Ardea Resources Ltd. · ASX:ARL
Ardea Resources — RIU Explorers Conference 2025
30 slides from Ardea Resources's conference presentation, Feb 18, 2025
Slide 1: Kalgoorlie Nickel Project – Goongarrie Hub
Kalgoorlie Nickel Project – Goongarrie Hub A multi-decade, large scale, low cost nickel-cobalt operation Andrew Penkethman Managing Director & CEO RIU Explorers Conference Presentation February 2025 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 or is contained in the Ardea Resources Limited (Ardea or the Company) prospectus dated 9 November 2016 (including supplementary prospectuses dated 18 N
Slide 3: 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 4: Operating in one of the best jurisdictions in the world
Operating in one of the best jurisdictions in the world KNP Goongarrie Hub - access to excellent infrastructure, a skilled workforce and a stable regulatory framework KNP Goldfields Highway, rail line, fibre optics and power pass through the Project, with gas to the east. Two Port options which are
Slide 5: Large scale, strategic nickel-cobalt Mineral Resource
Large scale, strategic nickel-cobalt Mineral Resource KNP nickel-Cobalt MRE1 is the largest in Australia, making it nationally strategic and globally significant KNP Goongarrie Hub - KNP 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
Slide 6: Working with Consortium to develop the Goongarrie Hub
Working with Consortium to develop the Goongarrie Hub 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 Econo
Slide 7: KNP Goongarrie Hub – Strong global interest
KNP Goongarrie Hub – Strong global interest KNPL and Ardea hosted a recent site visit for representatives from JOGMEC, METI and JC Above: The KNPL team with Ardea’s Andrew Penkethman and Michael Rodriguez and representatives from the Japan Organization for Metals and Energy Security (JOGMEC), the Ja
Slide 8: Battery demand to grow 7-fold by 2040
Battery demand to grow 7-fold by 2040 Record 17 million Electric Vehicles (EV) sales for 2024, global EV sales grew by 25% in 2024 compared to 2023 1 Increased battery demand, along with increase in use of high-nickel cathodes will result in growing nickel demand Page 8 Graphs after: © Benchmark Min
Slide 9: Large scale, long life project with expansion potential
Large scale, long life project with expansion potential The nationally strategic KNP Goongarrie Hub to strengthen the battery minerals supply chain for decades Highway Deposit 17km Goongarrie Hill Significant source of low cost Nickel-Cobalt for >40years • July 2023 PFS indicated on average 30ktpa N
Slide 10: KNP Goongarrie Hub – Unique low cost characteristics
KNP Goongarrie Hub – Unique low cost characteristics Potential lowest cost producer thanks to a number of ore deposit characteristics & geometry KNP Goongarrie Hub Mineralised • 25km continuous strike of soft, mainly free-digging Neutraliser 2 premium Goethite best in class plant feed makes up Goong
Slide 11: Expected to be cost competitive with global peers
Expected to be cost competitive with global peers KNP Goongarrie Hub estimated operating costs of US$6,000 to US10,000 per tonne Ni asset2 • Goongarrie Hub PFS Ore Reserve2 194.1Mt at 0.70% Ni and 0.05% Co for 1.36Mt of nickel and 99,000t of cobalt to sustain production of ~30,000t of nickel and 2,0
Slide 12: Accessing & growing a skilled workforce
Accessing & growing a skilled workforce A skilled diverse workforce will grow with the KNP Goongarrie Hub • KNPL has already built the DFS team to 40, whilst also employing multiple consultants and service providers Kalgoorlie Nickel Project • Construction workforce will peak at Goongarrie Hub appro
Slide 13: 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 14: High ESG standards across Ardea and KNPL
High ESG standards across Ardea and KNPL Recruiting and retaining Ardea’s Indigenous Environmentally Strong leadership & the best person for the Education Grant program responsible and innovative Corporate Governance to job to build a skilled and has already helped young design to reduce CO2 deliver
Slide 15: Fully funded DFS underway at KNP Goongarrie Hub
Fully funded DFS underway at KNP Goongarrie Hub Significant progress has been made on DFS workstreams, with DFS completion expected second half of 2025 • Infill RC drill program progressed to 37,842m of the planned 48,800m by December 2024. This program focused on upgrading nickel-cobalt laterite mi
Slide 16: KNP Goongarrie Hub DFS – current and upcoming
KNP Goongarrie Hub DFS – current and upcoming Ardea is working collaboratively with the Consortium toward completion of the DFS and a clear path to FID KNPL Geologists inspect • SRK consultants are completing the resource block models for the Project. Initial focus will Diamond Drill Core at be the
Slide 17: Goongarrie is well positioned for growing nickel demand
Goongarrie is well positioned for growing nickel demand KNP Goongarrie Hub production is aligned with expected nickel market deficits from 2028 onwards • 2023-24 nickel surplus has led to higher cost producers cutting or ceasing production in Australia (eg BHP) and internationally Expected Goongarri
Slide 18: KNP Goongarrie Hub is the only Australian nickel project being meaningfully advanced
KNP Goongarrie Hub – is the only Australian nickel project being meaningfully advanced and has best possible Partners, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation >40 year mine life 3,000 Jobs Project to Long term supply with expansion potential. during Construction support local, of l
Slide 19: Andrew Penkethman
For further information Andrew Penkethman Managing Director & CEO +61 8 6244 5136 ASX:ARL ardea@ardearesources.com.au 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 De
Slide 20: Appendices
Appendices Page 20 ASX:ARL
Slide 21: Potential upside of Scandium as a by-product
Potential upside of Scandium as a by-product1 • Scandium is a lightweight, soft metal with a high melting point, good electrical and heat conductivity. • Scandium as an alloy, increases the strength of aluminium, reduces 20x its weight and improves other qualities • Scandium plays an important role
Slide 22: Appendix 1 - Competent Persons
Appendix 1 - Competent Persons Information in this presentation has been summarised from ARL ASX MRE Announcement 30 June 2023, ARL ASX PFS Announcement 5 July 2023 Ore Reserves and ARL ASX Consortium Announcement 26 April 2024, 14 August 2024 and 30 August 2024. Information in this presentation tha
Slide 23: Appendix 2 - KNP Global MRE
Appendix 2 - 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 (%)
Slide 24: Appendix 2 continued KNP Goongarrie Hub MRE
Appendix 2 continued KNP Goongarrie Hub nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off grade Resource Size Ni Co Contained Metal Estimation Details Prospect Category (Mt) (%) (%) Ni (kt) Co (kt) Method Source Year KNP Goongarrie Hub MRE Measured 18 0.94 0.085 171 15 LUC Ardea 2021 Go
Slide 25: Appendix 2 cont - KNP Goongarrie Hub Ore Reserve Summary
Appendix 2 cont - KNP Goongarrie Hub Ore Reserve Summary Ore >= 0.5% Ni Ore > 0.5% NiEq and LOI > 25% Total Ore KNP Goongarrie Hub Ore Reserve Summary consisting of ore Ni Co Ni Co Ni Co Ni Co Ni Co Ni Co above 0.5% Ni as the feed stock for the processing facility, and ore Deposit Mt Mt Mt % % kt kt
Slide 26: Appendix 3 - PFS Key Financial Metrics
Appendix 3 - PFS Key Financial Metrics Financials PFS defines > 40-year Nickel Revenue A$ M 44,429 operation with strong Cobalt Revenue Revenue - combined A$ M A$ M 7,880 52,309 financial metrics1: EBITDA LOM A$ M 34,217 EBITDA Annual (average) A$ M 800 • Pre-tax NPV7 of A$7,625M (IRR 30%) EBITDA ma
Slide 27: Appendix 3 continued - PFS 2023 Capital Cost Estimate
Appendix 3 continued - PFS 2023 Capital Cost Estimate KNP – Goongarrie Hub Preproduction Cost Category Costs (A$) • Contingency considered appropriate to the level of the capital cost estimate has been included Mining – overheads, mobilisation, 98M • Base date March 2023 pre-strip and other • Refer
Slide 28: Appendix 3 continued - DFS Key Budget Items
Appendix 3 continued - DFS Key Budget Items The Consortium (SMM and MC) will DFS Cost Centre Costs (A$) fund 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 Plan
Slide 29: Appendix 3 cont – KNP Goongarrie Hub Superior HPAL Intensity
Appendix 3 cont – KNP Goongarrie Hub Superior HPAL Intensity ✓ Good ore grade + good slurry density = Lower Capex & Opex $$ ✓ Atmospheric leach = stable operation, utilizes saprolite resource ✓ MHP & MSP Product = known technology & good market acceptance Operating data from Australian HPAL Producer
Slide 30: 25 years of Goongarrie Hub stakeholder engagement and ore body knowledge
25 years of Goongarrie Hub stakeholder ASX:ARL engagement and ore body knowledge Positive 2018 NSW projects KNP Flowsheet Update to Goongarrie Hub high Awarded Major Project Status. April 2024, Cooperation 1.5Mtpa PFS and divested via is developed and grade Ni and Co resource. Metallurgical testwork