Mineral Resources & Ore Reserve Statement

Information on this webpage has been summarised from ARL ASX MRE Announcement 30 July 2023, ARL ASX PFS Announcement 5 July 2023 and ARL ASX MOU Announcements 5 July 2023, 29 September 2023, 21 December 2023 and 31 January 2024.

Resource Estimation, Exploration Results, and Industry Benchmarking
The Resource Estimation, Exploration Results and Industry Benchmarking summaries are based on information reviewed or compiled by Mr Ian Buchhorn, and Mr Andrew Penkethman. Mr Buchhorn is a Member of the Australasian Institute of Mining and Metallurgy and Mr Penkethman is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Both Mr Buchhorn and 
Mr Penkethman are full-time employees of Ardea Resources Limited and have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Ore Reserves
Information in this webpage that relates to Ore Reserves at the Kalgoorlie Nickel Project Goongarrie Hub is based on and fairly represents information and supporting documentation compiled by Mr Jake Fitzsimons, a Competent Person who is a full-time employee of Orelogy Mine Consulting, a company engaged by Ardea. 
Mr Fitzsimons is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Fitzsimons has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code). Mr Fitzsimons does not hold securities in Ardea and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

The Competent Persons (CP) for the Mineral Resources, are Mr Ian Buchhorn and Mr Andrew Penkethman, 
both are full-time employees of Ardea and consider the resource classification applied to the Goongarrie Hub resource models to reflect appropriate confidence in the input exploration data, geological interpretation and resource grade and tonnage estimates.

Various ASX market releases for the Mineral Resources described have been completed by Ardea, notably:

• 30 June 2023 ‘Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne 
Contained Nickel’.
• 16 June 2021 ‘Highway Nickel Deposit -Mineral Resource Estimate 92 million tonnes at 0.69% 
nickel and 0.038% cobalt’.
• 15 February 2021 ‘GNCP High Grade Resource -60 million tonnes at 1.0% nickel Sustainable 
Long-life Battery Metal Resource Confirmed’.

KNP Goongarrie Hub nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off grade:

 

KNP Goongarrie Hub Ore Reserve Summary consisting of ore above 0.5% Ni as the feed stock for the 
processing facility, and ore as Mineralised Neutraliser above 0.5% Nieq and LOI above 25%.

• The Ore Reserve is reported in accordance with JORC Code 2012.
• Ore reserves are reported at a cut-off of 0.5% Ni for primary feed stock to the processing facility, plus mineralised neutraliser as ore at a cut-off of 0.5% Ni Equivalent (NiEq) and Loss on Ignition (LOI) above 25%.
• NiEq defined using Ni + 2.32 x Co.
• The Ore Reserve was evaluated using a base price of US$22,000/t for Ni and US$51,000/t for Co at 85% payable for a Mixed Hydroxide Precipitate (MHP) product, and an exchange rate 0.69 USD/AUD. In view of forward metal price projections averaging US$25,000/t Ni, the Ore Reserve can be considered conservative.
• Ore Reserves account for mining dilution and mining ore loss.
• Ore Reserves are reported on a Dry Tonnage Basis.
• Proven Ore Reserves are based on Measured Mineral Resources only and Probable Ore Reserves are 
based on Indicated Mineral Resources only.
• The sum of individual amounts may not equal due to rounding.
• This Ore Reserve estimate is for a subset of the KNP Goongarrie Hub deposits being Goongarrie South, 
Big Four / Scotia Dam, Goongarrie Hill, Highway and Siberia North.
• The Ore Reserve Summary was detailed in ARL ASX PFS Announcement, 5 July 2023.
• Minor discrepancies may occur due to rounding of appropriate significant figures.

The Ore Reserve information has been previously released on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with Listing Rule 5.9.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement noted above and that all material assumptions and technical parameters underpinning the Ore Reserve in the previous market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.