• Strong progress continues on the DFS with key workstreams advancing
• The Consortium has earned a 35% stake in the Kalgoorlie Nickel Pty Ltd joint venture
• Ardea and the Consortium continue to work collaboratively on the multi-decade, low-cost nickel-cobalt project

Ardea Resources Limited (Ardea) has provided an update on the key activities at the Kalgoorlie Nickel Project (KNP) - Goongarrie Hub as part of the ongoing Definitive Feasibility Study (DFS). The DFS, with a budget of $98.5 million, is being managed by the Kalgoorlie Nickel Pty Ltd (KNPL) incorporated joint venture and funded by Sumitomo Metal Mining Co., Ltd (SMM) and Mitsubishi Corporation (MC), through its wholly owned Australian subsidiary Mitsubishi Development Pty Ltd (the Consortium). The Ministry of Economy, Trade and Industry is funding 50% of the DFS budget on behalf of the Japanese Government. Ardea is pleased to announce that the Consortium, via their joint venture company GH Nickel Pty Ltd, has been issued the second tranche of interest in KNPL, giving them an aggregate 35% holding. Under the agreements, the Consortium's ownership interest in KNPL will increase to 50% upon a positive Final Investment Decision. Ardea and the Consortium continue to work collaboratively with the KNPL team to develop the Goongarrie Hub as a multi-decade, low operating cost, nickel-cobalt producer. The DFS is progressing well, with key workstreams advancing across mining and tailings, process definition, testwork, water and infrastructure, approvals and risk.

Ardea and the Consortium continue to work collaboratively to deliver a major critical minerals collaboration between Australia and Japan. The growing interest in the project from the U.S. is also welcome, as indicated by the letter of interest from U.S. EXIM to provide funding support and the project's inclusion in the Japan-U.S. Critical Minerals Project Cooperation.