Ardea Resources (ARL) RIU Explorers Conference 2026 summary

Project progress and partnerships

• Definitive Feasibility Study (DFS) for the Goongarrie Hub is underway, fully funded by Japanese partners with a budget of AUD 98.5 million.

• Japanese consortium will earn up to 50% interest in the Goongarrie Hub upon positive final investment decision and project funding.

• The project benefits from strong technical and operational expertise from Sumitomo Metal Mining and Mitsubishi Corporation.

• DFS covers 6 of 9 mineral deposits, leaving room for future expansion and a third autoclave.

• Over 50,000 meters of drilling completed for resource definition and process operations.

Financial and funding developments

• Secured $1 billion in funding support from Export Finance Australia and U.S. EXIM, with $500 million from EFA not limited to debt.

• Funding support was delivered before DFS completion, reflecting strong global backing and supply chain diversification.

• Production tax incentive from the Australian government will repay 10% of process operating costs.

• DFS is due for completion in the June quarter of this year.

Market outlook and competitive positioning

• Nickel market surplus is reducing, with Indonesian ore grades declining and costs rising.

• Project's C1 operating cost is $10,000/tonne nickel, dropping to $6,000–$8,000/tonne with cobalt credits, placing it in the lower cost quartile globally.

• Project is positioned as a long-life, large-scale, strategic asset with competitive OpEx.