ARDIDEN LTD — Capital/Financing Update 2018

Sep 26, 2018

ASX ANNOUNCEMENT

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27 September 2018

NORTH AUBRY CONTINUES TO DELIVER HIGH-GRADE LITHIUM

HIGHLIGHTS:

• The Resource expansion drilling program has delivered further success with 13 drill holes completed thus far

• Significant results from the first five holes include:

• ASD001: 10.29m* @ 1.07% Li2O from 78.78m;

• ASD003: 5.93m* @ 1.58% Li2O from 157.46m;

• ASD004: 21.85m* @ 0.99% Li2O from 173.64m

(including 8.72m* @ 2.42% Li2O from 178.00m)

• ASD005: 26.9m* @ 1.58% Li2O from 188.00m

(including 9.05m* @ 2.88% Li2O from 203.95m)

(including 1.00m @ 4.45% Li2O from 211m)

*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.

• All drill holes completed to-date have intersected spodumene-bearing pegmatites at various depths

• Assays from holes ASD006 to ASD0013 are expected to be available for release to the market over the coming weeks

• These latest results continue to demonstrate the significant potential of Seymour Lake to define a substantially larger Mineral Resource at North Aubry than previously indicated

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 main priority of the current 3,000m Resource expansion drill program is to identify additional high-grade lithium mineralisation, to increase both the size and scale of the Seymour Lake project.

The current drill program has completed thirteen holes thus far (drill holes ASD001 to ASD013) with all drill-holes intersecting multiple pegmatites at various depths. Assay results for the first five holes have been received by the Company, attached as Appendix 1 and are summarised in Table 1.

Commenting on the on-going drilling success at North Aubry, Ardiden CEO and Executive Director, Brad Boyle stated: “These latest high-grade assay results, in conjunction with previous drilling success continue to confirm substantial mineralisation extensions of the North Aubry deposit. The consistency in the mineralised zones around the North Aubry prospect, including the identification to the North of new overlying spodumene bearing pegmatite dykes are very encouraging, and reinforces our strong belief in the potential of Ardiden’s landholdings to add significant tonnage to the already defined high-quality resource at North Aubry.”

	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

TABLE 1: ASSAY RESULTS FOR HOLES ASD001 – ASD005

ASD001 1a From 78.78m to 89.07m; 10.29m @ 1.07% Li2O 1b From 101.58m to 104.45m; 2.87m @ 0.48% Li2O 1c From 123.53m to 129.13m; 5.65m @ 0.83% Li2O 1d From 148.44m to 150.15m; 1.71m @ 0.18% Li2O ASD002 2a From 19.61m to 19.69m; 0.08m not assayed (too thin) 2b From 27.04m to 27.34m; 0.30m @ 0.01% Li2O 2c From 66.25m to 71.22m; 4.97m @ 0.07% Li2O & 333ppm Ta 2d From 118.52m to 120.30m; 1.78m @ 0.93% Li2O 2e From 136.40m to 138.88m; 2.48m @ 0.26% Li2O ASD003 3a From 29.93m to 30.30m; 0.37m @ 0.07% Li2O 3b From 46.50m to 47.10m; 1.60m @ 0.02% Li2O 3c From 130.74m to 132.90m; 2.16m @ 0.66% Li2O 3d From 157.46m to 163.39m; 5.93m @ 1.58% Li2O ASD004 4a From 51.14m to 51.64m; 0.50m @ 0.04% Li2O 4b From 55.46m to 64.51m; 9.05m @ 0.02% Li2O 4c From 173.64m to 195.49m; 21.85m @ 0.99% Li2O (inc. 178.00-186.72, 8.72m @ 2.42% Li2O) ASD005 5a From 50.24m to 50.76m; 0.52m @ 0.05% Li2O 5b From 60.74m to 60.88m; 0.14m @ 0.03% Li2O 5c From 66.87m to 66.96m; 0.09m @ 0.02% Li2O 5d From 69.39m to 69.84m; 0.45m @ 0.02% Li2O 5e From 188.00m to 214.90m; 26.9m @ 1.58% Li2O (inc. 203.95-213, 9.05m @ 2.88% Li2O) 5f From 259.52m to 262.68m; 3.16m @ 0.78% Li2O 5g From 282.40m to 282.78m; 0.38m @ 0.17% Li2O

*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.

NORTH AUBRY RESOURCE DRILLING: PROGRESS UPDATE

The completion of detailed mapping of the North Aubry pegmatite and surrounding area (Figure 1) in May 2018, along with the results of the Ground Penetrating Radar (GPR) survey completed earlier in the year, led to the conclusion that there was significant potential at the North Aubry prospect to discover additional pegmatites (Figure 2) and to define a significantly larger Mineral Resource.

2

The early success from the current drill-program has further supported the exploration work completed with the identification of new spodumene-bearing pegmatite dykes, intersected by holes ASD002 – ASD005 overlying the main North Aubry pegmatite dyke, as shown in Figures 5, 6 and 7.

The possible presence of these pegmatite dykes was suggested by the data compiled from the GPR survey completed earlier this year. Confirmation of these pegmatite dykes validates Ardiden’s exploration model in which the North Aubry prospect and surrounding area is comprised of a series of “stacked” spodumene-bearing pegmatites within a zone extending towards the northeast.

The final phases of the current drilling program will test the continuity and potential size of these recently discovered pegmatites.

Following completion of the Resource expansion drilling program, Ardiden will commence the next phase of their strategic drill program in mid-October 2018. This drill program will test the areas northeast and south of the North Aubry prospect, areas which the Company believes offer significant potential to discover additional economically significant spodumene-bearing pegmatite dykes.

The latest assay results from North Aubry support this strategic decision, and continue to reinforce the Company’s targeted exploration program, which will assist in growing Seymour Lake in size and scale, with the primary aim of significantly increasing the size of the existing North Aubry Mineral Resource.

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Figure 1: Interpreted Geology Map of the Aubry Zone. Note the location of line of section AB

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Figure 2: Long-section AB. Note location of section is shown in Figure 1

Table 2: Ardiden’s drilling programs at the Seymour Lake Lithium Project in 2018, extending into early 2019

Drilling Program	Purpose	total meters	Status	COMMENTS
Phase 1	Test ofperipheral GPR targets	2054	Completed April 2018
Phase 2	Resource Drilling; Nth Aubry	4200	2989m completed to Sept 25th	Completion due in October
Phase 3	Targets north of Nth Aubry and between Central Aubry and Nth Aubry	1880	Anticipated commencement mid October	Anticipated completion mid December
Phase 4	Testing the Pye prospect	750	Anticipated commencement earlyJanuary2019	Anticipated completion end of January2019

CONCLUSION

These latest high-grade assay results are very encouraging for Ardiden as they reconfirm the high-quality nature and consistency of the lithium mineralised zones around the North Aubry prospect.

The on-going drilling program has also confirmed the presence of additional pegmatite dykes identified in the GPR survey which validate Ardiden’s exploration model that the North Aubry prospect and surrounding area is comprised of a series of “stacked” spodumene-bearing pegmatites. These results are very encouraging and reinforces Ardiden’s strong belief in the potential of the Seymour Lake Lithium project to host a number of significant Lithium deposits.

Ardiden looks forward to providing further market updates as the information becomes available.

ENDS

	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

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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

Drill-hole ASD001 was drilled to “twin” SL-02-07, which was drilled in 2002, prior to Ardiden’s acquisition of the Seymour Lake Lithium Project. SL-02-07 did not intersect significant pegmatite and therefore restricted the size of the originally defined North Aubry Mineral Resource. However, recent field mapping and ground truthing investigations suggested that the location stated for SL-02-07 was unreliable and the fact that ASD001 intersected from 78.78m – 89.07m, 10.29m @ 1.07% Li2O confirms that drill-hole SL-02-07 was not where it had been stated.

The intersection of the main North Aubry pegmatite achieved by ASD001 was in exactly the position predicted in the current geological model. However, the intersection of additional pegmatites (Figure 4) were not anticipated, but these results are very encouraging and confirm that there are other pegmatites adjacent to the main North Aubry pegmatite, increasing the overall potential of the area.

Drill-hole ASD002 was drilled to test the northern extension of the main North Aubry pegmatite, with the intersection from 66.25m to 71.22m (referred to in Table 2 as pegmatite 2c) believed to be the extension (Figure 5). The assay results for Lithium (Li2O) in this intersection were low but the concentration of Tantalum (Ta) within the interval is high, i.e. 4.97m @ 333ppm Ta (= 406ppm Ta2O5), which confirms that the pegmatite is highly fractionated despite the low assay result for Lithium. The lower than expected concentration of Lithium may be a result of this part of the pegmatite being near the northern limit of the main North Aubry pegmatite lode.

Spodumene-bearing pegmatites that were intersected below the main North Aubry pegmatite (pegmatites 2d and 2e in Table 2) may emanate from the main North Aubry pegmatite further down-dip. However, the thin pegmatites intersected above the main North Aubry pegmatite are likely to be the southern-most edge of pegmatites located under cover to the north.

Drill-hole ASD003 intersected the main North Aubry pegmatite from 157.46m – 163.39m (5.93m @ 1.58% Li2O), confirming the continuity of the pegmatite (Figure 6). However, the relative lack of thickness does suggest that the intersection is near the northern edge of the pegmatite lode, similarly to the position of ASD002.

The hole terminated in sheared rock which is interpreted to be the down-dip continuation of the shear depicted in Figure 1 as being located near the collar of ASD002.

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Drill-holes ASD004 and ASD005 were drilled from the same pad but at different angles (Figure 7) and both intersected the main North Aubry pegmatite at a greater depth than any previously drilled holes, demonstrating that:

• The pegmatite is not displaced by the large shear zone

• The pegmatite appears to flatten at depth

• The pegmatite thickens towards the northeast

The differences in grades of the intersections achieved by ASD004 (173.64m - 195.49m, 21.85m @ 0.99% Li2O) compared to ASD005 (188.00m – 214.90m, 26.90m @ 1.58% Li2O) reflects zonation within the North Aubry pegmatite. The basal part of the pegmatite intersected by ASD004 is albite-rich and contains a high concentration of Ta. However, this basal zone is much thinner in the part of the pegmatite intersected by ASD005.

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Figure 3: Drill-collar locations displayed on Interpreted Geology Map

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Figure 4: section AB through drill-hole ASD001. Note; line of section is the same as that displayed in Figure 1.

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Figure 5: Cross-section CD displaying drill hole ASD002

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Figure 6: Cross-section EF displaying drill hole ASD003.

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Figure 7: Cross-section GH displaying drill holes ASD004 and ASD005.

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Table 3: Collar Table ASD001-ASD005

Drill-hole ID	easting (mE)	northing (mN)	elevation(m)	Grid	Dip	Azimuth(grid)	EOH(m)
ASD001	397035	5585207	399	NAD-83,Z16	-90	N/A	158
ASD002	397016	5585294	380	NAD-83,Z16	-70	200	156
ASD003	397066	5585337	368	NAD-83,Z16	-70	202	201
ASD004	397113	5585368	371	NAD-83,Z16	-70	195	228
ASD005	397115	5585366	371	NAD-83,Z16	-85	199	291

APPENDIX 1. Assay Results of pegmatite sampled from drill holes ASD001 - ASD005 at the Seymour Lake Lithium Project.

Drill hole I.D.	Sample I.D.	From (m)	To (m)	Interval (m)	Sample **type **	Li2O (%)	Rb (ppm)	Cs (ppm)	Ta (ppm)	Nb (ppm)
ASD001	389608	78.78	79.50	1.00	Pegmatite	0.262	2650	818	60.8	24
ASD001	389609	79.50	80.60	1.00	Pegmatite	0.239	2530	598	170	153
ASD001	389610	80.60	81.61	0.60	Pegmatite	0.756	2900	537	87.8	88
ASD001	389612	81.61	82.83	0.70	Pegmatite	2.44	2270	645	84.4	67
ASD001	389613	82.83	83.81	1.07	Pegmatite	2.35	1950	472	55.2	60
ASD001	389614	83.81	84.70	0.92	Pegmatite	0.202	2610	459	33.8	38
ASD001	389615	84.70	85.70	1.00	Pegmatite	1.49	3380	680	24.3	23
ASD001	389616	85.70	86.70	0.95	Pegmatite	1.38	3600	923	108	79
ASD001	389617	86.70	87.30	0.97	Pegmatite	0.489	4960	677	54.5	40
ASD001	389618	87.30	88.00	0.50	Pegmatite	1.21	5580	665	73.9	40
ASD001	389620	88.00	89.07	1.00	Pegmatite	1	3880	576	64.7	85
ASD001	389630	101.58	102.50	1.00	Pegmatite	0.271	2090	234	67.7	55
ASD001	389632	102.50	103.50	1.05	Pegmatite	1.05	2810	285	71.4	46
ASD001	389633	103.50	104.45	1.08	Pegmatite	0.141	5560	318	34.5	28
ASD001	389638	123.53	124.50	0.96	Pegmatite	0.188	2920	314	108	98
ASD001	389639	124.50	125.00	0.75	Pegmatite	0.893	2930	492	97.2	76
ASD001	389641	125.00	126.00	1.00	Pegmatite	0.255	4880	452	39.1	24
ASD001	389642	126.00	127.00	1.00	Pegmatite	1.58	2610	387	115	105
ASD001	389643	127.00	128.05	0.60	Pegmatite	2.34	1710	351	139	84
ASD001	389650	128.05	129.13	0.70	Pegmatite	0.035	598	80.1	153	103
ASD001	389646	148.44	149.40	1.07	Pegmatite	0.503	865	119	112	91
ASD001	389647	149.40	150.15	0.92	Pegmatite	0.018	996	113	242	78
ASD002	E5563563	27.04	27.34	0.30	Pegmatite	0.012	2230	123	84.7	20
ASD002	E5563566	66.00	67.25	1.25	Pegmatite	0.238	401	589	<0.5	2
ASD002	E5563567	67.25	68.25	1.00	Pegmatite	0.018	685	154	228	120
ASD002	E5563568	68.25	69.25	1.00	Pegmatite	0.019	663	113	571	75
ASD002	E5563569	69.25	70.25	1.00	Pegmatite	0.001	78.4	13.9	320	102
ASD002	E5563570	70.25	71.22	0.96	Pegmatite	0.013	730	135	212	67
ASD002	E5563582	118.52	119.50	0.98	Pegmatite	1.44	2610	603	64	77
ASD002	E5563583	119.50	120.30	0.80	Pegmatite	0.557	2120	339	70.5	56
ASD002	E5563597	136.40	137.08	0.68	Pegmatite	0.018	1750	162	125	64
ASD002	E5563598	137.08	138.00	0.92	Pegmatite	0.913	1900	237	74.4	74
ASD002	E5563599	138.00	138.88	0.88	Pegmatite	0.444	1260	187	67.5	70
ASD002	E5563600	138.88	139.62	0.74	Pegmatite	0.015	3050	352	68.3	40
ASD002	E5563601	139.62	140.57	0.95	Pegmatite	0.039	1950	223	91.6	62

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ASD003	E5563612	29.93	30.30	0.37	Pegmatite	0.066	2600	127	160	131
ASD003	E5563617	46.50	47.10	1.60	Pegmatite	0.022	1130	64	137	58
ASD003	E5563606	130.74	131.25	0.51	Pegmatite	0.18	2610	200	64.8	72
ASD003	E5563607	131.25	132.10	0.85	Pegmatite	1.98	2190	319	72.7	57
ASD003	E5563608	132.10	132.90	0.80	Pegmatite	0.243	4690	340	81.3	78
ASD003	E5563629	157.46	158.16	0.50	Pegmatite	0.199	3150	331	90.2	83
ASD003	E5563631	158.16	158.88	0.72	Pegmatite	0.054	649	97.5	94.5	51
ASD003	E5563632	158.88	159.41	0.53	Pegmatite	0.172	1010	159	59.9	58
ASD003	E5563633	159.41	160.40	0.99	Pegmatite	2.82	1390	293	53.8	37
ASD003	E5563634	160.40	161.40	1.00	Pegmatite	3.75	854	274	43.4	31
ASD003	E5563636	161.40	162.40	1.00	Pegmatite	2.36	942	322	182	93
ASD003	E5563637	162.40	163.39	0.99	Pegmatite	1.98	1190	308	93.1	70
ASD004	E5563650	51.14	51.64	0.50	Pegmatite	0.042	2000	215	125	73
ASD004	E5563654	55.46	56.50	1.04	Pegmatite	0.008	488	44.3	82	34
ASD004	E5563655	56.50	57.50	1.00	Pegmatite	0.006	416	32.1	55.7	24
ASD004	E5563656	57.50	58.50	1.00	Pegmatite	0.007	492	36	85.3	40
ASD004	E5563658	58.50	59.50	1.00	Pegmatite	0.012	754	47.9	75.9	53
ASD004	E5563659	59.50	60.50	1.00	Pegmatite	0.008	826	46.2	73.2	32
ASD004	E5563660	60.50	61.50	1.00	Pegmatite	0.009	1150	68.2	86.4	34
ASD004	E5563661	61.50	62.50	1.00	Pegmatite	0.007	1030	56.1	63.9	32
ASD004	E5563662	62.50	63.50	1.00	Pegmatite	0.007	1070	66.2	190	75
ASD004	E5563663	63.50	64.51	1.01	Pegmatite	0.133	925	90	12.8	9
ASD004	E5563666	67.61	67.89	0.28	Pegmatite	0.01	715	37.1	126	39
ASD004	E5563683	173.64	174.70	1.06	Pegmatite	0.07	974	90.8	111	68
ASD004	E5563684	174.70	175.76	1.06	Pegmatite	0.149	1790	324	455	137
ASD004	E5563685	175.76	176.40	0.64	Pegmatite	0.379	3780	332	94.7	130
ASD004	E5563686	176.40	177.40	1.00	Pegmatite	0.769	3280	482	33	45
ASD004	E5563687	177.40	178.00	0.60	Pegmatite	0.801	6690	621	18	18
ASD004	E5563688	178.00	179.00	1.00	Pegmatite	3.38	2530	470	34.7	8
ASD004	E5563690	179.00	180.00	1.00	Pegmatite	1.57	1630	380	40	24
ASD004	E5563691	180.00	181.00	1.00	Pegmatite	2.78	2540	419	114	50
ASD004	E5563692	181.00	182.00	1.00	Pegmatite	1.18	5360	578	144	64
ASD004	E5563693	182.00	183.00	1.00	Pegmatite	1.24	5520	662	273	64
ASD004	E5563694	183.00	184.00	1.00	Pegmatite	3.04	2990	583	251	35
ASD004	E5563695	184.00	185.00	1.00	Pegmatite	2.65	2100	371	72.3	46
ASD004	E5563696	185.00	186.00	1.00	Pegmatite	3.6	2140	604	98.3	58
ASD004	E5563697	186.00	186.72	0.72	Pegmatite	3.19	2540	1600	59.1	71
ASD004	E5563699	186.72	187.05	0.33	Pegmatite	0.558	3540	586	81.3	118
ASD004	E5563700	187.05	187.62	0.57	Pegmatite	0.114	532	93.7	154	70
ASD004	E5563701	187.62	188.20	0.58	Pegmatite	1.34	2040	298	95.4	53
ASD004	E5563702	188.20	189.00	0.80	Pegmatite	0.132	1310	295	179	80
ASD004	E5563703	189.00	190.00	1.00	Pegmatite	0.109	684	124	107	82
ASD004	E5563704	190.00	190.55	0.55	Pegmatite	0.153	886	100	111	45
ASD004	E5563705	190.55	191.50	0.95	Pegmatite	0.031	280	65.1	240	116

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ASD004	E5563706	191.50	192.49	0.99	Pegmatite	0.072	673	131	219	97
ASD004	E5563707	192.49	193.50	1.01	Pegmatite	0.094	714	212	106	72
ASD004	E5563708	193.50	194.40	0.90	Pegmatite	0.504	886	178	205	171
ASD004	E5563709	194.40	195.07	0.67	Pegmatite	0.362	1050	196	123	109
ASD004	E5563710	195.07	195.49	0.42	Pegmatite	0.064	1130	252	171	71
ASD005	E5563723	50.24	50.76	0.52	Pegmatite	0.047	736	75.4	95.2	63
ASD005	E5563728	60.74	60.88	0.14	Pegmatite	0.034	119	16.2	131	24
ASD005	E5563733	66.87	66.96	0.09	Pegmatite	0.019	845	43.1	282	95
ASD005	E5563736	69.39	69.84	0.45	Pegmatite	0.023	1890	95.3	154	81
ASD005	E5563749	188.00	189.00	1.00	Pegmatite	0.105	1610	127	60.7	28
ASD005	E5563750	189.00	190.00	1.00	Pegmatite	1.15	3020	317	71.5	74
ASD005	E5563751	190.00	191.00	1.00	Pegmatite	0.993	4680	380	56.5	106
ASD005	E5563752	191.00	192.18	1.18	Pegmatite	0.461	3420	283	56.3	92
ASD005	E5563754	192.18	193.00	0.82	Pegmatite	2.21	2030	372	117	98
ASD005	E5563755	193.00	194.00	1.00	Pegmatite	1.98	958	196	98.3	104
ASD005	E5563757	194.00	195.00	1.00	Pegmatite	0.7	180	69.5	103	66
ASD005	E5563758	195.00	196.00	1.00	Pegmatite	1.48	384	187	139	133
ASD005	E5563759	196.00	197.00	1.00	Pegmatite	0.976	572	152	59.9	49
ASD005	E5563760	197.00	197.65	0.65	Pegmatite	0.038	105	26.3	271	176
ASD005	E5563764	201.18	201.70	0.52	Pegmatite	0.342	951	449	11	15
ASD005	E5563765	201.70	202.69	0.99	Pegmatite	1.46	500	119	92	52
ASD005	E5563766	202.69	203.95	1.26	Pegmatite	0.087	73.1	39.5	191	108
ASD005	E5563768	203.95	205.00	1.05	Pegmatite	3.88	428	208	222	244
ASD005	E5563769	205.00	206.00	1.00	Pegmatite	2.71	734	164	189	187
ASD005	E5563770	206.00	207.00	1.00	Pegmatite	3.14	1860	436	355	363
ASD005	E5563771	207.00	208.00	1.00	Pegmatite	2.65	1870	324	382	350
ASD005	E5563772	208.00	209.00	1.00	Pegmatite	1.39	1148	286	224	143
ASD005	E5563773	209.00	210.00	1.00	Pegmatite	3.87	1310	755	194	114
ASD005	E5563774	210.00	211.00	1.00	Pegmatite	2.1	2030	470	82.1	85
ASD005	E5563776	211.00	212.00	1.00	Pegmatite	4.45	2340	1270	126	48
ASD005	E5563777	212.00	213.00	1.00	Pegmatite	1.51	305	290	83.8	45
ASD005	E5563778	213.00	214.27	1.27	Pegmatite	0.479	627	184	141	141
ASD005	E5563779	214.27	214.90	0.63	Pegmatite	0.059	489	82.5	215	73
ASD005	E5563797	259.52	260.50	0.98	Pegmatite	0.534	3270	189	46.7	35
ASD005	E5563798	260.50	261.50	1.00	Pegmatite	1.18	1520	222	97	64
ASD005	E5563799	261.50	262.68	1.18	Pegmatite	0.541	2210	229	216	109
ASD005	E5563809	282.40	282.78	0.38	Pegmatite	0.017	437	91	79.3	37

11

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 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 3 within the announcement and stated within Table 3 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 belonging to the

Criteria	JORC Code explanation	Commentary
		Rare Element, LCT Complex-type, Spodumene-subtype of pegmatite. 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 dip towards 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.

Criteria	JORC Code explanation	Commentary
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.	• A Collar Plan and a Cross-sections of reported drill-holes are included as Figure 3 and Table 3.
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.		• All assay results are reported.
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 planning to expand both the drilling and exploration activities during the 2018 field season.