Earnings release
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Ardea Resources Limited (ABN 30 614 289 342) ASX Code ARL Suite 2 / 45 Ord Street West Perth, WA 6005 Shares on Issue: 210.4M Tel: (+61) 8 6244 5136 Performance Rights: 3,513,400 Email: ardea@ardearesources.com.au Options: 3M ASX Announcement 28 October 2025 September 2025 Quarterly Activities Report Ardea Resources (ASX: ARL, Ardea or the Company) is pleased to report on the key activities and progress made during the September 2025 Quarter, including the Kalgoorlie Nickel Project ( KNP) – Goongarrie Hub (the Project) Definitive Feasibility Study (DFS). Ardea Corporate Activities: • Ardea’s development partners for the Kalgoorlie Nickel Project - Goongarrie Hub, Sumitomo Metal Mining Co., Ltd (SMM) and Mitsubishi Corporation 1 (MC) earned the first tranche of equity interest (17.5%) in the incorporated joint venture vehicle, Kalgoorlie Nickel Pty Ltd (KNPL)2. • As of 30 September 2025, Ardea remains in a strong financial position with $15.5M cash on hand and no debt. • Results of the reverse circulation (RC) infill drilling program at Goongarrie South were released 3, confirming the deposit as the highest-grade nickel-cobalt (Ni-Co) deposit within the KNP – Goongarrie Hub, dominated by premium goethite mineralisation. These outstanding results were the final received for the geological RC infill program. • KNPL executed a Heritage Agreement with the Marlinyu Ghoorlie Native Title Claimant Group4, covering protocols for heritage surveys, activities to protect identified sites and clearance procedures to simplify the approvals process for activities at the KNP – Goongarrie Hub. • Ardea, supported by members of the KNPL team, hosted multiple site visits during the September 2025 Quarter, including a large investor and stakeholder site visit on the sidelines of the annual Diggers and Dealers Mining Forum in Kalgoorlie, and representatives of the Japanese Embassy in Canberra on site and at KNPL’s Kalgoorlie offices. • Ardea attended several strategic critical minerals events at the invitation of the Australian Federal and WA State Governments. Of particular note were a critical minerals delegation to the United States, and combined State and Federal events in Japan with a WA Government delegation. Feasibility Work Programs for the Kalgoorlie Nickel Project – Goongarrie Hub: • Zero lost time injuries in the period, with the health and safety of the Ardea and Project teams a top priority. • KNPL submitted the Project’s Lead Agency Status to the WA Dept. of Energy and Economic Diversification (DEED). • The geology team continues to progress its Mineral Resource Estimate model updates in support of the updated mining schedule optimisation and Ore Reserve. • As DFS testwork programs begin to complete progressively, the remainder of the KNPL team's focus is shifting to processing and interpretation of results and early drafting of the DFS report chapters. 1 Via its wholly owned Australian subsidiary Mitsubishi Development Pty Ltd 2 See Ardea ASX release 4 July 2025 3 See Ardea ASX release 22 September 2025 4 See Ardea ASX release 3 September 2025 For personal use only
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September 2025 Quarterly Report 2 With $30M in committed funding remaining at the end of the Quarter and substantial progress made across key study areas, the Company is well positioned to complete all planned work associated with the ongoing DFS. Managing Director and CEO Andrew Penkethman commented: “The September 2025 Quarter has seen consistent and meaningful progress across all facets of the Kalgoorlie Nickel Project – Goongarrie Hub. With major drilling and metallurgical testwork programs now largely complete, the KNPL team is focused on interpreting results, refining models, completing detailed engineering design and drafting the initial chapters of the Definitive Feasibility Study. Collaboration between Ardea, SMM and MC remains a strength of the Project, ensuring that the full technical and commercial expertise of all partners is applied to deliver a world-class outcome. During the Quarter, we advanced key ESG and approvals workstreams, including the execution of a Heritage Agreement with the Marlinyu Ghoorlie Native Title Claimant Group , while maintaining our exemplary safety performance and community engagement. These achievements, together with ongoing collaboration with Federal and State Governments and our strategic partners, reinforce the Project’s standing as a cornerstone Australi an Critical Minerals development. I want to thank the Ardea and KNPL teams, our Consortium partners, consultants, and stakeholders for their ongoing commitment and professionalism as we progress toward s completion of the DFS and the development of the Goongarrie Hub as one of Australia’s most significant nickel and cobalt projects. Whilst the initial focus is on nickel and cobalt, we are conscious of the scandium within the deposit and the potential for additional Critical Mineral by - products. While they will not form part of the base case operational and economic assessment in the Definitive Feasibility Study, some opportunities are being catered for by, for example, leaving space within the process plant layout for a potential scandium refinery should studies demonstrate its feasibility. Figure 1: Members of the WA Invest and Trade delegation to Japan, including Ardea’s Andrew Penkethman, at the World Expo in Osaka (September 2025) For personal use only
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September 2025 Quarterly Report 3 1. KALGOORLIE NICKEL PROJECT – GOONGARRIE HUB The Goongarrie Hub, 70km northwest of the City of Kalgoorlie-Boulder, hosts the premium ore feed within the broader KNP (Figure 1). Resources from the Goongarrie, Highway and Siberia North nickel -cobalt laterite deposits are planned to be the base load feed for a processing facility located at Goongarrie South. The mineral resources at Goongarrie Hub are predominantly the premium goethite style and extend continuously over 25 km of strike at Goongarrie South-Big Four and a further strike length of 10 km (Figure 1) at Highway, 30 km to the north. All key Goongarrie Hub mineral resources are located on granted mining leases and are managed by KNPL. The Consortium are earning a 35% interest in KNPL by fully funding the KNP Goongarrie Hub DFS up to $98.5M, and up to a 50% share on a positive Final Investment Decision (FID). Ardea retains 100% of all non -Goongarrie Hub KNP tenements, including the Kalpini Hub (Kalpini, Bulong nickel projects and, at Yerilla, the Jump Up Dam, Boyce Creek, and Aubils nickel projects) (Figure 1). Ardea is assessing Kalpini as a Critical Minerals hub, having confirmed that the nickel laterite includes Rare Earth Elements5. This is an Ardea Research and Development (R&D) focus. The KNP Goongarrie Hub has ready access to high-quality infrastructure, with the Goldfields Highway, rail line, fibre optic cable, and power infrastructure passing through the Project area (Figures 1 and 2). The Goldfields Gas Transmission pipeline is located ~30km to the east and has ready access to the ports of Fremantle or Esperance by road or rail. Ardea is actively engaged with Federal and State agencies and statutory authorities who aim to unlock Australia’s vast potential as a major supplier of the Critical Minerals needed to decarbonise the global economy. The KNP meets the objectives of the Federal Government’s Critical Minerals Strategy. The Project will create a resilient and sustainable Critical Minerals supply chain, benefiting Australia, Japan, other key allies, the regions and communities in which the Company operates. The Project aligns with the Future Made in Australia Community Benefit Principles. Figure 1: (left) KNP location plan. Projection GDA94 Zone 51. Figure 2: (above) Aerial image at Ardea’s Goongarrie Hub at Goongarrie South, looking south towards Kalgoorlie-Boulder, showing road and rail infrastructure within the granted mining leases upon which the resources are located. 5 See Ardea ASX Announcement, 14 March 2022. For personal use only
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September 2025 Quarterly Report 4 Ardea’s focus remains on developing the KNP – Goongarrie Hub, managed by Ardea’s majority-owned subsidiary, KNPL, which is completing the Project DFS. Key activities undertaken d uring the September 2025 Quarter are outlined below. Health and Safety Health and safety remain of utmost importance to the Company, with key activities including: • Safety Performance: Zero LTIs, MTIs and TRIs were recorded in the Quarter. • Site field operations continued during the Quarter, with a reduced on-site personnel presence as major drilling programs were completed. • The KNPL Kalgoorlie office supported mobilisation, supervision and ongoing inspections of various workplaces, predominantly Flora, Fauna and Heritage surveys. • Vehicle monitoring systems and other controls remained in place for safe travel between accommodation and work sites. Environmental, Social and (Corporate) Governance, Health and Community Ardea and KNPL are committed to strong ESG performance, underpinning the sustainable development of the KNP. ESG-related initiatives progressed during the September 2025 Quarter and included: • Execution of a Negotiation Protocol and Heritage Agreement between KNPL and the Marlinyu Ghoorlie Native Title Claimant Group during the quarter (See ARL ASX announcement 3 September 2025). Following execution of these agreements, KNPL will continue to work collaboratively with the Marlinyu Ghoorlie claim group to negotiate the terms of a Native Title Agreement. • Planning has commenced for the rehabilitation of exploration areas across the Siberia and Goongarrie tenements. • Substantial completion of Flora, Fauna and Heritage surveys at Scorpion East, with Heritage surveys to shift focus to the planned Goongarrie village and process plant sites during the December Quarter, 2025. • On-country celebration of the successful Kakarra Part A Native Title determination, supported by KNPL and Ardea, was delayed. Ardea and KNPL representatives will attend and support the rescheduled on- country celebrations during the December Quarter, 2025. Geology Work carried out during the September 2025 Quarter focused on Resource modelling and interpretation, with the infill drilling program completed in the prior Quarter. The Resource model for Big Four was completed and provided to KNPL’s mining consultants to review ahead of commencing an updated mine plan, schedule and Ore Reserve. Geological models for Goongarrie Hill and Highway were advanced. At the same time, initial interpretations of new results from Goongarrie South are underway and will support the creation of updated geological models for this deposit. Density and moisture data on the DFS diamond drilling core samples was finalised and provided to KNPL’s geological consultants. This data, combined with historic data from previous drill programs, is an essential input to the mine models, and extensive validation and data checking was undertaken across data sources prior to submission. Goongarrie South RC Infill drilling results Results of the completed RC infill drilling program at the Goongarrie South nickel -cobalt-scandium deposit were announced during the Quarter6 confirming the grade and continuity of mineralisation. 6 See Ardea ASX Announcement, 22 September 2025. For personal use only
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September 2025 Quarterly Report 5 Goongarrie South, dominated by premium goethite mineralisation, is the highest grade and largest nickel-cobalt deposit within the KNP – Goongarrie Hub, and one of the closest deposits to the proposed processing plant. The increased drill density supports potential upgrades of the Mineral Resource classification to Measured and subject to mine planning, and other modifying factors being applied, additional Proven Ore Reserves for the DFS. The drilling program, with deeper drilling than historic programs, also identified previously untested Mineralised Neutraliser at Goongarrie South, which may support deeper optimised pit designs in the DFS. If confirmed during the detailed MRE update and b ench-scale metallurgy R&D currently underway, this could provide both operating and capital cost benefits in the early stages of the Project’s development and operation. Key, high-grade intercepts announced include: ➢ 34m at 1.75% Ni from 12m (KGSR0092) [Inc. 32m at 1.82% Ni from 14m] ➢ 26m at 1.48% Ni from 22m (KGSR0118) [Inc. 22m at 1.61% Ni from 24m] ➢ 26m at 1.30% Ni from 14m (KGSR0089) [Inc. 18, at 1.51% Ni from 20m] ➢ 26m at 1.23% Ni from 18m (KGSR0172) [Inc. 14m at 1.61% Ni from 30m] Ore Reserve The 2023 Preliminary Feasibility Study ( PFS)7 defined an Ore Reserve of 194.1Mt at 0.70% Ni and 0.05% Co for 1.36Mt contained nickel and 99kt contained cobalt (Appendix 1 - Table 2). Other Goongarrie Hub deposits (Ghost Rocks, Siberia South and Black Range) have not been included in the current Ore Reserve but provide potential to significantly extend the mine life. Hydrogeology & Geotechnical All mineral resources at Goongarrie are located on granted mining leases. As such, KNPL have first rights to any groundwater underlying these areas. Past work defined multiple water sources outside the mine area, with water for Project development to be sourced from multiple KNPL borefields. Progress during the Quarter included: • The initial test pumping program at Goongarrie was completed with strong water flows . Significantly, water potentially suitable for use as process water was identified as part of Big Four pit -dewatering studies. • Hydrogeological models were developed and prepared for review. • Preparations were made for additional process water source testing, with a program of water bore drilling and test pumping prepared for execution during the December Quarter, 2025. • Preliminary geotechnical recommendations for pit walls , slopes and pillar designs were received during the Quarter, which broadly aligned with the parameters used in the 2023 PFS. Exploration Incentive Scheme (EIS) During Round 29 of the co-funded EIS, two drill holes of PQ/HQ diameter DD were completed at Highway for a total of 378.9m. The drilling successfully intercepted intrusive system lithologies and more clearly defined structural controls for the emplacement of felsic intrusive units and alteration zones underlying the nickel laterite. The added understanding of structural controls is beneficial as the development of the laterite results in near-surface structural features being over printed. Lithium-caesium intrusives with very high rubidium were identified in the previous EIS drill hole AHID0024 (ARL:ASX announcements 11 February 2022, 21 August 2023, 15 December 2023). 7 ASX release 5 July 2023 For personal use only
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September 2025 Quarterly Report 6 Along with historic drill holes at Highway, a highly fractionated fertile Lithium -Caesium-Tantalum ( LCT) mineral system is confirmed. Significant intersections in AHID0024 included: • 21.2m at 0.23% Li2O, 945ppm Cs, 1,237ppm Rb from 406.8m • 0.85m at 0.34% Li2O, 3,392ppm Cs, 4,222ppm Rb from 368.75m • 0.95m at 0.15% Li2O, 3,000ppm Cs, 4,830ppm Rb from 390.85m Contacts are interpreted as intrusive lithologies emplaced in planes of weakness of the Walter Williams Formation contact zones . This interpretation is supported by the outcropping Walter Williams Formation showing similar structural orientations. Figure 3 (Right): Wireline/Geophysical logging at the Goongarrie Hub Metallurgy • The majority of planned testwork was completed during the September Quarter, 2025. • Draft testwork reports have been received, with most reporting expected to be finalised during the December Quarter, 2025. • The team’s focus will move from managing testwork to the review and incorporation of results and references into the appropriate DFS chapters. • An additional batch of tailings consolidation testwork will commence in the December Quarter, 2025, along with selected reagent trials from several potential suppliers. Process Plant Process plant design and engineering work during the September 2025 Quarter included: • All process flow diagrams (PFDs) and piping and instrumentation diagrams (P&IDs) were approved as issue for study (IFS) during the Quarter. • The Process Design Criteria ( PDC) was substantially completed, with finalisation of the PDC anticipated in the December Quarter, 2025. • The process plant 3D model was completed. • DFS report writing has commenced. • Ausenco workstreams in the DFS engineering are expected to be completed in the December Quarter, 2025. Processing Research and Development (R&D) The Ardea FY2025 R&D study is based upon multi -element geometallurgical research to optimise plant feed to a multi-option plant. The requisite metallurgical experiments are being finalised to optimise plant performance, product range, and, consequently, revenue streams from the KNP and its Goongarrie Hub. This is fundamental to delivering the KNP as a world-competitive Critical Minerals Project. Global Patent Application – Mineralised Neutraliser • Ardea lodged patent applications in Australia (AU2022903389) on 11 November 2022 and with the World Intellectual Property Office (WIPO) on 13 June 2023: PCT/AU2023/050520 relates to the use of Mineralised For personal use only
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September 2025 Quarterly Report 7 Neutraliser (MN) in the unique Ardea process. Ardea filed Australian patent application 2023377792 in 2025, and this application is pending at IP Australia. Research on this workstream continues. • Current R&D using litho-geochemistry identified a significant MN contribution from high in the regolith profile in what is now termed Relic Saprock (usually within 20m of surface). The results to date from several deposits are encouraging. • Following the MN research concept, a comparable study is underway for comminution enhancement. CSIRO Collaboration • A paper on the geology of Goongarrie was published by Australia’s national science agency CSIRO, Geochemical behaviour of gold and critical metals in the Goongarrie Ni-laterites, Western Australia and can be accessed here: https://www.sciencedirect.com/science/article/pii/S016913682500410X . Australian Research Council • Ardea continues to support the Australian Research Council’s ( ARC) Industrial Transformation Training Centre in Critical Minerals. Non-Process Infrastructure (NPI) Progress during the September 2025 Quarter included: • NPI services report and capital cost estimate (CCE) was issued for internal review. • CCE finalised for the Goongarrie Hub accommodation village. Environment and Rehabilitation All Project development aims to include systematic rehabilitation concurrent with operations. Due to the expanded development footprint of the Goongarrie Hub, as defined in the 2023 PFS 8, baseline surveys completed in 2018 have been extended and aligned with the latest regulatory guidance. Surveys have also been extended to the new borefield and pipeline areas west of the Goongarrie Hub and these will continue into the Spring season. Reports outlining the results of all surveys are expected during the March Quarter, 2026. Completing the remaining non-seasonal dependent baseline studies will allow further assessment of the need for the Project to be formally assessed under the State Environmental Protection Act ( EP Act) and the Commonwealth Environment Protection and Biodiversity Conservation Act (EPBC Act). If it can be shown that environmental impacts are low and/or can be adequately managed by other regulatory agencies using different mechanisms, the Environmental Protection Authority ( EPA) may make an assessment on the referral that the Project is not to be formally assessed. Similarly, if the EPA believes impacts on some factors are not significant and can be adequately managed by other regulatory agencies using different mechanisms, the number of Key Factors to be assessed by the EPA under the Part IV process could be reduced. Mine rehabilitation methodology is facilitated through four decades of Western Australian ( WA) open pit gold mine operations, and the KNP footprint is minimised using mining voids for tailings and mullock disposal. Mining voids will be progressively rehabilitated during operations by dressing the backfilled open pit voids with stockpiled topsoil (Figure 4) and then revegetating. Local and Indigenous contractors will be given specific opportunities to tender for revegetation works. 8 ASX release 5 July 2023 For personal use only
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September 2025 Quarterly Report 8 Figure 4: - left: Planned Goongarrie Hub in-pit tails disposal and rehabilitation strategy. Above- Showing scarification of disturbed areas, during rehabilitation of Goongarrie South drill sites. Approvals • KNPL’s application for Lead Agency Status was submitted to the Department of Energy and Economic Diversification (DEED, formerly JTSI) during the Quarter . KNPL’s Project Director and Head of Approvals and Compliance attended a meeting with DEED to provide an update on the KNP – Goongarrie Hub. The KNPL team were offered further detail on DEED’s review and assessment process. • Subsequent to the end of the September Quarter, Ardea’s Kalgoorlie Nickel Project – Goongarrie Hub Major Project Status three-year renewal submission, submitted in the March Quarter, 2025, has been renewed for a further three-year term until 10 October 2028 (see ASX announcement dated 20 October 2025). DFS Schedule Update Ardea advised the market during the quarter that the DFS schedule for the Goongarrie Hub had been updated, with DFS completion now forecast for midway through the first half of calendar year 2026 9. The delay is due to the cumulative effect of minor delays across several work streams, with the DFS originally scheduled for completion in December 2025. 9 ASX release 8 September 2025 For personal use only
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September 2025 Quarterly Report 9 2. KALGOORLIE NICKEL PROJECT – KALPINI HUB With the Goongarrie Hub sole-funded by the Consortium to DFS completion with a budget of $98.5 million, Ardea is undertaking Nickel Laterite scoping level feasibility reviews and Nickel Sulphide target generation for the Kalpini Hub (Kalpini and Bulong Nickel Projects, Emu Lake nickel sulphide) and Yerilla projects (Aubils, Boyce Creek and Jump Up Dam Nickel Projects) as shown in Figure 7. These “non -Goongarrie Hub” projects are collectively termed the “Kalpini Hub”. Kalpini Nickel Project Ardea’s Kalpini Nickel Project is located 70km northeast of the City of Kalgoorlie -Boulder and covers 121km 2 of contiguous unencumbered granted tenure 100%-owned by Ardea (Figures 6 and 7). Regionally, there are two distinct Kalpini ultramafic units, each with a 20-25km strike within Ardea tenure (Figure 6): • The Kalpini Eastern Komatiite Belt hosts the Wellington East and Acra North nickel laterite deposits containing 75Mt at 0.73% nickel and 0.04% cobalt, for 549.7kt nickel and 32.6kt cobalt (Appendix 1 - Table 1) (ASX release 30 June 2023). The ultramafics are typical of the Walter Williams Formation style, consisting of a thick 200 -600m sheet with olivine orthocumulate upper and lower contacts and core olivine meso - adcumulate (Dunitic Sheet Flows-Layered Lava Lakes). The flow core weathers to nickel laterite . Based on current Ardea research, the lower orthocumulate basal contact is considered prospective for nickel sulphide. • The Kalpini Western Komatiite Belt hosts the Emu Lake, Binti Binti nickel sulphide mineralisation. There are at least two fertile nickel sulphide ultramafic flows at Emu Lake. The volcanics are characterised by a bi - modal co-magmatic suite, with each cycle having a footwall dacite volcanic overlain by ultrama fic volcanic flows. The ultramafics are orthocumulate flows typically 10 -40m thick, with massive, matrix, blebby and disseminated nickel sulphides identified in the Western Ultramafic (WU) and Central Ultramafic (CU). Nickel Laterite Studies From R&D programs, the Kalpini Nickel Project includes Nickel Laterite mineralisation associated with significant Rare Earth Element (REE) and Scandium credits (Figure 5). At the Wellington East Prospect, re-sampling historic drill pulps by Ardea during 2020 to 2022 identified significant REE and Rare Metal (RM) grades within the historic nickel-cobalt laterite mineralisation (ASX Release 14 March 2022), including: • WERC0371: 12m at 1.70% nickel, 0.151% cobalt, 28g/t scandium from 20m with; o 0.244% Total Rare Earth Oxide ( TREO) includes neodymium (Nd), praseodymium (Pr), lanthanum (La), cerium (Ce) o 1.320% Total Rare Metal Oxide ( TRMO) includes titanium (Ti), yttrium (Y), zircon (Zr), niobium (Nb), hafnium (Hf), tantalum (Ta) and tungsten (W) • VKPRC0112: 4m at 1.66% nickel, 0.102% cobalt, 40g/t scandium from 29m with; o 0.1297% TREO o 0.7193% TRMO Figure 5: Northern Kalpini Nickel Project, aeromagnetic image showing historic drillholes as black dots, and if available, % Total Rare Earth Oxide (TREO) assays, colour coded as per the map legend. For personal use only
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September 2025 Quarterly Report 10 The Kalpini REE mineralisation occurs within the Regolith Cycle 1 Enrichment Zone of the main Nickel Laterite. In contrast, scandium is more enriched within younger Regolith Cycle 2 Laterite Duricrust overlying the Nickel Laterite. Ardea scandium intercepts (ASX Release 22 June 2017) include: • AKR0015, 20m at 102ppm scandium from 38m AKR0017, 6m at 463ppm scandium from 28m. Geo-metallurgy A systematic R&D review of historic geo-metallurgical data is ongoing, aimed at progressing the Kalpini Hub Material Types and plant feed destinations to be compatible with the models now used in the Goongarrie Hub DFS. The Kalpini research confirms the Goongarrie three regolith cycle model, from pedogenic surface to bedrock: • Regolith Cycle 3, quartz sand with carbonate cement, <0.1% Ni. • Regolith Cycle 2, haematite-dominant duricrust and mottled clay, <0.3% Ni. • Regolith Cycle 1, goethite-dominant mineralised host, >0.5% Ni, the upper contact with Cycle 2 includes a Relic leached horizon with Void-fill clay (termed “RV” in geomet) that significantly includes MN that is invariably recovered in pit designs. Research on gallium within the Regolith Cycle 2 haematitic duricrust and associated with scandium has been initiated. Nickel Sulphide Exploration Ardea’s extensive and strategic land holding in the Eastern Goldfields of WA comprises >3,480km 2 of tenements. In addition to the globally significant nickel - cobalt-scandium KNP resources, it is highly prospective for nickel sulphides and other Critical Minerals, notably REE (Figure 6). Nickel sulphide also has potential value for a nickel laterite operation, as it can be added to any goethite autoclave feed for exothermic heating (optimising steam use), reducing Eh to control hexavalent chromium, and adding nickel and sulphur units to the autoclave reaction vessel, thereby typically improving overall nickel recoveries. An additional benefit is that metal concentrations considered deleterious to conventional nickel sulphide flotation concentrator processing do not affect the HPAL process, opening the possibility of mineral extraction from nickel sulphide deposits that may otherwise be overlooked. R&D included gravity recovery of a potentially saleable chromite product. Figure 6: Ardea tenement plan highlighting the location of the Kalpini Hub, Emu Lake Nickel Sulphide Camp and nickel mines and deposits in the region. Projection MGA 94 Zone 51. For personal use only
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September 2025 Quarterly Report 11 The massive nickel -copper-PGE sulphides discovered at the Binti Prospect in the Kalpini Project (i.e. AELD0003: 2.72m at 5.42% Ni and 0.85% Cu from 391.04m10) occur in the Kurnalpi Terrane. Ardea holds over 20km of strike of the prospective Western Ultramafic sequence, which is largely unexplored and highly prospective for primary magmatic nickel sulphide mineralisation (Figure 7). The plan for the Kalpini Hub is to postpone proposed nickel sulphide drill exploration activities until after the KNPL priority DFS workstreams have been finalised . Low cost /low impact work such as geo -metallurgical interpretation continued during the Quarter. Figure 7: The Kalpini Project showing interpreted geology and Komatiite Belts. The historic nickel laterite resources are located on the Eastern Komatiite Belt, with the Western Belt highly prospective for nickel sulphide (NiS) mineralisation (Ardea ASX release 14 January 2022). Tenements are shown, with NiS targets (stars) (Ardea ASX release 2 May 2023). Projection MGA 94 Zone 51. 10 ASX release 14 January 2022 For personal use only
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September 2025 Quarterly Report 12 3. Nickel and Cobalt Sector Commentary • The London Metal Exchange ( LME) three -month nickel price was stable during the September 2025 Quarter11, broadly range bound between US$15,000 and US$15,500. Cobalt metal prices were stable for most of the Quarter at approximately US$33,000/t, similar to the previous Quarter, but spiked late in September 2025 to approximately US$35,000/t. LME Nickel stock levels continued to rise 12, up ~25,000t to end the Quarter at ~230,000t. • Nickel demand from the battery sector recorded strong growth of 27% year -on-year in 2024 (Benchmark 14 November 2024). Benchmark forecasts demand will continue to grow, driven by an expanding Electric Vehicle (EV) and battery energy storage systems ( ESS) market (Figure 9), with global EV sales up 24% year on year to the end of June 2025 (Rho Motion). While demand growth forecasts are underpinned by stainless steel and battery growth, new industries, such as data centres, and technology like AI will also contribute (Peak Asset Management, 6 January 2025). Fastmarkets 2024 -27 forecast shows reducing nickel surpluses, with a supply gap emerging from 2028, with forecast nickel prices correspondingly rising (Figure 8). • While much of the battery industry narrative in recent years has centred around the rise of LFP technology in China, nickel -based chemistries such as Nickel Cobalt Manganese ( NCM) are expected to retain a significant share of the battery market outside China. Most lithium -ion battery producers with whom Ardea has engaged, opt for nickel cathode chemistries containing ≥90% nickel. • While short-term oversupply out of Indonesia is depressing current prices, the long -term outlook indicates that higher prices will be needed to meet projected battery demand to power the growing EV/ESS market, while demand from traditional nickel markets, such as stainless steel, is also expected to continue to grow. • Ardea considers the current downturn in the Australian nickel sector as an opportune time to be completing the DFS and ultimately developing the Goongarrie Hub, as the Company is experiencing increased access to appropriately skilled and experienced person nel and service providers, allowing KNPL to assemble an elite Owners Team. In this environment, there is increased opportunity to contain costs and maximise Project Value Engineering. Figure 9: Battery demand will grow 7-fold by 2040, while high-nickel cathodes will increase nickel demand over the long term. Graphs after: © Benchmark Mineral Intelligence, February 2025; Used with permission 11 Source: https://www.lme.com/en/metals/non-ferrous/lme-nickel#Price+graphs 12 Source: westmetall.com Figure 8: Nickel Market Balance and Price Forecast. After Fastmarkets' long-term forecasts for 2024. For personal use only
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September 2025 Quarterly Report 13 4. CORPORATE Finance The Company’s cash position was $15.5M at Quarter end with no debt. The Consortium is fully funding the DFS costs up to the agreed budget of $98.5M 13. As of 30 September 2025, the remaining balance for Consortium DFS funding is $30M. Issued capital at 30 September 2025 was 210.4M Shares, with 3.5M Performance Rights and 3M Options. Summary of Expenditures for the Quarter During the Quarter, the Company incurred a total net expenditure from operating activities of $1 7.9M. This expenditure included $16.6M expended on exploration and evaluation activities, including $16M for feasibility studies, $1.1M on staff costs and $409k for administrative and corporate expenses. Included in these costs were payments made to the Directors of the entity and their associates. These payments were Directors’ salaries, Executive Directors’ bonuses, and superannuation payments. During the Quarter, the Company received $41k in interest, $121k in other revenue, and $18.8M from the Consortium for budgeted DFS funding. Further details on Quarterly expenditures are included in the Appendix 5B – Quarterly Cashflow Report attached to this Quarterly Report. Strategic Partners • SMM and MC are fully funding the Project DFS up to $98.5M. Ardea’s majority (82.5%) owned subsidiary, KNPL, is managing the DFS. • After the DFS spend, the Consortium will have subscribed to a 35% ownership in KNPL and retain the right to increase its ownership in KNPL to 50% upon a positive Final Investment Decision by the Consortium. • During the September 2025 Quarter, Ardea Managing Director and CEO, Andrew Penkethman, KNPL Project Director, Matthew Read, and their teams continued to welcome the Consortium to their West Perth offices for DFS technical meetings and to further the collaboration between Ardea, KNP L, SMM, and MC. • Ardea, supported by its strategic advisor, ICA Partners, and the Consortium, continue to discuss the optimum funding strategy after completing the DFS. This is a priority workstream for 2025. Both SMM and MC have enviable track records of success and stron g connections to potential debt and equity providers, which can assist in financing optimisation. Investor Relations and Stakeholder Engagement During the September 2025 Quarter, management continued engagement with multiple Federal and State stakeholders. Ardea management and staff also attended several industry events, including: • Hosting a successful investor and stakeholder site visit to the Goongarrie Hub, on the sidelines of the Annual Diggers and Dealers Mining Forum in Kalgoorlie. Ardea and KNPL staff jointly attended the conference, with Andrew presenting an update on the KNP in the main auditorium. • Ardea attended the Noosa Mining Conference, meeting with several East Coast shareholders and fund managers, as well as presenting to the conference delegates. • Ardea and KNPL hosted a visit to the Kalgoorlie office, core shed and Goongarrie Hub Project site for representatives of the Japanese Embassy in Canberra. • Ardea attended a U.S. Critical Minerals Delegation, coordinated by Austrade, the Dept. of Foreign Affairs and Trade, and the Dept. of Industry, Science and Trade during September 2025, meeting with a range of representatives from the Australian and US Government and Industry bodies. The mission outlined the 13 ASX Release 30 August 2024 “KNP – Goongarrie Hub JV Transaction Complete…” For personal use only
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September 2025 Quarterly Report 14 strategic priorities of the United States Government and how Australian Critical Mineral companies can best engage, with the support and assistance of the Australian Federal Government. • Ardea travelled to Japan for in-person meetings with senior SMM and MC representatives, as well as attending a Critical Minerals Roundtable at the Australian Embassy in Tokyo and the WA Government’s delegation at the Osaka World Expo along with WA Premier Roger Cook, Federal Minister for Resources Madeleine King, and WA Mines and Petroleum Minister David Michael. Figure 10: Ardea Resources Managing Director and CEO Andrew Penkethman with the attendees of the Critical Minerals Roundtable Event at the Australian Embassy in Tokyo (top) and meeting with the Hon. Madeleine King MP – Minister for Resources and Minister for Northern Australia, and Australian Ambassador to Japan, Justin Hayhurst, as part of the WA Government’s delegation to the World Expo in Osaka (left) 5. LOOKING FORWARD Kalgoorlie Nickel Project – Goongarrie Hub DFS Ardea will continue to work with all stakeholders, including the Consortium, industry groups and Federal, State and Local Governments to ensure Project development is predicated on the highest industry standards, notably ESG. Kalgoorlie Nickel Project – Goongarrie Hub DFS • Drafting chapters of the DFS report for initial internal review, primarily on processing and NPI as final results become available. • Mineral Resource Estimate Updates: o Continue work on geology domain interpretations for DFS Mineral Resource Estimates (MRE) o Continue with resource block model updates for key deposits in the initial mining plan to support potential Resource upgrades o Updated and optimise the mine schedules, subject to the MRE updates. • Progress Heritage, Native Title and Approvals workstreams. For personal use only
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September 2025 Quarterly Report 15 Strategic Partner Relationship • Continue working collaboratively with the Consortium toward completing the DFS and Project development Funding Strategy. Stakeholder Engagement • Community consultation with our First Nations groups, the City of Kalgoorlie -Boulder, Shire of Menzies, Southern Ports Esperance and all other stakeholders. • Continue engagement with groups such as the Australian Commonwealth Government, Austrade, Department of Foreign Affairs and Trade, Critical Minerals Office, Export Finance Australia, Major Projects Facilitation Agency, WA State Government agencies, and for R&D, the FBICRC , Australian Research Council and CSIRO. Investor Relations Regular engagement with Shareholders and investors will continue in person and through Ardea’s website, LinkedIn, and Twitter (X) accounts. Stakeholders are welcome to subscribe for Ardea updates: click here This announcement is authorised for release by the Board of Ardea Resources Limited. For further information regarding Ardea, please visit https://ardearesources.com.au/ or contact: Andrew Penkethman, MD and CEO Mathew Collings, GM Corporate Development Tel +61 8 6244 5136 For personal use only
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September 2025 Quarterly Report 16 About Ardea Resources Ardea Resources (ASX:ARL) is an ASX -listed nickel development company in joint venture with Sumitomo Metal Mining and Mitsubishi Corporation to build, commission and operate a plus 30,000tpa multi -decade nickel operation14: • Development of the Kalgoorlie Nickel Project (KNP) and its sub-set, the Goongarrie Hub, a globally significant series of nickel-cobalt and Critical Mineral deposits which host the largest nickel -cobalt resource in Australia and one of the largest in the developed World at 854Mt at 0.71% nickel and 0.045% cobalt for 6.1Mt of contained nickel and 386kt of contained cobalt . The Goongarrie Hub has 584Mt for 4 .0Mt of contained nickel (Ardea 82.5% ownership, Consortium right to earn up to 50%) and Kalpini Hub has 270Mt for 2.1Mt of contained nickel (Ardea 100% unencumbered interest ) (Ardea ASX release 30 June 2023), located in a jurisdiction with exemplary Environmental Social and Governance (ESG) credentials. • Scoping Study initial programs being planned for the Kalpini Hub nickel-cobalt resources. Advanced-stage exploration at compelling nickel sulphide targets, such as Kalpini, and Critical Minerals targets including scandium and Rare Earth Elements throughout the KNP Eastern Goldfields world -class nickel-gold province, with all exploration targets complementing the KNP nickel development strategy. Follow Ardea on social media 14 See Ardea Pre-Feasibility Study ASX announcement 5 July 2023 For personal use only
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September 2025 Quarterly Report 17 COMPLIANCE STATEMENT (JORC CODE (2012)) A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for: 1. Kalpini drill results highlight cobalt-nickel mineralisation, and scandium discovery, 22 June 2017. 2. Emu Lake Nickel Sulphide Discovery confirmed with 2.72m at 5.42% Ni, 14 January 2022. 3. High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements, 14 March 2022. 4. Kalgoorlie Nickel Project Recognition on All Tiers of Australian Government, 21 March 2022. 5. Nickel sulphide anomalism from aircore drilling at Kalpini Project, 2 May 2023. 6. Mineralised Neutraliser Global Patent Lodged, 15 June 2023. 7. Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonnes Contained Nickel, 30 June 2023. 8. KNP - Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics, 5 July 2023. 9. Nickel Sulphide Prospectivity Confirmed and Lithium -Caesium-Rubidium bearing intrusives in Highway EIS drillhole, 15 December 2023. 10. Kalgoorlie Nickel Project - Goongarrie Hub DFS Drilling Underway, 4 July 2024. 11. Kalgoorlie Nickel Project – Goongarrie Hub DFS Underway, 8 July 2024. 12. Annual Report 2024, 13 September 2024. 13. Big Four & Scotia Dam RC Infill Drilling Program Complete, 14 April 2025. 14. Highway RC Infill Drilling Program Complete, 25 June 2025. 15. Goongarrie Hub Project DFS Reaches Major Milestone, 4 July 2025. 16. Heritage Agreement signed with Marlinyu Ghoorlie Claim Group, 3 September 2025. 17. Kalgoorlie Nicke Project – Goongarrie Hub DFS Update, 8 September 2025. 18. Goongarrie South RC Infill Drilling Program Complete, 22 September 2025. 19. Annual Report 2025, 24 September 2025 20. KNP’s Major Project Status renewed by Federal Government, 20 October 2025. Competent Persons Statement 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 Andrew Penkethman, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Penkethman is a full-time employee of Ardea Resource Limited and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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 Penkethman has reviewed this press release and consents to the inclusion in this report of the information in the form and context in which it appears. Mr Penkethman owns Ardea shares.The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) following JORC Code (2012) guidelines is: KNP Hub Resource Category Size (Mt) Ni (%) Co (%) Cont. Ni (kt) Cont. Co (kt) 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. The Goongarrie Hub Resources are reported on a 100% basis, with Ardea holding an 82.5% interest. 2. The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. Goongarrie Hub1 Measured 18 0.94 0.085 171 15 Indicated 277 0.70 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 Grand Total 854 0.71 0.045 6,101 386 Note: 0.5% nickel cutoff grade used to report resources. Minor discrepancies may occur due to rounding of appropriate significant figures. 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 table two of this release. 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. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements noted above and that all material For personal use only
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September 2025 Quarterly Report 18 assumptions and technical parameters underpinning the Mineral Resource Estimate and Ore Reserve in the previous market announcements 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 announcements. ASX CHAPTER 5 COMPLIANCE AND PFS CAUTIONARY STATEMENT The Company has concluded that it has a reasonable basis for providing the forward -looking statements and forecast financial information included in this announcement. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions, including the JORC modifying factors, upon which the forecast financial information is based are disclosed in this announcement. This announcement has been prepared in accordance with the JORC Code (2012) and the ASX Listing Rules. The actual results could differ materially from a conclusion, forecast or projection in the forward -looking information. Certain material factors were applied in drawing a conclusion or making a forecast or projection as reflected in the forward -looking information. The KNP - Goongarrie Hub Project is at the PFS phase and although reasonable care has been taken to make sure 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 th e information contained in this document or on its completeness. Actual results and developments of projects and the scandium 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 PFS, which are based on forward looking statements, is that the Goongarrie Hub is considered to have positive economic potential. The Mineral Resource used for the PFS was classified under JORC Code (2012) Guidelines and announced by the Company on 30 June 2023. The cut-off grades adapted for the PFS and reported in Table 2 are the basis of the production target assumed for the PFS. The Company believes it has a reasonable basis to expect to be able to fund and further develop the KNP - Goongarrie Hub. However, there is no certainty that the Company can raise funding when required. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This news release contains forward -looking statements and forward -looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of this release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s programs, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outloo k for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, and business prospects and op portunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward -looking information. Forward-looking information is based on the opinions and estimates of mana gement at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions, and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward -looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employe e relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishi ng quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave -ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and ex penses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent w ith such forward -looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this release. For personal use only
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September 2025 Quarterly Report 19 Appendix 1 Table 1 - KNP nickel and cobalt MRE based on a greater than 0.5% Ni cut-off grade. Minor discrepancies may occur due to rounding of appropriate significant figures. Legend: LUC – Local Uniform Conditioning; UC – Uniform Conditioning; OK – Ordinary Kriging. Camp Prospect Resource Size Ni Co Contained Metal Estimation Details Category (Mt) (%) (%) Ni (kt) Co (kt) Method Source Year Goongarrie 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 0.040 141 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 0.60 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 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 0.090 62 8 OK HGMC 2017 Inferred 10 0.69 0.100 68 10 OK HGMC 2017 Siberia Subtotal Indicated 24 0.70 0.061 165 14 1. The Goongarrie Hub is part of KNPL Incorporated Joint Venture. See 30 August 2024 ASX release. The Goongarrie Hub Resources are reported on a 100% basis, with Ardea holding an 82.5% interest. Inferred 163 0.69 0.038 1,127 61 Combined 186 0.69 0.040 1,292 75 KNP Goongarrie TOTAL Measured 18 0.94 0.085 171 15 Hub1 Indicated 277 0.70 0.046 1,923 127 Inferred 289 0.67 0.037 1,951 108 Combined 584 0.69 0.043 4,044 250 Bulong Taurus Inferred 14 0.84 0.051 119 7 OK Snowden 2007 Bulong East Indicated 16 1.06 0.055 169 9 OK Snowden 2004 Inferred 24 0.79 0.053 190 13 OK Snowden 2004 Bulong Subtotal Indicated 16 1.06 0.055 169 9 Inferred 38 0.81 0.052 309 20 Combined 54 0.88 0.053 477 29 Hampton Kalpini Inferred 75 0.73 0.044 550 33 OK Snowden 2004 Hampton Subtotal Inferred 75 0.73 0.044 550 33 KNP Kalpini Hub2 TOTAL Indicated 16 1.06 0.055 169 9 Inferred 114 0.76 0.047 859 53 Combined 130 0.79 0.048 1,028 62 Yerilla Jump Up Dam Measured 4 0.94 0.048 36 2 OK Snowden 2008 Indicated 42 0.78 0.043 324 18 OK Snowden 2008 Inferred 18 0.63 0.034 116 6 OK Snowden 2008 Boyce Creek Indicated 27 0.77 0.058 206 16 OK Snowden 2009 Aubils Inferred 49 0.70 0.066 346 33 OK Heron 2008 KNP Yerilla Hub2 TOTAL Measured 4 0.94 0.048 36 2 2. The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. (Now part of Kalpini Hub) Indicated 68 0.78 0.049 531 33 Inferred 68 0.68 0.057 462 39 Combined 140 0.73 0.053 1,028 74 KNP 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 GRAND TOTAL Combined 854 0.71 0.045 6,101 386 For personal use only
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September 2025 Quarterly Report 20 Table 2 - 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 Loss on Ignition (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: 1. The Ore Reserve is reported in accordance with JORC Code (2012). The Ore Reserve information shown in this ASX release has be en previously released on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with Listing Rule 5.9. 2. 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%. 3. 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 Hydr oxide Precipitate (MHP) product, and an exchange rate 0.69 USD/AUD. 4. Ore Reserves account for mining dilution and mining ore loss. 5. Ore Reserves are reported on a Dry Tonnage Basis. 6. Proven Ore Reserves are based on Measured Mineral Resources only and Probable Ore Reserves are based on Indicated Mineral Resources only. 7. The sum of individual amounts may not equal due to rounding. 8. 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. 9. The Goongarrie Hub Ore Reserve is reported here on a 100% basis, with Ardea holding an 82.5% interest. 10. The Ore Reserve Summary was detailed in ARL ASX PFS Announcement, 5 July 2023. For personal use only
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Rule 5.5 L\354217456.2ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Ardea Resources Limited ABN Quarter ended (“current quarter”) 30 614 289 342 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (589) (589) (a) exploration & evaluation (b) feasibility Studies (15,979) (15,979) (c) production - - (d) staff costs (1,082) (1,082) (e) administration and corporate costs (409) (409) 1.3 Dividends received (see note 3) - - 1.4 Interest received 41 41 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid/received 91 91 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) – 30 30 1.9 Net cash from / (used in) operating activities (17,897) (17,897) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (10) (10) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (10) (10) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (31) (31) 3.5 Proceeds from borrowings 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Consortium funding 100% of the Definitive Feasibility Study (DFS) costs ) 18,809 18,809 3.10 Net cash from / (used in) financing activities 18,778 18,778 4. Net increase / (decrease) in cash and cash equivalents for the period 871 871 4.1 Cash and cash equivalents at beginning of period 14,683 14,683 4.2 Net cash from / (used in) operating activities (item 1.9 above) (17,897) (17,897) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (10) (10) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 18,778 18,778 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 15,554 15,554 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 10,020 9,186 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) 5,534 5,497 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 15,554 14,683 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 377 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Salaries, Directors fees and Consulting fees paid to Directors - $331k Payments for Kalgoorlie Office to a Director related entity for the quarter - $28k For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (funding support arrangement) 98,500 68,215 7.4 Total financing facilities 98,500 68,215 7.5 Unused financing facilities available at quarter end 30,285 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Ardea has entered into a Cooperation Agreement and Shareholders’s Agreement with a Japanese consortium to form a joint venture to develop the Kalgoorlie Nickel Project - Goongarrie Hub (Ardea ASX announcements: 26 April 2024 and 2 September 2024). The Consortium will fund 100% of the DFS costs up to the agreed budget of approximately A$98.5 million. At the conclusion of the DFS spend, the Consortium will have subscribed to a 35% ownership in KNPL and retain the right to increase its ownership in KNPL to 50% upon a positive Final Investment Decision (FID) decision by the Consortium to build, commission and operate a plus 30,000tpa multi-decade nickel operation. On 26 April 2024, Ardea, Ardea’s subsidiary Kalgoorlie Nickel Pty Ltd (KNPL) and Sumitomo Metal Mining Co. Ltd (SMM) agreed funding support arrangements to facilitate the progression of the early DFS works while the conditions precedent to the Cooperation Agreement are being satisfied. Under the funding support arrangements, the parties have agreed a contribution plan under which SMM will advance up to A$12,000,000 in funding to KNPL, as and when funds are required to facilitate agreed early DFS works. This funding support agreement has ceased upon the signing of the Shareholders’s Agreement – with the Consortium funding 100% of the DFS costs up to the agreed budget of approximately A$98.5 million. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (17,897) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (17,897) 8.4 Cash and cash equivalents at quarter end (item 4.6) 15,554 8.5 Unused finance facilities available at quarter end (item 7.5) 30,285 8.6 Total available funding (item 8.4 + item 8.5) 45,839 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.56 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance Statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 28 October 2025 Authorised by: Ardea Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only
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September 2025 Quarterly Report 1 Tenement Schedule Ardea Resources Limited Tenement Schedule (WA) as at 30 September 2025 Tenement Location Ardea Interest Status Note Tenement Location Ardea Interest Status Note (%) (%) Goongarrie Hub (Ardea indirect interest through its 82.5% subsidiary Kalgoorlie Nickel Pty Ltd) E24/196 Goongarrie 82.5 Live 16 M24/731 Goongarrie 82.5 Live 3,16 E24/209 Goongarrie 82.5 Live 16 M24/732 Goongarrie 82.5 Live 3,16 E24/211 Goongarrie 82.5 Live 16 M24/744 Goongarrie 82.5 Live 16 E29/934 Goongarrie 82.5 Live 16 M24/778 Goongarrie 82.5 Live 3,16 E29/1028 Goongarrie 82.5 Live 16 M29/167 Goongarrie 82.5 Live 16 E29/1038 Goongarrie 82.5 Live 16 M29/202 Goongarrie 82.5 Live 16 E29/1039 Goongarrie 82.5 Live 16 M29/272 Goongarrie 82.5 Live 16 E29/1045 Goongarrie 82.5 Live 16 M29/278 Goongarrie 82.5 Live 16 E29/1048 Goongarrie 82.5 Live 16 M29/423 Goongarrie 82.5 Live 16 L24/239 Goongarrie 82.5 Live 16 M29/426 Goongarrie 82.5 Live 16 L29/134 Goongarrie 82.5 Live 16 P24/5260 Goongarrie 82.5 Live 16 L29/135 Goongarrie 82.5 Live 16 P24/5328 Goongarrie 82.5 Live 16 L30/67 Goongarrie 82.5 Live 16 P24/5329 Goongarrie 82.5 Live 16 L30/68 Goongarrie 82.5 Live 16 P24/5799 Goongarrie 82.5 Pending 16 L16/141 Goongarrie 82.5 Live 16 P24/5169 Goongarrie-Windanya 82.5 Live 16 M24/1021 Goongarrie- Windanya 82.5 Pending 16 L30/85 Goongarrie 82.5 Live 16 P29/2646 Highway North 82.5 Live 16 M24/919 Goongarrie-Scotia 82.5 Ni rights Live 6 P29/2647 Highway North 82.5 Live 16 M24/959 Goongarrie-Scotia 82.5 Ni rights Live 6 P29/2648 Highway North 82.5 Live 16 M24/541 Goongarrie 82.5 Live 16 P24/5528 Goongarrie 82.5 Live 16 P29/2559 Highway North 82.5 Live 16 E29/1082 Goongarrie 82.5 Live 16 P29/2560 Highway North 82.5 Live 16 E29/1089 Goongarrie 82.5 Live 16 P29/2501 Highway - Moriarty 82.5 Live 16 P29/2561 Highway North 82.5 Live 16 P29/2562 Highway North 82.5 Live 16 E29/941 Ghost Rocks 82.5 Live 16 E29/981 Ghost Rocks 82.5 non Li-Au rights Live 15,16 M29/214 Highway 82.5 Live 16 L16/143 Goongarrie – Credo West 82.5 Live 16 L16/144 Goongarrie – Credo West 82.5 Live 16 E29/1083 Goongarrie 82.5 Live 16 L16/145 Goongarrie – Credo West 82.5 Live 16 L16/147 Goongarrie – Credo West 82.5 Live 16 L16/146 Goongarrie – Credo West 82.5 Live 16 L16/148 Goongarrie – Credo West 82.5 Live 16 L24/252 Goongarrie 82.5 Live 16 L30/95 Goongarrie – Credo West 82.5 Live 16 E29/984 Highway North 82.5 Live 15,16 M29/424 Goongarrie 82.5 Live 16 P29/2530 Goongarrie 82.5 Live 15,16 M29/445 Highway North 82.5 Live 15,16 P29/2532 Goongarrie 82.5 Live 15,16 E29/1062 Goongarrie 82.5 Live 15,16 P29/2467 Goongarrie 82.5 Live 15,16 L24/253 Goongarrie 82.5 Live 16 P29/2468 Goongarrie 82.5 Live 15,16 L24/254 Goongarrie 82.5 Live 16 P29/2380 Goongarrie 82.5 Live 15,16 L24/255 Goongarrie 82.5 Live 16 E24/244 Goongarrie 82.5 Pending 16 E24/245 Goongarrie 82.5 Pending 16 E29/1294 Goongarrie 82.5 Pending 16 L16/159 Goongarrie-Scorpion East 82.5 Pending 16 L16/160 Goongarrie-Scorpion Central 82.5 Pending 16 L16/161 Goongarrie-Jaurdi 82.5 Pending 16 L16/162 Goongarrie-Jaurdi 82.5 Pedning 16 L16/163 Goongarrie-Jaurdi 82.5 Pending 16 L24/261 Goongarrie-Jaurdi 82.5 Pending 16 L24/262 Goongarrie-Jaurdi 82.5 Pending 16 L24/262 Goongarrie-Jaurdi 82.5 Pending 16 L24/263 Goongarrie-Jaurdi 82.5 Pending 16 L24/264 Goongarrie 82.5 Pending 16 For personal use only
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September 2025 Quarterly Report 2 Tenement Location Ardea Interest Status Note Tenement Location Ardea Interest Status Note (%) (%) Goongarrie Hub Expansion Siberia (Ardea indirect interest through its 82.5% subsidiary Kalgoorlie Nickel Pty Ltd) E24/203 Siberia North 82.5 Live 16 P24/5235 Siberia North 82.5 Live 16 E29/889 Siberia North 82.5 Live 16 P24/5236 Siberia North 82.5 Live 16 M24/634 Siberia North 82.5 non Au-Ag rights Live 1,4,16 P29/2484 Siberia North 82.5 Live 16 M24/660 Siberia North 82.5 non Au-Ag rights Live 4,16 P29/2485 Siberia North 82.5 Live 16 M24/663 Siberia North 82.5 non Au-Ag rights Live 4,16 P24/5416 Siberia North 82.5 Live 16 M24/664 Siberia North 82.5 non Au-Ag rights Live 4,16 P24/5417 Siberia North 82.5 Live 16 M24/665 Siberia North 74.25 non Au-Ag rights Live 2,4,16 P24/5418 Siberia North 82.5 Live 16 M24/683 Siberia North 82.5 non Au-Ag rights Live 4,16 P24/5566 Siberia North 82.5 Live 16 M24/686 Siberia North 82.5 non Au-Ag rights Live 4,16 P24/5567 Siberia North 82.5 Live 16 M24/772 Siberia North 82.5 non Au-Ag rights Live 4,16 L24/248 Siberia North 82.5 Live 16 M24/797 Siberia North 82.5 non Au-Ag rights Live 4,16 L24/249 Siberia North 82.5 Live 16 M24/915 Siberia North 82.5 non Au-Ag rights Live 4,16 L24/250 Siberia North 82.5 Live 16 M24/916 Siberia North 82.5 non Au-Ag rights Live 4,16 L24/251 Siberia North 82.5 Live 16 M24/1002 Siberia North 82.5 Pending 16 P24/5599 Siberia North 82.5 Live 16 P24/5618 Siberia South 82.5 Live 16 P24/5623 Siberia South 82.5 Live 16 P24/5619 Siberia South 82.5 Live 16 P24/5624 Siberia South 82.5 Live 16 P24/5620 Siberia South 82.5 Live 16 P24/5625 Siberia South 82.5 Live 16 P24/5621 Siberia South 82.5 Live 16 L29/181 Siberia North 82.5 Live 16 P24/5622 Siberia South 82.5 Live 16 L29/183 Siberia North 82.5 Live 16 L24/260 Siberia Central 82.5 Pending 16 L29/225 Siberia North 82.5 Pending 16 Goongarrie Hub Expansion Black Range (Ardea indirect interest through its 82.5% subsidiary Kalgoorlie Nickel Pty Ltd) M24/757 Black Range 82.5 non Au-Ag rights Live 4,16 M24/973 Black Range 82.5 non Au-Ag rights Pending 4,16 P24/4395 Black Range 82.5 non Au-Ag rights Live 4,16 P24/4396 Black Range 82.5 non Au-Ag rights Live 4,16 P24/4400 Black Range 82.5 non Au-Ag rights Live 4,16 P24/4401 Black Range 82.5 non Au-Ag rights Live 4,16 P24/4402 Black Range 82.5 non Au-Ag rights Live 4,16 P24/4403 Black Range 82.5 non Au-Ag rights Live 4,16 P24/5593 Black Range 82.5% non Au rights Live 14,16 P24/5594 Black Range 82.5% non Au rights Live 14,16 P24/5595 Black Range 82.5% non Au rights Live 14,16 P24/5596 Black Range 82.5% non Au rights Live 14,16 For personal use only
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September 2025 Quarterly Report 3 Tenement Location Ardea Interest Status Note Tenement Location Ardea Interest Status Note (%) (%) Kalpini Hub E27/524 Kalpini 100 non Au rights Live 9 P25/2454 Kalpini-Bulong 100 Live E27/606 Kalpini 100 Live P25/2455 Kalpini-Bulong 100 Live E27/607 Kalpini 100 Live P25/2456 Kalpini-Bulong 100 Live E28/1224 Kalpini 100 Live P25/2457 Kalpini-Bulong 100 Live E28/2978 Kalpini 100 Live P25/2458 Kalpini-Bulong 100 Live M27/395 Kalpini 100 Live P25/2459 Kalpini-Bulong 100 Live M27/506 Kalpini 100 Live P25/2460 Kalpini-Bulong 100 Live M27/512 Kalpini 100 Pending P25/2461 Kalpini-Bulong 100 Live M28/199 Kalpini 100 Live P25/2482 Kalpini-Bulong 100 Live M28/201 Kalpini 100 Live P25/2483 Kalpini-Bulong 100 non Au rights Live 14 M28/205 Kalpini 100 Live P25/2484 Kalpini-Bulong 100 non Au rights Live 14 E27/278 Kalpini-Acra 100 Ni Lat Ore Live 5 P25/2559 Kalpini-Bulong 100 non Au rights Live 14 E27/438 Kalpini-Acra 100 Ni Lat Ore Live 5 P25/2560 Kalpini-Bulong 100 non Au rights Live 14 E27/520 Kalpini-Acra 100 Ni Lat Ore Live 5 P25/2561 Kalpini-Bulong 100 non Au rights Live 14 E27/579 Kalpini-Acra 100 Ni Lat Ore Live 5 P25/2609 Kalpini-Bulong 100 Live E28/2483 Kalpini-Acra 100 Ni Lat Ore Live 5 P25/2613 Kalpini-Bulong 100 Live E25/578 Kalpini-Bulong 100 non Au rights Live 14 P25/2614 Kalpini-Bulong 100 Live M25/59 Kalpini-Bulong 100 non Au rights Live 14 P25/2615 Kalpini-Bulong 100 Live M25/134 Kalpini-Bulong 100 Live P25/2650 Kalpini-Bulong 100 non Au rights Live 14 M25/145 Kalpini-Bulong 100 Live P25/2305 Kalpini-Bulong 100 non Au rights Live 13,14 M25/151 Kalpini-Bulong 100 non Au rights Live 14 M31/488 Kalpini-Lake Rebecca 100 non Au rights Pending 14 M25/161 Kalpini-Bulong 100 Live P31/2038 Kalpini-Lake Rebecca 100 non Au rights Live 14 M25/171 Kalpini-Bulong 100 non Au rights Live 14 P31/2039 Kalpini-Lake Rebecca 100 non Au rights Live 14 M25/187 Kalpini-Bulong 100 Live P31/2040 Kalpini-Lake Rebecca 100 non Au rights Live 14 M25/209 Kalpini-Bulong 100 Live M25/19 Kalpini-Bulong 100 non Au rights Live 13,14 E27/646 Kalpini 100 Live P25/2307 Kalpini-Bulong 100 non Au rights Live 13,14 P25/2295 Kalpini-Bulong 100 non Au rights Live 14 P25/2409 Kalpini-Bulong 100 non Au rights Live 13,14 P25/2296 Kalpini-Bulong 100 non Au rights Live 13,14 L27/102 Kalpini 100 Live P25/2743 Kalpini-Bulong 100 Pending L31/88 Kalpini 100 Live E25/657 Kalpini-Bulong 100 Pending E28/3309 Kalpini 100 Live P25/2837 Kalpini-Bulong 100 Pending P25/2770 Kalpini-Bulong 100 Pending M25/377 Kalpini-Bulong 100 non Au rights Pending 14 P25/2771 Kalpini-Bulong 100 Pending P25/2768 Kalpini-Bulong 100 Pending P25/2773 Kalpini-Bulong 100 Pending P25/2769 Kalpini-Bulong 100 Live P25/2839 Kalpini-Bulong 100 Pending P25/2778 Kalpini-Bulong 100 Live P25/2766 Kalpini-Bulong 100 Live P25/2779 Kalpini-Bulong 100 Live P25/2767 Kalpini-Bulong 100 Pending P25/2838 Kalpini-Bulong 100 Pending P25/2765 Kalpini-Bulong 100 Live P25/2766 Kalpini-Bulong 100 Live P26/4543 Kalpini-Bulong 100 Live P25/2764 Kalpini-Bulong 100 Pending E27/647 Kalpini 100 Live P26/4542 Kalpini-Bulong 100 Live P28/1423 Kalpini 100 Pending Kalpini Hub - Yerilla E39/1954 Kalpini-Yerilla-Aubils 100 Live M39/1147 Kalpini-Yerilla-Aubils 100 Pending E31/1092 Kalpini-Yerilla-Boyce Creek 100 Live E31/1169 Kalpini-Yerilla-Boyce Creek 100 Live E31/1208 Kalpini-Yerilla-Boyce Creek 100 Live E31/1213 Kalpini-Yerilla-Boyce Creek 100 Live M31/483 Kalpini-Yerilla-Boyce Creek 100 Live M31/493 Kalpini-Yerilla-Boyce Creek 100 Pending M31/475 Kalpini-Yerilla-Jump Up 100 Live M31/477 Kalpini-Yerilla-Jump Up Dam 100 Live M31/479 Kalpini-Yerilla-Jump Up 100 Live For personal use only
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September 2025 Quarterly Report 4 Tenement Location Ardea Interest Status Note Tenement Location Ardea Interest Status Note (%) (%) WA Regional M15/1101 WA Regional Pre-emp Ni-Co Lat Live 7 M15/1263 WA Regional Pre-emp Ni-Co Lat Live 7 M15/1264 WA Regional Pre-emp Ni-Co Lat Live 7 M15/1323 WA Regional Pre-emp Ni-Co Lat Live 7 M15/1338 WA Regional Pre-emp Ni-Co Lat Live 7 M27/510 WA Regional 100 Ni Lat Ore Live 8 M27/272 Kanowna East Non-Au Rights Live 10 E29/1010 Siberia North 100 Live E40/350 Kookynie Non-Au Rights Live 11 E40/357 Kookynie Non-Au Rights Live 11 E29/1006 Perrinvale 100 non Au rights Live 14 E37/1271 Mt Zephyr 20 Live 12 E39/1706 Mt Zephyr 20 Live 12 E39/1854 Mt Zephyr 20 Live 12 E39/2520 Mt Zephyr 100 Pending Notes: 1. Britannia Gold Ltd retains precious metal rights. 2. Impress Ventures Ltd has a 10% equity free-carried interest to a decision to mine. 3. Norton Gold Fields Limited retains certain Au claw-back rights and royalty receivable. 4. Ora Banda Mining Ltd holds Au-Ag rights while Ardea retains all non Au-Ag rights. 5. Acra – Held by Essential Metals Limited, wholly owned subsidiary of Develop Global. Ardea retains rights to Ni laterite ore. 6. Black Mountain Gold Limited all rights with exception of Ardea retaining Ni rights. 7. Ramelius Resources Limited assignee (Maximus Resources Ltd) all rights, Ardea pre-emptive right to Ni-Co laterite. 8. Paddington Gold Pty Ltd all mineral rights (except nickel sulphide) while Ardea retains rights to nickel laterite ore. 9. By Sale Agreement between Northern Star (Carosue Dam) Pty Ltd and Kalnorth Gold Mines Ltd, Northern Star (Carosue Dam) Pty Ltd now owns Au rights while Ardea retains non-Au rights. 10. Northern Star (Kanowna) Limited holds Au rights. Ardea retains non-Au rights. 11. The Option to purchase the tenements was transferred to Arika Resources Limited (renamed from Metalicity Limited) on 21 November 2020. Ardea retains non Au rights. By a Deed of Covenant, Assignment & Assumption dated 30 July 2025, Ardea has assigned and Kalgoorlie Nickel Pty Ltd has assumed Ardea’s rights under the Option agreement. 12. The Mt Zephyr/Darlot East tenements were farmed out to Red 5 Limited on 18 November 2020 whereby Red 5 Limited earn ed 80% equity interest. Red 5 Limited merged with Silver Lake Resources Limited in late 2024 and the combined entity is known as Vault Minerals Limited. Ardea is free carried to Decision to Mine. 13. Purchase of tenements by Binding Terms Sheet and Alluvial Rights Agreements dated 4 June 2021 between the Seller Steven Lione l Kean and Ardea Resources Limited. Ardea retains non Au rights. 14. By way of the Demerger Implementation Deed executed between Ardea Resources Limited, Kalgoorlie Gold Mining Limited, Yerilla Nickel Pty Ltd, Kalgoorlie Nickel Pty Ltd and Ardea Exploration Pty Ltd dated 9 September 2021, certain tenements have been transferred to Kalgoorlie Gold Mining Limited. For certain other tenements, Ardea Resources Limited or its subsidiaries will continue to hold and retain non -gold rights while Kalgoorlie Gold Mining Limited retains gold rights only. 15. Tenement Swap Agreement between Brightstar Resources Limited subsidiaries, Goongarrie Operational and Mining Pty Ltd and Menz ies Operational and Mining Pty Ltd, and Ardea Resources Limited subsidiary, Kalgoorlie Nickel Pty Ltd dated 15 July 2023. E29/1062 Infrastructure Rights only. E29/981, Brightstar has lithium and gold rights. 16. The Japanese Consortium may acquire 50% equity of Kalgoorlie Nickel Pty Ltd, being the tenement holder, by completing the Goongarrie Hub DFS and making a positive FID, refer to ASX announcements 26 April 2024 and 30 August 2024 . During the current Quarter, the Japanese Consortium has earned a combined holding of 17.5% in Kalgoorlie Nickel Pty Ltd (ASX Announcement 4 July 2025) having successfully expended 50% of its DFS funds. Interests in Mining Tenements and Petroleum Tenements Acquired or Increased during the September Quarter 2025 Tenement Location Ardea Interest % Status Tenement Location Ardea Interest % Status Nil For personal use only