Ardea Resources Ltd. · ASX:ARL
Ardea Resources — RIU Explorers Conference 2026
30 slides from Ardea Resources's conference presentation, February 2026
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 RIU Explorers Conference Presentation February 2026 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-cobalt supply chain • > 40-year project life, producing 30ktpa nickel & Mining & processing nickel-cobalt 2ktpa cobalt1 ore in Western Australia • Japanese partners with 75% offtake2 have established downstream refining and su
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”, 5th generation technology
Proven, mature, “off the shelf”, 5th generation technology Global MHP and MSP production increased 350% from 2020 to 2024 and continues to grow1 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’
Slide 8: Improved Nickel Market Sentiment – since Dec 2025
Improved Nickel Market Sentiment – since Dec 2025 Indonesian strategy to revive global nickel prices drives rising price momentum • Indonesian Supply Cuts Sparked a Price Rally o Indonesia signaled major reductions in 2026 nickel ore quotas, with initial approvals showing cuts of 70%+ for some major
Slide 9: Goongarrie Advantages
Goongarrie Advantages Global strategic significance of the Goongarrie Hub to meet nickel demand • Eastern Goldfields of WA location • Major partners’ DFS funding allows a • Project partners have deep experience in quality study aligned with scale of project HPAL, mega project development, and • Vend
Slide 10: Pathway to Development - Funding Support up to A$1B
Pathway to Development - Funding Support up to A$1B1 Ardea received co-ordinated and conditional non-binding support from EFA and EXIM for KPNL 1 • The total conditional and non-binding support from both Export Finance Australia (EFA) and Export-Import Bank of the United States (EXIM) in aggregate i
Slide 11: +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 2023 PFS1 • Average 30ktpa Ni and 2ktpa Co • +40 years forecast operation Growth opportunities • Only 6 of 9 deposits, hosting ~76% of the Goongarrie Hu
Slide 12: Competitive costs of production
Competitive costs of production 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 Production Tax Credit3: A B Provides 10% refund against processing cost
Slide 13: Strong News flow during in-progress Goongarrie Hub DFS
Strong News flow during in-progress Goongarrie Hub DFS KNP Goongarrie DFS Key Activities Materially Advanced Goongarrie South Infill Drilling Heritage Agreement Confirms High Grade Ni-Co-Sc1 signed Significant step forward in a respectful and collaborative partnership.2 KGSR0089 RC chip trays with s
Slide 14: Ardea Exploration Pipeline Upside
Ardea Exploration Pipeline Upside Battery and Critical Mineral exploration potential Ardea controls ~3,200km2 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 15: Operating to high ESG standards
Operating to high ESG standards Strong leadership & Recruiting and retaining We engage early with Innovative design governance the best people, building First Nations Delivering a diverse, a skilled, passionate team Reducing CO2 Communities for resilient and emissions & Balanced, meaningful outcomes
Slide 16: 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 due for Project to boost EFA & US EXIM Long term low cost completion national, state & Conditional support3 1st half of 2026 local econom
Slide 17: ASX:ARL
Keep up to date with news, videos and more at our website: www.ardearesources.com.au or follow our socials ASX:ARL Page 17 ASX:ARL
Slide 18: Appendix 1 Corporate, Ore Reserve & Mineral Resources
Appendix 1 Corporate, Ore Reserve & Mineral Resources Page 18 ASX:ARL
Slide 19: 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 20: 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 21: 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 22: 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 23: Appendix 2 Geology & ESG
Appendix 2 Geology & ESG Page 25 ASX:ARL
Slide 24: 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 25: 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 26: 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* • 20.7 million Electric Vehicles (EV) sales ytd D
Slide 27: 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 alloying reduces weight and increases the strength of aluminium, crucial for high- performance applications in the 15x aerospace, defence,
Slide 28: Appendix 3 KNPL
Appendix 3 KNPL Page 30 ASX:ARL
Slide 29: 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 30: 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