ARDEA RESOURCES LIMITED — Capital/Financing Update 2021

Oct 21, 2021

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FBICRC signs contract for $18M flagship Cathode Precursor Production Pilot Plant

ASX & Media Release

22 October 2022

Ardea Resources Limited ( Ardea or ARL ) is pleased to advise that the Future Battery Industries Cooperative Research Centre ( FBICRC ), of which Ardea is an active member, has signed a contract valued at $18M to design and commission the FBICRC’s flagship Cathode Precursor Production ( PCAM ) Pilot Plant in Western Australia.

ASX Symbol

ARL

Ardea Resources Limited

Suite 2 / 45 Ord St West Perth WA 6005

The consortium of FBICRC participants includes some of the largest nickel and chemicals producers in the world who are working with companies such as Ardea to produce from locally sourced materials, the present generation of cathode chemistries for the batteries used in electric vehicles.

PO Box 1433 West Perth WA 6872

Ardea’s globally significant Kalgoorlie Nickel Project ( KNP ) with its contained 5.9Mt nickel and 384kt contained cobalt (ARL ASX release 16 June 2021) is well placed to provide essential supplies of nickel and cobalt for the rapidly expanding Lithium Ion Battery sector.

Telephone

+61 8 6244 5136

Email

Installation and commissioning of the FBICRC Cathode Precursor Production Pilot Plant is to commence within Q1 2022 and will add value in downstream processing within Australia for the global electric vehicle market.

ardea@ardearesources.com.au

Website

Ardea has assembled suitable bulk drill sample material from current Goongarrie Hub drilling, consisting of 39 diamond drill holes for 3,203m, plus product from the 2018 PFS Goongarrie pilot run as test material, which will be provided to the PCAM Pilot Plant to be assessed as part of the Pilot Plant. The diamond drilling samples will also be used for Ardea’s metallurgical testwork as part of continuing feasibility study work streams. Results, including results from the PCAM Pilot Plant test work, will be reported in the coming months as the information becomes available and has been interpreted.

www.ardearesources.com.au

Directors

Mat Longworth Non-Executive Chair

Andrew Penkethman Managing Director & CEO

Ian Buchhorn Technical Executive Director

Ardea Managing Director Andrew Penkethman noted :

Executive Management

“Ardea continues to be an active member of the FBICRC and is optimising an enhanced flow sheet for the Kalgoorlie Nickel Project to also include additional Critical Mineral by-products such as Scandium and Rare Earth Elements.

Sam Middlemas Company Secretary & CFO

Mike Miller General Manager Technical Services

Ardea’s collaborative research at the FBICRC includes achieving the ability to trace and track nickel-cobalt products through the supply chain and with Environmental Social and Governance considerations at the forefront of the way Ardea does business, helps confirm that the Kalgoorlie Nickel Project development is based on sustainable and ethical principles.”

Alex Mukherji Manager Land Access & Compliance

Authorised for lodgement by the Board of Ardea Resources Limited.

Issued Capital

Fully Paid Ordinary Shares 138,034,219

Links to the Government of Western Australia, Mines and Petroleum Minister Bill Johnston Media Release and FBICRC Media release follow:

Directors/Employee Performance Rights 4,667,000

• https://www.mediastatements.wa.gov.au/Pages/McGowan/2021/10/Government support-for-progressing-battery-manufacture-in-WA--.aspx

ABN 30 614 289 342

https://fbicrc.com.au/fbicrc-signs-contract-for-18m-flagship-cathode-precursor- - production pilot plant/

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

Andrew Penkethman

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

About Ardea Resources

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

• Feasibility Study for the 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 nickelcobalt resource in the developed world at 830Mt at 0.71% nickel and 0.046% cobalt for 5.9Mt of contained nickel and 380kt of contained cobalt (ARL ASX release 16 June 2021) located in a jurisdiction with exemplary ESG credentials.

• Advanced-stage exploration at compelling nickel sulphide and Critical Minerals targets within the KNP’s Kalgoorlie world-class nickel-gold province with all exploration targets complementing the KNP nickel development strategy.

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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 news 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 ability to complete the Ardea spin-out of Kalgoorlie Gold Mining Limited, the timing and amount of funding required to execute the Company’s exploration, 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 outlook 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 opportunities. 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 management 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, the ability to complete the Ardea spin-out of Kalgoorlie Gold Mining Limited on the basis of the proposed terms and timing or at all, 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, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing 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 expenses, 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 with such forwardlooking 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 news release.

Competent Person Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information reviewed or compiled by Mr Andrew Penkethman, who is a Fellow of the Australian Institute of Mining and Metallurgy and Member of the Australian Institute of Geoscientists. Mr Penkethman is an Ardea employee 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. Mr Penkethman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Penkethman owns shares in Ardea.

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