Slides
Page 1
3 - 5 August 2026 Diggers & Dealers Mining Forum KNP: A Generational Critical Minerals Asset Securing the Future of Global Nickel Supply (ASX: ARL)
Page 2
2 Disclaimer Important notice This presentation contains general information only and is, or is based upon, information which has been released to ASX: Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel (30 June 2023), KNP Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics (5 July 2023), Kalgoorlie Nickel Project Goongarrie Hub Tenement Consolidation (17 July 2023), ARL SMM and MC to form a JV to develop KNP Goongarrie Hub ASX Announcement (29 April 2024), KNP – Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium (30 August 2024), Goongarrie Hub Project DFS Reaches Major Milestone (4 July 2025), Kalgoorlie Nickel Project – Goongarrie Hub DFS Update (8 December 2025), Ardea Quarterly Activities Report – December 2025 (30 January 2026), ARL - EFA and US EXIM Letters of Funding Support (5 February 2026), KNP in Japan US Critical Minerals Joint Fact Sheet (23 March 2026), Kalgoorlie Nickel Project Goongarrie Hub DFS Update (31 March 2026), KNP Awarded Federal Government Investor Front Door Status (9 April 2026), Kalgoorlie Nickel Project – Goongarrie Hub included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation (4 May 2026), Kalgoorlie Nickel Project – Goongarrie Hub DFS Update (3 June 2026), ARL - KNP Goongarrie Hub Awarded Lead Agency Status (4 June 2026), Quarterly Activities Report - June 2026 (23 July 2026). This presentation is not an invitation, offer or recommendation (express or implied) to subscribe for, or apply for the purchase of, or to take any other action in respect of securities of any entity described herein and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC. None of Ardea Resources Limited (Ardea or the Company) or its representatives are providing or offering investment advice or services by making this presentation. Neither Ardea nor its representatives make any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the information contained herein or any other written or oral communication transmitted or made available to any person receiving this presentation. To the maximum extent permitted by law, Ardea and representatives expressly disclaim any and all liability based on or arising from, in whole or in part, such information, or any errors or omissions. This presentation contains forward-looking statements regarding the Company’s resources, intentions and future business. These statements reflect current information, expectations, intentions and strategies regarding the future, and are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialise, or should any of the underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Other than where required by law, the Company is under no obligation to revise any forward looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. The Goongarrie Project has completed the Pre-Feasibility Study phase and has commenced programs that are part of the Definitive Feasibility Study. Though reasonable care has been taken to ensure that the facts are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. A key conclusion of the Pre-Feasibility Study, which is based on forward looking statements, is that the Goongarrie Project is considered to have positive economic potential. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Page 3
Australia's Largest Nickel-Cobalt Resource 3 KNP Mineral Resource Estimate 854Mt at 0.71% Ni & 0.045% Co for 6.1Mt contained Ni and 386kt contained Co1 Goongarrie Hub: 584Mt at 0.69% Ni & 0.043% Co for 4Mt contained Ni & 250kt contained Co1 KNP Kalpini Hub (100% ARL): 270Mt at 0.76% Ni & 0.05% Co for 2Mt contained Ni & 136kt contained Co 1 Strategic partnership with Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) One of the few globally significant nickel projects outside Indonesia Supported by Australian, Western Australian, Japanese and US government initiatives 234567 Potential scandium and critical minerals upside8 1. See full Mineral Resource Estimate (MRE) tables in Appendix 1 of this presentation and 30 June 2023 ARL ASX Announcement. Also see GSWA rankings 20 June 2024 FlyerSee ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 2. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 3. See ARL ASX Announcement KNP Awarded Lead Agency Status 4 June 2026. 4. See ARL ASX Announcement KNP Major Project Status Renewed 20 October 2025 5. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program 9 April 2026 6. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support 5 February 2026 7. See ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 8. See ARL ASX Announcement Goongarrie Hub DFS Update 3 June 2026
Page 4
4 Critical Minerals Project of International Significance Strategic ex-Indonesia nickel-cobalt supply for allied markets Backed by Japanese partners1 and recognised in Japan-US2 / Australia- Japan critical minerals frameworks3 Potential long-life source of secure Western nickel units as supply chains diversify Positioned to support secure and diversified critical minerals supply chains Australia's Largest Ni- Co Resource3 One of the Largest in the Developed World 40+ Year Potential Mine Life4 Strategic Japanese Partners Potential A$1 Billion Funding Support5 Extensive Government Recognition 1. See ARL ASX Announcement Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium, 30 August 2024 2. See ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 3. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 4. See ARL ASX Announcement KNP Goongarrie Hub Ore Reserve & Feasibility Study Defines +40 Year Operation with Strong Financial Metrics 5 July 2023 5. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support, 5 February 2026
Page 5
Highly Experienced International Partners 5 Non KNP Goongarrie Hub Projects MRE 270Mt @ 0.76% Ni & 0.05% Co for 2Mt of contained Ni & 136kt of contained Co* * See ARL ASX Announcement 30 June 2023 ARL MRE announcement Kalgoorlie Nickel Pty Ltd (KNPL) Managing KNP Goongarrie Hub Definitive Feasibility Study (DFS) 100% 65% 35% Japanese partners validate Goongarrie Hub and fully fund the DFS with $98.5 million budget Global industrial and financing capability Long history operating in Australia Strong commercial and supply chain reach 400+ years mining history Proven laterite / HPAL operator Downstream nickel processing capability Consortium supported under Japan’s METI Critical Minerals Supply Security Plan WHY THIS MATTERS 1. Funding: DFS fully funded by strategic partners up to A$98.5M 2. Technical capability: proven laterite, HPAL and downstream processing expertise 3. Offtake: Japanese partners have secured 75% of the offtake with Right of First Refusal for remainder 3 4. Market access: aligned with allied battery and critical minerals supply chains 1. See ARL ASX Announcement Kalgoorlie Nickel Project Goongarrie Hub DFS update 31 March 2026 2. See ARL ASX Announcement KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium, 30 August 2024 3. See ARL ASX Announcement Ardea, SMM, MC to form Joint Venture to develop KNP Goongarrie Hub, 29 April 2024 1,2 1,2
Page 6
6 Multi-Jurisdiction Government Support Australia Major Project Status2 Investor Front Door3 EFA Support4 Western Australia Lead Agency Status1 Strong Local Government support: o City of Kalgoorlie-Boulder o Shire of Menzies Japan METI & JOGMEC Support56 Australia-Japan Critical Minerals Cooperation7 United States US EXIM Support4 Japan-US Critical Minerals Framework5 Multi-jurisdiction support reflects Goongarrie Hub’s emerging role in allied critical minerals supply chains and may assist financing, approvals and downstream market access. 1. See ARL ASX Announcement KNP Awarded Lead Agency Status 4 June 2026. 2. See ARL ASX Announcement KNP Major Project Status Renewed 20 October 2025 3. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program 9 April 2026 4. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support 5 February 2026 5. See ARL ASX Announcement KNP in Japan US Critical Minerals Joint Fact Sheet 23 March 2026 6. https://www.pmc.gov.au/resources/australia-japan-joint-statement-on-critical-minerals-cooperation 7. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation 4 May 2026
Page 7
2026 Strategic & Development Milestones 7 1 Feb 2026 EFA / EXIM funding support1 2 Mar 2026 KNP included in Japan-US Critical Minerals Joint Fact Sheet2 3 Apr 2026 Investor Front Door status3 4 May 2026 Australia-Japan critical minerals cooperation inclusion4 5 Jun 2026 Lead Agency Status5 DFS advancing Strategic recognition increased Government facilitation increased Funding support increased DFS continues to advance 2026 milestones have materially strengthened Goongarrie Hub’s pathway to development through increased strategic recognition, government facilitation and funding support. 1. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support 5 February 2026 2. See ARL ASX Announcement KNP in Japan US Critical Minerals Joint Fact Sheet 23 March 2026 3. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program 9 April 2026 4. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation 4 May 2026 5. See ARL ASX Announcement KNP Awarded Lead Agency Status 4 June 2026
Page 8
8 Pathway to Development – Funding Support up to A$1B Ardea has secured co-ordinated, conditional non-binding support from Export Finance Australia (EFA) and the Export-Import Bank of the United States (EXIM) for the Goongarrie Hub project1 1. Strategic Critical Minerals Project Critical minerals project aligned with allied battery supply chains 2. EFA Support Up to A$500M Conditional, non-binding Letter of Support1 3. EXIM Support Up to US$350M Letter of Interest indicating potential financing support1 4. Co-ordinated Funding Pathway ~A$1B total potential support EFA and EXIM engaged via Single Point of Entry1 1. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support 5 February 2026
Page 9
+40 year project, significant growth potential 9 2023 PFS1 Average 30ktpa Ni and 2ktpa Co2 +40 years forecast operation Growth opportunities Only 6 of 9 deposits, hosting ~76% of the Goongarrie Hub Ni Resource, were considered in 2023 Ore Reserve1 Potential for project expansion and life extension Goongarrie DFS investigating optimisation including flowsheet3 DFS MSP flow sheet, two 1.75Mtpa autoclaves 4 Nationally strategic KNP Goongarrie Hub to strengthen battery minerals supply chain for decades 1. See ARL ASX Announcement KNP Goongarrie Hub Ore Reserve & Feasibility Study Defines +40 Year Operation 5 July 2023. 2. In accordance with ASX Listing Rule 5.19, Ardea confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, continue to apply and have not materially changed. 3. See ARL ASX Announcement KNP Goongarrie Hub DFS Update 31 March 2026 4. See ARL ASX Announcement KNP Goongarrie Hub DFS Update 8 December 2025
Page 10
DFS Progressing with Pre-FEED enhancements $98.5M DFS remains fully funded by SMM / Mitsubishi1 Major workstreams advanced1 Updated timetable reflects completion of optimisation, engineering and study work 2 Project fundamentals and strategic importance unchanged Recent government support and strategic recognition strengthen the development pathway during the DFS process 3456 10 Resource modelling, mine planning and Ore Reserve updates Process design and MSP flowsheet optimisation Permitting and approvals support via Lead Agency / Major Project & IFD pathways Financing and strategic engagement with partners, EFA and EXIM DFS optimisation and value enhancement ongoing 1. See ARL ASX Announcement KNP Goongarrie Hub update 31 March 2026 2. See ARL ASX Announcement KNP Goongarrie Hub DFS update 3 June 2026 3. See ARL ASX Announcement KNP in Japan US Critical Minerals Joint Fact Sheet 23 March 2026 4. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program 9 April 2026 5. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation 4 May 2026 6. See ARL ASX Announcement KNP Major Project status renewed, 20 October 2025
Page 11
Multi-commodity exploration potential Kalpini Project: Additional precious and critical minerals upside: Gold, scandium and rare earth element (REE) potential identified across Ardea’s 100%-owned Kalpini tenure 1 Massive nickel-copper-PGE sulphides discovered at Emu Lake, with encouraging follow-up potential along strike 2 11 Ardea controls ~3,200km2 of tenure in the Eastern Goldfields of WA with unrivalled exploration potential1 1. See ARL ASX Announcement 14 March 2022 2. See ARL ASX Announcement 7 February 2022 3. See full Mineral Resource Estimate (MRE) tables in Appendix 1 of this presentation and 30 June 2023 ARL ASX Announcement. Also see GSWA rankings 20 June 2024 FlyerSee ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 100%-owned pipeline for growth Ardea retains 100% of non-Goongarrie Hub KNP projects, incl. the Kalpini Hub Resource of 270Mt at 0.76% Ni and 0.05% Co.3 Goongarrie Hub Emu Lake Ni Sulphide2 AELD0003 Massive Sulphide2
Page 12
Indonesia Driving Change in Global Nickel Markets1 12 Structural Supply Discipline Lower ore quotas and tighter oversight signal a long-term shift toward active supply management. Market Rebalancing Underway Slowing supply growth is improving sentiment and easing concerns over sustained oversupply. Constructive Long-Term Outlook Indonesia's policy changes are supporting a stronger long-term nickel price environment. As supply discipline tightens and Western buyers seek diversified nickel supply, Goongarrie Hub is positioned as a long-life source of strategic ex-Indonesia nickel-cobalt units. Supply discipline and market rebalancing support a stronger long-term outlook for nickel and strategic Western supply projects. 1. https://www.spglobal.com/energy/en/news-research/latest-news/metals/122925-indonesia-navigates-nickel-market-with-output-cuts-policy-shifts https://discoveryalert.com.au/indonesia-nickel-permit-2026-supply-regulatory-management/
Page 13
Mineral global comparison: Australia versus Indonesia 13 Market share – Nickel1 1. Source: Steven Brown, Minerals Council of Australia. Indonesia Australia 1% 3% 5% 7% 9% 2019 2020 2021 2022 2023 2024 Market share – Cobalt1 0% 10% 20% 30% 40% 50% 60% 70% Indonesia Australia
Page 14
Why we need the KNP – Goongarrie Hub to be developed 141. Source: Steven Brown, Minerals Council of Australia. Indonesia Australia 2013 – 2025 Value of nickel exports (US$b)1 $- $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 Q113 Q313 Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q317 Q118 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 Q325 Billions Australia has lost its dominant position
Page 15
15 Investment Case – Why Ardea? Australia’s largest nickel- cobalt resource Strategic project with Japanese partners and 75% offtake secured Recognised across Australian, WA, Japanese and US critical minerals frameworks Potential funding support of up to A$1B DFS progressing with update by 31 October 2026 100%-owned exploration & development upside beyond Goongarrie "Positioned to support secure and diversified critical minerals supply chains."
Page 16
Contact: Andrew Penkethman Managing Director & CEO ardea@ardearesources.com.au ARL:ASX Suite 2, 45 Ord Street West Perth WA 6005 . Ph: +61 8 6244 5136 www.ardearesources.com.au 16 David Tasker Chapter One Advisors dtasker@chapteroneadvisors.com.au
Page 17
17 Appendices
Page 18
Ardea Resources Board and Management 18 A highly skilled Board and Senior Management team with experience across the resources sector A Chartered Accountant with +30 years’ experience in financial and corporate secretarial services. Previous roles include PWC and various senior executive and board roles with ASX listed resource companies. Sam Middlemas Company Secretary An experienced CFO with +20 years’ experience across various commodity markets. Ms Moylan has +10 years in senior roles including CFO and Company Secretary of ASX listed companies. Rebecca Moylan Chief Financial Officer A mineral economist and geologist with +40 years’ experience. Previous roles include Anglo American and Shell prior to founding Heron Resources in 1996. Served on the ARL board from 2016 to 2025. Ian Buchhorn Technical Executive +25 years’ experience across geology, land access, Native Title, Heritage, Mining Act advice and tenement management. Ms Mukherji also acts as a corporate representative with stakeholders including State and Commonwealth agencies. Alex Mukherji GM – Corporate Services +25 years’ experience in mining and mineral exploration. He has led programs for junior mining companies and as an industry consultant, contributing to multiple discoveries and significant Mineral Resource upgrades. Matthew Ridgway GM – Geology & Exploration Mathew Longworth Non-Executive Chairman Andrew Penkethman Managing Director & Chief Executive Officer Maree Arnason Non-Executive Director Michael Rodriguez Executive Director A geologist with +35 years’ experience across exploration, project evaluation / development, operations and corporate management. Previous roles include COO / CEO / MD with ASX companies, and mining analyst in a boutique investment fund. Geologist and mining executive with 30+ years across exploration, discovery, feasibility studies, project development, and operations. Brings over 20 years of executive experience, including strategic partner negotiations and JV management in ASX, AIM and TSX-listed companies. Maree has +35 years’ experience across various commodities and companies like BHP, Wesfarmers, and Svenska Cellulosa AB. Ms Arnason is a NED of Pacific Energy and ASX- listed VHM Limited and serves on the board of the Australian Institute of Company Directors (AICD), as a WA Director. A metallurgist with +30 years’ experience across the design, construction, commissioning, and operation of HPAL and pyrometallurgical operations domestically and internationally (including optimising Murrin Murrin, Australia’s largest HPAL operation).
Page 19
19 Ardea Resources – Corporate Snapshot Experienced Leadership. Respected Partners. Supportive Shareholders & Stakeholders. Tight Capital Structure. 219,714,106 Shares on Issue 4,500,000 Performance Rights 3,000,000 Options Top 40 Shareholders ~62% equity Board & Management ~7% equity $9.8M2 remaining to be expended by Consortium in DFS Funding 30 June 2026 Market Cap $92.2M $0.42 Share Price 31 July 2026 Consortium fully funding DFS $98.5M Earnt 35% interest in KNP Goongarrie Hub, and can increase to 50% on successful FID1 Cash $18.3M2 No Debt 30 June 2026 1. See ARL ASX Announcement 30 August 2024 Kalgoorlie Nickel Project (KNP) Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium & ARL ASX Announcement KNP Goongarrie Hub DFS Update 31 March 2026 2. Unaudited. See ARL ASX Announcement Quarterly Report 30 June 2026 Cash Available $18.3M, ASX Announcement 23 July 2026
Page 20
20 Appendix 1 - Competent Persons Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) following JORC Code (2012) guidelines is: Note: 0.5% nickel cutoff grade used to report resources. Minor discrepancies may occur due to rounding of appropriate significant figures. 1.The Goongarrie Hub is part of KNPL Incorporated Joint Venture. See 30 August 2024 ASX Announcement, KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium. The Goongarrie Hub Resources are reported on a 100% basis, with Ardea holding an 65% interest. 2.The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. Information in this presentation has been summarised from ARL ASX MRE Announcement 30 June 2023, ARL ASX PFS Announcement 5 July 2023 and ARL ASX Consortium Announcement 26 April 2024, 14 August 2024 and 30 August 2024. Resource Estimation, Exploration Results, and Industry Benchmarking The Resource Estimation, Exploration Results and Industry Benchmarking summaries are based on information reviewed or compiled by Mr Ian Buchhorn, and Mr Andrew Penkethman. Mr Buchhorn is a Member of the Australasian Institute of Mining and Metallurgy and Mr Penkethman is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Both Mr Buchhorn and Mr Penkethman are full-time employees of Ardea Resources Limited and have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn and Mr Penkethman have reviewed this press release and consent to the inclusion in this report of the information in the form and context in which it appears. Mr Buchhorn and Mr Penkethman own Ardea shares. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement noted above and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the previous market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. The Mineral Resource Estimate information shown in this ASX release has been previously released on the ASX platform by Ardea in ASX release 30 June 2023, in accordance with Listing Rule 5.8. The Mineral Resource Estimate in the above table is inclusive of the Ore Reserve shown in the table next slide. Contained Contained KNP Hub Resource Category Size (Mt) Ni (%) Co (%) Ni (kt) Co (kt) Goongarrie Hub1 Measured 18 0.94 0.085 171 15 Indicated 277 0.7 0.046 1,923 127 Inferred 289 0.67 0.037 1,951 108 Sub Total Combined 584 0.69 0.043 4,044 250 Kalpini Hub including Yerilla Hub2 Measured 4 0.94 0.048 36 2 Indicated 84 0.83 0.050 699 42 Inferred 182 0.73 0.051 1,321 92 Sub Total Combined 270 0.76 0.050 2,056 136 Kalgoorlie Nickel Project Total Measured 22 0.94 0.079 207 17 Indicated 361 0.73 0.047 2,622 169 Inferred 471 0.70 0.043 3,272 200 KNP Grand Total 854 0.71 0.045 6,101 386
Page 21
21 Appendix 1 - Competent Persons cont. Ore Reserves Information in this presentation that relates to Ore Reserves at the Kalgoorlie Nickel Project Goongarrie Hub is based on and fairly represents information and supporting documentation compiled by Mr Jake Fitzsimons, a Competent Person who is a full-time employee of Orelogy Mine Consulting, a company engaged by Ardea. Mr Fitzsimons is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Fitzsimons has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code). Mr Fitzsimons does not hold securities in Ardea and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear. In accordance with ASX Listing Rule 5.19, Ardea confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target continue to apply and have not materially changed. Noting that the PFS included the inclusion of a small amount of Inferred Mineral Resource (20Mt or 9%) spread over the Life of Mine (page 26 of Ardea 5 July 2023 PFS ASX announcement). The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement noted above and that all material assumptions and technical parameters underpinning the Ore Reserve in the previous market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. Contained Contained Goongarrie Hub Ore Reserve Category Size (Mt) Ni (%) Co (%) Ni (kt) Co (kt) Ore Reserve 1 Proven 16.7 0.96 0.09 160 15 Probable 177.4 0.68 0.05 1,204 84 Grand Total 194.1 0.70 0.05 1,365 99 Note: Minor discrepancies may occur due to rounding of appropriate significant figures. Full details on the Ore Reserve are available in the 5 July Ardea ASX announcement, see Section 5 and Appendix 1. The Ore Reserve information shown in this ASX release has been previously released on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with Listing Rule 5.9. 1 KNP Goongarrie Hub Ore Reserve is reported on a 100% basis. Ardea holds an 65% interest in the KNP Goongarrie Hub. KNP Goongarrie Hub Ore Reserve Summary
Page 22
22 KNP Global MRE 22 KNP Global nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off gradeThe Competent Persons (CP) for the Mineral Resources, are Mr Ian Buchhorn and Mr Andrew Penkethman, both are full-time employees of Ardea and consider the resource classification applied to the KNP resource models to reflect appropriate confidence in the input exploration data, geological interpretation and resource grade and tonnage estimates. Various ASX market releases for the Mineral Resources described have been competed by Ardea, notably: • 30 June 2023 ‘Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel’. • 16 June 2021 ‘Highway Nickel Deposit -Mineral Resource Estimate 92 million tonnes at 0.69% nickel and 0.038% cobalt’. The Goongarrie Hub Mineral Resource Estimate shown in the adjacent table are inclusive of the Ore Reserves shown in this presentation. 1. The Goongarrie Hub is part of KNPL Incorporated Joint Venture. See 30 August 2024 ASX release, KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium. Goongarrie Hub Resources are reported on a 100% basis, with Ardea owning an 65% interest. 2. The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. Contained Contained KNP Hub Resource Category Size (Tonnes) Ni (%) Co (%) Ni (kt) Co (kt) Goongarrie Hub1 Measured 18,200,000 0.94 0.085 171 15 Indicated 276,500,000 0.70 0.046 1,923 127 Inferred 289,300,000 0.67 0.037 1,951 108 Sub Total 584,000,000 0.69 0.043 4,044 250 Kalpini Hub2 Indicated 15,900,000 1.06 0.055 169 9 Inferred 113,600,000 0.76 0.047 859 53 Sub Total 129,500,000 0.79 0.048 1,028 62 Yerilla Hub2 (now part of Kalpini Hub) Measured 3,800,000 0.94 0.048 36 2 Indicated 68,400,000 0.78 0.049 531 33 Inferred 67,800,000 0.68 0.057 462 39 Sub Total 140,000,000 0.73 0.053 1,028 74 Kalgoorlie Nickel Project Total Measured 22,000,000 0.94 0.079 207 17 Indicated 360,800,000 0.73 0.047 2,622 169 Inferred 470,700,000 0.70 0.043 3,272 200 KNP Grand Total 853,500,000 0.71 0.045 6,101 386 Minor discrepancies may occur due to rounding of appropriate significant figures.
Page 23
23 Goongarrie Hub MRE Prospect Resource Size Ni Co Contained Metal Estimation Details Category (Mt) (%) (%) Ni (kt) Co (kt) Method Source Year Goongarrie South Measured 18 0.94 0.085 171 15 LUC Ardea 2021 Indicated 82 0.71 0.049 584 40 LUC Ardea 2021 Inferred 10 0.64 0.033 61 3 LUC Ardea 2021 Highway Indicated 71 0.69 0.038 487 27 LUC Ardea 2023 Inferred 21 0.67 0.04 141 8 LUC Ardea 2023 Ghost Rocks* Inferred 47 0.66 0.042 312 20 OK Snowden 2004 Goongarrie Hill Indicated 40 0.65 0.037 259 15 LUC Ardea 2021 Inferred 29 0.6 0.025 176 7 LUC Ardea 2021 Big Four Indicated 49 0.71 0.047 346 23 LUC Ardea 2021 Inferred 14 0.68 0.043 96 6 LUC Ardea 2021 Scotia Dam Indicated 12 0.71 0.065 82 7 LUC Ardea 2021 Inferred 5 0.72 0.043 37 2 LUC Ardea 2021 Goongarrie Subtotal Measured 18 0.94 0.085 171 15 Indicated 253 0.69 0.044 1,758 112 Inferred 127 0.65 0.037 823 47 Combined 398 0.69 0.044 2,753 175 Siberia South* Inferred 81 0.65 0.033 525 27 OK Snowden 2004 Siberia North Indicated 14 0.72 0.042 102 6 Ni (UC), Co (OK) Snowden 2009 Inferred 72 0.74 0.034 534 25 Ni (UC), Co (OK) Snowden 2009 Black Range* Indicated 9 0.67 0.09 62 8 OK HGMC 2017 Inferred 10 0.69 0.1 68 10 OK HGMC 2017 Siberia Subtotal Indicated 24 0.7 0.061 165 14 Inferred 163 0.69 0.038 1,127 61 Combined 186 0.69 0.04 1,292 75 KNP Goongarrie Hub TOTAL Measured 18 0.94 0.085 171 15 Indicated 277 0.7 0.046 1,923 127 Inferred 289 0.67 0.037 1,951 108 Combined 584 0.69 0.043 4,044 250 *Note - Mineral Resources that are not considered in 2023 PFS. KNP Goongarrie Hub nickel and cobalt Mineral Resources1 based on a 0.5% Ni cut-off grade The Competent Persons (CP) for the Mineral Resources, are Mr Ian Buchhorn and Mr Andrew Penkethman, both are full- time employees of Ardea and consider the resource classification applied to the Goongarrie Hub resource models to reflect appropriate confidence in the input exploration data, geological interpretation and resource grade and tonnage estimates. Various ASX market releases for the Mineral Resources described have been completed by Ardea, notably: • 30 June 2023 ‘Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel’. • 16 June 2021 ‘Highway Nickel Deposit -Mineral Resource Estimate 92 million tonnes at 0.69% nickel and 0.038% cobalt’. The Goongarrie Hub Mineral Resource Estimate shown in the adjacent table for the Goongarrie South, Highway, Goongarrie Hill, Big Four, Scotia Dam and Siberia North deposits are inclusive of the Ore Reserves shown in this presentation. 1 Goongarrie Hub Mineral Resources are presented on a 100% basis. Ardea Resources holds an 65% interest in the Goongarrie Hub.
Page 24
24 KNP Goongarrie Hub Ore Reserve Summary KNP Goongarrie Hub Ore Reserve Summary consisting of ore above 0.5% Ni as the feed stock for the processing facility, and ore as Mineralised Neutraliser above 0.25% Ni and LOI above 25% Ore >= 0.5% Ni Ore > 0.25% Ni and LOI > 25% Total Ore Deposit Mt Ni % Co % Ni kt Co kt Mt Ni % Co % Ni kt Co kt Mt Ni % Co % Ni kt Co kt Proven Goongarrie South 16.7 0.96 0.09 160 15 0.05 0.43 0.03 0.20 0.01 16.7 0.96 0.09 160 15 Sub-total 16.7 0.96 0.09 160 15 0.05 0.43 0.03 0.20 0.01 16.7 0.96 0.09 160 15 Probable Big Four/Scotia Dam 34.9 0.76 0.07 265 23 0.8 0.38 0.04 3 0 35.7 0.75 0.06 268 23 Goongarrie South 33.6 0.79 0.07 265 23 1.8 0.40 0.03 7 1 35.4 0.77 0.07 272 24 Goongarrie Hill 15.8 0.70 0.04 110 7 0.1 0.44 0.02 0 0 15.9 0.70 0.04 111 7 Highway 54.0 0.70 0.04 380 22 27.2 0.39 0.01 106 4 81.2 0.60 0.03 486 26 Siberia North 9.2 0.74 0.05 68 4 - - - - - 9.2 0.74 0.05 68 4 Sub-total 147.4 0.74 0.05 1,087 79 29.9 0.39 0.02 117 5 177.4 0.68 0.05 1,204 84 PROVEN AND PROBABLE TOTAL Big Four/Scotia Dam 34.9 0.76 0.07 265 23 0.8 0.38 0.04 3 0 35.7 0.75 0.06 268 23 Goongarrie South 50.2 0.85 0.08 425 38 1.9 0.40 0.03 7 1 52.1 0.83 0.07 432 39 Goongarrie Hill 15.8 0.70 0.04 110 7 0.1 0.44 0.02 0 0 15.9 0.70 0.04 111 7 Highway 54.0 0.70 0.04 380 22 27.2 0.39 0.01 106 4 81.2 0.60 0.03 486 26 Siberia North 9.2 0.74 0.05 68 4 - - - - - 9.2 0.74 0.05 68 4 TOTAL 164.1 0.76 0.06 1,247 94 30.0 0.39 0.02 117 5 194.1 0.70 0.05 1,365 99 Notes: • The Ore Reserve is reported in accordance with JORC Code 2012. • Ore reserves are reported at a cut-off of 0.5% Ni for primary feed stock to the processing facility, plus mineralised neutraliser as ore at a cut-off of 0.25% Ni and Loss on Ignition (LOI) above 25%. • The Ore Reserve was evaluated using a base price of US$22,000/t for Ni and US$51,000/t for Co at 85% payable for a Mixed Hydroxide Precipitate (MHP) product, and an exchange rate 0.69 USD/AUD. • Ore Reserves account for mining dilution and mining ore loss. • Ore Reserves are reported on a Dry Tonnage Basis. • Proven Ore Reserves are based on Measured Mineral Resources only and Probable Ore Reserves are based on Indicated Mineral Resources only. • The sum of individual amounts may not equal due to rounding. • This Ore Reserve estimate is for a subset of the KNP Goongarrie Hub deposits Mineral Resources, being Goongarrie South, Big Four / Scotia Dam, Goongarrie Hill, Highway and Siberia North. Those Mineral Resources are inclusive of the Ore Reserves shown in this table. • The Ore Reserve Summary was detailed in ARL ASX PFS Announcement, 5 July 2023. • The Goongarrie Hub Ore Reserve is reported on a 100% basis. Ardea Resources holds an 65% interest in the Goongarrie Hub.