Ardea Resources Extends DFS Timeline for Goongarrie Hub, Advances Scandium Scoping Study

• The Definitive Feasibility Study (DFS) Final Report for the Kalgoorlie Nickel Project's Goongarrie Hub will be completed later than the previously advised date of 30 June 2026, following Value Engineering work identified during the March 2026 quarter that requires further input before the study can be finalised.
• The DFS remains fully funded by the Consortium, comprising Sumitomo Metal Mining and Mitsubishi Corporation, under an agreed A$98.5 million budget, with approximately A$84.5 million expended as of 31 May 2026.
• Ardea has commenced a sole funded Scoping Study to assess the recovery of scandium and other critical minerals from the project's waste stream, with results expected in September 2026.
• The Goongarrie Hub's project fundamentals remain unchanged, including its inclusion in the Australia-Japan joint statement, the Japan-U.S. Critical Minerals Project Cooperation framework, Major Project Status and conditional A$1 billion in equivalent funding support from Export Finance Australia and U.S. EXIM.
• Ardea held approximately A$19.4 million in cash and no debt as at 2 June 2026, and expects to provide a further market update on the project's path forward before the end of October 2026.

Ardea Resources Limited (ASX:ARL) is an Australia-based nickel development company building the Kalgoorlie Nickel Project (KNP) in joint venture with Sumitomo Metal Mining and Mitsubishi Corporation. Its flagship asset, the Goongarrie Hub, forms part of a resource base described as the largest nickel-cobalt resource in Australia and among the largest in the developed world. Ardea also conducts exploration for nickel sulphide and critical minerals, including scandium and rare earth elements, across the broader KNP area.

Extended DFS Completion Timeline for Goongarrie Hub

Ardea has advised that completion of the DFS Final Report for the Goongarrie Hub will extend beyond the previously stated date of 30 June 2026. The study is managed by Kalgoorlie Nickel Pty Ltd, the joint venture company in which Ardea holds a 65 percent interest, with the remaining 35 percent held by the Consortium. The DFS was originally expected to be completed in draft form during the first half of calendar year 2026, as outlined in the company's September 2025 update.

The extension follows the identification of Value Engineering opportunities during the March 2026 quarter, which require additional input before the study can be finalised. Value engineering refers to a structured review process intended to assess project design and cost efficiency.

Ardea and the Consortium continue to discuss the path forward for the project, including potential opportunities for DFS optimisation and value enhancement. The company expects to provide a market update on this path forward before the end of October 2026.

DFS Funding Status and Scandium Critical Minerals Scoping Study

The DFS program continues to be fully funded by the Consortium under the agreed A$98.5 million budget. As at 31 May 2026, approximately A$84.5 million had been expended, with the remaining balance available to support completion of the study.

Ardea has commenced a sole funded Scoping Study to evaluate the recovery of scandium and other critical minerals from the project's waste stream barren liquor solution. The DFS Mineral Resource Estimate is expected to include scandium reporting, and the process plant design allows space for a scandium refining circuit; however, dedicated metallurgical testwork for scandium recovery falls outside the current DFS budget and scope.

Scandium is a critical mineral used in applications such as aerospace alloys and fuel cells. The scoping study is expected to be completed during September 2026.

Unchanged Project Fundamentals and Strategic Positioning

The Goongarrie Hub hosts a Mineral Resource of 584 million tonnes for 4.0 million tonnes of contained nickel, described in the release as one of the largest undeveloped nickel-cobalt assets globally. The project's strategic positioning remains unchanged, including its inclusion in the Australia-Japan joint statement, the Japan-U.S. Critical Minerals Project Cooperation framework, Major Project Status, Investor Front Door inclusion, and conditional access to A$1 billion in equivalent funding support from Export Finance Australia and the U.S. Export-Import Bank.

Managing Director and CEO Andrew Penkethman stated:

"The decision to revise the timeline reflects our shared commitment with the Consortium to deliver a quality Study. The Goongarrie Hub is a long-life, strategically significant asset, and we are committed to working with our Consortium partners to ensure the DFS provides the strongest possible foundation for the Project's development and ongoing shareholder returns. We remain confident in the strength of the Project and look forward to updating the market on the path forward in the coming months."

Milestones and Next Steps

Ardea expects to provide a market update on the path forward for the DFS, including outcomes from the Value Engineering process, before the end of October 2026. The scandium and critical minerals Scoping Study is expected to be completed during September 2026. The DFS budget of A$98.5 million remains fully funded by the Consortium, with approximately A$14 million of the budget remaining as at 31 May 2026.

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