ARDEA RESOURCES LIMITED — Share Issue/Capital Change 2021

Dec 7, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

ARDEA RESOURCES LIMITED

Date of this announcement

Wednesday December 08, 2021

The +securities the subject of this notification are:

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Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unquoted Options convertible at A$0.75 each prior	4,000,000	08/12/2021
to be confirmed	to 08/12/2023, subject to vesting conditions

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

ARDEA RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

30614289342

1.3 ASX issuer code

ARL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

8/12/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Unquoted options issued to New Corporate Advisor

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unquoted Options convertible at A$0.75 each prior to 08/12/2023, subject to vesting conditions +Security type ISIN code Options Date the +securities the subject of this notification were issued 8/12/2021 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. to be provided separately Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.75000000 8/12/2023 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description Fully Paid Ordinary Shares Any other information the entity wishes to provide about the +securities the subject of this notification The Options are subject to a vesting conditions and vest upon the Company signing a binding agreement with an Equity Partner for the Kalgoorlie Nickel Project with a minimum $10m equity investment Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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the market in an Appendix 3B

Options issued today under a New Corporate Advisor Engagement Letter amendment

Issue details

Number of +securities

4,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Nil

Purpose of the issue

Other

Additional Details

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
ARL : ORDINARY FULLY PAID	138,830,219

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
ARLAJ : PERFORMANCE RIGHTS	4,971,000
New class - code to be confirmed : Unquoted Options convertible at A$0.75 each prior to	4,000,000
08/12/2023, subject to vesting conditions

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

4,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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