• Zero lost time or recordable injuries to 30 November 2025, maintaining strong safety performance
• DFS progressing well and remains on schedule for completion in H1 CY2026
• Simplified, higher-throughput 3.5Mtpa HPAL only flowsheet expected to deliver higher recoveries and lower carbon footprint

Ardea Resources provides an update on the status of the ongoing Definitive Feasibility Study (DFS) for the Kalgoorlie Nickel Project (KNP) - Goongarrie Hub. The DFS has confirmed a number of design changes relative to the 2023 Pre-Feasibility Study (PFS) base case, including the removal of the Atmospheric Leach (AL) circuit, resulting in a simplified, higher-throughput 3.5Mtpa High Pressure Acid Leach (HPAL) only flowsheet. This is expected to deliver higher recoveries, reduced acid consumption, and a lower carbon footprint. The DFS has also confirmed a change in the sale product from Mixed Hydroxide Precipitate (MHP) to Mixed Sulphide Precipitate (MSP), which is expected to provide improved payability and significantly broaden market optionality. The DFS is also evaluating several advanced optimisation opportunities, including comminution configuration, ore transport, and additional Critical Mineral by-products, notably scandium. A streamlined mine plan for the first decade of operations is being developed, focused on value closest to the Goongarrie processing plant. The renewal of Major Project Status by the Australian Federal Government confirms the strategic importance of the Kalgoorlie Nickel Project as a long-life supplier of nickel and cobalt for global battery and stainless-steel markets.

The DFS has advanced substantially through CY2025, and several key design improvements have now been fully validated, most notably the simplified HPAL-only flowsheet and the move to MSP as the sale product. These enhancements position the Goongarrie Hub as a robust, long-life, globally competitive nickel-cobalt operation. Ardea looks forward to advancing the remaining work programs and delivering a comprehensive DFS in H1 CY2026.