ARDIDEN LTD — Capital/Financing Update 2019

Jun 30, 2019

1 July 2019

ARDIDEN STRENGTHENS GOLD ADVANTAGE BY ATTAINING 100%

OF PICKLE LAKE JV

HIGHLIGHTS:

Ardiden Limited (ASX: ADV) is pleased to announce it will assume 100% ownership of the joint ventured Pickle Lake Gold Project in northwest Ontario, by exercising its Option to acquire Murchison Minerals Limited’s (TSX-V: MUR, ‘Murchison’) 51% JV interest in the highly prospective gold project.

Ardiden has formally notified Murchison that following fulfillment of all Option conditions, and a robust review of the Project, including due diligence drilling, the Company has exercised its Option to acquire Murchison’s interest in the Project. Murchison will receive a 1% Net Smelter Royalty from any future gold production.

Ardiden previously acquired White Metal Resources Corp’s (TSX-V: WHM, ‘White Metal’) 49% JV interest to proceed towards 100% project ownership (refer to ADV ASX announcement 31 July 2018).

This action marks a significant and positive step for Ardiden, boosting its ability to build shareholder value from its rich portfolio of both Gold and Lithium assets, situated within Canada’s productive mining Province, Ontario.

Traditional Gold, forward-thinking Lithium - Ardiden recognises its shareholders’ historical investment into the EV revolution space and will retain its lithium assets in combination with its highly prospective gold assets to maximise its ability to deliver short-term gains.

Since his appointment as CEO in May 2019, Mr Rob Longley has worked rigorously with Ardiden’s Board and significant stakeholders to develop and set Ardiden’s primary objective moving forward, which is;

To take advantage of Ardiden’s exposure to gold price appreciation in tandem with exposure to the exciting EV market through its lithium assets.

Key priorities to drive this objective and take the advantage are:

1. GOLD

• ✓ Deliver a Maiden Gold Inferred Resource Estimate at the Pickle Lake Gold Project, prepared in accordance with the JORC Code;

• ✓ Staged exploration programmes including resource definition and extension drilling at multiple Prospects and Deposits on the Pickle Lake Gold Project;

2. LITHIUM

• ✓ Secure alliances to enable Ardiden to extract value from its 100%-owned Seymour Lake, Root Lake and Wisa Lake Lithium Projects in Ontario’s lithium province;

ALL PROJECTS

• ✓ Work closely with First Nations groups and stakeholders across Ardiden’s projects and develop a good reputation, and build a sustainable Social License to Operate in the region;

• ✓ Provide updates and regular news flow to better inform its shareholders and the market of the highly prospective gold and lithium development activity in Ontario and the broader North American region; and

ASX Code: ADV Shares on Issue: 1,681M

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

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• ✓ Optimise the allocation of Ardiden’s existing balance of approximately AUD3.2m in available funds (*30 June 2019).

Ardiden will shortly announce further details of its strategy and deliverables, Ardiden is excited to secure its significant land holding within the Pickle Lake Gold Camp as an opportunity to take advantage of the current rallying gold price and positive sentiment for gold exploration and resource growth, all from within its existing strong cash reserve.

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Figure 1 – Ardiden’s holdings within the 3Moz Pickle Lake Gold Camp : Dorothy-Dobie, Kasagiminnis, South Limb & West Pickle

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Figure 2 – Location of Ardiden’s Gold and Lithium Projects in Northwest Ontario, Canada

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ASX Code: ADV Shares on Issue: 1,681M

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

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Figure 3 – Location of significant Lithium Exploration and Development Projects in northwest Ontario, Canada

• Note: The quantities and grades stated for the Exploration Targets at the Lake Seymour Lithium Project is conceptual in nature and there has been insufficient exploration to define Mineral Resources at these targets and it is uncertain if further exploration of these targets will produce results the permit Mineral Resources to be estimated. Further details of the Lake Seymour Lithium Project Mineral Resource Estimate an Exploration Targets are detailed in Ardiden’s ASX announcement 6 March 2019.

DETAILS OF EXERCISING THE OPTION:

• In July 2018, Ardiden acquired White Metal’s interest in the Pickle Lake Gold Project, including a 49% interest in a joint venture (Pickle Lake Joint Venture) with Murchison over the Kasagiminnis Lake Property and part of the Dorothy Dobie Property.

• Ardiden has satisfied the conditions to acquire the remaining interest in the Pickle Lake Joint Venture by incurring exploration expenditure of C$1,200,000 (including at least C$700,000 on drilling).

• Ardiden is pleased to advise that it has exercised the Option pursuant to the Option Agreement between White Metal and Murchison, as assigned by White Metal to Ardiden (Option Agreement) by notice to Murchison to acquire the 51% joint venture interest from Murchison.

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ASX Code: ADV Shares on Issue: 1,681M

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

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• After acquiring the 51% joint venture interest from Murchison, Ardiden will own 100% interest in the joint venture assets, including the Kasagiminnis Lake Property and part of the Dorothy Dobie Property, subject to a 1% net smelter return royalty which is payable to Murchison.

• At the Dorothy-Dobie Prospect, an additional five tenements are currently held in the name of Mr Ken Kukkee. Ardiden has an Option to acquire these tenements from Ken Kukkee to add to the Pickle Lake Gold Project area, at any time prior to expiry of the Option on 15 April 2020.

Further Obligations:

On the exercise of the Option with Murchison, Ardiden is required to:

• Make a cash payment to White Metal of C$15,000;

• Issue to White Metal 1,000,000 fully paid and ordinary shares in Ardiden; and

• Assign to White Metal the first right to acquire Murchison’s royalty as described in the Option Agreement.

Ardiden is required to continue to meet the ongoing obligations in respect of the arrangements with Mr Ken Kukkee relating to the Kasagiminnis Lake Property (amongst others).

Key Ardiden ASX Announcement references:

• 6 March 2019: Substantial Increase in Mineral Resources at Seymour Lake

• 31 July 2018: Ardiden Exercises Option to Acquire Highly Prospective Pickle Lake Gold Project

• 2 August 2017: Ardiden Expands Project Portfolio with Option over Highly Prospective Gold Project

ENDS

For further information:

Investors :

Media and Investor Relations:

Rob Longley Karen Oswald Chief Executive Officer NWR Communications Tel: +61 8 6245 2050 Tel +61 (0) 423 602 353 info@ardiden.com.au karen@nwrcommunications.com.au

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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ASX Code: ADV Shares on Issue: 1,681M

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