ARDEA RESOURCES LIMITED — Investor Presentation 2020

Feb 18, 2020

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RIU Explorers Conference, 19 February 2020

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

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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 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) and Ardea Quarterly Operations Report, for the quarter ended 31 December 2019 (17 January 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

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Goongarrie is the Developed World’s premier nickel-cobalt project (GNCP)

• 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 (>4,900km[2] ), highly prospective landholding in the Eastern Goldfields of WA with active work programs for nickel sulphides and gold

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Achieved 2019 objectives, highlighted by December 2019 Godolphin Resources IPO which closed early with $7.5M raised. Distributed 30M Godolphin shares in specie to Ardea shareholders and Ardea holds 15M Options ($0.25 exercise price)

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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.

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Capital Structure, as at 18 February 2020	Capital Structure, as at 18 February 2020
Shares on Issue	117,300,435
Share Price (11 Feb 2020)	$0.53
52 week high / low	$0.80 / $0.36
Cash (as at 31 December 2019)	$10.7 million
Market Capitalisation (11 Feb 2020)	$62.2 million
Staff performance rights	4.476 million
Major Shareholders
Ian Buchhorn and associates	10.7%
Brian O’Shannassy and associates	7.9%
Institutional holdings	6.2%
Top20 shareholders	54.6%

• Experienced & dedicated management team with the right mix of global and technical experience in the resources sector, from corporate

• fundraising, exploration, discovery, feasibility

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

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Ardea Project Portfolio

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First drilling completed at Bardoc Tectonic
Zone and additional programs planned
Ardea controls over 4,900km [2]
of tenure in Western Australia
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Ardea is a West Australian-focused developer and explorer

DEVELOPING the GNCP

EXPLORING the KNP for nickel and gold

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Historic database being systematically
assessed with multiple targets defined
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Australia’s premier nickel-cobalt project -
DFS programs including Metallurgy, Water
Studies and Approvals underway
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Ardea’s flagship is Australia’s premier Nickel Cobalt Project

Poised for ethical supply of Critical Minerals for the EV market

Ardea pilot nickel sulphate crystal production

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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 or Mixed Sulphide or Hydroxide Product

• All project designs are focused on minimising footprint and operating to environmental best practice

• Potential for Critical Minerals production from multiple processing hubs and multi-decade mine life

• Previous studies include PFS by Vale 2009, Heron 2010, >A$50M spent, >400,000m historic drilling

• 100%-owned by Ardea, no encumbrances

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1. • See Appendix for resource breakdown.

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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Goongarrie Nickel-Cobalt Project

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

• 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 - In 2020, feasibility work will extend to 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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Kalgoorlie Nickel Project – Ni, Co and Au (looking north – with GNCP in the foreground. Note the scale and location)

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Ardea tenure
in red
BTZ gold
controlling
structures
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Ni >0.5%
grade shell
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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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GCNP Approvals & Materials 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 nanofiltration applicable for water softening

• Evaluation of Papertalk West hydrology underway

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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 revegetation

• Extensive Flora and Fauna surveys undertaken across the project area

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Top: Ardea Chair, Katina Law, inspecting a recently installed EV charging station outside the City of Kalgoorlie Boulder Council office during a 2019 stake holder update meeting. Bottom: Flora and fauna, Kalgoorlie Nickel Project

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GNCP Materials Status

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(BF)
(GS)
Section 6669600mN
(see slide 13)
(SD)
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• Block modelling completed GS, BF & SD

• Mine scheduling completed GS, BF & SD

• Grades >1.1% Ni & 0.1% Co during Payback Period

• Resource modelling current on Goongarrie Hill

• Additional high grade mill feed identified at Goongarrie Hill, Highway and Siberia North to maintain LOM GNCP leach feed grades >1% Ni (WINNER)

• Neutraliser to be recovered during open pit mining

• Bench-scale neutralisation effective

• 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).

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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

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

• 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 & cobalt sulphate

• Scandium credit potential

• Ore mainly goethitic (>40% Fe & preferred plant feed)

• No smectite clays (unlike many other laterite deposits, so no drying 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 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

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• Over 125 years of mining in the region

• Lowest sovereign risk, very strong Local Government support

• Goongarrie only 80 km north on the main Goldfields Highway

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• Railway line, power line, optic fibre cross Goongarrie tenements, mobile phone coverage

• 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

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

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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.

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The Nickel Market – Reserve Life of Major Battery Minerals

• High levels of most battery minerals but not nickel

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350
300
250
200
150
100
50
0
Graphite Lithium Aluminium Cobalt Manganese Copper Nickel
Years
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• 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)

Source: USGS after JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, June 2019.

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Projected Nickel Demand from Energy Revolution

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Source: After Vale/JF Bertincourt, Terra Studio, What is the investment thesis for Nickel presentation, November 2019.

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• Current nickel market size ~2.5 million tonnes pa

• Depending on the scenario for the EV/SSB rate of adoption, nickel volumes to meet additional demand vary between 750,000 tonnes and 2 million tonnes pa

• Nickel demand from EV/SSB is expected to far exceed nickel production from existing operations in any scenario of EV/SSB adoption

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EV/SSB Evolution & Industry Wide Investment

• The number of lithium ion battery megafactories in the pipeline has reached 115 versus 63 a year ago[*]

• 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 88 of 115 lithium ion battery megafactories in the pipeline to 2029[*]

• New Electric Vehicle (EV) companies rising to challenge existing manufacturers

• All auto manufacturers have EV plans in place

• Mergers of auto companies to compete for EV dominance

• Battery manufacturers must secure ethical nickel and cobalt

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• Benchmark Minerals’ Lithium ion Battery Megafactory December 2019 Assessment.

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Australia Shifts Towards Electrified Vehicles

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www.thedriven.io
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• It’s quite clear that the Australian auto market has started the shift towards electrified vehicles and away from Internal Combustion Engines (without incentives)!

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• The entire market is down substantially in terms of sales this year, but electrified vehicles are powering ahead. 19

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GNCP – Ticking all the Boxes

✔ ✔ ✔ ✔ ✔ ✔ ✔

The GNCP is Australia’s premier nickel cobalt project Infrastructure rich location with road, rail & power infrastructure Development on track with all resources on granted mining leases Best in class ore type | goethite, with pilot plant Ni & Co sulphate produced Project development to minimise environmental footprint Strong stakeholder support Project poised to provide ethical Critical Minerals supply

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Lady Isobel

Exceptional greenfields opportunities in well established host structures within the Kalgoorlie Nickel Project and Eastern Goldfields

Exploration Upside

• 4,900km[2] of 100% controlled tenure in one of Australia’s premier gold and nickel sulphide provinces

• Extensive tenure position provides multiple strategic options

• Priority on flagship GNCP

• Undertaking nickel sulphide and gold exploration with major focus within and adjacent to Kalgoorlie Nickel Project Tenure

• Strong news flow continuing

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Ardea’s WA project portfolio
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Bardoc Tectonic Zone (BTZ)

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

• ~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 mining centres)

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

(as at 2005)

• Ardea rectifying on a priority basis from archived

• assay pulps = cheap exploration

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

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Investment Summary

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GNCP and broader KNP offers unrivalled nickel and cobalt scale optionality in the hands of a junior resources company

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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

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. Australian market moving toward electrification, along with the rest of the world

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In 2020, feasibility work will extend to project expansion study “WINNER”, Water, Inpit Neutraliser and Nickel Enhanced Reserve. This initiative will leverage off Ardea’s extensive reserve and resource base additional to its flagship GNCP

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Ardea has a large (>4,900km[2] ), highly prospective landholding in the Eastern Goldfields of WA with active work programs for nickel sulphides and gold

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

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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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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	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

• 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

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 &

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• +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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Our Flagship Goongarrie Nickel - Cobalt Project

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Ni >0.5% grade shell

ARL Tenements

Goongarrie JORC Resource

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*)

APPENDIX – 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). ( )

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

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

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APPENDIX – Reserves Defined for Goongarrie Nickel Cobalt Project*

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

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

Using a nickel equivalent cut of >0.81 %, which used inputs of A$18,900/t nickel and A$120,750/t cobalt. (US$15,120/t Ni and US$96,600/t Co, 0.8 exchange rate). Nickel equivalent (Nieq %) = 𝑁 𝑔 𝑔 𝑔𝑔+ 𝐶 𝑔 𝑔 𝑔𝑔× 𝐶 𝑝𝑝𝑔𝑔𝑝 𝑔𝑔 . Prices used are US$15,120/t for nickel and US$96,600/t for 𝑁𝑁𝑝𝑝𝑝𝑝𝑔𝑔𝑝 𝑔𝑔 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.

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APPENDIX – KNP Resource Breakdown

KNP nickel-cobalt mineral resource (JORC 2012), Ardea Annual Report 2017

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

Note: 0.5% nickel cutoff grade used to report resources. Not figures are rounded to reflect degree of certainty and may not tally.

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

The information in this report that relates to Mineral Resources for the Highway, Goongarrie Hill, Goongarrie South, Big Four, Aubils and Boyce Creek Prospects is based on information originally compiled in-house and validated by Steve Jones in 2013. Steve Jones is a member of the Australasian Institute of Mining and Metallurgy. Steve Jones is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Steve Jones consents to the inclusion in this report of the matters based on his information in the form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.

The information in this report that relates to Mineral Resources for the Siberia North, Bulong East, Siberia, Black Range, Taurus and Jump Up Dam Prospects is based on information compiled by Snowden Mining Industry Consultants by members of the Australian Institute of Mining and Metallurgy. Snowden Mining Industry Consultants had sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the resource estimation activity. All resources were internally audited by Snowden and signed off by a person of sufficient experience to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Steve Jones 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.

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Ardea share price and volume for the 12 months to 12 February 2020

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