ARDIDEN LTD — Capital/Financing Update 2018

Oct 28, 2018

ASX ANNOUNCEMENT

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29 October 2018

HIGH-GRADE LITHIUM RESULTS SUPPORT GROWTH POTENTIAL AT NORTH AUBRY DEPOSIT

HIGHLIGHTS:

• Ardiden continues to successfully progress the Resource expansion and exploration drilling program with 22 drill holes completed since August 2018

• Significant results from the next six drill holes ASD006 to ASD011, with a large number of results delivering intercepts in excess of 3% Li2O:

• ASD006: 9.01m @ 1.70% Li2O from 150.64m;

• ASD007: 8.58m @ 1.31% Li2O from 162.42m;

• ASD009: 27.46m @ 1.90% Li2O from 208.76m;

• ASD010: 23.98m @ 1.54% Li2O from 212.10m;

  • Including 0.55m @ 5.67% Li2O from 214.75m; and

• ASD011: 37.61m @ 1.95% Li2O from 224.92m.

• Majority of drill holes have intersected multiple spodumene bearing pegmatites, with indications that a number of pegmatites are thickening at depth

• The continued success and high-grade results at North Aubry underpin the premium quality of the lithium mineralisation at Seymour Lake

• The ongoing success and high-grade results from the Resource expansion and exploration drilling program, demonstrates the potential to significantly increase the Mineral Resource at North Aubry and the overall size and scale of Seymour Lake

*Note: stated lengths of intersections are down-hole lengths and the true thickness of the intersected pegmatites is not yet known and requires additional drilling to determine actual true thickness.

Canadian-focused lithium explorer and developer, Ardiden Limited (“ADV” or “the Company”) (ASX: ADV), is pleased to announce further high-grade lithium results from its highly-prospective North Aubry prospect, located within the Company’s 100% owned flagship Seymour Lake Lithium Project in Ontario, Canada.

The on-going success of the current Resource expansion and exploration drill program continues to provide Ardiden with a high-level of confidence towards Seymour Lake, as the Company continues to work towards its primary focus of substantially growing the project in both size and scale.

Commenting on the high-grade lithium results from the Resource expansion drilling program at North Aubry, Ardiden CEO and Executive Director, Brad Boyle stated: “ Ardiden is extremely pleased with the latest assay results from North Aubry which have identified lithium grades of up to 5.67% Li2O (ASD010). These results along with previous results from the drill program, highlight the significant potential of North Aubry to be an integral component in the definition of an upgraded Mineral Resource at Seymour Lake.”

	Ardiden Limited
	Suite 12, 11 Ventnor Ave West Perth WA 6005 Tel: +61 (0) 8 6245 2050 Fax: +61 (0) 8 6245 2055 www.ardiden.com.au ASX Code: ADV Shares on Issue: 1,677M

THE RESOURCE EXPANSION DRILLING PROGRAM

The current drill program was designed to test and evaluate the down dip continuity of the North Aubry pegmatite, and the excellent results which have been produced thus far have vindicated the Company’s decision to aggressively explore this exciting prospect.

The potential to significantly increase the Seymour Lake project in size and scale continues to be enhanced with the majority of drill holes completed thus far intersecting multiple spodumene-bearing pegmatites at various depths.

The impressive assay results obtained from the latest drill-holes (ASD006 – ASD0011), which included a significant number of results in excess of 3% Li2O (refer to Appendix 2), combined with previous assay results, continue to provide Ardiden with a high-level of confidence in the consistency and high-quality nature of the lithium mineralisation present at Seymour Lake.

The ongoing success and delivery of high-grade lithium from the current drill program continues to reinforce the Company’s strategic approach to the Seymour Lake project. Defined by its high-quality lithium mineralisation, upside in expansion potential and exceptional metallurgical results, Ardiden continue to focus on growing Seymour Lake into a world-class, high-grade lithium project.

SEYMOUR LAKE WORK PROGRAM

The current Resource expansion drill program will continue to target a number of highly-prospective drill targets at North Aubry in order to test the size and orientation of pegmatites that surround the North Aubry prospect. The company believes there is potential to discover additional spodumene mineralisation that will add to the overall size and scale potential of the North Aubry Mineral Resource.

Once the current phase of the drilling program defines the outer perimeters of the North Aubry pegmatite, Ardiden will then move on to drill test the multiple drill targets between North Aubry and South Aubry, which were identified earlier this year through the field mapping and GPR survey.

Additionally, as previously announced on 27 September 2018 in drill holes ASD002 – ASD005, the current drill program will also incorporate drill testing of the extensions and consistency of the new spodumene-bearing pegmatite dykes, that are overlying the main North Aubry pegmatite.

Ardiden looks forward to providing further market updates as the drilling program progresses over the coming weeks.

ENDS

For further information: Investors : Media : Brad Boyle Michael Weir / Cameron Gilenko Ardiden Ltd Citadel-Magnus Tel: +61 (0) 8 6245 2050 +61 8 6160 4900

2

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 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.

ADDITIONAL INFORMATION ON THE AUBRY DRILLLING RESULTS

APPENDIX 1: Discussion of Technical Details

Drill-holes ASD006 – ASD0011 have been completed as part of the ongoing drilling program leading to an updated Mineral Resource for the North Aubry Lithium Deposit. The location and orientation of the holes (Table 1 and Figure 1) is designed to test the continuity of the North Aubry pegmatite further down-dip than has been tested by previous drilling.

Table 1: ASD006-ASD011 Collar Table

Drill-hole ID	easting (mE)	northing (mN)	elevation(m)	Grid	Dip	Azimuth(grid)	EOH(m)
ASD006	397174	5585298	389	NAD-83,Z16	-75	198	200
ASD007	397174	5585299	389	NAD-83,Z16	-85	188	251
ASD08A*	397225	5585352	391	NAD-83,Z16	-70	206	240
ASD009	397225	5585353	391	NAD-83,Z16	-85	220	258
ASD010	397165	5585405	390	NAD-83,Z16	70	195	264
ASD011	397165	5585406	390	NAD-83,Z16	-85	193	330

* Drill-hole ASD008 deviated from the planned orientation and was abandoned at a depth of 50m. The hole was re-drilled from a slightly different position and named ASD08A.

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Figure 1: Collar Plan showing drill-holes ASD006-ASD011

All of the drill-holes intersected spodumene bearing pegmatite and the intersection achieved by ASD011 (37.61m @ 1.95% Li2O) is the broadest intersection achieved to-date from any drilling campaign targeting the North Aubry pegmatite. This intersection, along with the intersections achieved by ASD009 and ASD010 (Table 2) reveal that the pegmatite thickens substantially at depth.

4

Table 2: Intersections of pegmatites achieved by drill-holes ASD006-011

**Drill hole I.D. **	**From(m) **	To(m)	Intersection achieved
ASD006	53.00	54.10	1.10m @ 0.40% Li2O
	150.64	159.65	9.01m @ 1.70% Li2O
ASD007	55.94	57.36	1.42m @ 0.10% Li2O
	164.42	173.00	8.58m @ 1.31% Li2O
	178.63	179.27	0.64m @ 0.03% Li2O
	246.36	247.43	1.07m @ 0.02% Li2O
ASD08A	73.60	75.27	1.67m @ 0.03% Li2O
	189.00	202.00	13.00m @ 0.35% Li2O
ASD009	73.76	74.22	0.46m @ 0.02% Li2O
	208.76	236.22	27.46m @ 1.90% Li2O
ASD010	65.75	66.00	0.25m @ 0.01% Li2O
	66.94	69.00	2.06m @ 0.32% Li2O
	82.15	82.44	0.29m @ 0.02% Li2O
	90.67	91.02	0.35m @ 0.03% Li2O
	212.10	236.08	23.98m @ 1.54% Li2O
ASD011	61.25	62.30	1.05m @ 0.04% Li2O
	80.70	80.92	0.22m @ 0.02% Li2O
	86.05	87.62	1.57m @ 0.02% Li2O
	199.68	203.28	3.6m @ 0.01% Li2O
	224.92	262.53	37.61m @ 1.95% Li2O

The North Aubry pegmatite is a zoned LCT Complex (spodumene sub-type) pegmatite but differs from most other examples of this type of pegmatite, which generally are mostly comprised of by feldspar-rich zones. However, the North Aubry pegmatite is unusual because it is mostly comprised of spodumene-bearing zones, often containing a large proportion of spodumene. However, there are parts of the pegmatite in which spodumene is less abundant, an example of which is the part intersected by ASD08A. This intersection is about 60m up-dip from the intersection achieved by ASD009 and mainly comprised of feldspar with only the central portion, from 195.92m-199.24m, containing spodumene. This interval assayed 3.32m @ 1.05% Li2O.

The orientation of the basal contact between the main pegmatite and host rock in the drill-holes suggest that the dip of the pegmatite decreases from about 45[0] to about 10[0] at the location intersected by ASD009 and ASD011, about 450m down-dip from the outcrop of the pegmatite (Figures 2 and 3).

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Figure 2: Cross-section AB. Note that drill-holes ASD006 and ASD007 lie within a different plane to drill-holes ASD08A and ASD009 and therefore that the depicted intersections are schematic.

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Figure 3: Cross-section CD.

6

Note that the host-rock geology displayed in both Figures 3 and 4 has been greatly simplified. In both cases there are broad zones of shearing that have altered and deformed the basalt, but these zones are complex, not well understood and are difficult to depict. The deformation of the basalt creating the shear zones occurred before the pegmatite; the shear zones do not displace the pegmatite.

APPENDIX 2: Assay Results (Li2O, Ta & Nb)

Drill- hole	From (m)	To (m)	Interval (m)	Rock Type	Sample ID	Li2O (%)	Ta (ppm)	Nb (ppm)
ASD006	53.00	54.10	1.10	pegmatite	E5563819	0.399	175	76
ASD006	150.64	151.90	1.26	pegmatite	E5563837	0.927	84.3	64
ASD006	151.90	152.81	0.91	pegmatite	E5563838	0.437	71.1	100
ASD006	152.81	154.00	1.19	pegmatite	E5563839	2.4	134	53
ASD006	154.00	155.00	1.00	pegmatite	E5563840	3.96	133	39
ASD006	155.00	156.00	1.00	pegmatite	E5563841	1.69	305	116
ASD006	156.00	157.00	1.00	pegmatite	E5563842	2.74	195	55
ASD006	157.00	157.57	0.57	pegmatite	E5563843	4.82	86.3	49
ASD006	157.57	158.19	0.62	pegmatite	E5563844	0.976	94.2	150
ASD006	158.19	159.00	0.81	pegmatite	E5563845	0.693	86.5	57
ASD006	159.00	159.65	0.65	pegmatite	E5563846	0.424	122	42
ASD007	55.94	57.36	1.42	pegmatite	E5563863	0.098	218	60
ASD007	164.42	164.91	0.49	pegmatite	E5563881	0.1	32.7	21
ASD007	164.91	165.85	0.94	pegmatite	E5563882	0.318	344	250
ASD007	165.85	167.00	1.15	pegmatite	E5563883	1.55	91.7	40
ASD007	167.00	168.00	1.00	pegmatite	E5563884	1.49	56	32
ASD007	168.00	169.00	1.00	pegmatite	E5563885	1.79	481	85
ASD007	169.00	170.00	1.00	pegmatite	E5563886	2.04	86.3	33
ASD007	170.00	171.26	1.26	pegmatite	E5563888	2.98	109	51
ASD007	171.26	172.00	0.74	pegmatite	E5563889	0.162	129	73
ASD007	172.00	173.00	1.00	pegmatite	E5563890	0.443	249	82
ASD007	178.63	179.27	0.64	pegmatite	E5563896	0.033	194	90
ASD007	246.36	247.43	1.07	pegmatite	E5563913	0.021	71	66
ASD08A	73.60	74.14	0.54	pegmatite	E5563925	0.021	235	77
ASD08A	74.39	75.27	0.88	pegmatite	E5563928	0.04	149	71
ASD08A	189.00	189.48	0.48	pegmatite	E5563945	0.388	207	122
ASD08A	189.48	190.12	0.64	pegmatite	E5563946	0.118	73.4	57
ASD08A	190.12	190.62	0.50	pegmatite	E5563948	0.158	22.9	25
ASD08A	190.62	191.53	0.91	pegmatite	E5563949	0.214	105	31
ASD08A	191.53	192.50	0.97	pegmatite	E5563950	0.087	78.1	18
ASD08A	192.50	193.50	1.00	pegmatite	E5563951	0.08	29.1	3
ASD08A	193.50	194.50	1.00	pegmatite	E5563953	0.122	25.8	3
ASD08A	194.50	195.50	1.00	pegmatite	E5563954	0.047	33.1	5
ASD08A	195.50	195.92	0.42	pegmatite	E5563956	0.216	33	23
ASD08A	195.92	196.90	0.98	pegmatite	E5563957	1.26	90.5	47
ASD08A	196.90	197.90	1.00	pegmatite	E5563958	1.09	52.5	30

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ASD08A	197.90	198.55	0.65	pegmatite	E5563960	1.91	113	51
ASD08A	198.55	199.24	0.69	pegmatite	E5563961	0.95	111	121
ASD08A	199.24	200.50	1.26	pegmatite	E5563962	0.112	155	56
ASD08A	200.50	201.00	0.50	pegmatite	E5563963	0.364	86	47
ASD08A	201.00	202.00	1.00	pegmatite	E5563964	0.055	174	87
ASD009	73.76	74.22	0.46	pegmatite	E5563975	0.022	174	84
ASD009	208.76	209.76	1.00	pegmatite	E5563986	0.525	470	311
ASD009	209.76	210.50	0.74	pegmatite	E5563987	0.515	198	109
ASD009	210.50	211.12	0.62	pegmatite	E5563988	1.44	75.9	13
ASD009	211.12	211.50	0.38	pegmatite	E5563989	1.26	132	21
ASD009	211.50	212.30	0.80	pegmatite	E5563990	5.03	104	8
ASD009	212.30	213.00	0.70	pegmatite	E5563992	1.01	463	31
ASD009	213.00	214.00	1.00	pegmatite	E5563993	2.13	58.2	6
ASD009	214.00	214.74	0.74	pegmatite	E5563994	0.547	63.6	10
ASD009	214.74	215.70	0.96	pegmatite	E5563995	1.69	240	22
ASD009	215.70	216.30	0.60	pegmatite	E5563997	3.26	58.9	12
ASD009	216.30	217.00	0.70	pegmatite	E5563998	0.921	85.6	12
ASD009	217.00	218.00	1.00	pegmatite	E5563999	4.1	458	11
ASD009	218.00	219.00	1.00	pegmatite	E5564001	2.65	71.5	7
ASD009	219.00	220.00	1.00	pegmatite	E5564002	1.88	155	21
ASD009	220.00	221.00	1.00	pegmatite	E5564003	2.31	256	24
ASD009	221.00	222.00	1.00	pegmatite	E5564004	2.7	250	21
ASD009	222.00	223.00	1.00	pegmatite	E5564005	2.64	867	59
ASD009	223.00	224.00	1.00	pegmatite	E5564006	4.01	310	17
ASD009	224.00	225.00	1.00	pegmatite	E5564007	2.88	394	93
ASD009	225.00	226.00	1.00	pegmatite	E5564008	2.32	695	319
ASD009	226.00	227.00	1.00	pegmatite	E5564009	1.97	504	222
ASD009	227.00	228.00	1.00	pegmatite	E5564010	1.14	307	192
ASD009	228	229.00	1.00	pegmatite	E5564028	3.2	274	147
ASD009	228.00	229.00	1.00	pegmatite	E5564012	3.25	358	192
ASD009	230.00	231.00	1.00	pegmatite	E5564013	3.93	225	157
ASD009	231.00	232.00	1.00	pegmatite	E5564014	3.98	200	38
ASD009	232.00	232.60	1.00	pegmatite	E5564015	1.77	60.6	26
ASD009	232.60	233.28	0.68	pegmatite	E5564016	0.293	92.2	33
ASD009	233.28	234.20	0.92	pegmatite	E5564017	0.037	229	71
ASD009	234.20	235.20	1.00	pegmatite	E5564018	0.03	183	52
ASD009	235.20	236.22	1.02	pegmatite	E5564020	0.027	178	73
ASD010	65.75	66.00	0.25	pegmatite	E5564032	0.007	295	81
ASD010	66.94	67.80	0.86	pegmatite	E5564034	0.116	87.7	59
ASD010	67.80	68.58	0.78	pegmatite	E5564035	1.09	466	50
ASD010	68.58	69.00	0.42	pegmatite	E5564037	0.027	319	102
ASD010	82.15	82.44	0.29	pegmatite	E5564043	0.016	243	68
ASD010	90.67	91.02	0.35	pegmatite	E5564048	0.028	99.7	79
ASD010	212.10	212.54	0.44	pegmatite	E5564060	0.113	115	79

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ASD010	212.54	213.60	1.06	pegmatite	E5564061	0.29	59.5	60
ASD010	213.60	214.09	0.49	pegmatite	E5564062	0.082	14.7	5
ASD010	214.09	214.75	0.66	pegmatite	E5564063	1.26	39.9	11
ASD010	214.75	215.30	0.55	pegmatite	E5564064	5.67	129	20
ASD010	215.30	215.87	0.57	pegmatite	E5564065	0.126	13.8	2
ASD010	215.87	216.45	0.58	pegmatite	E5564066	3.74	148	19
ASD010	216.45	217.00	0.55	pegmatite	E5564067	2.4	82.5	8
ASD010	217.00	218.00	1.00	pegmatite	E5564068	3.44	85.3	13
ASD010	218.00	219.00	1.00	pegmatite	E5564069	0.06	20.4	2
ASD010	219.00	220.00	1.00	pegmatite	E5564070	0.101	17.8	4
ASD010	220.00	221.00	1.00	pegmatite	E5564072	0.075	24.2	3
ASD010	221.00	222.00	1.00	pegmatite	E5564073	0.377	57.6	7
ASD010	222.00	223.00	1.00	pegmatite	E5564074	1.98	23	3
ASD010	223.00	224.00	1.00	pegmatite	E5564075	2.56	158	12
ASD010	224.00	225.00	1.00	pegmatite	E5564077	1.69	29.8	14
ASD010	225.00	226.00	1.00	pegmatite	E5564078	2.51	53.5	16
ASD010	226.00	227.00	1.00	pegmatite	E5564079	2.2	60.2	10
ASD010	227.00	228.00	1.00	pegmatite	E5564081	3.26	231	178
ASD010	228.00	229.00	1.00	pegmatite	E5564082	4.62	205	138
ASD010	229.00	230.00	1.00	pegmatite	E5564083	3.64	290	200
ASD010	230.00	231.00	1.00	pegmatite	E5564084	1.53	174	122
ASD010	231.00	232.00	1.00	pegmatite	E5564085	2.71	112	80
ASD010	232.00	233.00	1.00	pegmatite	E5564086	2.91	107	57
ASD010	233.00	233.70	0.70	pegmatite	E5564087	1.96	139	102
ASD010	233.70	234.33	0.63	pegmatite	E5564088	0.175	75.9	57
ASD010	234.33	235.00	0.67	pegmatite	E5564089	0.075	47	20
ASD010	235.00	236.08	1.08	pegmatite	E5564090	0.054	130	65
ASD011	61.25	62.30	1.05	pegmatite	E5564102	0.041	97.6	60
ASD011	80.70	80.92	0.22	pegmatite	E5564107	0.015	282	54
ASD011	86.05	87.00	0.95	pegmatite	E5564113	0.012	18.7	12
ASD011	87.00	87.62	0.62	pegmatite	E5564114	0.057	47	29
ASD011	199.68	200.68	1.00	pegmatite	E5564121	0.008	75.4	27
ASD011	200.68	201.50	0.82	pegmatite	E5564122	0.008	227	78
ASD011	201.50	202.52	1.02	pegmatite	E5564123	0.005	88.2	21
ASD011	202.52	203.28	0.76	pegmatite	E5564124	0.013	167	63
ASD011	224.92	225.90	0.98	pegmatite	E5564135	1.53	179	71
ASD011	225.90	226.75	0.85	pegmatite	E5564136	0.966	107	34
ASD011	226.75	227.24	0.49	pegmatite	E5564137	0.469	91.5	33
ASD011	227.24	227.87	0.63	pegmatite	E5564138	0.602	76.9	85
ASD011	227.87	228.50	0.63	pegmatite	E5564140	1.59	148	175
ASD011	228.50	229.00	0.50	pegmatite	E5564141	5.24	30	15
ASD011	229.00	230.00	1.00	pegmatite	E5564142	3.55	196	17
ASD011	230.00	231.00	1.00	pegmatite	E5564143	5.62	87.5	20
ASD011	231.00	232.00	1.00	pegmatite	E5564144	2.5	339	78
ASD011	232.00	233.10	1.10	pegmatite	E5564145	0.428	655	172

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ASD011	233.10	233.57	0.47	pegmatite	E5564146	0.045	265	74
ASD011	233.57	234.20	0.63	pegmatite	E5564147	2.09	95.1	53
ASD011	234.20	235.00	0.80	pegmatite	E5564148	4.18	71	58
ASD011	235.00	236.00	1.00	pegmatite	E5564149	4.28	106	47
ASD011	236.00	237.00	1.00	pegmatite	E5564150	1.22	114	41
ASD011	237.00	238.00	1.00	pegmatite	E5564152	5.43	38.9	16
ASD011	238.00	238.75	0.75	pegmatite	E5564153	4.62	124	52
ASD011	238.75	239.50	0.75	pegmatite	E5564154	5.39	73.2	36
ASD011	239.50	240.15	0.65	pegmatite	E5564155	4.86	139	35
ASD011	240.15	241.00	0.85	pegmatite	E5564157	0.256	271	103
ASD011	241.00	241.65	0.65	pegmatite	E5564158	0.408	171	74
ASD011	241.65	242.35	0.70	pegmatite	E5564159	2.16	258	66
ASD011	242.35	243.00	0.65	pegmatite	E5564160	0.914	232	180
ASD011	243.00	244.00	1.00	pegmatite	E5564161	2.74	200	120
ASD011	244.00	245.00	1.00	pegmatite	E5564163	4.16	261	54
ASD011	245.00	246.00	1.00	pegmatite	E5564164	4.34	250	109
ASD011	246.00	247.00	1.00	pegmatite	E5564165	3.06	172	37
ASD011	247.00	248.00	1.00	pegmatite	E5564166	2.29	219	110
ASD011	248.00	249.00	1.00	pegmatite	E5564167	0.897	308	243
ASD011	249.00	250.00	1.00	pegmatite	E5564168	2.42	199	71
ASD011	250.00	251.00	1.00	pegmatite	E5564169	2.25	170	97
ASD011	251.00	252.00	1.00	pegmatite	E5564170	0.554	71.3	24
ASD011	252.00	253.00	1.00	pegmatite	E5564172	1.37	111	26
ASD011	253.00	254.00	1.00	pegmatite	E5564173	1.02	122	53
ASD011	254.00	255.00	1.00	pegmatite	E5564174	2.29	202	60
ASD011	255.00	256.00	1.00	pegmatite	E5564175	4.17	59.3	19
ASD011	256.00	257.00	1.00	pegmatite	E5564176	3.48	178	79
ASD011	257.00	258.00	1.00	pegmatite	E5564177	0.991	126	62
ASD011	258.00	259.00	1.00	pegmatite	E5564178	1.02	63.7	43
ASD011	259.00	260.00	1.00	pegmatite	E5564180	0.627	77	58
ASD011	260.00	260.62	0.62	pegmatite	E5564181	0.193	61.8	42
ASD011	260.62	261.42	0.80	pegmatite	E5564182	0.373	233	64
ASD011	261.42	262.00	0.58	pegmatite	E5564183	0.052	143	44
ASD011	262.00	262.53	0.53	pegmatite	E5564184	0.031	207	60

10

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 drilling was used to obtain 1m samples (or close to 1m) which were pulverised and digested using a sodium peroxide fusion followed by ICP-OES/ICP-MS.
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 drilling producing BTW core, having a 42mm diameter. Core was oriented using a Reflex 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.	• Core was laid-out and measured. Core recovery was more than 95%.
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.	• Core has been geologically logged and geotechnically logged by qualified geologists and is of sufficient detail to support Mineral Resource estimation,miningstudies and metallurgical studies.

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.	• Logging is both qualitative (geology) and quantitative (downhole surveys and RQD) • All core drilled has been 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.	• Sampling was achieved through longitudinal cutting of the core, with half-core submitted for assay. • Certified reference materials (CRM’s aka “standards”), blanks and field duplicates were incorporated into the sample stream. • Sample sizes are appropriate to the grain size of the 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.	• Samples were submitted to AGAT Laboratory in Thunder Bay, where they were crushed, pulverised, digested by sodium peroxide fusion and assayed by ICP-OES/MS for a broad suite of elements. • The QA/QC procedures adopted by Ardiden and the laboratory confirmed that the results are both reliable and accurate.
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.	• The assay results have been verified by independent consultants. Data 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.	• Collars have been surveyed using a high-accuracy RTK differential GPS with locations recorded in metric units using UTM NAD83 Zone 16N projection coordinates. • Down-hole surveys were completed at 30m intervals.

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.		• Locations of the drill-holes is shown in a collar plan in Figure 1 within the announcement and stated within Table 1 of the announcement.
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.		• Samples obtained from the drilling are considered reliable and unbiased.
Sample security	• The measures taken to ensure sample security.		• Ardiden ensures that the chain-of-custody is maintained and safeguarded.
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, 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. • 400 new claim cells applications submitted to the MNDM
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Prior to Ardiden’s exploration, there was exploration for pegmatite- hosted mineralisation completed in the late 1950’s but this is poorly documented. The most recent exploration pre-dating Ardiden’s activities was by Linear Resources between 2001 and 2010, focussing upon tantalum mineralisation.
Geology	• Deposit type, geological setting and style of mineralisation.	• Seymour Lake area pegmatites have been classified as Rare Element, LCT

Criteria	JORC Code explanation	Commentary
		Complex-type, Spodumene-subtype pegmatites. Lithium mineralisation is comprised almost entirely of spodumene. Significant but localised tantalum mineralisation accompanies the lithium mineralisation. The pegmatites have variable orientations but generally strike northwest or north and diptowards the northeast at moderate angles.
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.	• The required information is stated directly in the announcement, supported by appropriate images, or is contained in appendices.
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.	• Grade cut-offs have not been incorporated.
Relationship between mineralisation widths and intercept lengths	• 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 known’).	• The reported results are stated as down hole lengths and it is clearly stated that this is the case.
diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be includedfor any significant discovery being reported These should	• A Collar Plan and Cross-sections of reported drill-holes are included as Figures 1,2 & 3 and Table 1.

Criteria	JORC Code explanation	Commentary
	include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
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.		• Assay results are reported for all samples that have been assayed.
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.	• Ardiden is engaged in ongoing drilling and exploration activities which will extend into 2019.