ARDIDEN LTD — Capital/Financing Update 2017

Jun 4, 2017

ASX ANNOUNCEMENT

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5 June 2017

FURTHER IMPRESSIVE HIGH-GRADE LITHIUM HITS IN LATEST DIAMOND HOLES AT SEYMOUR LAKE

Strong assay results of up to 4.5% Li2O continue to expand potential of the North Aubry prospect

HIGHLIGHTS:

• Outstanding grades of up to 4.5% (SL-17-06) lithium oxide (Li2O) reported from the next two diamond drill holes in the ongoing Phase 2 drilling program at the Seymour Lake Lithium Project, Ontario.

• Assays confirm the presence of wide mineralised zones at or close to surface in these two holes, which were completed to depths of up to 131m down-hole. Significant new intersections include:

• 9.63m at 1.5% Li2O from surface (SL-17-05) including:

  • 5.0m at 2.5% Li2O .

• 6.77m at 2.5% Li2O from 3.0m down-hole (SL-17-06) including:

  • 3.0m at 3.3% Li2O ; and

  • 1.0m at 4.5% Li2O .

• Drilling continues to provide a greater level of geological understanding and confidence while also steadily increasing the overall scale of the project.

• Phase 2 results to underpin a maiden JORC 2012 Mineral Resource.

• Discussions and site visits with multiple potential strategic and off-take partners continuing.

Diversified minerals explorer and developer Ardiden Limited (ASX: ADV) is pleased to advise that it has received encouraging assay results from the next two diamond drill holes completed as part of the ongoing Phase 2 resource delineation diamond drilling program at its majority-owned Seymour Lake Lithium Project in Ontario.

The results include an outstanding intercept grading 4.5% lithium oxide (Li2O) as well as numerous strong assays which continue to support the potential to establish a maiden Mineral Resource at the North Aubry prospect.

NORTH AUBRY PROSPECT

The latest results continue to verify the presence of a thick zone of high-grade lithium mineralisation located either at or close to surface and the presence of secondary, stacked and parallel, mineralised zones at the North Aubry prospect.

		Ardiden Limited
	Suite 6, 295 Rokeby Road Subiaco WA 6008	Tel: +61 (0) 8 6555 2950 Fax: +61 (0) 8 9382 1222 www.ardiden.com.au	ASX Code: ADV Shares on Issue: 819.0M

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SPODUMENE-BEARING PEGMATITE
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Figure 1. Drill core obtained from drill hole SL-17-05 showing the intersection of high-quality spodumene-bearing pegmatite (the lighter coloured material in the photo is the Pegmatite, whilst the darker material is Mafic Volcanic) .

Ardiden confirms that the next batch of drill core assays from the Phase 2 drill program have now been received from Actlabs laboratory in Thunder Bay. The results, from drill holes SL-17-05 and SL-17-06, continue to confirm the presence of significant lithium mineralisation at various grades in all samples, with significant assay grades of up to 4.5% Li2O (drill-hole SL-17-06) identified. The overall average grade from all 19 drill core samples was an impressive 1.8% Li2O .

Ardiden notes that, although this is a small batch of drill core samples, 79% of this batch of assays (15 of the 19 drill core samples) returned results greater than the 0.5% Li2O cut-off with an average grade of 2.2% Li2O , while 74% (14 of 19 drill core samples) returned results greater than 1.0% Li2O with an average grade 2.3% Li2O. 47% (9 of 19 drill core samples) returned results greater than 1.5% Li2O with an average grade of 2.9% Li2O .

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Figure 2. Overview showing the current Phase 2 drill-hole locations (Red) and the pegmatite exposures at North Aubry

prospect, with interpreted extensions.

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Assay results for the next two diamond drill holes are reported in this announcement, including SL-17-05 and SL17-06, and any assays below a cut-off grade of 0.5% Li2O and have not been specifically reported in this announcement.

Table 1 below presents the significant intersections which contain lithium mineralisation that reported above the cut-off grade of 0.5% Li2O and the weighted average grade for each significant intersection, where the Li20% grades have been calculated using the Li2O assays as a function of the represented sample length (length X grade/length).

Table 1. Results for drill holes SL-17-05 and SL-17-06 at Seymour Lake Lithium Project, significant intersections weighted average grade using a cut-off grade of 0.5% Li2O.

Hole ID	East	North	Total Depth (m)	Azimuth	Dip	From (m)	To (m)	Interval (m)	Li2O% (0.5% cut off)	Description
SL-17-05	396915	5585105	131	90	-60	0.00	1.00	1.00	1.3	Massive Pegmatite; grey qtz and creamy white kspar - hetrogeneous distribution, Lt grn Spodumene (with musc inclusions) variable distribution 5- 15%, traces of vfgr blk Nb/Ta oxides
SL-17-05	396915	5585105	131	90	-60	2.00	7.00	5.00	2.5	As Above
					Including	3.00	6.00	3.00	3.2	As above
SL-17-05	396915	5585105	131	90	-60	8.63	9.63	1.00	0.7	Massive mafic volcanic; Pillowed basalt. Fgr to locally mgr, amph rich
SL-17-05	396915	5585105	131	90	-60	68.80	70.00	1.20	1.0	Massive Pegmatite mostly fgr sugary albite, Gry interstitial Qtz, Lt grn Spodumene (with musc inclusions) variable distribution 1- 5%,traces of

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										vfgr blk Nb/Ta oxides
SL-17-06	396915	5585085	111	90	-60	3.00	9.77	6.77	2.5	Massive Pegmatite; vcgr to pegmatitic grain size. Creamy white Kspar, , Lt grn Spodumene (with musc inclusions) variable distribution 5- 15%, traces of vfgr blk Nb/Ta oxides
					Including	6.00	9.00	3.00	3.3	As Above
					Including	8.00	9.00	1.00	4.5	As above

The significant potential of the North Aubry prospect continues to grow and is further highlighted by drill-hole SL17-05, which returned a strong intercept of 9.63 continuous metres of spodumene mineralisation from surface with an average lithium grade of 1.5% Li2O , while drill-hole SL-17-06 intersected 6.77 continuous metres of spodumene mineralisation from close to surface with an impressive average grade of 2.5% Li2O.

These latest results further reinforce the potential of the Seymour Lake Lithium Project to host a quality lithium deposit.

Table 2. Drill collar information and lithium mineralisation zones for drill holes SL-17-05 and SL-17-06 at Seymour Lake Lithium Project, with no cut-off grade.

Hole ID	East	North	Total Depth (m)	Azimuth	Dip	From (m)	To (m)	Interval (m)	Li2O%	Description
SL-07-05	396915	5585105	131	90	-60	0.00	9.63	9.63	1.5	Massive Pegmatite; grey qtz and creamy white kspar - hetrogeneous distribution, Lt grn Spodumene (with musc inclusions) variable distribution 5- 15%,traces of

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										vfgr blk Nb/Ta oxides
SL-07-05	396915	5585105	131	90	-60	68.80	71.18	2.38	0.6	Massive Pegmatite mostly fgr sugary albite, Gry interstitial Qtz, Lt grn Spodumene (with musc inclusions) variable distribution 1- 5%, traces of vfgr blk Nb/Ta oxides
SL-17-06	396915	5585085	111	90	-60	3.00	9.77	6.77	2.5	Massive Pegmatite; vcgr to pegmatitic grain size. Creamy white Kspar, , Lt grn Spodumene (with musc inclusions) variable distribution 5- 15%, traces of vfgr blk Nb/Ta oxides

The drilling has continued to validate the thick known primary mineralised zones, further defining the boundaries of the main outcropping area and extensions of the secondary spodumene-bearing pegmatites at the project.

Ardiden notes although the pegmatites at Seymour Lake can be somewhat difficult to model and predict due to the variable fluid pathways, confirmation of the interpreted extensions of the spodumene-bearing pegmatites and the verification of multiple pegmatite layers in the latest drilling provides the Company with a greater level of geological understanding and confidence in the project, while also steadily expanding the overall scale of the project.

As previously advised, the current diamond drilling program is designed to target the immediate project area around the North Aubry prospect, which is located within an extensive 5km long pegmatite zone identified during the mapping and sampling campaign completed in 2016.

To date, Ardiden has only drill tested an area of approximately 400m in length and width at Seymour Lake, representing approximately 5 per cent of the total strike length of the known pegmatite exposures which extend about 5km to the south of the North Aubry prospect.

The continued intersection of multiple high-quality spodumene-bearing pegmatite supports Ardiden’s objective of defining a maiden JORC 2012 Mineral Resource estimate for the Seymour Lake Project. The identification of pegmatites either at or close to surface represents a strategic advantage for the project, potentially allowing for

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easier access to high-quality mineralisation in a future mining scenario. The proximity of the pegmatites to surface is likely to reduce the required pre-strip should the project advance into mining operations.

STRATEGIC RELATIONSHIPS

Ardiden is pleased to advise that, as a result of the ongoing success of the Phase 2 drilling program in defining thick, high-grade spodumene zones from and close to surface, the continued increase in the overall scale of the project and the encouraging strong metallurgical results, the Company has now been approached by multiple potential strategic and lithium off-take partners.

Ardiden is currently in active discussions with these groups about evolving strategic relationships, with one group recently completing a site visit to the Seymour Lake Project. Subject to the successful definition of a maiden JORC 2012 Mineral Resource estimate for the Seymour Lake Project, Ardiden anticipates that these parties would consider reviewing potential development opportunities.

ADDITIONAL CLARIFYING INFORMATION

Ardiden has received queries from some Ardiden shareholders and others about the description of the Pegmatites in the drilling log table that was included in the ASX announcement for Seymour Lake dated 30 May 2017.

In order to provide additional information and clarification about the drill logs, Ardiden has now included a more detailed description about the drill core in various pegmatite interceptions. An updated table for drill holes SL-1714, SL-17-16, LS-17-21 to SL-17-23 at the Seymour Lake Lithium Project has been attached to the end of this announcement (refer to Table 3).

Ardiden confirms that the updated drill logs refer to the identification and distribution of visible spodumene crystals of various sizes and colours contained within drill core samples. Ardiden notes that the estimated distribution of visible spodumene crystals in the drill core is not an accurate reflection of potential lithium grade and this will be determined with additional laboratory analysis.

The Company also notes that it has reported various widths of the highly evolved spodumene-bearing pegmatites. The North Aubry pegmatites are classified as highly evolved, complex type, spodumene-subtype, lithium-caesiumtantalum pegmatites.

These pegmatites generally form under high-pressure–low-temperature conditions, display complex internal zoning, have relatively low Nb/Ta ratios in the ore-forming assemblages, and contain significantly elevated tantalum values.

Ardiden confirms that the North Aubry prospect contains multiple layers of highly evolved complex pegmatites and, as such, a number of the diamond drill-holes have been reported with a down-hole aggregate of visible spodumenebearing and non-spodumene-bearing pegmatites.

The highly evolved non-spodumene-bearing pegmatites have been clearly identified in the drill log, however the lack of spodumene crystals being externally visible in the drill core is not an accurate reflection of the potential spodumene crystal content within the drill core or the potential lithium grade of the sample, which will be determined with additional laboratory analysis.

Ardiden looks forward to receiving additional drilling results from the next drill line, which should provide the Company with sufficient data to generate cross-sections and assist in the overall structural understanding of the North Aubry prospect.

Ardiden looks forward to providing further updates from the ongoing drilling program and strategic partner discussions as they come to hand.

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ENDS

For further information:

Investors : Media : Brad Boyle Nicholas Read Ardiden Ltd Read Corporate Tel: +61 (0) 8 6555 2950 Mobile: 0419 929 046

About Ardiden Ltd

Ardiden Limited (ASX: ADV) is an emerging international strategic metals company which is focused on the exploration, evaluation and development of multiple projects located in the established mining jurisdiction of Ontario, Canada.

The Seymour Lake Lithium Project comprises 7,019 Ha of mining claims and has over 4,000m of historic drilling. Mineralisation is hosted in extensive outcropping spodumene-bearing pegmatite structures with widths up to 26.13m and grades of up to 6.0% Li2O. These high-grade pegmatite structures have been defined over a 5km strike length.

The 100%-owned Root Lake Lithium Project is located in Ontario, Canada. The project comprises 1,013 Ha of mining claims and has over 10,000m of historic drilling. Mineralisation is hosted in extensive outcropping spodumene-bearing pegmatite structures with widths up to 19m and grades of up to 5.10% Li2O. In addition, tantalum grades of up to 380 ppm were intersected.

The 100%-owned Root Bay lithium project is strategically located approximately 5km to the east of the recently acquired Root Lake Lithium Project and consists of three claim areas, totalling 720 hectares. The project was staked by Ardiden as part of its regional exploration focus in and around the Root Bay spodumene-bearing pegmatite.

Initial observations of the exposed pegmatite are characterized by coarse white albite, grey quartz and pale grey-green spodumene crystals up to 10cm long.

The 100%-owned Manitouwadge Flake Graphite Project covers an area 5,300 Ha and has a 20km strike length of EM anomalies with graphite prospectivity. Previous preliminary metallurgical testwork indicated that up to 80% of the graphite at Manitouwadge is high value jumbo or large flake graphite. Testwork also indicated that simple, gravity and flotation beneficiation can produce graphite purity levels of up to 96.8% for jumbo flake and 96.8% for large flake. With the proven caustic bake process, ultra-high purity (>99.95%) graphite can be produced. The graphite can also be processed into high value expandable graphite, high quality graphene and graphene oxide.

The Wisa Lake Lithium project (under option to acquire 100%) is located 80km east of Fort Frances, in Ontario, Canada and only 8km north of the Minnesota/US border. The property is connected to Highway 11 (Trans-Canada), which is located 65km north via an all-weather road that crosses the centre of the project. The Wisa Lake Lithium Project consists of five claims (1,200 hectares) and covers the historical drilling location of the North Zone. Ardiden is aiming to commence a limited drill program to drill test and verify the historical lithium results.

The Bold Properties project (under option to acquire 100%) is located approximately 50km north-east of the town of Mine Centre in Ontario, Canada. The property is connected to Highway 11 (Trans-Canada), which is located 25km south via an allweather road. The Bold Property Project consists of four claims (1,024 hectares) and covers a number of anomalous sulphide zones. In 1992, Hexagon Gold (Ontario) Ltd. completed a total of 17 drill holes in multiple locations on and around the Bold Property Project at various depths of up to 428m down-hole. The nine grab samples that were collected by Hexagon in 1992 returned encouraging grades of up to 0.33% cobalt, 5.54% copper and 0.73% nickel, confirming the significant exploration potential.

All projects located in an established mining province, with good access to infrastructure (road, rail, power, phone and port facilitates) and local contractors and suppliers.

Competent Person’s Statement

The information in this report that relates to exploration results for the Seymour Lake Lithium project and is based on, and fairly represents, information and supporting geological information and documentation in this report has been reviewed by

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Mr Robert Chataway who is a member of the Association of Professional Geologists of Ontario. Mr Chataway is not a full-time employee of the Company. Mr Chataway is employed as a Consultant Geologist. Mr Chataway has more than five years relevant exploration experience, and qualifies as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Chataway consents to the inclusion of the information in this report in the form and context in which it appears.

Forward Looking Statement

This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this presentation are to Australian currency, unless otherwise stated. Investors should make and rely upon their own enquires and assessments before deciding to acquire or deal in the Company’s securities.

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Table 3. Drilling Logs for holes SL-17-14 , SL-17-16, LS-17-21 to SL-17-23 at Seymour Lake Lithium Project.

Hole ID	East	North	End of Hole (m)	Azimuth	Dip	From (m)	To (m)	Interval (m)	Description
SL-17-14	396953	5585206	118	200	-60	0.00	2.80	2.80	Overburden
SL-17-14	396953	5585206	118	200	-60	2.80	26.84	24.04	Mafic Volcanic: Fgr, Generally massive but laced or riddled with carb/qtz veining
SL-17-14	396953	5585206	118	200	-60	26.84	46.60	19.76	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Dominant mineral is creamy white perthitic Kspar which reaches megcryst size. Lt grn Spodumene (with common musc inclusions) is variable in distribution 5- 20%, traces of vfgr blk Nb/Ta oxides
SL-17-14	396953	5585206	118	200	-60	46.60	83.24	37.64	Mafic Volcanic: Fgr, Generally massive
SL-17-14	396953	5585206	118	200	-60	83.24	86.20	2.96	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Sodic phase, mostly fgr sugary albite. Vcgr lt grn Spodumene, variable in distribution 5-10%, traces of vfgr blk Nb/Ta oxides
SL-17-14	396953	5585206	118	200	-60	86.20	95.61	9.41	Mafic Volcanic: Fgr phaneritic, Massive or locally foliated
SL-17-14	396953	5585206	118	200	-60	95.61	99.00	3.39	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Sodic phase, mostly fgr sugary albite. Vcgr lt grn Spodumene, variable in distribution 3-5%, traces of vfgr blk Nb/Ta oxides

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SL-17-14	396953	5585206	118	200	-60	99.00	118.00	19.00	Mafic Volcanic: Fgr Light to med gry. Foliated or finely banded
							TOTAL	26.11
SL-17-16	396990	5585192	120	200	-60	0.00	3.15	3.15	Overburden
SL-17-16	396990	5585192	120	200	-60	3.15	24.95	21.80	Mafic volcanic; Pillowed basalt
SL-17-16	396990	5585192	120	200	-60	24.95	26.35	1.40	Granitic dyke; Vfgr felsic grndms spotted throughout with white fsp mm pheno's
SL-17-16	396990	5585192	120	200	-60	26.35	38.70	12.35	Mafic volcanic; massive basalt
SL-17-16	396990	5585192	120	200	-60	38.70	39.47	0.77	Nb/Ta Pegmatite: massive pegmatite; Sodic phase. Dominantly vfgr sugary white albite. traces of vfgr blk Nb/Ta oxides
SL-17-16	396990	5585192	120	200	-60	39.47	41.45	1.98	Mafic volcanic; Massive basalt
SL-17-16	396990	5585192	120	200	-60	41.45	52.65	11.20	Spodumene Nb/Ta Pegmatite:Massive pegmatite; Sodic phase mostly. Dominantly vfgr sugary white albite. lt grn Spodumene with minor musc inclusions, variable in distribution 5- 15%, traces of vfgr blk Nb/Ta oxides
SL-17-16	396990	5585192	120	200	-60	52.65	78.40	25.75	Mafic volcanic; Pillowed basalt
SL-17-16	396990	5585192	120	200	-60	78.40	78.55	0.10	Nb/Ta Pegmatite: Pegmatite; Sodic phase. Dominantly white, radiating blades of cleavlandite, traces of vfgr blk Nb/Ta oxides

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SL-17-16	396990	5585192	120	200	-60	78.55	78.84	0.29	Fault, late brittle; sand, gravel and some clay
SL-17-16	396990	5585192	120	200	-60	78.84	88.12	9.57	Mafic volcanic; Pillowed basalt
SL-17-16	396990	5585192	120	200	-60	88.12	94.12	6.00	Spodumene Nb/Ta Pegmatite: Massive Pegmatite; Dominantly white Kspar, traces of vfgr blk Nb/Ta oxides, lt grn Spodumene with minor musc inclusions, variable in distribution 5-15%
SL-17-16	396990	5585192	120	200	-60	94.12	120.00	25.88	Mafic volcanic; Pillowed basalt
							TOTAL	18.07
SL-17-21	397019	5585211	144	200	-60	0.00	1.45	1.45	Overburden
SL-17-21	397019	5585211	144	200	-60	1.45	5.79	4.34	Mafic volcanic; fgr- mgr massive basalt
SL-17-21	397019	5585211	144	200	-60	5.79	7.08	1.29	Massive felsic dyke
SL-17-21	397019	5585211	144	200	-60	7.08	49.20	42.12	Mafic volcanic; Fgr- mgr massive basalt
SL-17-21	397019	5585211	144	200	-60	49.20	65.40	16.20	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; ~90% massive gry-wh Qtz, lt grn Spodumene with minor musc inclusions, variable in distribution 5- 20%, Traces of both Fl-apatite and Nb/Ta oxides
SL-17-21	397019	5585211	144	200	-60	65.40	87.30	21.90	Mafic volcanic; pillowed basalt
SL-17-21	397019	5585211	144	200	-60	87.30	88.72	1.42	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; >80% Vcgr or megacrysts of creamy white, perthitic Kspar, white to green Spodumene, variable in distribution 5- 20%,Traces of both

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									Fl-apatite and Nb/Ta oxides
SL-17-21	397019	5585211	144	200	-60	88.72	111.00	22.28	Mafic volcanic; pillowed basalt
							TOTAL	17.62
SL-17-22	396938	5585223	123	145	-60	0.00	1.10	1.10	Overburden
SL-17-22	396938	5585223	123	145	-60	1.10	35.90	34.80	Mafic Volcanic: Fgr, pillowed basalt with local carb/amph/qtz selvages
SL-17-22	396938	5585223	123	145	-60	35.90	53.96	18.06	Spodumene Nb/Ta Pegmatite:Massive pegmatite; Vcgr to megacrysts of white- pinkish Kspar with interstitial gry qtz, white to green Spodumene, variable in distribution 1- 15%, Traces of both Fl-apatite and Nb/Ta oxides
SL-17-22	396938	5585223	123	145	-60	53.96	59.00	5.04	Mafic Volcanic: Mafic to intermediate tuff
SL-17-22	396938	5585223	123	145	-60	59.00	92.21	33.21	Mafic volcanic; Fgr & mgr generally massive basalt
SL-17-22	396938	5585223	123	145	-60	92.21	107.21	15.00	Nb/Ta Pegmatite: Massive Pegmatite; Dominantly fgr sugary albite intimate with vfgr diffuse gry qtz, Traces of Nb/Ta oxides
SL-17-22	396938	5585223	123	145	-60	107.21	107.72	0.51	Mafic volcanic: Fgr & mgr generally massive
SL-17-22	396938	5585223	123	145	-60	107.72	109.80	2.08	Spodumene Nb/Ta Pegmatite:Massive pegmatite; white to lt green Spodumene, variable in distribution 1-15%, Traces of Nb/Ta oxides

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SL-17-22	396938	5585223	123	145	-60	109.80	123.00	13.20	Mafic volcanic: Fgr - mgr. gen massive
							TOTAL	35.14
SL-17-23	396920	5585246	114	145	-60	0.00	3.50	3.50	Overburden
SL-17-23	396920	5585246	114	145	-60	3.50	7.13	3.63	Mafic volcanic: Fgr- mgr, Amph (hble) rich
SL-17-23	396920	5585246	114	145	-60	7.13	7.34	0.21	Nb/Ta Pegmatite: Massive Pegmatite dykelet; mostly cgr radiating cleavelandite or fgr albite, Traces of vfgr blk Nb/Ta oxides.
SL-17-23	396920	5585246	114	145	-60	7.34	16.40	9.06	Mafic volcanic: Fgr- mgr, Amph (hble) rich
SL-17-23	396920	5585246	114	145	-60	16.40	17.24	0.84	Nb/Ta Pegmatite: Massive Pegmatite dykelet; mostly cgr radiating cleavelandite or fgr albite, Traces of vfgr blk Nb/Ta oxides.
SL-17-23	396920	5585246	114	145	-60	17.24	34.30	17.06	Mafic volcanic: Fgr- mgr, Amph (hble) rich
SL-17-23	396920	5585246	114	145	-60	34.30	39.20	4.90	Mafic volcanic: Mafic to intermediate bedded tuff
SL-17-23	396920	5585246	114	145	-60	39.20	47.10	7.90	Mafic volcanic: Fgr, Moderate Amph (hble)
SL-17-23	396920	5585246	114	145	-60	47.10	51.44	4.34	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Dominantly creamy white/beige and yellowish vcgr Kspar, lt green Spodumene, variable in distribution 5-7%, Traces of Nb/Ta oxides

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SL-17-23	396920	5585246	114	145	-60	51.44	53.30	1.86	Mafic volcanic: Fgr- mgr, Amph (hble) rich
SL-17-23	396920	5585246	114	145	-60	53.30	54.46	1.86	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Sodic zone with mostly fgr sugary white albite with much lesser interstitial gry qtz, lt green Spodumene, variable in distribution 1-10%, Traces of Nb/Ta oxides
SL-17-23	396920	5585246	114	145	-60	54.46	55.17	0.71	Mafic volcanic: Fgr- mgr, Amph (hble) rich
SL-17-23	396920	5585246	114	145	-60	54.46	56.96	2.50	Spodumene Nb/Ta Pegmatite:Massive Pegmatite; Sodic zone with mostly fgr sugary white albite with much lesser interstitial gry qtz, lt green Spodumene, variable in distribution 1-10%, Traces of Nb/Ta oxides
SL-17-23	396920	5585246	114	145	-60	56.96	61.40	4.44	Mafic volcanic: Fgr- mgr, Massive with local irregular or wavy foliation
SL-17-23	396920	5585246	114	145	-60	61.40	63.35	1.95	Spodumene Nb/Ta Pegmatite: Massive Pegmatite; Sodic zone with mostly fgr sugary white albite with much lesser interstitial gry qtz, lt green Spodumene, variable in distribution 2-5%, Traces of Nb/Ta oxides
SL-17-23	396920	5585246	114	145	-60	63.35	72.77	9.42	Mafic volcanic: Fgr- mgr, Massive with localized foliation

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SL-17-23	396920	5585246	114	145	-60	72.77	75.60	2.83	Massive very dark - blk and vfgr diabase dyk
SL-17-23	396920	5585246	114	145	-60	75.60	92.30	16.70	Mafic volcanic: Fgr- mgr, Massive with localized foliation
SL-17-23	396920	5585246	114	145	-60	92.30	92.70	0.40	Nb/Ta Pegmatite: Massive Pegmatite; Sodic phase with fgr white sugary albite, Traces of Nb/Ta oxides
SL-17-23	396920	5585246	114	145	-60	92.70	114.00	21.30	Mafic volcanic: Fgr- mgr
							TOTAL	12.10

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Table 1: Seymour Lake Lithium Project (Claim Title 1245661)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• Diamond Drill Core was cut in half using a core saw along the core axis. • Bagging of the half core samples was supervised by a geologist to ensure there are no numbering mix-ups. • One tag from a triple tag book was inserted in the core tray in the position of the sample interval. • Standard sample intervals averaged 1 m. • Sampling continued through intervening barren rock (if less than 10m width) where multiple Spodumene Pegmatite zones were intersected • The sample preparation and assaying techniques are industry standard and appropriate for this type of mineralisation.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Diamond wireline core drilling. • The drill core size is CHD 76, core diameter is 43.5 millimetres • Drill holes were orientated using the Reflex ACT II RD core orientation tool
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• The sample interval of core was measured and recorded along with a description and incorporated in the completed drill logs. • Core within the mineralised zone tended to be uniform and competent so loss was minimal and samples represent the true nature of the mineralisation • No relationship between sample recovery and grade is evident.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• Samples represent half the core width, and are logged in detail to support appropriate Mineral Resource estimation at a later stage of exploration.

Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Core is split in half using a core saw with the remaining half retained in the core tray. • Mineralisation is massive and relatively uniform so assay samples closely represent the in-situ material. • Samples were taken on an average of 1 meter intervals and were determined to be appropriate for the mineralised material being sampled
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) andprecision have been established.	• All samples will be analysed by Actlabs in Thunder Bay, Ontario Canada a SCC (Standards Council of Canada) accredited laboratory. • The assay technique will be FUS-Na202 • Quality control procedures included the insertion of certified standards and blanks into the sample stream. • Results of the Heavy Liquid Separation tests are outlined in Table 3.
verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Drill logs and sample information is documented and stored digitally in field laptop units and backed up on the Ardiden server.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill holes were located with handheld WAAS enabled handheld GPS units set for recording UTM NAD83 Zone 16N projection coordinates. • Drill holes were orientated using the Reflex ACT II RD core orientation tool

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.		• Core samples of the mineralised zone were taken at approximately 1 meter intervals and deemed appropriate to represent the in situ nature of the mineralization. • Further drilling and sampling will be required to adequately establish the geologic and grade continuity for any Mineral Resource and Ore Reserve estimationprocedure.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		• Drill hole locations were designed to intercept the mineralised zone as close to true width as possible to avoid sampling bias.
Sample security	• The measures taken to ensure sample security.		• Samples were secured and delivered to the assay lab under chain of custody controls by the Caracle Creek Consulting group
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.		• No audits or reviews of sampling techniques have been conducted
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	• All claims in the Seymour Lake Lithium project are in good standing and these include claims 1245661 1245648 1245662 1245664 1245646, which are 100% owned by Stockport Exploration Inc. Ardiden has exercised option to acquire 100% ownership of the project claims. • Ardiden staked and owns additional claims around the project including claims: 4270593, 4270594, 4270595, 4270596, 4270597, 4270598, 4279875, 4279876, 4279877, 4279878, 4279879, 4279880, 4279881, 4279882, 4279883, 4279884, 4279885, 4279886, 4279887, 4279888, 4279889, 4279890, 4279891, 4279869, 4279870, 4279871, 4279872, 4279873 and 4279874

Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Other parties have not appraised the exploration carried out to date
Geology	• Deposit type, geological setting and style of mineralisation.	• Seymour Lake area pegmatites have been classified as belonging to the Complex-type, Spodumene-subtype. Mineralization is dominated by spodumene (Li), with lesser tantalite(Ta) hosted in a series of variably steeplydipping pegmatite dykes and and sills.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• See Tables 1, 2and 3 and Figure 2 for the location of the drill collars and other dill hole information.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• With the homogeneity of the mineralised material, sample intervals for the most part were kept at one metre intervals
Relationship between mineralisation widths and	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect(e.g. ‘down hole length, true width not	• Mineralised zones were determined to be shallow dipping and drill holes were drilled at -60 degrees so that drilling orientation bias was minimised

Criteria	JORC Code explanation	Commentary
intercept lengths	known’).
diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• See Figure 2 for the location of the drill hole collars
Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.		• No comprehensive report has been completed to date to include the latest Ardiden exploration results.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All meaningful and material data is reported
Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.		• Refer to text within the report.