ARDEA RESOURCES LIMITED

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Investor Webinar Presentation

ASX & Media Release

22 May 2020

Ardea Resources Limited (ASX: ARL, Ardea or the Company) is pleased to announce its participation in the ShareCafe Small Cap “Hidden Gems” Webinar to be held on Friday 22 April 2020 from 2:30pm AEST / 12.30pm AWST.

ASX Symbol

ARL

Managing Director and Chief Executive Officer Andrew Penkethman will provide an update on the company’s significant exploration programs and developments underway within the Kalgoorlie Nickel Project and its 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 will provide viewers the opportunity to hear from, and engage with, a range of ASX listed micro/small cap “hidden gems”.

Telephone

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

+61 8 6244 5136

Email

https://us02web.zoom.us/webinar/register/WN_GMsCRsD9SJmHdon1l5kG8w

[email protected]

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.

Website

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

www.ardearesources.com.au

Directors

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

Katina Law Non-Executive Chair

Andrew Penkethman Managing Director & CEO

Ardea Resources:

Andrew Penkethman

Ian Buchhorn Technical Executive Director

Managing Director and Chief Executive Officer, Ardea Resources Limited

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

Wayne Bramwell Non-Executive Director

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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Investor Presentation, 22 May 2020

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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

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Disclaimer

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 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) Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 2020) and Maiden Resource for Big Four Gold Project, WA (14 May 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. All plans shown in this presentation with a grid use a GDA94 MGA Zone 51 Projection.

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Ardea is a well funded Western Australian-focused developer and explorer with a clear strategy

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The Kalgoorlie Nickel Project (KNP) is the Developed World’s premier nickel-cobalt project, and includes the Goongarrie Nickel Cobalt Project (GNCP) as starter operation

Globally significant mineral resource on granted mining leases
Leverage off Western Australia’s world class safety, environmental and operating standards to ensure ethical mineral sources to supply transition to global electrification
Up to 100% off-take is available , subject to financing support from Strategic Partner
High exposure to increasing nickel and cobalt demand from the rapidly growing Electric Vehicle and Static Storage Battery markets

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

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Prime Location and World Class 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
WA safety, health and environmental standards are world’s best practice
WA holds the top ranking in the Fraser Institute’s Annual Survey of Mining Companies - Investment Attractiveness Index*
Kalgoorlie-Boulder is the prime resource development and operating destination within Australia
An Australian source for battery metals removes supply line
concerns
Ardea’s Kalgoorlie Nickel Project (KNP) offers an ethical, secure, long-life source of nickel and cobalt

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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

The Kalgoorlie Nickel Project

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 Kalgoorlie Nickel Project (KNP) has a globally significant nickel and cobalt resource of 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 part of the broader KNP, with a resource of 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, Mixed Sulphide or Hydroxide Product, or Precursor NMC
- 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 onspecification Ni & Co sulphate

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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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
Also, undertaking nickel sulphide and gold exploration with major focus within and adjacent to Kalgoorlie Nickel Project Tenure
Multiple work streams in progress including active drill programs to maintain strong news flow

Bardoc Tectonic Zone (BTZ)

One of the major gold-bearing structures of the WA Goldfields runs through the GNCP

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~350 km long gold-producing regional shear / fault system (~65km controlled by Ardea )
Hosts multiple historic gold mining centres
Contiguous with Boulder-Lefroy Fault (hosts Kalgoorlie & St Ives)
Alluvial & laterite cover has obscured the BTZ’s true potential at Goongarrie
Exploration drilling tied in with GNCP site layout sterilisation drilling
Multiple gold targets defined from first phase sterilisation drilling
Future drilling must penetrate laterite to fresh rock to test for gold
Project data refined to optimally drill Ardea BTZ gold targets
2020 drilling to further test gold potential of BTZ and to tie in with site layout programs
400,000m of drilling in KNP data base, before Ardea virtually no assays for gold or nickel sulphide indicators

Gold endowment along the BTZ and the contiguous Boulder-Lefroy Fault after Hodkiewicz et al. 2005.

Ardea rectifying on a priority basis from archived assay pulps = low cost
effective exploration 8

GNCP in perspective with other WA Gold Camps

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GNCP  Assuming that the GNCP is a gold
St Ives camp, it is 25km long and is:
 Around the length of the St Ives
gold camp (>10Mozs)
 More than twice the length of the
Kundana gold camp (>10Mozs)
 In contrast to all of these, there is
almost nil outcrop
 There are more similarities to
exploring the poorly exposed
Kundana
Yamarna (WA) greenstone belt
(Gruyere gold mine), though even
this has far more outcrop than the
GNCP.
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Various gold camps shown at the same scale as the GNCP. 2km grid. Source: GSWA.

Olive green on the GNCP map are the Ni-Co deposits. Yellow squares show known gold occurrences.

Big Four Gold

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Projection: GDA94 MGA Zone 51
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Big Four Gold located 70km north of Kalgoorlie on a granted GNCP mining lease.
Ardea drilling commenced January 2020 (ASX release 26 February 2020) with results including:
18m at 3.38g/t gold from 18m
14m at 2.40g/t gold from 6m
20m at 2.91g/t gold from 76m
Maiden JORC Code (2012) Inferred Mineral Resource at Big Four Gold of (ASX release 14 May 2020):
178kt at 2.7g/t gold, for 15,300 oz gold (0.5g/t Au cut off)
Gold mineralisation starts within 5m of surface.
Mineralisation open down plunge.
Potential mining scenarios being investigated, numerous nearby analogues to be explored.
Modest start to GNCP gold exploration and resource definition, but proof of concept of BTZ gold prospectivity.

GNCP Gold Target Generation

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Projection: GDA94 MGA Zone 51
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Ardea need to determine extent of gold mineralisation at GNCP to be able to locate infrastructure for project development
Detailed interpretation continuing
Through “data mining” the Ardea exploration team are completing quality cost effective work, including:
Digitally capturing past exploration data and merging this with 2-D and 3-D geophysical data to reinterpret the geology
Selecting historical drill pulps for assay which includes 61 element Critical Minerals suite
Data capture costs <20% of data reacquisition by new drilling
Multiple targets are being generated and systematically explored

Ardea Difference to Target Generation

DMIRS Geology (2018)

High quality public domain regional interpretation (1:100k scale)
Used as a basis for Ardea’s more detailed interpretation
GSWA provides high quality, state-wide geological data for the advancement of the mining industry in WA

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Ardea’s Geology (2020)

Ardea use the DMIRS Geology to advance their projects, supplemented by additional high-resolution geophysical data
Ardea’s new targets are defined using decades of global experience and systematically explored
This example shows multiple geophysical, geological and geochemical targets

GSWA 1:100k interpreted geology with drilling and Ardea targets. See geology legend on previous slide.

Ardea high resolution interpreted geology with drilling and Ardea targets. See geology legend on previous slide.

Projection: GDA94 MGA Zone 51

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Ongoing Gold Exploration

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This photo shows 24m of transported overburden (dark red sand and lake clays right hand side) overlying 70m of deeply weathered saprolitic clays (light pink and yellow piles mid photo), with mafic saprock (green grey piles at the bottom of hole left hand side)
Geophysics and drilling to provide critical geology and geochemistry data is required to test these targets aimed at making new discoveries
Need the three G’s to light up:
Geology + Geochemistry + Geophysics = Exploration Success
The GNCP is only one of seven key project areas, held by Ardea, with multiple gold exploration targets at every project
Targets are constantly being defined and added to a ranking system that is updated on a monthly basis to keep the target pipeline full for drill testing (actively drilling since January 2020)

Aircore rig drilling at Ardea’s GNCP, testing a gold geophysical target.

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Investment Summary

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GNCP and broader KNP 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$28.7M

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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 sector

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International search for Strategic Partner current with KPMG, up to 100% off-take is available , subject to financing support from the Strategic Partner

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Leveraged to increasing nickel and cobalt demand from the rapidly growing Electric Vehicle & 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 work programs for nickel sulphides and gold

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Strong 2020 news flow to include updated GNCP resource and nickel sulphide exploration and gold exploration updates

See Appendix for resource breakdown.

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

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APPENDICES

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

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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 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, across several continents, and extensively 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 consulting, managerial, corporate, and on-ground experience across a broad range of commodities including gold, nickel, cobalt, copper, zinc-lead-silver, uranium, tin and manganese.

Capital Structure, as at 21 May 2020	Capital Structure, as at 21 May 2020
Shares on Issue	117,300,435
Share Price (21 May 2020)	$0.27
52 week high / low	$0.80 / $0.17
Cash (as at 31 March 2020)	$9.2 million
Market Capitalisation (21 May 2020)	$31.6 million
Staff performance rights	4.476 million
Major Shareholders
Ian Buchhorn and associates	10.7%
Brian O’Shannassy and associates	7.9%
Sprott & Citigroup 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.

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
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 reserve and resource base, additional to its flagship GNCP
Strategic partner process current – Ardea won’t be rushed, the Company has specific funding requirements to ensure the best outcome for shareholders
Strong 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.

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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

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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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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 mineral resource (JORC 2012)

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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. 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 that19 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 (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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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.

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*)

Big Four Gold Resource

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

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	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:

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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

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