ARDEA RESOURCES LIMITED

==> picture [40 x 842] intentionally omitted <==

==> picture [344 x 44] intentionally omitted <==

Investor Webinar Presentation

ASX & Media Release

14 July 2020

Ardea Resources Limited (ASX: ARL, Ardea or the Company) is pleased to announce its participation in the Noosa Mining Virtual webinar to be held on Wednesday 15 July 10.40am AEST / 8.40am AWST.

ASX Symbol

ARL

Managing Director and Chief Executive Officer Andrew Penkethman will provide an update on the company’s significant gold exploration programs with deep RC drilling having recently commenced at Aphrodite North. Additionally, developments underway within the broader Kalgoorlie Nickel Project (KNP) and its Goongarrie Nickel Cobalt Project (GNCP), 70 kilometres north of the City of Kalgoorlie-Boulder in Western Australia, will also be discussed.

Suite 2 / 45 Ord St West Perth WA 6005

PO Box 1433 West Perth WA 6872

This free webinar can be viewed live via Zoom. Noosa Virtual will feature online investment updates from the executives from over 60 promising resources companies across three days and is designed to give investors choice to view all or as many presentations as they wish.

Telephone

+61 8 6244 5136

Email

To access further details on the event and to register, please copy and paste the following link into your internet browser:

[email protected]

https://www.noosaminingvirtual.com.au/

Website

A recorded copy of the webinar will be made available following the event. A copy of the investor presentation to be delivered during the webinar is attached.

www.ardearesources.com.au

Directors

Authorised for lodgement by Andrew Penkethman, Managing Director and Chief Executive Officer.

Katina Law Non-Executive Chair

Andrew Penkethman Managing Director & CEO

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

Ian Buchhorn Technical Executive Director

Ardea Resources Andrew Penkethman

Executive Management

Managing Director and Chief Executive Officer, Ardea Resources Limited

Sam Middlemas Company Secretary & CFO

Tel +61 8 6244 5136 Email: [email protected]

Matt Painter General Manager Exploration

Issued Capital

Fully Paid Ordinary Shares 117,300,435

Directors/Employee Performance Rights 4,276,000

ABN 30 614 289 342

==> picture [37 x 842] intentionally omitted <==

==> picture [174 x 23] intentionally omitted <==

About Ardea Resources

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

Development of the Goongarrie Nickel Cobalt Project, which is part of the Kalgoorlie Nickel Project, a globally significant series of nickel-cobalt deposits which host the largest nickel-cobalt resource in the developed world, coincidentally located as a cover sequence overlying fertile orogenic gold targets; and
Advanced-stage exploration at WA nickel sulphide and gold targets within the Eastern Goldfields world-class nickel-gold province.

==> picture [388 x 160] intentionally omitted <==

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

Follow-up exploration drilling
underway
Ardea controls over 5,100 km [2]
of tenure in Western Australia
Target review current
Australia’s premier nickel-cobalt
project
----- End of picture text -----

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

Ardea Resources:

Andrew Penkethman

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

==> picture [21 x 21] intentionally omitted <==

==> picture [25 x 21] intentionally omitted <==

Follow Ardea on social media -

==> picture [720 x 57] intentionally omitted <==

==> picture [339 x 85] intentionally omitted <==

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

the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt
----- End of picture text -----

for Gold and Nickel Sulphides within the Kalgoorlie Nickel Project

Noosa Mining Virtual Conference, 15 July 2020

==> picture [48 x 31] intentionally omitted <==

Presented by Andrew Penkethman

The faceted multicoloured jewels represent the rich heart of WA and its diverse character in terms of landscape, minerals, and where Ardea projects are focused

Disclaimer

Important notice

==> picture [94 x 97] intentionally omitted <==

This presentation contains general information only and is, or is based upon, information which has been released to ASX or is contained in the Ardea Resources Limited (Ardea or the Company) 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) the Goongarrie Expansion Study (24 July 2018), Goongarrie Pilot Plant trial produces battery grade crystals (31 October 2018), Goongarrie Nickel Cobalt Project Update (8 April 2019), Drilling at Gale identifies large scale gold system (11 April 2019), Ardea Quarterly Operations Report, for the quarter ended 31 March 2019 (30 April 2019), Ardea Quarterly Operations Report, for the quarter ended 30 June 2019 (22 July 2019), Nickel sulphide exploration commences at Perrinvale Project (24 July 2019), Ardea Annual Report 2019 (24 October 2019), Ardea Quarterly Operations Report, for the quarter ended 30 September 2019 (31 October 2019), Mulga Plum Exploration Update (25 November 2019), Ardea Quarterly Operations Report, for the quarter ended 31 December 2019 (17 January 2020) Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 2020), Significant gold exploration results from new target at Goongarrie South (25 June 2020) and Follow-up RC drilling commences at the Aphrodite North gold target (10 July 2020).

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 the 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 Expansion Study, which is 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.

==> picture [48 x 31] intentionally omitted <==

==> picture [720 x 66] intentionally omitted <==

Ardea is a Western Australia (WA) focused developer and explorer with a clear strategy to become an integrated, ethical feedstock supplier to the Lithium Ion Battery (LIB) sector and to make gold and nickel sulphide discoveries
The Kalgoorlie Nickel Project (KNP) is the Developed World’s premier nickel-cobalt project with 773 million tonnes at 0.7% nickel and 0.05% cobalt (5.5Mt Ni, 0.4Mt Co)[1] , with scandium and rare earth credit potential
Globally significant mineral resource on granted mining leases adjoining infrastructure with Native Title agreement in place
Pre-Feasibility Study completed in 2018 on Goongarrie Nickel Cobalt Project (GNCP) within the larger KNP, Pre Tax NPV8 US$2.4 billion[2]
Ardea has a strategic , highly prospective, (>5,100km[2] ) landholding in the Eastern Goldfields of WA with active exploration programs for gold and nickel sulphide deposits
RC drilling in progress on the Aphrodite North gold target
Pipeline of quality exploration targets defined with field work underway and further work planned

==> picture [48 x 31] intentionally omitted <==

See Appendix for resource breakdown and PFS outcomes (at February 2018 metal prices). 2. Per Goongarrie Expansion Study ASX release, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed. Background image, Ardea nickel sulphate crystals produced during pilot plant run and EV charging.

Optimum Jurisdiction – Western Australia

==> picture [94 x 97] intentionally omitted <==

All Ardea Projects located in Western Australia (WA)
WA is the premier global destination for development of minerals operations
WA is the top ranking operating jurisdiction in the Fraser Institute’s Annual Survey of Mining Companies - Investment Attractiveness Index*
City of Kalgoorlie-Boulder is the prime resource development and operating destination within Australia
Very strong mining support from Local Government
Multitude of world-class mining operations serviced from the City, including the Super Pit on southeast city boundary
Ardea manages all field programs from its local, West Kalgoorlie operations office and maintains excellent working relationships with local stake holders, including Prospectors, drillers and assay labs

*The Fraser Institute is a Canadian Think Tank ranked in the top 15 World Wide - www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2019.pdf

==> picture [94 x 97] intentionally omitted <==

Optimum Resource Scale and Location

==> picture [396 x 296] intentionally omitted <==

Assumption is a world-leading LIB investor will require a minimum annual output of 40,000tpa nickel metal in product
With 5.5Mt contained nickel*, easily accommodated within the KNP, starting with the GNCP
100 year potential supply of resource within KNP
Other undeveloped Australian nickel laterite projects unable to supply even 20 years at 40ktpa
KNP well suited for NMC 811 LIB (Ni:Co = 8:1)
GNCP resource* grade 0.71% Ni and 0.06% Co (Ni:Co = 11.8:1)
Resource updates based on high grade mine strategy (>1% nickel) in progress and to include maiden scandium and rare earth component, in addition to nickel-cobalt

==> picture [48 x 31] intentionally omitted <==

Aerial image of Ardea’s GNCP showing from left to right, rail, road and power infrastructure within the project. * See Appendix for resource breakdown.

==> picture [285 x 405] intentionally omitted <==

==> picture [94 x 97] intentionally omitted <==

Exploration Upside

5,100km[2] of 100% controlled tenure in one of Australia’s premier gold and nickel sulphide provinces
Extensive tenure position provides multiple strategic options
Priority focus on flagship KNP and GNCP tenements with globally significant nickelcobalt resources and outstanding gold and nickel sulphide exploration potential
Active work programs:
Gold exploration with major focus within and adjacent to KNP. Sites drilled where no gold, once sterilised, become GNCP infrastructure sites
Currently RC drilling Aphrodite North target and will then drill Grafter
Undertaking metallurgical testwork on Big Four Gold composite samples
Gold target definition and follow-up at Windanya
Gold target definition and follow-up at Bulong
Nickel sulphide targets being defined, with a priority on Emu Lake at Kalpini, historic drill results such as 2m @ 6.2% nickel in historic core drilling confirms nickel sulphide endowment and prospectivity*
Multiple work streams in progress to maintain strong investor news flow with gold and nickel sulphide exploration success, providing potential to monetise discoveries and provide cash flow ahead of KNP development

Ardea projects location plan. Projection - GDA94 MGA94 Zone 51.

*Heron Resources Limited ASX release 26 November 2013. ELD015, 2m at 6.2% Ni, 1.78% Cu, and 2.17g/t PGEs.

Gold Exploration Strategy

Nickel laterite by definition will be localised upon crustal-scale Tectonic Zones (TZ), which structures control geological events from initial olivine komatiite rift volcanism, epiclastic sedimentation, Layered Mafic Complex emplacement, late stage diorite intrusion and finally through to the late stage crustal convective cells responsible for orogenic gold deposition
The TZs are exceptional greenfields gold targets. The Bardoc Tectonic Zone (BTZ) is the northern strike continuation of the Boulder Lefroy TZ, which hosts KalgoorlieBoulder (>80Moz gold), New Celebration (3.2Moz) and St Ives (6.5Moz) gold camps
Despite the obvious gold pedigree of Ardea’s tenure, during the last 23 years it has been solely developed as a nickel-cobalt laterite project, with ownership and control successively by Heron Resources and then Vale Inco (PFS 2009). There has been no gold exploration
With Ardea’s acquisition of the project in 2017, for the first time in two decades, systematic gold evaluation commenced, through Ardea’s gold and multi-element pathfinder assay suite and detailed geophysical data interpretation to help “see” through the cover lake sediments and blanket laterite
In terms of developing a gold exploration model, Ardea’s approach has highlighted the presence of intense deformation, iron-rich dolerite and late stage diorite intrusives within the GNCP, all the key elements for significant gold mineralisation within Kalgoorlie-Boulder’s Eastern Goldfields gold province

GDA94 MGA94 Zone 51.

==> picture [94 x 97] intentionally omitted <==

Kalgoorlie Nickel Project – Nickel, Cobalt and Gold (looking south – with GNCP in the foreground. Note the scale and location)

==> picture [570 x 338] intentionally omitted <==

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

BTZ Gold Controlling Structures
Aphrodite North Gold
Project Windanya
Gold Project
Ardea tenure in
red
Grafter
Gold
Project
Ni >0.5% Siberia Au
grade shell
----- End of picture text -----

Multiple gold and nickel occurrences around Ardea tenements
100 gold targets defined under cover
Targets ranked and being systematically explored
Early success at Big Four Gold deposit, 178kt @ 2.7g/t Au* provides proof of concept on Ardea tenure

*ASX release 14 May 2020.

==> picture [257 x 405] intentionally omitted <==

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

Regional kink
----- End of picture text -----

==> picture [94 x 97] intentionally omitted <==

Gold Exploration at GNCP

==> picture [429 x 261] intentionally omitted <==

GNCP location plan, showing Ardea tenements and highlighting the location of the Aphrodite North (red dashed box) and Grafter (blue dashed box) prospects, on magnetic data. The larger area circled with a dashed purple and yellow line represents the Goongarrie South area covering 9 x 3 km. Ardea believes this entire area highly prospective for hosting gold mineralisation concealed by surface cover. GDA94 MGA94 Zone 51.

Aphrodite North Gold Target

==> picture [262 x 175] intentionally omitted <==

==> picture [217 x 163] intentionally omitted <==

==> picture [262 x 175] intentionally omitted <==

==> picture [233 x 175] intentionally omitted <==

==> picture [94 x 97] intentionally omitted <==

Evolving gold discovery under lake cover

Gold anomalism (>0.1g/t Au) defined over 2.4km by first ever drilling under surface and lake clay cover*
Top Left – Air Core (AC) samples from hole, AGSA0013, 43-44m, 1m at 2.46g/t Au and 120-127m, 7m at 2.48g/t Au,^ within target dolerite protolith
Top Right – Aerial view of RC follow-up drilling underneath AC hole, AGSA0013.
Final AC assay results received Wed night 8/7, RC drilling 7am Fri, 10/7
Bottom Left – Geologists field office (back of the ute) and discussing alteration observed in the RC chips
Bottom Right – RC drilling in progress

*ASX releases 25 June and 10 July 2020. ^ASX release 10 July 2020.

Aphrodite North First RC Hole Drill Chips

==> picture [604 x 351] intentionally omitted <==

==> picture [94 x 97] intentionally omitted <==

Gold Exploration Project Pipeline - Grafter

Located at south-eastern end of GNCP

==> picture [94 x 97] intentionally omitted <==

Underexplored area ~3.7 x 1.5km, previously held by prospectors
Deformed mafic hangingwall sequence prone to gold mineralisation
Numerous rock chip and drill anomalies
Minor historic workings only (likely due to ~80% transported and laterite cover hiding the prospective basement rocks)

Ardea interpreted geology of the Grafter area on E29/196. The sheared and openly folded contact of the Siberia Komatiite with the hangingwall mafic sequence (from base, Big Dick, Bent Tree, and Victorious Basalts) marks a sharp rheological contrast that, in conjunction with open folding and regional sinistral shear, marks the area as the southern part of a regionally significant gold target area on the BTZ. GDA94 MGA94 Zone 51.

Several laterally extensive trends, including the Brighton-Grafters Trend that hosts numerous gold mines, including: Brighton, New Boddington mines (to the north) and Rob Roy, Eureka, Windanya mines (to the south)
Through-going BTZ-generation shears locally disrupted
First-pass exploration program required to fully define gold distributions in laterite and fresh rock
Three initial areas to be RC drill tested with a staged program to explore several target styles over different parts of the stratigraphy
Ardea is the first Company to apply a modern exploration approach

==> picture [94 x 97] intentionally omitted <==

Gold Exploration Project Pipeline - Windanya

==> picture [319 x 282] intentionally omitted <==

Located 50km northwest of Kalgoorlie-Boulder
Historic mining area (1897 and 1906), centred around the largest mine in the area, Half Mile Reef
Geology - deformed ultramafic to mafic sequence prone to gold mineralisation
Major historic workings, with Half Mile Reef the largest
Through-going BTZ-generation shears locally disrupted
Past exploration, but no prior full data consolidation, including a 3D model of historic workings
Previous holders completed mainly shallow drilling
They did not model the historic workings and determine the controls on gold mineralisation, to optimally target down plunge extensions and structural repeats
Held by prospectors over recent years, with Ardea the first Company to apply a modern exploration approach

Sheeted, steeply dipping quartz veins in carbonate altered rock from outcrop at southern end of tenement

==> picture [48 x 31] intentionally omitted <==

Ladder Main Shaft Shaft North

==> picture [47 x 9] intentionally omitted <==

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

Level Plan
----- End of picture text -----

Main Shaft Ladder

==> picture [148 x 11] intentionally omitted <==

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

Long Section looking Southwest
----- End of picture text -----

Shaft

Windanya Gold

Records sourced for the Half Mile Reef* indicate that between 1897 and 1906, 23,480 tonnes of ore were mined from an underground operation, producing 12,993 ounces of gold. This indicates a recovered gold grade of 17.2 g/t
Historic plans and a long section indicate a substantial underground operation for this era
600 foot or 183m deep shaft with stoping to a depth of at least 170m
Level development and discontinuous stoping >700 foot or 213m
Extent of tribute mining after 1906 unknown, so workings may be more extensive
Compilation and interpretation of historic data ongoing
Priority on registering plans and long section, digitising and orientating relative to MGA in 3D

? Plunge of high grade shoot ? Plunge of high grade shoot ? ?

Can then verify effectiveness of legacy exploration and target high grade mineralisation/structural repeats down plunge
Potential for additional parallel gold mineralised structures to be discovered and other targets as well

*Data sources Department of Mines, Industry Regulation and Safety and Trove (online library database).

Goddard

Fault

==> picture [94 x 97] intentionally omitted <==

Gold Exploration Project Pipeline - Bulong

Located approximately 30km east of the City of Kalgoorlie-Boulder
The regionally significant crustal scale gold controlling structure, the Goddard Fault, trends north-south and passes through Ardea’s Bulong tenure (shown in red in the adjacent plan)
This structure represents a northern splay of the regionally significant Mount Monger Fault, which hosts gold mineralisation to the south, with the best known operating mine in the area at Daisy Milano
Historically, the focus on the Bulong tenements has been on laterite hosted nickel-cobalt mineralisation, with limited historical gold exploration completed by Ardea
Detailed mapping and sampling program around the historic Taurus underlay shaft and multiple workings in the area has helped refine the controls on gold mineralisation
Ardea continues to work with Kalgoorlie-Boulder prospectors who have been recovering alluvial eluvial and primary gold in the area which is assisting with target generation and furthering the understanding of the controls on gold mineralisation
In addition to the significant nickel-cobalt resources hosted at Bulong (54.1Mt @ 0.88% Ni and 0.05% Co, for 476.1kt Ni and 28.8kt Co – Ardea 2019 Annual Report), 36 exploration targets have been defined . These are predominantly gold, but also include PGE’s and base metals (nickel, copper, lead and zinc)

Bulong Project location plan showing interpreted geology, Ardea tenements and known gold occurrences. Projection: GDA94 MGA94 Zone 51.

==> picture [94 x 97] intentionally omitted <==

Investment Summary

==> picture [30 x 32] intentionally omitted <==

KNP with “starter” GNCP offers unrivalled nickel and cobalt scale optionality, 5.5Mt of nickel and 405kt of cobalt held by a well-funded junior with $10M cash

==> picture [32 x 33] intentionally omitted <==

Globally significant mineral nickel-cobalt resource in an infrastructure-rich and stable jurisdiction, provides ability to increase production from multiple processing hubs for the rapidly expanding Critical Minerals/LIB sector

==> picture [33 x 33] intentionally omitted <==

Strategic Partner process current, 100% off-take is available, with Company leveraged to increasing nickel and cobalt demand from the rapidly growing Electric Vehicle and Static Storage Battery markets

==> picture [30 x 32] intentionally omitted <==

Extensive (>5,100km[2] ), highly prospective landholding in the Eastern Goldfields of WA

==> picture [31 x 32] intentionally omitted <==

Active exploration programs for gold and nickel sulphides with a strong pipeline of targets

==> picture [70 x 43] intentionally omitted <==

Next Quarter news flow to include ongoing gold exploration, metallurgical testwork results from Big Four Gold, KNP and GNCP resource updates and nickel sulphide exploration

==> picture [300 x 405] intentionally omitted <==

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

The faceted multi-
coloured jewels
represent the rich heart of
WA and its diverse character
in terms of landscape, minerals,
and where Ardea projects are focused
----- End of picture text -----

==> picture [388 x 48] intentionally omitted <==

==> picture [339 x 85] intentionally omitted <==

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

the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt
----- End of picture text -----

for Gold and Nickel Sulphides within the Kalgoorlie Nickel Project

For further information regarding Ardea, please visit www.ardearesources.com.au

APPENDICES

==> picture [48 x 31] intentionally omitted <==

Corporate Snapshot

Board and Executive Management Team

Katina Law Actively involved in the mining industry for over 25 years in corporate and site Non-Executive Chair based roles across several continents, including senior positions at Newmont Mining and LionOre. Non-Executive Chair of Yandal Resources Ltd.

Andrew Penkethman Resources sector executive with over 25 years’ experience, including mine Managing Director, management, project evaluation, early stage & near mine exploration, resource Chief Executive Officer development, feasibility study management, permitting, stake holder engagement & mine development across open pit and underground operations. ASX, TSX & AIM equity market experience. Ian Buchhorn Mineral Economist and Geologist with over 35 years experience, operated as Executive Director Registered Mine Manager in the Kalgoorlie Goldfields region. Sam Middlemas Chartered Accountant (CA) with more than 30 years experience providing Company Secretary and financial and corporate secretarial services. Chief Financial Officer

Dr Matt Painter Geologist with over 25 years professional experience including managerial, General Manager corporate, and on-ground experience across a broad range of commodities – Exploration including nickel, cobalt, manganese, copper, gold and zinc-lead-silver.

==> picture [94 x 97] intentionally omitted <==

Capital Structure, as at 13 July 2020	Capital Structure, as at 13 July 2020
Shares on Issue	117,300,435
Share Price (13 July 2020)	$0.32
52 week high / low	$0.80 / $0.17
Cash (as at 30 June 2020)	$10 million
Market Capitalisation (13 July 2020)	$37.5 million
Staff performance rights	4.276 million
Major Shareholders
Ian Buchhorn and associates	10.7%
Brian O’Shannassy and associates	7.9%
Citicorp Nominees	9.6%
Other Institutional holdings	6.5%
Top 20 shareholders	66%

==> picture [48 x 31] intentionally omitted <==

Ardea has a quality Western Australian project portfolio and the team to make their projects succeed.

==> picture [94 x 97] intentionally omitted <==

A High Quality Nickel and Cobalt Project

**Outstanding results delivered from PFS* and Expansion Studies completed in 2018:**

PFS of 1Mtpa and 1.5Mtpa base case over a 25-year mine life completed

	1.0Mtpa	1.5Mtpa	2.25Mtpa
Status No. Trains Pre Tax NPV8	PFS 1 US$ 1.13 billion	PFS 1 US$ 1.52 billion	ES 1 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

Expansion study of 2.25Mtpa with a 25-year mine life completed
94.5% nickel and 95.5% cobalt recovery – life of mine
Pre-cobalt credit C1 costs in line with current worldwide operators
Pressure Acid Leach (PAL) 5th generation plant is a proven design, successfully operated in other laterite projects globally
2.25Mtpa case based on only 26% of Goongarrie Resource

==> picture [48 x 31] intentionally omitted <==

The information shown on this slide has been previously released on the ASX platform by Ardea in ASX releases, *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018 & +Goongarrie Expansion Study, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially changed.

KNP Resource Breakdown

KNP nickel-cobalt JORC Code (2012) Mineral Resource

==> picture [94 x 97] intentionally omitted <==

Resource category	Size Nickel Cobalt Contained metal
	(Mt) (%) (%) Ni(t) Co(t)
Measured Indicated Inferred	9.6 1.02 0.10 98,800 9,700 232.9 0.75 0.06 1,759,700 141,200 530.5 0.68 0.05 3,600,000 254,400
TOTAL	773.0 0.70 0.05 5,458,400 405,400

Note: 0.5% nickel cutoff grade used to report resources. Note figures are rounded to reflect degree of certainty and may not tally. The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release, Ardea Annual Report 2019, 24 October 2019.

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.

==> picture [48 x 31] intentionally omitted <==

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 has validated the original resource estimates during 2013. 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.

Goongarrie Nickel Cobalt Project Resources

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

Camp Domains	Cut-off Resource	Size Nickel Cobalt Contained metal
	category %	(Mt) (%) (%) Ni(t) Co(t)
Goongarrie Hill Ni & Co	> 0.5% Ni or > 0.08% Co Inferred Subtotal	52.5 0.65 0.04 340,400 21,600
		52.5 0.65 0.04 340,400 21,600

Goongarrie South Ni & Co	> 0.5%Ni or > 0.08% Co Measured Indicated Inferred Subtotal	10.3 0.98 0.10 101,200 10,200 56.2 0.72 0.07 407,000 37,200 32.2 0.69 0.06 221,200 20,300
		98.7 0.74 0.07 729,300 67,700

Big Four Ni & Co	> 0.5%Ni or > 0.08% Co Indicated Inferred Subtotal	45.5 0.71 0.06 320,700 28,200 9.9 0.63 0.06 61,900 6,100
		55.4 0.69 0.06 382,700 34,300

Scotia Dam Ni & Co	> 0.5% Ni or > 0.08% Co Indicated Inferred Subtotal	3.3 0.81 0.09 26,900 3,000 5.7 0.76 0.07 43,300 4,100
		9.0 0.78 0.08 70,200 7,100

Total All	> 0.5% Ni or > 0.08% Co Measured Indicated Inferred	10.3 0.98 0.10 101,200 10,200 105.0 0.72 0.07 754,600 68,400 100.3 0.67 0.05 666,900 52,100
Goongarrie Resource Global	TOTAL	215.6 0.71 0.06 1,522,700 130,700

==> picture [48 x 31] intentionally omitted <==

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 figures are rounded to reflect degree of certainty and may not tally.

==> picture [94 x 97] intentionally omitted <==

Our Flagship Goongarrie Nickel - Cobalt Project

==> picture [570 x 338] intentionally omitted <==

==> picture [94 x 97] intentionally omitted <==

==> picture [100 x 24] intentionally omitted <==

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

Goongarrie JORC
Resource
----- End of picture text -----

215.6 Mt at 0.71% nickel and 0.06% cobalt

Reserves optimised for 25 year mine life only, less than 20% of Goongarrie resource utilised at this scale ( 40.1 Mt at 0.82% Nickel & 0.09% Cobalt*)

==> picture [94 x 97] intentionally omitted <==

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

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.

==> picture [48 x 31] intentionally omitted <==

*The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release, Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018. The information in this report that relates to Ore Reserves for the Goongarrie South and Big deposits of the Goongarrie Nickel Cobalt Project is based on information compiled by Mr Steve Lampron who is a Member of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on mine planning and Ore Reserve estimation. Mr Lampron is a director of Auralia Mining Consulting and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Lampron consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Resource Comparison

				RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL	RESOURCES AUSTRALIAN BULK TONNAGE NICKEL
				-
A	rdea1			Kalgoorlie Nickel Project, WA									Nickel Laterite
C M	lassification easured			Mt % Ni 9.6 1.03						% Co 0.10			ppm Sc tonne Ni notquoted 98,800					tonne Co 9,700	tonne Sc
											0.10		notquote
In	dicated			232.9 0.76							0.0	6	notquote	d	1,759,600			141,200
In	ferred			530.5 0.68							0.0	5	not quote	d	3,600,000			254,400
T	otal			773.0 0.71							0.0	5 not quote		d	5,458,400 405,400
G M	lencore2 easured			Murrin Murrin Operation, WA 144.5 1.01
		re2 ed		Mu							0.0	7	Nickel La notquote	ter d	ite 1,459,450			105,485
					1
In	dicate	d				75.5 0.99					0.0	8	notquote	d	747	,450		63,420
In	ferred					17.0 0.90					0.0	7	not quote	d	153	,00	0	11,900
T	otal				2	37.0 1.00					0.0	8 not quote		d	2,35	9,9	00 180,805
B M	HP3 easur	ed		Nic	kel 3	West Operation, WA 27.1 0.70
										not	qu	oted	Nickel Su notquote	lp d	hide 2,27	8,0	40
							, 0.70
								.
In	dicate	d			2	80.2		0.66		not	qu	oted	notquote	d	1,84	3,4	50
In	ferred				3	24.8		0.68		not	qu	oted	not quote	d	2,21	3,7	20
T	otal				9	32.1		0.68	not		qu	oted not quote		d	6,33	5,2	10
C M	lean T easur	eQ ed	4	Su	nris	e Pr 40	oje	ct, NSW 0.75
											0.1	5	Nickel La notquote	ter d	ite 299	,00	0	59,000
In	dicate	d				47		0.55			0.1	2	notquote	d	259	,00	0	58,000
In	ferred					14		0.24			0.1	1	not quote	d	35,	000		16,000
T	otal					101		0.59			0.1	3 not quote		d	593	,00	0 133,000
A M	ustra easur	lian ed	Mines5	Sc	oni	Proj 19.7	ect,	Qld 0.80
											0.0	7	Nickel La notquote	ter d	ite 157	,98	1	13,425
In	dicate	d				73.8		0.62			0.0	6	notquote	d	456	,63	2	47,326
In	ferred					22.3		0.54		0.0		5	not quoted		121,32		0	10,476
T	otal			115.8 0.64 0.06 not quoted 735,933 71,227

==> picture [48 x 31] intentionally omitted <==

==> picture [94 x 97] intentionally omitted <==

Data Sources

Ardea 2019 Annual Report to 30 June 2019. 2. Glencore Annual Report 2019, page 246, Resource Statement 31 December 2019.
BHP Limited, 2019 Annual Report to 30 June 2019, page 288.
NI 43-101 Technical Report, 25 June 2018.
Australian Mines Quarterly Report March 2020, ASX Announcement 18 May 2020.

Reserve Comparison


				RESERVES - AUSTRALIAN BULK TONNAGE NICKEL
A	rdea1			Kalgoorlie Nickel Project, WA									Nickel Laterite
C P	lassification roved			Mt % Ni 9.0 0.96						% Co 0.10			ppm Sc tonne Ni notquoted 85,920					tonne Co 8,950	tonne Sc
											Co 0.10		ppm Sc
												0	notquote	d
P	robable			31.18 0.78							0.0	9	not quote	d	243,538			28,062
T	otal			40.1 0.82							0.0	9 not quote		d	329,458 37,012
G P	lencore2 roved			Murrin Murrin Operation, WA 103.6 1.03
		re2
											0.0	8	Nickel La notquote	ter d	ite 1,070,188
				Mu	rri 1
																0,188		82,880
P	robabl	e			3	7.80 1.04					0.1	0	not quote	d	393	,12	0	38,934
T	otal				1	41.4 1.03					0.0	9 not quote		d	1,46	3,3	08 121,814
B P	HP3 roved			Nic	kel 1	West Operation, WA 82.0 0.57
													Nickel Su	lph	ide
							t Operation, WA 0.57
								0.57		not	qu	oted	notquote	d	1,02	8,9	50
P	robabl	e			7	7.35		0.73		not	qu	oted	not quote	d	562	,17	0
T	otal				2	58.4		0.62	not		qu	oted not quote		d	1,59	1,1	20
C P	lean T roved	eQ	4	Su	nris	e Pr 65.5	oje	ct, NSW 0.65			0.1	0	Nickel La 48	ter	ite 422	,47	5	67,465		31
P	robabl	e				81.9		0.49			0.0	8	57		403	,76	7	68,796		47
T	otal				1	47.4		0.56			0.0	9 53			826	,24	2 136,261			78
A P	ustra roved	lian	Mines5	Sc	oni	Proj 8.1	ect,	Qld 0.72												4
											0.0	9	Nickel La 44	ter	ite 57,	940		7,286
P	robable					49.2		055		0.0	00	8	33		273,41	41		37195		16
																		,
T	otal

==> picture [94 x 97] intentionally omitted <==

Data Sources

Ardea ASX Announcement, 28 March 2018, "Ardea Delivers Outstanding PreFeasibility Study for the Goongarrie Nickel Cobalt Project with Significant Expansion Potential".
Glencore Annual Report 2019, page 246, Resource Statement 31 December 2019.
BHP Limited , 2019 Annual Report to 30 June 2019, page 288.
NI 43-101 Technical Report, 25 June 2018.
Australian Mines Quarterly Report March 2020, ASX Announcement 18 May 2020.

==> picture [48 x 31] intentionally omitted <==

Big Four Gold Resource

Big Four Gold, (JORC 2012) Mineral Resource (14 May 2020)

==> picture [94 x 97] intentionally omitted <==

	Cut-off Au g/t Tonnes	Grade Au g/t Contained gold (oz)
Inferred Resource	≥ 0.00 194,000	2.5 15,400
	≥ 0.50 178,000	2.7 15,300
	≥ 1.00 151,000 ≥ 1.5 118,000 ≥ 2.00 92,000	3.0 14,600 3.5 13,300 4.0 11,800

Inferred resource estimate and cut-off sensitivity for the Big Four Gold deposit, reported above different Au cut-off values. The base case estimate (highlighted) uses a 0.5 g/t Au cut-off. The tonnage figures have been rounded to the nearest thousand tonnes. Au grades rounded to the nearest decimal. Contained gold is rounded to the nearest 100 oz.

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

==> picture [48 x 31] intentionally omitted <==

The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by James Ridley, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Ridley 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. Mr Ridley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

AI assistant

ARDEA RESOURCES LIMITED — Investor Presentation 2020

64421_rns_2020-07-13_e8735cb1-75ab-4e0c-801a-624ebe1e21b7.pdf

Investor Webinar Presentation

ASX & Media Release

ASX Symbol