Ardea Resources Secures Multiple Government Endorsements as Goongarrie Hub DFS Advances

• Kalgoorlie Nickel Project (KNP) Goongarrie Hub was selected for the Australian Government's Investor Front Door pilot programme
• The project was named in the Australia-Japan joint statement on Critical Minerals collaboration and awarded Lead Agency Status by the Western Australian Government
• Completion of the Definitive Feasibility Study (DFS) Final Report will extend beyond the previously advised date of 30 June 2026
• Ardea has started a scoping study on recovering scandium and other critical minerals from the project's waste stream, alongside base case nickel and cobalt production
• The company held A$18.3 million in cash with no debt at quarter end, while its Japanese joint venture partners continue to fund the remaining DFS budget

Ardea Resources Limited (ASX:ARL) is a Western Australia-based nickel development company advancing the Kalgoorlie Nickel Project, which includes Australia's largest nickel-cobalt mineral resource and one of the largest of its kind in the developed world. The company is working with Sumitomo Metal Mining and Mitsubishi Corporation to design, build and operate a nickel and cobalt operation at the Goongarrie Hub. Ardea also holds exploration ground across the wider Eastern Goldfields region prospective for nickel sulphide, scandium and rare earth elements.

KNP Goongarrie Hub Gains Multiple Government Endorsements

During the June 2026 quarter, the Goongarrie Hub project received recognition from three separate levels of government. It was selected for the Australian Government's Investor Front Door pilot programme, a scheme for projects considered nationally significant. The project was also named in a joint statement issued by the Prime Ministers of Australia and Japan on Critical Minerals collaboration, reflecting its role in supporting supply chains between the two countries under Ardea's existing joint venture with its Japanese partners.

Separately, the Western Australian Government's Department of Energy and Economic Diversification awarded the project Lead Agency Status. This designation coordinates engagement across government departments during the approvals process. 

Managing Director and CEO Andrew Penkethman said:

"These combined programs ensure the highest levels of cooperation amongst key decision-making stakeholders to fast-track development of this long-life, strategically significant asset."

The three recognitions were announced separately in April, May and June 2026, spanning federal, state and international engagement with Japan.

DFS Completion Extended as Scandium Scoping Study Begins

Ardea confirmed that completion of the DFS Final Report will extend beyond the previously advised date of 30 June 2026. The company said the revised timeline reflects opportunities for further optimisation and value enhancement identified during the DFS process, while the project's fundamentals, scope and strategic positioning remain unchanged. A detailed update on the revised timeline is expected before the end of October 2026.

Alongside this, Ardea has begun a self-funded scoping study to assess recovering scandium and other critical minerals from the waste stream generated during processing, in addition to the nickel and cobalt covered by the DFS base case. Scandium is used in lightweight aluminium alloys and specialty ceramics. While the DFS resource estimate already includes scandium reporting and the process plant design allows space for a scandium refining circuit, dedicated testwork for its recovery was not included in the current DFS budget. The scoping study is expected to be completed during the September 2026 quarter.

Managing Director and CEO Andrew Penkethman said:

"The revised timing reflects additional optimisation and value engineering opportunities identified through the DFS process which the Company believes requires mandatory pursuit in a project of this scale and strategic significance."

Strong Financial Position With Consortium Fully Funding Remaining DFS Budget

Ardea ended the June quarter with A$18.3 million in cash and no debt. This was supported during the period by the closure of a Share Purchase Plan that raised A$340,000 through shares issued at A$0.60 each, matching the price of the company's earlier A$5 million placement. All eligible directors took part in the plan.

The DFS itself is funded separately. Ardea's Japanese consortium partners are covering 100% of DFS costs under an agreed budget of A$98.5 million, of which approximately A$84.5 million had been spent as at 31 May 2026. This leaves a remaining funding commitment of A$9.8 million from the consortium to complete the study, a cost that sits outside Ardea's own cash position.

Managing Director and CEO Andrew Penkethman said:

"The DFS program remains fully funded by the Consortium under an agreed budget of A$98.5 million and we look forward to providing a detailed update to the market on the path forward before the end of October 2026."

Milestones and Next Steps

Ardea expects to complete its scandium and critical minerals scoping study during the September 2026 quarter, with a market update on the DFS pathway targeted before the end of October 2026. The company also plans to lodge environmental approvals documentation with State and Commonwealth regulators during the December 2026 quarter, and will continue engagement with First Nations groups, local government and other stakeholders as the project progresses.

‍