Ardea Resources (ARL) Noosa Mining Investor Conference summary

Project Overview, Strategic Partnerships, and Status

• The project is Australia's largest nickel-cobalt resource, ranking in the global top 10, and has been granted Major Project Status by the Australian Federal Government.

• It is a joint venture with Mitsui Mining & Smelting, Mitsubishi Corporation, and Sumitomo Metal Mining, with partners able to earn up to a 50% stake upon final investment decision, contingent on approvals and development debt.

• The consortium is fully funding the AUD 98.5 million Definitive Feasibility Study (DFS), which is halfway complete and managed by Kalgoorlie Nickel Pty Ltd.

• The partnership aligns with Japanese government’s Critical Minerals Supply Security Plan and is independently endorsed by major international partners.

• Mitsui, Mitsubishi, and Sumitomo bring extensive ESG credentials and global experience in nickel supply chains and project development.

Resource Scale, Technology, and Production Plans

• The Goongarrie Hub hosts 584Mt at 0.69% Ni and 0.043% Co, with an Ore Reserve of 194.1Mt at 0.70% Ni and 0.05% Co, supporting over 40 years of production.

• Project targets average annual production of ~30kt nickel and 2kt cobalt, with DFS designs allowing for future expansion.

• Proven HPAL technology is used, with partners experienced in large-scale HPAL operations and a transition from MHP to MSP flow sheet for higher nickel content and lower emissions.

• Innovative use of mineralised neutraliser reduces costs, emissions, and reliance on imported lime; patent application lodged.

• Only 6 of 9 deposits included in the 2023 Ore Reserve, indicating potential for expansion or life extension.

Market Demand and Critical Minerals

• Nickel demand is driven by electric vehicles, energy storage, and traditional uses, with a 7% compound annual growth rate and battery demand projected to grow 7-fold by 2040.

• Nickel and cobalt are classified as critical minerals in Australia, Japan, and the US, with the project positioned to supply into forecast market deficits.

• Steel demand growth from India helps offset China’s slowdown, supporting nickel market fundamentals.

• The project contains significant scandium, with potential to become a leading scandium producer as the market grows.