Ardea Resources Ltd

Ardea Resources’ 100%-owned Kalgoorlie Nickel Project (KNP) is the largest Ni - Co resource in Australia and sits within the top 10 globally, making it of a scale that is rare and important in the World’s journey to Net Zero. The KNP MRE contains a total of 854Mt @ 0.71% Ni and 0.045% Co for 6.1Mt nickel and 386kt cobalt contained metal (Mineral Resource Estimate, JORC Code (2012), see ASX announcement, 30 June 2023). The Goongarrie Hub within the KNP was the subject of the 2023 PFS which showed that the Goongarrie Hub will be a multi-decade operation with strong production and earnings (see ASX announcement, 5 July 2023). Scandium and other critical minerals will be assessed in future studies. The KNP – Goongarrie Hub is located 70km north of Kalgoorlie, Western Australia - a world-class mining jurisdiction providing direct access to extensive existing infrastructure and a skilled work force. In April 2024, Ardea signed a binding Cooperation Agreement with a Consortium consisting of Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC). The incorporated JV vehicle is Kalgoorlie Nickel Pty Ltd (KNPL), which is currently a wholly owned subsidiary of Ardea. The Consortium (JC) will fully fund the KNP Goongarrie Hub Definitive Feasibility Study (DFS) up to A$98.5M to earn 35% interest in KNPL with an additional 15% interest on Final Investment Decision. The Consortium will assist KNPL in optimising debt financing (See ASX announcement 29 April 2024). This transformational partnership aims to develop the generational Kalgoorlie Nickel Project - Goongarrie Hub to meet global demand for nickel-cobalt supply with high ESG standards. Ardea’s strategic KNP tenement portfolio offers unrivalled Critical Minerals exploration upside with the Company continuing exploration to maximise the value of their strategic KNP ground holding.