ARDEA RESOURCES LIMITED

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Benchmark World Digital Tour Presentation

ASX & Media Release

26 May 2020

Ardea Resources Limited (ASX: ARL, Ardea or the Company) is pleased to announce its participation in the Benchmark World Digital Tour (World Tour East) Webinar to be held on Tuesday 26 May 2020 from 5.00pm AEST / 3:00pm AWST.

ASX Symbol

ARL

Managing Director and Chief Executive Officer Andrew Penkethman will provide an update on the company’s significant developments underway within the Kalgoorlie Nickel Project and its flagship Goongarrie Nickel Cobalt Project, 70 kilometres north of the City of Kalgoorlie-Boulder in Western Australia.

Suite 2 / 45 Ord St West Perth WA 6005

PO Box 1433 West Perth WA 6872

The Free webinar can be viewed live via Zoom over the internet and is designed to provide the highest quality information on the lithium ion battery, electric vehicle and energy storage supply chains and company profiles within a two-hour time slot.

Telephone

It will also include an audience Q&A opportunity with all speakers.

+61 8 6244 5136

Andrew Penkethman’s speaking time will be at 3:40pm (AWST) (5:40pm AEST) with a 15-minute presentation, followed by a short Q&A session.

Email

[email protected]

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

Website

https://us02web.zoom.us/webinar/register/WN_k Lr7oEqRUiKQ5w1sCNcZw

www.ardearesources.com.au

A copy of the investor presentation to be delivered during the webinar is attached. Authorised for lodgement by the Board of Ardea Resources Limited.

Directors

Katina Law Non-Executive Chair

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

Andrew Penkethman Managing Director & CEO

Ardea Resources: Andrew Penkethman

Ian Buchhorn Technical Executive Director

Managing Director and Chief Executive Officer, Ardea Resources Limited

Wayne Bramwell Non-Executive Director

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

Executive Management

Sam Middlemas Company Secretary & CFO

Matt Painter General Manager Exploration

Issued Capital

Fully Paid Ordinary Shares 117,300,435

Directors/Employee Performance Rights 4,476,000

ABN 30 614 289 342

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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.

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Exploration drilling in progress and
additional targets being defined
Ardea controls over 5,100 km [2]
of tenure in Western Australia
Target review current
Australia’s premier nickel-cobalt
project
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Follow Ardea on social media

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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
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the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt
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for Nickel Sulphides and Gold within the Kalgoorlie Nickel Project

Benchmark Mineral Intelligence, World Tour East 26 May 2020

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Presented by Andrew Penkethman

Disclaimer

Important notice

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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), Godolphin Resources IPO to close early (19 November 2019), Mulga Plum Exploration Update (25 November 2019), Ardea Quarterly Operations Report, for the quarter ended 31 December 2019 (17 January 2020) and Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 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.

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Ardea is a well funded Western Australian-focused developer and explorer with a clear strategy to become an integrated feedstock supplier to the Lithium Ion Battery sector

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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 (5.6Mt Ni, 0.4Mt Co)[1]

Globally significant mineral resource on granted mining leases adjoining infrastructure
Pre-Feasibility Study completed in 2018 on Goongarrie Nickel Cobalt Project (GNCP) within the larger KNP, Pre Tax NPV8 US$2.4 billion[2]
Leverage off Western Australia’s world class safety, environmental and operating standards to ensure ethical mineral sources to supply transition to global electrification
Strategic Partner sought, up to 100% off-take is available, subject to financing support from Strategic Partner
Able to supply increasing nickel and cobalt demand from the rapidly growing Electric Vehicle and Static Storage Battery markets

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In addition to development studies, Ardea has a highly prospective, extensive (>5,100km[2] ) exploration landholding in the Eastern Goldfields of WA with active exploration programs for nickel sulphide and gold deposits

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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.

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Ardea’s flagship is Australia’s premier Nickel-Cobalt Project

Ardea is poised for ethical supply of Critical Minerals for new electrification technologies

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Western Australia – World Class for Mining

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Western Australia is top ranking in the Fraser Institute’s Annual Survey of Mining Companies - Investment Attractiveness Index*

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No 1 Ranking is based on a composite of policy and best practice environment with world class regulatory environment, highly competitive taxation, no political risk or uncertainty and a fully stable mining regime. The index is also weighted by mineral potential.

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*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

Optimum Jurisdiction

All Ardea Projects located in Western Australia (WA)

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WA is the prime world destination for development of multi-decade minerals operations
Mining Act sole responsibility of State of WA, no parallel input from other levels of government
Certainty of title demonstrated through 130 years of WA sustained mineral production
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 SE city boundary
Requisite service industries based in Kalgoorlie, including Tertiary education and research at Curtin University

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Optimum Resource Scale

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Assumption is a world-leading Lithium Ion Battery (LIB) investor will require a minimum annual output of 40,000tpa nickel metal in product
With 5.6Mt 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)
Additionally ore has >0.5% Mn, no PFS input as yet on Mn recovery levels
Potential for producing Precursor Ni-Mn-Co for specific LIB OEM

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See Appendix for resource breakdown.

Optimum Environment for KNP

Large contiguous KNP land holding allows unimpeded site planning to minimise ultimate site footprint
No conflict between production layout and infrastructure

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Unlimited flexibility in scheduling production and back-fill of exhausted pits with tailings

 Temperate woodland

Waste landforms in KNP regenerates easily as open woodland
None of the challenges of mining in a tropical rain forest reserve

 Arid environment, facilitates well managed tailings disposal

Rehabilitation procedures well established over last four decades in Kalgoorlie open pit gold sector
No submarine tailings disposal
No valley-fill tailings dams
No conflicting land use demands
KNP purely a mining jurisdiction
No competing food production activity (as in some other laterite districts)

 CO2 minimisation

KNP PAL plant steam, heating and power generated through burning elemental sulphur for sulphuric acid feedstock
KNP PAL neutraliser includes Ni-enriched non-carbonate options

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Waste landform regeneration facilitates significant agroforestry throughout the KNP

The Kalgoorlie Nickel Project

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Kalgoorlie Nickel Project (KNP) has a globally significant nickel and cobalt resource 773Mt at 0.7% Ni and 0.05% Co*
5.6 million tonnes contained Nickel
405,000 tonnes contained Cobalt
The Goongarrie Nickel Cobalt Project (GNCP) is the western part of broader KNP, resource 216Mt at 0.71% Ni and 0.06% Co*
1.5 million tonnes contained Nickel
130,700 tonnes contained Cobalt

 Potential to produce Nickel and Cobalt Sulphate or Mixed Sulphide or Hydroxide Product, or Precursor, as required by future development Strategic Partner

- See Appendix for resource breakdown.
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.

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Piloting studies have confirmed on-

specification Ni & Co sulfate

Goongarrie Nickel Cobalt Project

The GNCP is part of the largest Nickel Cobalt Resource in the developed world^

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 Potential multi-decade producer of high-quality nickel and cobalt products

1.0Mtpa base case PFS – low CAPEX start-up with robust project economics*
2.25Mtpa Expansion Study – compelling project economics*
Low technical risk project to provide nickel and cobalt for the growing battery market
DFS programs underway - Feasibility work has extended into project expansion study “ WINNER ”, Water, In-pit Neutraliser and Nickel Enhanced Reserve. This initiative will leverage off Ardea’s extensive and flexible reserve and resource base within the KNP, additional to its flagship GNCP which is focused on premium goethite ore type
Strategic partner process current through KPMG – Ardea won’t be rushed, Company has specific funding requirements to ensure the best outcome for Shareholders
Strong participation interest as concerns rise around secure, ethical, long-term supply of battery grade nickel and cobalt

Refer to ASX releases: ^Ardea Resources Annual Report 2017. *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.

Kalgoorlie Nickel Project – Ni, Co and Au (looking south – with GNCP in the foreground. Note the scale and location)

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BTZ gold controlling
structures
Ardea tenure in
red
Ni >0.5%
grade shell
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+20km Goongarrie Nickel Cobalt Project, western part of the Kalgoorlie Nickel Project

GNCP Materials Status

Block modelling & mine scheduling completed GS, BF & SD

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Grades >1.1% Ni & 0.1% Co during Payback Period[1]
Additional high grade mill feed confirmed at Goongarrie Hill, Highway and Siberia North (all within 30km of Goongarrie proposed plant site), maintains LOM GNCP leach feed grades >1% Ni (WINNER)[1]
Resource modelling current on Goongarrie Hill, Highway and Siberia
PAL neutraliser to be recovered during open pit mining
Bench-scale neutralisation effective

Section 6669600mN (see slide 13)

Opex saving on neutraliser imports

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Ardea ASX releases, Quarterly Operations Report, for the quarter ended 30 June 2019 (22 July 2019), Quarterly Operations Report, for the quarter ended 30 September 2019 (31 October 2019).

Goongarrie South, Big Four and Scotia Dam drillhole location plans overlaying modelled resource envelopes (Grey = 0.25% Ni cutoff, Brown = 0.05% Co cutoff). Projection GDA94 MGA94 Zone 51.

Thick, high-grade, single ore type, low strip ratio

Well understood mineralogy with consistent nickel and cobalt grades Large scale, long-life open pit mining potential *

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Refer to Ardea ASX releases: *Goongarrie Nickel Cobalt Project, PFS study, 28 March 2018, Goongarrie Expansion Study, 24 July 2018, and Quarterly Operations Report, for the quarter ended 30 June 2019 (22 July 2019). 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.

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GNCP Material Source, Type and Quality

The high quality of Goongarrie ore is the key to project success:

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Controls on mineralisation are well understood by applying Ardea’s quality geomet analysis
Ardea piloting studies have confirmed on-specification nickel and cobalt sulphate
Scandium and Rare Earth credit potential
Ore mainly goethitic (>40% Fe & preferred plant feed)
No smectite clays (unlike many other laterite deposits, so no “drying & aging” required before ore processed)
Highly soluble in PAL, low acid consumption, excellent rheology, pulp density (expected lower Capex and Opex compared to peers)
No screen upgrade required, eliminates ore preparation risk (commonly a stumbling block for historic WA non-goethitic deposits)

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World-Class Mining Standards, Location & Infrastructure

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Kalgoorlie, Western Australia offers world-class infrastructure in an established mining district
Over 130 years of mining in the region
Lowest sovereign risk, very strong Local Government support
Goongarrie only 80 km north on the main Goldfields Highway
Railway line, power line, optic fibre cross Goongarrie tenements, mobile phone coverage

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Gas pipeline adjacent to east
Rail access to ports of Kwinana and Esperance
Western Australia’s safety, health and environmental standards are world’s best practice
An Australian source for battery metals removes supply line concerns

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City of Kalgoorlie-Boulder – resources, mining and community linked - the contributions the WA resources sector makes to the local and national economies & quality of life are celebrated. Southern Ports - Esperance

Goongarrie offers an ethical, secure, long-life source of nickel and cobalt

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The Nickel Market – Reserve Life of Major Battery Minerals

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High levels of most battery minerals but not nickel
Declining nickel reserves
Future nickel production not expected to keep up with growing demand, driven mainly by the battery sector
Not a matter of if, but when!
Nickel supplies most critical of all battery minerals
Particularly in light of most recent 811 battery chemistry (8 parts Ni : 1 part Mn : 1 part Co)

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Top Graph – After USGS and JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, June 2019. Bottom Graph - © Benchmark Mineral Intelligence 2020

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Projected Nickel Demand from Energy Revolution

NICKEL SULPHATE MARKET BALANCE

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BALANCE
The short
lead time to SUPPLY
installing
DEMAND
sulphate
capacity
means we
expect this
deficit to be
addressed,
given a
sufficient
incentive
price
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Current nickel market size ~2.5 million tonnes pa
Depending on the scenario for the EV/SSB rate of adoption, annual nickel volumes to meet additional demand vary between 750,000 tonnes and 2 million tonnes pa
Benchmark Minerals forecasts 1.35M tonnes Ni used in batteries by 2030
Nickel demand from EV/SSB is expected to far exceed nickel production from existing operations in any scenario of EV/SSB adoption
Anecdotal - “Each and every known nickel deposit today must be commissioned into a mining operation if the World is to have EV/SSBs”

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EV/SSB Evolution & Industry Wide Investment

The number of lithium ion battery megafactories in the pipeline has reached 136 versus 63 at end of 2018[*]
China is the global leader in the battery revolution and take up of new technology with the rest of the world playing catch up
China is now home to 101 of 136 lithium ion battery megafactories in the pipeline to 2029[*]
New Electric Vehicle (EV) companies rising to challenge existing EV and ICE manufacturers
All auto manufacturers have EV plans in place
Li-ion battery demand is forecast to increase more than twelve-fold by 2030^
Battery manufacturers must secure ethical nickel and cobalt
Benchmark Minerals’ Lithium ion Battery Megafactory April 2020 Assessment. ^ Benchmark Mineral Intelligence forecast data Q1 2020.

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Investment Summary

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KNP with “starter” GNCP offers unrivalled nickel and cobalt scale optionality, 5.6Mt of nickel and 405kt of cobalt held by a well-funded junior with $9.2M cash to fund ongoing studies and market cap of only A$36M

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Globally significant mineral 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

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Strategic Partner sought, up to 100% off-take is available , subject to financing support from Strategic Partner

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Leveraged to increasing nickel and cobalt demand from the rapidly growing Electric Vehicle and Static Storage Battery markets

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Project expansion study “WINNER”, Water, Inpit Neutraliser and Nickel Enhanced Reserve underway to leverage off Ardea’s extensive KNP resource base additional to its flagship GNCP

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Ardea has a large (>5,100km[2] ), highly prospective landholding in the Eastern Goldfields of WA with active exploration programs for nickel sulphides and gold

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2020 news flow to include Strategic Partner initiatives, updated KNP & GNCP resource, nickel sulphide exploration and gold exploration

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the Kalgoorlie Nickel Project
starting with Goongarrie Nickel-Cobalt
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for Nickel Sulphides and Gold within the Kalgoorlie Nickel Project

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

APPENDICES

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Corporate Snapshot

Board and Executive Management Team	Board and Executive Management Team
Katina Law Non-Executive Chair	Actively involved in the mining industry for over 25 years in corporate and site based roles across several continents, including senior positions at Newmont Mining and LionOre. Non-Executive Chair of Yandal Resources Ltd.
Andrew Penkethman Managing Director, Chief Executive Officer	Resources sector executive with over 25 years’ experience, including mine management, project evaluation, early stage & near mine exploration, resource development, feasibility study management, permitting, stake holder engagement & mine development across open pit and underground operations. ASX, TSX & AIM equity market experience.
Ian Buchhorn Executive Director	Mineral Economist and Geologist with over 35 years experience, operated as Registered Mine Manager in the Kalgoorlie Goldfields region.
Wayne Bramwell Non-Executive Director	Mining executive with over 26 years of international and Australian expertise across the base metals, precious metals and bulk commodity sectors.
Sam Middlemas Company Secretary and Chief Financial Officer	Chartered Accountant (CA) with more than 30 years experience providing financial and corporate secretarial services.
Dr Matt Painter General Manager – Exploration	Geologist with over 25 years professional experience including managerial, corporate, and on-ground experience across a broad range of commodities including nickel, cobalt, manganese, copper, gold and zinc-lead-silver.

Capital Structure, as at 25 May 2020	Capital Structure, as at 25 May 2020
Shares on Issue	117,300,435
Share Price (25 May 2020)	$0.31
52 week high / low	$0.80 / $0.17
Cash (as at 31 March 2020)	$9.2 million
Market Capitalisation (25 May 2020)	$36 million
Staff performance rights	4.476 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%

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

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Kalgoorlie Nickel Project – Approvals Status

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Potential for Critical Minerals production from multiple processing hubs and multi-decade mine life, hubs concept engenders excellent resource utilisation and rehabilitation through scheduling optionality
All project designs are focused on minimising footprint and operating to environmental best practice
Previous studies include PFS by Vale 2009, Heron 2010, >A$50M spent, >400,000m historic drilling

Goldfields Highway and power lines passing through the GNCP

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Critical minerals are metals and non-metals that are considered vital for the economic well-being of the world's major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors.[1]

Extensive existing infrastructure to help fast-track project development
100%-owned by Ardea, no encumbrances
From www.ga.gov.au/about/projects/critical-minerals

Kalgoorlie Nickel Project – Approvals Status

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Status and progress towards Project Approvals

Community consultation current with GNCP embraced
All GNCP resources on granted mining leases with Regional Native Title agreement in place for continued grant of development tenure
Environmental Reports finalised and ready for statutory approvals submission when the decision is made
Water sampling completed, focussed on pit-dewater process sources suitable for Reverse Osmosis feedstock
Bench-scale nano-filtration applicable for water softening

Activities undertaken to minimise project footprint

Consolidate site infrastructure location
Maximise use of existing infrastructure
Back filling of open pits with slurry tailings, top soil & then revegetate
Extensive Flora and Fauna surveys undertaken across the project area

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Development on track with all resources on granted mining leases and strong stakeholder support

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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

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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

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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.

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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

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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.

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Our Flagship Goongarrie Nickel - Cobalt Project

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Goongarrie JORC Resource

215.6 Mt at

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Ni >0.5%
grade shell
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Ardea tenure in
red
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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*)

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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.

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*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

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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

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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.

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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
Active exploration:
nickel sulphide , amenable to autoclave feed, potential metallurgical benefits plus extra nickel and sulphur units
gold exploration with major focus within and adjacent to Kalgoorlie Nickel Project, potential cash-flow opportunities at Big Four Gold to help fund KNP studies
Multiple work streams in progress to maintain strong investor news flow

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