The 100% owned Goongarrie Nickel Cobalt Project (GNCP) is part of the largest Nickel Cobalt Resource in the developed world, premium ore type, granted Mining Leases

• Positive Pre-Feasibility Study and Expansion Study, robust economics with post-tax NPV₈ A$2.3 billion and post-tax IRR 27%, significant potential for multiple processing hubs and multi-decade mine life
• DFS programs under way
• Ethical, low environmental impact (no valley fill or submarine tails disposal) and long life source of nickel-cobalt from a stable, exceptional infrastructure rich jurisdiction
• Strategic partner interest is high as concerns rise around secure long-term supply of battery grade nickel and cobalt

WA Gold and Nickel Sulphide complementing GNCP, 3,500km² of 100% controlled tenure in one of Australia’s premier gold and nickel sulphide provinces, minimal exploration for two decades, target definition completed, initial Ardea drilling commenced

• Mt Zephyr 50km strike of Wallaby-Jupiter hosting Celia Lineament, drilling confirms gold mineralisation at Gale and nickel sulphide gossan at Jones A, within the Mt Zephyr project
• Bardoc Tectonic Zone east contact of nickel laterite, 50km strike of historic gold workings. Drilling recently completed
• Gold exploration programs active on Taurus, Bedonia, and Ghost Rocks (on the BTZ)
  • Bedonia, Perrinvale, and Emu Lake nickel (-copper-PGE) sulphide projects being assessed
  • Systematic assessment and ranking of all non-nickel cobalt laterite projects during 2019 of Extensive tenure position

NSW Gold and Base Metals 3,216km² of 100% ARL controlled, highly prospective tenure within Lachlan Fold Belt, NSW. Planned Godolphin IPO spin-out with in-specie share distribution to Ardea shareholders. Godolphin prospectus lodged on 29 October 2019 – closing early 25 November 2019 – Aiming to list within the next 12 months.

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