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Ardea Resources Limited
is a focused developer
and explorer.

About us

Seeking Alpha: Ardea Resources: A Deeply Undervalued Nickel-Cobalt Play
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Presentation: RIU Sydney Resources Round-Up
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Quarterly Activities Report - March 2018
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Highlights

Ardea Delivers Outstanding Pre-Feasibility Study for the Goongarrie Nickel Cobalt Project with Significant Expansion Potential

  • 1.0 Mtpa base case over an initial 25-year mine life is readily capable of expansion to reflect the orebody’s larger production potential.
  • 95.5 % cobalt recovery and 94.5 % nickel recovery (life of mine).
  • Strong financials for both the base 1.0 Mtpa and 1.5 Mtpa cases.

    Case Pre-tax NPV8 Post-tax NPV8 IRR Payback
    1.0 Mtpa A$1.43 billion A$1.04 billion 25 % 5.3 years
    1.5 Mtpa A$1.93 billion A$1.40 billion 25 % 5.6 years
  • 1.0 Mtpa base case production.
    • 5,500 tpa of cobalt sulphate (1,180 tpa contained cobalt).
    • 41,500 tpa of nickel sulphate (9,300 tpa contained nickel).
    • Capital cost of A$599 million including A$77 million contingency.
    • Competitive industry C1 cash cost of US$0.42/lb nickel metal (after cobalt credits).
  • Strong interest from potential EPC and offtake partners.
  • Definitive Feasibility Study (DFS) programs underway.
  • Upside options being assessed, including higher throughput/shorter autoclave residence time, multiple parallel trains, mineralised neutraliser optimisation, and scandium production.
  • Goongarrie reserve is less than 5 % of the total Kalgoorlie Nickel Project (KNP) resource, confirming the project’s potential scalability.

Details in 28 March 2018 announcement

Targeted, intensive exploration

Ardea aim to increase shareholder value through a targeted and intensive exploration program. The Company plans to spend up to A$5 million mainly on drilling over two years on currently defined targets. A focused evaluation of each of the Company’s four leading projects to assess and rank development priorities will be undertaken.

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