Slide 1: A Strategic, Independent Nickel-Cobalt Supply Chain for Global Markets
A Strategic, Independent Nickel-Cobalt Supply Chain for Global Markets Andrew Penkethman Managing Director & CEO ASX:ARL Page 1 ASX:ARL
Slide 2: Disclaimer
Disclaimer Important notice This presentation contains general information only and is, or is based upon, information which has been released to ASX: Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel (30 June 2023), KNP Goongarrie Hub Ore Reserve and Feasib
Slide 3: Project Summary
Project Summary Long life battery metal project for an independent nickel supply chain • > 40-year project life, producing Mining & processing nickel-cobalt ore in Western Australia 30ktpa nickel & 2ktpa cobalt1 • Japanese partners with 75% offtake2 have established downstream refining and supply ch
Slide 4: Multi-decade nickel-cobalt Mineral Resource
Multi-decade nickel-cobalt Mineral Resource1 The largest nickel-cobalt MRE1 in Australia, located in Tier 1 jurisdiction KNP Goongarrie Hub - Goongarrie Hub 584Mt at 0.69% Ni and 0.043% Co for 4Mt of contained Ni and 250kt of contained Co 1 DFS fully funded by Partners 2 Infrastructure Advantages: ✓
Slide 5: Experienced international partners
Experienced international partners Partnership1,2 validates project, connects to global market 100% 82.5% 17.5% Consortium has received support under Japanese Ministry of Economy, Trade and Industry (METI) Critical Minerals Supply Security Plan Non KNP Goongarrie Hub Projects MRE 270Mt @ 0.76% Ni &
Slide 6: Sumitomo Metal Mining and Mitsubishi Corporation
Sumitomo Metal Mining and Mitsubishi Corporation Material scale and experience in mining, metals and finance SMM’s Long Term Vision: Active in “Become the world leader in the non-ferrous Australia for metals industry” ~70 years Grow nickel production from 81ktpa (FY23) to 150ktpa1 “Mitsubishi Corpor
Slide 7: Proven, mature, “off the shelf” technology
Proven, mature, “off the shelf” technology HPAL now into 5th generation of technical advances Coral Bay, Industrial Moa Bay Philippines Parks, Nickel, Cuba (SMM) Indonesia 1950’s 2000’s 2020’s 1990’s 2010’s Eastern Ramu, PNG Goldfields, Taganito, WA Philippines (SMM) Page 7 Example HPAL Image Source
Slide 8: HPAL Nickel Production
HPAL Nickel Production Rapid growth in HPAL nickel production since 2020 800 Global MHP and MSP production 700 600 500 >450% '000t Ni 400 +300% 300 200 100 0 2020 2021 2022 2023 2024 2025F 2026F Page 8 Source: Company reports, Ferroalloynet, Macquarie Commodities Strategy, March 2025 ASX:ARL
Slide 9: Goongarrie Advantages
Goongarrie Advantages Global industry has matured significantly in the last two decades • Project partners have deep experience in • Major partners DFS funding allows a HPAL, mega project development, and quality study aligned with scale of project operations • Vendor HPAL experience has grown • Dem
Slide 10: Outlook for Nickel demand remains strong
Outlook for Nickel demand remains strong Nickel Market expected to tip to deficit from 2030 – Security of supply increasingly important • Increasing stainless steel and battery demand, along with growth in high-nickel cathodes to grow nickel demand* • 10.7 million Electric Vehicles (EV) sales ytd Ju
Slide 11: Potential for Scandium by-product
Potential for Scandium by-product1 • Increasing global interest in security of supply following China’s addition of the element to export control list • Scandium as an alloy, increases the strength of aluminium, reduces 20x its weight and improves other qualities • Scandium plays an important role i
Slide 12: Security and diversity of Critical Minerals
Security and diversity of Critical Minerals Production is aligned with forecast nickel market deficits towards end of decade With global uncertainty increasing, Goongarrie Hub’s forecast scale & long life provides strategic benefits: RC Infill Drilling ✓ security of supply chain KNP Goongarrie Hub ✓
Slide 13: +40 year project, significant growth potential
+40 year1 project, significant growth potential Nationally strategic KNP Goongarrie Hub to strengthen the battery minerals supply chain for decades Highway Deposit 17km Goongarrie Hill 2023 PFS1 • Average 30ktpa Ni and 2ktpa Co • +40 years forecast operation Positioned Goongarrie South for Growth Gr
Slide 14: Competitive costs
Competitive costs Goongarrie advantages provide margin through nickel price cycles • PFS2 Low C1 Opex before Cobalt credit of US$10,197/t Ni (US$4.62/lb) in MHP LOM compares well with Indonesian Opex • Australia’s recently approved tax credit3: A B ✓Provides 10% refund against processing costs (64%
Slide 15: Strong News flow from underway Goongarrie DFS
Strong News flow from underway Goongarrie DFS KNP Goongarrie DFS Key Activities Materially Advanced in 2025 KNP’s major project status Heritage Agreement recently renewed for second signed with 3-year term8 Marlinyu Ghoorlie Claim Group Goongarrie South Infill Drilling Significant step forward in a
Slide 16: Ardea Exploration Pipeline Upside
Ardea Exploration Pipeline Upside Battery and Critical Mineral exploration potential Ardea controls ~3,500km2 of tenure in the Eastern Goldfields of WA with unrivalled exploration potential • Kalpini Project - Massive nickel-copper-PGE sulphides discovered at Emu Lake (AELD0003: 2.72m at 5.42% Ni &
Slide 17: Strong Voice at Key Platforms for Critical Mineral Discussions
Strong Voice at Key Platforms for Critical Mineral Discussions Through Ardea’s strong International Partnership, along with participation in State & Federal Trade delegations Ardea has a seat at the Critical Minerals Round Table, Australian Embassy, Tokyo Japan, Sep 2025 Andrew with Mitsubishi’s Dav
Slide 18: Operating to high ESG standards
Operating to high ESG standards Recruiting and retaining Strong leadership & We engage early with Innovative design governance the best people, building a skilled, passionate team First Nations Delivering a diverse, Reducing CO2 Workforce of ~60 Communities for resilient and emissions & meaningful o
Slide 19: KNP Goongarrie Hub: An Australian nickel project with the best possible Partners
KNP Goongarrie Hub: An Australian nickel project with the best possible Partners, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation >40 year mine life DFS Underway Project to boost Long term supply with expansion potential Consistent news flow with national, state & of low cost1,2 Producing
Slide 20: Want to know more?
Want to know more? Come meet management and the project team at #MH271 during the conference Keep up to date with news, videos and more at our website: www.ardearesources.com.au or follow our socials Youtube - Free social media icons A black background with a black square Description automatically g
Slide 21: Appendix 1 Corporate, Ore Reserve & Mineral Resources
Appendix 1 Corporate, Ore Reserve & Mineral Resources Page 21 ASX:ARL
Slide 22: Ardea Resources - Snapshot
Ardea Resources - Snapshot Mat Longworth Non-Executive Chair Experienced across exploration, project evaluation / development including KNP and corporate management Experienced Board & management, respected Partners, Andrew Penkethman MD & CEO supportive Shareholders, tight capital structure Experie
Slide 23: Appendix - Competent Persons
Appendix 1 - Competent Persons Information in this presentation has been summarised from ARL ASX MRE Announcement 30 June 2023, Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) ARL ASX PFS Announcement 5 July 2023 and ARL ASX Consortium Announc
Slide 24: Appendix - Competent Persons cont
Appendix 1 - Competent Persons cont Ore Reserves Information in this presentation 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-
Slide 25: KNP Global MRE
KNP Global MRE KNP Global nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off grade The Competent Persons (CP) for the Mineral Resources, are Contained Contained Mr Ian Buchhorn and Mr Andrew Penkethman, both are full-time KNP Hub Resource Category Size (Tonnes) Ni (%) Co (%) Ni (kt) Co (
Slide 26: Appendix 2 Geology & ESG
Appendix 2 Geology & ESG Page 28 ASX:ARL
Slide 27: Unique characteristics drive low cost
Unique characteristics drive low cost Potential lowest cost producer thanks to KNP Goongarrie Hub ore deposit characteristics & geometry Goethite Premium Ore • 25km continuous strike Mineralised Neutraliser 2 • Mainly free-digging ore makes up ~70% of Plant Feed1 • Low acid consumption and energy re
Slide 28: Innovated approach to elevate ESG performance
Innovated approach to elevate ESG performance Continual improvement within a responsible ESG framework, enhanced by innovation in plant design • Ardea’s R&D defined MN, within designed pits. This material can replace imported neutralising Mineralised material – reducing need to import lime, Neutrali
Slide 29: Appendix 3 KNPL
Appendix 3 KNPL Page 31 ASX:ARL
Slide 30: DFS Key Budget Items
DFS Key Budget Items The Consortium (SMM and MC) are DFS Cost Centre Costs (A$) funding 100% of the KNP Goongarrie Drilling 13.4M Hub DFS costs, up to the agreed Metallurgical Test Work 2.3M budget of A$98.5 million Mine Design 15.0M (incl dewatering & geotechnical) Process Plant Design 28.3M Buildi
Slide 31: Partnership detail
Partnership detail Partnership validates KNP Goongarrie Hub’s global significance as a desirable Critical Minerals source 80% 20% Non KNP Goongarrie KNP Goongarrie Hub Incorporated Consortium has received support under Japanese Joint Venture (IJV) Ministry of Economy, Trade and Industry (METI) Hub P