Corporate Directory
Directors
Mathew Longworth, (Non-Executive Chair)
Andrew Penkethman, (Managing Director
and Chief Executive Officer)
Ian Buchhorn, (Executive Director)
Company Secretary and CFO
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
Automic Group
GPO Box 5193
Sydney NSW 2001
Tel:
Tel:
Web: www.automicgroup.com.au
1300 288 664 (within Australia)
+61 2 9698 5414 (international)
Stock Exchange Listing
The Consolidated Entity’s shares are
quoted on the Australian Securities Exchange.
The Home Exchange is Perth.
ASX Code: ARL - ordinary shares
Table of Contents
Chairman’s Letter ...................................1
Activities Report......................................2
Directors’ Report...................................21
Consolidated Statement of
Comprehensive Income ....................32
Consolidated Statement of
Financial Position .............................33
Consolidated Statement of
Changes in Equity ............................34
Consolidated Statement of
Cashflows ........................................35
Notes to the Financial Statements ......36
Directors’ Declaration ..........................50
Independent Auditor’s Report...............51
Shareholder Information .......................55
Tenement Schedule..............................57
Glossary ...............................................60
Photo above – Ardea Geologist Darren Howe inspecting nickel-cobalt mineralisation in goethite dominated drill core from the Goongarrie Hub.
Cover – Aerial imagery of metallurgical testwork drilling in progress at the Highway nickel-cobalt deposit. Note the extensive Great Western
Woodland flora. Back cover – Goethite dominated drill core from the Goongarrie Hub
ABN: 30 614 289 342
Chairman’s Letter to Shareholders 2021
Dear Shareholders,
On behalf of the Board and Executive Management team of Ardea Resources Limited (“Ardea” or the “Company”) I thank
you for your continued support. Our Company has continued systematic focussed operations, despite the COVID-19
pandemic challenges affecting all of us. Ardea continues to monitor the situation and react proactively.
Ardea continues to advance its strategic Eastern Goldfields of Western Australia (WA) project portfolio with a commitment
to Environmental and Social Governance (ESG) principles as an essential part of the way we operate. Your Company places
a priority on our core values of respect, empathy, teamwork, and communication. We continue to apply these values within
our operations communities, particularly the Eastern Goldfields. We have formalised several initiatives such as an Education
Trust which we feel is making a real difference. Minimising carbon emissions and being part of the State of Western
Australia's aspiration of net zero emissions by 2050 is an essential component of all feasibility study work programs.
Our project focus:
1.
2.
3.
Kalgoorlie Nickel Project (KNP) Feasibility Study work streams continue to be accelerated with a focus on
development of the Goongarrie Hub located 70km northwest of the City of Kalgoorlie-Boulder. All project designs and
work practices are predicated on ensuring the Company minimises green-house gas emission per tonne of nickel
equivalent production. In doing so, the Company can ensure responsible sourcing of critical mineral supply, through
sustainable and ethical minerals production. The flowsheet is being optimised with three separate leaching circuits
for specific ore types, designed to minimise the KNP carbon footprint.
Nickel sulphide exploration within KNP tenements for standalone sulphide concentrator production, but also as a
potential adjunct to the High-Pressure Acid Leach (HPAL) flowsheet.
Completion of the Kalgoorlie-focussed gold spin-out, Kalgoorlie Gold Mining (KalGold) with In-Specie share
distribution at nil cost to Ardea Shareholders.
The 2021 highlight is the Mineral Resource Estimate (MRE) updates for the Goongarrie and Highway deposits that have
defined a high grade core of 78 million tonnes at 1.0% nickel and 0.069% cobalt1. These deposits comprise the main
plant feed planned for the Goongarrie Hub.
The Goongarrie resource update also included a maiden scandium component which further demonstrates the projects’
strategic value. A maiden MRE for scandium within the Highway deposit is currently being completed. This is expected to
be an important addition to the Goongarrie Hub mineral inventory and complement the KNP battery minerals strategy, with
scandium mainly being used as an additive to aluminium to help create higher strength, lighter weight material that can be
used in applications such as Electric Vehicle chassis and contribute to increased battery range due to the lighter vehicle
weight.
Encouraging signs of an emerging nickel sulphide discovery at Emu Lake, within the Kalpini Project tenements have been
another highlight, with Emu Lake diamond drill hole AELD0002, confirming a Silver Swan/Kambalda-style komatiite-hosted
basal high-grade nickel sulphide zone above a felsic volcanic footwall contact. Ardea are especially encouraged by the
assay results of 1m @ 4.78% nickel from 366.9m downhole, within a broader zone of 4.8m @ 1.44% nickel2 from 365.9m.
Your Company will continue to consolidate our Eastern Goldfields of WA tenement portfolio to ensure our focus remains on
unlocking the full potential of the KNP battery minerals project, commencing with the Goongarrie Hub.
The achievements and progress made by Ardea in 2021 would not be possible without the ongoing
support of the communities in which we operate, our employees, directors, and service providers.
I would like to thank you all for your ongoing support.
Yours sincerely
Mat Longworth, Chairman
1
2
Ardea ASX releases 15 February 2021 and 16 June 2021.
Ardea ASX release 10 June 2021.
Ardea Resources Limited & controlled entities - Annual Report 2021
1
Activities Report
Environmental, Social and (Corporate) Governance
Ardea and importantly the Original Equipment Manufacturers (OEM) with whom it deals
all operate to ensure Environmental, Social and (Corporate) Governance (ESG)
considerations are at the forefront of the way in which the Company does business and
assesses societal impact. All project designs and work practices are predicated on
ensuring the Company minimises green-house gas emission per tonne of nickel
equivalent production. In doing so, the Company can ensure responsible sourcing of
critical mineral supply, through sustainable and ethical production.
In Ardea’s discussions with potential Strategic Partners, and in the choice of Partner, high
ESG standards are a core and non-negotiable value.
Responsible sourcing of materials, through mechanisms such as mandatory reporting of
CO2 footprints for all batteries sold is essential. Traceability is also being implemented
with raw materials used in batteries that must be procured according to OECD guidelines
for sustainable sourcing. These important considerations are an essential part of the
feasibility study work Ardea is undertaking on the KNP, notably through its Future Batteries
Industry Co-operative Research Centre (FBICRC) membership.
All project development is predicated on minimising carbon emissions and being able to
contribute towards achieving the State of Western Australia's aspiration of net zero
emissions by 2050. The proposed flowsheet (Figure 3) has been modified for CO2
mitigation in the neutralisation circuit through introducing an Atmospheric Leach (AL)
circuit.
Ardea enjoys strong support from the communities in which we operate, primarily the City
of Kalgoorlie-Boulder and the Shire of Menzies, and has a Native Title Agreement in place
for development of the Goongarrie Hub.
Ardea has implemented an Education Trust to help provide educational opportunities for
Indigenous students in the communities within which our operations are based. This is
managed totally independently of Ardea.
The Ardea Team are the Company’s most important asset and comprise over 31% female
participation, all in key management roles. The Company is a strong advocate for gender
equality and fair representation for all community groups. All personnel and their families
are offered complimentary support by a ‘wellbeing’ service provider.
Photos clockwise from top: Ardea’s ESG framework is front and centre of the way the Company does business. The strong support of the
communities in which Ardea operate is essential and Ardea has implemented a number of initiatives to strengthen these relationships. The
Education Trust implemented by Ardea and independently managed, recently approved an initial grant to local Basketballer Noah Hinkley (1) to
support his dream of education and basketball in the USA. Other recipients of Ardea donations are the Goldfields Childcare Centres, Whitlock Street
Centre (2) and the Inner Wheel Club of Kalgoorlie to help them in their project to provide Care Packs to local chemotherapy patients in Kalgoorlie
(3). Ardea’s project designs and work practices are predicated on responsible sourcing of critical mineral supply through sustainable and ethical
production. Some of the vibrant native flora (4-7) of the Goongarrie Hub.
2
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Corporate Objectives
Ardea is a battery minerals Company focused on the development of the Kalgoorlie Nickel Project (KNP). The Company’s
projects are all located within the Eastern Goldfields world-class mineral province of Western Australia, which is the premium
operating jurisdiction in the World with certainty of title demonstrated through 130 years of sustained mineral production
and long-accepted transparent and ethical safety, environmental and operating procedures.
The Company is focussed on:
1.
2.
3.
Sustainable and ethical development of the Goongarrie Hub, which is part of the Kalgoorlie Nickel Project, a globally
significant series of nickel-cobalt-scandium laterite deposits which host the largest nickel-cobalt resource in the
developed world and proven to be amenable to industry-standard hydrometallurgical extraction;
Nickel sulphide and Critical Mineral exploration within KNP tenements aimed at making significant discoveries.
Both disseminated nickel and massive nickel sulphide targets have been defined, with any future production fully
complementary to the nickel laterite strategy; and
Corporate activity, including new tenement applications which complement Company strategy, farm outs and
completing the Kalgoorlie-focussed KalGold spin-out.
The KNP is comprised of a series of major undeveloped nickel-cobalt-scandium laterite deposits, which total 830Mt at
0.71% Ni and 0.046% Co (5.9Mt contained nickel metal, 380kt contained cobalt metal1). Ardea is well placed to provide
essential supplies of sustainably sourced nickel and cobalt, along with other Critical Minerals (notably scandium and the
Rare Earths neodymium, praseodymium, and cerium). All KNP projects are located within 150km of the regional mining
hub of the City of Kalgoorlie-Boulder, Western Australia.
Ardea’s principal focus continues to be the development of the KNP, commencing with the Goongarrie Hub nickel laterite
deposits. However, Ardea’s strategic tenure in the heart of the Eastern Goldfields of Western Australia is also highly
prospective for nickel sulphide which is mined extensively throughout the region.
The nickel sector continues to experience a rapid rise in demand linked to the Lithium Ion Battery (LIB) supply chain as well
as traditional uses such as stainless steel (Figure 1). Current nickel production levels are not expected to keep pace with
demand. It is expected that currently identified laterite and sulphide nickel deposits that can ensure sustainable and ethical
mineral supply will be developed in the years ahead to meet the burgeoning demand.
1
Resource breakdown, last disclosed in Ardea ASX Release 16 June 2021.
Per Goongarrie Expansion Study ASX release, 24 July 2018. All the material assumptions underpinning the forecast financial
information derived from a production target, in the initial public report referred to in rule 5.17 continue to apply and have not materially
changed.
Figure 1: Total primary nickel demand estimate by first use sector from 2020 to 2040 (kt nickel), after Roskill 2020.
Ni kt
6,000
5,000
4,000
3,000
2,000
1,000
0
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Batteries, primary
Stainless, primary
Non-ferrous alloys
Other alloy steels and castings
Plating & Other
Source: Roskill, 2020
Ardea Resources Limited & controlled entities - Annual Report 2021
3
Activities Report continued
Kalgoorlie Nickel Project - Goongarrie Hub
Overview
The Goongarrie Hub is located 70km northwest of the mining city of Kalgoorlie-Boulder and is Ardea’s most advanced
project, within the broader Kalgoorlie Nickel Project (Figure 2). Resources from the Goongarrie and Highway deposits are
planned to be the base load feed for a High-Pressure Acid Leach (HPAL) with supporting Atmospheric Leach (AL) circuit,
the plant being located at Goongarrie South. The resources at Goongarrie South are dominantly the premium goethite style
and extend continuously over 25km of strike. At Goongarrie Hill, 6km north of the planned Goongarrie plant site and
extending over a strike length of 5km, and at Highway, 30km north, extending over a strike length of 6km, the dominant ore
types are magnesium-rich serpentine styles, being suited to AL processing. All Goongarrie Hub resources are located on
granted mining leases with Native Title Agreement in place and tenure 100%-controlled by Ardea.
The project also has mobile coverage and ready access to high quality infrastructure with the Goldfields Highway, rail line
and power infrastructure passing through the project area. There are two port options, these being Kwinana and Esperance,
that are also serviced by the road and rail network which crosses the Goongarrie Hub.
Critically, the KNP is located on the rail connection to the developing battery hub at the Port of Kwinana industrial area
immediately south of Perth. Ardea is engaged with all State and Commonwealth statutory authorities who are coordinating
the push for a downstream battery industry within the State of Western Australia where all the feedstocks, including nickel
and cobalt, are available at the critical scales required.
Figure 2: KNP location and infrastructure plan. Projection GDA94 MGA94 Zone 51.
300,000mE
400,000mE
AUBILS
100km
Kalgoorlie Nickel Project
YERILLA HUB
GHOST ROCKS
BOYCE CREEK
es
Menzies
M
JUMP-UP DAM
HIGHWAY
5
0
k
m
Kalgoorlie
Nickel Project
GOONGARRIE HUB
LAKE REBECCA
KALPINI
Kalgoorlie
Nickel Project
KALPINI HUB
Kalgoorlie
BULONG
Coolgardie
Kalgoorlie
Nickel Project
6,700,000mN
GOONGARRIE
SIBERIA NTH
BLACK RANGE
LEGEND
ARL KNP Tenements
ARL KNP hold mineral rights
Kalgoorlie Gold Mining Spin-Out
Main roads
Railway line
KNP Nickel Laterite Resource
Kambalda
50km
UTM Projection MGA Zone 51
July 2021
4
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Feasibility Programs
Leading HPAL practitioner Mike Miller has been appointed as General Manager Technical Services to lead the KNP
Feasibility Study team. Mike has previously held senior management roles at the Ravensthorpe HPAL operation in southern
WA, and worked on multiple HPAL and AL feasibility and piloting programs.
The KNP is owned 100% by Ardea and the Goongarrie Hub is undergoing a Feasibility Study for a High-Pressure Acid
Leach (HPAL) operation, further supplemented with an Atmospheric Leach (AL) processing operation (Figure 3).
The KNP will initially produce Mixed Hydroxide Product (MHP) and following attainment of steady production, can potentially
produce Precursor Cathode-active Material (PCAM) as an ethical and sustainable supply chain for the Lithium Ion Battery
sector. As part of Ardea’s membership of the FBICRC research group, the Company will evaluate PCAM production.
Ardea’s current Feasibility Study strategy is aimed at adding further value to the development of the Goongarrie Hub and
supporting resources within the KNP. One of the main outcomes has been to optimise plant feed at some 2Mtpa (based on
the 2018 Expansion Study of 2.25Mtpa). The HPAL leach feed grade is expected to exceed 1% nickel for the first 25 years
“life-of-mine”. With the completion of the Goongarrie Line (15 February 2021) and Highway (16 June 2021) resource updates
defining a high-grade core of 78 million tonnes at 1.0% nickel, confirming potential high-grade feed to the AL circuit.
Significant cobalt, scandium and manganese components have also been quantified.
With options available such as developing a second KNP 2Mtpa HPAL train as well as additional AL modules, Ardea is in a
unique position within Australia of having this resource optionality due to the large size and exceptional quality of the nickel
and cobalt resources, facilitating high grading and selective recovery of key geo-metallurgical mineralisation types.
Gap Analysis Study
During the June Quarter 2021, Ardea appointed global consulting engineering firm, Wood, to complete a Gap Analysis Study
(GAS), reviewing and consolidating all KNP feasibility data, including Ardea’s successful Goongarrie Prefeasibility Study
(ASX release 28 March 2018) and Expansion Study (ASX release 24 July 2018). Previous studies by Vale Inco in 2009,
Heron in 2010 and now Ardea in 2017 to 2018 has seen well in excess of A$55 million expended on PFS level programs.
The considerable feasibility work undertaken by Ardea since the 2018 studies were completed, has culminated in the
definition of an enhanced base case flow sheet (Figure 3) being assessed as part of the GAS. The GAS will be completed
in the second half of 2021 and along with metallurgical drilling and planned bench-scale metallurgical testwork, will lock in
a final scope of work to complete the Goongarrie Hub Definitive Feasibility Study.
Photo: Aerial image of Ardea’s Goongarrie Hub.
Photo looking north showing road and rail infrastructure within the project and the
benign semi-arid woodland environment, ideal for project development and rapid revegetation post mining.
Ardea Resources Limited & controlled entities - Annual Report 2021
5
Activities Report continued
Figure 3:
Goongarrie Hub
process flow sheet.
Sulphur
RO
Sulphuric
Acid Plant
Power
Plant
Borefields
Water Treatment Desalinated Water
PROCESS and UTILITIES
Goethite Ore
1. LEACHING
Acid
Sag Mill
Beneficiated Goethite
Saprolite Ore
Pressure Acid Leach (PAL)
Acid
SN Residue
SN Underflow
Neutraliser
(Ni Magnesite)
Sag Mill
Beneficiated Saprolite
Atmospheric Leach
Residue Leach (RL)
Neutraliser
Floc
2. RESIDUES HANDLING
Lime
Tailings
Storage
Tailings
Neutralisation
Air
Primary
Neutralisation
CCDs
3. IMPURITY REMOVAL
Wash Water
MgO
Lime
Neutraliser
Air
Secondary Neutralisation (SN)
To RL
Mixed Hydroxide
Product (MHP)
Scavenger
Precipitation (SP)
Manganese
Removal (MR)
Ni & Co
PRODUCTS
6
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Resource Modelling
During the 2021 financial year the Goongarrie deposits and Highway deposit had updated Mineral Resource Estimates
(MRE) completed.
The combined Mineral Resources at the Goongarrie and Highway deposits that are planned to feed a starter 2Mtpa
processing plant development at the KNP Goongarrie Hub are reported below (Table 1), with an initial focus on the high-
grade resource based on a 0.8% Ni cut-off.
Table 1 - Highway and Goongarrie (ASX release 15 February and June 16, 2021) nickel and cobalt Mineral Resources
using a 0.8% Ni cut-off grade.
Deposit
Resource
Category
Quantity
(Mt)
Nickel
(%)
Cobalt
(%)
Contained
nickel (kt)
Contained
cobalt (kt)
Goongarrie Hub
(GH, GS, BF & SD)
Highway
Combined
Deposits
Measured
Indicated
Inferred
Subtotal
Indicated
Inferred
Subtotal
Measured
Indicated
Inferred
Grand Total
11.0
41.5
7.1
59.6
15.1
3.7
18.8
11.0
56.5
10.8
78.3
1.13
0.97
0.95
1.00
1.01
0.98
1.00
1.13
0.98
0.95
1.00
0.106
0.070
0.051
0.074
0.053
0.053
0.053
0.106
0.066
0.051
0.069
125
404
67
595
152
36
188
125
556
103
784
11.6
29.0
3.6
44.3
8.0
2.0
10.0
11.6
37.1
5.6
54.3
Ardea Resources Limited & controlled entities - Annual Report 2021
7
Resource drilling, logging and sampling
at Highway, Goongarrie Hub.
Activities Report continued
Ardea’s updated 2021 Goongarrie and Highway resource estimates were incorporated with historic KNP resource estimates
compiled by various parties between 2004 and 2009 and signed off to meet JORC-2012 guidelines by Heron Resources in
2013 (refer Table 2 below). The significant observation is that the KNP Goongarrie Hub estimate of 561Mt will be quite
able to supply premium plant feed to a HPAL with AL processing plant located at Goongarrie for multiple decades.
Table 2 – Updated KNP nickel and cobalt Mineral Resources based on a 0.5% Ni cut-off grade
Size
Size
(Mt)
(Mt)
Ni
Ni
(%)
(%)
Co
Co
(%)
(%)
Contained Metal Estimation Details
Contained Metal Estimation Details
Source
Ni (kt) Co (kt) Method
Source
Ni (kt) Co (kt) Method
Camp
Camp
Prospect
Prospect
Goongarrie
Goongarrie South
Highway
Ghost Rocks
Goongarrie Hill
Big Four
Scotia
Resource
Resource
Category
Category
Measured
Indicated
Inferred
Indicated
Inferred
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Goongarrie Subtotal Measured
Indicated
Inferred
Combined
Inferred
Siberia South
Siberia
Siberia North
Black Range
Siberia Subtotal
KNP Goongarrie
Hub
TOTAL
Bulong
Taurus
Bulong East
Bulong East
Bulong Subtotal
Hampton
Kalpini
Hampton Subtotal
KNP Kalpini Hub TOTAL
Yerilla
Jump Up Dam
Boyce Creek
Aubils
KNP Yerilla Hub TOTAL
KNP TOTAL
GRAND TOTAL
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Combined
Measured
Indicated
Inferred
Combined
Inferred
Indicated
Inferred
Indicated
Inferred
Combined
Inferred
Inferred
Indicated
Inferred
Combined
Measured
Indicated
Inferred
Indicated
Inferred
Measured
Indicated
Inferred
Combined
Measured
Indicated
Inferred
Combined
18
82
10
71
21
47
40
29
49
14
12
5
18
253
127
398
81
10
53
9
10
19
144
163
18
272
270
561
14
16
24
16
38
54
75
75
16
114
130
4
42
18
27
49
4
68
68
140
22
357
452
830
0.94
0.71
0.64
0.69
0.67
0.66
0.65
0.60
0.71
0.68
0.71
0.72
0.94
0.69
0.65
0.69
0.65
0.64
0.66
0.67
0.69
0.65
0.66
0.66
0.94
0.69
0.65
0.68
0.84
1.06
0.79
1.06
0.81
0.88
0.73
0.73
1.06
0.76
0.79
0.94
0.78
0.63
0.77
0.70
0.94
0.78
0.68
0.73
0.94
0.72
0.68
0.71
0.085
0.049
0.033
0.038
0.040
0.042
0.037
0.025
0.047
0.043
0.065
0.043
0.085
0.044
0.037
0.044
0.033
0.051
0.043
0.090
0.100
0.070
0.041
0.045
0.085
0.046
0.039
0.044
0.051
0.055
0.053
0.055
0.052
0.053
0.044
0.044
0.055
0.047
0.048
0.048
0.043
0.034
0.058
0.066
0.048
0.049
0.057
0.053
0.079
0.047
0.044
0.046
171
584
61
487
141
312
259
176
346
96
82
37
171
1,758
823
2,753
523
64
352
62
68
126
943
1,070
171
1,885
1,767
3,822
119
169
190
169
309
477
550
550
169
859
1,028
36
324
116
206
346
36
531
462
1,028
207
2,584
3,088
5,879
15
40
3
27
8
20
15
7
23
6
7
2
15
112
47
175
27
5
23
8
10
13
59
73
15
126
107
248
7
9
13
9
20
29
33
33
9
53
62
2
18
6
16
33
2
33
39
74
17
168
199
384
Year
Year
2021
2021
2021
2021
2021
Ardea
Ardea
Ardea
Ardea
Ardea
Snowden 2004
2021
2021
Ardea
Ardea
Ardea
Ardea
Ardea
Ardea
2021
2021
2021
2021
LUC
LUC
LUC
LUC
LUC
OK
LUC
LUC
LUC
LUC
LUC
LUC
OK
OK
OK
OK
OK
Snowden 2004
Snowden 2009
Snowden 2009
2017
2017
HGMC
HGMC
OK
OK
OK
Snowden 2007
Snowden 2004
Snowden 2004
OK
Snowden 2004
OK
OK
OK
OK
OK
Snowden 2008
Snowden 2008
Snowden 2008
Snowden 2009
2008
Heron
Legend: LUC – Local Uniform Conditioning; OK – Ordinary Kriging.
8
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Processing Research and Development - Scandium and Rare Earth Elements
Within Ardea’s KNP tenure the priority Research and Development (R&D) focus continues upon the Critical Minerals
essential for the new age technologies used in limiting carbon emissions, such as the Electric Vehicle (EV), Static Storage
Battery (SSB) and wind-turbine sectors.
Highly-sought Critical Minerals within the KNP lateritic enrichment profile include:
•
•
•
•
•
Nickel-manganese-cobalt (NMC) content in LIB including precursor cathode-active material;
EV electric motor REE magnet metals, most notably Nd-Pr. The KNP also has common Ce, and potential for Dy, La,
Tb.
Scandium for scandium-aluminium lightweight, high-strength fabrication in general and EV chassis in particular;
Vanadium for community-scale and larger SSBs;
Critical Minerals targets at potentially extractable grades identified during KNP R&D include:
o
o
Ba, Cr, Ga, In, Mo, Te, Ti, Sn, W, Y, Zr; and
Extra PGEs - Ru, Rh, Os (due to excessive assay cost, using Pt-Pd as a pathfinder in pulp re-assay).
All of these Critical Minerals can be metallurgically assessed because the HPAL process requires complete dissolution of
goethite nickel-cobalt mineralisation, thereby rendering all contained metals with the designed exception of iron into solution
and thus amenable to recovery. This does not require each of these metals to be in stand-alone economic
concentrations in their own right. Rather, recovery of these by-product metals relies on fully viable nickel and cobalt
recovery, potentially providing significant credits and upside to the project economics.
Critical Minerals research and development is predicated on the Ardea multi-element assay suite used in all sampling
programs. The main R&D focus for the Company continues to be searching the archived Ardea drilling sample pulps for
re-assay for Critical Minerals (notably REE co-products and fertile nickel sulphide multi-element ratios for PGEs).
Table 3 – Goongarrie Indicative scandium and REE intersections associated with nickel laterite mineralisation
(ASX releases 15 February & 16 June 2021).
Pit Area
Drill Hole
Interval
m
Width
m
Ni
%
Co
%
Mn
%
Sc
ppm
Y
ppm
Ce
ppm
La
ppm
Nd
ppm
Pr
ppm
Highway
HWRC0268
4-6
Elsie North
AGSR001
14-18
Pamela Jean
AGSR170
22-24
Patricia Anne
AGSR392
24-26
Patricia Anne
AGSR430
8-14
Pamela Jean
GSDD004
15-21
Pamela Jean
GSRC986
29-32
Canegrass South ABFR012
22-24
Canegrass South ABFR014
26-28
Mavis North
ABFR061
20-28
Mavis South
ABFR164
12-16
2
4
2
2
6
6
3
2
2
8
4
2.40 0.224 0.12
100
250
1230
901
685
193
0.85
0.21
0.98
0.63
0.05
0.24
0.49
0.07
0.11
1.05
0.77
4.60
43
43
52
14
0.66
0.03
0.07
161
0.81
0.04
0.10
8
0.63
0.01
0.13
122
0.51
0.05
0.52
128
14
340
341
135
4
6
968
10
318
32
216
215
1120
260
57
6
72
14
8
447
161
15
4
101
103
110
34
43
7
5
70
12
8
7
110
16
4
75
87
38
1
28
2
2
26
5
0.24
0.05
0.76
0.40
0.07
0.36
37
36
190
315
8
1125
Ardea Resources Limited & controlled entities - Annual Report 2021
9
Activities Report continued
Critical Minerals
Ardea continues to engage with the Commonwealth Critical Minerals Facilitation Office and other State and Federal
agencies. Meetings with various industry groups also continue.
During the year, research continued on the Ardea drill hole data base, defining multiple Critical Minerals REE settings. The
REE enrichment mirrors nickel-cobalt enrichment at the Magnesia Discontinuity within the regolith. The R&D programs
have focussed on HPAL REE recovery (notably neodymium, praseodymium, and cerium) in parallel circuit with scandium
(using Ion Exchange).
An example of the indicative scandium and REE intersections associated with nickel laterite mineralisation within the
Goongarrie and Highway deposits are shown in Table 3. Further work is continuing on other deposits within the KNP to help
determine Critical Mineral potential and the viability of being able to extract these from the HPAL Pregnant Liquor Solution
(PLS) as by-products.
No bench-scale metallurgical test work has as yet been completed on REE mineralisation styles. However, desk-top studies
suggest a compatibility between REE and scandium in terms of potential metallurgical attributes, which would be expected
due to their similar reaction chemistries.
Photos clockwise from top: Mixed hydroxide product produced from a HPAL operation. Battery pack. EV charging.
Ardea geologists Aidan Spilsbury and Darren Howe checking on Goongarrie Hub metallurgical testwork drilling.
10
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Scandium and REEs are expected to be taken into solution in the proposed HPAL processing flowsheet for the KNP and
could be produced as a by-product. Preliminary calculations for the extraction and deportment of the REEs have been
developed and, with testwork support, will be used for the guidance of future investigations. Assessing these options is the
focus of current diamond drilling and metallurgical testwork using samples from Highway, Goongarrie South, and Goongarrie
Hill, being the main deposits comprising the Goongarrie Hub.
FBICRC
The Future Battery Industry Co-operative Research Centre (FBICRC) is an independent research centre where industry,
government and researchers can come together to create the tools, technologies, and skills to grow the role of battery
storage in Australia’s electricity grids, and make Australia a larger downstream player in global battery value chains. FBICRC
research projects will help expand Australia’s battery minerals and chemicals production, develop opportunities for specialist
battery manufacture, support the deployment of batteries to households, communities, and industry, and optimise the circular
economy for the use and re-use of battery systems. Ardea continues to work with the FBICRC team on the following work
streams:
1.
2.
3.
4.
5.
Cathode Precursor Project.
Innovative Nickel-Cobalt Extraction.
Electrochemical testing of Australian battery materials in standard cell formats.
Provenance and Trusted Supply Chains.
Certification and Environmental life Cycle Assessment.
Each one of these work streams is aimed at ensuring high-quality product specifications for the LIB sector and sustainable
and ethical supply from the best-regarded operating jurisdiction in the world, Australia, led by Western Australia.
The FBICRC are currently building a Precursor Cathode Active Material plant at Curtin University in Perth and it is planned
that current drill core material from the Goongarrie Hub will be used to pilot PCAM flowsheets. This initiative is seen
as a natural progression towards the development of KNP resources, as the deposit can be mined to generate nickel, cobalt,
and manganese in the required ratios for PCAM production in a responsible and sustainable manner.
Bench-scale Metallurgy
Diamond drilling commenced at the Goongarrie Hub on 18 July 2021 to obtain test material for bench-scale metallurgical
studies involving HPAL and AL reaction kinetics, PCAM metal recovery, mineralised serpentine neutraliser and Sc-REE
refining. A detailed testwork program has been designed with the samples being sent to a Perth metallurgical laboratory
and supervised by Ardea’s key process team.
Hydrogeology
At Goongarrie, all nickel-cobalt-scandium resources are located on granted mining leases. As such, Ardea has first rights
to any ground water underlying these areas. Past work by Ardea has defined multiple potential water sources with water for
project development expected to be sourced from dedicated bores and conventional open pit dewatering ahead of mining.
Two applications for groundwater extraction licences (GWL) have been submitted to the WA Department of Water and
Environmental Regulation (DWER) to secure this water from tenements already held by Ardea, near the planned Goongarrie
Hub processing plant. The first application is for a draw of 2Gl/a from fractured bedrock and the second application is for a
draw of 1.5Gl/a from palaeo-channel sands.
Both typical Eastern Goldfields saline water and potable water will be required for project development. Ardea’s US-based
nanofiltration R&D testwork has already demonstrated the potential for this technology to be used for softening the HPAL
water feed and for recycling barren process water to reduce both the project’s water consumption and its water evaporation
pond footprint.
Ardea Resources Limited & controlled entities - Annual Report 2021
11
Activities Report continued
Environment and Rehabilitation
All project development within the KNP is aimed at ensuring systematic and rapid rehabilitation, concurrent with operations.
During 2021, studies continued on minimising carbon emissions from KNP development.
The KNP is located within the Great Western Woodlands, the largest and healthiest temperate (Mediterranean climate)
woodland remaining on Earth. The woodlands cover almost 16,000,000 hectares from the Nullarbor Plain in the east to the
Wheatbelt in the west; from Esperance in the south through to the inland mulga country north of Kalgoorlie including the
KNP as a very small component.
The Great Western Woodlands is an exceptionally well-managed “global biodiversity hotspot” with some 3,500 plant species
(half of which are endemic), some 49 mammal species, 14 frog species, 138 reptile species and 215 bird species, all having
flourished alongside world-class mining operations for the last 130 years.
Comprehensive KNP flora and fauna surveys by Vale Inco in 2009 and Ardea in 2017 have confirmed environmental
sustainability within the “temperate dry laterite” ecosystem.
Mine rehabilitation methodology is facilitated through three decades of WA open pit gold mine operations, and the KNP
footprint is minimised through use of mining voids for tailings and mullock (in any event the KNP has a very low strip ratio,
thus minimising mullock generation during mining).
The KNP’s benign and manageable environmental footprint contrasts strongly with many tropical laterite projects. Such
nickel laterite projects that are classified as a “wet tropical laterite” require marine tailings or valley tailings storage with
consequent environmental risk (including seismic thixotropy). Additionally, wet tropical laterite production areas commonly
involve non-restorable rain forest habitat destruction, which is justifiably a total anathema for OECD battery metal end-
users.
Ardea Bulong nickel and gold area M25/151.
The immediate area was subject to intense alluvial dry-blower gold mining in the 1890s and 1930s with total flora denudation.
12
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
WA Nickel Sulphide and Gold projects
Ardea’s extensive and strategic land holding in the Eastern Goldfields of WA covers over 4,300km2 and in addition to the
globally significant KNP nickel-cobalt-scandium resource, is highly prospective for nickel sulphide, Critical Minerals, and
gold.
Ardea Nickel Sulphide Strategy
Ardea’s principal focus continues to be the development of the KNP. However, Ardea’s strategic tenure in the heart of the
Eastern Goldfields of Western Australia is also highly prospective for nickel sulphide which is mined extensively throughout
the region.
The KNP nickel sulphide targets are a valuable asset in a region of multiple nickel sulphide concentrators, with some
constrained by insufficient feed availability.
Ardea controls an extensive holding of ultramafic stratigraphy which hosts the KNP nickel laterite resources (Figure 4). This
same tenure is highly prospective for both Kambalda style komatiite lava flow and Nova-Julimar style intrusive-related nickel
sulphide mineralisation. It is important to note that any nickel sulphide discovery has the potential to be processed
supplementary to laterite mineralisation through the autoclave planned for Goongarrie.
Although sulphides would only be
processed in limited quantities relative to
the lateritic throughput, they have the
added benefit of helping control autoclave
oxidising potential, assisting exothermic
reaction kinetics (reduce autoclave steam
typically
requirement), and
heating
improving overall nickel recoveries. An
additional
that metal
concentrations considered deleterious to
flotation
conventional nickel sulphide
concentrator processing (and that have
historically curtailed development of
several Eastern Goldfields deposits) do not
affect the HPAL process, opening the
possibility of mineral extraction from nickel
sulphide deposits that may otherwise be
overlooked.
bonus
is
During 2021, Ardea’s nickel sulphide work
included diamond drilling at Emu Lake, RC
drilling at Highway and Black Range, and
down-hole
multiple
geophysical programs.
surface
and
Figure 4: Ardea tenement location plan
highlighting tenements and nickel sulphide
prospectivity.
Ardea Resources Limited & controlled entities - Annual Report 2021
13
Activities Report continued
Emu Lake Nickel Sulphide and Gold Prospect
The Kalpini Nickel Project extends over 240km2 and hosts 75Mt at 0.73% nickel and 0.044% cobalt occurring as lateritic
nickel mineralisation (Ardea ASX announcement, 16 June 2021). The leading Ardea nickel sulphide target at Kalpini, Emu
Lake, is located 70km north-east of Kalgoorlie (Figure 4). This strategic tenement package contains an Eastern and Western
Ultramafic belt each with 20km of strike of prospective nickel sulphide ultramafic stratigraphy held 100% by Ardea and
mostly within granted mining leases. The project is located 35km east of the Black Swan Nickel Project, owned by Poseidon
Nickel Ltd, within a comparable parallel komatiite volcanic belt.
Recent Ardea drilling (ASX release 10 June and 13 July 2021) has intersected a semi-massive basal contact nickel sulphide
occurrence in diamond drillhole AELD0002 and returned assays of:
›
›
1.1m @ 4.78% Ni, 0.16% Cu, 0.47g/t Pt, 0.20g/t Pd from 366.9m downhole consisting of semi-massive and matrix-
style nickel sulphides, within a broader zone of:
4.8m @ 1.44% Ni and 0.09% Cu, 0.20g/t Pt, 0.09g/t Pd from 365.9m depth.
This represents one of the best nickel sulphide intercepts historically at Emu Lake (Figure 5) and demonstrates the
prospectivity of this new more westerly ultramafic position that has received little attention in the past. Most previous drilling
has been concentrated on the Binti Main zone to the north and east with historic intersections of remobilised stringers of
nickel sulphide.
Figure 5: Ardea diamond drill hole, AELD0002 showing massive (top) and disseminated (bottom) sulphides and assay results.
Intermediate to felsic
volcanic tuff, porphyritic
Semi-massive and
massive Ni-sulphides
Matrix Ni-sulphides in
orthocumulate ultramafics
Orthocumulate ultramafic -
trace disseminated sulphides
Disseminated Ni-sulphides
in orthocumulate ultramafics
14
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
As shown in the below figure (Figure 6), the stratigraphy is dipping steeply east and has been slightly overturned with the
way-up to the west. Following the AELD0002 intersection, Ardea completed a Mise a la Masse (MALM) geophysical survey,
defining a potential anomaly. A single RC drillhole was completed with results awaited.
Figure 6: Emu Lake cross section looking north showing trace of drill hole, AELD0002, and interpreted geology with the new nickel sulphide
zone on the western ultramafic unit. The MALM anomaly at surface indicates potential for the nickel sulphide horizon to extend to
approximately 150m of the surface.
E
m
0
0
0
,
0
5
250 m R C hole
Proposed
E
m
0
5
2
,
0
5
A EL D 0002
Emu Lake Project
Cross Section
AELD0002
MALM anomaly at
surface in up-dip
position indicates
potential for sulphides
to come within 150m
of the suface
?
250m
100m
LEGEND
Felsic intrusives
Basalt
Massive & disseminated
sulphides
Ultramafic
Black shale
Felsic volcanics
Intermediate volcanics
Mafic intrusive (dolerite)
2
5
0
m
4
3
0
m
?
?
0m
Potential to extend
down dip - based
on DHEM
?
Eastern UM contact
previous focus of
exploration
Basal contact:
1.1m @ 4.78% Ni,
0.16% Cu (366.9m)
within 4.8m @ 1.44% Ni,
0.09% Cu (365.9m)
DHEM modelled plates
for AELD002, with
larger plate being
slightly south of hole
MLEM Surveys
Two anomalies associated with recent surface moving loop electromagnetic (MLEM) surveys are being followed up on the
Eastern Ultramafic unit at Kalpini (see Figure 7 for location). These anomalies have been geophysically modelled as
relatively short strike length conductive plates directly west of the nickel laterite drilling where little surface data exists. The
southern anomaly is associated with a strong copper anomaly in the nickel laterite drilling in this area with results up to
0.13% copper over 2m in two drillholes, 80m apart along strike. Other nickel sulphide targets in the broader Kalpini area
are also shown in Figure 7 and highlight the large number of targets and prospectivity of the Kalpini Project.
Ardea Resources Limited & controlled entities - Annual Report 2021
15
Activities Report continued
Figure 7: Nickel sulphide targets in the Emu Lake and broader Kalpini project area. Showing the two recent MLEM targets on the Eastern
Ultramafic and the location of the recent significant nickel sulphide drilling intercept (AELD0002). MGA Zone 51 projection.
E27/607
Binti North
Surface gossans potential
for deeper targets
E28/1224
M27/395
Binti North
Review MLEM
Anomalies
Binti Main
Thin NiS horizons defined
Further drilling warranted
M27/506
E27/524
Binti South
AELD0002 intercept
New western UM contact
MALM/DHEM/DHMMR
Binti Far South
Existing EM/Geochem
anomalies
0
5
kilometres
UTM Projection MGA Zone 51
Heron Prospect
Review previous EM
Strong surface
anomaly
M28/205
WESTERN
ULTRAMAFIC
Well Central A
Anomalous Cu
Well Central B
Strong Ni/Cu/PGE
surface geochem
6,650,000mN
Well East A - Anomaly 6,644,900N
to west of the main UM - no drilling
or surface geochemistry -
needs field checking
E287/2978
Well East C - Anomaly 6,642,800N
Associated with two lines of drilling with
strong Cu anomalism on the edge
of the eastern UM (to 1350ppm Cu)
Well East F
Elevated Cu/PGEs
No anomalies in
recent MLEM
6,640,000mN
Well East D
Cu in drilling to 1100ppm
No anomalies in
recent MLEM
Well East E
Broad Cu/Ni anomaly
No anomalies in
recent MLEM
E
m
0
0
0
,
0
0
4
M28/199
E
m
0
0
0
,
0
1
4
EASTERN
ULTRAMAFIC
Goongarrie Hub, well serviced by road
and rail insfrastructure
16
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
Bardoc Tectonic Zone Nickel Sulphide
Exploration to unlock the nickel sulphide potential throughout Ardea’s ground holding in the Bardoc Tectonic Zone (BTZ)
continued during 2021 with the assistance of a dedicated nickel sulphide expert. The Company also accelerated research
work with the CSIRO to further assess the ultramafic sequences of the KNP, where nickel sulphide mineralisation, if it exists,
would be located in undrilled fresh rock beneath the lateritic deposits. Using various geochemical markers and re-evaluating
historical geophysical data, new targets are being developed for potential drill testing.
Ardea gold strategy
Nickel laterite by definition will be localised upon crustal-scale Tectonic Zones (TZ), which structures control geological
events from initial olivine komatiite rift volcanism, epiclastic sedimentation, Layered Mafic Complex emplacement, late stage
diorite intrusion and finally through to the late stage crustal convective cells responsible for orogenic gold deposition.
The TZs are exceptional greenfields gold targets. The Bardoc Tectonic Zone (BTZ) is the northern strike continuation of the
Boulder Lefroy TZ, which hosts major gold camps at Kalgoorlie-Boulder (>80Moz gold), New Celebration (3.2Moz) and the
St Ives (6.5Moz).
Despite the obvious gold pedigree of Ardea’s tenure, during the last 23 years it has been solely developed as a nickel-
cobalt laterite project, with ownership and control successively by Heron Resources and then Vale Inco (PFS 2009). There
has been no systematic and modern gold exploration.
With Ardea’s acquisition of the project in 2017, for the first time in two decades, systematic gold evaluation commenced,
through Ardea’s gold and multi-element pathfinder assay suite and detailed geophysical data interpretation to help “see”
through the cover blanket laterite and lake sediments.
In terms of developing a gold exploration model, Ardea’s approach has highlighted the presence of intense deformation,
iron-rich dolerite, and late-stage diorite intrusives within the Goongarrie Hub and other project areas, all the key elements
for significant gold mineralisation within Kalgoorlie-Boulder’s Eastern Goldfields gold province.
The current focus is on simplifying the project portfolio with the proposed spin-out of its Kalgoorlie region gold tenements
into a new Initial Public Offering (IPO) named Kalgoorlie Gold Mining Limited (KalGold).
KalGold will offer existing Ardea shareholders, and new subscribers to the IPO, exposure to a publicly-listed company with
a portfolio of gold exploration assets in the highly gold-prospective Kalgoorlie region of the Eastern Goldfields, WA.
Highlights of the proposed IPO include (ASX release 24 August 2021):
•
•
•
•
Ardea Shareholders to receive an in-specie distribution of 35 million KalGold vendor shares at nil cost, plus
have a priority right to subscribe for KalGold IPO shares.
The capital raise to include the issue of up to 60 million new fully paid ordinary shares in KalGold at an issue price of
$0.20 per share, raising up to $12 million for exploration and development before IPO costs.
A portfolio of 1,077km2 in 73 tenements with multiple gold drill targets within 150km of Australia’s gold capital,
the City of Kalgoorlie Boulder, universally accepted as Australia’s premium gold destination.
Leveraging off an established operations team based in West Kalgoorlie to quickly advance targets post IPO
towards production, notably at Bulong.
Ardea Resources Limited & controlled entities - Annual Report 2021
17
Activities Report continued
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.
3.
4.
Kalgoorlie Nickel Project on 21 October 2013 and 31 July 2014, October 2016, 2016 Heron Resources Annual Report and 6 January 2017.
KNP Cobalt Zone Study on 7 August 2017, PFS 28 March 2018 and Expansion Study 24 July 2018.
Goongarrie Nickel Cobalt Project, Supplementary Prospectuses 10 February 2017, Ardea Annual Report Nov 2017, ASX announcements 28 June 2017, 4 July
2017, 28 August 2017, 14 March 2018, 24 July 2018, 8 October 2018.
Ardea Resources Prospectus November 2016, Ardea Supplementary Prospectuses 6 January 2017, ASX announcements 9 March 2017, 16 March 2017, 26 April
2017.
Ardea Annual Report 2019, 24 October 2019.
Significant gold exploration results from new target at Goongarrie, 26 June 2020.
CSIRO research project commences to define gold behaviour within the critical mineral deposits of the Goongarrie Nickel Cobalt Project, 12 August 2020.
Significant gold in first RC drilling at Aphrodite North, 13 August 2020.
Ardea BTZ gold exploration success at Lady Charlotte, 24 August 2020.
5.
6.
7.
8.
9.
10. Ardea Annual Report 2020, 29 September 2020.
11. Nickel Sulphide Targets within the Ardea Tenement Portfolio including KNP, 30 September 2020.
12.
“Lily Albany” gold discovery confirmed by RC drilling at Aphrodite North, 29 October 2020.
13. High-grade, shallow gold discovery at Zeus, 10m at 13g/t gold, 9 November 2020.
14. Free Milling Gold confirmed for Lily Albany Discovery, 25 November 2020.
15. Ardea commences nickel sulphide core drilling at Emu Lake, 30 November 2020.
16. Tenement Sale and Purchase Agreement signed with Moneghetti Minerals over Bedonia East, 9 February 2021.
17. GNCP High Grade Resource - 60 million tonne at 1.0% Nickel Sustainable Long-life Battery Metal Resource Confirmed, 15 February 2021.
18. Tenement Sale and Purchase Agreement signed with Larvotto Resources over Bedonia West, 26 February 2021.
19. Ardea confirms Nickel Sulphide Drill Target within the Kalgoorlie Nickel Project, 2 March 2021.
20. Emu Lake Nickel Sulphide Target: Diamond Core Drilling Commences, 30 March 2021.
21. Compelling nickel-copper-platinoid sulphide drill target defined at Black Range, 19 April 2021.
22. Basal contact nickel sulphide intersected at Ardea’s Emu Lake, 27 April 2021.
23. KNP Highway and Black Range - Nickel Sulphide Drilling Commences, 21 May 2021.
24. High-grade shallow gold intercepts continue at Lady Charlotte, Goongarrie BTZ, 26 May 2021.
25. CSIRO/Ardea research at Goongarrie BTZ – insights for nickel sulphide and gold targets, 27 May 2021.
26. Kalgoorlie Nickel Project – Feasibility Study Underway, 31 May 2021.
27. Kalgoorlie Nickel Project – Additional Tenure Purchase, 7 June 2021.
28. Semi-massive nickel sulphide intercept at Emu Lake, 10 June 2021.
29. Highway Nickel Deposit - Mineral Resource Estimate, 16 June 2021.
30. BTZ gold update – multiple gold intercepts adjoining the nickel-cobalt deposits, 22 June 2021.
31. Successful A$5.7M Capital Raising to Fund Kalgoorlie Nickel Project Feasibility Work, 28 June 2021.
32. Cleansing notice and Application for quotation of securities, 6 July 2021.
33. Nickel Sulphide Exploration Update - Emu Lake, 13 July 2021.
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 are subject to new work programs,
notably drilling, metallurgy and JORC Code 2012 resource estimation as applicable.
The information in this report that relates to Exploration Results and Resource Estimates for the Goongarrie Nickel Cobalt Project is based on information originally
compiled by previous and current full-time employees of Heron Resources Limited and current full-time employees of Ardea Resources Limited. The Exploration Results,
Resource Estimates 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. Mr Buchhorn owns shares in Ardea.
The exploration and industry benchmarking summaries are based on information reviewed by Andrew Penkethman, who is a Fellow of the Australasian Institute of
Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Penkethman is a full-time employee 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’. Mr Penkethman has
reviewed this press release and consents to the inclusion in this report of the information in the form and context in which it appears. Mr Penkethman owns shares in
Ardea.
18
Ardea Resources Limited & controlled entities - Annual Report 2021
Activities Report continued
ASX CHAPTER 5 COMPLIANCE AND PFS CAUTIONARY STATEMENT
The Company has concluded that it has a reasonable basis for providing the forward-looking statements and forecast financial information included in this announcement.
The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions, including the JORC modifying factors, upon which
the forecast financial information is based are disclosed in this announcement. This announcement has been prepared in accordance with the JORC Code (2012) and
the ASX Listing Rules.
The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors were applied in drawing a
conclusion or making a forecast or projection as reflected in the forward-looking information.
The Goongarrie Nickel Cobalt Project is at the PFS phase and although reasonable care has been taken to ensure that the facts are accurate and/or that the opinions
expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual
results and developments of projects and the scandium market development may differ materially from those expressed or implied by these forward-looking statements
depending on a variety of factors.
A key conclusion of the PFS and Expansion Study, which are based on forward looking statements, is that the Goongarrie Nickel Cobalt Project is considered to have
positive economic potential.
The Mineral Resource used for the PFS was classified under JORC 2012 Guidelines and announced by the Company on 14 March 2018. The cut-off grades adapted
for the PFS are the basis of the production target assumed for the PFS.
The Company believes it has a reasonable basis to expect to be able to fund and further develop the Goongarrie Nickel Cobalt Project. However, there is no certainty
that the Company can raise funding when required.
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 amount of funding required to execute the Company’s programs, 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, 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 news release
Ardea Resources Limited & controlled entities - Annual Report 2021
19
ABN 30 614 289 342
Financial Statements
for the year ended 30 June 2021
20
Ardea Resources Limited & controlled entities - Annual Report 2021
Directors’ Report
The Directors present their report on Ardea Resources Limited and the entities it controlled at the end of and during the
year ended 30 June 2021 (“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:
Mathew Longworth – BSc (Hons) MAusIMM
Non-Executive Chair
Appointed 31 July 2020
Matthew Longworth is a geologist with over 30 years experience across exploration, project evaluation/development,
operations and corporate management. He previously held roles as Exploration Manager, COO and CEO/Managing
Director with Australian listed companies, and mining analyst with a boutique investment fund. In his senior corporate
roles, Mathew led multidisciplinary project evaluation and development teams. Mr Longworth is a member of the
Australasian Institute of Mining and Metallurgy.
Mr Longworth has excellent experience of the key Ardea exploration and development projects, being the Kalgoorlie
Nickel Project (KNP) nickel-cobalt and Bardoc Tectonic Zone gold. Mr Longworth joined Heron Resources in 2003 as
Exploration Manager rising to Managing Director in 2007 to 2011. Mr Longworth applied his intimate knowledge of the
BTZ and broader Eastern Goldfields geology to the KNP to collaborate with Vale Inco in their 2005 to 2009 KNP
feasibility study.
He is currently Chairman of the unlisted Company Greenfields Exploration Limited and was formerly non-executive
Chairman of ASX listed Metalicity Limited (from 1 July 2019 to 18 May 2021) . Mr Longworth has no other public
company directorships.
Andrew Penkethman – BSc, FAusIMM, MAIG
Managing Director and Chief Executive Officer
Appointed Managing Director 5 February 2020 following his appointment as Chief Executive Officer on 1 April
2019
Andrew Penkethman is a resources sector executive and geologist with over 25 years experience in the resources
industry. His technical skills include project evaluation, exploration, discovery, resource development, feasibility study
management, permitting, stake holder engagement and mine development across open pit and underground operations
within Australia and overseas. Commodities experience includes battery minerals, base metals, gold and energy
commodities over a range of geological settings.
Mr Penkethman’s technical expertise is complimented by over 15 years in executive roles with a strong corporate focus
including strategic partner processes, joint venture management, financial modelling, and project acquisition and
divestment. Mr Penkethman has ASX, AIM and TSX equity markets experience. He holds a Bachelor of Science degree
from the University of Wollongong, is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the
Australian Institute of Geoscientists.
He has no other listed public company directorships.
Ian Buchhorn – BSc (Hons), Dipl. Geosci (Min. Econ), MAusIMM
Executive Director
Appointed 17 August 2016
Ian Buchhorn is a Mineral Economist and Geologist with over 40 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 is a Director of Godolphin Resources
Limited (19 June 2019 to present).
Former Directors
Katina Law – B.Com., CPA, MBA, GAICD - Executive Chair appointed 7 November 2016 and resigned 31 July
2020
Wayne Bramwell – BSc, GradDipBus. MSc, GAICD - Non-Executive Director appointed 29 January 2018 and resigned
15 July 2020
Ardea Resources Limited & controlled entities - Annual Report 2021
21
Directors’ Report continued
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 25 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.
PRINCIPAL ACTIVITIES
The principal activities of the Consolidated Entity during the financial period consisted of mineral exploration and
development in Western Australia.
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 2021 of
$2,298,543 (2020 - $2,077,527).
Ardea is a battery minerals Company focused on the development of the Kalgoorlie Nickel Project (KNP). The KNP is
comprised of a series of major undeveloped nickel-cobalt-scandium laterite deposits, which total 830Mt at 0.71% Ni and
0.046% Co (5.9Mt contained nickel metal, 384kt contained cobalt metal – ASX release 16 June 2021). All KNP
projects are located within 150km of the regional mining hub of the City of Kalgoorlie-Boulder, Western Australia.
Western Australia
Kalgoorlie Nickel Project (KNP) and Goongarrie Hub
The key objective for Ardea is developing a nickel-cobalt mining operation at the Goongarrie Hub within the KNP which
produces sustainable and ethical minerals for the rapidly growing Lithium Ion Battery (LIB) supply chain.
The Goongarrie Hub is located 70km northwest of the mining city of Kalgoorlie-Boulder and is Ardea’s most advanced
project, within the broader KNP. Resources from the Goongarrie and Highway deposits are planned to be the base load
feed for a High-Pressure Acid Leach (HPAL) plant with supporting Atmospheric Leach (AL) circuit, located at Goongarrie
South. The resources at Goongarrie South are dominantly the premium goethite style and extend continuously over
25km of strike. At Goongarrie Hill, 6km north of the planned Goongarrie plant site and extending over a strike length of
5km, and at Highway, 30km north, extending over a strike length of 6km, the dominant ore types are magnesium-rich
serpentine styles, being suited to AL processing. All Goongarrie Hub resources are located on granted mining leases
with Native Title Agreement in place and tenure 100%-controlled by Ardea. The KNP resource category breakdown is as
follows:
Resource Estimate for the KNP based on a 0.5 % nickel cut-off. Note that all values have been rounded appropriate to their
deemed accuracy.
Resource Category
Measured
Indicated
Inferred
KNP Total Resources
Quantity
(Mt)
22
357
452
830
Nickel
(%)
0.94
0.72
0.68
0.71
Cobalt
(%)
0.079
0.047
0.044
0.046
Contained
nickel (kt)
207
Contained
cobalt (kt)
17
2,584
3,088
5,879
168
199
384
22
Ardea Resources Limited & controlled entities - Annual Report 2021
Directors’ Report continued
Drilling
During the 2021 financial year, 255 drill holes were completed for 22,114.7m on KNP tenements.
112 air core holes were drilled for 4,243m on a combination of Goongarrie Hub site infrastructure and hydrogeology
targets. 138 reverse circulation holes for 15,762m were drilled on a combination of site infrastructure, nickel sulphide
and gold targets. Five core holes were drilled for 2,109.7m on a combination of site infrastructure, nickel sulphide and
gold targets.
Ardea’s standard multi-element geochemical samples were taken from all drilling completed to maximise knowledge
gained from this drilling, so that the Company can consider all mineral potential, with a priority on nickel and other Critical
Minerals occurring within the KNP.
Metallurgy
Metallurgical drilling is currently in progress at the Goongarrie Hub with significant additional test work planned during
the 2022 financial year as part of ongoing feasibility study work streams. This work will build upon work already
completed such as the successful completion of a pilot plant program which produced high specification Mixed Sulphide
Product and nickel and cobalt sulphate in 2018 for use in cathodes for Electric Vehicle and Static Storage batteries. The
flow sheet has continued to evolve to ensure sustainable and ethical mineral supply and to maximise resource utilisation.
The KNP will initially produce Mixed Hydroxide Product (MHP) and following attainment of steady production, can
potentially produce Precursor Cathode-Active Material (PCAM) for the LIB sector. PCAM production will be assessed
during 2022 as part of Ardea’s membership of the FBICRC.
Approvals
Referral to EPA is linked to completion of the Goongarrie Hub DFS.
Definitive Feasibility Study, Goongarrie Hub
The completion of the Definitive Feasibility Study is linked to the in progress metallurgical test work. Feasibility Study
work completed to date supports a robust project development:
•
•
•
Pre-Feasibility Study, lodged 28 March 2018, based on a production rate up to 1.5Mtpa;
Case
1.0Mtpa
1.5Mtpa
Pre-tax NPV8
A$1.43 billion
A$1.93 billion
Post-tax NPV8
A$1.04 billion
A$1.40 billion
IRR
25 %
25 %
Payback
5.3 years
5.6 years
Expansion Study, lodged 24 July 2018, based on a production rate up to 2.25Mtpa;
Case
2.25Mtpa
Pre-tax NPV8
A$3.1 billion
Post-tax NPV8
A$2.3 billion
IRR
27 %
Payback
5.1 years
As part of the completion of the DFS an updated Ore Reserve will be defined based on the Mineral Resource
Estimate updates completed on the Goongarrie and Highway deposits during 2021, that include a high grade
core of 78 million tonnes at 1.0% nickel and 0.069% cobalt (784kt contained nickel metal, 54kt contained
cobalt metal – ASX release 16 June 2021). This material is planned to be the dominant plant feed to maximise
nickel and cobalt production.
Mineral Resource Estimate for the Goongarrie Hub deposits, Highway and Goongarrie (ASX release 15 February and June 16,
2021) using a 0.8% Ni cut-off grade. Note that all values have been rounded appropriate to their deemed accuracy.
Resource Category
Measured
Indicated
Inferred
KNP Total Resources
Quantity
(Mt)
11.0
56.5
10.8
78.3
Nickel
(%)
1.13
0.98
0.95
1.00
Cobalt
(%)
0.106
0.066
0.051
0.069
Contained
nickel (kt)
125
Contained
cobalt (kt)
11.6
556
103
784
37.1
5.6
54.3
Ardea Resources Limited & controlled entities - Annual Report 2021
23
Directors’ Report continued
CORPORATE AND FINANCIAL POSITION
As at 30 June 2021 the Consolidated Entity had cash reserves of $5.7 million (2020 - $10 million).
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
2021
Cents
(1.84)
(1.84)
2020
Cents
(1.81)
(1.81)
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:
• During the year there were 7,446,811 new shares issued as a Placement to Sophisticated Investors at 47 cents
•
per share to raise funds of $3,500,000;
The Company also completed a successful Share Purchase Plan which resulted in the issue of 2,923,336 new
shares at 47 cents per share to raise funds of $1,373,968;
• Subsequent to the end of the financial year, the Company issued 10,363,637 new shares at 55 cents per share
on 6 July 2021 as a Placement to Sophisticated Investors to raise funds of $5,700,000.
OPTIONS/PERFORMANCE RIGHTS OVER UNISSUED CAPITAL
Unlisted Options
There were no Options issued during the year or on issue at 30 June 2021 (2020 – Nil).
Performance Rights
As at 30 June 2021 there were 4,236,000 Performance Rights on issue. During the year the Company issued 2,610,000
Performance Rights to Directors and Employees under the Ardea Performance Rights Plan that was approved at the
2020 AGM. 2,850,000 Performance Rights lapsed without achieving the hurdle or following employees leaving the
Company. Subsequent to the end of the financial year a further 431,000 Performance Rights have been issued.
24
Ardea Resources Limited & controlled entities - Annual Report 2021
Directors’ Report continued
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:
On 6 July 2021 the company completed an equity raising to institutional and sophisticated investors where the Company
issued 10,363,637 new shares at 55 cents per share to raise funds of $5,700,000.
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.
INFORMATION ON DIRECTORS
As at the date of this report the Directors’ interests in shares and unlisted performance rights of the Consolidated Entity
are as follows:
Director
Title
Mathew Longworth
Andrew Penkethman
Ian Buchhorn
Non-Executive Chair
Appointed on 21 July 2020
Managing Director
Appointed 5 February 2020
Non-Executive Director
Appointed on 17 August 2016
Directors’ Interests in
Ordinary Shares
Directors’ Interests in
Performance Rights
-
123,829
400,000
1,300,000
12,830,585
800,000
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
Mathew Longworth (appointed 31/7/2020)
Andrew Penkethman
Ian Buchhorn
Katina Law (resigned 31/7/2020)
Wayne Bramwell (resigned 3 July 2020)
11
12
12
1
-
11
12
12
1
-
In addition to the above there were 2 Audit Committee Meetings and 1 Remuneration Committee Meeting held with the
full board in attendance at each Meeting.
Ardea Resources Limited & controlled entities - Annual Report 2021
25
Directors’ Report continued
REMUNERATION REPORT
the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendation 8.1 of
Recommendations (4th 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 and Remuneration Committee meetings would be made up of the full board.
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 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 was put in place following the 2017 AGM approval and updated at the 2020 AGM. 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 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 10% per
annum (9.5% up to 30 June 2021) 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 and Performance
Rights 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.
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 and was approved at a maximum of $500,000 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:
(cid:1)
(cid:1)
(cid:1)
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:
(cid:1)
(cid:1)
(cid:1)
Fixed remuneration;
Issuance of unlisted options/performance rights; and
Short term incentive payments.
26
Ardea Resources Limited & controlled entities - Annual Report 2021
Directors’ Report continued
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 Agreements
Mr Andrew Penkethman was appointed as Chief Executive Officer on 1 April 2019 and Managing Director on 5 February
2020 and is employed under an executive services agreement on a salary of $290,000 plus statutory superannuation
and short and long term incentives (increased to $350,000 in June 2021). He was awarded 1,200,000 Performance
Rights in 3 equal tranches by the board on 7 July 2019 under the Employee Share Option Scheme that was approved at
the 2017 AGM, and a further 500,000 Performance Rights following approval at the 2020 AGM. The agreement is
subject to a mutual 3 month notice period.
Mr Ian Buchhorn was appointed as an Executive Director - Technical on 8 September 2017 and is employed under an
executive services agreement on a salary of $330,000 plus statutory superannuation and short and long term incentives
(subsequently reduced to 80%). He was awarded 900,000 Performance Rights in 3 equal tranches that were approved
by shareholders at the 2017 AGM, a further 400,000 Performance Rights approved at the 2019 AGM, and a further
400,000 Performance Rights approved at the 2020 AGM. Of these the first tranche of 300,000 was converted into fully
paid ordinary shares in 2018 after achieving the performance hurdle, and the 2nd and 3rd tranches expired without
achieving the performance hurdle. The balance of 800,000 performance rights remain on issue subject to performance
hurdles. 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:
2020/2021
Directors
M Longworth – Non-Executive Chair (i)
A Penkethman – Managing Director (ii)
I Buchhorn – Executive
K Law – Non-Executive Chair (iii)
W Bramwell – Non-Executive (iv)
Executives
S Middlemas - Company Secretary (v)
2019/2020
Directors
K Law – Executive Chair (iii)
A Penkethman – Managing Director (ii)
I Buchhorn – Executive
W Bramwell – Non-Executive (iv)
Executives
S Middlemas - Company Secretary (v)
Primary
Post Employment
Equity
Compensation
Base
Salary/Fees
$
Bonus
$
Superannuation
Contributions
$
Performance
Rights
$
Total
$
-
45,000
-
-
37,500
70,625
297,250
270,600
33,333
20,000
87,000
128,333
268,000
313,500
57,000
98,250
-
28,238
25,707
-
-
25,460
29,782
3,325
16,495
70,596
72,082
-
-
87,120
441,084
368,389
33,333
20,000
9,065
96,065
59,191
49,953
59,191
40,077
187,524
380,913
402,473
100,402
18,187
116,437
Mr Longworth was appointed Non-Executive Chair on 31 July 2020.
(i)
(ii) Mr Penkethman was appointed CEO on 1 April 2019 and was appointed Managing Director on 5 February 2020.
(iii) Ms Law was appointed Non-Executive Chair on 7 November 2016, and moved into an executive role in July 2018 until February 2019, and resigned
from the board on 31 July 2020. All fees were paid to her Consulting Company Fitzroy Consulting Services.
(iv) Mr Bramwell was appointed as a Non-Executive Director on 29 January 2018 and resigned from the board on 3 July 2020. Fees were paid to his
Consulting Company Sabre Investments from February 2020.
(v) 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 2021.
The Managing Directors cash bonus was paid in June 2021 and represented 90% of the available bonus of $45,000
based on the number of KPIs achieved (the remainder of the bonus lapsed). The KPIs have been updated for 2021/22
in line with operating and market conditions that have been set by the full Board.
Ardea Resources Limited & controlled entities - Annual Report 2021
27
Directors’ Report continued
Performance Rights issued during the current financial period
During the current financial year the Company issued a further 2,610,000 Performance Rights to Directors and
Employees under the Ardea Performance Rights Plan that was approved at the 2020 AGM. The Performance Rights
convert into fully paid ordinary shares for $Nil consideration upon the attainment of the following performance hurdles:
Class ‘D’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$0.60 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 30 November 2021, prior to 31 December 2021.
Class ‘E’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$0.77 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 30 November 2022, prior to 31 December 2022.
Class ‘F’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$0.93 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 30 November 2021, prior to 31 December 2021.
Class ‘G’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater
than $1.12 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or
Executive of the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the
Performance Rights to 30 November 2022, prior to 31 December 2022.
Class ‘H’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$0.77 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 30 November 2022, prior to 31 December 2022.
Class ‘I’ Performance Rights: upon the Company’s Shares reaching a 30 day VWAP which is equal to or greater than
$0.91 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of
the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance
Rights to 30 November 2023, prior to 31 December 2023.
During the financial year 2,085,000 Performance rights lapsed without the hurdle being achieved and a further 765,000
Performance rights lapsed following employees leaving the Company.
Subsequent to year end, there have been a further issue of 431,000 Performance rights that were issued to employees
and consultants of the Company.
The Performance Rights issued during the financial year were valued using a hybrid employee share option pricing
model that simulates the Company’s share price at the expiry date.
The variables used to value the Performance Rights are as follows:
Item
Class D
Class E
Class F
Class G
Class H
Class I
Underlying Security
$0.365
$0.365
$0.69
Exercise Price
Share Price Barrier
Nil
$0.60
Nil
Nil
$0.77
$0.93
$0.69
Nil
$1.12
$0.46
Nil
$0.77
$0.46
Nil
$0.91
Grant Date
2 Jul 19
2 Jul 19
2 Dec 19
2 Dec 19
3 Dec 20
3 Dec 20
Expiration Date
31 Dec 21
31 Dec 22
31 Dec 21
31 Dec 22
31 Dec 22
31 Dec 23
Life of Rights (years)
2.5
Volatility
Risk free rate
100%
1.50%
3.5
100%
1.50%
2
100%
1.50%
3
100%
1.50%
2
100%
1.50%
3
100%
1.50%
The likelihood of achieving each of the Performance hurdles was then considered leading to a value for the Class D
Performance Rights of 17.15 cents (total $169,957), the value of the Class E Performance Rights of 19.72 cents (total
$78,880) the value of the Class F Performance Rights of 31.4 cents (total $157,000) and the value of the Class G
Performance Rights of 36.28 cents (total $181,400), the value of the Class H Performance Rights of 18.27 cents (total
$238,424) and the value of the Class I Performance Rights of 22.08 cents (total $288,144). These values will be
expensed over the life of the Performance rights, and will be reassessed at each audit period to ensure the underlying
assumptions remain, with adjustments to be made with any changing conditions.
28
Ardea Resources Limited & controlled entities - Annual Report 2021
Directors’ Report continued
Other Transactions with Directors
The Company rents office and storage facilities in Kalgoorlie from an entity associated with Executive Director Ian
Buchhorn on normal arms length commercial terms. Total rent paid for the financial year was $75,480, (2020 - $75,525).
The Company uses Indigenous Professional Services Pty Ltd (an entity associated with Non-Executive Chair Katina
Law) to provide HR consulting work on normal arms length commercial terms. Total paid during the financial year was
$2,240 (2020 - $4,000).
Director and KMP Movement in Shares and Performance Rights
The aggregate numbers of shares and performance rights 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:
2021
Mr M Longworth
Mr A Penkethman
Mr I Buchhorn
Ms K Law
Mr W Bramwell
Mr S Middlemas
Opening
-
60,000
12,511,440
1,008,046
10,000
538,046
2020
Ms K Law
Mr A Penkethman
Mr I Buchhorn
Mr W Bramwell
Mr S Middlemas
1,008,046
60,000
11,851,440
-
538,046
Ordinary Shares
Purchases Disposals
Closing
Opening
-
63,829
319,145
-
35,655
-
-
-
123,829
- 12,830,585
-
-
573,701
1,008,046
10,000
-
-
1,200,000
700,000
700,000
425,000
210,000
Issued
Performance Rights(1)
Expired/
Lapsed
-
400,000
300,000
700,000
425,000
150,000
400,000
500,000
400,000
-
-
120,000
Closing
400,000
1,300,000
800,000
-
-
180,000
-
660,000
10,000
1,008,046
-
-
60,000
- 12,511,440
-
10,000
538,046
-
600,000
-
600,000
225,000
300,000
400,000
1,200,000
400,000
200,000
60,000
300,000
-
300,000
-
150,000
700,000
1,200,000
700,000
425,000
210,000
(1) Directors and Staff were issued Performance Rights subject to a number of performance hurdles.
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.
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.
Ardea Resources Limited & controlled entities - Annual Report 2021
29
Directors’ Report continued
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 24th day of September 2021
Signed in accordance with a resolution of the Directors
Mathew Longworth
Non-Executive 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.
2.
3.
4.
5.
6.
7.
8.
9.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
26.
27.
28.
29.
30.
31.
32.
33.
Kalgoorlie Nickel Project on 21 October 2013 and 31 July 2014, October 2016, 2016 Heron Resources Annual Report and 6 January 2017.
KNP Cobalt Zone Study on 7 August 2017, PFS 28 March 2018 and Expansion Study 24 July 2018.
Goongarrie Nickel Cobalt Project, Supplementary Prospectuses 10 February 2017, Ardea Annual Report Nov 2017, ASX announcements 28 June 2017, 4 July 2017,
28 August 2017, 14 March 2018, 24 July 2018, 8 October 2018.
Ardea Resources Prospectus November 2016, Ardea Supplementary Prospectuses 6 January 2017, ASX announcements 9 March 2017, 16 March 2017, 26 April 2017.
Ardea Annual Report 2019, 24 October 2019.
Significant gold exploration results from new target at Goongarrie, 26 June 2020.
CSIRO research project commences to define gold behaviour within the critical mineral deposits of the Goongarrie Nickel Cobalt Project, 12 August 2020.
Significant gold in first RC drilling at Aphrodite North, 13 August 2020.
Ardea BTZ gold exploration success at Lady Charlotte, 24 August 2020.
Nickel Sulphide Targets within the Ardea Tenement Portfolio including KNP, 30 September 2020.
“Lily Albany” gold discovery confirmed by RC drilling at Aphrodite North, 29 October 2020.
High-grade, shallow gold discovery at Zeus, 10m at 13g/t gold, 9 November 2020.
Free Milling Gold confirmed for Lily Albany Discovery, 25 November 2020.
Ardea commences nickel sulphide core drilling at Emu Lake, 30 November 2020.
Tenement Sale and Purchase Agreement signed with Moneghetti Minerals over Bedonia East, 9 February 2021.
GNCP High Grade Resource - 60 million tonne at 1.0% Nickel Sustainable Long-life Battery Metal Resource Confirmed, 15 February 2021.
Tenement Sale and Purchase Agreement signed with Larvotto Resources over Bedonia West, 26 February 2021.
Ardea confirms Nickel Sulphide Drill Target within the Kalgoorlie Nickel Project, 2 March 2021.
Emu Lake Nickel Sulphide Target: Diamond Core Drilling Commences, 30 March 2021.
Compelling nickel-copper-platinoid sulphide drill target defined at Black Range, 19 April 2021.
Basal contact nickel sulphide intersected at Ardea’s Emu Lake, 27 April 2021.
KNP Highway and Black Range - Nickel Sulphide Drilling Commences, 21 May 2021.
CSIRO/Ardea research at Goongarrie BTZ – insights for nickel sulphide and gold targets, 27 May 2021.
Kalgoorlie Nickel Project – Feasibility Study Underway, 31 May 2021.
Kalgoorlie Nickel Project – Additional Tenure Purchase, 7 June 2021.
Semi-massive nickel sulphide intercept at Emu Lake, 10 June 2021.
Highway Nickel Deposit - Mineral Resource Estimate, 16 June 2021.
BTZ gold update – multiple gold intercepts adjoining the nickel-cobalt deposits, 22 June 2021.
Successful A$5.7M Capital Raising to Fund Kalgoorlie Nickel Project Feasibility Work, 28 June 2021.
Cleansing notice and Application for quotation of securities, 6 July 2021.
Nickel Sulphide Exploration Update - Emu Lake, 13 July 2021.
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 are subject to new work programs, notably drilling, metallurgy and JORC Code 2012
resource estimation as applicable.
The information in this report that relates to Exploration Results and Resource Estimates for the Goongarrie Nickel Cobalt Project is based on information originally compiled by previous and
current full-time employees of Heron Resources Limited and current full-time employees of Ardea Resources Limited. The Exploration Results, Resource Estimates 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. Mr Buchhorn owns shares in Ardea.
The exploration and industry benchmarking summaries are based on information reviewed by Andrew Penkethman, who is a Fellow of the Australasian Institute of Mining and Metallurgy and
a Member of the Australian Institute of Geoscientists. Mr Penkethman is a full-time employee 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’. Mr Penkethman has reviewed this press release and consents to the inclusion in this report of the information in
the form and context in which it appears. Mr Penkethman owns shares in Ardea.
30
Ardea Resources Limited & controlled entities - Annual Report 2021
Auditor’s Independence Declaration
(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:92)(cid:72)(cid:68)(cid:85)(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:21)(cid:20)(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: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:92)(cid:72)(cid:68)(cid:85)(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:23)(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:21)(cid:20)(cid:3)
Ardea Resources Limited & controlled entities - Annual Report 2021
31
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2021
NOTES
2021
2020
Other income
Employee expenses
Insurance expenses
Secretarial fees
Corporate expenses
Computer support services
Depreciation
Rent
Share Based Payments
Write-off of Exploration Expenditure
Revaluation of Investments
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)
2
3
5
14
19
19
$
188,219
$
245,805
2,332,968
2,446,680
51,650
79,590
278,289
86,104
92,089
106,017
243,640
423,675
985,920
(2,461,488)
268,308
51,918
86,190
222,966
86,180
125,187
110,522
341,625
2,216,045
(1,043,613)
(2,573,237)
252,869
(2,298,543)
(2,077,527)
-
-
(2,298,543)
(2,077,527)
-
-
(2,298,543)
(2,077,527)
(1.84) cents
(1.81) cents
(1.84) cents
(1.81) cents
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the Consolidated
Entity’s accompanying notes.
32
Ardea Resources Limited & controlled entities - Annual Report 2021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
NOTES
2021
$
2020
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Lease Assets
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment and motor vehicles
Investments
Lease Assets
Capitalised mineral exploration expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Lease Liabilities
Provisions
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease Liabilities
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Share Based Payment Reserve
Accumulated losses
TOTAL EQUITY
6
6A
7
8
9
6A
10
11
6A
12
6A
5,689,762
1,025,238
51,787
19,027
10,006,059
362,045
69,050
18,984
6,785,814
10,456,138
35,153
1,326,055
-
27,954,447
29,315,655
36,101,469
361,975
51,787
398,308
812,070
-
-
812,070
121,113
2,371,976
51,788
20,496,211
23,041,088
33,497,226
412,870
69,050
261,043
742,963
51,788
51,788
794,751
35,289,399
32,702,475
13(a)
15
14
41,328,919
4,172,819
(10,212,339)
35,289,399
36,685,870
3,930,401
(7,913,796)
32,702,475
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 2021
33
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2021
Notes
Contributed
Equity
$
Share Based
Payment
Reserve
$
Losses
Total
$
$
BALANCE AT 30 JUNE 2019
39,897,118
3,588,776
(5,836,269)
37,649,625
Total Comprehensive Income
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
-
Shares issued during the year
13(b)
2,788,752
Return of Capital – Godolphin Resources
13(b)
(6,000,000)
-
-
-
(2,077,527)
(2,077,527)
-
-
-
2,788,752
(6,000,000)
341,625
Performance Rights issued to staff
BALANCE AT 30 JUNE 2020
-
341,625
36,685,870
3,930,401
(7,913,796)
32,702,475
BALANCE AT 30 JUNE 2020
36,685,870
3,930,401
(7,913,796)
32,702,475
Total Comprehensive Income
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Shares issued during the year
Less share issue costs
Performance Rights issued to staff
BALANCE AT 30 JUNE 2021
-
13(b)
13(b)
4,873,969
(230,920)
-
-
-
-
242,418
(2,298,543)
(2,298,543)
-
-
-
4,873,969
(230,920)
242,418
41,328,919
4,172,819
(10,212,339)
35,289,399
The above Consolidated statement of changes in equity should be read in conjunction with the Consolidated Entity’s
accompanying notes.
34
Ardea Resources Limited & controlled entities - Annual Report 2021
CONSOLIDATED STATEMENT OF CASHFLOWS
For the year ended 30 June 2021
Cash flows from operating activities
Interest received
Other Income
Payments to suppliers and employees (inclusive of goods
and services tax)
NOTES
2021
$
2020
$
62,089
146,851
170,889
50,000
(763,614)
(311,896)
Net cash used in operating activities
20(a)
(554,674)
(91,007)
Cash flows from investing activities
Payments for exploration and evaluation
Research and development refund received
Proceeds (Payments) for investments
Proceeds (Payments) for plant and equipment (net)
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
(9,578,518)
(5,651,379)
1,040,381
1,969,264
139,594
(6,129)
(203,063)
5,196
(8,404,672)
(3,879,982)
4,874,002
2,788,753
(230,953)
-
4,643,049
2,788,753
(4,316,297)
(1,182,236)
10,006,059
11,188,295
5,689,762
10,006,059
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 2021
35
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
y
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 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. The only
significant estimate in the financial report is the R&D incentive rebate accrued which is based on
management’s estimate of the eligible expenditure incurred in the year.
(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 2021.
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.
36
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 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 2021
37
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 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 and Motor Vehicles
Property, Plant and equipment, and Motor Vehicles are stated at cost less accumulated depreciation
and any impairment in value.
The carrying values of property, plant and equipment and Motor Vehicles 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:
•
Plant & equipment and Motor Vehicles
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.
38
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 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:
•
•
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:
•
•
(i) 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)
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.
Ardea Resources Limited & controlled entities - Annual Report 2021
39
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(o)
Leases
The Group as lessee
At inception of a contract, the Group assesses if the contract contains a lease or is a lease. If there is a
lease present, a right-of-use asset and a corresponding lease liability are recognised by the Group
where the Group is a lessee. However, all contracts that are classified as short-term leases (i.e. a
lease with a remaining lease term of 12 months or less) and leases of low-value assets are recognised
as an operating expenses on a straight-line basis over the term of the lease.
Initially the lease liability is measured at the present value of the lease payments still to be paid at the
commencement date. The lease payments are discounted at the interest rate implicit in the lease. If
this rate cannot be readily determined, the Group uses the incremental borrowing rate. All lease
payments are included in the measurement of the lease liability.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease
payments made at or before the commencement date and any initial direct costs. The subsequent
measurement of the right-of-use assets is at cost less accumulated depreciation and impairment
losses.
Right-of-use assets are depreciated over the lease term or useful life of the underlying asset,
whichever is the shortest.
(p)
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 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.
40
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
(q)
Financial instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Company becomes a party to the
contractual provisions of the financial instrument, and are measured initially at fair value adjusted by
transactions costs, except for those carried at fair value through profit or loss, which are measured
initially at fair value. Subsequent measurement of financial assets and financial liabilities are
described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial
asset expire, or when the financial asset and all substantial risks and rewards are transferred. A
financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement of financial assets
Financial assets at fair value through profit and loss are limited to holdings of listed securities and are
valued based on the quoted share price at the relevant reporting date with the associated changes in
fair value through profit and loss.
Other financial assets are measured at amortised cost.
Classification and measurement of financial liabilities
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction
costs unless the Company designated a financial liability at fair value through profit or loss.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported
in profit or loss are included within finance costs or finance income.
(r)
New accounting standards and interpretations
Certain new accounting standards and interpretations have been published that are not mandatory for
30 June 2021 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.
Ardea Resources Limited & controlled entities - Annual Report 2021
41
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
2.
OTHER INCOME
Interest
Other Income
3.
EXPENSES
2021
2020
$
$
41,368
162,238
146,851
188,219
83,567
245,805
Contributions to employees superannuation
plans
Depreciation - Plant and equipment
188,781
92,089
178,263
125,187
Provision for employee entitlements
101,248
44,663
4.
AUDITORS’ REMUNERATION
Audit – Butler Settineri (Audit) Pty Limited
Audit and review of the financial statements
28,494
26,533
5.
INCOME TAX
No income tax is payable by the Consolidated Entity as it has carry forward 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
(2,298,544)
(2,077,527)
Tax at the tax rate of 26% (2020 - 27.5%)
(597,622)
(571,320)
Tax effect of amounts which are deductible in
calculating taxable income:
Non-deductible expenses/gains
63,476
1,744,319
Other allowable expenditure/income
(91,284)
(83,848)
Deferred tax asset not brought to account
Income tax expense
625,430
(1,089,151)
-
-
(b)
Tax losses
Unused tax losses for which no deferred tax
asset has been recognised
Potential tax benefit at 26% (2020 - 27.5%)
19,057,370
11,543,528
4,954,916
3,174,470
(c) Unbooked Deferred Tax Assets and Liabilities
Unbooked deferred tax assets comprise:
Provisions/Accruals/Other
348,942
245,694
Tax losses available for offset against future
taxable income
Unbooked deferred tax liabilities comprise:
Capitalised mineral exploration and evaluation
expenditure
(d)
Franking credits balance
19,057,370
11,543,528
19,406,312
11,789,222
32,039,829
14,779,208
The Consolidated Entity has no franking credits available as at 30 June 2021.
42
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
6.
OTHER RECEIVABLES
Current
GST recoverable
Bonds and guarantees
R&D Receivable
Interest Receivable and Other
6A.
LEASE ASSETS & LIABILITIES
Current
Lease Assets
Lease Liabilities
Non-Current
Lease Assets
Lease Liabilities
2021
$
2020
$
22,486
41,000
-
900,000
102,752
1,025,238
51,787
51,787
-
-
-
300,000
21,045
362,045
69,050
69,050
51,788
51,788
The Company has capitalised the lease on its West Perth office – the lease has a fixed term of 1 remaining
year and is not subject to any rent increases. Consequently the accounting treatment has the equal and
opposite asset and liability values to put on the balance sheet.
7.
OTHER ASSETS
Current
Prepayments
8.
PROPERTY, PLANT AND EQUIPMENT
Plant and office equipment
At cost
Accumulated depreciation
Motor Vehicles
At cost
Accumulated depreciation
Property and buildings
At cost
Accumulated depreciation
19,027
18,984
274,483
268,324
(274,483)
(234,631)
-
33,693
209,068
209,068
(173,915)
(121,648)
35,153
87,420
-
-
-
-
-
-
35,153
121,113
Ardea Resources Limited & controlled entities - Annual Report 2021
43
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
8.
PROPERTY, PLANT AND EQUIPMENT (continued)
Reconciliation
Reconciliation of the carrying amounts for each class of plant and equipment and Properties and
Buildings are set out below:
2021
$
2020
$
Plant and office equipment
Carrying amount at beginning of the period
Additions
Depreciation
Carrying amount at the end of the year
Motor Vehicles
Carrying amount at beginning of the year
Disposals
Depreciation
Carrying amount at the end of the year
Property and buildings
Carrying amount at beginning of the year
Disposals
Carrying amount at the end of the year
9. INVESTMENTS
Non-Current
Investment in Unlisted Company
Unlisted Options in Listed Company (1)
Investment in Listed Entities (2)
33,693
6,129
(39,822)
-
87,420
-
(52,267)
35,153
86,487
19,804
(72,598)
33,693
166,799
(22,831)
(56,548)
87,420
-
-
-
364,946
(364,946)
-
-
10,000
1,004,390
1,004,390
321,665
1,357,586
1,326,055
2,371,976
1. The Company received 15 million Unlisted Options exercisable at 25 cents any time prior to 31
December 2022 in Godolphin Resources Limited as part of the spin-out of the NSW assets.
These have been valued using a Black Scholes model as at 30 June 2020/2021.
2. Shares in Listed Entities are valued at the closing share price on ASX at 30 June 2021.
Particulars in relation to the controlled entities
Ardea Resources Limited is the parent entity.
Name of Controlled entity
Atriplex Pty Ltd ACN 113 719 207
Yerilla Nickel Pty Ltd ACN 123 249 810
Class of
Shares
Ordinary
Ordinary
Ardea Exploration Pty Ltd ACN 137 889 279
Ordinary
Kalgoorlie Nickel Pty Ltd ACN 137 889 199
Ordinary
Kalgoorlie Gold Mining Pty Ltd ACN 645 666 1641 Ordinary
Equity Holding
2021
100%
100%
100%
100%
100%
2020
100%
100%
100%
100%
-
1. The Company incorporated Kalgoorlie Gold Mining Pty Ltd on 5 November 2020 and it was converted to
Kalgoorlie Gold Mining Limited on 22 July 2021 in preparation for a proposed IPO in late 2021. It had no
activity and was dormant as at 30 June 2021.
44
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
10.
CAPITALISED MINERAL EXPLORATION
EXPENDITURE
Non-Current
In the exploration phase
Cost brought forward
2021
$
2020
$
20,496,211
24,461,802
Add: Expenditure incurred during the year (at
cost)
9,512,317
5,634,199
Less Godolphin Spinout tenements
-
(6,693,655)
R&D Refund received/receivable
(1,630,406)
(690,090)
Exploration expenditure written off
(423,675)
(2,216,045)
27,954,447
20,496,211
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.
Included in the capitalised mineral exploration expenditure above is an amount of $10,059,770 relating to the
company’s assets in gold projects in Kalgoorlie which are being considered for disposal by the consolidated
entity to a new company, Kalgoorlie Gold Mining Limited, by means of an IPO process. These assets have
not been reclassified as held-for-sale as the potential disposal is subject to shareholder approval and a
successful capital raising under the IPO Process.
11.
TRADE AND OTHER PAYABLES
Current (Unsecured)
Trade creditors
Other creditors and accruals
335,975
26,000
361,975
388,870
24,000
412,870
Included within trade and other creditors and accruals is an amount of $245,075 (2020 - $321,301) relating to
exploration expenditure.
12.
PROVISIONS
Current
Employee entitlements
398,308
261,043
13.
CONTRIBUTED EQUITY
(a)
Ordinary Shares
2021
2020
$ $
127,670,582 (2020 - 117,300,435) fully paid
ordinary shares
41,328,919
36,685,870
(b)
Share Movements during the Year
2021
2020
Number of
Shares
$
Number of
Shares
$
Beginning of the financial period
117,300,435
36,685,870
106,145,424
39,897,118
New share issues during the period
Placement and SPP at 47c/share
10,370,147
4,873,969
IPO Options exercised at 25c/share
Godolphin Return of Capital
Less costs of issue
-
-
-
-
-
(230,920)
11,155,011
2,788,752
-
(6,000,000)
-
127,670,582
41,328,919
117,300,435
36,685,870
Ardea Resources Limited & controlled entities - Annual Report 2021
45
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
13.
CONTRIBUTED EQUITY (Continued)
(c) Unlisted Options
There were no options on issue during the year ended 30 June 2021 (2020 – Nil)
(d)
Share Based Payments
During the current financial year there were a number of Share Based payments made to Directors and
Employees with 2,610,000 Performance Rights, (2020 – 2,941,000) issued during the period and there were
2,850,000 Performance Rights (2020 – 1,685,000) that lapsed. There were no shares issued during the period
from the conversion of Performance Rights (2020 – Nil). Subsequent to year end there have been a further
431,000 Performance Rights issued on 28 July 2021.
(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.
(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 2021 are as follows:
Cash and cash equivalents
Trade and other receivables
Other assets
Trade and other payables
Provisions
Working capital position
14.
ACCUMULATED LOSSES
2021
2020
$
5,689,762
10,006,059
1,025,238
362,045
19,027
18,984
(361,976)
(412,870)
(398,308)
(261,043)
5,973,743
9,713,175
Accumulated losses at the beginning of the period
7,913,796
5,836,269
Net loss attributable to members
2,298,543
2,077,527
Accumulated losses at the end of the year
10,212,339
7,913,796
46
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 continued
15.
RESERVES
Share Based Payment Reserve
Balance at the beginning of the period
Add: Amounts expensed in current period
Balance at the end of the period
2021
$
2020
$
3,930,401
3,588,776
242,418
341,625
4,172,819
3,930,401
Share Option reserve
The share option reserve comprises any equity settled share based payment transactions.
16.
RELATED PARTIES
Full remuneration and other transaction details for Directors and Executives are included in the Directors report
where the information has been audited as indicated.
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 $3,992,500 (2020 - $3,440,447). These obligations are also subject to
variations by farm-out arrangements or sale of the relevant tenements.
(b) Capital Commitments
The Consolidated Entity had no capital commitments at 30 June 2021.
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:
$ $
2021
2020
Earnings/ (loss) used in calculating basic
and diluted earnings/ (loss) per share
(2,298,543)
(2,077,527)
Number of Shares
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
125,103,443
114,207,455
_-
-
125,103,443
114,207,455
Basic and Diluted loss per share (cents per share)
1.84 cents
1.81 cents
*Non-dilutive securities
As at balance date, 4,236,000 performance rights which represent potential ordinary shares were not dilutive as
they would decrease the loss per share.
Ardea Resources Limited & controlled entities - Annual Report 2021
47
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 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
(2,298,543)
(2,077,527)
2021
$
2020
$
Non-cash items:
Depreciation
Exploration Writedowns
Revaluation of Investments
Profit on sale of Investments
Accrued Interest
Performance Rights
Change in operating assets and liabilities:
Decrease (Increase) in prepayments
Decrease (Increase) in receivables
Increase in trade creditors and accruals
Increase in employee entitlements
92,089
125,187
423,675
2,216,045
985,920
(1,043,613)
(79,593)
20,721
-
8,650
242,418
341,625
(43)
(3,540)
(83,915)
299,318
41,350
101,247
(1,815)
44,663
Net cash outflows used in operating activities
(554,674)
(91,007)
(b) Non Cash Financing and Investing Activities
Full details of the Non Cash impact of the Performance Rights has been disclosed in the Remuneration Report.
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 0.27% (2020: 1.12%).
(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, and hence no credit loss allowance is required.
(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.
48
Ardea Resources Limited & controlled entities - Annual Report 2021
NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2021 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 2021 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 negotiated 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 the following:
On 6 July 2021 the company completed an equity raising to institutional and sophisticated investors where the
Company issued 10,363,637 new shares at 55 cents per share to raise funds of $5,700,000.
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
2021
$
6,785,814
29,315,655
36,101,469
812,070
812,070
35,289,399
41,328,919
4,172,819
(10,212,339)
35,289,399
2020
$
10,502,298
23,082,099
33,584,397
881,922
881,922
32,702,475
36,685,870
3,930,401
(7,913,796)
32,702,475
Total comprehensive loss for the year
2,298,543
2,077,527
Ardea Resources Limited has not entered into any deed of cross guarantee with its wholly-owned subsidiaries,
had no contingent liabilities at 30 June 2021 and no capital commitments at 30 June 2021.
Ardea Resources Limited & controlled entities - Annual Report 2021
49
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 21 to 49, are in accordance with the Corporations Act 2001,
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 2021 and of its
performance, as represented by the results of its operations, for the financial year to 30 June 2021.
(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 year to 30 June 2021.
This declaration is made in accordance with a resolution of the Directors.
Signed at Perth this 24th day of September 2021.
Mathew Longworth
Chairman
50
Ardea Resources Limited & controlled entities - Annual Report 2021
Independent Audit Report
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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)
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(cid:3)
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(cid:3)
(cid:3)
(cid:46)(cid:72)(cid:92)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:48)(cid:68)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:3)
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(cid:3)
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51
Ardea Resources Limited & controlled entities - Annual Report 2021
Independent Audit Report continued
(cid:3)
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(cid:11)refer note 10)(cid:3)
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(cid:21)(cid:19)(cid:21)(cid:20)(cid:17)(cid:3)
(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3) (cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3) (cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3) (cid:80)(cid:76)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3) (cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3) (cid:76)(cid:86)(cid:3) (cid:86)(cid:88)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:76)(cid:86)(cid:3) (cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3) (cid:82)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:15)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:17)(cid:3)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:3) (cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3) (cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3) (cid:80)(cid:68)(cid:92)(cid:3) (cid:68)(cid:79)(cid:86)(cid:82)(cid:3) (cid:69)(cid:72)(cid:3) (cid:68)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3) (cid:69)(cid:92)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) (cid:82)(cid:81)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3) (cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:3) (cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3) (cid:80)(cid:76)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3) (cid:85)(cid:72)(cid:86)(cid:72)(cid:85)(cid:89)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3) (cid:80)(cid:68)(cid:92)(cid:3) (cid:81)(cid:82)(cid:87)(cid:3) (cid:69)(cid:72)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:89)(cid:76)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:72)(cid:91)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:3) (cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3) (cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3) (cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(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:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:69)(cid:72)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:17)(cid:3)
(cid:3)
(cid:53)(cid:72)(cid:86)(cid:72)(cid:68)(cid:85)(cid:70)(cid:75)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:39)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:55)(cid:68)(cid:91)(cid:3)(cid:44)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:72)
(refer notes 6 and 10)
(cid:3)
(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3) (cid:68)(cid:71)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:86)(cid:3) (cid:75)(cid:68)(cid:89)(cid:72)(cid:3) (cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:71)(cid:3)
(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3)
(cid:77)(cid:88)(cid:71)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)
(cid:76)(cid:81)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:53)(cid:9)(cid:39)(cid:3)(cid:55)(cid:68)(cid:91)(cid:3)(cid:44)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:85)(cid:72)(cid:73)(cid:88)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:74)(cid:81)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:21)(cid:19)(cid:21)(cid:20)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:72)(cid:86)(cid:87)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)
(cid:3)
(cid:39)(cid:72)(cid:73)(cid:72)(cid:85)(cid:85)(cid:72)(cid:71)(cid:3)(cid:55)(cid:68)(cid:91)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(refer note 5)
(cid:55)(cid:75)(cid:72)(cid:3) (cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:3) (cid:85)(cid:72)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3) (cid:82)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:88)(cid:86)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:68)(cid:81)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:3) (cid:87)(cid:82)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:68)(cid:91)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(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:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)
(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:29)(cid:3)
(cid:3)
(cid:3)
(cid:121)(cid:3) (cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3) (cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3) (cid:85)(cid:76)(cid:74)(cid:75)(cid:87)(cid:3) (cid:87)(cid:82)(cid:3) (cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:72)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3)
(cid:80)(cid:76)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:86)(cid:3) (cid:76)(cid:81)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3) (cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:85)(cid:72)(cid:68)(cid:86)(cid:3) (cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3) (cid:71)(cid:82)(cid:70)(cid:88)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:86)(cid:88)(cid:70)(cid:75)(cid:3) (cid:68)(cid:86)(cid:3) (cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3)
(cid:80)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:79)(cid:76)(cid:70)(cid:72)(cid:81)(cid:70)(cid:72)(cid:86)(cid:30)(cid:3)
(cid:121)(cid:3) (cid:72)(cid:81)(cid:84)(cid:88)(cid:76)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(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:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)
(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:72)(cid:86)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:69)(cid:88)(cid:71)(cid:74)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)
(cid:73)(cid:79)(cid:82)(cid:90)(cid:3)(cid:73)(cid:82)(cid:85)(cid:72)(cid:70)(cid:68)(cid:86)(cid:87)(cid:86)(cid:30)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)
(cid:121)(cid:3) (cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:72)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3) (cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)
(cid:76)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)
(cid:86)(cid:88)(cid:74)(cid:74)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:3) (cid:83)(cid:82)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3) (cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:30)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3) (cid:68)(cid:85)(cid:72)(cid:3) (cid:68)(cid:81)(cid:92)(cid:3)
(cid:121)(cid:3) (cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:182)(cid:86)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:81)(cid:72)(cid:71)(cid:3)
(cid:72)(cid:91)(cid:83)(cid:79)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:30)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:121)(cid:3) (cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:70)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3) (cid:80)(cid:68)(cid:71)(cid:72)(cid:3)
(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:76)(cid:81)(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:17)(cid:3)
(cid:3)
(cid:3)
(cid:50)(cid:88)(cid:85)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:29)(cid:3)
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52
Ardea Resources Limited & controlled entities - Annual Report 2021
Independent Audit Report continued
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(cid:3)
Ardea Resources Limited & controlled entities - Annual Report 2021
53
Independent Audit Report continued
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(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)
(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:23)(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:21)(cid:20)(cid:3)
(cid:3)
54
Ardea Resources Limited & controlled entities - Annual Report 2021
Shareholder Information
The following additional information was applicable at 15 September 2021
1. Distribution of Fully Paid Ordinary Shareholders is as follows:
Size of Holding Number of Holders Shares Held
%
1 - 1,000 443 247,006 0.18
1,001 - 5,000 1,358 3,606,707 2.61
5,001 - 10,000 496 3,897,166 2.82
10,001 - 100,000 878 27,133,265 19.66
100,001 - 150 103,150,075 74.73
3,325 138,034,219 100.00
a) There were 278 shareholders who held less than a marketable parcel.
b) The twenty largest shareholders hold 50.92% 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 12,830,585 9.29%
B O’Shannassy and Associates 8,926,335 6.47%
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 CITICORP NOMINEES PTY LIMITED 19,113,475 13.85%
2 HAZURN PTY LTD 7,148,849 5.18%
3 BNP PARIBAS NOMINEES PTY LTD
6,931,055 5.02%
JOSCO PTY LTD 5,383,809 3.90%
4
5 BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM 3,900,708 2.83%
6 KURANA PTY LTD 3,261,393 2.36%
7 MR OLIVIER DUPUY & MS JULIE DUPUY
2,529,000 1.83%
8 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 2,277,570 1.65%
9 MR IWAN JONES & MS JOYCE CHRISTINE JONES
2,131,494 1.54%
10 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 2,088,426 1.51%
11 B & J O'SHANNASSY MANAGEMENT PTY LTD
1,906,936 1.38%
12 MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED 1,764,558 1.28%
13 MR MICHAEL ANDREW HARRIS 1,700,000 1.23%
14 MRS PAMELA JEAN BUCHHORN 1,672,073 1.21%
15 JOSCO PTY LTD 1,666,664 1.21%
16 BNP PARIBAS NOMS PTY LTD 1,623,447 1.18%
17 BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD 1,417,928 1.03%
18 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 1,266,405 0.92%
19 MARTIN BUCKLEY 1,257,051 0.91%
20 LATSOD PTY LTD 1,250,000 0.91%
TOTAL 70,290,841 50.92%
Ardea Resources Limited & controlled entities - Annual Report 2021
55
Shareholder Information continued
5. Unlisted Options
There is no unlisted options on issue.
6. Share Buy-Backs
There is no current on-market buy-back scheme.
7. Stock Exchanges
The Securities of the Company are not quoted on any other stock exchanges.
56
Ardea Resources Limited & controlled entities - Annual Report 2021
Tenement Schedule
Ardea Resources Limited Tenement Schedule (WA) as at 30 June 2021
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Goongarrie Hub
E24/196
Goongarrie 100 Live
M24/731
Goongarrie 100 Live 3
E24/209
Goongarrie 100 Live
M24/732
Goongarrie 100 Live 3
E24/211
Goongarrie 100 Pending
M24/744
Goongarrie 100 Live
E29/934
Goongarrie 100 Live
M24/778
Goongarrie 100 Live 3
E29/1028 Goongarrie 100 Live
M29/167
Goongarrie 100 Live
E29/1038 Goongarrie 100 Live
M29/202
Goongarrie 100 Live
E29/1039 Goongarrie 100 Pending
M29/272
Goongarrie 100 Live
E29/1045 Goongarrie 100 Live
M29/278
Goongarrie 100 Live
E29/1048 Goongarrie 100 Live
M29/423
Goongarrie 100 Live
E30/500
Goongarrie 100 Live
M29/424
Goongarrie 100 Live
E30/501
Goongarrie 100 Live
M29/426
Goongarrie 100 Live
E30/502
Goongarrie 100 Live
P24/5260 Goongarrie 100 Live
G29/25
Goongarrie 100 Pending
P24/5328 Goongarrie 100 Live
L24/239
Goongarrie 100 Live
P24/5329 Goongarrie 100 Live
L29/134
Goongarrie 100 Live
P24/5265 Goongarrie-Carr Boyd 100 Live
L29/135
Goongarrie 100 Live
P24/5169 Goongarrie-Windanya 100 Live
L30/67
L30/68
Goongarrie 100 Live
P24/5480 Goongarrie-Windanya 100 Live
Goongarrie 100 Live
M24/919
Goongarrie-Scotia 100 Ni rights Live 6
L16/141
Goongarrie 100 Pending
M24/959
Goongarrie-Scotia 100 Ni rights Live 6
L30/85
Goongarrie 100 Pending
M24/541
Goongarrie 100 Live
P29/2646 Highway North 100 Pending
P29/2650 Highway North 100 Pending
P29/2647 Highway North 100 Pending
P29/2651 Highway North 100 Pending
P29/2648 Highway North 100 Pending
E29/1125 Goongarie East 100 Pending
P29/2649 Highway North 100 Pending
L29/146
Goongarie East 100 Pending
P24/5528 Goongarrie 100 Pending
Goongarrie Hub Expansion Siberia
Goongarrie Hub Expansion Black Range
E24/203
Siberia 100 non Au-Ag rights Live 4
M24/757
Black Range 100 non Au-Ag rights Live 4
E29/889
Siberia 100 non Au-Ag rights Live 4
M24/973
Black Range 100 non Au-Ag rights Pending 4
M24/634
Siberia 100 non Au-Ag rights Live 1,4
P24/4395
Black Range 100 non Au-Ag rights Live 4
M24/660
Siberia 100 non Au-Ag rights Live 4
P24/4396
Black Range 100 non Au-Ag rights Live 4
M24/663
Siberia 100 non Au-Ag rights Live 4
P24/4400
Black Range 100 non Au-Ag rights Live 4
M24/664
Siberia 100 non Au-Ag rights Live 4
P24/4401
Black Range 100 non Au-Ag rights Live 4
M24/665
Siberia 90 non Au-Ag rights Live 2,4
P24/4402
Black Range 100 non Au-Ag rights Live 4
M24/683
Siberia 100 non Au-Ag rights Live 4
P24/4403
Black Range 100 non Au-Ag rights Live 4
M24/686
Siberia 100 non Au-Ag rights Live 4
M24/772
Siberia 100 non Au-Ag rights Live 4
M24/797
Siberia 100 non Au-Ag rights Live 4
M24/915
Siberia 100 non Au-Ag rights Live 4
M24/916
Siberia 100 non Au-Ag rights Live 4
P24/5235
Siberia 100 Live
P24/5236
Siberia 100 Live
P29/2484
Siberia 100 Live
P29/2485
Siberia 100 Live
P24/5416
Siberia 100 Live
P24/5417
Siberia 100 Live
P24/5418
Siberia 100 Live
Ardea Resources Limited & controlled entities - Annual Report 2021
57
Tenement Schedule continued
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Kalpini Hub - Goongarrie Hub Expansion
E27/524
Kalpini 100 non-Au rights Live 9
P25/2454
Kalpini-Bulong 100 Live
E27/606
Kalpini 100 Live
P25/2455
Kalpini-Bulong 100 Live
E27/607
Kalpini 100 Live
P25/2456
Kalpini-Bulong 100 Live
E28/1224
Kalpini 100 Live
P25/2457
Kalpini-Bulong 100 Live
E28/2978
Kalpini 100 Pending
P25/2458
Kalpini-Bulong 100 Live
M27/395
Kalpini 100 Live
P25/2459
Kalpini-Bulong 100 Live
M27/506
Kalpini 100 Live
P25/2460
Kalpini-Bulong 100 Live
M27/512
Kalpini 100 Pending
P25/2461
Kalpini-Bulong 100 Live
M28/199
Kalpini 100 Live
P25/2482
Kalpini-Bulong 100 Live
M28/201
Kalpini 100 Live
P25/2483
Kalpini-Bulong 100 Live
M28/205
Kalpini 100 Live
P25/2484
Kalpini-Bulong 100 Live
E27/278
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2559
Kalpini-Bulong 100 Live
E27/438
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2560
Kalpini-Bulong 100 Live
E27/520
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2561
Kalpini-Bulong 100 Live
E27/579
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2609
Kalpini-Bulong 100 Live
E28/1746
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2613
Kalpini-Bulong 100 Live
E28/2483
Kalpini-Acra 100 Ni Lat Ore Live 5
P25/2614
Kalpini-Bulong 100 Live
E25/578
Kalpini-Bulong 100 Live
P25/2615
Kalpini-Bulong 100 Live
M25/59
Kalpini-Bulong 100 Live
P25/2650
Kalpini-Bulong 100 Live
M25/134
Kalpini-Bulong 100 Live
P26/4542
Kalpini-Bulong 100 Pending
M25/145
Kalpini-Bulong 100 Live
P26/4543
Kalpini-Bulong 100 Pending
M25/151
Kalpini-Bulong 100 Live
M31/488
Kalpini-Lake Rebecca 100 Pending
M25/161
Kalpini-Bulong 100 Live
P31/2038
Kalpini-Lake Rebecca 100 Live
M25/171
Kalpini-Bulong 100 Live
P31/2039
Kalpini-Lake Rebecca 100 Live
M25/187
Kalpini-Bulong 100 Live
P31/2040
Kalpini-Lake Rebecca 100 Live
M25/209
Kalpini-Bulong 100 Live
E27/643
Kalpini 100 Pending
E27/646
Kalpini 100 Pending
E27/647
Kalpini 100 Pending
E28/3139
Kalpini 100 Pending
M25/19
Kalpini-Bulong 100 Live 15
P25/2296
Kalpini-Bulong 100 Live 15
P25/2307
Kalpini-Bulong 100 Live 15
P25/2297
Kalpini-Bulong 100 Live 15
P25/2308
Kalpini-Bulong 100 Live 15
P25/2304
Kalpini-Bulong 100 Live 15
P25/2408
Kalpini-Bulong 100 Live 15
P25/2305
Kalpini-Bulong 100 Live 15
P25/2409
Kalpini-Bulong 100 Live 15
P25/2306
Kalpini-Bulong 100 Live 15
58
Ardea Resources Limited & controlled entities - Annual Report 2021
Tenement Schedule continued
Tenement
Location Ardea Interest Status Note Tenement
(%)
Location Ardea Interest Status Note
(%)
Yerilla Hub WA Regional
Goongarrie Hub Expansion
E39/2188
Yundamindra 100 Live
E39/1954
Yeriall-Aubils 100 Live
M15/1101 WA Regional Pre-emp Ni-Co Lat Live 7
E31/1092
Yerilla-Boyce Creek 100 Live
M15/1263 WA Regional Pre-emp Ni-Co Lat Live 7
E31/1169
Yerilla-Boyce Creek 100 Live
M15/1264 WA Regional Pre-emp Ni-Co Lat Live 7
E31/1208
Yerilla-Boyce Creek 100 Live
M15/1323 WA Regional Pre-emp Ni-Co Lat Live 7
E31/1213
Yerilla-Boyce Creek 100 Live
M15/1338 WA Regional Pre-emp Ni-Co Lat Live 7
M31/483
Yerilla-Boyce Creek 100 Live
M27/510 WA Regional 100 Ni Lat Ore Live 8
M31/493
Yerilla-Boyce Creek 100 Pending
M27/272
Kanowna East Non-Au Rights Live 10
M31/475
Yerilla-Jump Up Dam 100 Live
E31/1261
Pinjin 100 Pending
M31/477
Yerilla-Jump Up Dam 100 Live
E28/3036
Pinjin South 100 Pending
M31/479
Yerilla-Jump Up Dam 100 Live
E31/3134
Pinjin 100 Pending
Bedonia Gold-Nickel
E28/3040
Pinjin South 100 Pending
E26/228
Gidji 100 Pending
E63/1827
Bedonia 100 Live 14
E63/1828
Bedonia 100 Live 13
Kookynie Gold-Nickel
E63/1856
Bedonia 100 Live 13
E40/350
Kookynie 0 Live 11
E63/1857
Bedonia 100 Live 13
E40/357
Kookynie 0 Live 11
E63/1928
Bedonia 100 Live 13
E63/1929
Bedonia 100 Live 14
Perrinvale Nickel-Gold
E63/1974
Bedonia 100 Live 14
E29/1006
Perrinvale 100 Live
E63/1976
Bedonia 100 Live 14
E29/1078
Perrinvale 100 Live
E63/1995
Bedonia 100 Pending 14
E63/2008
Bedonia 100 Live 14
Mt Zephyr Gold-Nickel
E37/1271 Mt Zephyr 100 Live 12
E37/1272 Darlot East 100 Live 12
E37/1273 Darlot East 100 Live 12
E37/1274 Mt Zephyr 100 Live 12
E39/1706 Mt Zephyr 100 Live 12
E39/1854 Mt Zephyr 100 Live 12
E39/1985 Mt Zephyr 100 Live 12
Ardea Resources Limited Tenement Schedule (NSW)
as at 30 June 2021
Lachlan Fold Belt Ardea
EL 8557
Restdown Lithium 100 Live
Britannia Gold Ltd retains precious metal rights.
Impress Ventures Ltd has a 10% equity free-carried interest to a decision to mine.
Norton Gold Fields Limited retains certain Au claw-back rights and royalty receivable.
Notes:
1
2.
3.
4. Ora Banda Mining Ltd holds Au-Ag rights while Ardea retains all non Au-Ag rights.
5.
Acra JV – Northern Star Resources Ltd earn-in with Essential Metals Limited. Former holds gold rights while latter retains nickel sulphide rights. Ardea
retains rights to Ni laterite ore.
Black Mountain Gold Limited all rights with exception of Ardea retaining Ni rights.
Ramelius Resources Limited assignee (Maximus Resources Ltd) all rights, Ardea pre-emptive right to Ni-Co laterite.
Paddington Gold Pty Ltd all mineral rights (except nickel sulphide) while Ardea retains rights to nickel laterite ore.
By Sale Agreement between Northern Star (Carosue Dam) Pty Ltd and Kalnorth Gold Mines Ltd, Northern Star (Carosue Dam) Pty Ltd now owns Au
rights while Ardea retains non-Au rights.
6.
7.
8.
9.
10. Northern Star (Kanowna) Limited holds Au rights. Ardea retains non-Au rights.
11. The Option to purchase the tenements was transferred to Metalicity Limited on 21 November 2020. Ardea retains non Au rights.
12. The Mt Zephyr/Darlot East tenements were farmed out to Red 5 Limited on 18 November 2020 whereby Red 5 Limited may earn 80% equity interest.
Ardea is free carried to Decision to Mine.
13. By a Tenement Sale and Purchase Agreement executed on 8 February 2021, Bedonia East was sold to Moneghetti Minerals Limited. Completion is
subject to Moneghetti Minerals Limited successfully listing on the ASX in 2021.
14. By a Tenement Sale and Purchase Agreement executed on 25 February 2021, Bedonia West was sold to Larvotto Resources Limited. Completion is
subject to Larvotto Resources Limited successfully listing on the ASX in 2021.
15. Purchase of tenements by Binding Terms Sheet and Alluvial Rights Agreements dated 4 June 2021 between the Seller Steven Lionel Kean and Ardea
Resources Limited. Transfers pending stamp duty assessment by Department of Finance, WA.
Ardea Resources Limited & controlled entities - Annual Report 2021
59
Glossary
AL means Atmospheric Leach circuit
ASIC means Australian Securities and Investments Commission
ASX means ASX Limited (ABN 98 008 624 691) or the Australian Securities Exchange, as appropriate
Australian Registry means Security Transfer Registrars Pty Ltd of 770 Canning Highway, Applecross WA
Ardea or ARL or Company means Ardea Resources Limited (ABN: 30 614 289 342) ARL : ASX is the Ardea code on ASX
Ag means Silver
Au means Gold
Anomaly means a value higher or lower than expected, which outlines a zone of potential exploration interest but not necessarily of commercial
significance
Archaean means a period of geological time spanning 3.8 to 2.5 billion years before present
BTZ means Bardoc Tectonic Zone
Co means Cobalt
Critical Minerals means metals and non-metals that are considered vital for the economic well-being of the world's major and emerging economies,
yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors. The minerals ranked by Geoscience
Australia: Rare-earth elements (REE), gallium (Ga), indium (In), tungsten (W), platinum-group elements (PGE) including platinum (Pt) and palladium
(Pd), cobalt (Co), niobium (Nb), magnesium (Mg), molybdenum (Mo), antimony (Sb), lithium (Li), vanadium (V), nickel (Ni), tantalum (Ta), tellurium
(Te), chromium (Cr) and manganese (Mn).
Cu means Copper
DHEM means downhole electromagnetics
DWER means WA Department of Water and Environmental Regulation
EM means electromagnetics
EV means Electric Vehicle
ESG means Environmental and Social Governance principles
Feasibility Study means a study with three progressively more detailed stages:
Scoping Study means a first pass estimate of engineering requirements and costs of a mining operation, processing plant and plant infrastructure.
Included in the cost estimates will be infrastructure, tailings disposal, power supply, and owner's costs. The plant design may change as a result
of test-work analysis, optimisation studies and engineering improvements performed during execution of the follow-up Pre-feasibility Study.
Operating and capital cost estimates are to an order of magnitude accuracy of ± 30%.
Pre-feasibility Study (PFS) means an engineering and cost study of a mining operation, processing plant and plant infrastructure. Included in
the cost estimates will be infrastructure, tailings disposal, power supply, and owner's costs. The plant design may change as a result of test-
work analysis, optimisation studies and engineering improvements performed during execution of the Pre-feasibility Study. Operating and capital
cost estimates are to an accuracy of ± 25%.
Definitive Feasibility Study (DFS) means a feasibility study undertaken to a high degree of accuracy which may be used as a basis for raising
finance for the construction of a project. Typically operating and capital cost estimates are to an accuracy of +/- 15-20%. A DFS is the standard
of report required by primary debt funders to demonstrate the technical and commercial viability of a project.
FBICRC means Future Batteries Industry Co-operative Research Centre of which Ardea is a member
GAS means the Gap Analysis Study by Ardea appointed global consulting engineering firm, Wood
GWL means groundwater extraction licences
HPAL means High-Pressure Acid Leach
KalGold or Kalgoorlie Gold Mining Limited means Ardea’s proposed spin-out of its Kalgoorlie region gold tenements into a new Initial Public Offering
(IPO)
60
Ardea Resources Limited & controlled entities - Annual Report 2021
Glossary continued
KNP means Kalgoorlie Nickel Project, a nickel cobalt laterite project located through an arc 30 to 150km north-north west to east of Kalgoorlie.
It is comprised of the:
Goongarrie Hub – Goongarrie South, Goongarrie Hill, Highway, Ghost Rocks, Big Four, Scotia, Black Range and Siberia deposits
Kalpini Hub – Kalpini, Taurus and Bulong deposits
Yerilla Hub – Jump Up Dam, Boyce Creek and Aubils deposits
LIB means Lithium Ion Battery
m means metre and km means kilometres
Mt means Million tonnes
Mineralisation means in economic geology, the introduction of valuable elements into a rock body
MALM means Mise a la Masse geophysical survey
MHP means Mixed Hydroxide Product
MLEM mean Moving Loop Electromagnetic survey
Ni means Nickel
Nickel Laterite means Nickel occurring as an oxidised hydrated iron oxide, ferruginous clay, smectite clay, chlorite and serpentine assemblage overlying
weathered ultramafic rock
Nickel Sulphide means nickel and copper occurring as an un-oxidised sulphide assemblage associated with fresh ultramafic rock
NMC means Nickel-manganese-cobalt
OEM mean Original Equipment Manufacturers
PCAM Precursor Cathode-active Material
PGE means Platinum Group Metals - Ruthenium (Ru), Rhodium (Rh), Palladium (Pd), Osmium (Os), Iridium (Ir), and Platinum (Pt)
PLS means Pregnant Liquor Solution
Project means a grouping of prospects within a specific geographic location, often with a common geological setting
Prospect means a target upon which exploration programs are planned or have commenced
Province means a grouping of projects within a geological district defined by a major mineralised crustal structure
R&D means Research and Development
RAB means Rotary Air Blast drilling technique in which a sample is returned to surface outside the rod string by compressed air. Sample quality is
poor.
RC means Reverse Circulation drilling method employing a rotating or hammering action on a drill bit which returns a sample to the surface inside the
rod string by compressed air. Sample quality is very good, particularly if the drill hole is dry.
REE means Rare Earth Elements, notably Neodymium (Nd), Praseodymium (Pr) and Cerium (Ce).
Reserves or Ore Reserves or Mineral Reserves as defined by JORC Code.
Proven or Proved Ore Reserve means the economically mineable part of a Measured Mineral Resource. It includes diluting materials and
allowances for losses which may occur when the material is mined. Appropriate assessments, which may include Feasibility Studies, have been
carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental,
social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. The term
"economic" implies that extraction of the Ore Reserve has been established or analytically demonstrated to be viable and justifiable under
reasonable investment assumptions.
Probable Ore Reserve is the economically mineable part of an Indicated Mineral Resource.
Ardea Resources Limited & controlled entities - Annual Report 2021
61
Glossary continued
Resource or Mineral Resource (MRE) means a Mineral Resource Estimate as defined by JORC Code and is a concentration or occurrence of material
of intrinsic economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic
extraction. Mineral Resources are further sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Measured Resource means a ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities,
shape and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine
planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling
and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to
confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral
Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be
converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
Indicated Resource means an ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade (or quality), densities,
shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to
support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and
reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and
drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are
gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be
converted to a Probable Ore Reserve.
Inferred Resource means an ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade (or quality) are estimated
on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continue exploration.
JORC (2012 edition) means the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and 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 provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according
to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports.
Sc means Scandium
SSB means Static Storage Battery
TZ means Tectonic Zones
V means Vanadium
WA means Western Australia
Opposite: Photo caption top to bottom, left to right: Ardea Managing Director, Andrew Penkethman (AP) undertaking KNP assessment with local
prospecting stake holders. Ardea geologists Darren Howe and Aidan Spilsbury discussing project assessment over the field desk (back of the ute
tray). Ardea’s Kalgoorlie Operations office, maintains a large logistics base in the City of Kalgoorlie-Boulder. Ardea personnel AP, Alex Mukherji and
Mat Longworth at the Ardea booth during the 2021 Diggers and Dealers event. Ardea Office Manager, Frances Sinclair assessing the Company
booth display at the 2021 RIU Explorers Conference. View of an operating drill rig at the Goongarrie Hub through the vegetation.
Ardea Resources Limited & controlled entities - Annual Report 2021
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Ardea Resources Limited & controlled entities - Annual Report 2021
www.ardearesources.com.au