ARDEA RESOURCES LIMITED — Capital/Financing Update 2018

Jun 13, 2018

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KPMG appointed as Corporate Advisor for Ardea Strategic Partner process

ASX & Media Release

14 June 2018

ASX Symbol

Ardea Resources Limited (“Ardea” or the “Company”) is pleased to announce the appointment of leading advisory firm KMPG as a Strategic Corporate Advisor to the Company.

ARL

Ardea Resources Limited

Suite 2, 45 Ord St West Perth WA 6005

KPMG Australia Corporate Finance’s Metals and Mining team (“KPMG”) will run a competitive process to identify and attract one or more strategic financing partners (“Strategic Partner”) to support the development of the flagship Goongarrie Nickel-Cobalt Project (“Goongarrie”, or the “Project”)

PO Box 1433 West Perth WA 6872

Telephone

Ardea has received a number of in-bound approaches from potential Strategic Partners interested in financing the development of Goongarrie following the successful Pre-Feasibility Study (“PFS”) released in March 2018.

+61 8 6244 5136

Email

• PFS highlighted a strong base case for initial mining at Goongarrie. The PFS reviewed a base case of 1.0 Mtpa and a 1.5 Mtpa option.

ardea@ardearesources.com.au

Website

Case	Pre-tax NPV8	Post-tax NPV8	IRR	Payback
1.0 Mtpa	A$1.43 billion	A$1.04 billion	25 %	5.3 years
1.5 Mtpa	A$1.93 billion	A$1.40 billion	25 %	5.6 years

www.ardearesources.com.au

Directors

• A 2.25 Mtpa scoping study is underway to expand on the 1.0 and 1.5 Mtpa PFS options with increased scale expected to significantly enhance project economics and shareholder returns.

Katina Law Chair

Brett Clark Managing Director & CEO

The key interest from potential Strategic Partners is to secure a long term, reliable and ethical supply of key battery minerals including nickel and cobalt from Goongarrie through offtake and direct investment in the Project, which hosts the largest cobalt resource in the developed world.

Ian Buchhorn Executive Director

Wayne Bramwell Non-Executive Director

KPMG and Ardea will undertake a global competitive process and expects interest from industrial conglomerates, battery manufacturers, automakers, device manufacturers and other parties with requisite balance sheet support. This will allow the Company to fast-track the development of the Project.

Issued Capital

Fully Paid Ordinary Shares 104,990,413

Unlisted options exercisable at $0.25 12,310,022

KPMG was the leading mid-market M&A advisor in 2017 in Australia and globally. It has a worldwide reach with offices in over 80 countries and extensive cross-border abilities.

Directors/Employee Performance Rights 2,990,000

Managing Director Brett Clark said:

“We are delighted to have a firm of the calibre of KMPG to assist Ardea. They have a dedicated professional team with a global reach and will be focussed on the best outcome for Ardea as it continues its transition towards becoming a developer of its substantial Goongarrie Nickel-Cobalt Project”.

ABN 30 614 289 342

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ABOUT ARDEA RESOURCES

Ardea Resources (ASX:ARL) is an Australian resources company with an extensive portfolio of nickel, cobalt, gold and zinc assets in Western Australia and New South Wales. Ardea owns 100% of the Kalgoorlie Nickel Project (KNP), a globally significant series of nickel-cobalt laterite deposits which host the largest cobalt resource in the developed world. Ardea is focused on the development of the Goongarrie Nickel Cobalt Project 80km north of Kalgoorlie WA. Ardea has recently released a PFS on this project and has commenced Definitive Feasibility Study programs.

For further information regarding Ardea, please visit www.ardearesources.com.au or contact:

KPMG Corporate FInance

Ardea Resources:

Mr. Brett Clark Mr Greg Evans Managing Director, Ardea Resources Limited Partner – KPMG Tel +61 8 6244 5136 Telephone +61 8 9263 7129

Media or Investor Inquiries:

Michael Weir, Citadel Magnus Tel +61 8 6160 4900

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