ARDEA RESOURCES LIMITED — Capital/Financing Update 2025

Apr 15, 2025

==> picture [596 x 84] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
16 April 2025
----- End of picture text -----

Ardea Secures A$4.6M Strategic Placement at 7.5% Premium

Direct investment from Sumitomo Metal Mining Co., Ltd deepens strategic relationship supporting the development of the Kalgoorlie Nickel Project – Goongarrrie Hub

• Sumitomo Metal Mining Co., Ltd (Sumitomo) to invest A$4.6 million at A$0.43 per share, a 7.5% premium to the last traded price, and a 10% premium to the 5 day VWAP of Ardea shares, on 14 April 2025

• Sumitomo to hold approximately 5.1% of Ardea following completion of the placement

• Sumitomo’s investment reinforces the strong technical and commercial cooperation between the parties in progressing the underway Definitive Feasibility Study

• Funds raised will primarily be used for working capital

• New shares will be issued using Ardea's existing placement capacity pursuant to ASX Listing Rule 7.1

Ardea Resources Limited ( Ardea or the Company ) is pleased to announce that it has executed a binding Subscription Agreement with consortium partner Sumitomo Metal Mining Co. Ltd under which Sumitomo has agreed to subscribe for 10,730,000 new fully paid ordinary shares in Ardea to raise approximately A$4.6 million before costs ( Placement ).

Funds raised from the Placement will primarily be used for working capital to ensure the Ardea team continues to contribute its expertise to the in progress Kalgoorlie Nickel Project – Goongarrrie Hub ( Goongarrie ) Definitive Feasibility Study.

Managing Director and CEO Andrew Penkethman said:

“We are delighted with Sumitomo Metal Mining becoming an Ardea shareholder, which is a strong endorsement of the Ardea Team and the work underway at the Kalgoorlie Nickel Project – Goongarrie Hub.

We welcome our Goongarrie partner, Sumitomo, to the register at a 7.5% premium to the last traded price, and a 10% premium to the 5 day VWAP, on 14 April 2025. Sumitomo’s investment further demonstrates the ongoing strength of the partnership and the underlying value of Goongarrie as a large-scale, strategic source of nickel-cobalt in the tier one jurisdiction of Western Australia.

Ardea is pleased with the Definitive Feasibility Study progress at Goongarrie and looks forward to putting Sumitomo's funds to work.”

Director and Managing Executive Officer of Sumitomo, Masaru Takebayashi said:

“We are pleased that Sumitomo Metal Mining has entered into a binding subscription agreement with Ardea Resources for the acquisition of shares in Ardea.

We believe that this acquisition will further strengthen the relationship between Ardea and Sumitomo, and by extension, the Japanese consortium, and will strongly advance the Kalgoorlie Nickel Project – Goongarrie Hub.”

Ardea Resources Limited (ABN 30 614 289 342) ASX Code ARL Suite 2 / 45 Ord Street West Perth, WA 6005 Shares on Issue: 199.7M Tel: (+61) 8 6244 5136 Performance Rights: 3.5M Email: ardea@ardearesources.com.au Options: 3M

Strategic placement of A$4.6M

==> picture [134 x 34] intentionally omitted <==

Placement Overview

Ardea has executed a binding Subscription Agreement with Sumitomo to raise approximately A$4.6 million via the Placement to Sumitomo at A$0.43 per share ( Sumitomo Placement Price ).

The Sumitomo Placement Price represents a 7.5% premium to the last traded price on 14 April 2025 and a 10% premium to the 5 traded day volume weighted average trading price ( VWAP ) of Ardea shares to 14 April 2025.

Ardea will issue a total of 10,730,000 new shares (under ASX Listing Rule 7.1) and will rank equally with existing fully paid ordinary shares in Ardea. The Placement is expected to settle on or around 22 April 2025 with shares to be issued on or around 23 April 2025.

An Appendix 3B for the proposed issue of securities will follow this announcement.

About Sumitomo Metal Mining Co., Ltd

Sumitomo has over 430 years of history in metals mining and smelting, with a long-term aspiration to become the world leader in the non-ferrous metals industry. Today Sumitomo has bases in fourteen countries and regions, ownership in nine mines and eight smelting and refining facilities (including two HPAL nickel plants), plus eighteen materials manufacturing plants. Sumitomo’s consolidated total assets, at 31 December 2024, stood at 3.0 trillion Yen, or approximately A$31.7 billion (95.0 AUD/JPY, 18 March 2025).

This announcement is authorised for release by the Board of Ardea Resources Limited.

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

Andrew Penkethman

Managing Director and Chief Executive Officer

Tel +61 8 6244 5136

Mathew Collings

General Manager, Corporate Development

Tel +61 8 6244 5136

2

Strategic placement of A$4.6M

==> picture [134 x 34] intentionally omitted <==

About Ardea Resources

Ardea Resources (ASX:ARL) is an ASX-listed nickel development company in joint venture with Sumitomo Metal Mining and Mitsubishi Corporation to build, commission and operate a plus 30,000tpa multi-decade nickel operation[1] :

• Development of the Kalgoorlie Nickel Project ( KNP ) and its sub-set the Goongarrie Hub, a globally significant series of nickel-cobalt and Critical Mineral deposits which host the largest nickel-cobalt resource in Australia and one of the largest in the developed World at 854Mt at 0.71% nickel and 0.045% cobalt for 6.1Mt of contained nickel and 386kt of contained cobalt . The Goongarrie Hub has 584Mt for 4.0Mt of contained nickel (Consortium right to earn 50%) and Kalpini Hub has 270Mt for 2.1Mt of contained nickel (Ardea 100% unencumbered interest) (Ardea ASX release 30 June 2023), located in a jurisdiction with exemplary Environmental Social and Governance ( ESG ) credentials.

• Scoping Study initial programs being planned for the Kalpini Hub nickel-cobalt resources.

• Advanced-stage exploration at compelling nickel sulphide targets, such as Kalpini, and Critical Minerals targets including scandium and Rare Earth Elements throughout the KNP Eastern Goldfields world-class nickel-gold province, with all exploration targets complementing the KNP nickel development strategy.

==> picture [520 x 242] intentionally omitted <==

Follow Ardea on social media

==> picture [34 x 27] intentionally omitted <==

==> picture [23 x 23] intentionally omitted <==

==> picture [78 x 65] intentionally omitted <==

==> picture [84 x 47] intentionally omitted <==

==> picture [104 x 27] intentionally omitted <==

1 Ardea Pre-feasibility Study ASX announcement 5 July 2023.

3

Strategic placement of A$4.6M

==> picture [134 x 34] intentionally omitted <==

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 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 create and spin-out a gold focussed Company, 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 forwardlooking 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 forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

Competent Persons statement

The Resource Estimation, exploration and industry benchmarking summaries are based on information reviewed or compiled by Mr. Ian Buchhorn, and Mr Andrew Penkethman. Mr Buchhorn is a Member of the Australasian Institute of Mining and Metallurgy and Mr Penkethman is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Both Mr Buchhorn and Mr Penkethman are full-time employees of Ardea Resources Limited and have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn and Mr Penkethman have reviewed this press release and consent to the inclusion in this report of the information in the form and context in which it appears. Mr Buchhorn and Mr Penkethman own Ardea shares.

Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) following JORC Code (2012) guidelines is:

	Resource Size Ni Co Contained Metal
Camp Prospect
	Category (Mt) (%) (%) Ni (kt) Co (kt)
KNP TOTAL	Measured 22 0.94 0.079 207 17
	Indicated 361 0.73 0.047 2,622 169
	Inferred 471 0.70 0.043 3,272 200
GRAND TOTAL	Combined 854 0.71 0.045 6,101 386

Note: 0.5% nickel cutoff grade used to report resources. Minor discrepancies may occur due to rounding of appropriate significant figures.

The Mineral Resource Estimate information shown in this ASX announcement has been previously released on the ASX platform by Ardea in ASX release 30 June 2023, in accordance with Listing Rule 5.8.

The Ore Reserve information shown in this ASX announcement has been previously released on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with Listing Rule 5.9.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements noted above and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate and Ore Reserve in the previous market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

4

Strategic placement of A$4.6M

==> picture [134 x 34] intentionally omitted <==

Updated KNP nickel and cobalt Mineral Resource Estimate based on a greater than 0.5% Ni cut-off grade, as at 30 June 2023.

		Resource Size Ni Co Contained Metal Estimation Details
Camp	Prospect
		Category (Mt) (%) (%) Ni(kt) Co(kt) Method Source Year
Goongarrie	Goongarrie South	Measured 18 0.94 0.085 171 15 LUC Ardea 2021 Indicated 82 0.71 0.049 584 40 LUC Ardea 2021 Inferred 10 0.64 0.033 61 3 LUC Ardea 2021
	Highway	Indicated 71 0.69 0.038 487 27 LUC Ardea 2023 Inferred 21 0.67 0.040 141 8 LUC Ardea 2023
	Ghost Rocks	Inferred 47 0.66 0.042 312 20 OK Snowden 2004
	Goongarrie Hill	Indicated 40 0.65 0.037 259 15 LUC Ardea 2021 Inferred 29 0.60 0.025 176 7 LUC Ardea 2021
	Big Four	Indicated 49 0.71 0.047 346 23 LUC Ardea 2021 Inferred 14 0.68 0.043 96 6 LUC Ardea 2021
	Scotia Dam	Indicated 12 0.71 0.065 82 7 LUC Ardea 2021 Inferred 5 0.72 0.043 37 2 LUC Ardea 2021
	Goongarrie Subtotal	Measured 18 0.94 0.085 171 15 Indicated 253 0.69 0.044 1,758 112 Inferred 127 0.65 0.037 823 47 Combined 398 0.69 0.044 2,753 175
Siberia	Siberia South	Inferred 81 0.65 0.033 525 27 OK Snowden 2004
	Siberia North	Indicated 14 0.72 0.042 102 6 Ni(UC) Co(OK) Snowden 2009 Inferred 72 0.74 0.034 534 25 Ni(UC)Co(OK)Snowden 2009
	Black Range	Indicated 9 0.67 0.090 62 8 OK HGMC 2017 Inferred 10 0.69 0.100 68 10 OK HGMC 2017
	Siberia Subtotal	Indicated 24 0.70 0.061 165 14 Inferred 163 0.69 0.038 1,127 61 Combined 186 0.69 0.040 1,292 75 Measured 18 0.94 0.085 171 15 Indicated 277 0.70 0.046 1,923 127 Inferred 289 0.67 0.037 1,951 108 Combined 584 0.69 0.043 4,044 250
KNP Goongarrie	TOTAL
Hub
Bulong	Taurus	Inferred 14 0.84 0.051 119 7 OK Snowden 2007 Indicated 16 1.06 0.055 169 9 OK Snowden 2004 Inferred 24 0.79 0.053 190 13 OK Snowden 2004
	Bulong East
	Bulong Subtotal	Indicated 16 1.06 0.055 169 9 Inferred 38 0.81 0.052 309 20 Combined 54 0.88 0.053 477 29
Hampton	Kalpini	Inferred 75 0.73 0.044 550 33 OK Snowden 2004
	Hampton Subtotal	Inferred 75 0.73 0.044 550 33 Indicated 16 1.06 0.055 169 9 Inferred 114 0.76 0.047 859 53 Combined 130 0.79 0.048 1,028 62
KNP Kalpini Hub	TOTAL
Kalpini Yerilla	Jump Up Dam	Measured 4 0.94 0.048 36 2 OK Snowden 2008 Indicated 42 0.78 0.043 324 18 OK Snowden 2008 Inferred 18 0.63 0.034 116 6 OK Snowden 2008
	Boyce Creek	Indicated 27 0.77 0.058 206 16 OK Snowden 2009
	Aubils	Inferred 49 0.70 0.066 346 33 OK Heron 2008
Kalpini Yerilla Hub TOTAL		Measured 4 0.94 0.048 36 2 Indicated 68 0.78 0.049 531 33 Inferred 68 0.68 0.057 462 39 Combined 140 0.73 0.053 1,028 74
KNP
KNP TOTAL		Measured 22 0.94 0.079 207 17 Indicated 361 0.73 0.047 2,622 169 Inferred 471 0.70 0.043 3,272 200 Combined 854 0.71 0.045 6,101 386
GRAND TOTAL

Legend: LUC – Local Uniform Conditioning; UC – Uniform Conditioning; OK – Ordinary Kriging.

5