Corporate Directory
Directors
Katina Law, (Non-executive Chair)
Matthew Painter, (Managing Director)
Ian Buchhorn, (Non-executive Director)*
Company Secretary
Sam Middlemas
Registered and Business Office
Suite 2, 45 Ord Street, West Perth
Western Australia 6005
PO Box 1433, West Perth
Western Australia 6872
Tel:
Email:
(08) 6244 5136
info@ardearesources.com.au
Website
www.ardearesources.com.au
Auditor
Butler Settineri (Audit) Pty Ltd
Unit 16, Level 1
100 Railway Road
Subiaco WA 6008 Australia
Share Registry
Security Transfer Australia Pty Ltd
Alexandrea House, Suite 1
770 Canning Highway
Applecross WA 6153 Australia
Tel:
Fax:
+61 8 9315 2333
+61 8 9315 2233
Stock Exchange Listing
The Consolidated Entity’s shares are
quoted on the Australian Stock Exchange.
The Home Exchange is Perth.
ASX Code: ARL
* subsequent event, appointed
executive director 13 Oct 2017
Cover - Kalgoorlie Nickel Project region
photo by Graeme Hird, Scene by Hird
Table of Contents
Chairman’s Letter ...................................1
Project Locations ....................................2
Highlights................................................3
Activities Report......................................4
Directors’ Report...................................28
Consolidated Statement of
Comprehensive Income ....................38
Consolidated Statement of
Financial Position .............................39
Consolidated Statement of
Changes in Equity ............................40
Consolidated Statement of
Cashflows ........................................41
Notes to the Financial Statements ......42
Directors’ Declaration ..........................87
Independent Auditor’s Report...............58
Shareholder Information .......................62
Tenement Schedule..............................64
ABN: 30 614 289 342
Chairman’s Letter to Shareholders 2017
Dear Shareholders,
2017 Financial Period in Review
On behalf of the Directors of Ardea Resources Limited (“Ardea”) I am proud to report on the
Company’s achievements since our listing on the ASX on 9 February 2017.
We are pleased to have been able to realise significant value for our Shareholders who have seen a steadily increasing
share price since our listing at 20 cents to the current market value in the range of 80 to 90 cents per share. This is after
recently completing a very successful Share Purchase Plan plus Equity raising with sophisticated investors at 72.5 cents
raising $9.75M. These funds, in addition to the funds we have on hand give the Company a healthy treasury around $12M
today. With the potential for up to $19.5M additional funds prior to 31 May 2018 from the exercise of the Loyalty Options,
the Company can now confidently fast-track the Prefeasibility Study on the KNP Cobalt Zone and aim to make a smooth
transition into a Definitive Feasibility Study in 2018. We are also able to fully fund the study being undertaken on the Lewis
Ponds Project, complete initial work on our gold exploration portfolio and effectively divest non-core assets notably
chrysoprase. Further details of these projects are in the Managing Director’s Review of Operations following. This
undoubted progress towards production casts Ardea as one of the year’s best-performed mineral floats.
Ardea is now gearing up its in-house capabilities with additional staff to meet the challenges. We are aware that getting
into production as early as possible is a priority, although we are conscious that we need to ensure that all the technical
challenges have been fully quantified before committing investors’ funds to develop any of the Projects. With the Kalgoorlie
Nickel Project (KNP) Cobalt Zone, there is no doubt that we have been the beneficiary of a rapidly rising cobalt price, which
has been driven in part by the growth and future potential of the Electrified Vehicle market and the need for batteries to
power those vehicles. Cobalt has risen from around US$22,000 per tonne when we listed to the current price of around
US$60,000 per tonne. This is still well below its historical high of US$115,000 per tonne in 2007 so there is a significant
potential future growth available to reach or exceed those historical highs. Ardea’s KNP is one of the largest undeveloped
cobalt deposits in the world and the largest outside the politically sensitive Democratic Republic of Congo.
The future for the Company is looking very bright. We have been blessed to be in the right position,
with the right commodity in the right jurisdiction at the right time. The board is conscious that these
conditions do not come along very often and we need to take the opportunities that have been
presented in order to realise further value for our Shareholders. We must also ensure that the best
practices are applied to maximise the potential of our projects.
I would like to thank our small team of dedicated staff and my fellow board members for their hard work and support over
the past year. Our project consultant team led by Simulus Engineers has been exceptional in fast tracking the KNP PFS
test work.
I would also like to thank our Shareholders for their continued support of Ardea and assure you that we are focused on
maximising shareholder value and returns as we move forward. I look forward to meeting as many as possible at the Annual
General Meeting in West Perth, WA.
Yours sincerely
Katina Law
Chair
Ardea Resources Limited & controlled entities - Annual Report 2017
1
Project Locations
Figure 1 – Project Locations Western Australia
2
Ardea Resources Limited & controlled entities - Annual Report 2017
Highlights
•
•
•
Ardea is focusing on the high-grade Cobalt Zone: 64.4Mt at 0.13% Co & 0.77% Ni (81kt Co and
495kt Ni contained metal see Table 1, p5), in particular the Goongarrie Line.
•
•
•
•
•
Our aim is to directly supply cobalt sulphate, nickel sulphate, and other materials directly to battery
manufacturers
More than $50M spent historically (Vale-Inco and Heron) with circa 400,000 metres of drilling and
detailed metallurgical work
Excellent location within 150 km of Kalgoorlie, WA
Scandium, manganese, PGE, high-purity alumina and chromium by-product potential
On active granted mining leases, 100% owned by Ardea, unencumbered
Exceptional exploration upside at Ardea’s gold projects in Western Australia, and zinc-gold project at the
Lewis Ponds and other Lachlan Fold Belt projects in New South Wales. With expedited drill programs with
a view to accelerate gold mining cash flow, or possibly to spin-out non-core assets into separate listed
entities, Ardea holds a balanced suite of assets.
The Company is well funded, with recent raisings of $10M plus potential exercise of options ($19.5M, May
2018) should see funding through to completion of DFS.
Figure 2 – Map of Ardea’s projects in the Lachlan Fold Belt of NSW. Lewis Ponds is, like many of the region’s
major deposits, located in the highly prospective Lachlan Transverse Zone.
Ardea Resources Limited & controlled entities - Annual Report 2017
3
Activities Report
Ardea views the KNP Cobalt Zone as a world class multi-commodity
deposit in a stable and mature mining location that is well-placed to deliver
materials of accepted provenance into a rapidly expanding
battery and Electrified Vehicle sector.
Since listing in February this year, Ardea immediately started fieldwork on our main project at the KNP and the Cobalt Zone.
Diamond drilling at Goongarrie South recovered samples for metallurgy and pilot-scale testing. Additional drilling focused
on expanding high-grade resources and defining mineralisation style and extent at both Black Range and Kalpini.
Drilling has also been undertaken at Lewis Ponds base and precious metals project in NSW, along with extensive field work.
In exploration, field programs have also been commenced at the Taurus and Mt Zephyr gold projects in WA and the
Wiseman’s Creek precious metal project in NSW.
Any project needs to quantify recovery of the metals from the host rocks. With this in mind, metallurgical testwork was
commenced promptly to define the ability and the mechanisms by which cobalt, nickel and scandium could be extracted
from the KNP Cobalt Zone, and zinc, silver, gold, and lead from Lewis Ponds. The KNP Cobalt Zone test work is central to
the Pre-Feasibility Study (PFS) that is progressing well and which will define the flow sheet to be used in the forthcoming
Definitive Feasibility Study (DFS) that will commence next year.
Company objectives
Ardea’s aim is to advance its key development projects, the KNP Cobalt Zone in WA and the Lewis Ponds zinc-gold-silver
deposit in NSW, towards production for the benefit of shareholders. In addition, it will leverage its broad, high-quality
exploration portfolio to drive value. This may mean exploration, development, spinning out or other divestment of projects
as appropriate to the project’s prospectivity and the Company’s strategic requirements.
Ardea is seeking to become a significant producer of cobalt and nickel sulphate from the KNP Cobalt Project, and zinc,
gold and silver in concentrates from Lewis Ponds, for global commodity markets.
With the Company’s main focus on cobalt and nickel mineralisation in the KNP Cobalt Zone, increasingly positive sentiment
towards the cobalt market is indicated by a cobalt spot price of around US$60,000 per tonne. Sentiment in the battery sector,
and in the automobile industry in particular, is increasingly positive with all car manufacturers defining current and future
plans for electrification of their ranges (electric and hybrid vehicles). This is referred to as the Electrification Revolution in
the automobile industry. In contrast, the political situation in the Democratic Republic of Congo (DRC), which supplies around
two thirds of the world’s cobalt, is worsening with several commentators concerned recently of a descent into civil war.
These factors are providing an upward pressure on the cobalt spot price.
In addition to the cobalt, Ardea’s discovery of scandium at several deposits opens the possibility of payable accessory
metals. Scandium-aluminium alloys are used as low weight / high strength metals in the aerospace sector and are
increasingly touted for used in electrified vehicles. This further aligns Ardea with the Automobile Electrification Revolution.
Ardea views the KNP Cobalt Zone as a world class multi-commodity deposit in a stable and mature mining location that is
well-placed to deliver materials of accepted provenance into a rapidly expanding battery and electrified vehicle sector.
4
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
The KNP and KNP Cobalt Zone, WA
The Kalgoorlie Nickel Project (“KNP”) is a major undeveloped nickel-cobalt laterite deposit. Containing over 700Mt of defined
cobalt and nickel mineralisation (e.g. announcement 7 Aug 2017), Ardea is focusing on the cobalt-rich subset of the KNP,
known as the KNP Cobalt Zone, contains a significant cobalt and nickel resource in its own right.
The KNP Cobalt Zone contains 64.4 Mt at 0.13 % cobalt and 0.77 % nickel (reported using 0.08 % cobalt lower cut-off
generally, and a 0.5 % nickel cut-off at Black Range, see below for breakdown) for a total contained cobalt metal of over
80,000 t. Since listing, the Company has substantially increased upon this resource through remodelling of historic datasets
using cobalt cut-offs (in lieu of the historically used nickel cut-offs).
These resources estimates are being defined based on a complete remodelling of historic data with emphasis on the revision
directed towards better defining the cobalt distribution (as compared to predominantly the nickel distribution in previous
resource estimates). This was done by stripping back to original drill holes and assays and constructing new interpreted
wire-frame mineralisation triangulation model for both the cobalt and nickel distributions.
It should be noted the tenements of the KNP Cobalt Zone are not part of any joint venture arrangement. All tenements within
the KNP Cobalt Zone are 100 % owned by Ardea, and the majority are active, granted mining leases with Native Title
agreements in place.
Table 1 – KNP Cobalt Zone, Resource Statement from RMRC and HGMC consulting groups. All figures are appropriately rounded to
reflect the degree of certainty.
Camp
Deposit
Resource
category
Cut-off
(% Co)
Size
(Mt)
Goongarrie Goongarrie Measured
Indicated
Inferred
South
Big Four
Scotia
Subtotal
Indicated
Inferred
Subtotal
Indicated
Inferred
Subtotal
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
Goongarrie
subtotal
Siberia
Black Range
Indicated
0.50(Ni)
Inferred
0.50(Ni)
Siberia
subtotal
0.50(Ni)
Yerilla
Aubils
Inferred
0.08
KNP COBALT ZONE TOTAL
4.6
12.9
7.8
25.3
9.2
2.2
11.4
1.1
1.4
2.5
39.6
9.3
9.9
19.2
6.0
64.4
Co
(%)
0.16
0.13
0.14
0.14
0.13
0.13
0.13
0.18
0.17
0.17
0.14
0.09
0.10
0.09
0.15
0.13
Ni
(%)
1.12
0.79
0.72
0.83
0.75
0.57
0.71
0.86
0.79
0.82
0.80
0.67
0.69
0.68
0.90
0.77
Contained
cobalt (t)
Contained Remodel
nickel (t)
status
7,200
17,300
10,500
35,000
12,100
2,800
14,900
2,000
2,300
4,300
51,600
101,300
56,100
209,000
Upgraded
68,500
12,500
81,000
Upgraded
9,700
10,900
20,500
Upgraded
54,200
312,000
Upgraded
8,200
9,600
17,800
9,000
62,300
68,300
130,600
Upgraded
54,000
Scheduled
81,000
495,000
Ardea Resources Limited & controlled entities - Annual Report 2017
5
Activities Report
Location and infrastructure
The KNP is located within a 150
km radius north and east of
Kalgoorlie. It is divided into two
main areas – KNP West and
KNP East figure 1, 3. Mining
infrastructure within the Kalgoorlie
district is very good and includes
rail, road, a gas pipeline and
highly skilled population centre.
Geology
The deposits of the KNP Cobalt
Zone, which are mostly located in
KNP West, are typically focused
on the olivine adcumulate portion
of komatiites within the Walter
Williams Formation (WWF), a
regionally significant ultramafic
flow unit within the Ora Banda
Domain.
allows
siliceous
The WWF displays good silica-
goethite laterite development over
the adcumulate portion of the unit
and
goethite
for
mineralisation
beneficiation of mineralisation
prior to leaching. The high grade
and consistent mineralisation
observed at Goongarrie South is
due to enhanced ground-water
leaching and depth of weathering
the palaeo-lake and
beneath
palaeo-channel defined in drilling.
Cobalt is significantly enriched in
the central zone at Goongarrie
South.
The Black Range deposit
is
focused on the Ora Banda Sill
southwest of Ora Banda town site.
The Ora Banda Sill is layered and
differentiated with ultramafic units,
which are the source of the high
nickel, cobalt, scandium, platinum
and palladium in the weathered
profile.
Figure 3 – Location of drill programs (yellow stars) and resource remodels (yellow polygons)
throughout the KNP Cobalt Zone during the second quarter of 2017.
6
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
Resources review
Ardea is systematically reviewing the KNP resource base to focus on the cobalt-rich zones and to upgrade all constituent
resources to JORC 2012* status. The focus for the KNP PFS is the Goongarrie line of lode and Black Range for the initial
20 million tonne mining inventory.
During the year, tenements were acquired at Lake Rebecca for which an historic pre-JORC 2012 resource is available.
Based on the historic data, there is an Exploration Target of 13.0-16.2 Mt at 0.03-0.06% cobalt and 0.70-0.95% nickel. The
resource is near to and complements the Kalpini project, but has not yet been reviewed for potential inclusion in the KNP.
A nickel(-cobalt) target has been generated at Ethel Lupton from historic drilling outside the usual host, the Walter Williams
Formation, in the Siberia Formation east of the Pamela Jean Zone. In view of the atypical geological setting, infill drilling is
required prior to a potential inclusion within the KNP.
Additionally, there are low priority historic resources which will likely be downgraded during the current JORC 2012 review
on the basis of compromised tenure, uncertain geo-metallurgy or unavailability of historic quality control data.
As a result of this ongoing work, the total resource of the KNP is expected to fluctuate from time to time as areas and
deposits are either upgraded or discounted.
The core KNP Cobalt Zone resource, which is the focus of the PFS, may increase as outlying areas and deposits worthy of
inclusion are systematically added to the total resource. Additionally, planned infill drilling, which will commence shortly
upon receipt of government approvals, will significantly increase the proportion of high-confidence ‘Measured’ resources
within the KNP Cobalt Zone for accurate mine scheduling.
*
JORC 2012, The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“the JORC Code”) is a
professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore
Reserves.
The JORC Code was first published in 1989, with the most recent revision being published late in 2012. Since 1989, it has been incorporated
in the Listing Rules of the Australian Securities Exchange, making compliance mandatory for listing public companies in Australia.
The current edition of the JORC Code was published in 2012 and after a transition period the 2012 Edition came into mandatory operation
from 1 December 2013. Several KNP historic resources pre-date this period, hence the requirement for Ardea’s current review program.
Ardea Resources Limited & controlled entities - Annual Report 2017
7
Activities Report
Goongarrie South area, KNP Cobalt Zone
Cobalt mineralisation at Goongarrie South is nearly continuous over around 7 km of strike using a 0.05 % cobalt grade shell
(Figure 4, 6). Combined, Goongarrie South and Big Four comprise a near-continuous strike of cobalt mineralisation totalling
around 15 km. At Goongarrie South, the 0.10 % grade shell shows several areas of high grade mineralisation, including the
1.2 km long Pamela Jean Deeps zone in the southeast, a continuous zone of 1.3 km strike length known as Patricia Anne
in the centre, and a series of prospects over a strike length of 2.4 km in the southwest termed the Elsie Tynan zone (Figure
4).
Four diamond drill holes were drilled in May 2017 at Goongarrie South, targeting and intercepting “run-of-mine” thick, high-
grade mineralisation that has been used for the PFS metallurgical test work. The program totalled 399.7 m with 200 new
drill assays recorded.
Results included the following intercepts:
AGSD0001
including
131.0 m at 0.10 % cobalt and 1.06 % nickel from 34.0 m1,
7.2 m at 0.92 % cobalt and 2.19 % nickel from 95.6 m,
AGSD0002
including
54.0 m at 0.11 % cobalt and 1.52 % nickel from 10.0 m,
38.7 m at 0.13 % cobalt and 1.52 % nickel from 18.0 m
AGSD0003
including
49.3 m at 0.11 % cobalt and 1.31 % nickel from 16.6 m,
21.0 m at 0.13 % cobalt and 1.49 % nickel from 24.0 m,
AGSD0004
including
39.0 m at 0.20 % cobalt and 1.35 % nickel from 18.7 m,
28.0 m at 0.27 % cobalt and 1.57 % nickel from 22 m
Figure 4 – Oblique view over Goongarrie South and Big Four, looking southeast, showing the extent of the deposit (blue-green = Co >0.05%, purple
= Co > 0.10%), and proximity to infrastructure. Patricia Anne, Elsie Tynan, and Pamela Jean represent extensive higher-grade zones of cobalt
mineralisation. Note the location of Kalgoorlie-Boulder around 70 km to the southeast.
City of Kalgoorlie-Boulder
1.
Calculated using a 0.50 % nickel cut-off, 2 m minimum intercept, and 4 m maximum internal waste, zones of core loss are taken as an
average of the assays above and below (where core loss thickness is less than the maximum internal waste).
8
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
The mineralisation intersected was remarkably consistent and lacks the problematic “sticky” nontronite clays that have
resulted in sub-optimal processing at historic lateritic nickel and cobalt deposits.
Scandium is present in each of these drill holes at moderate levels. Generally, intercept values are around 50 g/t. Two
intercepts exceed this:
AGSD0001 34.1 m at 64 g/t scandium from 24.3 m
AGSD0003 10.0 m at 64 g/t scandium from 4.0 m
As at other deposits of the KNP, scandium is present in near-surface concentrations. These new holes represent the first
recorded scandium mineralisation at Goongarrie – there have been no previous assays for scandium throughout the
Goongarrie area. As such, there is no way to determine the geometry of the scandium-bearing bodies, but it is likely that
they are flat lying, near-surface blankets as they are elsewhere in the KNP.
Chromium intercepts are not quoted here, but the lateritic cobalt-nickel mineralisation at Pamela Jean Deeps is associated
with extensive chromium. There is a distinct positive correlation between cobalt, manganese and chromium grades, with
chromium commonly ranging between 0.8 % and 4.7 % when associated with cobalt mineralisation.
As with the other accessory metals highlighted by this drill program, the nature of the chromium in the laterite profile at
Goongarrie South is unknown and will be the subject of investigation. If the chromium occurs as residual grains of chromite
from the underlying Walter Williams Formation komatiite as resistate minerals within the profile, then a simple separation
method (e.g. gravity, magnetic) could be used to separate and monetise the chromium at Goongarrie South. Future testing
will evaluate these concepts.
Figure 5 – High-grade cobalt and nickel mineralisation showing cobalt (pink lettering) and nickel (blue-green lettering) grades, with sample intervals
(yellow). Note the zone of core loss in the highly mineralised zone and the similarity in the appearance of the drill core above and below. This is
typical of other zones of core loss, so grade for these zones is defined throughout Goongarrie South as the weighted mean of the intervals above
and below.
Ardea Resources Limited & controlled entities - Annual Report 2017
9
Activities Report
Figure 6 – Goongarrie South area, plan view, showing 0.05 % (blue-purple) and 0.10 % cobalt domains (pink-purple). Each
black dot represents a drill hole collar position. This diagram covers an area measuring approximately 7 km by 4.5 km.
Sylvia
Virginia
Patricia
Anne
Ethel Lupton
Pamela Jean
Deeps
Elsie Tynan
10
Ardea Resources Limited & controlled entities - Annual Report 2017
Figure 7 – Location for drilling at the Pamela Jean Deeps area of Goongarrie South. Note that the 0.05 % and 0.10 % cobalt grade
shells depicted are those defined for the June 2017 resource upgrade and are consistent with those shown in section in figures 2 & 4.
continued
(cid:2)(cid:3)(cid:4)(cid:5)(cid:3)
Ardea Resources Limited & controlled entities - Annual Report 2017
11
Activities Report
Figure 8 – The 6669600mN section, showing drill hole AGSD0001 with historic holes and mineralisation distributions. The 0.05 % and 0.10 % cobalt
grade shells were generated for, and are consistent with, those shown in the June 2017 resource upgrade. Nickel-based intervals (at 0.5 % cut-off)
define an envelope encasing cobalt mineralisation.
Updated resource estimation
Remodelling of the Goongarrie South resource using a cobalt cut-off has resulted in a significantly upgraded resource. The
new Global Resource for Goongarrie South is now 25.3 Mt at 0.14 % cobalt and 0.83 % nickel (utilising a 0.08 % cobalt
cut-off). This comprises the following:
Table 2 – Summary of total mineral resources for Goongarrie South cobalt-nickel deposit, using 0.08 % cobalt reporting lower cut-off. All figures are
appropriately rounded to reflect the degree of certainty.
Deposit
JORC
Category
Cut-off
(% Co)
Tonnage
(Mt)
Cobalt
(%)
Nickel
(%)
Contained
cobalt (t)
Contained
nickel (t)
Goongarrie South
Measured
Indicated
Inferred
Goongarrie South
Total Resource
0.08
0.08
0.08
0.08
4.6
12.9
7.8
25.3
0.16
0.13
0.14
0.14
1.12
0.79
0.72
0.83
7,200
17,300
10,500
35,000
51,600
101,300
56,100
209,000
Modelling definitively shows that the Goongarrie South deposit remains coherent at various cut-off grades (e.g. Figure 6),
which underscores the high quality of the deposit.
Pit optimisation and mining potential
The Goongarrie South 17.5 Mt of Measured and Indicated Mineral Resources is the basis of the current PFS. This new
resource represents mineralisation that is mineable by open pit. A pit optimisation model, which uses various high-level
parameters such as current and forecast economic data, proposed production rates, and forecast production costs, portrays
several realistic economic models to define conceptual pit designs. The pit optimisation model used here is very much a
preliminary one that will be fully optimised later in the PFS and will be published on completion of the study.
12
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
The resources presented above fall within these preliminary pit optimisation shells. Indeed, with the broad, flat, shallow
style of mineralisation present at Goongarrie South, the amount of mineralisation that was not included in the preliminary
pit shell was negligible.
High-grade zones at Goongarrie South are numerous, the best known of which is the 1.2 km long Pamela Jean Deeps (the
focus of the recent metallurgical diamond drilling). There are also numerous open pittable high-grade zones defined by the
0.20 % cobalt block model grade shells at Elsie Tynan and Patricia Anne. Such shallow, easily mined, high-grade cobalt
zones will be scheduled in early mining that could allow a quicker start-up for mining at Goongarrie South and future early
project pay-back.
Big Four area, KNP Cobalt Zone
Cobalt mineralisation at Big Four, which occurs south along strike from and as the lateral extension of Goongarrie South,
is continuous over more than 7 km of strike using a 0.05 % cobalt grade shell (Figure 9). Although the high-grade zones are
not as extensive as at Goongarrie South, the 0.10 % cobalt grade shell shows several open pittable and larger high-grade
cobalt zones that would be amenable to mining.
There has been no new drilling at Big Four.
Updated resource estimation
Remodelling of the Big Four resource using a cobalt cut-off has resulted in a significantly upgraded resource. The new
Global Resource for Big Four is now 11.4 Mt at 0.13 % cobalt and 0.71 % nickel. This comprises the following:
Table 3 – Summary of total mineral resources for Big Four cobalt-nickel deposit, using 0.08 % Co reporting lower cut-off. All figures are appropriately
rounded to reflect the degree of certainty.
Deposit
Big Four
JORC
Category
Measured
Indicated
Inferred
Big Four
Total Resource
Cut-off
(% Co)
Tonnage
(Mt)
Cobalt
(%)
Nickel
(%)
Contained
cobalt (t)
Contained
nickel (t)
0.08
0.08
0.08
0.08
–
9.2
2.2
11.4
–
0.13
0.13
0.13
–
0.75
0.57
0.71
-
12,000
2,800
14,900
-
68,500
12,500
81,000
As at Goongarrie South, modelling definitively shows that the Big Four cobalt deposit remains coherent at various cut-off
grades (e.g. Figure 9), which again underscores the high quality of the deposit.
Pit optimisation and mining potential
The pit optimisation parameters and methodology used at Big Four were identical to those used at Goongarrie South. As
at Goongarrie South, the amount of mineralisation that was not included in the model was negligible.
Modelling showed that mining would proceed at Goongarrie South for some time before the resources defined at Big Four
come into play. Once commenced, Big Four will provide a significant contribution to any cobalt-nickel laterite mine in the
KNP Cobalt Zone.
Ardea Resources Limited & controlled entities - Annual Report 2017
13
Activities Report
Figure 9 – Big Four area, plan view, showing 0.05 % cobalt (blue-purple) and 0.10 % cobalt domains (pink-purple). Each black dot represents a
drill hole collar position. This diagram is at a slightly different scale to figure 6, covering an area measuring approximately 7.5 km by 5 km
14
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
Scotia Dam cobalt-nickel deposit
The Scotia Dam resource is a small, high-grade cobalt-nickel deposit at the southern end of the Goongarrie camp of deposits.
Cobalt mineralisation at Scotia Dam is continuous over around 1,200 metres of strike using a 0.05 % cobalt grade shell.
Updated resource estimation
The remodelled resource for Scotia Dam is based entirely on historic data. No new drilling has been undertaken. The Total
Resource is now 2.5 Mt at 0.17 % cobalt and 0.82% nickel and comprises the following:
Table 4 – Summary of total mineral resource for the Scotia Dam cobalt-nickel deposit, using 0.08 % Co reporting lower cut-off. All figures are
appropriately rounded to reflect the degree of certainty.
Deposit
Scotia Dam
Scotia Dam
JORC
Category
Indicated
Inferred
Scotia Dam
Total Resource
Cut-off
(% Co)
Tonnage
(Mt)
Cobalt
(%)
Nickel
(%)
Contained
cobalt (t)
Contained
nickel (t)
0.08
0.08
0.08
1.1
1.4
2.5
0.18
0.17
0.17
0.86
0.79
0.82
2,000
2,350
4,350
9,670
10,880
20,550
Black Range deposit, KNP Cobalt Zone
At the Black Range deposit, Ardea’s RC drilling intercepted significant, shallow cobalt, nickel and scandium mineralisation
in the shallow lateritic environment. High-grade and extensive cobalt and nickel mineralisation is associated with newly
discovered scandium mineralisation throughout the project area. Additionally, platinum and palladium as well as chromium
show highly anomalous distributions.
A series of 27 RC drill holes was drilled in March and April 2017. The program totalled 1,996 m with 1007 new assays
recorded . The drill program was a success.
•
•
•
High-grade and extensive cobalt and nickel mineralisation was intercepted in numerous holes.
Platinum and palladium are widely distributed as a coherent blanket of shallow mineralisation that is exposed at surface
overlying the cobalt-nickel and would be mined in any event to access the cobalt-nickel mineralisation.
Scandium mineralisation was discovered with similar though more extensive distributions than the platinoid metals.
Much of the scandium mineralisation is exposed at surface in association with significant chromium.
An upgraded cobalt and nickel resource has since been calculated, and scandium and platinum-palladium resources are
in progress.
Updated resource
Cobalt-nickel mineralisation is continuous over nearly 4 km of strike at Black Range. Remodelling of the resource has
resulted in a new Total Mineral Resource of 19.2 Mt at 0.09 % cobalt and 0.68 % nickel (utilising a 0.5 % nickel cut-off),
which comprises the following:
Table 5 – Summary of mineral resources for Black Range cobalt-nickel deposit, using 0.5 % nickel reporting lower cut-off. All figures are
appropriately rounded to reflect the degree of certainty.
Deposit
Black Range
Black Range
JORC
Category
Indicated
Inferred
Black Range
Total Resource
Cut-off
(% Ni)
Tonnage
(Mt)
Cobalt
(%)
Nickel
(%)
Contained
cobalt (t)
Contained
nickel (t)
0.50
0.50
0.50
9.3
9.9
19.2
0.09
0.10
0.09
0.67
0.69
0.68
8,200
9,600
17,800
62,350
68,350
130,700
For Black Range, the 0.50% nickel cut-off was retained as the reporting lower cut-off which is the same as was used in
previous estimates for the deposit. This is different to the other constituent deposits of the KNP Cobalt Zone where a cobalt
cut-off is used. The style of mineralisation at Black Range is different to elsewhere in the KNP Cobalt Zone, being more
polymetallic. As such, a nickel cut-off was retained, as it best captures all potential paymetals.
Ardea Resources Limited & controlled entities - Annual Report 2017
15
Activities Report
Figure 10 – Map of the outcrop geology of the Black Range project. New drill collars are shown in red. Ultramafic rocks are shown in purple
and largely underlie the laterite (R-f) where most drill holes are collared.
16
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
At Black Range, the substrate is a “bronzite” lithology at the ultramafic-mafic contact within the Ora Banda Layered Intrusive
Complex. In the remainder of the KNP, the parental rocks are komatiite lava flows of the Walter Williams Formation. Extensive
scandium, platinum group element and chromium mineralisation are documented in the upper regolith at Black Range, and
these are best incorporated by using a nickel lower cut-off basis rather than a cobalt cut-off.
Scandium mineralisation at Black Range
Scandium is present throughout the project area as a near-surface sheet that is up to 32 m thick within the laterite. Values
within this sub-horizontal blanket vary from 50 to 170 g/t scandium2. In many cases, the scandium mineralisation is exposed
at surface.
Scandium intercepts at Black Range include:
•
•
•
•
•
ABR0001, 18 m at 97.8 g/t scandium from surface
ABR0004, 18 m at 70.0 g/t scandium from surface
ABR0015, 32 m at 83.1 g/t scandium from surface
ABR0021, 20 m at 84.0 g/t scandium from 4.0 m
ABR0022, 28 m at 64.3 g/t scandium from surface
This program marks the first recorded occurrence of scandium at Black Range. Historically, scandium was not assayed, so
very little of the nature of the mineralisation is known. This will be the subject of further investigation.
The scandium Exploration Target at Black Range is thus defined as 10–20 Mt at 50–80 g/t scandium. This target is not
intended to be a stand-alone resource, but rather to be a subset and in parts separate from the cobalt-nickel resource. The
aim is to recover scandium as a by-product of cobalt and nickel mining from material that would be mined in any case.
Figure 11 – The 304760mE section (the easternmost north-south section) at Black Range, showing nickel (Ni), cobalt (Co), platinum + palladium
(Pt+Pd or PGM), and scandium (Sc) distributions. Envelopes for the nickel-cobalt and for the scandium-platinum group metal mineralisation show
lateral continuity.
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2.
Scandium was assayed using the XRF technique. The concentrations present at Black Range are toward the lower limit of detectability of
the technique for scandium. Whilst scandium passed all QAQC checks, it should be noted that results are likely to be less accurate than
those of other metals.
Ardea Resources Limited & controlled entities - Annual Report 2017
17
Activities Report
Platinum and palladium mineralisation at Black Range
Platinum and palladium are closely associated at Black Range. Platinum-palladium mineralisation is typically associated
with scandium but is not as continuous, and usually occurs in the lower half of the scandium-rich envelope.
Combined platinum and palladium values from the recent drill program are generally less than 1 g/t. Intercepts include:
•
•
•
•
•
ABR0001, 18 m at 0.83 g/t platinum + palladium from surface
ABR0003, 12 m at 0.67 g/t platinum + palladium from surface
ABR0004, 12 m at 0.92 g/t platinum + palladium from 4.0 m
ABR0015, 16 m at 0.64 g/t platinum + palladium from surface
ABR0021, 20 m at 0.66 g/t platinum + palladium from 4.0 m
Platinum and palladium mineralisation has been recorded historically in both laterite and fresh rock at Black Range. The
precise nature of the platinum and palladium mineralisation within the laterite profile is presently unknown, and will be the
subject of investigation as the PFS progresses. Means to liberate these metals will be investigated during the course of the
current PFS.
The Company’s Exploration Target for PGEs at Black Range is defined as 10–20 Mt at 0.4–0.6 g/t platinum + palladium.
As per the scandium target, this PGE target is not intended to be a stand-alone resource, but rather to be a subset of the
cobalt-nickel resource. The aim is to recover PGEs as a by-product of cobalt and nickel mining from material that would be
mined in any case.
Pit optimisation and mining potential
As at Black Range and other deposits of the KNP Cobalt Zone, the flat orientation, shallow depth, and continuity of
mineralisation mean that material that would not be captured by a pit model would be negligible.
Kalpini camp, KNP East
The Kalpini deposits are not presently part of the KNP Cobalt Zone. With known historic cobalt mineralisation, assessment
was commenced to define higher-grade portions of Kalpini that could be incorporated. RC drilling completed at Kalpini by
Ardea was more of an exploration style but nonetheless still successfully identified significant cobalt-nickel mineralisation
and discovered previously unknown, near-surface scandium mineralisation.
The drill program has shown the following:
•
•
High-grade and extensive nickel mineralisation is punctuated by less extensive cobalt mineralisation in the drilled
areas. This contrasts with extensive high-grade cobalt mineralisation in better drilled historic deposits at Kalpini.
Scandium mineralisation was discovered. It is distributed in several bands and zones that reflect the variable
geology at Kalpini. Some of the scandium mineralisation is exposed at surface.
Ongoing work aims to define high-grade cobalt-rich zones. With a historic Inferred Mineral Resource at Kalpini of 75.0 Mt
at 0.044 % cobalt and 0.73 % nickel and mineralisation identified over a 30 km strike length Kalpini is a nickel-dominated
province with local high-grade cobalt mineralisation that may a contribute to the KNP Cobalt Zone.
The current PFS concept is for Kalpini to be a standalone “hub” within the KNP, possibly with a flowsheet different to that
envisaged for the KNP West.
18
Ardea Resources Limited & controlled entities - Annual Report 2017
Figure 12 – Historic drilling throughout the central and northern parts of Kalpini, showing the location of the current drill program
outside of the more highly mineralised zones. Selected Intercepts are shown. Mineralisation (orange-red dots) is represented by cobalt
percent-metre values in excess of 0.3. Such values are calculated by multiplying the thickness of an intercept at a 0.1% Co cut-off
grade by the mineralisation grade over that intercept, and are a common method of displaying mineralisation distributions.
continued
Ardea Resources Limited & controlled entities - Annual Report 2017
19
Activities Report
Cobalt, nickel, and scandium results from Kalpini
Ardea’s recent drilling was purposefully targeted at gaps in the distribution of historic drilling. Results (Figure 12) show that
higher cobalt and nickel values are consistent with historic results. Intercepts at a 0.5% nickel cut-off grade include the
following:
•
•
•
•
•
AKR0005, 24 m at 0.05 % cobalt and 0.83 % nickel from 16.0 m
AKR0010, 8 m at 0.14 % cobalt and 0.66 % nickel from 0.0 m
AKR0016, 26 m at 0.12 % cobalt and 0.90 % nickel from 18.0 m
including 8 m at 0.30 % cobalt and 1.65 % nickel from 28.0 m
AKR0022, 24 m at 0.04 % cobalt and 0.74 % nickel from 20.0 m
AKR0027, 36 m at 0.05 % cobalt and 0.93 % nickel from 20.0 m
Distributions of scandium, which has not been previously explored for at Kalpini, differ locally to the nickel and cobalt
distributions (Figure 13). The discovery of thick scandium intercepts at Kalpini is significant because they could become a
potentially meaningful by-product credit. Scandium intercepts include:
•
•
•
•
•
•
AKR0006, 6 m at 60 g/t scandium from 12.0 m
AKR0015, 20 m at 102 g/t scandium from 38.0 m
AKR0017, 6 m at 463 g/t scandium from 28.0 m
AKR0018, 20 m at 105 g/t scandium from 2.0 m
AKR0021, 10 m at 46 g/t scandium from 18.0 m
AKR0028, 8 m at 57.5 g/t scandium from surface
The drillholes of this recent program were specifically located in areas of minimal previous drilling and were aimed to supply
additional geological and geo-metallurgical information. These are not indicative of all mineralisation at Kalpini as they were
purposefully drilled outside the main defined high-grade zones.
Scandium mineralisation at Kalpini
The discovery of scandium at Kalpini is significant, but data is presently limited. Prior to Ardea’s tenure, scandium had not
been assayed, so its distributions relative to the higher-grade cobalt-nickel mineralisation at Kalpini are currently unknown.
As at Ardea’s other scandium discoveries, Kalpini is host to significant scandium mineralisation within the laterite profile. If
these occurrences were to be considered as stand-alone deposits, the levels of scandium could be problematic. However,
the concentrations recorded could contribute as a supplementary payable commodity to the economics of any bulk-tonnage
cobalt-nickel open pit operations at Kalpini.
Scandium is present throughout the recently drilled area as several bands or sheets that are up to 20 m thick, with significant
intercepts such as 20 m at 102 g/t scandium from 38.0 m in hole AKR0015 and 6 m at 463 g/t scandium from 28.0 m in
holes AKR0017. Scandium values within these bands vary between 50 and 480 g/t3.
In the recent drillholes, scandium is usually situated above the cobalt-nickel mineralisation. Any cobalt and nickel focussed
mining operation will require excavation of the scandium envelope in any event. As such, it makes sense to investigate any
means to monetise scandium.
A 20 m thick zone of scandium mineralisation intercepted in hole AKR0015 is located to the east of the cobalt and nickel
mineralisation (Figure 13). Examination of drill chips shows that this occurrence is different to others encountered at Kalpini.
The host rock, which has yet to be definitively identified, is quite different to the ultramafic laterite profile that comprises the
bulk of the Kalpini cobalt-nickel deposit.
This will be incorporated into future pre-feasibility studies of the deposit.
3.
Scandium was assayed using the XRF technique. The concentrations present at Kalpini are toward the lower limit of detectability of the
technique for scandium. Whilst scandium passed all QAQC checks, it should be noted that results are likely to be less accurate than those
of other metals.
20
Ardea Resources Limited & controlled entities - Annual Report 2017
continued
Figure 13 – The 6640760mN section at Kalpini, showing nickel (Ni), cobalt (Co), and scandium (Sc) distributions. Envelopes for the nickel-cobalt
and for the scandium mineralisation show lateral continuity.
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Further work at Kalpini
(cid:8)(cid:5)(cid:29)
Historically, cobalt and nickel mineralisation at Kalpini has been identified over an approximate 30 km strike length. Thick
intercepts of cobalt and nickel mineralisation are evident throughout several areas.
There are several deposits that will require reassessment at Kalpini. In order to upgrade these areas to the KNP Cobalt
Zone, cobalt-nickel mineralisation has been assessed on the basis of grades, distributions, and a series of proven in-house
geo-metallurgical discriminators. A detailed drilling proposal has been submitted to the Department of Mining and Petroleum
and approval is awaited. In the meantime, independent resource estimation was commenced.
Further examination may also be required to define the extent of scandium mineralisation at Kalpini. Should modelling and
current metallurgical programs suggest that scandium can contribute positively to the economics of any open cut cobalt-
nickel mining operation, an assessment of scandium distributions will be required. To this end, re-assaying of Ardea’s
extensive library of historic drill sample pulps has commenced ahead of drilling in target zones.
Pre-Feasibility Study
The results of the drilling performed at Goongarrie South and Black Range, along with the reinterpretation at Big Four,
Scotia Dam, are being used in the Pre-Feasibility Study of the KNP Cobalt Zone which comprises:
•
•
May to September 2017, bench-scale metallurgical test-work and process technology evaluations for the flowsheet.
September 2017 to January 2018, PFS engineering, cost estimation and reporting, using previous Vale Inco and Heron
Resources data where appropriate. Ardea’s focus will be on the process flow-sheet and project financials.
The aim of the KNP Cobalt Zone PFS is to define a mechanism to mine and recover cobalt, nickel, and other accessory
metals ahead of the DFS decision and move the KNP Cobalt Zone towards production.
Metallurgical test work, which is focused on the core drilled at Goongarrie South, is ongoing. Leach test work has shown
metal extractions in excess of 90 % recorded for all payable metals, namely cobalt, nickel, and scandium. High purity
alumina, manganese and chromium extraction for KNP mineralisation will be evaluated.
Acid leach test work
Leach test work is focused on prioritising cobalt extraction. To liberate the metals from the goethitic clay that hosts the
mineralisation, the material is dissolved in acid under either atmospheric pressure or high pressure within an autoclave.
Ardea Resources Limited & controlled entities - Annual Report 2017
21
Activities Report
There are three dissolution techniques being trialled by Ardea:
1.
2.
3.
High pressure acid leach (HPAL) using sulphuric acid as the metal solvent;
Sulphuric acid leach at atmospheric pressure; and
Hydrochloric acid leach at atmospheric pressure.
Atmospheric leach testing at a 1:1 ratio of hydrochloric acid (HCl) to run-of-mine mineralisation, reacting for 24 hours at
70°C, the extraction of 98.7 % of the cobalt, 98.4 % of the nickel, and 92.4 % of the scandium was achieved (Table 6). Even
with the reaction time reduced to only 2 hours (other conditions identical), 90.1 % of the cobalt was extracted.
Table 6 – Metal extraction for cobalt, iron, nickel, and scandium for run-of-mine material sampled from Goongarrie South using hydrochloric acid
under atmospheric conditions.
Test
No.
131
132
133
134
Acid
HCl
HCl
HCl
HCl
Dosage
(kg/t)
Time
(hrs)
Temp
(˚C)
400
600
800
1000
24
24
24
24
70
70
70
70
Method
Bottle roll
Bottle roll
Bottle roll
Bottle roll
Co (%)
55.6
79.2
92.3
98.7
Metal Extracation
Ni (%)
Fe (%)
29.3
48.3
80.3
92.4
43.6
63.9
84.9
98.4
Sc (%)
0.0
10.5
59.1
92.4
Tests for HPAL and atmospheric sulphuric acid leach have shown similarly excellent results. Assessment of the most
appropriate metal extraction technique will be made shortly.
The PFS assumes the use of a patented acid recovery system developed by Simulus Engineers that results in optimised
acid consumption. This has the twin effects of lower operating costs and low environmental risk of acid leaching from waste
products.
Lewis Ponds zinc-gold-silver deposit, NSW
Lewis Ponds is a zinc-gold-silver deposit in the Lachlan Fold Belt of NSW. Mined historically for gold, silver, zinc, and pyrite,
Lewis Ponds is located in one of Australia’s oldest designated mining districts. Historically, the deposit has been classified
as a Volcanogenic Massive Sulphide (VMS) deposit, but Ardea recognises that, though there may be VMS affinities, such
a model does not fully define the breadth of mineralisation types and styles at the deposit.
Explorers at Lewis Ponds have, in recent decades, focused on defining a high-grade massive sulphide deposit. Ardea aims
to define a bulk-tonnage operation, with lower grade stringer sulphides linking up the massive sulphides into wide continuous
zones of mineralisation that are amenable to open pit mining, like the main mines of the region.
The Lachlan Fold Belt (Figure 2) is host to numerous major bulk tonnage gold and base metal mines. Of particular note is
that the major deposits at Northparkes and Cadia are hosted within or adjacent to the Lachlan Transverse Zone (LTZ), a
west-northwest trending lineament that is thought to represent a fundamental crustal weakness that corresponds to major
mineralised centres. Several of Ardea’s projects, including notably Lewis Ponds, are located within the LTZ.
22
Ardea Resources Limited & controlled entities - Annual Report 2017
Figure 14 – Lewis Ponds Project - Section 11000N LP Mine Grid showing Ardea recent drilling plus historical drilling
continued
A bulk tonnage model for mineralisation
Using a cut-off grade of 1.5% zinc equivalent (anticipated approximate open pit C1 cost break-even grade), mineralised
intercepts have been defined for a broad stringer sulphide style (typical of the major bulk tonnage deposits of the Lachlan
Fold Belt).
Previously, Lewis Ponds was explored as a high-grade underground deposit, with a historic resource of 6.6Mt at 1.5g/t Au,
69g/t Ag and 2.4% Zn4 estimated (refer Prospectus Table 3.2 for full description of resource status).
As a potential Massive Sulphide underground operation, the published Lewis Ponds resource was calculated at a 3% zinc
equivalent cut-off. This is in contrast to Ardea’s 1.5% zinc equivalent cut-off for an envisaged open pit Stringer Sulphide
mining operation. The Ardea concept is consistent with bulk tonnage operations in the central Lachlan Fold Belt which are
all low grade, bulk excavation-based (Table 7).
4
The breakdown for the full Lewis Ponds resource categories is as follows:
Resource Category
Indicated
Main Zone
Tom’s Zone
Total Indicated
Inferred
Main Zone
Tom’s Zone
Total Inferred
Total Mineral Resource
Quantity (Mt)
Zn (%)
Au (g/t)
Ag (g/t)
Pb (%)
Cu (%)
5.82
0.54
6.35
0.17
0.10
0.27
6.62
2.1
5.5
2.4
1.7
5.0
3.0
2.4
1.5
1.7
1.5
0.9
1.4
1.1
1.5
59
172
68
47
174
96
69
1.1
3.8
1.4
0.8
3.6
1.9
1.4
0.1
0.3
0.2
0.1
0.2
0.1
0.2
Ardea Resources Limited & controlled entities - Annual Report 2017
23
Activities Report
Both Cadia and Northparkes produce sulphide concentrates with precious metal credits, whereas Cowal and the
undeveloped McPhillamys deposit utilise (or propose to utilise) a carbon-in-leach (CIL) flowsheet. In terms of metal value
(i.e. zinc and gold equivalent values), the mineralised zones intercepted in moderate grade ALD0003 and low grade ALD0004
match or exceed those of the major Lachlan Fold Belt operations (Table 7).
Table 7 – Examples of Lewis Ponds mineralisation compared to some of the major mining operations
Operation
Mining
Processing
Mtpa
Lewis Ponds
Open pit
Zinc con
Northparkes
Block cave
Copper con
Cadia
Cowal
McPhillamys
Block cave
Copper con
Open pit
Open pit
CIL
CIL
?
6.0
22.0
7.3
–
Example
intercept
Zn
(%)
ALD00031
1.54
–
–
–
–
–
–
–
–
Au
(g/t)
0.33
0.24
0.94
1.11
0.94
Ag
(g/t)
Pb
(%)
26.7
0.54
–
0.5
–
–
–
–
–
–
Cu
(%)
0.10
0.85
0.29
–
–
Zn Eq Au Eq
(g/t)
(g/t)
3.00
1.80
1.80
1.52
1.29
1.80
1.21
1.27
1.11
0.94
1 ALD0003, 100.35-161.23 m.
These results justify Ardea’s updated Exploration Target for the Lewis Ponds deposit, estimated at 15–25 Mt at 2.2–3.7 %
ZnEq or 1.2–2.0 g/t AuEq5 (Heron Resources announcement, “Ardea Project Update” dated 6 January 2017).
Diamond drill results
Diamond drilling at Lewis Ponds has identified thick zones of moderate-grade zinc, gold and silver mineralisation in shallow
positions that had not been adequately drilled in the past. The successful identification of this mineralisation confirmed the
Company’s development model that the Lewis Ponds deposit has affinities with the major deposits of the Lachlan Fold Belt
region and therefore has bulk tonnage, open pittable potential. In summary, results at Lewis Ponds were as follows:
ALD0001
51.37 m at 2.45 % Zn equiv.6 or 1.48 g/t Au equiv.7 from 41.60 m
(1.28 % Zn, 0.18 g/t Au, 22.0 g/t Ag, 0.51 % Pb, and 0.11 % Cu)
and
20.91 m at 2.74 % Zn equiv. or 1.63 g/t Au equiv. from 110.76 m
(1.39 % Zn, 0.17 g/t Au, 32.7 g/t Ag, 0.56 % Pb, and 0.10 % Cu)
ALD0002
ALD0003
16.40 m at 8.53 % Zn equiv. or 5.07 g/t Au equiv. from 43.60 m
(4.73 % Zn, 0.86 g/t Au, 75.9 g/t Ag, 1.44 % Pb, and 0.19 % Cu)
5.88 m at 2.84 % Zn equiv. or 1.88 g/t Au equiv. from 46.62 m
(0.73 % Zn, 1.06 g/t Au, 17.8 g/t Ag, 0.45 % Pb, and 0.02 % Cu)
and
60.88 m at 3.00 % Zn equiv. or 1.80 g/t Au equiv. from 110.35 m
(1.54 % Zn, 0.33 g/t Au, 26.7 g/t Ag, 0.54 % Pb, and 0.10 % Cu)
5
6
7
Details of the Exploration Target were described in full in the announcement by Heron Resources dated 6 January 2017. An Exploration
Target is a term used within the JORC2012 Code for an estimate of the exploration potential of a mineral deposit. As used in this release
the stated Exploration Target is based upon the parameters described in the text, however the potential quantity and grade is conceptual in
nature and there is insufficient information to estimate a Mineral Resource and it remains uncertain if further exploration will result in the
estimation of a Mineral Resource in this area of drilling. For this previously published Exploration Target, Zn equivalents were defined using
the following values (21/12/2016 US$ price, recovery): Zn ($2617/t, 100%), Au ($1133/oz, 90%), Ag ($16.00, 80%), Pb ($2259/t, 80%), Cu
($5488.5/t, 80%). Zn equiv. = Zn(%) + 1.253Au(g/t) + 0.016Ag(g/t) + 0.665Pb(%) + 1.678Cu(%). Values used for zinc equivalent calculations
throughout this announcement (except for the previously announced Exploration Target). Zinc equivalents used as zinc contributes most to
the metal equivalent calculations. Au equivalents were defined using the following values (21/12/2016 US$ price, recovery): Zn ($2617/t,
80%), Au ($1133/oz, 100%), Ag ($16.00, 80%), Pb ($2177/t, 80%), Cu ($5488.5/t, 80%). Au equiv. = 0.575Zn(%) + Au(g/t) + 0.016Ag(g/t) +
0.478Pb(%) + 1.205Cu(%). Gold equivalents used for direct comparison to major deposits of the region. Scoping study level financial model
for a 1.5Mtpa open-pit with base metal float circuit indicates 1.6% ZnEq is a suitable break-even cut-off grade.
Zn equivalents defined using the following values (11/4/2017 US$ price, expected recovery proportion): Zn ($2658/t, 100%), Au ($1258/oz,
90%), Ag ($17.92, 80%), Pb ($2259/t, 80%), Cu ($5730.5/t, 80%). Zn equiv. = Zn(%) + 1.369Au(g/t) + 0.017Ag(g/t) + 0.680Pb(%) +
1.725Cu(%). These values used for zinc equivalent calculations throughout this announcement (except for the previously announced
Exploration Target). Zinc equivalents are used because zinc contributes most to the metal equivalent calculations.
Au equivalents defined using the following values (11/4/2017 US$ price, recovery): Zn ($2658/t, 80%), Au ($1258/oz, 100%), Ag ($17.92,
80%), Pb ($2259/t, 80%), Cu ($5730.5/t, 80%). Au equiv. = 0.526Zn(%) + Au(g/t) + 0.011Ag(g/t) + 0.447Pb(%) + 1.133Cu(%). These values
used for gold equivalent calculations throughout this announcement (except for the previously announced Exploration Target). Gold
equivalents are used because gold is a significant proportion of the deposit by value, and they allow for direct comparison to major deposits
of the region.
24
Ardea Resources Limited & controlled entities - Annual Report 2017
Figure 15 – Mineralisation in ALD0003 (119.27-120.48m, 1.21m at 14.29% Zn equiv), typical intense chlorite-pyrite alteration associated with
Stringer Zone mineralisation
continued
The initial Ardea core holes at Lewis Ponds have validated the bulk tonnage development model, looking at a potential
open pit to a depth of some 200 metres. Within this conceptual Lewis Ponds pit design, the Stringer Zone measures
25-50 m horizontal width, dipping 70-90° east. The western ore contact largely follows the western pit batter, which has a
favourable impact on strip ratio. There is around 30 m vertical of surface depletion.
The successful identification of this gold, silver, zinc and lead mineralisation confirms the Company’s development model
that the Lewis Ponds deposit has affinities with the major deposits of the Lachlan Fold Belt region (in terms of its bulk
excavation potential).
Study program
Lewis Ponds is presently the subject of flotation test work which is being undertaken in Perth. This is part of broader
metallurgical test work that includes:
•
•
•
•
Initial variability samples to quantify preferred grind size and flotation reagents.
Quantification of preferred grind size and flotation reagents.
Flow-sheet optimisation.
Pre-concentration options including DMS for low-grade stringer mineralisation.
Open pit mining
In Ardea’s drilling, mineralisation is bi-modal, with higher grade lenses suited to selective mining averaging 3.5 % Zn equiv.
These are diluted by sub-grade internal waste grading 0.5-1.0 % Zn equiv., for a bulk grade of 2.8 % Zn equiv. The
mineralisation style is entirely suited to selective open pit mining, with ore grades associated with dark pyrite-chlorite and
internal waste variously light grey mudstone or white limestone.
Ardea Resources Limited & controlled entities - Annual Report 2017
25
Activities Report
Underground mining
There is clearly significant underground mining potential at Lewis Ponds. Wide and/or higher grade deeper mineralised
zones defined by historical drilling include:
•
•
10400N
TLPD-51A – 36.0 m at 12.2% Zn equiv, TLPD-51AW1 – 28 m at 7.1% Zn equiv
10600N
SLP-1 – 24.5 m at 3.6% Zn equiv
These targets are invariably poorly drilled with incomplete assaying of mineralised intercepts. All current work will focus
entirely on shallow open pit mineralisation. To this end, available historic drill holes are being re-logged, and where core is
suitably preserved, the un-assayed intervals within holes are being submitted for assaying. Results are awaited.
Exploration
Taurus gold project, Western Australia
At the Taurus gold project 40 km east of Kalgoorlie, assay results from rock chip sampling show significant gold values from
outcrop and drill spoil. Gold values consistently assayed 0.5 - 3.6 g/t Au. These results are being used to target future drill
programs.
Mt Zephyr gold and base metals project, Western Australia
At Mt Zephyr, the Company is awaiting grant of four exploration licences: E37/1271, E37/1274, E39/1706, and E39/1854.
Targeting over the area has identified numerous gold and base metal targets that will require prompt attention. The Company
intends commencing exploration at Mt Zephyr upon granting of the tenements.
Wiseman’s Creek gold and silver project, New South Wales
Reconnaissance has identified historic workings and drill collar sites in thickly vegetated country at the Wiseman’s Creek
gold and silver project. Veining and alteration consistent with epithermal style mineralisation were observed. Mineralised
rockchip samples consistently assayed 0.5 - 5.0g/t Au.
Other NSW and WA projects
Project targeting is actively underway on the remaining project areas in Ardea’s portfolio. It is expected that, with the recent
appointment of the Senior Geologists in Kalgoorlie and Orange and establishment of regional offices, progress will accelerate
on these projects.
26
Ardea Resources Limited & controlled entities - Annual Report 2017
Compliance Statement (JORC 2012)
A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for:
1.
2.
Kalgoorlie Nickel Project on 21 October 2013 and 31 June 2014, October 2016, 2016 Heron Resources Annual Report
and 6 January 2017;
KNP Cobalt Zone Study on 7 August 2017
The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. All projects will be subject to new work programs
following the listing of Ardea, notably drilling, metallurgy and JORC Code 2012 resource estimation as applicable.
The information in this report that relates to KNP Exploration Results is based on information originally compiled by previous and current full time employees of Heron
Resources Limited. The Exploration Results and data collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of
the Australasian Institute of Mining and Metallurgy and currently a director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn consents to the inclusion in this report of
the matters based on his information in the form and context that it appears.
The exploration and industry benchmarking summaries are based on information reviewed by Dr Matthew Painter, who is a Member of the Australian Institute of
Geoscientists. Dr Painter is a full-time employee and a director of Ardea Resources Limited and has sufficient experience, which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Painter has reviewed this report and consents to the inclusion in this report of the
information in the form and context in which it appears.
The information in this report that relates to Mineral Resources for the Goongarrie South, Big Four, Scotia Dam and Black Range cobalt-nickel deposits contained within
the KNP Cobalt Zone project area is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and
who has provided expert guidance on resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient
experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland consents to the inclusion
in the report of the matters based on this information in the form and context in which it appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on
expectations, estimates and projections as of the date of this news release.
This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect
to, among other things, the timing and ability to complete the Ardea spin-out, the timing and amount of funding required to execute the Company’s exploration, development
and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining
operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the
Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the
prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future
growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may”
and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management
at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties,
assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-
looking information. These factors, including, but not limited to, the ability to complete the Ardea spin-out on the basis of the proposed terms and timing or at all,
fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national
and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business
or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative
nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to
properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in
interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these
uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information.
Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause
results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any
such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-
looking information contained herein to reflect new events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this
report.
Ardea Resources Limited & controlled entities - Annual Report 2017
27
Directors’ Report
The Directors present their report on Ardea Resources Limited and the entities it controlled at the end of and during the
period from incorporation on 17 August 2016 to the period ended 30 June 2017 (“financial period”).
DIRECTORS & SENIOR MANAGEMENT
The names and details of the Directors and Senior Management of Ardea Resources Limited during the financial period
and until the date of this report are:
Katina Law – B.Com., CPA, MBA, GAIDC
Non-Executive Chair
Appointed 7 November 2016
Katina Law has over 25 years experience in the mining industry covering corporate and site based roles across several
continents. Over the past ten years she has worked with a number of ASX-listed resources companies in strategic, financial
advisory and general management roles. She has worked on a number of development and evaluation projects which
were later subject to corporate transactions including the Deflector gold and copper project and the King Vol polymetallic
zinc project. Ms Law was Executive Director and CEO of East Africa Resources Limited from 2012 to 2015. Ms Law has
also held senior positions at Newmont Mining Corporation’s head office in Denver, USA and at LionOre International based
in Perth. Ms Law has a Bachelor of Commerce degree from UWA, is a Certified Practicing Accountant and has an MBA
from London Business School.
She is currently a non-executive Director of headspace and Gumala Enterprises Pty Ltd. Ms Law has no other public
company directorships.
Matthew Painter – B.Sc.(Hons), PhD
Managing Director
Appointed 7 November 2016
Matthew Painter is a Geologist with over 20 years professional experience including SRK Consulting, Sabre Resources,
AngloGold Ashanti, Geological Survey of WA and MIM Exploration. His expertise is in ore deposit geology and structural
geology, and his work has been instrumental in the successful discovery, exploration and development of greenfield and
brownfields deposits globally. Dr Painter has extensive on-ground experience throughout Australia and overseas including
east, west and southern Africa across a broad range of commodities including gold, copper, zinc-lead-silver, uranium, tin
and manganese. Dr Painter has extensive managerial and ASX-listed company corporate experience. He has a Bachelor
of Science with Honours degree from the University of Melbourne and has a Doctor of Philosophy (PhD) in Economic
Geology from the University of Queensland. Dr Painter has no other public company directorships.
Ian Buchhorn – BSc (Hons), Dipl. Geosci (Min. Econ), MAusIMM
Non-Executive Director
Appointed 17 August 2016
Ian Buchhorn is a Mineral Economist and Geologist with over 30 years experience. He was the founding Managing Director
of Heron Resources Limited for a period of 11 years until early 2007 and returned to that role in October 2012 after a period
as Executive Director. Mr Buchhorn previously worked with a number of international mining companies and has worked
on nickel, bauxite and industrial mineral mining and exploration, gold and base metal project generation and corporate
evaluations. For the last 25 years Mr Buchhorn has acquired and developed mining projects throughout the Eastern
Goldfields of Western Australian and has operated as a Registered Mine Manager.
During the three years prior to the end of this financial period, Mr Buchhorn has been a Director of Heron Resources
Limited (17 February 1995 to 2 June 2017), RBR Group Limited (19 August to present) and Golden Cross Resources
Limited (3 March 2014 to 13 July 2016).
Stephen Dennis – Non-Executive Director (Appointed 17 August 2016, Resigned 7 November 2016)
Simon Smith – Non-Executive Director and Company Secretary (Appointed 17 August 2016, Resigned 7 November
2016).
COMPANY SECRETARY
Robert (Sam) Middlemas – B.Com., PGradDipBus. CA
Mr Middlemas was appointed Company Secretary and Chief Financial Officer on 20 October 2016. He is a chartered
accountant with more than 20 years experience in various financial, board and company secretarial roles with a number
of listed public companies operating in the resources sector. He is the principal of a corporate advisory company which
provides financial and secretarial services specialising in capital raisings and initial public offerings. Previously Mr
Middlemas worked for an international accountancy firm. His fields of expertise include corporate secretarial practice,
financial and management reporting in the mining industry, treasury and cash flow management and corporate
governance.
28
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Report continued
PRINCIPAL ACTIVITIES
The principal activities of the Consolidated Entity during the financial period consisted of mineral exploration and
development in Western Australia and New South Wales.
There have been no significant changes in these activities during the financial period.
DIVIDENDS
No dividend has been paid and no dividend is recommended for the current financial period.
REVIEW OF OPERATIONS AND ACTIVITIES
The Consolidated Entity recorded an operating loss after income tax for the Financial Period ended 30 June 2017 of
$534,396.
Ardea is a mineral exploration group, currently focussed on its cobalt, nickel and scandium project and gold exploration in
Western Australia and zinc, silver, lead and gold at its Lewis Ponds project in NSW.
Ardea’s strategy for ultimate growth is to combine the following elements:
(cid:2) Ongoing commitment to the identification and review of projects/corporate opportunities that have the capacity to
successfully develop into a profitable mine.
(cid:2) Maximise the commercial value of the existing tenement portfolio through the ongoing establishment and
maintenance of suitable joint ventures and other alternate funding arrangements where appropriate.
Ardea's major projects are as follows:
(cid:2) Kalgoorlie Nickel Project and Cobalt Zone (WA)
(cid:2)
Lewis Ponds Project (NSW)
KNP and KNP Cobalt Zone
The Kalgoorlie Nickel Project (“KNP”) is a major undeveloped nickel-cobalt laterite deposit of 773.0 Mt at 0.05 % cobalt
and 0.70 % nickel which is located within 150 km of Kalgoorlie, WA. With total contained cobalt metal tonnages of over
400,000 t, the KNP is a globally significant cobalt resource. The resource category breakdown is as follows:
Table 1 – Updated resource for the KNP based on a 0.5 % nickel cut-off. Note that all values have been rounded appropriate to their
deemed accuracy, so totalling values may not appear accurate. A full breakdown of the resources is presented in Table 2 below.
Resource Category
Measured
Indicated
Inferred
KNP Total Resources
Quantity
(Mt)
9.6
232.9
530.5
773.0
Cobalt
(%)
0.10
0.06
0.05
0.05
Nickel
(%)
1.02
0.75
0.68
0.70
Contained
cobalt (t)
9,700
141,200
254,400
405,400
Contained
nickel (t)
98,800
1,759,700
3,600,000
5,458,400
The cobalt-rich subset of the KNP, known as the KNP Cobalt Zone, contains a significant cobalt and nickel resource in its
own right. The KNP Cobalt Zone contains 64.4 Mt at 0.13 % cobalt and 0.77 % nickel (reported using 0.08 % cobalt lower
cut-off generally, and a 0.5 % nickel cut-off at Black Range) for a total contained cobalt metal of over 80,000 t. Since listing,
the Company has substantially increased upon this resource through remodelling of historic datasets using cobalt cut-offs
(in lieu of the historically used nickel cut-offs).
Since listing in February this year, Ardea immediately started fieldwork on our main project at the Kalgoorlie Nickel Project
(KNP) and the Cobalt Zone. Drilling focused on expanding higher grade resources and defining mineralisation style and
extent at both Black Range and Kalpini. Diamond drilling at Goongarrie South recovered samples for metallurgy and pilot-
scale testing.
The results of drilling performed at Goongarrie South, Big Four, Scotia Dam, and Black Range along with reinterpretations
at Big Four and Scotia Dam are being used in the KNP Cobalt Zone Pre-Feasibility Study (PFS), which comprises:
(cid:2) May to September 2017, bench-scale metallurgical test-work and process technology evaluations for the
flowsheet.
(cid:2) September 2017 to January 2018, PFS engineering, cost estimation and reporting, using previous Vale Inco and
Heron Resources data where appropriate. Ardea’s focus will be on the process flow-sheet and project financials.
Ardea Resources Limited & controlled entities - Annual Report 2017
29
Table 2 – Resource breakdown of the overall KNP resource, based on a nickel cut-off of 0.5 %. Note that all values have been rounded
appropriate to their deemed accuracy, so totalling values may not appear accurate.
Directors’ Report continued
Region
Camp
Prospect
KNP West
Goongarrie
Goongarrie South
Highway
Ghost Rocks
Goongarrie Hill
Big Four
Scotia
Goongarrie subtotal
Siberia
Siberia South
Siberia North
Siberia North
Black Range
Resource
category
Measured
Indicated
Inferred
Indicated
Inferred
Inferred
Inferred
Indicated
Inferred
Inferred
Size
(Mt)
5.8
51.4
25.8
52.9
34.1
47.3
53.6
34.2
7.6
11.2
Nickel
(%)
1.08
0.78
0.63
0.66
0.64
0.66
0.60
0.71
0.61
0.77
Cobalt
(%)
0.14
0.08
0.07
0.04
0.04
0.04
0.04
0.08
0.09
0.08
Contained
nickel (t)
62,900
403,800
161,500
349,100
218,100
312,900
323,700
241,700
46,700
86,200
Contained
cobalt (t)
7,900
42,800
17,500
22,200
12,900
19,900
19,800
28,700
6,800
9,000
Estimation
method
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Study period
2017 PFS
2017 PFS
2017 PFS
Estimate
source
HGMC
HGMC
HGMC
Heron Post 2010 PFS
Heron Post 2010 PFS
Heron Post 2010 PFS
Heron Post 2010 PFS
HGMC
HGMC
2017 PFS
2017 PFS
Snowden Pre 2010 PFS
Measured
Indicated
Inferred
5.8
1.08
138.5 0.72
179.6 0.64
Inferred
Indicated
Inferred
Inferred
96.5
10.0
53.3
20.1
0.65
0.64
0.65
0.75
0.14
0.07
0.05
0.03
0.05
0.04
0.10
62,900
994,600
1,149,200
631,100
64,000
349,000
149,000
7,900
93,700
85,900
33,200
5,100
23,100
20,000
Krige
Krige
Krige
Krige
Snowden Pre 2010 PFS
Snowden Post 2010 PFS
Snowden Post 2010 PFS
Snowden Pre 2010 PFS
Siberia subtotal
Indicated
Inferred
10.0
0.64
170.0 0.67
0.05
0.05
64,000
1,130,800
5,100
77,000
KNP West total
KNP East
Bulong
Taurus
Bulong East
Bulong subtotal
5.8
1.08
Measured
Indicated 148.5 0.71
349.5 0.65
Inferred
Inferred
Indicated
Inferred
Indicated
Inferred
14.2
15.9
24.0
15.9
38.2
0.84
1.06
0.79
1.06
0.81
0.14
0.07
0.05
0.05
0.06
0.05
0.06
0.05
62,900
1,058,600
2,280,000
7,900
98,800
162,900
119,000
168,000
189,100
168,000
308,100
7,300
8,800
12,700
8,800
20,000
Krige
Krige
Krige
Snowden Pre 2010 PFS
Snowden Pre 2010 PFS
Snowden Pre 2010 PFS
Hampton
Kalpini
Hampton subtotal
Inferred
Inferred
75.0
75.0
0.73
0.73
0.04
0.04
549,700
549,700
32,600
32,600
Krige
Snowden Pre 2010 PFS
KNP East total
KNP Yerilla
Yerilla
Jump Up Dam
Boyce Creek
Aubils
KNP Yerilla total
KNP Overall Resource
GRAND TOTAL
Indicated
Inferred
15.9
1.06
113.2 0.76
Measured
Indicated
Inferred
Indicated
Inferred
Measured
Indicated
Inferred
3.8
41.6
18.4
26.8
49.4
3.8
68.4
67.8
0.94
0.78
0.63
0.77
0.70
0.94
0.78
0.68
9.6
Measured
1.03
Indicated 232.9 0.76
530.5 0.68
Inferred
773.0 0.71
Global
0.06
0.05
0.05
0.04
0.03
0.06
0.07
0.05
0.05
0.06
0.10
0.06
0.05
0.05
168,000
857,800
8,800
52,700
35,900
326,700
116,400
206,400
345,800
35,900
533,000
462,200
1,800
18,000
6,300
15,500
32,600
1,800
33,500
38,900
98,800
1,759,700
3,600,000
5,458,400
9,700
141,200
254,400
405,400
Krige
Krige
Krige
Krige
Krige
Snowden
Snowden
Snowden
Heron
Heron
2009 PFS
2009 PFS
2009 PFS
2009 PFS
2009 PFS
The aim of the KNP Cobalt Zone PFS is to define a mechanism to mine and recover cobalt, nickel, and other accessory
metals in a manner useful to the lithium ion battery manufacturing industry. This is ahead of the DFS decision that is
expected move the KNP Cobalt Zone towards production.
Metallurgical test work, which is focused on core recently drilled at Goongarrie South, is ongoing and has, to date, been
highly successful. Leach test work has shown metal extractions in excess of 90 % recorded for all payable metals, namely
cobalt, nickel, and scandium. High purity alumina and chromium extraction for KNP mineralisation will be evaluated.
30
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Report continued
Table 3 – KNP Cobalt Zone, Resource Statement from RMRC and HGMC consulting groups. All figures are appropriately rounded
to reflect the degree of certainty.
Camp
Deposit
Goongarrie Goongarrie
South
Resource
category
Measured
Indicated
Inferred
Subtotal
Big Four
Indicated
Scotia
Inferred
Subtotal
Indicated
Inferred
Subtotal
Cut-off
(% Co)
Size
(Mt)
Co
(%)
Ni
(%)
Contained
cobalt (t)
Contained
nickel (t)
Remodel
status
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
4.6
0.16
1.12
12.9
0.13
0.79
7.8
0.14
0.72
25.3
0.14
0.83
9.2
2.2
0.13
0.75
0.13
0.57
7,200
17,300
10,500
35,000
12,100
2,800
11.4
0.13
0.71
14,900
1.1
1.4
2.5
0.18
0.86
0.17
0.79
0.17
0.82
2,000
2,300
4,300
51,600
101,300
56,100
209,000
Upgraded
68,500
12,500
81,000
9,700
10,900
20,500
Upgraded
Upgraded
Goongarrie subtotal
39.6
0.14
0.80
54,200
312,000
Upgraded
Siberia
Black Range
Indicated
0.50(Ni)
Inferred
0.50(Ni)
9.3
9.9
0.09
0.67
0.10
0.69
8,200
9,600
62,300
68,300
Siberia subtotal
0.50(Ni)
19.2
0.09
0.68
17,800
130,600
Upgraded
Yerilla
Aubils
Inferred
0.08
6.0
0.15
0.90
9,000
54,000
Scheduled
KNP COBALT ZONE TOTAL
64.4
0.13
0.77
81,000
495,000
Lewis Ponds
Lewis Ponds is a zinc-gold-silver deposit in the Lachlan Fold Belt of NSW. Mined historically for gold, silver, zinc, and
pyrite, Lewis Ponds is located in one of Australia’s oldest designated mining districts. Historically, the deposit has been
classified as a Volcanogenic Massive Sulphide (VMS) deposit, but Ardea recognises that, though there may be VMS
affinities, such a model does not fully define the breadth of mineralisation types and styles at the deposit.
Late 20th Century explorers at Lewis Ponds have focused on defining a high-grade massive deposit. In contrast, Ardea
aims to define a bulk-tonnage operation, with lower grade stringer sulphides linking up the massive sulphides into wide
continuous mineralisation amenable to open pit mining, similar to the main mines of the region. The extent of mineralisation
at Lewis Ponds has been confirmed by recent diamond drilling and extensive field work.
Using a cut-off grade of 1.5% zinc equivalent (anticipated approximate open pit C1 cost break-even grade), mineralised
intercepts have been defined for a broad stringer sulphide style (typical of the major bulk tonnage deposits of the Lachlan
Fold Belt).
Previously, Lewis Ponds was explored as a high-grade underground deposit, with a historic resource of 6.6Mt at 1.5g/t Au,
69g/t Ag and 2.4% Zn estimated (refer Prospectus Table 3.2 for full description of resource status).
As a potential Massive Sulphide underground operation, the published Lewis Ponds resource was calculated at a 3% zinc
equivalent cut-off. This is opposed to Ardea’s 1.5% zinc equivalent cut-off for an envisaged open pit Stringer Sulphide
mining operation. The Ardea concept is consistent with bulk tonnage operations in the central Lachlan Fold Belt which are
all low grade, bulk excavation-based. Both Cadia and Northparkes produce sulphide concentrates with precious metal
credits, whereas Cowal and the undeveloped McPhillamys deposit utilise (or propose to utilise) a carbon-in-leach (CIL)
flowsheet. In terms of metal value (i.e. zinc and gold equivalent values), the mineralised zones intercepted Ardea’s recent
drilling match or exceed those of the major Lachlan Fold Belt operations.
The study program at Lewis Ponds consists of:
Initial variability samples to quantify preferred grind size and flotation reagents.
(cid:2)
(cid:2) A bulk sample for flow-sheet optimisation.
(cid:2) Pre-concentration options for sub-grade stringer mineralisation including DMS.
Lewis Ponds is presently the subject of flotation test work which is being undertaken in Perth. This is part of broader
metallurgical test work that includes:
(cid:2) Quantification of preferred grind size and flotation reagents.
(cid:2)
(cid:2) Pre-concentration options including DMS for sub low-grade stringer mineralisation.
Flow-sheet optimisation
Ardea Resources Limited & controlled entities - Annual Report 2017
31
Directors’ Report continued
Corporate and Financial Position
As at 30 June 2017 the Consolidated Entity had cash reserves of $3.06 million. Subsequent to year end an amount of
$9.95m has been raised to fast track feasibility study and development activities.
Risk Management
The Board is responsible for the oversight of the Consolidated Entity’s risk management and control framework.
Responsibility for control and risk management is delegated to the appropriate level of management with the Managing
Director (or equivalent) having ultimate responsibility to the Board for the risk management and control framework.
Areas of significant business risk to the Consolidated Entity are highlighted in the Business Plan presented to the Board
by the Managing Director (or equivalent) each year.
Arrangements put in place by the Board to monitor risk management include monthly reporting to the Board in respect of
operations and the financial position of the Consolidated Entity.
EARNINGS/LOSS PER SHARE
Basic loss per share
Diluted loss per share
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
2017
Cents
(1.68)
(1.68)
In the opinion of the Directors the following significant changes in the state of affairs of the Consolidated Entity that occurred
during the financial period under review:
(cid:2) On 9 November 2016, the Company entered into a Demerger Implementation Agreement (“DIA”) with its Parent
Company, the ASX listed Heron Resources Limited to seek to Demerge and raise funds to progress a number of
development and exploration projects in its own right
(cid:2) On 9 November 2016, the Company issued an Initial Public Offering Prospectus (“IPO Prospectus”) seeking to
raise funds for a new Public Float on the ASX
(cid:2) On 31 January 2017, after receiving the minimum funds required under the IPO Prospectus the board approved
the issue of 41,501,611 Shares and 10,000,000 Unlisted options (with an exercise price of 25 cents any time 3
years from the date of Ardea’s listing) to Heron Resources Limited (as required under the DIA, with those shares
to be distributed in-specie to Heron’s shareholders on a pro-rata basis), the issue of 25,499,126 Shares at the
IPO share price of 20 cents to investors following the receipt of funds of $5,099,825, and 2,310,022 Unlisted
options with an exercise price of 25 cents any time 3 years from the date of Ardea’s listing to the Lead Manager
and Corporate Advisor.
(cid:2) On 9 February 2017, the Company being admitted to the official list of the Australian Securities Exchange.
(cid:2) On 31 May 2017, the Company issuing 22,079,704 Unlisted Loyalty bonus options for nil consideration to all
shareholders on the register with the bonus options exercisable at 77 cents each any time prior to 31 May 2018.
32
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Report continued
OPTIONS OVER UNISSUED CAPITAL
Unlisted Options
During the financial period and to the date of this report the following options have been issued to Investors and unrelated
parties as follows:
Number of Options on Issue
12,310,022
25,297,087
Exercise Price
25 cents each
77 cents each
Expiry Date
9 February 2020
31 May 2018
The above options represent unissued ordinary shares of the Company under option as at the date of this report. These
unlisted options do not entitle the holder to participate in any share issue of the Company.
The holders of unlisted options are not entitled to any voting rights until the options are exercised into ordinary shares.
The names of all persons who currently hold options granted are entered in a register kept by the Company pursuant to
Section 168(1) of the Corporations Act 2001 and the register may be inspected free of charge. No person entitled to
exercise any option has or had, by virtue of the option, a right to participate in any share issue of any other body corporate.
Subsequent to the year end there were 3,333,333 Loyalty options issued to Heron Resources on the same terms as the
original loyalty options, exercisable at 77 cents each any time prior to 31 May 2018. An amount of 115,950 Loyalty Options
were exercised after year end and converted into fully paid shares.
CORPORATE STRUCTURE
Ardea Resources Limited (ACN 614 289 342) is a Company limited by shares that was incorporated on 17 August 2016
and is domiciled in Australia.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial period any item, transaction or event of a material and unusual nature
likely, in the opinion of the Directors of the Consolidated Entity to affect substantially the operations of the Consolidated
Entity, the results of those operations or the state of affairs of the Consolidated Entity in subsequent financial years except
for the following:
-
-
-
-
3,333,333 Loyalty options issued to Heron Resources on the same terms as the original loyalty options, exercisable
at 77 cents each any time prior to 31 May 2018
An amount of 115,950 Loyalty Options were exercised after year end and converted into fully paid shares
A share purchase plan was completed on 30 August 2017 which led to the issue of 6,091,188 shares at 72.5 cents
per share to raise $4,414,000
A placement to sophisticated investors was completed on 21 September 2017 which led to the issue of 7,647,850
shares at 72.5 cents per share to raise $5,544,691.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
Likely developments in the operations of the Consolidated Entity are included elsewhere in this Annual Report. Disclosure
of any further information has not been included in this report because, in the reasonable opinion of the Directors, to do
so would be likely to prejudice the business activities of the Consolidated Entity.
ENVIRONMENTAL REGULATION AND PERFORMANCE
The Consolidated Entity holds various exploration licences to regulate its exploration activities in Australia. These licences
include conditions and regulations with respect to the rehabilitation of areas disturbed during the course of its exploration
activities. So far as the Directors are aware there has been no known breach of the Consolidated Entity’s licence conditions
and all exploration activities comply with relevant environmental regulations.
Ardea Resources Limited & controlled entities - Annual Report 2017
33
Directors’ Report continued
INFORMATION ON DIRECTORS
As at the date of this report the Directors’ interests in shares and unlisted options of the Consolidated Entity are as
follows:
Director
Katina Law
Matthew Painter
Ian Buchhorn
Title
Directors’ Interests in
Ordinary Shares *
Directors’ Interests in
Unlisted Options *
Non-Executive Chair
Appointed on 7 November 2016
Managing Director
Appointed on 7 November 2016
Non-Executive Director
Appointed on 17 August 2016
541,380
150,690
166,666
43,333
8,428,548
2,793,029
* All Ordinary Shares and Unlisted Options were acquired during the financial period either through in-specie distribution from Heron
Resources, or subscribed for in the IPO or purchased on-market. Unlisted Loyalty Options were received via the 1 for 3 distribution
made to all shareholders
DIRECTORS’ MEETINGS
The number of meetings of the Consolidated Entity’s Directors held in the period each Director held office during the
financial period and the numbers of meetings attended by each Director were:
Director
Board of Directors’ Meetings
Meetings Attended Meetings held while a director
Katina Law
Matthew Painter
Ian Buchhorn
REMUNERATION REPORT
5
5
5
5
5
5
the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendation 8.1 of
Recommendations (2nd edition) states that the Board should establish a Remuneration Committee. The Board has formed
the view that given the number of Directors on the Board, this function could be performed just as effectively with full Board
participation. Accordingly it was resolved that there would be no separate Board sub-committee for remuneration
purposes.
This report details the amount and nature of remuneration of each Director of the Consolidated Entity and executive officers
of the Consolidated Entity during the period.
Overview of Remuneration Policy
The Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and the
executive team. The broad remuneration policy is to ensure that remuneration properly reflects the relevant person’s
duties and responsibilities, and that the remuneration is competitive in attracting, retaining and motivating people of the
highest quality. The Board believes that the best way to achieve this objective is to provide the Managing Director (or
equivalent) and the executive team with a remuneration package consisting of a fixed and variable component that together
reflects the person’s responsibilities, duties and personal performance. An equity based remuneration arrangement for
the Board and the executive team is in the process of being put in place. The remuneration policy is to provide a fixed
remuneration component and short term incentive payments with a specific equity related component, with performance
conditions. The Board believes that this remuneration policy is appropriate given the stage of development of the
Consolidated Entity and the activities which it undertakes and is appropriate in aligning Director and executive objectives
with shareholder and business objectives.
The remuneration policy in regard to setting the terms and conditions for the Managing Director (or equivalent) has been
developed by the Board taking into account market conditions and comparable salary levels for companies of a similar
size and operating in similar sectors.
Directors receive a superannuation guarantee contribution required by the government, which is currently 9.5% per annum
and do not receive any other retirement benefit. Some individuals, however, have chosen to sacrifice part or all of their
salary to increase payments towards superannuation.
All remuneration paid to Directors is valued at cost to the Consolidated Entity and expensed. Options are valued using
either the Black-Scholes methodology or the Binomial model. In accordance with current accounting policy the value of
these options is expensed over the relevant vesting period.
34
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Report continued
Non-Executive Directors
The Board policy is to remunerate Non-Executive Directors at market rates for comparable companies for time,
commitment and responsibilities. The Board determines payments to the Non-Executive Directors and reviews their
remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when
required. The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by
shareholders at a General Meeting. There has been no maximum set as it is the first year of the Company and will be
dealt with at the 2017 AGM. Actual remuneration paid to the Consolidated Entity’s Non-Executive Directors is disclosed
below. Remuneration fees for Non-Executive Directors are not linked to the performance of the Consolidated Entity.
However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the
Consolidated Entity and it is intended all will receive options or performance rights.
Senior Executives and Management
The Consolidated Entity aims to reward executives with a level of remuneration commensurate with their position and
responsibilities within the Consolidated Entity so as to:
●
●
●
Reward executives for Consolidated Entity and individual performance against targets set by reference
to appropriate benchmarks;
Reward executives in line with the strategic goals and performance of the Consolidated Entity; and
Ensure that total remuneration is competitive by market standards.
Structure
Remuneration consists of the following key elements:
●
●
●
Fixed remuneration;
Issuance of unlisted options/performance rights; and
Short term incentive payments.
Fixed Remuneration
Fixed remuneration consists of base remuneration (which is calculated on a total cost basis including any employee
benefits eg. motor vehicles) as well as employer contributions to superannuation funds.
The level of fixed remuneration is set so as to provide a base level of remuneration which is both appropriate to the position
and is competitive in the market.
Remuneration packages for the staff who report directly to the Managing Director (or equivalent) are based on the
recommendation of the Managing Director (or equivalent), subject to the approval of the Board in the annual budget setting
process.
Service Agreement
Dr Matthew Painter was appointed Managing Director on 7 November 2016 and is employed under an executive services
agreement on a salary of $250,080 plus statutory superannuation and short and long term incentives to be negotiated
based on the Company’s performance. The agreement is subject to a mutual 3 month notice period.
Details of the nature and amount of each element of the remuneration of each Director and Executive Officer of Ardea
Resources Limited paid/accrued during the financial period are as follows:
2013/2014
Primary
Post Employment
Equity
Compensation
Base
Salary/Fees
$
Motor
Vehicle/Bonus
$
Superannuation
Contributions
$
Options
Total
$
$
Directors
K Law – Non-Executive Chair (i)
M Painter – Managing Director (ii)
I Buchhorn – Non-Executive (iii)
Executives
S Middlemas - Company Secretary (iv)
40,000
104,200
26,667
55,240
-
-
-
-
-
9,899
2,533
-
-
-
-
-
40,000
114,099
29,200
55,240
Ms Law was appointed Non-Executive Chair on 7 November 2016. All fees are paid to her Consulting Company Fitzroy Consulting Services.
(i)
(ii)
Dr Painter was appointed on 7 November 2016.
(iii) Mr Buchhorn was appointed on 17 August 2016
(iv) Mr Middlemas was appointed Company Secretary on 20 October 2016. All fees for providing Company Secretarial services were paid to Sparkling
Investments Pty Limited.
Other than the Directors and executive officers disclosed above there were no other executive officers who received
emoluments during the financial period ended 30 June 2017.
Ardea Resources Limited & controlled entities - Annual Report 2017
35
Directors’ Report continued
INDEMNIFYING OFFICERS AND AUDITOR
During the year the Company paid an insurance premium to insure certain officers of the Consolidated Entity. The officers
of the Consolidated Entity covered by the insurance policy include the Directors named in this report.
The Directors and Officers Liability insurance provides cover against all costs and expenses that may be incurred in
defending civil or criminal proceedings that fall within the scope of the indemnity and that may be brought against the
officers in their capacity as officers of the Consolidated Entity. The insurance policy does not contain details of the premium
paid in respect of individual officers of the Consolidated Entity. Disclosure of the nature of the liability cover and the amount
of the premium is subject to a confidentiality clause under the insurance policy.
The Consolidated Entity has not provided any insurance for an auditor of the Consolidated Entity.
Share-based compensation
There was no share based compensation during the financial period, with no options or performance right issued.
AUDITORS’ INDEPENDENCE DECLARATION
Section 370C of the Corporations Act 2001 requires the Consolidated Entity’s auditors Butler Settineri (Audit) Pty Limited,
to provide the Directors of the Consolidated Entity with an Independence Declaration in relation to the audit of the financial
report. This Independence Declaration is attached and forms part of this Directors’ Report.
NON-AUDIT SERVICES
The external auditors have not undertaken any non-audit work during the financial year.
PROCEEDINGS ON BEHALF OF THE CONSOLIDATED ENTITY
No person has applied for leave of Court to bring proceedings on behalf of the Consolidated Entity or intervene in any
proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the Consolidated
Entity for all or any part of those proceedings. The Consolidated Entity was not party to any such proceedings during the
year.
CORPORATE GOVERNANCE
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of the
Consolidated Entity support and have adhered to the principles of corporate governance. The Consolidated Entity’s
corporate governance practices have been disclosed in Appendix 4G in accordance with ASX listing rule 4.7.3 at the same
time as the annual report is lodged with the ASX. Further information about the Company’s corporate governance practices
is set out on the Company’s web site at www.ardearesources.com.au/corporate-governance. In accordance with the
recommendations of the ASX, information published on the web site includes codes of conduct and other policies and
procedures relating to the Board and its responsibilities.
DATED at Perth this 27th day of September 2017
Signed in accordance with a resolution of the Directors
Katina Law
Chair
Compliance Statement (JORC 2012)
A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for:
1. Kalgoorlie Nickel Project on 21 October 2013 and 31 June 2014, October 2016, 2016 Heron Resources Annual Report and 6 January 2017;
2. KNP Cobalt Zone Study on 6 January 2017
The Company confirms that it is not aware of any new information or data that materially affects information included in previous announcements, and all material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. All projects will be subject to new work
programs following the listing of Ardea, notably drilling, metallurgy and JORC Code 2012 resource estimation as applicable.
The information in this report that relates to the Black Range Exploration Results is based on information originally compiled by current full-time employees of Ardea
Resources Limited. The Exploration Results and data collection processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of
the Australasian Institute of Mining and Metallurgy and a director of Ardea Resources Limited. Mr Buchhorn has sufficient experience that is relevant to the style of
mineralization and type of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of
the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn consents to the inclusion in this report of the
matters based on his information in the form and context that it appears.
The exploration and industry benchmarking summaries are based on information reviewed by Dr Matthew Painter, who is a Member of the Australian Institute of
Geoscientists. Dr Painter is a full-time employee and a director of Ardea Resources Limited and has sufficient experience, which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Painter has reviewed this release and consents to the inclusion in this report
of the information in the form and context in which it appears.
36
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Report continued
(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:50)(cid:53)(cid:182)(cid:54)(cid:3)(cid:44)(cid:49)(cid:39)(cid:40)(cid:51)(cid:40)(cid:49)(cid:39)(cid:40)(cid:49)(cid:38)(cid:40)(cid:3)(cid:39)(cid:40)(cid:38)(cid:47)(cid:36)(cid:53)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:3)
(cid:3)
(cid:3)
(cid:36)(cid:86)(cid:3) (cid:79)(cid:72)(cid:68)(cid:71)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:36)(cid:85)(cid:71)(cid:72)(cid:68)(cid:3) (cid:53)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3) (cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3) (cid:73)(cid:85)(cid:82)(cid:80)(cid:3)
(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:82)(cid:81)(cid:3) (cid:20)(cid:26)(cid:3) (cid:36)(cid:88)(cid:74)(cid:88)(cid:86)(cid:87)(cid:3) (cid:21)(cid:19)(cid:20)(cid:25)(cid:3) (cid:87)(cid:82)(cid:3) (cid:22)(cid:19)(cid:3) (cid:45)(cid:88)(cid:81)(cid:72)(cid:3) (cid:21)(cid:19)(cid:20)(cid:26)(cid:15)(cid:3) (cid:44)(cid:3) (cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:72)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3) (cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:69)(cid:72)(cid:86)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:80)(cid:92)(cid:3)
(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)(cid:74)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:73)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:29)(cid:3)
(cid:3)
(cid:3)
(cid:68)(cid:12)(cid:3) (cid:49)(cid:82)(cid:3) (cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)
(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)
(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:3)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:3)
(cid:3)
(cid:69)(cid:12)(cid:3) (cid:49)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:70)(cid:82)(cid:71)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:17)(cid:3)
(cid:3)
(cid:55)(cid:75)(cid:76)(cid:86)(cid:3) (cid:71)(cid:72)(cid:70)(cid:79)(cid:68)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:76)(cid:86)(cid:3) (cid:76)(cid:81)(cid:3) (cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:36)(cid:85)(cid:71)(cid:72)(cid:68)(cid:3) (cid:53)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3) (cid:47)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:72)(cid:81)(cid:87)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3) (cid:76)(cid:87)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)(cid:3)
(cid:3)
(cid:3)
(cid:37)(cid:56)(cid:55)(cid:47)(cid:40)(cid:53)(cid:3)(cid:54)(cid:40)(cid:55)(cid:55)(cid:44)(cid:49)(cid:40)(cid:53)(cid:44)(cid:3)(cid:11)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:12)(cid:3)(cid:51)(cid:55)(cid:60)(cid:3)(cid:47)(cid:55)(cid:39)(cid:3)
(cid:3)
(cid:47)(cid:56)(cid:38)(cid:60)(cid:3)(cid:51)(cid:3)(cid:42)(cid:36)(cid:53)(cid:39)(cid:49)(cid:40)(cid:53)(cid:3)
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:3)
(cid:3)
(cid:3)
(cid:51)(cid:72)(cid:85)(cid:87)(cid:75)(cid:3)
(cid:39)(cid:68)(cid:87)(cid:72)(cid:29)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:21)(cid:26)(cid:3)(cid:54)(cid:72)(cid:83)(cid:87)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:26)(cid:3)
Ardea Resources Limited & controlled entities - Annual Report 2017
37
Consolidated Statement of Comprehensive Income
For the period from Incorporation on 17 August 2016 to 30 June 2017
Other income
Employee expenses
Non-Executive Directors’ fees
Insurance expenses
Secretarial fees
Corporate expenses
Depreciation
Rent
Employee costs recharged to capitalised exploration
Other expenses
Loss before income tax
Income tax
Net loss attributable to members of the Consolidated
Entity’s
Other Comprehensive Loss net of tax
Total Comprehensive Loss
Basic earnings/(loss) per share
(cents per share)
Diluted earnings/(loss) per share
(cents per share)
NOTES
2
3
5
14
19
19
2017
$
11,632
211,931
69,200
23,541
55,240
123,650
106,454
38,277
(147,528)
65,263
(534,396)
-
(534,396)
-
(534,396)
(1.68) cents
(1.68) cents
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the Consolidated
Entity’s accompanying notes.
38
Ardea Resources Limited & controlled entities - Annual Report 2017
Consolidated Statement of Financial Position
As at 30 June 2017
NOTES
2017
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment and motor vehicles
Investments
Capitalised mineral exploration expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Provisions
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Share Option Reserve
Accumulated losses
TOTAL EQUITY
6
7
8
9
10
11
12
13(a)
15
14
3,062,719
224,518
2,713
3,289,950
357,446
10,000
9,331,853
9,699,299
12,989,249
353,105
11,992
365,097
365,097
12,624,152
12,482,548
676,000
(534,396)
12,624,152
The above Consolidated Statement of Financial Position should be read in conjunction with the Consolidated Entity’s
accompanying notes.
Ardea Resources Limited & controlled entities - Annual Report 2017
39
Consolidated Statement of Changes in Equity
For the period from Incorporation on 17 August 2016 to 30 June 2017
Notes
Contributed
Equity
Share Option
Reserve
Losses
Total
BALANCE AT 17 AUGUST 2016
Total Comprehensive Income
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
-
-
Shares issued during the period
13(b)
13,400,229
Less share issue costs
Options issued to promotors
BALANCE AT 30 JUNE 2017
(917,681)
-
12,482,548
-
-
-
-
676,000
676,000
-
-
(534,396)
(534,396)
-
-
-
13,400,229
(917,681)
676,000
(534,396)
12,624,152
The above Consolidated statement of changes in equity should be read in conjunction with the Consolidated Entity’s
accompanying notes.
40
Ardea Resources Limited & controlled entities - Annual Report 2017
Consolidated Statement of Cashflows
For the period from Incorporation on 17 August 2016 to 30 June 2017
Cash flows from operating activities
Interest received
Payments to suppliers and employees (inclusive of goods
and services tax)
NOTES
2017
$
11,632
(489,249)
Net cash used in operating activities
20(a)
(477,617)
Cash flows from investing activities
Payments for exploration and evaluation
Proceeds (Payments) for plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from the issue of shares
Costs of shares issued
Net cash provided by financing activities
Net increase (decrease) in cash held
Cash at the beginning of the financial period
Cash at the end of the financial period
(1,208,008)
(109,900)
(1,317,908)
5,104,170
(245,926)
4,858,244
3,062,719
-
3,062,719
The above Consolidated Statement of Cash Flows should be read in conjunction with the Consolidated Entity’s
accompanying notes.
Ardea Resources Limited & controlled entities - Annual Report 2017
41
Notes to the Financial Statements
For the period from Incorporation on 17 August 2016 to 30 June 2017
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in preparing the financial report of the Company, Ardea Resources
Limited and its controlled entities (“Ardea” or “Consolidated Entity”), are stated to assist in a general
understanding of the financial report. These policies have been consistently applied as presented, unless
otherwise indicated.
Ardea Resources Limited is a Company limited by shares incorporated and domiciled in Australia whose shares
are publicly traded on the official list of the Australian Securities Exchange. The financial statements are
presented in Australian dollars which is the Consolidated Entity’s functional currency.
(a)
Basis of Preparation
This general purpose financial report has been prepared in accordance with Australian Accounting
Standards (including Australian Interpretations) adopted by the Australian Accounting Standards Board
and the Corporations Act 2001.
Ardea Resources Limited is a for-profit entity’s for the purpose of preparing the financial statements.
The financial report has been prepared on the basis of historical costs and does not take into account
changing money values or, except where stated, current valuations of non-current assets.
The financial report was authorised for issue by the Directors.
(b)
Use of Estimates and Judgements
The preparation of financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and reported amounts of assets and
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected. None of the
balances reported have been derived from estimates.
(c)
Basis of Consolidation
Controlled Entities
The consolidated financial statements comprise the financial statements of Ardea Resources Limited
and its subsidiaries as at 30 June.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent
company, using consistent accounting policies.
In preparing the consolidated financial statements, all intercompany balances and transactions, income
and expenses and profit and losses resulting from intra-group transactions have been eliminated in full.
The subsidiaries are fully consolidated from the date on which control is transferred to the consolidated
entity and ceases to be consolidated from the date on which control is transferred out of the consolidated
entity.
The acquisition of the subsidiaries have been accounted for using the purchase method of accounting.
The purchase method of accounting involves allocating the cost of the business combination to the fair
value of the assets acquired and the liabilities and contingent liabilities assumed at the date of
acquisition. Accordingly, the consolidated financial statements include the results of the subsidiaries for
the period from their acquisition.
42
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(d)
Income Tax
The income tax expense or revenue for the period is the tax payable on the current period’s taxable
income based on the income tax rate adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to
apply when the assets are recovered or liabilities are settled, based on those tax rates which are
enacted. The relevant tax rates are applied to the cumulative amounts of deductible and taxable
temporary differences to measure the deferred tax asset or liability. An exception is made for certain
temporary differences arising from the initial recognition of an asset or a liability. No deferred asset or
liability is recognised in relation to those temporary differences if they arose in a transaction, other than
a business combination, that at the time of the transaction did not affect either accounting profit or
taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it
is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Current and future tax balances attributable to amounts recognised directly in equity are also recognised
directly in equity.
(e)
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Consolidated Entity and the revenue can be reliably measured. The following specific recognition criteria
must also be met before revenue is recognised:
Interest income
Interest revenue is recognised on a time proportionate basis that takes into account the effective yield
on the financial asset.
(f)
Cash and Cash Equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short term
deposits with an original maturity of three months or less.
For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of
cash and cash equivalents as defined above, which are readily convertible to cash on hand and which
are used in the cash management function on a day-to-day basis.
(g)
Employee Entitlements
Liabilities for wages and salaries, annual leave and other current employee entitlements expected to be
settled within 12 months of the reporting date are recognised in other payables in respect of employees’
services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken
and measured at the rates paid or payable.
Contributions to employee superannuation plans are charged as an expense as the contributions are
paid or become payable.
Ardea Resources Limited & controlled entities - Annual Report 2017
43
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(h)
Property, Plant and equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation and impairment losses.
Property, plant and equipment
Property, Plant and equipment are stated at cost less accumulated depreciation and any impairment in
value.
The carrying values of property, plant and equipment are reviewed for impairment when events or
changes in circumstances indicate the carrying value may not be recoverable.
For an asset that does not generate largely independent cash flows, the recoverable amount is
determined for the cash-generating unit to which the asset belongs.
If any such indication exists where the carrying values exceed the estimated recoverable amount, the
assets or cash generating units are written down to their recoverable amount.
Depreciation
Depreciable non-current assets are depreciated over their expected economic life using either the
straight line or the diminishing value method. Profits and losses on disposal of non-current assets are
taken into account in determining the operating loss for the year. The depreciation rate used for each
class of assets is as follows:
(cid:2)
Plant & equipment
20 - 33%
(i)
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of goods and services tax (“GST”),
except where the amount of GST incurred is not recoverable from the Australian Taxation Office (“ATO”).
In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of
an item of the expense.
Receivables and payables are stated with the amount of GST included. GST incurred is claimed from
the ATO when a valid tax invoice is provided. The net amount of GST recoverable from, or payable to,
the ATO is included as a current asset or liability in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash
flows arising from investing and financing activities which are recoverable from, or payable to, the ATO
are classified as operating cash flows.
(j)
Payables
These amounts represent liabilities for goods and services provided to the Consolidated Entity prior to
the end of the financial period and which are unpaid. The amounts are unsecured and are usually paid
within 30 days of recognition.
(k)
Contributed Equity
Issued capital is recognised as the fair value of the consideration received by the Company.
Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a
reduction of the share proceeds received.
44
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(l)
Exploration and Evaluation Expenditure
Mineral exploration and evaluation expenditure incurred is accumulated in respect of each identifiable
area of interest and is subject to impairment testing. These costs are carried forward only if they relate
to an area of interest for which rights of tenure are current and in respect of which:
(cid:2)
(cid:2)
such costs are expected to be recouped through the successful development and exploitation of
the area of interest, or alternatively by its sale; or
exploration and/or evaluation activities in the area have not reached a stage which permits a
reasonable assessment of the existence or otherwise of economically recoverable reserves and
active or significant operations in, or in relation to, the area of interest are continuing.
In the event that an area of interest is abandoned or if the Directors consider the expenditure to be of
reduced value, accumulated costs carried forward are written off in the year in which that assessment
is made. A regular review is undertaken of each area of interest to determine the appropriateness of
continuing to carry forward costs in relation to that area of interest.
Where a mineral resource has been identified and where it is expected that future expenditures will be
recovered by future exploitation or sale, the impairment of the exploration and evaluation is written back
and transferred to development costs. Once production commences, the accumulated costs for the
relevant area of interest are amortised over the life of the area according to the rate of depletion of the
economically recoverable reserves.
Costs of site restoration and rehabilitation are recognised when the Consolidated Entity has a present
obligation, the future sacrifice of economic benefits is probable and the amount of the provision can be
reliably estimated.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the reporting date, taking into account the risks and uncertainties surrounding the
obligation. Where a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows.
Exploration and evaluation assets are assessed for impairment if:
(cid:2)
(cid:2)
sufficient data exists to determine technical feasibility and commercial viability, and
(ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount.
For the purpose of impairment testing, exploration and evaluation assets are allocated to cash-
generating units to which the exploration activity relates. The cash generating unit shall not be larger
than the area of interest.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area
of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are
first tested for impairment and then re-classified from intangible assets to mining property and
development assets within property, plant and equipment.
(m)
Earnings per Share
Basic earnings per share (“EPS”) are calculated based upon the net loss divided by the weighted
average number of shares. Diluted EPS are calculated as the net loss divided by the weighted average
number of shares and dilutive potential shares.
(n)
Leases
Leases are classified at their inception as either operating or finance leases based on the economic
substance of the agreement so as to reflect the risks and benefits incidental to ownership.
The minimum lease payments of operating leases, where the lessor effectively retains substantially all
of the risks and benefits of ownership of the leased item, are recognised as an expense on a straight-
line basis over the term of the lease.
Ardea Resources Limited & controlled entities - Annual Report 2017
45
Notes to the Financial Statements continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(o)
Share-based payment transactions
The Company provides benefits to employees (including Directors and consultants) of the Consolidated
Entity in the form of share-based payment transactions, whereby employees render services in
exchange for shares or rights over shares (“Equity–settled transactions”).
There is currently a plan in place to provide these benefits being an Employee Share Option Plan
(“ESOP”) which provides benefits to Directors, consultants and senior executives.
The cost of these equity-settled transactions is measured by reference to fair value at the date at which
they are granted. The fair value is determined by an external valuer using the either the Black -Scholes
or Binomial model.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than
conditions linked to the price of the shares of Ardea Resources Limited (“market conditions”).
The cost of equity settled securities is recognised, together with a corresponding increase in equity, over
the period in which the performance conditions are fulfilled, ending on the date on which the relevant
employees become fully entitled to the award (“vesting date”).
Where the Consolidated Entity acquires some form of interest in an exploration tenement or an
exploration area of interest and the consideration comprises share-based payment transactions, the fair
value of the equity instruments granted is measured at grant date. The cost of equity securities is
recognised within capitalised mineral exploration and evaluation expenditure, together with a
corresponding increase in equity.
(p)
Financial risk management
The Board of Directors has overall responsibility for the establishment and oversight of the risk
management framework, to identify and analyse the risks faced by the Consolidated Entity. These risks
include credit risk, liquidity risk and market risk from the use of financial instruments. The Consolidated
Entity has only limited use of financial instruments through its cash holdings being invested in short
term interest bearing securities. The primary goal of this strategy is to maximise returns while
minimising risk through the use of accredited Banks with a minimum credit rating of A1 from Standard
& Poors. The Consolidated Entity has no debt, and working capital is maintained at its highest level
possible and regularly reviewed by the full board.
(q)
New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not mandatory for
30 June 2017 reporting periods, and have not been adopted by the Consolidated Entity. The
Consolidated Entity’s assessment of the impact of these new standards and interpretations is that they
will have no material impact and will only effect disclosure provisions in future full year accounts.
46
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
2.
OTHER INCOME
Other Income
Interest
3.
EXPENSES
2017
$
11,632
Contributions to employees superannuation
plans
Depreciation - Plant and equipment
Provision for employee entitlements
106,454
11,992
4.
AUDITORS’ REMUNERATION
Audit – Butler Settineri (Audit) Pty Limited
Audit and review of the financial statements
2,500
Ardea Resources Limited & controlled entities - Annual Report 2017
47
Notes to the Financial Statements continued
5.
INCOME TAX
No income tax is payable by the Consolidated Entity as it has incurred losses for income tax purposes for the year,
so current tax, deferred tax and tax expense is $Nil.
(a)
Numerical reconciliation of income tax expense to prima facie tax payable
Loss from continuing operations
Tax at the tax rate of 27.5%
Tax effect of amounts which are deductible in
calculating taxable income:
Non-deductible expenses
Other allowable expenditure
Deferred tax asset not brought to account
Income tax expense
(b)
Tax losses
Unused tax losses for which no deferred tax
asset has been recognised
Potential tax benefit at 27.5%
(c) Unbooked Deferred Tax Assets and Liabilities
Unbooked deferred tax assets comprise:
Provisions/Accruals/Other
Tax losses available for offset against future
taxable income
2017
$
(534,396)
(146,959)
(13,492)
-
160,451
-
1,956,501
538,038
11,292
1,956,501
1,968,493
Unbooked deferred tax liabilities comprise:
Capitalised mineral exploration and evaluation
expenditure
9,685,852
(d)
Franking credits balance
The Consolidated Entity has no franking credits available as at 30 June 2017.
6.
OTHER RECEIVABLES
Current
GST recoverable
Bonds and guarantees
7.
OTHER ASSETS
Current
Prepayments
108,239
116,279
224,518
2,713
48
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
8.
PROPERTY, PLANT AND EQUIPMENT
Plant and office equipment
At cost
Accumulated depreciation
Property and buildings
At cost
Accumulated depreciation
Reconciliation
Reconciliation of the carrying amounts for each
class of plant and equipment and Properties and
Buildings are set out below:
Plant and office equipment
Carrying amount at beginning of the period
Additions
Depreciation
Carrying amount at the end of the year
Property and buildings
Carrying amount at beginning of the year
Additions
Depreciation
Carrying amount at the end of the year
9.
INVESTMENTS
Non-Current
Investment in Newamu
2017
$
97,164
(93,719)
3,445
366,735
(12,734)
354,001
357,446
-
97,164
(93,719)
3,445
-
366,735
(12,734)
354,001
10,000
Particulars in relation to the controlled entities
Ardea Resources Limited is the parent entity.
Name of Controlled entity
TriAusMin Pty Ltd ACN 062 002 475
Atriplex Pty Ltd ACN 113 719 207
Yerilla Nickel Pty Ltd ACN 123 249 810
Class of
Shares
Ordinary
Ordinary
Ordinary
Ardea Exploration Pty Ltd ACN 137 889 279
Ordinary
Kalgoorlie Nickel Pty Ltd ACN 137 889 199
Ordinary
Equity Holding
2017
100%
100%
100%
100%
100%
All the above Australian entities were part of the transfer of Assets under the Demerger Implementation
Agreement between Heron Resources Limited and Ardea Resources Limited and transferred into the Ardea
Consolidated group on 17 November 2016.
Ardea Resources Limited & controlled entities - Annual Report 2017
49
Notes to the Financial Statements continued
10.
CAPITALISED MINERAL EXPLORATION
EXPENDITURE
Non-Current
In the exploration phase
Cost brought forward
Exploration Properties purchased
Add: Expenditure incurred during the year (at
cost)
Exploration expenditure written off
2017
$
-
8,300,000
1,031,853
-
9,331,853
The recoupment of costs carried forward is dependent on the successful development and/or
commercial exploitation or alternatively sale of the respective areas of interest.
11.
TRADE AND OTHER PAYABLES
Current (Unsecured)
Trade creditors
Other creditors and accruals
328,841
24,264
353,105
Included within trade and other creditors and accruals is an amount of $187,541 relating to exploration
expenditure.
12.
PROVISIONS
Current
Employee entitlements
11,992
13.
CONTRIBUTED EQUITY
(a)
Ordinary Shares
67,000,747 fully paid ordinary shares
12,482,548
(b)
Share Movements during the Year
2017
Number of
Shares
$
Beginning of the financial period
-
-
New share issues during the period
Shares issued at Incorporation
100
100
Shares issued to Heron (in specie)
41,501,521
8,300,304
IPO shares issued at 20 cents/share
25,499,126
5,099,825
Less costs of issues
-
(917,681)
67,000,747
12,482,548
50
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
13.
CONTRIBUTED EQUITY (Continued)
(c) Unlisted Options
During the financial period and to the date of this report the following options have been issued to
Investors and unrelated parties as follows:
Number of Options on Issue
Exercise Price
12,310,022
25,297,087
25 cents each
77 cents each
Expiry Date
9 February 2020
31 May 2018
The above options represent unissued ordinary shares of the Company under option as at the date of
this report. These unlisted options do not entitle the holder to participate in any share issue of the
Company.
(d)
Share Based Payments
During the financial period there were a number of Share Based payments to Heron Resources (10 million
options) and the Lead Manager and Corporate Advisor (2,310,022 options) refer above. Further details of these
are included under Note 20 (b).
(e)
Terms and Conditions of Contributed Equity
Ordinary Shares
The Company is a public Company limited by shares. The Company was incorporated in Perth, Western
Australia.
The Company’s shares are limited whereby the liability of its members is limited to the amount (if any) unpaid on
the shares respectively held by them.
Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the
Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of shares
held.
Ordinary shares which have no par value, entitle their holder to one vote, either in person or by proxy, at a meeting
of the Company.
The Company’s objectives when managing capital are to safeguard their ability to continue as a going concern,
so that they may continue to provide returns for shareholders and benefits for other stakeholders.
Ardea Resources Limited & controlled entities - Annual Report 2017
51
Notes to the Financial Statements continued
13.
CONTRIBUTED EQUITY (Continued)
(f)
Capital Risk Management
Due to the nature of the Consolidated Entity’s activities, being mineral development and exploration, the
Consolidated Entity does not have ready access to credit facilities, with the primary source of funding being equity
raisings. Therefore, the focus of the Consolidated Entity’s capital risk management is the current working capital
position against the requirements to meet exploration programmes and corporate overheads. The Consolidated
Entity’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a
view to initiating appropriate capital raisings as required. The working capital position of the Consolidated Entity at
30 June 2017 are as follows:
Cash and cash equivalents
Trade and other receivables
Other assets
Trade and other payables
Provisions
Working capital position
14.
ACCUMULATED LOSSES
Accumulated losses at the beginning of the period
Net loss attributable to members
Accumulated losses at the end of the year
15.
RESERVES
Share Option Reserve
Balance at the beginning of the period
Add: Amounts expensed in current period
Balance at the end of the period
2017
$
3,062,719
224,518
2,713
(353,105)
(11,992)
2,924,853
-
534,396
534,396
-
676,000
676,000
Share Option reserve
The share option reserve comprises any equity settled share based payment transactions. The reserve will be
reversed against share capital when the underlying share options are exercised.
16.
RELATED PARTIES
Full remuneration details for Directors and Executives are included in the Directors report where the information
has been audited as indicated. During the current financial period there were no other transactions with Directors
or Executives.
Movement in Shares
The aggregate numbers of shares and options of the Company held directly, indirectly or beneficially by Directors
and Executive Officers of the Consolidated Entity or their personally-related entities are as follows:
2017
Opening
Purchases/(in specie
distribution)
Disposals
30 June
2017
Ordinary Shares
Loyalty Options (1)
30 June 2017
Ms K Law
Mr M Painter
Mr I Buchhorn
Mr R Middlemas
-
-
-
-
500,000
130,000
8,379,098
260,000
-
-
-
-
500,000
130,000
8,379,098
260,000
166,666
43,333
2,793,029
86,666
(1) The Company issued 1 free Loyalty Options for every 3 shares held to all shareholders holding shares 3
months after the float. The Loyalty Options are exercisable any time prior to 31 May 2018 at an exercise
price of 77 cents per option.
52
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
17.
EXPENDITURE COMMITMENTS
(a) Exploration
The Consolidated Entity has certain obligations to perform minimum exploration work on mineral leases held.
These obligations may vary over time, depending on the Consolidated Entity’s exploration programmes and
priorities. As at balance date, total exploration expenditure commitments on tenements held by the Consolidated
Entity have not been provided for in the financial statements and those which cover the following twelve month
period amount to $1,929,580. These obligations are also subject to variations by farm-out arrangements or sale
of the relevant tenements.
(b) Operating Lease Commitments
Total operating lease expenditure contracted
for at balance date but not provided for in the
financial statements, payable:
Not later than one year
Between one and five years
2017
$
89,577
218,153
307,730
The operating lease relates to the Consolidated Entity’s registered office premises in West Perth, which was
entered into on 20 April 2017.
(c) Capital Commitments
The Consolidated Entity had no capital commitments at 30 June 2017.
18.
SEGMENT INFORMATION
The Consolidated Entity operates predominantly in one segment involved in the mineral exploration and
development industry in Australia.
19.
EARNINGS/ (LOSS) PER SHARE
The following reflects the loss and share Data used in
the calculations of basic and diluted earnings/ (loss) per share:
$
2017
Earnings/ (loss) used in calculating basic
and diluted earnings/ (loss) per share
Weighted average number of ordinary shares used in
calculating basic earnings/ (loss) per share:
Effect of dilutive securities
Share options*
Adjusted weighted average number of ordinary shares
used in calculating diluted earnings/ (loss) per share
Basic and Diluted loss per share (cents per share)
*Non-dilutive securities
(534,396)
Number of Shares
2017
31,814,873
-
31,814,873
1.68 cents
As at balance date, 34,389,726 unlisted options which represent potential ordinary shares were not dilutive as
they would decrease the loss per share.
Ardea Resources Limited & controlled entities - Annual Report 2017
53
Notes to the Financial Statements continued
20.
NOTES TO THE STATEMENT OF CASH FLOWS
(a) Reconciliation of the loss from ordinary activities
after income tax to the net cash flows
used in operating activities
Loss from ordinary activities after income tax
Non-cash items:
Depreciation
Change in operating assets and liabilities:
Decrease (Increase) in prepayments
Decrease (Increase) in receivables
Increase in trade creditors and accruals
Increase in employee entitlements
Net cash outflows used in operating activities
2017
$
(534,396)
106,454
(2,714)
(224,518)
165,565
11,992
(477,617)
(b) Non Cash Financing and Investing Activities
During the financial period, the Company issued 41,501,521 fully paid ordinary shares to Heron Resources
Limited, which Heron made and in-specie distribution to its shareholders on a 1 for 10 basis. The shares had a
deemed value of 20 cents each (same as IPO price) and equated to $8,300,304. The Ardea Group received the
holdings in the subsidiary companies with the main assets being the interest in the Lewis Ponds deposit
$4,903,000, and the Kalgoorlie Nickel Project $3,397,304.
In addition Ardea issued 10,000,000 options to Heron Resources Limited exercisable into fully paid ordinary
shares with an exercise price of $0.25 any time prior to 9 February 2020 (3 years from the date of listing on ASX)
which were valued at $560,000 in exchange for Heron paying all the costs of the IPO.
Ardea also issued 2,310,022 options exercisable into fully paid ordinary shares with an exercise price of $0.25
any time prior to 9 February 2020 (3 years from the date of listing on ASX) which were valued at $129,362 to the
Lead Manager and Corporate Advisor to the float.
The Black Scholes valuation methodology has been used to value the options issued during the reporting
period. The following table lists the inputs used to value the options issued.
Number of options
Method adopted
Average volatility (%)
Average risk free interest rate (%)
Average expected life of option (years)
Exercise price
Share price at grant date
Average value per option
12,110,022
Black Scholes
50
2%
3
$0.25
$0.20
$0.056
54
Ardea Resources Limited & controlled entities - Annual Report 2017
Notes to the Financial Statements continued
21.
FINANCIAL INSTRUMENTS
The Consolidated Entity’s activities expose it to a variety of financial risks and market risks. The Consolidated
Entity’s overall risk management program focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the financial performance of the Consolidated Entity.
(a) Interest Rate Risk
The Consolidated Entity’s exposure to interest rate risk, which is the risk that a financial instrument’s value will
fluctuate as a result of changes in market, interest rates and the effective weighted average interest rates on
those financial assets, is not significant. Cash and cash equivalents are the only assets effected and the average
interest rate received is 2.5%.
(b)
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date, is
the carrying amount, net of any provisions for doubtful debts, as disclosed in the balance sheet and in the notes
to the financial statements.
The Consolidated Entity does not have any material credit risk exposure to any single debtor or group of debtors,
under financial instruments entered into by it.
(c) Commodity Price Risk and Liquidity Risk
At the present state of the Consolidated Entity’s operations it has minimal commodity price risk and limited liquidity
risk due to the level of payables and cash reserves held. The Consolidated Entity’s objective is to maintain a
balance between continuity of exploration funding and flexibility through the use of available cash reserves.
(d) Net Fair Values
For assets and other liabilities, the net fair value approximates their carrying value. No financial assets and
financial liabilities are readily traded on organised markets in standardised form. The Consolidated Entity has no
financial assets where the carrying amount exceeds net fair values at balance date.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the
statement of financial position and in the notes to the financial statements.
Ardea Resources Limited & controlled entities - Annual Report 2017
55
Notes to the Financial Statements continued
22.
EMPLOYEE ENTITLEMENTS AND SUPERANNUATION COMMITMENTS
Employee Entitlements
The aggregate employee entitlement liability is disclosed in Note 12.
Superannuation Commitments
The Consolidated Entity contributes to individual employee accumulation superannuation plans at the statutory
rate of the employees’ wages and salaries, in accordance with statutory requirements, to provide benefits to
employees on retirement, death or disability.
Accordingly no actuarial assessments of the plans are required.
23.
CONTINGENT LIABILITIES
There were no material contingent liabilities not provided for in the financial statements of the Consolidated Entity
as at 30 June 2017 other than:
Native Title and Aboriginal Heritage
Native title claims have been made with respect to areas which include tenements in which the Consolidated
Entity has an interest. The Consolidated Entity is unable to determine the prospects for success or otherwise of
the claims and, in any event, whether or not and to what extent the claims may significantly affect the Consolidated
Entity or its projects. Agreement is being or has been reached with various native title claimants in relation to
Aboriginal Heritage issues regarding certain areas in which the Consolidated Entity has an interest.
24.
EVENTS SUBSEQUENT TO BALANCE DATE
There has not arisen since the end of the financial year any item, transaction or event of a material and unusual
nature likely, in the opinion of the Directors of the Consolidated Entity to affect substantially the operations of the
Consolidated Entity, the results of those operations or the state of affairs of the Consolidated Entity in subsequent
financial years except for as follows:
- 3,333,333 Loyalty options issued to Heron Resources on the same terms as the original loyalty options,
exercisable at 77 cents each any time prior to 31 May 2018
- An amount of 115,950 Loyalty Options were exercised after year end and converted into fully paid shares
- A share purchase plan was completed on 30 August 2017 which led to the issue of 6,091,188 shares at 72.5
cents per share to raise $4,414,000
- A placement to sophisticated investors was completed on 21 September 2017 which led to the issue of
7,647,850 shares at 72.5 cents per share to raise $5,544,691.
25.
PARENT COMPANY
(a) Financial Position
Assets
Total current assets
Total non-current assets
Total Assets
Liabilities
Total current liabilities
Total Liabilities
Net Assets
Equity
Issued capital
Reserves
Accumulated losses
Total Equity
Total comprehensive loss for the year
2017
$
3,289,950
9,699,299
12,989,249
365,097
365,097
12,624,152
12,482,548
676,000
(534,396)
12,624,152
534,396
Ardea Resources Limited has not entered into any deed of cross guarantee with its wholly-owned subsidiaries,
had no contingent liabilities at 30 June 2017 and no capital commitments at 30 June 2017.
56
Ardea Resources Limited & controlled entities - Annual Report 2017
Directors’ Declaration
In the opinion of the Directors of Ardea Resources Limited (“the Consolidated Entity”):
(a)
the financial statements and notes, set out on pages 12 to 31, are in accordance with the Corporations Act 2001,
38 to 56
including:
(i)
(ii)
complying with Accounting Standards in Australia and the Corporations Regulations 2001 and other
mandatory professional reporting requirements; and
giving a true and fair view of the financial position of the Consolidated Entity as at 30 June 2017 and of its
performance, as represented by the results of its operations, for the financial period from the date of
incorporation on 17 August 2016 to 30 June 2017.
(b)
there are reasonable grounds to believe that Ardea Resources Limited will be able to pay its debts as and when
they become due and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001 from the Managing
Director and the Company Secretary for the financial period from the date of Incorporation on 17 August 2016 to 30 June
2017.
This declaration is made in accordance with a resolution of the Directors.
Signed at Perth this 27th day of September 2017.
Katina Law
Chair
Ardea Resources Limited & controlled entities - Annual Report 2017
57
Independent Auditor’s Report
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(cid:3)
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(cid:3)
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(cid:3)
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(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:21)(cid:19)(cid:19)(cid:20)(cid:17)(cid:3)
(cid:3)
(cid:37)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:3)
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(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3) (cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3) (cid:76)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)Auditor’s responsibilities
for the audit of the financial report(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:17)(cid:3)
(cid:3)
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(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:17)(cid:3)
(cid:3)
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(cid:3)
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(cid:3)
(cid:3)
(cid:3)
58
Ardea Resources Limited & controlled entities - Annual Report 2017
Independent Auditor’s Report continued
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(cid:11)refer note 10)(cid:3)
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Ardea Resources Limited & controlled entities - Annual Report 2017
59
Independent Auditor’s Report continued
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60
Ardea Resources Limited & controlled entities - Annual Report 2017
Independent Auditor’s Report continued
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(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3) (cid:80)(cid:68)(cid:92)(cid:3) (cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:92)(cid:3) (cid:69)(cid:72)(cid:3) (cid:87)(cid:75)(cid:82)(cid:88)(cid:74)(cid:75)(cid:87)(cid:3) (cid:87)(cid:82)(cid:3) (cid:69)(cid:72)(cid:68)(cid:85)(cid:3) (cid:82)(cid:81)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:69)(cid:79)(cid:72)(cid:15)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:74)(cid:88)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)
(cid:3)
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(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:73)(cid:76)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)
(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3) (cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3) (cid:3) (cid:58)(cid:72)(cid:3) (cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:3) (cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3) (cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3) (cid:76)(cid:81)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:182)(cid:86)(cid:3) (cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:88)(cid:81)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3) (cid:79)(cid:68)(cid:90)(cid:3) (cid:82)(cid:85)(cid:3) (cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:86)(cid:3) (cid:83)(cid:88)(cid:69)(cid:79)(cid:76)(cid:70)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:82)(cid:85)(cid:3) (cid:90)(cid:75)(cid:72)(cid:81)(cid:15)(cid:3) (cid:76)(cid:81)(cid:3) (cid:72)(cid:91)(cid:87)(cid:85)(cid:72)(cid:80)(cid:72)(cid:79)(cid:92)(cid:3)(cid:85)(cid:68)(cid:85)(cid:72)(cid:3) (cid:70)(cid:76)(cid:85)(cid:70)(cid:88)(cid:80)(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:86)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)
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(cid:82)(cid:73)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)
(cid:3)
(cid:53)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)
(cid:3)
(cid:50)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:3)
(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72)(cid:86)(cid:3)(cid:27)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:28)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:182)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:72)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:26)(cid:17)(cid:3)
(cid:3)
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(cid:3)
Responsibilities
(cid:3)
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(cid:3)
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(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:81)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:17)(cid:3)
(cid:3)
(cid:37)(cid:56)(cid:55)(cid:47)(cid:40)(cid:53)(cid:3)(cid:54)(cid:40)(cid:55)(cid:55)(cid:44)(cid:49)(cid:40)(cid:53)(cid:44)(cid:3)(cid:11)(cid:36)(cid:56)(cid:39)(cid:44)(cid:55)(cid:12)(cid:3)(cid:51)(cid:55)(cid:60)(cid:3)(cid:47)(cid:55)(cid:39)(cid:3)
34 and 35
(cid:3)
(cid:47)(cid:56)(cid:38)(cid:60)(cid:3)(cid:51)(cid:3)(cid:42)(cid:36)(cid:53)(cid:39)(cid:49)(cid:40)(cid:53)(cid:3)
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:3)
(cid:3)
(cid:51)(cid:72)(cid:85)(cid:87)(cid:75)(cid:3)
(cid:39)(cid:68)(cid:87)(cid:72)(cid:29)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:21)(cid:26)(cid:3)(cid:54)(cid:72)(cid:83)(cid:87)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:26)(cid:3)
Ardea Resources Limited & controlled entities - Annual Report 2017
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Shareholder Information
The following additional information was applicable at 4 October 2017
1. Distribution of Fully Paid Ordinary Shareholders is as follows:
Size of Holding Number of Holders Shares Held
1 - 1,000 1,476 602,892
1,001 - 5,000 905 2,295,607
5,001 - 10,000 314 2,424,217
10,001 - 100,000 521 15,657,717
100,001 - 92 59,669,436
3,308 80,649,869
a) There were 1,043 shareholders who held less than a marketable parcel.
b) 5,050,551 Fully Paid Ordinary Shares have been classified by ASX as restricted until 9 February 2017.
c) The twenty largest shareholders hold 57.17% of the issued fully paid capital of the Company.
2. Substantial Shareholders of Fully Paid Ordinary Shareholders are as follows:
Holder Number of Shares %
Ian Buchhorn and Associates 8,379,098 10.39
B O’Shannassy and Associates 6,758,025 8.38
Greenstone Management (Delaware) 5,413,166 6.71
3. Voting Rights
In accordance with the Company's constitution, voting rights are on the basis of a show of hands, one vote for every
registered holder and on a poll, one vote for each share held by registered holders.
4. Top 20 Shareholders of Fully Paid Ordinary Shares
Number of Shares %
1 MERRILL LYNCH AUST NOM PL 7,259,426 9.00%
2 GREENSTONE MGNT DELAWARE 5,413,166 6.71%
3 HAZURN PL 5,093,938 6.32%
4 JOSCO PL 5,020,690 6.23%
5 CITICORP NOM PL 4,323,652 5.36%
6 KURANA PL 2,178,346 2.70%
7 SPADARO MARTIN + K 2,157,475 2.68%
8 JONES IWAN + JOYCE C 1,979,588 2.45%
9 B & J O'SHANNASSY MGNT PL 1,737,335 2.15%
10 HSBC CUSTODY NOM AUST LTD 1,495,582 1.85%
11 BNP PARIBAS NOMS PL 1,494,059 1.85%
12 RED PUMA PL 1,106,070 1.37%
13 BNP PARIBAS NOM PL 993,153 1.23%
14 NATIONAL NOM LTD 968,184 1.20%
15 DUPUY OLIVIER + JULIE 924,000 1.15%
16 J P MORGAN NOM AUST LTD 916,017 1.14%
17 HSBC CUSTODY NOM AUST LIM 847,064 1.05%
18 HARRIS MICHAEL ANDREW 777,656 0.96%
19 BUCHHORN PAMELA JEAN 734,459 0.91%
20 DING MARCUS STEVEN 689,671 0.86%
TOTAL 46,109,531 57.17%
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Ardea Resources Limited & controlled entities - Annual Report 2017
Shareholder Information continued
5. Unlisted Options
Number of Options on Issue Exercise Price Expiry Date No. of Holders
12,310,022 a) 25 cents each 9 February 2020 3
25,227,423 77 cents each 31 May 2018 3,198
a) The Unlisted Options are subject to ASX restrictions until 9 February 2019. The largest holder is Heron Resources
Limited with 10,000,000 options held.
6. Share Buy-Backs
There is no current on-market buy-back scheme.
7. Business Objectives
Ardea Resources Limited has used cash and cash equivalents held at the time of listing in a way consistent with its
stated business objectives.
8. Stock Exchanges
The Securities of the Company are not quoted on any other stock exchanges.
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Tenement Schedule as at 30 September 2017
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Ardea New South Wales Projects
EL5583
EL8061
EL8323
EL8532
EL8538
EL8554
15km E of Orange 100 Live 5 EL8555
Gundagai 100 Live EL8556
10km NE of Orange 100 Live EL8557
30km NE of Parkes 100 Live EL8580
22km SW of Wellington 100 Live EL8586
27km SE of Bathurst 100 Live ML0739
5km N of Forbes 100 Live
19km NE of Orange 100 Live
62km W of West Wyalong 100 Live
10km N of Forbes 100 Live
5km N of Gundagai 100 Live
10km N of Forbes 100 Live
Ardea Western Australia Projects
E24/00203 78km NW of Kalgoorlie 100% non gold rights Pending 6 M25/00151 38km E of Kalgoorlie 100 Live
E27/00524 67km NE of Kalgoorlie 100 Live M25/00187 40km E of Kalgoorlie 100 Live
E28/01224 63km NE of Kalgoorlie 100 Live M27/00395 68km NE of Kalgoorlie 100 Live
E29/00889 78km NW of Kalgoorlie 100% non gold rights Live 6 M28/00199 65km NE of Kalgoorlie 100 Live
E29/00934 67km NNW of Kalgoorlie 100 Pending M28/00201 65km NE of Kalgoorlie 100 Live
E29/00941 140km NNW of Kalgoorlie 100 Live M28/00205 66km NE of Kalgoorlie 100 Live
E29/01006 83 km E of Leonora 100 Pending M29/00167 87km NNW of Kalgoorlie 100 Live
E31/01092 140km NNE of Kalgoorlie 100% non gem rights Pending 7 M29/00202 86km NNW of Kalgoorlie 100 Live
E37/01271 60km NW of Laverton 100 Pending M29/00214 100km NNW of Kalgoorlie 100 Live
E37/01272 100km N of Leonora 100 Live M29/00272 77km NNW of Kalgoorlie 100 Live
E37/01273 100km N of Leonora 100 Live M29/00278 74km NNW of Kalgoorlie 100 Live
E37/01274 75km NW of Laverton 100 Pending M29/00423 76km NNW of Kalgoorlie 100 Live
E39/01706 70km NW of Leonora 100 Live M31/00475 129km NE of Kalgoorlie 100% non gem rights Live 4,7
E39/01757 70km NW of Leonora 100 Live M31/00477 129km NE of Kalgoorlie 100% non gem rights Live 4,7
E39/01854 70km NW of Leonora 100 Pending M31/00479 129km NE of Kalgoorlie 100% non gem rights Live 4,7
E39/01954 170km NE of Kalgoorlie 100% non gem rights Pending 8 M31/00483 146km NNE of Kalgoorlie 100% non gem rights Live 4,7
E39/01985 60km NW of Laverton 100 Pending P24/04395 70km NW of Kalgoorlie 100% non gold rights Live 6
E63/01827 10km W of Norseman 100 Pending P24/04396 70km NW of Kalgoorlie 100% non gold rights Live 6
E63/01828 60km ENE of Norseman 100 Pending P24/04400 70km NW of Kalgoorlie 100% non gold rights Live 6
E63/01856 87km NE of Norseman 100 Pending P24/04401 70km NW of Kalgoorlie 100% non gold rights Live 6
E63/01857 80km NE of Norseman 100 Pending P24/04402 70km NW of Kalgoorlie 100% non gold rights Live 6
E70/04804 18km W of Manjimup 100 Pending P24/04403 70km NW of Kalgoorlie 100% non gold rights Live 6
M24/00541 67km NNW of Kalgoorlie 100 Live P24/05235 70km NW of Kalgoorlie 100 Live
M24/00634 78km NW of Kalgoorlie 100% non gold rights Live 1,6 P24/05236 70km NW of Kalgoorlie 100 Live
M24/00660 75km NW of Kalgoorlie 100% non gold rights Live 6 P25/02454 32km E of Kalgoorlie 100 Pending
M24/00663 75km NW of Kalgoorlie 100% non gold rights Live 6 P25/02455 33km E of Kalgoorlie 100 Pending
M24/00664 75km NW of Kalgoorlie 100% non gold rights Live 6 P25/02456 34km E of Kalgoorlie 100 Pending
M24/00665 75km NW of Kalgoorlie 100% non gold rights Live 2,6 P25/02457 35km E of Kalgoorlie 100 Pending
M24/00683 78km NW of Kalgoorlie 100% non gold rights Live 6 P25/02458 32km E of Kalgoorlie 100 Pending
M24/00686 75km NW of Kalgoorlie 100% non gold rights Live 6 P25/02459 33km E of Kalgoorlie 100 Pending
M24/00731 70km NNW of Kalgoorlie 100 Live 3 P25/02460 34km E of Kalgoorlie 100 Pending
M24/00732 70km NNW of Kalgoorlie 100 Live 3 P25/02461 35km E of Kalgoorlie 100 Pending
M24/00744 75km NNW of Kalgoorlie 100 Live P25/02482 33km E of Kalgoorlie 100 Pending
M24/00757 63km NW of Kalgoorlie 100% non gold rights Live 6 P25/02483 33km E of Kalgoorlie 100 Pending
M24/00772 71km NW of Kalgoorlie 100% non gold rights Live 6 P25/02484 34km E of Kalgoorlie 100 Pending
M24/00778 70km NNW of Kalgoorlie 100 Live 3 P29/02265 90km NNW of Kalgoorlie 100 Pending
M24/00797 78km NW of Kalgoorlie 100% non gold rights Live 6 P31/02038 113km NE of Kalgoorlie 100 Live
M24/00915 78km NW of Kalgoorlie 100% non gold rights Live 6 P31/02039 113km NE of Kalgoorlie 100 Live
M24/00916 78km NW of Kalgoorlie 100% non gold rights Live 6 P31/02040 113km NE of Kalgoorlie 100 Live
M24/00973 66km NW of Kalgoorlie 100% non gold rights Pending 6
*Non-gold rights defined as non gold or silver.
Notes:
1. Britannia Gold Ltd retained precious metal rights.
2. Impress Ventures Ltd has a 10% equity free-carried interest to a decision to mine.
3. Placer Dome Australia Limited (Norton Goldfields) retains certain gold rights.
4. Heron previously entered a binding framework agreement with Ningbo Shanshan
Co Ltd, Shanshan had the right to earn a 70% interest in the Yerilla Nickel-Cobalt
Project. The JV ended in May 2011.
5. Finder’s fee to David Timm’s on EL5583 sale transaction or production
commencement ($2M cap).
6. Eastern Goldfields retains gold-silver rights with Heron 10% royalty, Ardea retains
all Ni-Co and non-precious metal rights including PGEs.
7. Ausjade retains tenement ownership and gem mineral rights, Ardea retains Ni-Co
and all non-gem mineral rights.
8. Ausjade retains gem mineral rights, Ardea retains Ni-Co, all non-gem mineral rights
and tenement ownership.
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Ardea Resources Limited & controlled entities - Annual Report 2017
Ardea focusing on the detail...
Vicky and Matt logging core
Intense shearing Lewis Ponds
mineralised zone
XRD analysis of nickel laterite
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