ARDEA RESOURCES LIMITED - Investor Presentation 2018

for the battery industry

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Diggers and Dealers – Booth E06, Kalgoorlie, 6 - 8 August 2018

www.ardearesources.com.au

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Ardea Resources Limited Suite 2, 45 Ord St, West Perth WA 6005, AUSTRALIA +61 8 6244 5136

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Disclaimer
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Important notice

This presentation contains general information only and is, or is based upon, information which has been released to ASX or is contained in the Company's prospectus dated 9 November 2016 (including supplementary prospectuses dated 18 November 2016 and 6 January 2017), the Goongarrie Nickel Cobalt Project Pre-Feasibility Study (dated 28 March 2018) and the Goongarrie Expansion Study (24 July 2018) This presentation is not an invitation, offer or recommendation (express or implied) to subscribe for, or apply for the purchase of, or to take any other action in respect of securities of any entity described herein and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC. None of Ardea Resources Limited (Ardea or the Company) or its representatives are providing or offering investment advice or services by making this presentation.

Neither Ardea nor its representatives make any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the information contained herein or any other written or oral communication transmitted or made available to any person receiving this presentation. To the maximum extent permitted by law, Ardea and representatives expressly disclaim any and all liability based on or arising from, in whole or in part, such information, or any errors or omissions.

This presentation contains forward-looking statements regarding the Company’s resources, intentions and future business. These statements reflect current information, expectations, intentions and strategies regarding the future, and are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialise, or should any of underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Other than where required by law, the Company is under no obligation to revise any forward looking statement to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

The Goongarrie Project has completed the Pre-Feasibility Study phase and has commenced programs that are part of the Definitive Feasibility Study. Though reasonable care has been taken to ensure that the facts are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. A key conclusion of the Pre-Feasibility Study and the Expansion Study, which are based on forward looking statements, is that the Goongarrie Project is considered to have positive economic potential.

No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. Application for securities under the Company’s public offer can only be made under the prospectus, a copy of which is available from the Company. Investors should consider the prospectus in deciding whether to acquire Ardea shares and will need to complete the application form that accompanies the prospectus.

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�e Ardea Value Proposition
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The 100%-owned Goongarrie Nickel Cobalt Project is part of the largest Cobalt Resource in the Developed World
773Mt at 0.7% Ni and 0.05% Co*
Potentially a multi-decade producer of high-quality nickel and cobalt sulphate – 100% offtake available
1.0Mtpa base case PFS demonstrates a low-capital expenditure start-up with robust project economics
Readily expandable to 2.25Mtpa – Mill feed grades 0.88% Ni and 0.10% Co
Goongarrie is a low technical risk project to feed the burgeoning EV and ESS market
DFS programs underway – focus on Approvals, piloting
Strategic partner interest is high as Ni-Co supply concerns rise

Cobalt sulphate produced from Goongarrie ore, December 2017

Other value drivers – Au and Ni sulphide in WA and base metals in NSW

*Ardea Resources Annual Report 2017

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Corporate Snapshot
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	Capital Structure Shares on Issue Share Price (1 August 2018)	104,990,413 $0.855
	52 week high / low	$2.20 / $0.69
	Cash (30 June 2018)	$19.2 million
	Market Cap (1 August 2018)	$90 million
	Unlisted Stock $0.25 options(IPO)	12.31 million
	Staff performance rights	2.99 million
	Top Shareholders	%
	Ian Buchhorn and Associates	11.3%
	Citicorp Nominees	9.8%
	Brian O’Shannessy and Associates	8.5%
	BNP Paribas Nominees	8.1%
	JP Morgan Nominees	3.4%
	Board and Management
	Katina Law	Executive Chair
	Ian Buchhorn	Executive Director
	Wayne Bramwell	Non-Executive Director
	Sam Middlemas	Chief Financial Officer
	Sarah Mitchell	GM Technical Services
	Dr Matt Painter	GM Gold

Experienced management team with global experience in corporate fundraising, processing and engineering for laterite nickel-cobalt deposits, laterite geology and geometallurgy, ensures the right mix to make Goongarrie succeed.

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100% Australian Asset Portfolio

Nickel-Cobalt Laterites, WA Goongarrie Nickel Cobalt Project

Other deposits also under assessment: Black Range, Kalpini, Yerilla, Boyce Creek, Aubils, Siberia, Highway, Ghost Rocks �� 

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Nickel Sulphide Projects, WA Kalgoorlie Includes Perrinvale project Perth (strike extension of St George’s Mt Alexander project) Esperance Bulk Tonnage Gold Projects, WA Mt Zephyr Greenstone Belt, high-grade anomalies along Celia Lineament, Taurus gold project

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Porphyry & Epithermal Copper-Gold Projects, NSW

Lachlan Fold Belt, NSW is Australia’s premier address for porphyry and epithermal copper-gold projects

Lewis Ponds Zinc-Silver-Gold, NSW Historic silver-gold-base �� metal mine �� High-grade resources Bulk mining option Sydney Orange

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Bulk Tonnage Gold Projects, NSW Includes Ophir, Australia’s first goldfield

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Looking towards the ore body at Goongarrie adjacent to the Goldfields Highway, looking NE

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Goongarrie Nickel Cobalt Project – 15km strike length of
continuous mineralisation
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View over Goongarrie Nickel Cobalt Project , looking southeast, showing the extent of the deposit (blue-green = Co >0.05%, purple = Co > 0.10%), and proximity to infrastructure. * See appendix for resource breakdown

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Simple, shallow open pit mining
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Uniform mineralisation grades and mineralogy
Scheduled pits within 60m of surface
Soft, free-digging open-pit mining
Low strip ratio, 2:1

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Filtration
1. Leaching
2. Impurity removal mpu
4. Sulphate crystallisation
3. Ni-Co releach
Base case fowsheet
Pressure Acid Leach, with Mixed Sulphide precipitation
yields high purity product
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A High-Quality Cobalt and Nickel Sulphate Producer
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	1.0Mtpa	1.5Mtpa	2.25Mtpa
Status	PFS	PFS	ES
No. Trains	1	1	1
Pre Tax NPV8	US$ 1.13 billion	US$ 1.52 billion	US$ 2.4 billion
Pre Tax IRR	29 %	29 %	31%
CAPEX	US$ 472 million	US$ 588 million	US$918 million
C1 cash cost	US$ 0.42 / lb	US$ 0.45 / lb	US$ (0.34) / lb
Payback	5.3 years	5.6 years	5.1 years
Cobalt sulphate	5,500tpa	6,900tpa	10,000tpa
Nickel sulphate	41,500tpa	55,300tpa	81,000tpa

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Capital Intensity of HPAL Projects - Peer Comparision
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2.25Mtpa Expansion Study
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Unique mineralogy of Goongarrie allows:
Single autoclave for 2.25Mtpa (same size as the 1.5Mtpa case)
40 minutes residence time
High density solids into the autoclave
No significant change in recoveries with short residence time
Goongarrie exhibits significant potential for expansion via multiple parallel modular trains
Proximity to world-class infrastructure and logistics - prime location on the Goldfields Highway
Adjacent to rail
Adjacent to gas pipelines and power transmission lines
Significant potential to provide exceptional returns over a minimum of 25 years
Expansion Study was based on only 26% of the Company’s total resources at Goongarrie
Goongarrie offers an ethical, low environmental impact and long life source of Ni-Co from a stable jurisdiction
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The Kalgoorlie-Menzies railway line where it crosses the northwesternmost tip of the Patricia Anne Ni-Co orebody at Goongarrie, 80km north of Kalgoorlie

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DFS Programs Underway
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DFS programs underway including:
Demonstration-scale Pilot Plant currently running to produce Ni and Co Sulphate
Resource drilling and re-estimation
Approvals
Additional upside options are currently being assessed and include the following:
Mineralised neutraliser optimisation
Scandium by-product optimisation
High purity alumina

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Demonstration Plant in Welshpool

Vanadium

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Exceptional Size and Scale
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Investment criteria Ardea Resources
773 million tonnes of
cobalt and nickel resources, WA
Company resources Goongarrie, Black Range, Kalpini, Yerilla, Boyce
Creek, Aubils, Siberia, Highway, Ghost Rocks
(all within 100km radius)
>400,000 t cobalt
Metal contained in resources
>5,600,000 t nickel
Market capitalisation $90 million
Market cap per cobalt tonne (in resources) ~A$225 / t cobalt
Market cap per nickel tonne (in resources) ~A$16.1 / t nickel
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All data sourced from publicly released documents from each company’s website as of 01 August 2018. AUZ = Australian Mines, CLQ = CleanTeQ

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�e Bigger Picture – multi-decade resource
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The Goongarrie Nickel Cobalt Project is part of the broader Kalgoorlie Nickel Project (KNP)
KNP is the largest cobalt resource in Australia*
Ardea is adopting a staged development approach
Potential additional processing hubs at:
Siberia/Highway/Ghost Rocks
Black Range
Aubils/Boyce Creek
Kalpini

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Other deposits able to provide potential feed for
3[rd] party operators

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See appendix for resource breakdown

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Indicative Development Timetable
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2018	2018	2018	2018	2019	2019	2019	2019
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
PFS	DFS
Offtake discussions Resource/reserve/sampling drilling 2.25Mtpa Scoping Study (Completed) Goongarrie Resource Upgrade Scandium Study Mineralised Neutraliser Study Production & Marketing Samples						Investment	Decision






	Environmental studies
		Approvals and licencing
	Funding
	Strategic partner
					Front End Engineering Design

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OTHER VALUE DRIVERS FOR ARDEA

Ardea’s portfolio includes Australia’s largest cobalt resource, as well as significant gold, nickel sulphide and base metal projects

Drill samples from Black Range west of the Goongarrie Nickel Cobalt Project. Black Range contains high nickel, and cobalt, and accessory scandium, platinum and palladium.

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Au - Mount Zephyr (WA)
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New ideas to test in old gold mining areas ~350km north of Kalgoorlie
Mt Zephyr greenstone belt barely explored for >20 years
Numerous historic gold workings
Extensive exploration programs underway:
New geophysics
New geological interpretations
New targets

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Historic workings along >4 km strike
Gold grading from “a few pennyweights to 3oz per ton”, Dunn, April 1900

Alteration and brecciation in granite, Gale project

  - ~5 to 90 g/t gold

  - Gold-hosting BIF units traced ~18 km under cover

Mt Morgans equivalent BIF-hosted replacement style gold
18 Mount Zephyr gold mine (ca.1899-1920), Dunn’s Line project • Hill 50-style with mineralised breaks, largely undrilled

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New concepts to test
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Area east of Celia Lineament is highly prospective:
Most historic gold workings east of lineament
Mt Windarra nickel sulphide stratigraphy
• Jupiter, Wallaby granitoid-hosted gold to the east of the lineament further south
Along structure from Mt Morgans gold deposits
Ardea has first application of new concepts to test

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Zn Au – Lewis Ponds (NSW)
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Major zinc-gold-silver development project with enormous potential in NSW
Historic resources:
6.62 Mt @ 2.4 % Zn, 1.4 % Pb, 0.2 % Cu, 1.5 g/t Au, and 69 g/t Ag
Bulk mining open pit exploration target:
15-25 Mt @ 2.2-3.7 % Zn equiv or 1.0-1.5 g/t Au equiv
Main resource on freehold land owned by Ardea
Mineral Resource currently being updated
Large tenement holding in NSW

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Need long term Ni-Co Supply?
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Goongarrie is a multi-decade producer of high-quality nickel and cobalt sulphate
1.0Mtpa base case PFS demonstrates a low-capital expenditure start-up with robust project economics
Size and scalability of Goongarrie offers significant upside for project growth
PFS has only accounted for 5% of the Company’s nickel-cobalt laterite resources
2.25Mtpa Expansion Study via a single processing train confirms economies of scale
Substantial resource inventory supports multiple trains at Goongarrie, and potential additional processing hubs at Kalpini or Yerilla
Goongarrie perfectly placed to leverage Electric Vehicle and Electric Static Storage demand growth
Significant amount of news flow expected over the coming months

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APPENDICES

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APPENDIX – Goongarrie Nickel Cobalt Project Resources

Summary of total mineral resources within the Goongarrie Nickel Cobalt Project area, comprising resources at Goongarrie Hill, Goongarrie South, Big Four, and Scotia Dam (14 March 2018).

(	)
Camp Domains	Cut-off Resource	Size Cobalt Nickel	Contained metal
	category %	(Mt) (%) (%)	Co(t)	Ni(t)
Goongarrie Hill Ni & Co Goongarrie South Ni & Co Big Four Ni & Co Scotia Dam Ni & Co Total All	> 0.5% Ni or > 0.08% Co Inferred Subtotal > 0.5%Ni or > 0.08% Co Measured Indicated Inferred Subtotal > 0.5%Ni or > 0.08% Co Indicated Inferred Subtotal > 0.5% Ni or > 0.08% Co Indicated Inferred Subtotal > 0.5% Ni or > 0.08% Co Measured Indicated Inferred	52.5 0.04 0.65	21,600	340,400
		52.5 0.04 0.65	21,600	340,400
			10,200 37,200 20,300
		10.3 0.10 0.98		101,200 407,000 221,200
		56.2 0.07 0.72
		32.2 0.06 0.69
		98.7 0.07 0.74	67,700	729,300
			28,200 6,100
		45.5 0.06 0.71		320,700 61,900
		9.9 0.06 0.63
		55.4 0.06 0.69	34,300	382,700
			3,000 4,100
		3.3 0.09 0.81		26,900 43,300
		5.7 0.07 0.76
		9.0 0.08 0.78	7,100	70,200
			10,200 68,400 52,100
		10.3 0.10 0.98		101,200 754,600 666,900
		105.0 0.07 0.72
		100.3 0.05 0.67
Goongarrie Resource Global	TOTAL	215.6 0.06 0.71	130,700	1,522,700

Note: All nickel and cobalt domains are included, and are encapsulated by an envelope defined by nickel grades equal to or greater than 0.5%. Note that figures are rounded to reflect degree of certainty and may not tally.

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APPENDIX – Reserves Defined for Goongarrie Nickel Cobalt Project

Goongarrie Nickel Cobalt Project, Ore Reserves based on 25 year mine life at 1.5 Mtpa.

Deposits	Class	Size (Mt)		Cobalt (%)		Nickel (%)
Goongarrie South	Proven	8.95		0.10%		0.96%
	Probable	17.26		0.09%		0.79%
	Total	26.22		0.10%		0.85%
Big Four	Proven	—		—		—
	Probable	13.92		0.09%		0.77%
	Total	13.92		0.09%		0.77%
TOTAL	Proven	8.95		0.10%		0.96%
	Probable	31.18		0.09%		0.78%
	*Total*	*40.13*		*0.09%*		*0.82%*
			$		$

Using a nickel equivalent cut of >0.81 %, which used inputs of A$18,900/t nickel and A$120,750/t cobalt. (US$15,120/t Ni and US $96,600/t Co, 0.8 exchange rate). Nickel equivalent (Nieq %) = �� . Prices used are US$15,120/t for nickel and US$96,600/t for cobalt. No assumption about recovery is included here. Recoveries are addressed elsewhere throughout the mining schedule and financial model.

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APPENDIX – KNP resource breakdown

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Resource Category	Quantity (Mt)	Cobalt (%)	Nickel (%)	Contained cobalt(t)	Contained nickel(t)
Measured	9.6	0.10	1.02	9,700	98,800
Indicated	232.9	0.06	0.75	141,200	1,759,700
Inferred	530.5	0.05	0.68	254,400	3,600,000
KNP Total Resources	773.0	0.05	0.70	405,400	5,458,400

In accordance with the Australian Securities Exchange Limited Listing Rules Appendix 5A:

The information in this report that relates to Mineral Resources for the Highway, Goongarrie Hill, Goongarrie South, Big Four, Aubils and Boyce Creek Prospects is based on information originally compiled in-house and validated by Steve Jones in 2013. Steve Jones is a member of the Australasian Institute of Mining and Metallurgy. Steve Jones is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity that he is 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’. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

The information in this report that relates to Mineral Resources for the Siberia North, Bulong East, Siberia, Black Range, Taurus and Jump Up Dam Prospects is based on information compiled by Snowden Mining Industry Consultants by members of the Australian Institute of Mining and Metallurgy. Snowden Mining Industry Consultants had sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity. All resources were internally audited by Snowden and signed off by a person of sufficient experience 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’. Steve Jones validated the Snowden Mining Siberia North estimate in 2013. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

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APPENDIX – Autoclave Size Comparison

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APPENDIX – �e Sulphate Markets

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Strong growth in sulphate pricing is expected with rapidly increasing demand for highpurity product from manufacturers globally. Increased battery production is required to power the Automotive Electrification Revolution
Cobalt sulphate and nickel sulphate attract a price premium (based on contained metal) • Cobalt sulphate – 5% premium
Nickel sulphate – 30% premium
East Asia is the major consumer, manufacturing most of the world’s lithium ion batteries – ongoing discussions with a number of interested parties from this region.
Sulphate market is strong with spot prices increasing substantially since PFS release

		Price date	Units	CNY / t	USD / t	USD / lb
Cobalt sulphate (contains 20.97% cobalt)	PFS	Feb 2018(avg)	Sulphate	¥121,600	$19,241	$8.73
			Contained metal equiv.		$91,771	$41.63
	Spot	4 Apr 2018	Sulphate	¥142,000	$22,469	$10.19
			Contained metal equiv.		$107,167	$48.61
Nickel sulphate (contains 22.33% nickel)	PFS	Feb 2018(avg)	Sulphate	¥27,500	$4,351	$1.97
			Contained metal equiv.		$19,486	$8.84
	Spot	4 Apr 2018	Sulphate	¥28,500	$4,510	$2.05
			Contained metal equiv.		$21,509	$9.76

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�e Growing Momentum in Cobalt
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Cobalt demand continues to grow on the back of the Electric Vehicle and Electric Static Storage battery markets
Electric Vehicles predicted to account for 14% of all new car sales by 2025
Cobalt sulphate market forecast to reach US $9.5 billion by 2025
Anticipated cobalt sulphate market CAGR of 8% from 2017-2025
Increased demand for cobalt sulphate driven by the higher energy density it provides to EV and ESS batteries

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�e Growing Momentum in Cobalt
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Increasing ethical concerns over supply of cobalt from DRC (~60% of global supply)
Some companies have stopped sourcing cobalt from DRC and are opting to pay a premium for cobalt from regulated industrial mines
More global manufacturers anticipated to follow in sourcing alternative supply
Demand for alternative cobalt supplies will drive new mine develo p ment and p roduct p ricin g

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Cobalt and Nickel Sulphate Fundamentals
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Cobalt and nickel are critical components of lithium ion batteries ensuring high energy density and chargeability
Higher cobalt and nickel content provides EVs with greater range and faster recharge times
The battery industry requires the metals specifically as soluble compounds to be suitable for the cathode manufacturing process
Purity of the sulphate product is key to produce high-quality batteries.
PFS bench-scale sulphate production confirms that Ardea has the flowsheet to deliver highest-purity cobalt and nickel sulphate products

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Cobalt Sulphate
(20.97% cobalt)
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Goongarrie is a limonite laterite deposit, which means:
Efficient dissolution in acid
High metal recoveries
Low undesirable elements
Goongarrie is amenable to high-purity sulphate production
At Goongarrie, an incremental capital cost increase for sulphate circuits is expected to realise substantial revenue benefits

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Nickel Sulphate
(22.33% nickel)
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ASX : ARL

AI assistant

ARDEA RESOURCES LIMITED Investor Presentation 2018

64421_rns_2018-08-05_9984bbc2-df9a-451d-af69-6169d58baafe.pdf

Important notice

100% Australian Asset Portfolio

APPENDICES

APPENDIX – Goongarrie Nickel Cobalt Project Resources

APPENDIX – Reserves Defined for Goongarrie Nickel Cobalt Project

APPENDIX – KNP resource breakdown

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APPENDIX – Autoclave Size Comparison

APPENDIX – �e Sulphate Markets

AI assistant

ARDEA RESOURCES LIMITED — Investor Presentation 2018

64421_rns_2018-08-05_9984bbc2-df9a-451d-af69-6169d58baafe.pdf

Important notice

100% Australian Asset Portfolio

APPENDICES

APPENDIX – Goongarrie Nickel Cobalt Project Resources

APPENDIX – Reserves Defined for Goongarrie Nickel Cobalt Project

APPENDIX – KNP resource breakdown

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APPENDIX – Autoclave Size Comparison

APPENDIX – �e Sulphate Markets

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ARDEA RESOURCES LIMITED Investor Presentation 2018

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