• Successful $5 million placement to sophisticated and professional investors
• Launch of $2 million share purchase plan for eligible shareholders
• Funds to be used for Kalgoorlie Nickel Project Goongarrie Hub DFS, pre-commitment activities, and Kalpini Hub assessment

Ardea Resources Limited (ASX: ARL) has announced a successful $5 million placement to sophisticated and professional investors, as well as the launch of a $2 million share purchase plan (SPP) for eligible shareholders. The placement was priced at $0.60 per share, representing an 11.8% discount to the last closing price and a 9.1% discount to the 5-day volume-weighted average trading price. The funds raised will be used to advance the Kalgoorlie Nickel Project (KNP), including finalizing the fully funded Goongarrie Hub Definitive Feasibility Study (DFS), pre-commitment activities, and assessment of the Kalpini Hub. The company also recently announced indicative support for potential funding of up to $1 billion through the Single Point of Entry Programme from EFA and EXIM. The SPP will allow eligible shareholders to apply for up to $30,000 worth of shares at the same price as the placement. The capital raising comes at an exciting juncture for the company as it continues to progress the KNP Goongarrie Hub, with nickel sentiment and demand improving.

The capital raising will enable Ardea to continue working productively with its Consortium partners to complete the fully funded DFS for the Kalgoorlie Nickel Project Goongarrie Hub. The company is excited for the future as it progresses the Goongarrie Hub, with nickel sentiment and demand continuing to improve.