Ardea Resources (ARL) Diggers & Dealers Mining Forum 2026 summary

Joint venture structure and partnerships

• KNPL joint venture partners, including Sumitomo Metal Mining and Mitsubishi Corporation, currently hold a 35% stake with a final investment decision to increase to 50%, and have secured 75% of the offtake, demonstrating strong market alignment.

• Japanese partners bring significant global resources sector experience and credibility.

Government and financial support

• Project enjoys Lead Agency Status in Western Australia and Major Project Status federally, with expedited permitting and funding access, and is supported by multi-jurisdiction government initiatives including Australian, Japanese, and US critical minerals frameworks.

• Letters of support for up to AUD 1 billion in funding from Export Finance Australia (up to A$500M) and U.S. EXIM Bank (up to US$350M), providing a potential A$1B funding pathway.

• Japanese government agencies METI and JOGMEC are co-funding 50% of the AUD 98.5 million definitive feasibility study.

• Recognized in critical minerals agreements between Australia, Japan, and the U.S.

Project fundamentals and expansion potential

• Hosts Australia's largest nickel-cobalt resource with 854Mt at 0.71% Ni and 0.045% Co, including 6.1Mt contained nickel and 386kt cobalt, with a forecast +40 year mine life and only 76% of the resource considered in the 2023 Ore Reserve.

• Goongarrie Hub project has over 40 years of production outlook: 30,000 tons nickel and 2,000 tons cobalt annually.

• Only six of nine mineral deposits currently assessed, indicating potential for over 50 years of operation.

• Expansion possible with space for a third autoclave and scandium refinery, increasing throughput and product diversity.

• Controls ~3,200km² of tenure in WA's Eastern Goldfields, with additional gold, scandium, REE, and nickel-copper-PGE sulphide potential identified at Kalpini and Emu Lake.