ARDEA RESOURCES LIMITED — Capital/Financing Update 2020

Oct 8, 2020

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Successful A$1.3M Raising from Share Purchase Plan

ASX & Media Release

9 October 2020

ASX Symbol

ARL

Ardea Resources Limited ( Ardea or the Company ) is pleased to announce that it has received funds totalling $1.3 million from shareholders under the Share Purchase Plan (SPP) that was undertaken at $0.47, being the same share price as the Placement to institutional, sophisticated and professional investors (ASX release 18 September 2020).

Ardea Resources Limited

Suite 2 / 45 Ord St West Perth WA 6005

PO Box 1433 West Perth WA 6872

This brings the total Capital raised from the SPP and Placement to A$4.8 million before costs.

Eligible Ardea Directors subscribed for their full SPP entitlement.

Telephone

+61 8 6244 5136

A total of 2,761,637 New Shares will be issued on 12 October 2020 under the SPP which will increase the total issued capital to 127,508,883 Fully Paid Ordinary Shares.

Email

ardea@ardearesources.com.au

Ardea Managing Director, Mr Penkethman commented as follows:

“I would like to take this opportunity to thank Ardea Shareholders for their support and participation in the Share Purchase Plan.

Website

www.ardearesources.com.au

The proceeds from the Share Purchase Plan and the placement will enable Ardea to maintain momentum on drilling out its emerging gold discoveries and continue work on other priority Kalgoorlie Nickel Project tenements, including our flagship Goongarrie Nickel Cobalt Project.”

Directors

Mat Longworth Non-Executive Chair

Andrew Penkethman Managing Director & CEO

Authorised for lodgement by the Board of Ardea Resources Limited.

Ian Buchhorn Technical Executive Director

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

Executive Management

Andrew Penkethman Managing Director and Chief Executive Officer Tel +61 8 6244 5136

Sam Middlemas Company Secretary & CFO

Matt Painter General Manager Exploration

Issued Capital

Fully Paid Ordinary Shares 124,747,246

Directors/Employee Performance Rights 3,711,000

ABN 30 614 289 342

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About Ardea Resources

Ardea Resources (ASX:ARL) is an ASX-listed resources company, with a large portfolio of 100% controlled West Australian-based projects, focussed on:

• Development of the Goongarrie Nickel Cobalt Project, which is part of the Kalgoorlie Nickel Project, a globally significant series of nickel-cobalt deposits which host the largest nickel-cobalt resource in the developed world, coincidentally located as a cover sequence overlying fertile orogenic gold targets; and

• Advanced-stage exploration within its WA nickel sulphide and gold exploration tenure located on crustalscale Tectonic Zone structures in lake settings within the Eastern Goldfields world-class nickel-gold province.

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----- Start of picture text ----- Multiple targets defined and beingsystematically exploredArdea controls a large,strategic land holding inWestern AustraliaTarget review currentAustralia’s premier nickel-cobaltproject----- End of picture text -----

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