Ardea Resources Limited - Goongarrie Hub Project DFS Reaches Major Milestone

Published: 2025-07-07 10:14:33 ET ARL.AX

Published on 07/07/2025 at 10:14

Ardea Resources Limited (Ardea or the Company) is pleased to announce that, in accordance with the transaction documents, including the Cooperation Agreement, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, through its wholly owned Australian subsidiary, Mitsubishi Development Pty Ltd, have, via their joint venture company GH Nickel Pty Ltd (the Consortium), earned the first tranche of interest in the incorporated joint venture vehicle for the Kalgoorlie Nickel Project (KNP) Goongarrie Hub (the Project).

The first tranche interest will give the Consortium a 17.5% holding in Kalgoorlie Nickel Pty Ltd (KNPL). 1 This milestone was achieved following expenditure of 50% of the $98.5 million Definitive Feasibility Study (DFS) budget.

The Consortium's ownership interest in KNPL will increase to 35% upon completion of the DFS and to 50% upon the Consortium making a positive Final Investment Decision1 . The Consortium has also exercised its right to appoint a director to the KNPL board. The KNPL board now consists of Ardea's Non-Executive Chairman, Mat Longworth (KNPL Non-Executive Chairman), Ardea's Managing Director and CEO, Andrew Penkethman (KNPL Director) and a nominated Consortium representative (KNPL Director)

Managing Director and CEO of Ardea, Andrew Penkethman, noted: 'The Consortium moving to a 17.5% holding in KNPL is a key event in the progress of the Goongarrie Hub DFS, and towards the eventual development of the Project. On behalf of Ardea, I would like to welcome the Consortium Nominee to the KNPL board. Mat Longworth and I look forward to working closely with them to advance both the DFS and the Project to the benefit of all KNPL owners and the wider Eastern Goldfields of Western Australia community. As the Project continues to advance, we expect to be a significant contributor to the local, State and Federal economies, by developing Australia's next large-scale, long-life nickel-cobalt operation, as a major Critical Minerals collaboration between Australia and Japan. Our production will meet the high ESG standards expected from Australia and Japan and provide essential supply chain diversity and security.'

Contact:

Andrew Penkethman

Managing Director and Chief Executive Officer

Tel: +61 8 6244 5136

About Ardea Resources

Ardea (ASX:ARL) is an ASX-listed nickel development company in joint venture with Sumitomo Metal Mining and Mitsubishi Corporation to build, commission and operate a plus 30,000tpa multi-decade nickel operation) 2 : Development of the Kalgoorlie Nickel Project (KNP) and its sub-set the Goongarrie Hub, a globally significant series of nickel-cobalt and Critical Mineral deposits which host the largest nickel-cobalt resource in Australia and one of the largest in the developed World at 854Mt at 0.71% nickel and 0.045% cobalt for 6.1Mt of contained nickel and 386kt of contained cobalt. Within the KNP, the Goongarrie Hub has 584Mt for 4.0Mt of contained nickel (Consortium right to earn 50%) and Kalpini Hub has 270Mt for 2.1Mt of contained nickel (Ardea 100% unencumbered interest) 3 , located in a jurisdiction with exemplary Environmental Social and Governance (ESG) credentials. Scoping Study initial programs being planned for the Kalpini Hub nickel-cobalt resources. Advanced-stage exploration at compelling nickel sulphide targets, such as Kalpini, and Critical Minerals targets including scandium and Rare Earth Elements throughout the KNP Eastern Goldfields world-class nickel-gold province, with all exploration targets complementing the KNP nickel development strategy.

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