ARDEA RESOURCES LIMITED — Investor Presentation 2022

Aug 1, 2022

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Diggers & Dealers Mining Forum 3:30pm AWST, 2 August 2022 Ardea Resources Limited - Kalgoorlie Nickel Project Globally significant sustainable and ethical Critical Minerals

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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), Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 2020), Quarterly Activities Report - June 2020 (23 July 2020), Nickel Sulphide Targets within the Ardea Tenement Portfolio including KNP (30 September 2020), Quarterly Activities Report - September 2020 (27 October 2020), Quarterly Activities Report - December 2020 (21 January 2021), GNCP High Grade Resource - 60 million tonnes at 1.0% nickel (15 February 2021), Quarterly Activities Report - March 2021 (21 April 2021), Basal contact nickel sulphide intersected at Ardea’s Emu Lake (27 April 2021), CSIRO/Ardea research at Goongarrie BTZ – insights for nickel sulphide and gold targets (27 May 2021), Kalgoorlie Nickel Project – Feasibility Study Underway (31 May 2021), Semi-massive nickel sulphide intercept at Emu Lake (10 June 2021), Highway Nickel Deposit - Mineral Resource Estimate (16 June 2021), Nickel Sulphide Exploration Update – Emu Lake (13 July 2021), Ardea Quarterly Operations Report, for the quarter ended 30 June 2021 (27 July 2021), Ardea Annual Report 2021 (24 September 2021), FBICRC signs contract for $18M flagship Cathode Precursor Production Pilot Plant (22 October 2021), Quarterly Activities Report - September 2021 (27 October 2021), Goongarrie Hub Feasibility Study Update (15 November 2021), Emu Lake Discovery (3 December 2021, 14 January 2022, 7 February 2022), Goongarrie Hub Feasibility Study Update (25 January 2022) Quarterly Activities Report – December 2021 (28 January 2022), Successful A$21.5 Million Capital Raising (22 February 2022), High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements (14 March 2022), Kalgoorlie Nickel Project Recognition on All Tiers of Australian Government (21 March 2022), Quarterly Activities Report – March 2022 (28 April 2022) Confirmation of High-Grade Nickel-Cobalt from Goongarrie South Metallurgical Drilling (16 May 2022), Kalgoorlie Nickel Project Feasibility Study Update (14 June 2022) and Quarterly Activities Report – June 2022 (19 July 2022).

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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World Class Kalgoorlie Nickel Project Mineral Resource

5.9Mt contained nickel, 384kt contained cobalt plus Sc & other Critical Minerals*

Includes:

Goongarrie Hub High grade component : 784kt contained nickel, 54kt contained cobalt

Enough for >147,000,000 Electric Vehicles ^

• ^ 12/07/2021 UBS – Battery Material Value Chain – based on 40kg Ni powering typical NCM811 EV

Kalgoorlie Nickel Project Highlights

100% Ardea

Proven flowsheet

Premier location

For jurisdiction, infrastructure and technical expertise

High level of confidence and control behind resource

MHP production with industry leading low carbon emissions

• Premium goethite ore (excellent comminution, less abrasive, low consumable consumption, lower maintenance)

• WA is the premier global destination for development of minerals operations

• The KNP database contains 19,308 drill holes with 454,730 samples and 512,167 sample assays with QAQC

• Well established health, safety and environmental policies

  • MHP or PCAM product to meet Strategic Partner requirements

• Detailed geological logging has resulted in a robust and repeatable model

• Over 125 years of continuous mining with strong stake holder support in a well credentialled jurisdiction

• FBICRC membership

• All KNP Goongarrie Hub resources are on Granted Mining Leases with a Native Title agreement in place

• Ni:Co:Mn ratio well suited to NCM811 battery technology

• Access to skilled professionals in an infrastructure rich region

  • Additional Critical Mineral byproducts (current bench-scale metallurgy)

• Ardea has full custody of all aspects of the KNP development

• Semi-arid Great Western

• Woodlands environment, and historic mining jurisdiction conducive to best practice safe tailings management/rehabilitation

• Sustainable and ethical supply of nickel and Critical Minerals for a low carbon future

• 100% off-take still available linked to project development funding

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Advancing

KNP gains national recognition to fast track permitting & funding

• Awarded Major Project Status by Australian Federal Government.

• Streamlined support, approvals, and funding options

• KNP is ranked #1 in the WA Geological Survey Nickel Resource table (>100kt Ni) (Feb22)

• Metallurgical test work in progress with encouraging AL feed material studies

• DFS work streams underway to deliver a world leading nickelcobalt-scandium producer

• Committed to nickel sulphide exploration and discovery

success

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• See Appendix for resource breakdown and ASX release 16 June 2021

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Ardea Resources Corporate Overview

Board

Executive Management Team

Mathew Longworth Non-Executive Chair Andrew Penkethman Managing Director & CEO Ian Buchhorn Executive Director

Sam Middlemas Company Secretary Rebecca Moylan CFO Matthew McCarthy GM - Exploration Alex Mukherji GM - Land Access & Compliance Mike Miller GM - Technical Services

Listed on ASX (ARL)

Shares on Issue 169,737,772 Performance Rights 4,542,000 Options 4,000,000 Share Price (29 July 2022) $1.25 52 week high / low $2.05 / $0.43 Cash (as at 30 June 2022) $22 million Market Capitalisation $212 million Board and Management ~11% equity Top 40 Shareholders ~64% equity

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Nickel use, rapidly growing demand and declining stockpiles

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The future is nickel rich batteries…

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Lithium-ion battery sector leads nickel demand growth

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Lithium-ion battery supply chain

• China dominates the lithium-ion battery ( LIB ) supply chain through long term strategic planning

• The rest of the world is rapidly trying to catch up

• Billions of dollars are being invested in LIB plants, but where will the battery mineral supply come from?

• The supply response must include all nickel resources

• Especially those that can provide sustainable and ethical supply = Australia

• Especially those with supportive Government and communities = Western Australia

• Large scale deposits that can guarantee long term supply

• = Kalgoorlie Nickel Project

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World’s best operating jurisdiction

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• All Projects located in Western Australia (WA)

• 3,400km[2] ground position in Eastern Goldfields

• City of Kalgoorlie-Boulder is the prime resource development and operating destination within WA

• Very strong mining support from Local Government and Community

• Multitude of world-class mining operations serviced from the City

• Ardea maintains a local operations office and active stake holder engagement

• Road and rail network pass through granted Goongarrie Hub mining leases with a native title agreement in place

• Direct infrastructure links to key Kwinana battery hub and Southern Ports - Esperance

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Australia’s largest nickel-cobalt resource is the KNP

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• Kalgoorlie Nickel Project ( KNP ) tops the table in recent Geological Survey of Western Australia publication February 2022

• KNP is the largest nickel-cobalt resource in Australia and one of the largest in the world

• All Goongarrie Hub resources located on granted mining leases fast tracking path to production

• Awarded Major Project Status by Australian Federal Government in March 2022 opens up streamlined access to approvals and funding

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Globally Significant Resource

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• Globally significant Mineral Resource 5.9Mt contained nickel & 348kt contained cobalt  Sustainable & ethical supply of nickel & Critical Minerals for low carbon future

Goongarrie Hub - High grade component - 78Mt at 1.0% Ni and 0.069% Co *

784kt contained Nickel, 54kt contained Cobalt

• Kalgoorlie Nickel Project ( KNP ) Feasibility Study ( FS ) scope covering Goongarrie Hub including satellite pits at Highway and Siberia North

• Two 1.5 Mtpa High Pressure Acid Leach ( HPAL ) trains, supplemented with a 0.5Mtpa Atmospheric Leach ( AL ) processing operation ( 3.5Mtpa ) focused on treating +1.0% Ni and 0.07% Co and subject to a reserve update as part of the in-progress feasibility study (FS)

• • FS evaluating the potential revenue contributions from mineralised neutraliser, scandium and other Critical Minerals, including Rare Earth Elements ( REE ) throughout the KNP

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• See Appendix for resource breakdown and ASX release 16 June 2021

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Enhanced flow sheet

• Premium goethite ore (excellent comminution, less abrasive, lower maintenance)

• MHP sale product during ramp up, in high demand and is the new Class 1 nickel

  • Evaluating PCAM production through FBICRC membership

• Additional Critical Mineral by-products (current bench-scale metallurgy)

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Process Metallurgy

• High ore grade + slurry density = Optimised Capex & Opex (best in Australia*)

• Proven HPAL Ni & Co Extraction = Efficient, low energy intensity, proven “off-the-shelf”

• Atmospheric Leach (AL) viable Ni extraction demonstrated in Vale Inco 2009 PFS

• AL = Stability for acid plant (energy generation), maximises resource utilisation

• Water Options = Using pit drainage + licensed borefields

• MHP = Known technology & chosen feedstock for lithium-ion batteries

• PCAM optionality for additional value add within Australia = Supply chain diversity

• Potential for significant by-product credits from Sc, in addition to base case Ni-Co

• 10 * See Appendix, KNP Superior HPAL Intensity slide, for data.

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Proven technology

Coral Bay HPAL Example

Ramp up rates

• HPAL chemistry is well known and has been applied successfully since the 1960s and now up to 5[th] generation technology

• Single reactor

• Recovery of waste heat = Energy savings

• Horizontal autoclave at Coral Bay built Train 1: 2005, Train 2: 2008

• At Coral Bay name plate production capacity exceeded in first year of production and thereafter

• Goongarrie Hub flow sheet and materials of construction all successfully utilised at existing operations

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Coral Bay Ramp Up

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1.4
1.2
1
0.8
0.6
0.4
0.2
0
0 0.5 1 1.5 2 2.5 3
Production Year
Ni Prodn, % of Design
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Train 1 Train 2
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The information on this slide is based on the Coral Bay HPAL process facility in the Philippines that is not an asset of Ardea, but is shown as an example of the successful implementation of HPAL technology.

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KNP Development Plan

Experienced team working with quality partners

Indicative Pathway to Production

• Completion of DFS linked to Strategic Partner process, so that partner can have input into project scale and end product specification

• Previous $35M Vale Inco PFS has already addressed multiple FS work streams, allows expedited DFS

• Industry leading HPAL and AL practitioner, Mike Miller (previously technical management at the operating Ravensthorpe HPAL operation) leading KNP DFS

• Gap Analysis Study by independent international engineering company, on Ardea’s Goongarrie Hub nickel-cobalt project completed and supports Ardea’s increased project scale of 3.5Mtpa for the DFS

• Feed grade is 1% Ni and 0.07% Co, reflecting the 0.8% Ni cut-off resource*

• Testwork underway at ALS metallurgical laboratory to confirm AL addition to flowsheet and mineralised neutraliser sourced from Goongarrie open pit mining

• Independent logistics study has confirmed autoclave transport route through the Port of Esperance and via road to the Goongarrie plant site

• Two Goongarrie groundwater extraction licences have been granted

• Accelerated engagement with key stake holders, such as the City of KalgoorlieBoulder, Shire of Menzies and Southern Ports Esperance

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12 * See Appendix for resource breakdown and ASX release 16 June 2021

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Optimum Location - sustainable and ethical mineral supply

• Large contiguous KNP land holding allows unimpeded site planning to minimise ultimate site footprint

• Open Mediterranean woodland highly amenable to low-impact development and rehabilitation

• Arid environment, facilitates well managed tailings disposal

• Rehabilitation procedures well established over last four decades in Kalgoorlie open pit gold sector

• No ocean submarine tailings disposal

• No valley-fill tailings dams

• No active seismicity issues

• No tropical high rainfall

• No conflicting land use demands  KNP purely a mining jurisdiction

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• No competing land use, such as food production activity (as in Eastern Australia laterite districts)

• Low carbon future

• KNP HPAL plant steam, heating and power generated off grid through burning elemental sulphur

• KNP HPAL neutraliser includes Ni-enriched non-carbonate options

• Waste landform regeneration facilitates significant agroforestry throughout the KNP

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KNP sustainable and ethical production

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Tailings Storage in pit disposal and progressive rehabilitation

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Local neutraliser & imported lime
for tailings neutralisation
Neutralised tailings aggregate pumped
into exhausted open pit void
Waste material from previous mining can be blended in
Example Pamela Jean Pit – Pit 3 in proposed mine sequence
Fill Void
Multiple shallow pits mined in sequence, provide an ideal Stockpiled top soil retained from mining
platform for sequential in pit tailings disposal.
This allows progressive rehabilitation to
occur concurrent with
sustainable nickel-cobalt production.
15 Ripping and planting
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Return to natural land surface and vegetation
of the Great Western Woodland
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Nickel Sulphide Upside

Nickel Sulphide discovery at Emu Lake

• 70km north-east of Kalgoorlie on a granted mining lease within KNP Kalpini Hub.

• Exploration at Binti South Prospect confirms high-grade massive nickel-copper-PGE sulphide discovery on the Western Ultramafic (WU):

• AELD0003: 2.72m at 5.42% Ni and 0.85% Cu from 391.04m incl 1.23m at 8.22% Ni and 0.56% Cu from 391.04m*.

• AELD0002: 4.8m at 1.44% Ni and 0.16% Cu from 365.9m incl 1.10m at 4.78% Ni and 0.16% Cu from 366.9m.

• Discovery confirmed on an intact felsic footwall demonstrating thermal erosion textures analogous with the Silver Swan nickel deposit 35km west.

• Historic exploration at the Binti Gossan Prospect located 1km northwest along strike from Binti South within an intact felsic footwall contact of the Central Ultramafic (CU):

• ELD015: 2.0m at 6.08% Ni and 1.82% Cu from 336.0m incl 0.6m at 18.82% Ni and 5.57% Cu from 336.3m^

• Multiple flow surfaces identified and all prospective for hosting nickel sulphide .

• 20km of fertile komatiite strike at Emu Lake .

• Significant scope to extend the Binti Gossan and Binti South discoveries and make additional nickel sulphide discoveries .

• The discovery of massive nickel-copper-PGE sulphides in the highly underexplored Kurnalpi terrane is very significant

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*ARL ASX 14 Jan 2022. ^ HRR ASX 26 Nov 2013

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Emu Lake Nickel Sulphide Discovery

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Geological model confirmed

Extensive exploration underway, including:

• Drilling and DHEM and interpretation of results for

• Binti South Prospect

• Binti Gossan Prospect

• 3D geological model to locate where the Western Ultramafic is untested

• Developing technical ranking system to generate pipeline of priority NiS targets over 20km strike

An emerging nickel sulphide camp

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fundamentals are … Why invest in Ardea - The compelling

Market strength

Premier location

Nickel resource Proven flowsheet Successful local team

KNP to fill gap between growing nickel demand and diminishing supply

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For leading ESG standards, jurisdiction, infrastructure and technical expertise

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5.9Mt contained nickel, 384kt contained cobalt plus Sc and other Critical Minerals*

Will continue to grow with exploration underway

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Desirable MHP production with PCAM optionality and industry leading low carbon emissions

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All Board members have lived and worked in the Eastern Goldfields of WA All staff based in WA

Board and management skill set covers technical and corporate From discovery through to project development and operations

~40kg of Nickel[^] Powering the typical NCM811 Electric Vehicle (EV)

5.9Mt

Enough for >147,000,000 Electric Vehicles

contained Nickel in the KNP*

^ 12/07/2021 UBS – Battery Material Value Chain * See Appendix for resource breakdown and ASX release 16 June 2021

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For further information

Andrew Penkethman, Managing Director & CEO +61 8 6244 5136 ardea@ardearesources.com.au ardearesources.com.au

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Appendices

Ardea Resources Limited - Kalgoorlie Nickel Project Globally significant sustainable and ethical Critical Minerals

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Strong ESG – Environment, Social and Governance

Ethically Sustainable

Socially Minded

Strong Governance

• Project designs and work practices based on ensuring the Company minimises green-house gas emission to demonstrate responsible sourcing of nickel and Critical Mineral supply

• A low carbon future is possible through proven KNP HPAL and AL flowsheet

• Waste landforms will benefit from regeneration agroforestry at KNP

• Semi-arid environment, and historic mining jurisdiction conducive to best practice safe tailings management

• Strong support from the communities in which we operate and maintain a local office

• Native Title Agreement in place for development of the KNP

• Ardea has initiated an education fund to assist children in the Eastern Goldfields of WA

• The Ardea team comprises over 31% female participation, all in key management roles

• Ardea advocates fair representation for all community groups

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• Values are based on respect, integrity, empathy, inclusion and teamwork

• Employer of choice

• Environmental Social and Governance (ESG) considerations are at the forefront of the way in which Ardea does business

• Ardea’s Board continue to strengthen and document policies to underline ESG

• ESG compliance inherent in flowsheet and project development

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Experienced team working with quality partners

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Board and Executive Management Personnel

• Balanced financial and corporate experience, strong technical expertise in exploration, discovery, project development, metallurgical optimisation, compliance and operational management

Mathew Longworth Non-Executive Chair

33 years’ experience across exploration, project evaluation/development, operations and corporate management. Invaluable experience on the key Ardea exploration and development projects, being the KNP nickelcobalt-scandium deposits.

Andrew Penkethman Managing Director, CEO

Resources sector executive with over 27 years’ experience, including project evaluation, exploration, discovery, resource development, feasibility study management, permitting, stakeholder engagement, mine development and operations management. Extensive ASX, TSX and AIM experience.

Ian Buchhorn Executive Director

Mineral Economist and Geologist with over 40 years’ experience. Lived and worked in the Eastern Goldfields for over 20 years undertaking exploration, project evaluation and development. Operated as Registered Mine Manager in the Kalgoorlie Goldfields, City Councilor 1992 – 2006.

Sam Middlemas Company Secretary

Chartered Accountant (CA) with more than 30 years’ experience providing financial and corporate secretarial services.

Rebecca Moylan CFO

Experienced CFO with expertise in financial and corporate management, accounting, project financing and contract negotiation including 12 years in the mining industry. This has included positions as CFO and Company Secretary of several ASX-listed companies.

Matthew McCarthy General Manager - Exploration

Geologist with over 20 years experience in minerals exploration and business development in all stages of the exploration process across several commodities, with a focus on nickel exploration. Has been involved in major greenfields and brownfields nickel sulphide and gold discoveries, and completed resource definition programs, scoping and feasibility studies.

Alex Mukherji General Manager - Land Access & Compliance

Over 25 years mining industry experience including compliance reporting, drafting and negotiating Native Title, land access, commercial agreements with assessment of business development opportunities. Corporate representation with stakeholders, including State and Commonwealth agencies.

Mike Miller General Manager - Technical Services

Process Engineer with over 30 years’ experience in hydrometallurgical operations with a primary focus on nickel-cobalt production. Extensive study management experience with leading engineering firms.

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KNP Superior HPAL Intensity

• Good ore grade + good slurry density = Lower Capex & Opex $$

• Atmospheric leach = stable operation, utilizes saprolite resource

• MHP Product = known technology & good market acceptance

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Operating data from Australian HPAL Producers

Performance Driver	Ardea	**Bulong# **	Cawse#	Murrin	RNO^	Metric	Ardea Rank	Comment
Atmospheric Leach	Yes	No	No	No	Yes	-	#1	Stable operation and full resource utilisation
HPAL Feed Density	45%	31%	35%	38%	42%	% Solids	#1	The higher the better = Maximises plant throughput
Residence Time	70	75	105	90	60	minutes	#2	The lower the better = Maximises plant throughput
Slurry Grade Ni	7.55	2.89	3.07	3.87	7.39	Ni kg/m3	#1	The higher the better = Increased revenue stream
Slurry Grade Co	0.59	0.23	0.24	0.34	0.31	Co kg/m3	#1	The higher the better = Strategic Co-Product credits

Data Sources

Ardea – Goongarrie Hub testwork results from PFS and Expansion Study, ASX release 28 March 2018 & Goongarrie Expansion Study, 24 July 2018 and ongoing project assessment as part of completing the DFS.

Bulong, Cawse, Murrin - ALTA 1999, An Engineering Comparison of the Three Treatment Flowsheets In WA Nickel Laterite Projects. RNO – ALTA 2001, Observations from the RNO Pilot Plant at Lakefield Research, 2000 AD.

^Ravensthorpe Nickel Operation (RNO) figures based on design numbers on upgraded beneficiated ore from the Halleys Deposit which has since been mined out. # Bulong & Cawse – care and maintenance

Ardea data is based on non-beneficiated material (with always an option to beneficiate selected KNP geo-met types, notably at Highway & Goongarrie Hill).

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A high-quality nickel and cobalt project

Outstanding results delivered from 2018 PFS* and Expansion Studies

Flow sheet enhanced and project scale increased for in progress Feasibility Study

	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

• PFS of 1Mtpa and 1.5Mtpa base case over a 25-year mine life completed (one autoclave)

• Expansion study of 2.25Mtpa with a 25-year mine life completed (one autoclave)

• 94.5% nickel and 95.5% cobalt recovery – life of mine

• Pre-cobalt credit C1 costs in line with current worldwide operators

• High Pressure Acid Leach (HPAL) 5th generation plant is a proven design, successfully operated in other laterite projects globally

• 2.25Mtpa case based on only 26% of Goongarrie Resource

• Base case for in progress feasibility study is 3.5Mtpa, with two HPAL autoclaves + AL circuit for improved operations stability and increased production, with financial modelling current

• Scandium by-product credit and nickel and cobalt recovery from mineralised neutraliser not factored in, so offers additional up-side

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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 24 referred to in rule 5.17 continue to apply and have not materially changed.

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KNP Mineral Resource

Kalgoorlie Nickel Project nickel-cobalt JORC Code (2012) Mineral Resource Estimate

Camp	Prospect	Resource Category	Size (Mt)	Ni (%)	Co (%)	Contained Metal Ni(kt) Co(kt)	Contained Metal Ni(kt) Co(kt)
KNP TOTAL		Measured	22	0.94	0.079	207	17
		Indicated	357	0.72	0.047	2,584	168
		Inferred	452	0.68	0.044	3,088	199
	GRAND TOTAL	Combined	830	0.71	0.046	5,879	384

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 16 June 2021.

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

The information in this report that relates to KNP Exploration Results is based on information originally compiled by previous full time employees of Heron Resources Limited and or Vale Inco. The Exploration Results and data collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of the Australasian Institute of Mining and Metallurgy and currently an executive director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the exploration activities 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 Buchhorn consents to the inclusion in this report of the matters based on his information in the form and context that it appears.

The information in this report that relates to Mineral Resources for the Goongarrie Hill, Goongarrie South, Big Four, Scotia Dam and Highway nickel-cobalt deposits that comprise the Goongarrie Hub is based on information compiled by Mr James Ridley who is a Member of the Australasian Institute of Mining and Metallurgy, a full time employee of Ardea Resources 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 Ridley 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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Goongarrie Hub Mineral Resource (0.8% Ni cut-off)

Summary of Mineral Resource Estimate from the Goongarrie Hub, based on a 0.8% Ni cut-off grade, comprising resources at Goongarrie Hill, Goongarrie South, Highway, Big Four, Scotia Dam and Highway (ASX release 16 June 2021).

Deposit			Resource					Tonnes		Ni Co Contained Metal
			Category					(Mt)		% % Ni (kt) Co (kt)
Goongarrie Hill			Indicated Inferred					5.3 1.9			0.92 0.92		0.050 49 2.6 0.034 17 0.6
												. 0.92	. 0.0
			Subtotal					7.2				0.92	0.0	46 66 3.3
Goongarrie South			Measured Indicated Inferred					11.0 21.1 1.2				1.13 0.99 0.92	0.1 0.0 0.0	06 125 11.6 71 208 15.0 43 11 0.5
			In Inf	dica erre
															11
			Su	bto	tal			33.3				1.03	0.0	81		344		27.1
Big Fo	ur		In Inf	dica erre	ted d			12.1 2.7				0.97 0.94	0.0 0.0	68 62		118 25		8.3 1.7
			Su	bto	tal			147				0.97	0.0	67		143		9.9
								.
Scotia	Da	m	In Inf	dica erre	ted d			2.9 1.4				0.98 1.02	0.1 0.0	08 57		29 14		3.2 0.8
			Su	bto	tal			4.3				0.99	0.0	91		43		4.0
Highw	ay		In Inf	dica erre	ted d			15.1 3.7				1.01 0.98	0.0 0.0	53 53		152 36		8.0 2.0
			Su	bto	tal			18.8				1.00	0.0	53		188		10.0
Combine Deposits	ine sits	d	M In Inf	eas dica erre	ured ted d			11.0 56.5 10.8				1.13 0.98 0.95	0.1 0.0 0.0	06 66 51		125 556 103		11.6 37.1 5.6
			G		Total	l		783				100		69		784		54.3

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

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Goongarrie Hub Mineral Resources inc Sc (0.5% Ni cut-off)

Summary of Mineral Resource Estimate from the Goongarrie deposits based on a 0.5% Ni cut-off grade (ASX release 15 February 2021).

Deposit	Resource Category	Tonnes (Mt)	Ni %	Co %	Contained Metal Ni (kt) Co (kt)	Contained Metal Ni (kt) Co (kt)	Sc Mt	Resources Sc ppm
Goongarrie Hill	Indicated	40	0.65	0.037	260	14.7	10.5	16
	Inferred	29	0.60	0.025	178	7.3	2.0	16
	Subtotal	69	0.63	0.032	438	21.9	12.5	16
Goongarrie South	Measured	18	0.94	0.085	172	15.4	18.2	40
	Indicated	82	0.71	0.049	587	40.2	53.1	23
	Inferred	10	0.64	0.033	61	3.1	5.5	24
	Subtotal	110	0.75	0.053	820	58.7	76.8	27
Big Four	Indicated	49	0.71	0.047	345	22.9	31.9	24
	Inferred	14	0.68	0.043	95	6.1	2.9	24
	Subtotal	63	0.70	0.046	440	28.9	34.8	24
Scotia Dam	Indicated	12	0.71	0.065	82	7.4	11.2	25
	Inferred	5	0.72	0.043	37	2.2	0.6	22
	Subtotal	17	0.72	0.058	118	9.6	11.7	25
GNCP Total	Measured	18	0.94	0.085	172	15.4	18.2	40
	Indicated	182	0.70	0.047	1,274	85.1	106.6	23
	Inferred	58	0.64	0.032	371	18.6	11.0	23
	Grand Total	259	0.70	0.046	1,817	119.2	135.8	25

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

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