ARDIDEN LTD — Capital/Financing Update 2018

Jan 28, 2018

ASX ANNOUNCEMENT

==> picture [98 x 100] intentionally omitted <==

29 January 2018

ARDIDEN ACQUIRES 100% OF BOLD PROPERTY COLBALT-COPPER PROJECT, CANADA

Diversified minerals explorer and developer Ardiden Limited (ASX: ADV) is pleased to announce that it has completed the successful acquisition of 100% of the early stage Bold Property Colbalt-Copper Project in Ontario, Canada with a final payment of 100,000 Ardiden shares made to the vendor, Benton Resources Inc.

==> picture [451 x 186] intentionally omitted <==

Figure 1. Location of Ardiden projects (Seymour Lake Lithium, Wisa Lake Lithium, Pickle Lake Gold Properties, Root Lake Lithium, Root Bay Lithium, Bold Properties Base Metals and Manitouwadge Graphite) in Ontario, Canada. All projects can be serviced from the regional mining centre of Thunder Bay.

The Company has acquired 100% of the greenfields Bold Property Project , as Ardiden considers it to be an attractive early-stage exploration opportunity with several sulphide zones identified by historical exploration which returned encouraging cobalt, copper and nickel values from limited reconnaissance drilling and sampling data.

The project complements Ardiden’s existing portfolio of lithium projects, providing it with exposure to additional metals (cobalt, copper and nickel) which are expected to be in high demand due to their consumption by the growing energy storage, battery and Electric Vehicle (EV) markets globally.

The Bold Property Project is strategically located close to existing good infrastructure, with excellent access to the growing energy storage and Electric Vehicle (EV) markets and EV manufacturers in Detroit (General Motors, Ford Motor Company and Fiat Chrysler Automobiles US) and California ( Tesla) .

The acquisition of the Bold Property Project is consistent with the Company’s strategy of establishing a strong pipeline of prospective mineral projects ranging from greenfields discovery opportunities to more advanced, near-term resource development projects which are highly leveraged to the forecast growth in the energy storage and lithium-ion battery sectors.

	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: 1,046M

Bold Property Project

The Bold Property Project 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 north via an allweather road. The project is less than 3 hours’ drive from Thunder Bay, a leading regional mining jurisdiction in Ontario with key local infrastructure including a skilled mining workforce and excellent local logistics and infrastructure. It has strong potential to provide a high-quality product to supply growing North American demand and export markets.

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 grab samples that were collected by Hexagon in 1992 returned encouraging indications of cobalt, copper and nickel mineralisation. In late 2016, Benton Resources Inc. staked the project and has completed limited exploration over the zones of anomalous sulphides at the Bold Property Project.

Ardiden confirms that the geological team completed a partial reconnaissance mapping program at the project during 2017, but due to access limitation it was not completed. Ardiden is keen to undertake a more detailed reconnaissance mapping program, once the 2018 field season begins.

The total consideration for 100% of the Bold Property Project is C$10,000 in cash and 200,000 Ardiden shares. Ardiden confirms with the exercise of the option, the vendor will retain a 2% net smelter royalty (NSR) and a one (1) kilometre Area of Influence around the project claims for a period of two years. Ardiden will retain the option to buy-back a 1.0% NSR for a payment of C$500,000.

CONCLUSION AND OUTLOOK

Ardiden’s immediate priority remains on the continued rapid development of the North Aubry prospect towards development and production.

The acquisition of the Bold Property Project, together with its other Canadian mineral projects, establishes a diverse exploration and development pipeline of lithium projects for the Company, ranging from early exploration stage to more advanced resource development. This puts Ardiden in a strong position to define multiple resources in strategic locations close to established infrastructure and with direct access to growing key markets.

Ardiden expects provide further updates in the near future on current activities, including North Aubry drill assay results, the commencement of the 2018 expansion drill program, ongoing metallurgical test work results from China, further drilling updates from North and South Aubry prospects and feasibility work including the Baseline Environmental Study activities being conducted at the Seymour Lake Project.

The Company looks forward to providing further updates as they come to hand.

ENDS

2

For further information:

Investors : Media : Brad Boyle Citadel-Magnus Ardiden Ltd +61 8 6160 4900 Tel: +61 (0) 8 6555 2950

“QUALITY MATTERS”

About Ardiden Ltd

Ardiden Limited (ASX: ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.

The 100%-owned 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 Wisa Lake Lithium project 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 Pickle Lake Gold Properties (under option to acquire 100%) are located within the prolific gold-producing MeenDempster Greenstone Belt of the Uchi Geological Sub-province of the Canadian Shield, in close proximity to several of the Company’s existing projects and to the regional mining centre of Thunder Bay. The Properties consists of four separate gold properties offering both advanced development opportunities and early stage exploration. Over 25,000m of historical diamond drilling completed across the Pickle Lake Gold Properties, confirming the potential for multiple extensive gold mineralised zones at both Dorothy-Dobie Lake and Kasagiminnis Lake, with gold mineralisation remaining open along strike and at depth.

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 test work indicated that up to 80% of the graphite at Manitouwadge is high value jumbo or large flake graphite. Test work 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 100%-owned Bold Properties project 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 all-weather 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

3

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 Bold Property 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 fulltime 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.

4