ARDEA RESOURCES LIMITED

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Kalgoorlie Gold Mining Limited: Spin-out of Ardea’s Kalgoorlie-based gold assets

ASX & Media Release

24 August 2021

Ardea Resources Limited ( Ardea ) advises on the progress of the proposed spinout of its Kalgoorlie region gold tenements into a new Initial Public Offering ( IPO ) named Kalgoorlie Gold Mining Limited ( KalGold ).

ASX Symbol

ARL

KalGold will offer existing Ardea shareholders, and new subscribers to the IPO, exposure to a publicly-listed company with a portfolio of gold exploration assets in the highly gold-prospective Kalgoorlie region of the Eastern Goldfields, WA.

Suite 2 / 45 Ord St West Perth WA 6005

Highlights of the proposed IPO include:

PO Box 1433 West Perth WA 6872

Ardea Shareholders to receive an in-specie distribution of 35 million KalGold vendor shares at nil cost , plus have a priority right to subscribe for KalGold IPO shares.

Telephone

+61 8 6244 5136

The capital raise to include the issue of up to 60 million new fully paid ordinary shares in KalGold at an issue price of $0.20 per share, raising up to $12 million for exploration and development before IPO costs.

Email

[email protected]

A portfolio of 1,077km[2] in 73 tenements with multiple gold drill targets within 150km of Australia’s gold capital, the City of Kalgoorlie Boulder , universally accepted as Australia’s premium gold destination.

Website

www.ardearesources.com.au

Leveraging off an established operations team based in West Kalgoorlie to quickly advance targets post IPO towards production, notably at Bulong.

Directors

Through this proposed restructure of assets, the Ardea management team has now

Mat Longworth Non-Executive Chair

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commenced a Feasibility Study ( FS ) for the Kalgoorlie Nickel Project ( KNP ) following the positive Pre-Feasibility Study in 2018 and resource upgrades in 2021[1] . With appreciating nickel demand and price, there is an increasing level of development interest arising from the Strategic Partner process.

Andrew Penkethman Managing Director & CEO

Ian Buchhorn Technical Executive Director

Executive Management

Sam Middlemas Company Secretary & CFO

Matt Painter General Manager Exploration

The previous Ardea demerger and tenement rationalisation exercises have been the successful spin-out of the NSW assets into Godolphin Resources Limited (ASX:GRL) in December 2019, farm-outs of Mt Zephyr and Darlot East and Mulga Plum in 2020 and provisional sale of Bedonia in 2021[2] .

Mike Miller General Manager Tech Services

Alex Mukherji Manager Land Access & Compliance

Figure 1 – Gold from ongoing third party eluvial workings at Turnpike, within the Bulong Taurus project. Photo shows actual metal-detected nuggets recovered the week of 1 June 2021 (dish field of view 20cm) from central P25/2295.

Issued Capital

Fully Paid Ordinary Shares 138,034,219

Directors/Employee Performance Rights 4,667,000

1 ASX releases – 28 March and 24 July 2018 and 15 February and 16 June 2021.

2 ASX releases - 18 December 2018; 19 and 23 November 2019; 9 and 26 February 2021.

ABN 30 614 289 342

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Ardea Managing Director Andrew Penkethman noted :

The current work commitments around the KNP feasibility programs and Strategic Partner process are such that Ardea needs to continue the streamlining of the Company corporate structure which commenced with the 2019 Godolphin spin-out.

Ardea and KalGold will become totally separate entities, though will continue to work hand-in-hand through a shared West Kalgoorlie office and most notably, joint access to the immensely valuable Ardea historic drill sample pulp archive.

The proposed spin-out will give Ardea Shareholders the choice of either a nickel or gold focus, or as is the Board’s intention, continue a significant exposure to both.

This document lays out the proposed details of the corporate transactions that will result in the successful listing of KalGold, with some new details regarding the Bulong Taurus gold project and regional exploration strategies.

GOLD SPIN-OUT UNLOCKING THE VALUE OF ARDEA’S KALGOORLIE MINERAL ASSETS

Introducing Kalgoorlie Gold Mining Limited

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Ardea Resources Limited ( Ardea ) is pleased to provide this update on the proposed spin out of its wholly-owned subsidiary, Kalgoorlie Gold Mining Limited (KalGold, KAL or the Company, Figure 2) through an Initial Public Offering (the Proposed Transaction ).

KalGold’s development focus will be the major gold-hosting Tectonic Zones of the Kalgoorlie region, being from west to east the Zuleika Shear ( ZS ), Bardoc Tectonic Zone ( BTZ ), Mt Monger Goddard Fault ( MMGF ), Emu Fault ( EF ), Keith Kilkenny Tectonic Zone ( KKTZ ) and Laverton Tectonic Zone ( LTZ ) (Figure 3 and 4).

Figure 2 – KalGold’s corporate logo.

The Proposed Transaction is subject to various conditions, including approval by Ardea Shareholders at an Extraordinary General Meeting ( EGM ) proposed for Q4 2021.

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The Ardea Board is committed to unlocking the significant value held in these Kalgoorlie gold assets, and believe that value accretion is best achieved through the ASX listing of a focused, standalone gold exploration and development company, with dedicated funding and a specialist board and management team.

Kalgoorlie Gold Mining Limited is currently a wholly-owned subsidiary of Ardea and will become the IPO vehicle. Included in Kalgoorlie Gold Mining Limited’s assets is its subsidiary Yerilla Nickel Pty Ltd which holds the majority of the IPO tenure being transferred to KalGold.

Since its listing in 2017, Ardea has become a significant mineral tenement holder in the Kalgoorlie region with 197 tenements covering 4,333km[2] , mainly with tenure associated with nickel occurrences within the key Eastern Goldfields of WA Tectonic Zones. Critically, these same Tectonic Zone crustal structures also host significant gold deposits. This dominant Ardea land position has been acquired through detailed project scale and regional data compilation and analysis originally aimed at securing additional nickel tenure for the KNP. This work has in parallel highlighted the gold prospectivity of the KalGold tenements.

Figure 3 – KalGold’s projects are within easy access of Australia’s gold mining capital, Kalgoorlie Boulder.

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Figure 4 – Location plan and Kalgoorlie Gold Mining Tenement Holding relative to the major tectonic elements of the Eastern Goldfields around Kalgoorlie Boulder.

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Work completed thus far by Ardea has advanced its Kalgoorlie projects to drill-ready. In particular, work programs include re-assay for pathfinders of gold and nickel sulphides within Ardea’s vast drill sample assay pulp archive, along with digitally capturing historic exploration data and ground truthing leading to the definition of walk-up drill targets on dominantly granted tenure including Mining Leases (better facilitates the transition to production).

Indicative Proposed Capital Structure:

The Ardea Board seeks to reward the support of Ardea Shareholders through an in-specie distribution of shares in KalGold. As currently envisaged, the IPO also proposes to raise up to $12 million through the issue of up to 60 million new $0.20 fully paid ordinarily shares to fund the operations and development activity.

Ardea is to receive a vendor share consideration of 35 million shares at $0.20 shares, valued at $7 million reflecting Ardea’s historic acquisition and exploration cost base ( KalGold Vendor Shares ).
Additionally Ardea is to receive an escrowed vendor share consideration of 9 million shares at $0.20 shares, valued at $1.8 million reflecting recent Ardea acquisition outlays ( KalGold Escrowed Vendor Shares ).
Ardea is to receive and itself continue to hold a vendor option consideration of 15 million options exercisable at $0.25 each on or before 3 years from issue ( KalGold Vendor Options ).
As at the IPO Record Date, Ardea Shareholders will receive an in-specie distribution of the 35 million KalGold Vendor Shares at nil cost, plus have a priority right to subscribe for KalGold IPO Shares. The approximate distribution is expected to be 1 KalGold Share for each 4 Ardea Shares , as held at the Record Date (which is to be determined).
The IPO issue will be up to 60 million new shares at $0.20, raising up to $12 million ( KalGold IPO Shares ), to facilitate drill exploration and development of the portfolio of gold targets.
KalGold will issue 3 million Management options to the new KalGold management team and up to 3 million Lead Manager options exercisable at $0.25 each on or before 3 years from issue.

The proposed capital structure is detailed below:

Table 1: Proposed KalGold capital structure.

Securities Terms Description	Raise up to $12.0M
	Shares Options
KalGold Subscription Subscription shares	100
KalGold Vendor Shares to ARL $0.20 In-specie distribution to Ardea shareholders	35,000,000
KalGold Vendor Options to ARL $0.25, 3 years Allocation to Ardea Corporate for vend in of assets	15,000,000
KalGold Vendor Shares to ARL to be escrowed $0.20 Retained by Ardea	9,000,000
KalGold Vendor Shares to independent prospectors to be escrowed $0.20	5,000,000
KalGold IPO Shares $0.20 New shareholder issue	60,000,000
Management Options $0.25 3 years	3,000,000
Lead Manager Options $0.25 3 years	Up to 3,000,000
Total Securities	109,000,100 21,000,000
Total issued securities at IPO if fully subscribed	130,000,100
Loyalty Options Max of 125% x 5 day WVAP, or $0.25,1year 1:3 issued for in-specie & IPO securities held at 4 months from IPO if fully subscribed	36,333,366
Total Securities	109,000,100 57,333,366
Total issued securities at 4 months from IPO if fully subscribed	166,333,466

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Significantly, KalGold intends to issue its share-holders Loyalty Options on the basis of one free option for every three KalGold shares as registered as at approximately 4 months following listing under a separate loyalty options prospectus. Each free option will have an exercisable price being the greater of a 25% premium to the 5 Day VWAP four months after listing or $0.25, exercisable up to one year after issue.

Having received favourable responses regarding the proposed KalGold IPO, Ardea has appointed Joint Lead Managers for the IPO, being amicaa and MST Financial.

Details relating to the indicative proposed structure may change prior to final Prospectus lodgement.

Following listing, KalGold will have five leading projects warranting significant drill exploration:

Bulong Taurus Extensive, high-grade historic drill results of up to 5m at 52.1g/t Au (Great Ophir) and 10m at 35.6g/t Au (Central Taurus), and up to 118g/t gold in 2020 Ardea channel sampling around historic shafts.
LTZ Zelica South Located on southern pit boundary of the Zelica gold opencut, along structure.
KKTZ Aubils Historic gold intercepts in limited gold assaying of nickel laterite drill holes.
KKTZ Lake Rebecca Historic gold intercepts in limited gold assaying of nickel laterite drill holes.
Perrinvale Zuleika Shear under cover, with minimal prior exploration and no drilling.
Kalgoorlie North and east boundary of Kalgoorlie adjoining KCGM Two Up gold discovery.

Proposed Transaction

The Proposed Transaction spin-out aims to facilitate the creation of two distinct and separate independent ASX-listed companies:

Ardea, with its existing Board and senior executive team, as a lithium-ion battery minerals project developer solely focused on the KNP FS and securing a Strategic Partner for fast tracking the KNP and its sub-set Goongarrie Hub towards nickel-cobalt-scandium production; and
KalGold as a gold exploration/development company with a 100% interest in the Kalgoorlie area gold rights, aiming to commission a future gold mining operation with Bulong the leading target, and complete value adding corporate transactions.

The separation of the non-gold Ardea assets and gold KalGold assets will be facilitated through a Demerger Implementation Deed, which is being finalised ahead of lodging an Ardea Notice of Meeting to approve the demerger and the KalGold Prospectus to raise up to $12 million. In due course, this will be available on-line to Ardea Shareholders.

Where Ardea has defined nickel-cobalt-scandium resources or advanced nickel sulphide targets, Ardea will remain as the registered tenement holder, with gold rights transferred to KalGold. The two companies will equally share tenement maintenance costs (being Bulong, the Keith Kilkenny Tectonic Zone - Aubils, Boyce Creek-Jump Up Dam and Lake Rebecca prospects, and Perrinvale). Either party may withdraw at any time from the shared rights arrangement, as dependent upon exploration results and strategic focus.

Where no nickel-cobalt-scandium resources, KalGold will become the registered tenement holder, with all mineral rights owned by KalGold (being Kalgoorlie, Laverton Tectonic Zone, Pianto South and Davies Dam).

Key appointments include:

HWL Ebsworth has been appointed to manage the listing of KalGold.
Butler Settineri has been appointed to prepare the Independent Accountants Report.
Cube Consulting was appointed Independent Technical Expert in November 2020 and has completed a technical review of the IPO projects.
Joint Lead Managers are amicaa and MST Financial .

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Process and Indicative Timetable

The proposed activities for effecting the Kalgoorlie Gold Mining spin-out include:

Ardea Shareholders to vote on approving the Proposed Transaction at an EGM, at which time three days following the EGM the Record Date for eligibility for KalGold in-specie shares would be set.
KalGold will undertake a public offer, with Ardea Shareholders and select investors under a chairman's list having a priority entitlement.
Upon satisfying the conditions of admission to the ASX, the in-specie distribution will become effective and Ardea Shareholders and those subscribing for shares under the public offer will be able to trade their KalGold shares on ASX.
Foreign Ardea Shareholders unable to participate in the in-specie distribution (due to ASIC guidelines) will have their in-specie shares sold and the net proceeds paid to them.

Persons wishing to acquire KalGold shares will be able to access a prospectus on-line, and complete the application form that will accompany the prospectus to subscribe for shares under KalGold’s public offer.

Further updates will be provided as appropriate.

Management Team and Operations

KalGold has appointed a well-credentialled Board to oversee its listing and operations. The Board comprises both technical and commercial expertise with a strong mining industry and Kalgoorlie commitment – three directors and the Company Secretary either live or have lived in the Eastern Goldfields of WA.

Ms Pauline Gately has been appointed Non-Executive Chair. Ms Gately is an accomplished investment strategist and seasoned director with experience across a portfolio of Board positions. Pauline brings a sharp commercial focus to strategy underpinned by 20-years investment banking experience. Her experience within the resources sector spans acquisitions, exploration, and project development through to production.
Dr Matt Painter has been appointed Managing Director and Chief Executive Officer . Dr Painter is a geologist with over 25 years’ experience in the mining industry with groups including Ardea Resources, AngloGold Ashanti and the Geological Survey of Western Australia. He has worked globally on gold mining, development and exploration projects. Dr Painter was the founding MD of Ardea Resources, overseeing delivery of the pre-feasibility study on the Goongarrie nickel-cobalt laterite project before stepping back to a technical role, targeting and defining a string of Ardea gold discoveries.
Ms Carmel McKenzie has been appointed Non-Executive Director . Ms McKenzie is a practicing lawyer with mining law focus and principle of legal firm, McKenzie & McKenzie based in the City of Kalgoorlie-Boulder. Ms McKenzie has been advising exploration and mining companies in legal matters for over 25 years.
Mr Andrew Penkethman has been appointed Non-Executive Director . Mr Penkethman is a geologist with more than 25 years’ technical and corporate experience with a number of listed public companies from exploration through to discovery, feasibility study management, development and operations within Australia and overseas. Mr Penkethman is the current Managing Director and CEO of Ardea and is Ardea’s nominee director in KalGold.
Mr Graeme Smith has been appointed Company Secretary and Chief Financial Officer . Mr Smith is an experienced resources sector executive having held Company Secretary and Chief Financial Officer roles for several ASX listed companies, including companies that have successfully made the transition from gold explorer to profitable gold producer.
Mr Scott Herrmann has been appointed Exploration Manager. Mr Herrmann is a geologist with 20 years’ experience in exploration, resource development and production roles across a range of different commodities. Mr Herrmann was most recently Senior Project Geologist with an ASX listed WA gold producer with operations located northwest of Kalgoorlie.

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The Management Team will be assisted part-time on a cost-reimbursement basis by Ardea executive director Ian Buchhorn (two decades of Kalgoorlie gold experience as a Registered Mine Manager, managing custom milling campaigns and providing contract grade control, as well as three terms as an elected member on the City of Kalgoorlie-Boulder council). Data Base Management and Tenement Management will be a 50:50 shared arrangement with Ardea’s DBM and Tenement Manager whose expertise with the KNP data base and tenements is exceptional.

In terms of office location, in view of the initial KalGold exploration focussing on the KNP drill pulp archives and followup field work, it was felt efficient for KalGold to initially share office/warehouse facilities with Ardea’s existing West Kalgoorlie operation. As projects evolve towards production, separate facilitates are expected.

Exploration Strategy

There are four key strategies on KalGold’s path to discovery and gold production:

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1. Bulong Taurus Gold Project (Resource Definition, Development, and Production)

Central, Great Ophir, Turnpike, and others

Significant historic gold mines in the Taurus gold mining centre including the Great Ophir, Central and Turnpike prospects. Historic 1990s-era drill hole datasets which define extensive mineralisation will be confirmed and extended as appropriate, providing an opportunity for rapid conversion to JORC-compliant gold resources. Historic data collation and digitisation is ongoing, but four prospects (Figure 6) will be the main focus of forthcoming KalGold work.

Figure 5 – Eluvial gold nugget from immediately down-slope from the historic Taurus Great Ophir gold mine at Bulong. The nugget was retrieved from M25/151 near to the Fremantle workings.

Great Ophir mine (M25/151). Historic workings and battery. 1990s exploration highlighted shallow highgrade intercepts that have not been followed up and are open in all directions e.g. TAC-004, 5m at 52.1g/t Au from 15m. KalGold’s first drill program will confirm TAC-004 and follow-up the down-dip extent of the Great Ophir prospect. Ongoing eluvial gold workings suggest widespread untested bedrock potential.
Central prospect (M25/19). Extensive RC and some diamond drilling in the 1990s to define a shallow (non-JORC) resource is being re-evaluated. Extensive alteration and local high-grade mineralisation depicted by BD6 (see Appendix 1, 2 & 3). Best intercepts were 10m at 39.13g/t Au from 128m including 1m at 34.3g/t Au from 132m and 3m at 115.7g/t Au from 135m, all within a 21m thick mineralised and altered zone. KalGold drilling programs will include confirming BD6 and follow up on fresh mineralisation at depth whilst testing near-surface oxide potential.
Trafalgar prospect (P25/2306). 1990s RAB drilling identified shallow gold mineralisation that has not been followed up e.g., BGRB244, 4m at 9.34g/t Au from 16m. Reassessment of Trafalgar as part of a larger play is underway.
Turnpike prospect (P25/2295). Current eluvial gold workings are uncovering buried primary orogenic gold veining and stockworks on structures that have not previously been explored. Other RC drilling from 2013 identified local high-grades that have not been integrated into a regional model e.g., BERC021, 4m at 6.81g/t Au from 24m and 8m at 2.64g/t Au from 72m (including 4m at 4.59g/t Au from 76m).

Exceptional recent metal detecting gold nugget discoveries substantially boost the prospectivity for primary orogenic gold within underlying bedrock, with fine filigree gold attached to quartz veins (e.g. Figure 1 and 5).

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Such attributes confirm the nugget discoveries are in proximity to buried, otherwise obscured bedrock lode structures, and coincidentally, high grade drill assays are present in historic drilling associated with the structures. It must be noted that KalGold does not own the rights to alluvial or eluvial gold at Bulong Taurus. These are presently being worked by a third party. These ongoing works provide valuable information regarding the distributions of gold beneath transported materials with KalGold to be kept updated on future alluvial discoveries which will greatly assist exploration efforts.

KalGold views Bulong Taurus as a strong candidate for early gold production and cash-flow, either with a standalone KalGold Bulong mill or custom milling at one of the multiple local plants centred on Kalgoorlie.

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Figure 6 –The Bulong Taurus project area contains numerous historic workings containing outstanding, high-grade, shallow gold mineralisation. Several deeper holes show depth continuation. All assay results recovered from historic WAMEX reports and recalculated (see Appendix 1 & 2).

1. TAC-004, 5m at 52.1g/t Au from 15m, in Turley 1997 (A52660), Talon Resources NL Taurus Project, Annual Report for the year ending 13 September 1997. The sample shown in Figure 5 is from this mineralised system near to this location.

2. BGRB244, 4m at 9.34g/t Au from 16m, in Archer and Morton 1997 (A51401), Goldfields Exploration Bulong Annual Report 1997.

3. BERC021, 4m at 6.81g/t Au from 24m, in Brock 2013 (A97363), Southern Gold Limited, Bulong East Project Annual Report 1 January 2012 to 31 December 2012. The samples shown in Figure 1 are from this mineralised system near to this location.

4. BD6, 10m at 39.1g/t Au from 128m, screened fire assay, in Mazzuchelli 1994 (A41478), Manor Resources NL, Bulong Gold Project Annual Report 1 January to 31 December 1993.

2. Laverton Tectonic Zone (Advanced Exploration) Zelica South, Pinjin West, Pinjin South

Tenure is located within the Laverton Tectonic Zone immediately south along strike of the Zelica gold open cut mine and immediately west and south of the historic Pinjin gold mining centre, again the site of recent metal detecting gold nugget discoveries in areas of virtually no historic drill exploration.

With sparse historic exploration datasets, systematic multi-element soil auger geochemistry and aircore drilling is proposed in nugget and historic soil geochemical anomalies in order to generate RC drill targets.

3. Keith Kilkenny Tectonic Zone (Advanced Exploration) Aubils, Boyce Creek-Jump Up Dam, Lake Rebecca Gold Target Generation

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Granted tenure within the Keith Kilkenny Tectonic Zone which hosts significant gold resource discoveries from Apollo Hill in the north to Carosue Dam and Lake Roe in the south. The KalGold tenure has been a nickel laterite holding for the last two decades with only desultory historic gold exploration.

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The tenure will be assessed initially through the assay of archived drill assay pulps for gold and pathfinder elements, augmented by field mapping and geophysical interpretation in order to generate drill targets.

4. Regional Compilation (Target Generation)

Kalgoorlie, Perrinvale, Pianto South, Davies Dam

Other projects are greenfields targets on crustal-scale Tectonic Zone structures which require data compilations ahead of defining soil and aircore drilling geochemical programs. In light of KCGM resource definition work at the Two Up prospect around the KalGold Kalgoorlie tenements, known mineralised trends will be extrapolated into KalGold tenure and appropriate follow-up drilling completed below the cover sequence obscuring the prospective basement geology.

The Ninga Mia tenure at Kalgoorlie lies within 6km of KCGM’s iconic Superpit (Figure 8). Here, surface workings and transported cover obscure a known mineralised lithological contact, and ongoing reinterpretation suggests that mineralised structures along the Golden Mile propagate through the tenure and have not been explored historically.

Figure 7 – Granted tenements and applications along the Laverton and Celia Tectonic Zones surround and highlight the prospective Pinjin gold mining centre. The strike extent of both the Pinjin and Edjudina gold mining centres are strategic structural targets that lie largely under transported cover.

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Figure 8 – Oblique view of Kalgoorlie-Boulder, the Superpit, Mt Percy and Mt Charlotte on the Golden Mile, and KalGold’s Ninga Mia gold project. New ideas will be drill tested soon, with the first deep drilling for decades.

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Corporate Strategy

KalGold has leveraged off its corporate association with Ardea, securing both exploration expertise and a systematic approach to project identification by incorporating historical mineralisation data with advancements in computergenerated mapping to prioritise a suite of assets that offers an exceptional investment opportunity (see Figure 4):

Regional Portfolio - KalGold has an asset portfolio of highly prospective gold tenements in the gold-producing Kalgoorlie region in Western Australia, with 1,077km[2] of tenure within 150km of Australia’s premier gold destination, the City of Kalgoorlie-Boulder.
World-leading location
The portfolio is strategically located along the same geological structures that host many of Australia’s largest low-cost producing gold mines, notably the Golden Mile/Paddington gold mining centres on the BTZ, Carosue Dam on the KKTZ and Sunrise Dam on the LTZ.
The projects are strategically located in proximity to key infrastructure such as towns, roads, power and water supply.
All projects are in established, mine-friendly regions with a readily accessible experienced workforce.

As a dedicated gold resource investment vehicle focused on building regional positions in highly prospective provinces, KalGold is particularly well positioned to grow and derive returns from its portfolio of assets.

Ardea very much looks forward to KalGold hitting the ground running with aggressive drilling programs on compelling targets to create a successful gold production company.

Authorised for lodgement by the Board of Ardea Resources Limited.

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

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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:

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 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 announcement 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 Kalgoorlie world-class nickel-gold province with all exploration targets complementing the KNP nickel development strategy.

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Follow Ardea on social media

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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 compiled or reviewed by Dr Matthew Painter, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Painter is a full-time employee of Ardea Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Painter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Resource Estimates and Exploration Results in the Kalgoorlie Goldfields (Kalgoorlie Gold Mining tenements) and Resource Estimates for the Kalgoorlie Nickel Project, and its sub-set Goongarrie Nickel Cobalt Project is based on information originally compiled by previous and current full-time employees of Heron Resources Limited and current full-time employees of Ardea Resources Limited. The Exploration Results and data collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of the Australasian Institute of Mining and Metallurgy and currently a director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn consents to the inclusion in this report of the matters based on his information in the form and context that it appears.

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Appendix 1 – Collar location data, Bulong Taurus

Collar location data for important historic drill holes drilled by various companies at Bulong Taurus. The below results have been selected to demonstrate prospectivity and are not comprehensive nor representative of drilling generally.

Prospect	Company	Year	Drill hole	Type	Depth (m)	Tenement	Grid	Easting (mE)	Northing (mN)	RL (mASL)	Dip (°)	Azimuth (°)
Great Ophir	Talon Resources	1997	TAC004	RC	82	M25/151	MGA94_51	390445	6603605	351	-60	000
Trafalgar	Goldfields Exploration	1997	BGRB244	RAB	23	P25/2306	MGA94_51	390027	6602520	TBD	-90	000
Turnpike	Southern Gold	2013	BERC021	RC	82	P22/2295	MGA94_51	389023	6601602	TBD	-60	090
Central	Manor Resources	1994	BD6	DD	250	M25/19	MGA94_51	389284	6601327	TBD	-60	270

Appendix 2 – Assay results from Bulong Taurus

All assays for historic drill holes at Bulong Taurus.

Abbreviations used: Au – gold, Ag – silver, As – arsenic, m – metre, g/t – grams per tonne, ppm – parts per million, b.d. – below detection.

		From (m)	To (m)	Sample	Sample	Company	Au	Ag (g/t)	As (ppm)			From (m)	To (m)	Sample	Sample	Company	Au	Ag (g/t)	As (ppm)
Prospect	Hole									Prospect	Hole
				number	Date		(g/t)							number	Date		(g/t)

Great Ophir	TAC004	0	5	TAC004_0_5	01-Nov-96	TALON	b.d.		17		BERC021	80	82	BU22335	19-Dec-11	SAU_AUST	0.017	b.d.	b.d.
	TAC004	5	10	TAC004_5_10	01-Nov-96	TALON	0.16		9
	TAC004	10	15	TAC004_10_15	01-Nov-96	TALON	0.26		13	Central	BD6	0	1	BMC1	27-Nov-93	MANOR	0.07
	TAC004	15	20	TAC004_15_20	01-Nov-96	TALON	52.1		70		BD6	1	2	BMC2	27-Nov-93	MANOR	0.04
	TAC004	20	25	TAC004_20_25	01-Nov-96	TALON	0.34		30		BD6	2	3	BMC3	27-Nov-93	MANOR	0.01
	TAC004	25	30	TAC004_25_30	01-Nov-96	TALON	0.23		28		BD6	3	4	BMC4	27-Nov-93	MANOR	0.01
	TAC004	30	35	TAC004_30_35	01-Nov-96	TALON	b.d.		14		BD6	4	5	BMC5	27-Nov-93	MANOR	0.04
	TAC004	35	40	TAC004_35_40	01-Nov-96	TALON	b.d.		b.d.		BD6	5	6	BMC6	27-Nov-93	MANOR	b.d.
	TAC004	40	45	TAC004_40_45	01-Nov-96	TALON	b.d.		15		BD6	6	7	BMC7	27-Nov-93	MANOR	0.01
	TAC004	45	50	TAC004_45_50	01-Nov-96	TALON	b.d.		14		BD6	7	8	BMC8	27-Nov-93	MANOR	b.d.
	TAC004	50	55	TAC004_50_55	01-Nov-96	TALON	b.d.		21		BD6	8	9	BMC9	27-Nov-93	MANOR	b.d.
	TAC004	55	60	TAC004_55_60	01-Nov-96	TALON	b.d.		16		BD6	9	10	BMC10	27-Nov-93	MANOR	b.d.
	TAC004	60	65	TAC004_60_65	01-Nov-96	TALON	b.d.		17		BD6	10	11	BMC11	27-Nov-93	MANOR	b.d.
	TAC004	65	70	TAC004_65_70	01-Nov-96	TALON	b.d.		b.d.		BD6	11	12	BMC12	27-Nov-93	MANOR	0.01
	TAC004	70	75	TAC004_70_75	01-Nov-96	TALON	b.d.		b.d.		BD6	12	13	BMC13	27-Nov-93	MANOR	0.04
	TAC004	75	80	TAC004_75_80	01-Nov-96	TALON	b.d.		b.d.		BD6	13	14	BMC14	27-Nov-93	MANOR	b.d.
	TAC004	80	82	TAC004_80_82	01-Nov-96	TALON	b.d.		6		BD6	14	15	BMC15	27-Nov-93	MANOR	0.03
											BD6	15	16	BMC16	27-Nov-93	MANOR	b.d.
Trafalgar	BGRB244	0	4	R329163	11-Feb-97	GOLDFIELDS	0.01		10		BD6	16	17	BMC17	27-Nov-93	MANOR	0.02
	BGRB244	4	8	R329164	11-Feb-97	GOLDFIELDS	0.045		9		BD6	17	18	BMC18	27-Nov-93	MANOR	b.d.
	BGRB244	8	12	R329165	11-Feb-97	GOLDFIELDS	0.09		7		BD6	18	19	BMC19	27-Nov-93	MANOR	0.01
	BGRB244	12	16	R329166	11-Feb-97	GOLDFIELDS	0.085		3		BD6	19	20	BMC20	27-Nov-93	MANOR	0.01
	BGRB244	16	20	R329167	11-Feb-97	GOLDFIELDS	9.34		4		BD6	20	21	BMC21	27-Nov-93	MANOR	b.d.
	BGRB244	20	23	R329168	11-Feb-97	GOLDFIELDS	0.03		5		BD6	21	22	BMC22	27-Nov-93	MANOR	0.01
											BD6	22	23	BMC23	27-Nov-93	MANOR	0.01
Turnpike	BERC021	0	4	BU22314	19-Dec-11	SAU_AUST	0.011	b.d.	5		BD6	23	24	BMC24	27-Nov-93	MANOR	0.02
	BERC021	4	8	BU22315	19-Dec-11	SAU_AUST	0.006	b.d.	4		BD6	24	25	BMC25	27-Nov-93	MANOR	0.01
	BERC021	8	12	BU22316	19-Dec-11	SAU_AUST	0.003	b.d.	3		BD6	25	26	BMC26	27-Nov-93	MANOR	b.d.
	BERC021	12	16	BU22317	19-Dec-11	SAU_AUST	0.012	b.d.	3		BD6	26	27	BMC27	27-Nov-93	MANOR	b.d.
	BERC021	16	20	BU22318	19-Dec-11	SAU_AUST	0.054	b.d.	b.d.		BD6	27	28	BMC28	27-Nov-93	MANOR	b.d.
	BERC021	20	24	BU22319	19-Dec-11	SAU_AUST	0.086	b.d.	2		BD6	28	29	BMC29	27-Nov-93	MANOR	0.02
	BERC021	24	28	BU22320	19-Dec-11	SAU_AUST	6.814	0.6	2		BD6	29	30	BMC30	27-Nov-93	MANOR	0.16
	BERC021	28	32	BU22321	19-Dec-11	SAU_AUST	0.239	b.d.	b.d.		BD6	30	31	BMC31	27-Nov-93	MANOR	b.d.
	BERC021	32	36	BU22323	19-Dec-11	SAU_AUST	0.072	b.d.	b.d.		BD6	31	32	BMC32	27-Nov-93	MANOR	0.06
	BERC021	36	40	BU22324	19-Dec-11	SAU_AUST	0.03	b.d.	b.d.		BD6	32	33	BMC33	27-Nov-93	MANOR	0.01
	BERC021	40	44	BU22325	19-Dec-11	SAU_AUST	0.045	b.d.	b.d.		BD6	33	34	BMC34	27-Nov-93	MANOR	0.04
	BERC021	44	48	BU22326	19-Dec-11	SAU_AUST	0.015	b.d.	b.d.		BD6	34	35	BMC35	27-Nov-93	MANOR	0.19
	BERC021	48	52	BU22327	19-Dec-11	SAU_AUST	0.009	b.d.	b.d.		BD6	35	36	BMC36	27-Nov-93	MANOR	0.02
	BERC021	52	56	BU22328	19-Dec-11	SAU_AUST	0.072	b.d.	18		BD6	36	37	BMC37	27-Nov-93	MANOR	0.01
	BERC021	56	60	BU22329	19-Dec-11	SAU_AUST	0.034	b.d.	21		BD6	37	38	BMC38	27-Nov-93	MANOR	0.07
	BERC021	60	64	BU22330	19-Dec-11	SAU_AUST	0.14	b.d.	8		BD6	38	39	BMC39	27-Nov-93	MANOR	0.13
	BERC021	64	68	BU22331	19-Dec-11	SAU_AUST	0.081	b.d.	4		BD6	39	40	BMC40	27-Nov-93	MANOR	0.6
	BERC021	68	72	BU22332	19-Dec-11	SAU_AUST	0.189	b.d.	4		BD6	40	41	BMC41	27-Nov-93	MANOR	0.06
	BERC021	72	76	BU22333	19-Dec-11	SAU_AUST	0.686	b.d.	b.d.		BD6	41	42	BMC42	27-Nov-93	MANOR	0.03
	BERC021	76	80	BU22334	19-Dec-11	SAU_AUST	4.589	b.d.	2		BD6	42	43	BMC43	27-Nov-93	MANOR	0.04

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		From (m)	To (m)	Sample	Sample	Company	Au			From (m)	To (m)	Sample	Sample	Company	Au
Prospect	Hole							Prospect	Hole
				number	Date		(g/t)					number	Date		(g/t)

	BD6	43	44	BMC44	27-Nov-93	MANOR	0.19		BD6	209	213	BMD134	27-Nov-93	MANOR	b.d.
	BD6	44	45	BMC45	27-Nov-93	MANOR	0.1		BD6	213	217	BMD135	27-Nov-93	MANOR	b.d.
	BD6	45	46	BMC46	27-Nov-93	MANOR	0.11		BD6	217	221	BMD136	27-Nov-93	MANOR	b.d.
	BD6	46	47	BMC47	27-Nov-93	MANOR	0.02		BD6	221	225	BMD137	27-Nov-93	MANOR	b.d.
	BD6	47	47.8	BMC48	27-Nov-93	MANOR	0.01		BD6	225	229	BMD138	27-Nov-93	MANOR	b.d.
	BD6	47.8	52.8	BMD14	27-Nov-93	MANOR	0.03		BD6	229	233	BMD139	27-Nov-93	MANOR	b.d.
	BD6	52.8	56	BMD15	27-Nov-93	MANOR	0.04		BD6	233	237	BMD140	27-Nov-93	MANOR	b.d.
	BD6	56	60	BMD16	27-Nov-93	MANOR	0.09		BD6	237	241	BMD141	27-Nov-93	MANOR	b.d.
	BD6	60	64	BMD17	27-Nov-93	MANOR	0.64		BD6	241	245	BMD142	27-Nov-93	MANOR	b.d.
	BD6	64	68	BMD18	27-Nov-93	MANOR	0.08		BD6	245	250.17	BMD143	27-Nov-93	MANOR	b.d.
	BD6	68	72	BMD19	27-Nov-93	MANOR	0.01
	BD6	72	76	BMD20	27-Nov-93	MANOR	0.02
	BD6	76	80	BMD21	27-Nov-93	MANOR	0.03
	BD6	80	84	BMD22	27-Nov-93	MANOR	0.11
	BD6	84	88	BMD23	27-Nov-93	MANOR	0.9
	BD6	88	92	BMD24	27-Nov-93	MANOR	0.01
	BD6	92	96	BMD25	27-Nov-93	MANOR	0.02
	BD6	96	100	BMD26	27-Nov-93	MANOR	0.02
	BD6	100	101	BMD27	27-Nov-93	MANOR	0.03
	BD6	101	102	BMD28	27-Nov-93	MANOR	0.03
	BD6	102	103	BMD29	27-Nov-93	MANOR	0.03
	BD6	103	104	BMD30	27-Nov-93	MANOR	0.14
	BD6	104	105	BMD31	27-Nov-93	MANOR	0.05
	BD6	105	106	BMD32	27-Nov-93	MANOR	0.01
	BD6	106	107	BMD33	27-Nov-93	MANOR	0.01
	BD6	107	108	BMD34	27-Nov-93	MANOR	0.06
	BD6	108	109	BMD35	27-Nov-93	MANOR	0.17
	BD6	109	110	BMD36	27-Nov-93	MANOR	0.16
	BD6	110	111	BMD37	27-Nov-93	MANOR	b.d.
	BD6	111	112	BMD38	27-Nov-93	MANOR	1.5
	BD6	112	113	BMD39	27-Nov-93	MANOR	0.02
	BD6	113	114	BMD40	27-Nov-93	MANOR	0.06
	BD6	114	115	BMD41	27-Nov-93	MANOR	0.18
	BD6	115	116	BMD42	27-Nov-93	MANOR	0.06
	BD6	116	117	BMD43	27-Nov-93	MANOR	0.14
	BD6	117	118	BMD44	27-Nov-93	MANOR	0.02
	BD6	118	119	BMD45	27-Nov-93	MANOR	0.02
	BD6	119	120	BMD46	27-Nov-93	MANOR	0.04
	BD6	120	121	BMD47	27-Nov-93	MANOR	0.04
	BD6	121	122	BMD48	27-Nov-93	MANOR	0.01
	BD6	122	123	BMD49	27-Nov-93	MANOR	0.01
	BD6	123	124	BMD50	27-Nov-93	MANOR	0.72
	BD6	124	125	BMD51	27-Nov-93	MANOR	0.64
	BD6	125	126	BMD52	27-Nov-93	MANOR	0.04
	BD6	126	127	BMD53	27-Nov-93	MANOR	0.03
	BD6	127	128	BMD01	27-Nov-93	MANOR	0.28
	BD6	128	129	BMD02	27-Nov-93	MANOR	0.55
	BD6	129	130	BMD03	27-Nov-93	MANOR	1.01
	BD6	130	131	BMD04	27-Nov-93	MANOR	2.02
	BD6	131	132	BMD05	27-Nov-93	MANOR	1.93
	BD6	132	133	BMD06	27-Nov-93	MANOR	34.29
	BD6	133	134	BMD07	27-Nov-93	MANOR	4.22
	BD6	134	135	BMD08	27-Nov-93	MANOR	0.32
	BD6	135	136	BMD09	27-Nov-93	MANOR	40.25
	BD6	136	137	BMD10	27-Nov-93	MANOR	31.25
	BD6	137	138	BMD11	27-Nov-93	MANOR	275.5
	BD6	138	139	BMD12	27-Nov-93	MANOR	0.21
	BD6	139	140	BMD13	27-Nov-93	MANOR	0.21
	BD6	140	141	BMD54	27-Nov-93	MANOR	0.04
	BD6	141	142	BMD55	27-Nov-93	MANOR	1.07
	BD6	142	143	BMD56	27-Nov-93	MANOR	0.03
	BD6	143	144	BMD57	27-Nov-93	MANOR	0.43
	BD6	144	145	BMD58	27-Nov-93	MANOR	0.04
	BD6	145	146	BMD59	27-Nov-93	MANOR	b.d.
	BD6	146	147	BMD60	27-Nov-93	MANOR	0.01
	BD6	147	148	BMD61	27-Nov-93	MANOR	b.d.
	BD6	148	149	BMD62	27-Nov-93	MANOR	0.05
	BD6	149	150	BMD63	27-Nov-93	MANOR	0.91
	BD6	150	151	BMD64	27-Nov-93	MANOR	23.9
	BD6	151	152	BMD65	27-Nov-93	MANOR	0.1
	BD6	152	153	BMD66	27-Nov-93	MANOR	0.26
	BD6	153	154	BMD67	27-Nov-93	MANOR	0.42
	BD6	154	155	BMD68	27-Nov-93	MANOR	0.02
	BD6	155	156	BMD69	27-Nov-93	MANOR	0.07
	BD6	156	157	BMD70	27-Nov-93	MANOR	0.01
	BD6	157	158	BMD71	27-Nov-93	MANOR	0.01
	BD6	158	159	BMD72	27-Nov-93	MANOR	0.26
	BD6	159	160	BMD73	27-Nov-93	MANOR	0.26
	BD6	160	161	BMD74	27-Nov-93	MANOR	0.42
	BD6	161	162	BMD75	27-Nov-93	MANOR	0.01
	BD6	162	163	BMD76	27-Nov-93	MANOR	0.02
	BD6	163	164	BMD77	27-Nov-93	MANOR	0.84
	BD6	164	165	BMD78	27-Nov-93	MANOR	0.09
	BD6	165	169	BMD123	27-Nov-93	MANOR	b.d.
	BD6	169	173	BMD124	27-Nov-93	MANOR	0.06
	BD6	173	177	BMD125	27-Nov-93	MANOR	b.d.
	BD6	177	181	BMD126	27-Nov-93	MANOR	b.d.
	BD6	181	185	BMD127	27-Nov-93	MANOR	b.d.
	BD6	185	189	BMD128	27-Nov-93	MANOR	0.02
	BD6	189	193	BMD129	27-Nov-93	MANOR	b.d.
	BD6	193	197	BMD130	27-Nov-93	MANOR	b.d.
	BD6	197	201	BMD131	27-Nov-93	MANOR	b.d.
	BD6	201	205	BMD132	27-Nov-93	MANOR	b.d.
	BD6	205	209	BMD133	27-Nov-93	MANOR	b.d.

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Appendix 3 – Collated intercepts, Bulong Taurus

Parameters used to define gold intercepts at Big Four

Parameter	Gold
Minimum cut-off	0.5g/t 5.0g/t
Minimum intercept thickness	1m 1m
Maximum internal waste thickness	2m 2m

Gold intercepts at Bulong Taurus are defined using a nominal 0.5g/t Au cut-off on a minimum intercept of 1m and a maximum internal waste of 2m. Secondary intercepts (i.e. the “ including ” intercepts) are defined using a nominal 5.0g/t cut-off and the same intercept and internal waste characteristics. Mineralised intervals show signs of alteration and veining and typically encase gold mineralisation and are typically defined by geological features and/or gold grades exceeding 0.15g/t Au. Given the nuggety nature of some mineralisation at Taurus Bulong, significant grades may be expected to be located within these mineralised intervals. Where appropriate, consideration is also given to geological controls, such as vein and alteration zone distributions, in the definition of intercepts.

Prospect Drillhole Mineralised interval	Prospect Drillhole Mineralised interval	Gold intercept (0.5 g/t cutoff) Gold intercept (5.0 g/t cutoff)	Gold intercept (0.5 g/t cutoff) Gold intercept (5.0 g/t cutoff)
Great OphirTAC004 5-25m		5m at 52.1g/t Au from 15m
Trafalgar BGRB244 16-20m		4m at 9.34g/t Au from 16m
Turnpike BERC021 24-28m 68-80m		4m at 6.81g/t Au from 24m
	68-80m	8m at 2.64g/t Au from 72m including4m at 4.59g/t Au from 76m
Central BD6	34-35m	–
	39-40m	1m at 0.60 g/t Au from 39m
	43-44m	–
	60-64m	4m at 0.64 g/t Au from 60m
	84-88m	4m at 0.90 g/t Au from 84m
	108-117m	1m at 1.50 g/t Au from 111m
	123-144m 2m at 0.68 g/t Au from 123m and10m at 39.13g/t Au from 128mincluding 1m at 34.3g/t Au from 132m and 3m at 115.7g/t Au from 135m _and_1m at 1.07 g/t Au from 141m	2m at 0.68 g/t Au from 123m
			3m at 115.7g/t Au from 135m

	149-154m 2m at 12.41 g/t Au from 149m 158-164m 1m at 0.84 g/t Au from 163m

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Appendix 4 – JORC Code, 2012 Edition, Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code explanation	Commentary
*Sampling techniques*	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Results are reported from various historic drill programs (Manor Resources 1994, Talon Resources 1997, Goldfields Exploration 1997, Southern Gold 2013) utilising different drilling techniques. These programs were undertaken as a variety of targets areas, with the Great Ophir (Talon Resources), Trafalgar (Goldfields Exploration), Turnpike (Southern Gold) and Central (Manor Resources) being the main focus of each of these. Regular sampling of all drilled materials was undertaken (see_Sub-sampling techniques_ and sample preparation). • Industry standard practice was used in the processing of samples for assay. Where composites were taken, chips were collected in plastic bags. • Programs typically built on previous work programs, infilling where there was sufficient confidence. Assay of samples utilised standard laboratory techniques with standard fire assay techniques typically utilised for first-pass gold assay results. Subsequent reassaying to check high grades typically utilised several industry standard techniques, including screen fire assay and bulk leach aqua regia Other elements assayed varied from program to program. Both of these techniques provide reliable results for samples containing visible gold.
*Drilling techniques*	• Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Four drill programs are referenced in this document over the last 28 years (Manor Resources 1994, Talon Resources 1997, Goldfields Exploration 1997, Southern Gold 2013). Data from these programs and many others is currently being collated, reviewed and incorporated into KalGold databases. • RC drilling was performed with a face sampling hammer (bit diameter between 4½ and 5 ¼ inches) and samples were typically collected by spearing of samples using 2 and/or 4 metre composites. • Diamond drilling was NQ drilling, with some HQ collars.
*Drill sample recovery*	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gainof fine/coarse material.	• RC chip sampling does not appear to have been routinely recorded in any of the historic programs. In all cases, however, recovery seems to have been sufficiently high for samples to have been collected from all intervals of interest. Collation of historic data is ongoing.
*Logging*	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• RC logging was undertaken on 1 metre intervals. Visual geological logging was completed for all drilling at the time of drilling. • Logging was performed at the time of drilling for each of the historic programs referenced here, and planned drill hole target lengths adjusted by the geologist during drilling. The geologist also oversaw all sampling and drilling practices. A small selection of representative chips seem to have been collected for every 1 metre interval and stored in chip-trays for future reference, but these have not been sighted. • Total programs lengths are listed. Logging appears to have been undertaken for the entirety of each of these programs. • Central (Manor Resources 1994) – A program of 84 RC drill holes totalling 4,860m. 44 of the 63 holes which tested anomalies returned values greater than 0.4g/t Au. Spacing was relatively broad, typically 80x40m. • Great Ophir (Talon Resources 1997) – A program of 19 RC drill holes totalling 810m. Drill holes TAC001 – TAC004 were angled at 60°→000°. All other RC holes were aimed at weathered profiles and were vertical. • Trafalgar (Goldfields Exploration 1997) – A RAB drilling program comprised 568 RAB holes for 10,261m producing 3,347 samples. • Turnpike (Southern Gold 2013)–19 RC holes were drilled for 810m. Drill hole

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Criteria	JORC Code explanation	Commentary
		BERC021 was part of a limited series of holes that were drilled at 60°→090°. All other RC holes were aimed at weathered profiles and were vertical.
*Sub-sampling* *techniques and sample* *preparation*	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Regular sampling of all drilled materials was undertaken in the historic programs: • Aircore (Goldfields Exploration 1997) and RAB (Manor Resources 1994) programs typically utilised 2 to 5m composites. Commonly, where high grades were intercepted in aircore composites, individual metre samples were assayed subsequently (e.g. Trafalgar, Great Ophir). Sub-sampling was typically by spearing of sample piles. • RC drilling (Manor Resources 1994, Talon Resources 1997, Southern Gold 2013) was typically sampled on metre intervals. Older programs used spear/pipe sampling of piles, whereas the most recent program (2013) incorporated riffle splitting of samples in preparation for assay. • Diamond drilling (Manor Resources 1994) was typically sampled on metre intervals. Typically half core samples were taken for assay. Where diamond drilling was undertaken. • For all historic programs, QAQC was employed, though is not described for all programs. QAQC programs can be summarised as follows: • A standard, blank or duplicate sample was inserted into the sample stream every 10 samples on a rotating basis. Standards were quantified industry standards. Every 30th sample a duplicate sample was taken using the same sample sub sample technique as the original sub sample. Sample sizes are appropriate for the nature of mineralisation.
*Quality of assay data* *and laboratory tests*	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• All historic samples were submitted to reputable professional laboratories for high quality assays. Notes regarding each of the four programs referenced here are extracted from their respective reports, as follows: • Central (Manor Resources 1994) – All assays undertaken by Genalysis Laboratory Services. Sampling comprised 4m composite intervals for fire assay/AAS, with more detailed 1m fire assay/AAS, with some screened fire assays. Precollars and some intervals were sampled locally using 1m samples and aqua regia/AAS. • Great Ophir (Talon Resources 1997) – Australian Laboratory Services Pty Ltd (ALS) to be analysed for arsenic, chromium, cobalt, copper, gold and nickel using ALS' s method PM202 for gold and G 101 for the other elements. The one-metre samples were analysed for gold, and where appropriate nickel. • Trafalgar (Goldfields Exploration 1997) – The four metre composite samples (3130 in total) were analysed by Analabs in Perth for gold (AAS to 0.01 ppm detection limit) and arsenic (XRF to 1 ppm detection limit).Two hundred and fifteen samples were submitted for multi-element analysis. The following elements were analysed by ICP - OBS; Al, Bi, Ca, Cr, Cu, K, Mg, Mn, Mo, Ni, P, PB, S, Sr, Ti, V and Zn. The following elements were analysed by neutron activation analysis (naa); Au, As, Ag, Ba, Br, Ce, Co, Cr, Cs, Eu, Fe, Hf, Ir, K, La, Ln, Mo, Na, Rb, Sb, Sc, Se, Sm, Sn, Ta, Te, Th, U, W, Yb, Zn and Zr. • Turnpike (Southern Gold 2013) – 548 four metre, speared composite samples were submitted to Genalysis in Kalgoorlie for low level gold by GF method (Genalysis AR10/GF) and multi-element analysis by OES method (Genalysis AR10/OE) using an Aqua Regia digest. Single metre riffle split samples were then submitted for fire assay (FA25/AA) from composite sample intervals returning 50ppb or greater Au. • Dry weight and wet weight have been determined gravimetrically. • All professional laboratories routinely insert analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring. • For all historic programs, QAQC was employed, though is not described for all programs. QAQC programs can be summarised as follows: • A standard, blank or duplicate sample was inserted into the sample stream every 10 samples on a rotating basis. Standards were quantified industry standards. Every 30th sample a duplicate sample was taken using the same sample sub sample technique as the original sub sample. Sample sizes are appropriate for the nature of mineralisation. • Talon Resources noted that ALS routinely inserted analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring. Talon Resources appears to have inserted QAQC samples into the sample stream at a 1 in 20 frequency, alternating between duplicate splits, blanks (industrial sands) and standard reference materials. Original laboratory certificates are being sourced. • QAQC data is being statistically assessed. Work is ongoing, with these and many other historic programs being incorporated into KalGold company databases. Laboratory certificates are being acquired so that, should it be appropriate, historic assay data could be utilised in future resources.
*Verification of sampling* *and assaying*	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes.	• Several historic reports from the Bulong Taurus project area twinned earlier drill holes. Overall, twinned holes showed coincidence of mineralised horizons but documented variation in grades recorded. This is a function of the variable, nuggetty nature of mineralisation at the Taurus Mining Centre documented in many historic reports, and is to be expected.

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Criteria	JORC Code explanation	Commentary
	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• KalGold is presently collating and archiving historic data and sourcing original laboratory certificates for as many programs as possible. • QAQC procedures are not regularly documented in historic reports. Noted QAQC procedures are documented in Quality of assay data and laboratory tests above.
*Location of data points*	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Historic reports commonly recorded in local grids. In most cases, there is a transformation defined. These are presently being converted stored in the exploration database referenced to the MGA Zone 51 Datum GDA94. This has been completed for all drill holes documented within the programs referenced in this announcement. • Downhole surveys were rarely documented in the historic reports. Most drill holes were vertical and were not survey. Of the oriented holes, Manor Resources noted the following from their down hole surveys for their diamond drilling: • Holes BD5, 6 and 7 were surveyed downhole with a single shot camera at approximate 30m intervals. Following recognition of a tendency for holes to lift and deviate grid south, down hole surveys were performed on Trafalgar Mining's previous diamond drill holes BDl, 2, 3 and 4 (never surveyed) by Surton Technologies Pty Ltd, Kalgoorlie . • Deviation of these holes was limited since they were cored in HQ from surface. RC holes however show a marked tendency for excessive deviation, and a selection of previous RC holes in interpreted ore zones should also be surveyed. • Topography varies from flat to undulating low hills. A digital elevation model (DEM) is presently being defined from available data, and will most likely require a new survey for a definitive model. • Surveyed pickups up of historic drill collar locations is scheduled to occur upon identification of sufficient collars on the ground.
*Data spacing and* *distribution*	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Being from a series of historic drill programs, drill hole spacing varies significantly. Data is presently being collated for 3D visualisation and modelling. See above regarding composites. • At Great Ophir, drill collar distributions vary between 20m and 200m. However, spacings at depth are very sparse, with most drill holes aimed to establish supergene mineralisation rather than following primary orogenic gold. This means that the high- grade intercept in TAC004 (390445mE 6603605mN 351mRL) of 5m at 52.1g/t Au from 15m has not been followed up and remains open in all directions. • At Central, drill collars were variably spaced but generally around 40m between holes and around 80m between lines. The Central drill target measures around 2km N-S by 1km E-W, roughly centred on 389400mE 6601300mN. • At Trafalgar, data is currently being collated. Drilling was systematic, with lines and holes spaced at approximately 160m. • At Turnpike, three lines were variably spaced (150-260m), with holes spaced ~40m on each line. Good intercepts in mineralised holes BERC021 and BERC022 are the sole drillholes on their section, so mineralisation remains open. • Presently, assessment of data is ongoing, so it must be assumed that spacing is not considered sufficient at this stage for the definition of Mineral Resources. Full appraisal and digitisation of all datasets at Bulong Taurus may result in changes to this assessment for some drill holes. • Samples were composited over 1-5m for the four historic drill programs discussed here. See above regarding composited sampling.
*Orientation of data in* *relation to geological* *structure*	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The majority of historic drill holes at Bulong Taurus are shallow and vertical, with most aimed at defining supergene gold mineralisation. This means that primary (though sometimes possibly supergene enhanced) gold intercepts, in most cases, have not been followed up. • At Great Ophir, drill holes TAC001 – TAC004 were angled at 60°→000°. All other RC holes were aimed at weathered profiles and were vertical. This orientation is considered suitable for intersecting the southerly dipping main mineralised zone exposed in workings at Great Ophir. However, it is clear that this was not assessed despite the high grade results. • At Central, most drilling was vertical. One drill hole, BD6, was oriented to the east to intercept shallowly W to WNW-dipping mineralised veins. This is yet to be confirmed, but such an orientation would provide suitable representivity. A historic structural dataset comprising numerous orientation measurements is currently being assessed. • At Trafalgar and Turnpike, orientation has not been recorded in these programs, so true orientations of structures are unknown. As such, no assessment can be made of the suitability of the vertical drill orientation.
*Sample security*	• The measures taken to ensure sample security.	• Sample security was not documented in any of the historic reports. • With regard to recently discovered nuggets, retrieved samples are removed from site to a secure storage facility on a daily basis. Worked locations continue to be worked and are all known to the Company, but specific locations are not provided here in order to maintain security and prevent gold theft. This is important due to the sites’ proximity to population centres and is required in order to protect the ongoing and future potential incomes of the prospectors working the area.

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Criteria	JORC Code explanation	Commentary
*Audits or reviews*	• The results of any audits or reviews of sampling techniques and data.	• KalGold’s present collation and digitisation of historic analogue data is reviewing in detail the quality of all datasets. It is assumed that Goldfields Exploration undertook internal data reviews as per their standard operating procedure. This has not been documented in the available reports. Investigations continue.

Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
*Mineral tenement and* *land tenure status*	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The tenement on which RAB drilling was undertaken corresponds to Ardea's M25/19, M25/59, M25/151, P25/2295, P25/2304, P25/2305, P25/2306 is now M25/151. ARL, through its subsidiary companies, is the sole holder of these tenements. Gold rights will be apportioned to KalGold. The tenements are in good standing. • Heritage surveys over the area have identified some areas of interest near to these project areas. Access to these areas is not required to assess the projects.
*Exploration done by* *other parties*	• Acknowledgment and appraisal of exploration by other parties.	• Work is ongoing documenting the full extent of work undertaken on the tenements at Bulong Taurus. As such, the following text must be considered a brief overview that is subject to updating. • Both alluvial and hard rock gold deposits have been exploited more or less continuously from the leases by prospectors since 1897. Historical records show a production of 66.6 kgs of gold from some 4500 tonnes of ore at an average grade of 13.5 g/t Au, from the Taurus Mining Centre, which includes workings on Manor Resources' tenement block (Williams, 1970). • More recently, the area was explored between 1964 and 1974 for nickel sulphides by Western Nickel Pty Ltd and between 1974 and 1976 for volcanogenic massive sulphides by Aquitaine Australia Minerals Ltd. Trafalgar Mining NL (""Trafalgar"") acquired the ground now held as Mining Leases in 1986 and commenced a programme of gold exploration in which they were later joined in a joint venture by North Eastern Gold Mines NL ( ""North Eastern""). • In the 1990s, Manor Resources undertook extensive exploration and resource definition focused on the Central deposit. Talon Resources explored gold at Great Ophir to the north, and Goldfields Exploration between these areas. During the late 1990s, nickel laterite was mined at the nearby Avalon Nickel Mine, initially by Resolute Resources, then by Preston Resources. • In the 2000s, Heron Resources acquired much of the ground, defining extensive nickel laterite resources in the ultramafic sequences. In the 2010s, Southern Gold acquired the gold rights to some of the tenure in the area, with the Central and Trafalgar areas held by prospectors. • Ardea Resources acquired much of the area as a spinout of Heron Resources, and then gold rights were relinquished by Southern Gold. Ardea acquired the Taurus mining centre group of tenements from a group of prospectors in 2021. • Ongoing prospecting on P24/2295 and recent prospecting on M25/151 involves use of a digger to scrape the prospective areas in line with granted “Program of Works” conditions followed by comprehensive coverage of the disturbed ground using a hand-held metal detector. This is the primary occupation and source of income for several prospectors in the area.
*Geology*	• Deposit type, geological setting and style of mineralisation.	• The geology of the target area is still under assessment. • The Bulong Taurus project is located in the Bulong greenstone belt close to the contact between the late-stage ultramafic Bulong Complex and acid to intermediate to felsic volcanics and pyroclastic. The contact is tectonised, marking the Goddard Fault that extends to the Daisy Milano mining area to the south. • The metamorphic grade is typically greenschist facies. • There is reasonable outcrop throughout parts of the project area. There are some superficial deposits consisting of lateritic debris, minor hard pan and thin residual soils which are the target of gold prospecting. Successful gold prospecting activities are continuing. • There are several groups of old workings that constitute the historic Taurus mining centre. Gold was produced from quartz veins and stockworks up to four metres wide close to the Goddard Fault. The veining is associated with silica, sulphide and tourmaline alteration of the host rock. • The target style of mineralisation is orogenic shear or vein hosted gold mineralisation. Veining and alterationstylesintersected during drilling are consistentwiththis style

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Criteria	JORC Code explanation	Commentary
		of mineralisation.
*Drill hole Information*	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Numerous historic holes have been drilled throughout the area. Assessment of all historic data is ongoing. • The results presented here mark significant results that are open in several directions (all, in some cases) that require follow-up. They are not intended to be representative of all historic drill results. It should be noted that, as per many gold mineralised systems, gold assay results vary from below detection to very high grade results over several metres. • The suite of metals assayed varies from program to program. For consistency, only gold assays have been shown here.
		Prospect Drillhole Easting (mE) Northing (mN) RL (m) Depth (m) Dip (°) Azimuth (°) Intercept
		Great Ophir TAC004 390445 6603605 351 82 60 000 5m at 52.1g/t Au from 15m Trafalgar BGRB244 390027 6602520 TBD 90 000 4m at 9.34g/t Au from 16m Turnpike BERC021 389023 6601602 TBD 82 60 090 4m at 14.47g/t Au from 26m Central BD6 389284 6601327 TBD 250 60 270 10m at 35.6g/t Au from 129m
*Data aggregation* *methods*	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Data aggregation methods varied between programs: • Great Ophir (Talon Resources 1997) – Drill hole samples have been collected over 5m down hole intervals for several drill holes. • Trafalgar (Goldfields Exploration 1997) – Four metre composite samples (3-4 kg) were collected by pipe sampling the RAB piles. Separate end of hole samples were collected for multi-element analysis. • Turnpike (Southern Gold 2013) – Drill hole samples have been collected over 5m down hole intervals for several drill holes. • Central (Manor Resources 1994) – Irregular sampling using half core, varying between 4m composites and 1m samples. • In all cases, new gold intercepts are defined for historic datasets using a 0.5 g/t lower cut-off on a minimum intercept of 1 m and a maximum internal waste of 2 m. No upper cutoff grades have been defined. • No aggregate intercepts incorporating short lengths of high grade results and longer lengths of low grade results were defined. • No metal equivalent calculations have been used in this assessment.
*Relationship between* *mineralisation widths* *and intercept lengths*	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• Discussed in the section “Orientation of data in relation to geological structure”. • Understanding of mineralisation orientations is currently rudimentary and requires further examination. A relative lack of oriented drill holes presently precludes in-depth analysis, and new data will be required. Historic interpretations of a shallow westerly dip at Central and a southerly dip at Great Ophir on some mineralised veins mean that the intercepts associated with these holes are similar to their downhole depths. Supergene horizons drilled by vertical holes will also show true downhole thicknesses. • Presently, the distinction between supergene and hypogene (fresh, primary) mineralisation is unclear. Also unclear is whether the shallow orientations described in some historic reports are the sole orientations of mineralisation at any given prospect. So, presently, many of the intersections recorded likely represent or are close to their true thicknesses, but this cannot be verified without further exploration.
*Diagrams*	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• A map of some of the significant intercepts that are informing initial exploration efforts at Bulong Taurus has been supplied. Ongoing collation and assessment and interrogation of historic datasets means that it is inappropriate at this time to present sections and maps of these datasets. Any presentation of datasets at this point in time would be incomplete and potentially misleading. Similarly, maps from historic reports incorporate old tenements, out-of-date concepts, and other data and interpretations that would not conform to current Table 1 and JORC formats, and so their reproduction would be confusing and misleading.
*Balanced reporting*	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Not applicable to this report. This report aims to illustrate the current state of investigation into extensive historic datasets which is ongoing. • The results presented here mark significant results that are open in several directions (all directions, in some cases) that require follow-up. They are not intended to be representative of all historic drill results. It should be noted that, as per many gold mineralised systems, historic results indicate that gold assays at all prospects at Bulong Taurus vary from below detection up to very high grade results over several metres.
*Other substantive* *exploration data*	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples size and method	• Historic metallurgical studies from Central showed that there were no hindrances to gold recovery detected. However, the reader must note that the context of this study, in particular the nature of the samples used for metallurgical testwork, is still being investigated. No other data are, at this stage, known to be either beneficial or

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Criteria	JORC Code explanation	Commentary
	of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or _contaminating substances. _	deleterious to recovery of the metals reported.
*Further work*	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further drilling is required to identify the extent and nature of primary gold mineralisation in fresh rock. Both RC and diamond drill programs are flagged to increase the understanding of controls and orientation of mineralised structures at the various prospects. • Ongoing work aims to collate a comprehensive dataset incorporating digital copy of all significant and relevant historic datasets. At each prospect, future drill programs will need to define the proportion of confirmation drilling, extensional drilling, and new drilling. These programs will be designed to confirm historic data and then maximise its appropriate use whilst extending and testing mineralisation distributions and its possible controls. • Presently, investigations support focussing on gold prospects at Bulong Taurus in the following order 1. Great Ophir, 2. Central, 3. Turnpike, and 4. Trafalgar The make-up of this list of priority projects and its order is subject to change as investigations continue. Details of programs will be defined as investigations continue. • One important aim of the data collation program is to reconstruct historic drill programs and their associated resource estimates and, where possible, bring these programs up to JORC Code (2012) standards. This may require confirmatory drilling, sighting of samples, certification of laboratory results and other activities. The upside is that advancement and development of some prospects may be possible at minimal cost. The early stages of these investigations are currently underway.

AI assistant

ARDEA RESOURCES LIMITED Capital/Financing Update 2021

64421_rns_2021-08-23_c1d411e0-ad9c-4b5b-934d-da0dcc6468d5.pdf

Kalgoorlie Gold Mining Limited: Spin-out of Ardea’s Kalgoorlie-based gold assets

ASX & Media Release

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