Slide 1: Goongarrie Project
Goongarrie Project Australia’s next major Ni-Co development Andrew Penkethman Managing Director & CEO 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: Multi-decade nickel-cobalt Mineral Resource
Multi-decade nickel-cobalt Mineral Resource1 The largest nickel-Cobalt MRE1 in Australia, located in Tier 1 jurisdiction Goongarrie Goongarrie Project - 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: ✓ Hig
Slide 4: Experienced international partners
Experienced international partners Partnership validates globally significant project Staged earn-in agreement with Sumitomo Metal Mining & Mitsubishi Corporation via sole funding of Kalgoorlie Nickel Pty Ltd (KNPL) in-progress DFS Managing Goongarrie Hub up to A$98.5M1,2 Definitive Feasibility Stud
Slide 5: Sumitomo Metal Mining and Mitsubishi Corp
Sumitomo Metal Mining and Mitsubishi Corp Material scale and experience in mining, metals and finance 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 150ktpa “Mitsubishi Corporation operates
Slide 6: 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 6 Example HPAL Image Source
Slide 7: 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 7 Source: Company reports, Ferroalloynet, Macquarie Commodities Strategy, March 2025 ASX:ARL
Slide 8: Goongarrie Advantages
Goongarrie Advantages Global industry has moved on from the “WA perception” • Project partners have deep experience in HPAL, mega project development, and operations. • Demonstrated peer project delivery and ramp-up • Major partners DFS funding allows a quality study aligned with scale of project •
Slide 9: Battery demand to grow 7-fold by 2040
Battery demand to grow 7-fold by 2040 Nickel demand continues to grow via emerging markets and the evolving energy transition • Record 17 million Electric Vehicles (EV) sales for 2024, global EV sales grew by 25% in 2024 compared to 20231 • The EV market started 2025 with 18% growth, and 1.3 million
Slide 10: Steel demand growth
Steel demand growth Growing Indian production & demand offsets China 2100 2000 +132Mt >7% Mt 1900 1800 1700 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Global Steel Consumption Page 10 Source: WSA, China Customs, WIND, Macquarie Strategy, March 2025 ASX:ARL
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 Goongarrie South Growth opportunities • O
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: Near-term news flow from underway Goongarrie DFS
Near-term news flow from underway Goongarrie DFS KNP Goongarrie DFS using high quality, global consultants Page 15 ASX:ARL
Slide 16: 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 17: 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 18: For further information
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 19: Appendix 1 Corporate, Reserves & Resources
Appendix 1 Corporate, Reserves & Resources Page 19 ASX:ARL
Slide 20: 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 21: 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 22: Appendix - 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: 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 24: KNP Goongarrie Hub MRE
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 Goongarrie Indicated 82
Slide 25: KNP Goongarrie Hub Ore Reserve Summary
KNP Goongarrie Hub Ore Reserve Summary Ore >= 0.5% Ni Ore > 0.25% Ni 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 % % kt kt % % kt k
Slide 26: Appendix 2 2023 PFS
Appendix 2 2023 PFS Page 26 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: PFS Key Financial Metrics
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$7,625M (IRR 30%) EBITDA margin % 65% •
Slide 29: PFS 2023 Capital Cost Estimate
PFS 2023 Capital Cost Estimate KNP – Goongarrie Hub Preproduction Cost Category Costs (A$) • 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 to 5 July 2023 ARL PFS
Slide 30: DFS Key Budget Items
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 Plant Design 28.3M Building
Slide 31: KNP Goongarrie Hub Superior HPAL Intensity
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 Producers Performance Driv
Slide 32: 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 33: 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
Slide 34: Appendix 3 KNPL
Appendix 3 KNPL Page 34 ASX:ARL
Slide 35: 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