 per new share represents a:
  • 10.7% discount to the last closing price of $0.056 per share
  • 2.5% discount to the 15-day VWAP of $0.0513
• Share issue date: Shares will be issued indicatively on Thursday 8th May 2025
• Advance’s Managing Director Dr Adam McKinnon will also subscribe for $25,000 of shares as a part of the placement, subject to shareholder approval

Placement structure:

• All shares will be issued in a single tranche using AVM’s existing placement capacity, comprising 30,000,000 Shares under ASX Listing Rule 7.1 and 21,000,000 Shares under Listing Rule 7.1A.
• The Placement shares will be cleansed via a cleansing prospectus to facilitate secondary trading
• All attaching options and the share issue to the Managing Director will be subject to shareholder approval

Use of funds

• Follow-up diamond drilling at the Happy Valley Prospect and further regional exploration and target generation across the Myrtleford and Beaufort Projects in Victoria
• Support and extension of the Company’s planned programs in Mexico, including the maiden drilling at the Yoquivo Silver-Gold Project set to commence in the coming week
• General working capital

Fees

• The Placement was led by Evolution Capital who will receive a fee of up to 6% for funds raised as a part of the placement
• Evolution Capital will also be entitled to 3.5 million AVMO options, subject to shareholder approval

Commenting on the Placement, Managing Director Dr Adam McKinnon said:

“We welcome new institutional and sophisticated investors to AVM and acknowledge the ongoing support of existing shareholders, including several of our large holders who participated in the Placement. This raising initiative gives us the ability to simultaneously progress follow-up exploration at Myrtleford and high impact drilling at Yoquivo. With the Company now fully funded, I look forward to seeing the value in our Projects in both Australia and Mexico rapidly unlocked in the near-term.”

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