ARDIDEN LTD — Capital/Financing Update 2020

Aug 17, 2020

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18 August 2020

KASAGIMINNIS EXPLORATION PERMIT AWARDED & DRILL CONTRACTOR ENGAGED

Highlights:

• Permit to undertake Exploration work at the Company’s 100%-owned Kasagiminnis Gold Deposit successfully awarded

• Requirements to consult with all First Nation groups now completed

• Successful ongoing communication and support from all First Nation groups

• Drill contractor engaged to commence full Summer drilling programme at Kasagiminnis

• Pickle Lake Gold District receiving unprecedented exploration attention and activity

Gold explorer Ardiden Limited (‘Ardiden’ or ‘the Company’) (ASX: ADV) is pleased to provide an update in relation to its 100%-owned Kasagiminnis Exploration Permit renewal and Summer drill programme at its Pickle Lake Gold Project , Ontario, Canada.

The Company has now been issued its Exploration Permit at Kasagiminnis and has met the required consultation with all neighbouring First Nation groups as stipulated under (COVID-19) modified Mines Department (MENDM) Permit conditions.

This unusual (COVID-19) situation, and resultant short delay to the anticipated Summer drill programme at the Kasagiminnis Gold Deposit, was outlined in the announcement dated 3 August 2020. The Company anticipates having a drill rig in place at Kasagiminnis within two weeks, which will provide sufficient time to complete its planned Summer programme (ASX announcement 3 August 2020).

Ardiden’s Exploration Manager, Dan Grabiec wishes to express his appreciation to the Ontario Mines Department for expediting Ardiden’s Permit and also to the First Nation Groups for their co-operation, understanding and ongoing support: “The Pickle Lake region has at least two other companies actively drilling gold prospects in the area, and this has placed unprecedented pressures on the small local FN communities and heightened concerns due to the COVID situation in Ontario. We, as a Company, have applied our values of respect towards the local communities and the safety and welfare of all stakeholders, above all else. Now that we have all the necessary permits, we are very much looking forward and moving quickly to commence our summer drilling campaign at our flagship Kasagiminnis Gold Deposit and thanks to our recent capital raising, preparing for a larger Winter programme. Ardiden is very confident of the drill contractor’s all-season drilling capacity and commitment to sample quality and safety standards.”

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Summer Drilling

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Winter Drilling

ASX Code: ADV

ARDIDEN LIMITED

Level 1, 34 Colin St West Perth WA 6005 Tel: +61 (0) 8 9322 7600

www.ardiden.com.au

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Figure 1 – Ardiden’s Gold Deposits and Prospects in Orange, and other Exploration Companies active in the Pickle Lake region

In conjunction with drilling (shortly) at the Kasagiminnis Deposit, the Company is continuing exploration activity across all of its other Gold Deposits and Prospects (refer ASX announcement 16 June 2020) at the Pickle Lake Gold Project. Ardiden’s cash balance of AUD4.5m will support its exploration activities.

This announcement is designed to lift the current Trading Halt in Securities of the Company.

This information is authorised for ASX release by Rob Longley (MD & CEO).

ARDIDEN LIMITED (ASX: ADV)

For further information: Investors : Media and Investor Relations: Rob Longley Karen Oswald MD & CEO Marko Communications Tel: +61 8 9322 7600 Tel +61 (0) 423 602 353 info@ardiden.com.au karen@markocommunications.com.au

Relevant ASX market releases by Ardiden referenced in this report:

• 3 August 2020 - Exploration Update for Pickle Lake Gold Project

• 16 June 2020 - Ardiden Lines-Up Extensive Pipeline of Gold Prospects at Pickle Lake

More information is available from the Company’s website: www.ardiden.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. Investors should make and rely upon their own enquires and assessments before deciding to acquire or deal in the Company’s securities.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Exploration Targets at the Pickle Lake Prospects is based on, and fairly represents, information and supporting documentation prepared by Mr Robin Longley, a Member of the Australian Institute of Geoscientists. that it a named competent person or persons; Mr Longley is a full-time employee of Ardiden Limited. Mr Longley has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Longley consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The Company confirms it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the mineral resource estimates continue to apply and have not materially changed.

ASX Code: ADV

ARDIDEN LIMITED Level 1, 34 Colin St West Perth WA 6005 Tel: +61 (0) 8 9322 7600

www.ardiden.com.au