Ardea Resources (ARL) Q1 2026 TU earnings summary

Executive summary

• Progressed the Definitive Feasibility Study (DFS) for the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub, with major drilling and metallurgical testwork largely complete and DFS drafting underway.

• Consortium partners Sumitomo Metal Mining and Mitsubishi Corporation earned a 17.5% equity interest in the joint venture vehicle, with the right to increase to 50% upon a positive Final Investment Decision.

• Strong engagement with government, stakeholders, and First Nations groups, including execution of a Heritage Agreement and participation in critical minerals events in the US and Japan.

Financial highlights

• Cash position at quarter end was $15.5M, with no debt.

• $30M in committed DFS funding remained at quarter end, with the Consortium fully funding DFS costs up to $98.5M.

• Net expenditure from operating activities was $17.9M, including $16.6M on exploration and evaluation, and $16M for feasibility studies.

• Received $18.8M from the Consortium for budgeted DFS funding during the quarter.

Outlook and guidance

• DFS completion for the Goongarrie Hub is now forecast for midway through the first half of 2026, delayed from December 2025 due to minor cumulative delays.

• Ongoing work includes finalising DFS chapters, updating Mineral Resource Estimates, optimising mine schedules, and progressing approvals and stakeholder engagement.

• Post-DFS funding strategy discussions are underway, leveraging Consortium partners' strong connections to potential debt and equity providers.