Ardea Resources (ARL) Investor presentation summary

Project overview and strategic significance

• Goongarrie Hub is a long-life battery metals project in Western Australia, targeting over 40 years of operation with annual production of 30kt nickel and 2kt cobalt, supporting global supply chains for batteries and energy storage.

• The project is managed through a joint venture with Sumitomo Metal Mining and Mitsubishi Corporation, who are fully funding the DFS up to A$98.5M and can earn up to 50% interest upon a positive final investment decision.

• The Goongarrie Hub holds Australia’s largest nickel-cobalt mineral resource estimate, with 584Mt at 0.69% Ni and 0.043% Co, and an ore reserve of 194.1Mt at 0.70% Ni and 0.05% Co.

• The project benefits from strong infrastructure, including proximity to highways, rail, power, and ports, and is located in a Tier 1 mining jurisdiction.

• Strategic funding support of up to A$1B has been conditionally secured from Export Finance Australia and the US Export-Import Bank, reflecting the project's critical role in global mineral supply chains.

Technical and operational highlights

• Utilizes proven, mature HPAL technology with two 1.75Mtpa autoclaves, producing high-purity mixed sulphide precipitate (MSP) for export and downstream refining in Japan.

• The ore body’s geometry and mineralized neutralizer enable low-cost, low-strip-ratio open pit mining, with mining costs under 12% of total opex and a strip ratio of 1.8:1.

• Life-of-mine C1 opex before cobalt credit is US$10,197/t Ni, with further reductions from Australia’s 10% production tax credit, not included in PFS financials.

• In-pit tailings storage and innovative use of mineralized neutralizer reduce environmental impact, costs, and emissions, with a life cycle assessment of 11.9 kg CO2 eq. per kg nickel in MHP.

• The DFS is due for completion in H1 2026, with regular updates and significant progress in drilling, resource modeling, and process optimization.

Market outlook and growth potential

• Nickel market sentiment has improved since late 2025, driven by Indonesian supply cuts and expectations of a market deficit from 2030, supporting higher prices.

• Global nickel demand is forecast to grow at a CAGR of 4.6% from 2024 to 2045, fueled by rising EV and battery storage adoption, with 20.7 million EV sales in 2025 and 156GWh of energy storage deployments.

• The project’s partners have established downstream refining and supply chains, with 75% offtake secured by Japanese partners.

• Exploration pipeline includes 3,200km² of tenure with potential for lithium, scandium, rare earths, and further nickel-cobalt discoveries, providing internal growth opportunities.

• Space is reserved in the DFS plant layout for a future scandium refinery, with the scandium market expected to grow at a CAGR of 8.7% to US$1.25B by 2033.