American Realty Investors, Inc.

ABN 30 614 289 342

Ardea Resources Limited & controlled entities
Annual Report 2024
Corporate Directory
Directors
Mathew Longworth, (Non-Executive Chair)
Andrew Penkethman, (Managing Director 
and Chief Executive Officer)
Ian Buchhorn, (Executive Director)
Maree Arnason, (Non-Executive 
Director)
Company Secretary
Sam Middlemas
Registered and Business Office
Suite 2, 45 Ord Street, West Perth
Western Australia 6005
PO Box 1433, West Perth
Western Australia 6872
Tel:
(08) 6244 5136
Email: info@ardearesources.com.au
Website
www.ardearesources.com.au
Auditor
Dry Kirkness (Audit) Pty Ltd
(formerly Butler Settineri (Audit) Pty Ltd) 
50 Colin Street
Perth WA 6005 Australia
Share Registry
Automic Group
GPO Box 5193
Sydney NSW 2001
Tel:
1300 288 664 (within Australia)
Tel:
+61 2 9698 5414 (international)
Web: 
www.automicgroup.com.au
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 and Managing Director’s Letter ................1
Delivering Milestones - Highlights.................................2
Activities Report .....................................................................3
Directors’ Report .................................................................21
Consolidated Statement of 
Comprehensive Income.............................................43 
Consolidated Statement of 
Financial Position..........................................................44  
Consolidated Statement of 
Changes in Equity ........................................................45  
Consolidated Statement of Cashflows .....................46  
Notes to the Financial Statements .............................47 
Directors’ Declaration........................................................63
Consolidated Entity Disclosure Statement .............64   
Independent Auditor’s Report.......................................65   
Shareholder Information..................................................70   
Tenement Schedule...........................................................72 
Glossary ..................................................................................76 
Cover - Ardea reached a landmark Critical Minerals collaboration agreement with Sumitomo Metal Mining and Mitsubishi Corporation, together
the Consortium.
Inside cover: Typical high grade goethite from Goongarrie South will be the dominant ore feed to plant.  Goethite is soft, friable, with minimum
energy requirements for the comminution circuit along with low acid consumption. These properties contribute to the low operating costs. 

Chairman and Managing Director’s Letter to Shareholders
Dear Shareholders,
We are pleased to share with you the progress Ardea Resources Limited (Ardea or the Company) has made over the past year as we continue to
advance our strategic land holding in the best resources operating jurisdiction in the world, the Eastern Goldfields of Western Australia.
One of the most noteworthy achievements during FY2024 was reaching a landmark Critical Minerals collaboration agreement with Sumitomo
Metal Mining Co., Ltd (SMM) and Mitsubishi Corporation (MC) (the Consortium), marking a major step forward for the Kalgoorlie Nickel Project
(KNP) - Goongarrie Hub. Under this binding Cooperation Agreement, the Consortium  will fully fund the KNP - Goongarrie Hub Definitive Feasibility
Study (DFS) up to A$98.5 million, earning a 35% interest in the Joint Venture (JV). Additionally, upon making the Final Investment Decision (FID),
the Consortium will secure a further 15% interest in the JV and assist in optimising debt financing (ASX release 26 April 2024). The Transaction
was subject to standard conditions precedent including Foreign Investment Review Board (FIRB) approval and the execution of a binding
Shareholders' Agreement (SHA).  Ardea received FIRB approval notification from the Consortium (ASX release 14 August 2024) and executed the
binding SHA on 30 August 2024, thereby completing the Transaction (ASX release 30 August 2024).
Kalgoorlie Nickel Pty Ltd (KNPL), a 100% subsidiary of Ardea Resources, is the JV company managing the DFS, and drawing on substantial
technical input from both Ardea and the Consortium. Key activities for the DFS have already commenced, and several work streams are well
advanced. We have expanded the KNPL team to support these efforts and have awarded the major engineering contract for the process plant and
utilities to Ausenco (ASX release 8 July 2024). This will ensure that our project remains on track and is executed to the highest standards.
The KNP Mineral Resource Estimate (MRE) continues to stand out as the largest in Australia and one of the largest in the world, is 854Mt at 0.71%
Ni and 0.045% Co for 6.1Mt contained nickel and 386kt contained cobalt (Table 1).  Within the KNP, the Goongarrie Hub MRE sub-total is
584Mt at 0.69% Ni and 0.043% Co for 4Mt of contained nickel and 250kt of contained cobalt (Table 1).  A Pre-Feasibility Study (PFS) released
on 5 July 2023, highlighted the Goongarrie Hub’s potential to produce an average of 30,000 tonnes per annum (tpa) of nickel and 2,000 tpa of
cobalt, supporting a mine life that exceeds 40 years.
The PFS also revealed compelling financial metrics, including a low C1 operating cost of US$5,763 per tonne of nickel after cobalt by-product
credits. The cost competitive operating costs are expected to enable the project to compete with all global peers and operate throughout the
commodity price cycle (ASX release 5 July 2023).
The project is projected to generate a robust average annual EBITDA of A$800 million over 40 years, with a post-tax Net Present Value (NPV7)
of A$4,980 million, an Internal Rate of Return (IRR) of 23%, and a payback period of just 3.1 years (ASX release 5 July 2023).
Throughout the year, Ardea made significant progress in optimising the KNP tenure, including key tenement swap and consolidation initiatives.
The Company is well-funded, with no debt and a cash position of $14M as of 30 June 2024. With issued capital of 199.7M shares, the Company
maintains a disciplined capital structure. 
Although the decline in nickel and cobalt prices over the past year has impacted the Ardea share price, the long-term demand for these future
facing  metals remains robust, driven largely by the continued growth of the stainless steel sector, electric vehicles and renewable energy
technologies. With this context in mind, Ardea feels the timing to be completing the DFS and subject to a positive FID, project development, aligns
well with growing nickel demand and the expected appreciation of the nickel price. Nickel-cobalt from the KNP - Goongarrie Hub is expected to be
highly sought after as it will provide supply chain diversity, security and meet the high ESG standards expected from modern society.
As we look ahead, the Ardea team have laid solid foundations in FY2024 that will drive further success for your Company and all stakeholders, as
we advance the KNP – Goongarrie Hub toward developing Australia’s next large-scale, low-cost nickel-cobalt producer.  We remain committed to
delivering long-term value through the continued advancement and development of our world-class assets.
We sincerely thank our shareholders and all stakeholders for their ongoing support and extend our deep appreciation to the entire Ardea and KNPL
teams for their exceptional efforts during this period.
Mat Longworth, 
Andrew Penkethman, 
Chairman 
Managing Director & CEO
Ardea Resources
Ardea Resources
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 1

Highlights Year Ending 30 June 2024
Ardea reached a significant milestone during the year, signing a binding Cooperation Agreement with a Consortium consisting of
SMM and MC.  The Consortium will fully fund the KNP - Goongarrie Hub DFS up to A$98.5M to earn a 35% interest in KNPL. An
additional 15% interest in KNPL will be issued on a FID where the Consortium will assist in optimising debt financing.  To reach a FID
requires all relevant approvals to be granted and project development funding to be secured, with a positive FID initiating project
development.  Post 30 June 2024, FIRB approval was received, and a binding SHA was executed, completing the Transaction4.
Key start-up activities for the DFS have commenced, with several DFS work streams already advanced. The KNPL team has been
expanded, and the major engineering contract for the process plant and utilities component of the DFS has been awarded to Ausenco5.
KNP Total MRE, which is 854Mt at 0.71% Ni and 0.045% Co for 6.1Mt contained nickel and 386kt contained cobalt (Table 1), is
the largest in Australia and ranks highly worldwide. Within the KNP, the Goongarrie Hub MRE sub-total is 584Mt at 0.69% Ni and
0.043% Co for 4Mt of contained nickel and 250kt of contained cobalt (Table 1).1
The PFS released on 5 July 2023, outlined the Goongarrie Hub’s potential to produce an average of 30,000 tpa nickel and 2,000tpa
cobalt, supporting a mine life exceeding 40 years2.
The PFS revealed a low C1 Opex US$5,763/t nickel after cobalt by-product credits, along with a robust average annual EBITDA
of A$800M over 40 years. The project demonstrated a post-tax NPV7 of A$4,980M, with an IRR of 23% and a payback period of 3.1
years2.
During the year, Ardea completed key tenement swap and consolidation steps to optimise Goongarrie Hub tenure3 held by KNPL, a
100% subsidiary of Ardea Resources.   KNPL is the vehicle for the KNP Goongarrie Hub JV and will manage the DFS, with
significant technical input from Ardea and the Consortium.
1 
See ASX release 30 Jun 2023 and Table 1 of this Annual Report for MRE.
2
See ASX release 5 July 2023 for PFS detailed notes on the financial metrics which include inputs of US$25,000/t nickel price, US$60,000/t cobalt price and exchange rate of 0.67 AUD:USD.
Direct cash cost excludes royalties and includes third party freight charges and cobalt credit. 
3
See ASX release 17 July 2023 for Kalgoorlie Nickel Project - Goongarrie Hub Tenement Consolidation Announcement.
4
See ASX release 26 Apr 2024 for Cooperation Agreement  Announcement along with FIRB ASX release, 14 August 2024 and SHA ASX release, 30 August 2024.
5
See ASX release 8 July 2024 for Kalgoorlie Nickel Project - Goongarrie Hub DFS Underway.
Delivering Milestones
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 2
Ardea’s significant Cooperation Agreement with SMM and MC signed 26 April 2024 has already resulted in numerous personnel exchange
visits between Australia and Japan.    Ardea (Andrew Penkethman, far right), KNPL (Matt Read, second from right), 
MC and SMM personnel, at the SMM Niihama Nickel Refinery located 800km WSW of Tokyo, Japan. 

Environmental, Social and Governance 
In order to achieve excellence in sustainability, Ardea adheres to four key pillars that integrate all aspects of its operations:
Environmental, Social and Governance (ESG) considerations are at the forefront for Ardea and KNPL. Project designs and work practices are
based on the Company minimising the project development footprint and CO2 green-house gas emissions when in production. The proposed
flowsheet has been enhanced for CO2 mitigation in the neutralisation circuit through introducing an Atmospheric Leach (AL) circuit to assist in
neutralising the High Pressure Acid Leach (HPAL) discharge. The AL circuit facilitates upgrade of the site acid plant utilisation and allows Ardea to
generate its own site power requirements off-grid through burning elemental sulphur, without relying on fossil fuel for power generation. 
The flowsheet is further enhanced by Ardea’s Research and Development (R&D) on KNP Goongarrie Hub ore materials which led to alternative
flowsheet neutralising materials being identified within the planned nickel laterite pits rather than importing and using nickel-barren limestone or
calcrete to neutralise acid waste streams, reducing the operation’s carbon emission footprint by not having to import all carbonate neutraliser
reagents. Ardea has named this material Mineralised Neutraliser (MN) (International Patent Application lodged). The MN material will be sourced
from within the optimised open pits providing a low-cost neutralisation alternative to limestone from third-party suppliers, increasing ESG credentials
and contributing 16% additional nickel metal-to-leach from the combined MN Fines in the AL circuit and MN Scats in the Neutralisation circuits
(ASX release 5 July 2023).
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 (part
of Ardea’s FBICRC R&D, see following). 
Ardea enjoys strong support from the communities in which it operates, primarily the City of Kalgoorlie-Boulder and the Shire of Menzies. The
environmental setting, being the Great Western Woodlands, allows excellent post-mining rehabilitation and reafforestation. Ardea’s planned in-pit
tailings disposal strategy, incorporating waste rock back fill, stockpiled topsoil, and finally progressive revegetation, minimises land disturbance
and accelerates rehabilitation, concurrently with operations (Figure 6).  Critically, at the Goongarrie Hub, mining and processing has no land-use
conflict with agricultural activity.
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 3
Activities Report
Governance
Our business is underpinned by a
structured set of policies which
reflect our ESG principles, which
are at the core of our
governance.  Our strong
leadership is ethical, transparent,
honourable and sets the tone for
Ardea’s integrity and
commitment.
People
We aim for a respectful and
inclusive workplace, where talent
is developed and supported.  We
have put in place a framework to
protect the health, safety and
well-being of our team members.
Nil lost time injuries, fatalities or
high potential safety events
during the reporting year.
Community
We work closely with all
stakeholders, with the aim that
we make a positive contribution
and maintain close ties with the
communities in which we
operate. During the year
~$45,000 in funding was
awarded to local initiatives,
focused on the Eastern
Goldfields education fund.
Environment
We constantly work to
understand and manage our
impact on the environment and
measure decisions that could
affect the way we operate. During
the year comprehensive baseline
environmental surveys including
Short-range endemic fauna
studies for the Goongarrie
Footprint were completed.
Bobtail Lizard at KNP. 
Eremphila common at KNP.
Great Western Woodlands.

Vehicle wrecks abandoned on Ardea tenure located near the Goldfields Highway by members of the public and other third-party rubbish was
removed in conjunction with the Shire of Menzies and support from our long-term drilling contractor Kennedy Drilling.  All historic and legacy
Goongarrie South drill sites within the scheduled key production area have been rehabilitated.  A similar campaign is current for the full Goongarrie
Hub tenements.  
During the past year, Ardea continued to engage with stakeholders, who are supportive of the Goongarrie Hub development and are looking forward
to the contributions the operation can make to the local community through increased skilled job opportunities, training and enhancing community
contributions. Stakeholder engagement also continued with the Western Australian Government, the Shire of Menzies and City of Kalgoorlie-
Boulder in addition to on-going discussions with the Marlinyu Ghoorlie Native Title Claimants. 
The Commonwealth, via agencies, such as Austrade, the Critical Minerals Office (CMO) and Major Projects Facilitation Agency (MPFA) continues
to be updated with Ardea’s progress on its DFS. The MPFA will also work with Ardea in re-applying for Major Project Status which is due to expire
after three years in March 2025. With Ardea already having Major Project Status, it will support future Commonwealth assistance and liaison with
Federal and State approvals agencies.
In having a West Kalgoorlie Operations Office, Ardea and KNPL maintains a permanent presence and regular engagement with the communities
within which the Company operates.
ESG Compliance
The Company completed its 2024 updated ESG assessment and reporting submission by internationally accredited Digbee ESGTM. Final scoring
showed the Company had significantly improved from its score in 2022 (BBB) towards the A grade of the score spectrum for both Corporate and
the Kalgoorlie Nickel Project. As Ardea grows from exploration through to development and mining, it will continue to strive to achieve the highest
possible, AAA rating (ASX release 9 May 2024). 
There were nil Lost Time Injuries (LTI) recorded during the year.  A Health Safety and Environment (HSE) Manager commenced during the year
and has focused on review of all Occupational Health and Safety (OHS) policies, procedures and contractor safety documents, for use in both
Ardea and KNPL. These include key management plans such as the Mine Safety Management Plan, Emergency Management Plan, Health
Management Plan and Principal Mining Hazard Management Plan. Also planned is training and verification of competencies. An audit of the Mine
Safety Management System based on the Association of Mining and Exploration Companies (AMEC) Audit Tool was completed. A presentation
was made to the Consortium and Ardea Board on the progress of the Work Health Safety (WHS) management process and document development
in June 2024.   
With additional contractors mobilising to the KNP – Goongarrie Hub, the focus has continued to be on assisting them with the documentation and
safety expectation of Ardea and KNPL for the works that they will complete on site.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 4
Figure 1: Digbee ESGTM Assessment Overall Score
Ardea’s West Kalgoorlie Office.
Drilling camp at Goongarrie South.
Preparing drill access tracks and pads.

Corporate Objectives
Strategy 
Ardea’s priority is KNP nickel-cobalt laterite project development, commencing with the Goongarrie Hub, as a strategic, long life operation producing
minerals for the lithium-ion battery (LIB) supply chain to further advance the transition to a low carbon future.  To significantly advance this objective,
Ardea signed a milestone Cooperation Agreement with a Consortium consisting of Sumitomo Metal Mining Co., Ltd (SMM) and Mitsubishi
Corporation (MC) to form a Joint Venture to develop the KNP Goongarrie Hub. The DFS is currently underway.
Ardea’s secondary priority is to maximise the complementary internal pipeline of Critical Mineral resource and exploration projects outside of the
Goongarrie Hub, including the Kapini and Yerilla Hubs, within Ardea’s strategic tenement holdings which provide future growth opportunities.     
Strategic Partner Process 
In April 2024, Ardea executed a binding Cooperation Agreement to form an incorporated JV with SMM and MC to develop the KNP Goongarrie
Hub.  Under the Transaction, KNPL will manage the DFS process, with the Consortium providing 100% of the funding for the DFS up to a budget
of approximately A$98.5 million via staged equity contributions over approximately 18 months. Ardea and the Consortium will provide technical
and commercial input into the DFS. At the conclusion of the DFS spend, the Consortium will have subscribed to a 35% ownership in KNPL and
retain the right to increase its ownership in KNPL to 50% upon a positive FID by the Consortium. To reach a FID requires all relevant approvals to
be granted and project development funding to be secured, with a positive FID initiating project development  (ASX release 26 April 2024).
Ardea’s collaboration with the Consortium is the first Critical Minerals collaboration between Australia and Japan, with the project expected
to be a multi decade (>40 years), low cost source of nickel-cobalt that provides supply chain diversity, security and meets the high ESG standards
expected from Australia and Japan (ASX releases 26 April 2024 and 5 July 2023). The Transaction was subject to standard conditions precedent
including view FIRB approval and the execution of a binding SHA. Ardea received FIRB approval notification from the Consortium (ASX release
14 August 2024) and executed binding SHA on 30 August 2024, thereby completing the Transaction (ASX release 30 August 2024).
Ardea also continued engagement with other parties who have expressed interest in the Kalpini Hub, incorporating Kalpini, Bulong and Yerilla
Projects.  Securing off-take is the primary driver for all Strategic Partner engagements, with these rights only available if there is a project equity
investment and critically, helping to secure project development finance.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 5
80%
Kalgoorlie Nickel Pty Ltd (KNPL)
KNPL is 100% subsidiary of Ardea and
holds the KNP Goongarrie Hub.
Forming a Joint Venture with the Consortium,
who will contribute financially and technically
to ultimately earn a 50% interest in KNPL*,
Ardea will retain 50% interest into production
20%
Incorporated
Joint Venture (IJV)
Non KNP Goongarrie Hub Projects including:
- KNP Kalpini Hub MRE 130Mt @ 0.79% Ni & 0.048% Co^
- KNP Yerrila Hub MRE 140Mt @ 0.73% Ni & 0.053% Co^
- Kalpini Project - Massive Nickel
Sulphide discovery at Emu Lake
- Scandium and Rare Earth Elements
identified at KNP Kalpini
- Perrinvale Project prospective nickel sulphide
^ See Table 1 in this Annual Report
* The Consortium comprised of
Sumitomo Metal Mining (SMM) and
Mitsubishi Corporation (MC) are fully funding
DFS to A$98.5M and assisting KNPL in
optimising debt financing to earn:
MILESTONE
INTEREST IN KNPL
DFS 50% Complete:
17.5%
DFS Completion:
35.0%
FID Approval:
50.0%
KNP Goongarrie Hub
NON KNP Goongarrie Hub
Projects
* ASX release 29 April 2024
Ardea, Sumitomo Metal Mining and Mitsubishi Corporation to form a Joint Venture 
to develop the KNP Goongarrie Hub
Figure 2: Structure of proposed JV

Nickel Market Commentary
The nickel market is currently experiencing a dynamic period, driven by several key factors. Demand for nickel, particularly in the production of electric
vehicle (EV) batteries and large scale energy storage, is on the rise as the global shift towards green energy continues to gain momentum. Nickel is
a critical component in lithium-ion batteries, and as EV and energy storage adoption accelerates, so does the demand for high-purity nickel.
However, the market is also facing challenges. Supply chain disruptions and geopolitical tensions have caused volatility in nickel prices. Additionally,
the ramp-up of nickel production from new projects, particularly in Indonesia, is influencing market supply dynamics. The market is closely watching
these developments, as well as the ongoing efforts to ensure environmentally responsible nickel production.
In the long term, the outlook for nickel remains strong, with analysts predicting continued growth in demand, driven by the electrification of transportation
and the ongoing development of renewable energy infrastructure. However, the market will need to balance this growing demand with the challenges
of supply and sustainability.
Security and diversity of nickel supply is imperative, particularly from jurisdictions, such as Western Australia that consistently meet high the ESG
standards expected from modern society.  Ardea feels that the in progress Goongarrie Hub DFS, and development and production plans are perfectly
timed to bring online Australia’s next large scale, low cost nickel-cobalt producer as the nickel market moves back into deficit.
KNP Goongarrie Hub PFS - defined low cost nickel and cobalt production
KNP Goongarrie Hub July 2023 PFS defined low Opex after Cobalt credit of US$5,763/t Ni in MHP LOM (ASX release 5 July 2023) which compares
well with global peer operating costs and lower than most sulphide producers.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 6
Nickel Market Balance and Price Forecast
‘000 Tonnes Ni
US$/tonne
Primary nickel market balance (kt)
LME nickel cash (US$/tonne)
2023
2024f
2025f 2026f
2027f
2028f
2029f 2030f 2031f
2032f 2033f
2034f
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
300
200
100
0
-100
-200
-300
-400
After Source: Fastmarkets Long Term Forecasts 2024
Expected Goongarrie Hub
production
A
C
Figure 3: 
A) Nickel Market and Price Forecast  (Source Fastmarkets Long Term Forecasts 2024).
B) Average Ni production cost by route (Source Benchmark Mineral Intelligence - Benchmark Nickel Forecast).
C) 2027 Nickel Total Cash Cost curve (Source S&P Capital IQ).
Courtesy of Benchmark Mineral Intelligence © 2024
Data: Benchmark Nickel Forecast
Share of 2023 nickel production by ore type
Laterite
78%
Sulphide
22%
Approximate Ni production costs by route
US$/tonne
20,000
15,000
10,000
5,000
0
Indonesian MHP
Average North American
sulphide project
Vertically
integrated?
Cobalt
credits?
Sulphur/
acid & other
costs?
Waste
disposal?
ARL LOM C1 Cost incl Co credit US$5,763/t
ARL LOM C1 Cost exc Co credit US$10,197/t
US$10,197/t
US$5,763/t
B

Kalgoorlie Nickel Project - Goongarrie Hub
Overview 
The Goongarrie Hub is located 70km northwest of the mining
centre the City of Kalgoorlie-Boulder and is the premium ore feed
within the broader KNP (Figure 4). Resources from the
Goongarrie, Highway and Siberia North nickel-cobalt laterite
deposits are planned to be the base load feed for a processing
operation located at Goongarrie South. 
The mineral resources at Goongarrie are dominantly the
premium goethite style and extend continuously over 25km of
strike and at Highway, 30km north, over a strike length of 10km
(Figure 5). All key Goongarrie Hub mineral resources are located
on granted mining leases and tenure 100%-controlled by Ardea.
The project also has ready access to high-quality infrastructure
with the Goldfields Highway, rail line, fibre optic cable and power
infrastructure passing through the project area. The Goldfields
gas pipeline is located some 30km to the east and there are two
port options, these being Esperance and Kwinana, that are well
serviced by the KNP road and rail network.   
Significantly, the KNP is located on the rail connection to the
developing battery hub at the Port of Kwinana industrial area
immediately south of Perth, as well as east to Port Augusta and
developing low-carbon energy hubs on the eastern Australia
seaboard.
Ardea is actively engaged with Federal and State agencies and
statutory authorities who are coordinating the push for a
downstream battery industry within Australia through “Team
Australia” and the State of Western Australia through “Team WA”.  
All the Lithium-Ion-Battery (LIB) feedstocks, including nickel and
cobalt, are available in Australia, and Western Australia in
particular, at the scales required for World-significant green
energy centres of excellence.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 7
 
 
 
 
 
 
 
 
 
 
 
Figure 4: KNP location plan. Projection GDA94 Zone 51.
KNP Goongarrie Hub is well serviced by high-quality infrastruction such as Goldfields Highway and rail line passing through the project.

Highway
Goongarrie South
Goongarrie Hill
Siberia North
Big Four /
Scotia Dam
Goongarrie Hub
Processing Facility
70km to Kalgoorlie-Boulder
GOLDFIELDS HWY
RAIL LINE
Pre Feasibility Program 
On 5 July 2023 ASX release ‘KNP Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics’
provided multiple PFS Highlights, including:
•
Ore Reserve – 194.1Mt at 0.70% Ni and 0.05% Co for 1.36Mt of contained nickel and 99,000t of contained cobalt.1
•
Mining optimisation studies have projected production of ~ 30,000t of nickel and 2,000t of cobalt per year for more than 40 years.1
•
Conventional low-cost open pit mining methods result in mining costs comprising less than 12% of total operating cost with a very low strip
ratio at an average of 1.5 for the first 35 years of mine life.1
•
The project generates2:
o
Pre-tax NPV7 of A$7,625M and IRR of 30%
o
Post-tax NPV7 of A$4,980M and IRR of 23%
o
Average Annual EBITDA of A$800M
o
Project pay back within 3.1 years
•
Direct cash cost after Co by-products of US$5,763/t Ni in MHP over life of mine.2
•
Total capital cost of A$3,117M, including process plant and infrastructure cost of A$2,264M and sulphuric acid, steam, and power plant cost of
$574M.2
•
ESG credentials strengthened with Mineralised Neutraliser and In-pit tailings disposal among initiatives to minimise environmental footprint.3
The PFS base case design featured two x 1.5Mtpa Goethite HPAL autoclaves. Acid, heat and energy balance is facilitated with the AL circuit with
0.3Mtpa Mineralised Neutraliser Fines, 0.15Mtpa Grind AL and 0.05Mtpa Bene AL feed.
The KNP flowsheet followed a proven hydrometallurgical route for treating nickel and/or cobalt laterite ore. It produces mixed nickel-cobalt hydroxide
precipitate (MHP) filter cake, from goethite and minor saprolite ores. 
1 
See Section 5 of the 5 July 2023 PFS release and Table 2 of this Annual Report for detailed Ore Reserve table 
2
See Section 14 of the 5 July 2023 PFS release for detailed notes on the financial metrics which include inputs of US$25,000/t nickel price, US$60,000/t
cobalt price and exchange rate of 0.67 AUD:USD. Direct cash cost excludes royalties and includes third party freight charges and cobalt credit. 
3
See Section 13 of the 5 July 2023 PFS release for discussion on Life Assessment Cycle
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 8
Figure 5:  KNP Goongarrie Hub - Ore Reserves and
proposed Processing Plant defined by 5 July 2023 PFS
Kalgoorlie Nickel Project

KNP Goongarrie Hub Work Streams
Ardea’s focus remains the development of the KNP – Goongarrie Hub, which is
managed by KNPL who is undertaking the Goongarrie Hub DFS. 
After the release of the July 2023 PFS, the focus was concluding the Strategic
Partner Process with the Consortium.  This was achieved by the signing of the
Cooperation Agreement on 26 April 2024 and all conditions precedent being on
completed on 30 August 2024, resulting in Transaction completion. The Joint
Venture vehicle, KNPL commenced the KNP Goongarrie Hub DFS in May 2024.  
Key activities undertaken during the 2024FY to enable KNPL to deliver the DFS,
include:
•
Pre-DFS work included studies on water supply sources, along with mine
dewatering strategy and designing the Measured Resource and five-year
production profile, including infill drill hole spacing and metres to be drilled for
the DFS.  
•
DFS readiness workstreams, including document drafting, bid assessment and
budget compilation. 
•
KNPL DFS Owner’s Team recruitment.
•
Relocated the KNPL team to a new and independent West Perth office with IT
hardware and systems, software rollout. 
•
Significant progress on the commercial terms and conditions negotiations with
key consultants.
•
Process plant and utilities DFS engineering contract awarded to Ausenco (ASX release 8 July 2024).
•
Ausenco commenced work on trade off studies and design criteria.
•
Reviews on the pre-DFS mining schedule with mining consultant Orelogy.
•
Commenced DFS process test work and process design updates. The DFS will evaluate increasing processing capacity from 3.5Mtpa (PFS)
to 4Mtpa, through reducing residence time in the autoclaves from 70 mins to 60 mins (metallurgy testwork results as low as 40 mins – ASX
release 24 July 2018).
•
Commenced the Measured Resource infill drilling program to upgrade nickel-cobalt laterite resources to Measured category for the first five-
year open pits (888 RC holes for 51,745m). 
•
Commence mine geotechnical and mine hydrogeological field investigations. 
•
Commence bore water supply pumping and piping design. 
•
Commence construction camp design.
•
A detailed approval tracker for Program of Work applications has been created.
•
Mineral Resource updates in progress with work on geology domain interpretations for DFS resource estimates, to be finalised after the
Measured Infill drilling program is completed.
Processing Research and Development 
The Ardea FY2024 R&D is based upon metallurgical experiments aimed at optimising the plant performance, product range and hence revenue
streams from the KNP and its Goongarrie Hub. This is fundamental to delivering the KNP as a world-competitive Critical Minerals project.
Global Patent Application – Mineralised Neutraliser.  
Ardea lodged patent applications in Australia (AU2022903389) on 11 November 2022, and with the World Intellectual Property Office (WIPO) on
13 June 2023: PCT/AU2023/050520 relating to the use of Mineralised Neutraliser in the Ardea process.  Mineralised Neutraliser was a key innovation
of the 5 July 2023 PFS, and remains a key workstream in the DFS, with selective ore processing paths to add to both ESG credentials and to
recovered metal. 
Scandium and Rare Earth Elements
CSIRO-Ardea continued conceptual nickel sulphide and hydrothermal alteration target concepts at the Highway Nickel Prospect pursuant to an
Exploration Incentive Scheme (EIS) jointly State government/Ardea funded diamond core hole ASX release 15 December 2023). Based on the
EIS research, it is planned that DFS drilling at Highway will include a multi-element assay suite to quantify the potential Sc-REE-Lithium-Caesium-
Tantalum (LCT) potential, as well as better define the Mineralised Neutraliser role in the plant.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 9
Infill drilling program at Goongarrie Hub

Future Battery Industries – Cooperative Research Centre (FBICRC)
Ardea continues to support the FBICRC developments and have monitored progress over the year to 30 June 2024. No specific requests for
material or intellectual support were received during the period.
Australian Research Council 
In September 2022 Ardea became one of the sponsors of the Australian Research Council’s (ARC) Industrial Transformation Training Centre in
Critical Minerals. During April 2024 a proposed PhD project was sent to Ardea for review.
Bench-scale Metallurgy
Bench scale metallurgical testing has been planned and commenced for the initial stages of the DFS study. Initial testing has focused on leaching
tests for the goethite (limonite) and magnesian (saprolite) ores. 
Testwork for the ore preparation has been scoped and is being conducted by an accredited Perth-based laboratory. The testwork is mainly intended
to generate the leach feed samples for the downstream testing. However, information about milling characteristics of the ore and potential for
selective upgrading of the coarse fractions by differences in the grind response for different minerals (e.g. goethite versus silica). The testwork
commenced in July 2024.  
Flowsheet Research and Development
Beneficiation bench scale testwork from the Vale Inco PFS in 2008 was revisited to identify additional opportunities. The data was compiled into a
single Excel file and analysed using “Bene Rules” adopted during the mine scheduling work completed both as part of the Ardea 2023 PFS and
early DFS work.   
This knowledge is being used to ratify the Bene Rules (especially cut-off grades and criteria for selecting processing options for a given ore block).
Once the Bene Rules have been finalised, regression equations to predict processing outcomes for each ore block (based on head grade and the
Bene Rules criteria) will be tested. If successful, this may improve the accuracy of the mine model and improve the overall resource utility. 
An Ore Preparation circuit configuration has been proposed. The overall circuit is to consist of 3 x ore preparation trains; two of these (goethite
trains 1 & 2) will have the same design and be capable of processing either grind or beneficiable HPAL ore feeds. The other train will process
magnesian AL ore feed and Mineralised Neutraliser on a campaign basis.  
SysCAD 
The SysCAD engineering design model forms the basis of the process mass and energy balance and is an important input to engineering design
activities such as mechanical equipment identification and sizing.  This will cover the front end of the circuit, including the proposed changes to the
HPAL residence time from 70 to 60 minutes.    
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 10
Kennedy Drilling commencing 40m x 40m infill drilling program at Goongarrie Hub.

Engineering
The major engineering work for the Process Plant has been awarded to Ausenco Engineers. Various workshops and presentations have been
conducted to bring all parties up to speed.  The Work Breakdown Structure (WBS) is now agreed and being used. The Block Flow Diagram (BFD)
has been released. Some aspects of the BFD will need to be confirmed during the ongoing metallurgical testwork. KNPL will be reviewing the
Ausenco PFD markups, which will be used for the SysCAD design.  
Geology 
The Infill RC drill program to upgrade nickel-cobalt laterite resources to Measured category for the first 5-year open pits (888 holes for 51,745 m
on a 40x40 m spacing) commenced at Big Four (16,215m planned) in early July (ASX release 4 July 2024). The program is being completed by
Kennedy Drilling, initially with one RC rig to end of August. Site contractors (2x Geologists and 2x Field Assistants) are supporting the program on
alternate rosters, assisted by a Principal Contract Geologist on a campaign roster.
Kennedy Drilling and KNPL geologists and field assistants will camp on site at Goongarrie South during the initial period. Once multiple drill rigs
are operating, then KNPL and its contractors will be based in Kalgoorlie, and travel to/from site daily via a coach bus.
Geotechnical drilling for pit design slope parameters by consultants PSM is scheduled to commence September 2024.
Resource Workflows
Resource workstreams have been a focus during the year with current focus being pre-DFS work, preparing for the Infill RC drill program and
updated Mineral Resource Estimates. An important Resource workflow is the Interpretation of the DFS mineral resource wireframes at Goongarrie
South and Big Four using a combination of geochemistry and logged geology. The QAQC procedure for the Infill drill program was reviewed, with
new assay standards selected appropriate for lithologies to be intersected.  The importance and upside of ore type and path through the plant as
identified in the PFS is driving this work.
A high-level review of the current RC/diamond core twin hole datasets and existing density data was undertaken to aid in planning of the DFS
Diamond Drilling program. Diamond core and RC chips were selected from representative areas at Goongarrie South and Highway and reviewed
in Kalgoorlie with the site geologists.
The KNP MRE (using a 0.5% Ni cut-off grade) stands at 854Mt at 0.71% Ni and 0.045% Co for 6.1Mt of contained nickel and 386kt of contained
cobalt (Table 1). All the resources are constrained within optimised pit shells using appropriate nickel and cobalt prices, mining and processing
costs and pit slope parameters to determine the material that could potentially be economically mined in the future. The Mineral Resource has
been estimated and reported in accordance with the guidelines of the 2012 edition of the Australian Code for the Reporting of Exploration Results,
Mineral Resources and Ore Reserves, the JORC Code (2012). 
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 11
AGSD0016 Core from Goongarrie South being reviewed by KNPL Geologists.  

Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 12
Table 1 - Updated KNP nickel and cobalt MRE based on a greater than 0.5% Ni cut-off grade. Minor discrepancies may occur due to rounding of appropriate
significant figures. Legend: LUC – Local Uniform Conditioning; UC – Uniform Conditioning; OK – Ordinary Kriging.  (ASX release 30 June 2023)
Contained 
Contained
Camp 
Resource
Tonnes
Ni
Co
Ni
Co
Estimation Details
Category
(Mt)
(%)
(%)
(kt)
(kt)
Method, Source, Year
Goongarrie
Goongarrie South
Measured
18
0.94
0.085
171
15
LUC, Ardea, 2021
Indicated
82
0.71
0.049
584
40
LUC, Ardea, 2021
Inferred
10
0.64
0.033
61
3
LUC, Ardea, 2021
Highway
Indicated
71
0.69
0.038
487
27
LUC, Ardea, 2023
Inferred
21
0.67
0.040
141
8
LUC, Ardea, 2023
Ghost Rocks
Inferred
47
0.66
0.042
312
20
OK, Snowden, 2004
Goongarrie Hill
Indicated
40
0.65
0.037
259
15
LUC, Ardea, 2021
Inferred
29
0.60
0.025
176
7
LUC, Ardea, 2021
Big Four
Indicated
49
0.71
0.047
346
23
LUC, Ardea, 2021
Inferred
14
0.68
0.043
96
6
LUC, Ardea, 2021
Scotia Dam
Indicated
12
0.71
0.065
82
7
LUC, Ardea, 2021
Inferred
5
0.72
0.043
37
2
LUC, Ardea, 2021
Goongarrie Subtotal
Measured
18
0.94
0.085
171
15
Indicated
253
0.69
0.044
1,758
112
Inferred
127
0.65
0.037
823
47
Combined
398
0.69
0.044
2,753
175
Siberia
Siberia South
Inferred
81
0.65
0.033
525
27
OK, Snowden, 2004
Siberia North
Indicated
14
0.72
0.042
102 
6 
Ni(UC) Co(OK), Snowden, 2009
Inferred
72
0.74
0.034
534 
25 
Ni(UC) Co(OK), Snowden, 2009
Black Range
Indicated
9
0.67
0.090
62
8
OK, HGMC, 2017
Inferred
10
0.69
0.100
68
10
OK, HGMC, 2017
Siberia Subtotal
Indicated
24
0.70
0.061
165 
14 
Inferred
163
0.69
0.038
1,127 
61 
Combined
186
0.69
0.040
1,292 
75 
KNP Goongarrie
TOTAL
Measured
18
0.94
0.085
171 
15 
Hub
Indicated
277
0.70
0.046
1,923 
127 
Inferred
289
0.67
0.037
1,951 
108 
Combined
584
0.69
0.043
4,044 
250 
Bulong
Taurus
Inferred
14
0.84
0.051
119
7
OK, Snowden, 2007
Bulong East
Indicated
16
1.06
0.055
169
9
OK, Snowden, 2004
Inferred
24
0.79
0.053
190
13
OK, Snowden, 2004
Bulong Subtotal
Indicated
16
1.06
0.055
169
9
Inferred
38
0.81
0.052
309
20
Combined
54
0.88
0.053
477
29
Hampton
Kalpini
Inferred
75
0.73
0.044
550
33
OK, Snowden, 2004
Hampton Subtotal
Inferred
75
0.73
0.044
550
33
KNP Kalpini Hub
TOTAL
Indicated
16
1.06
0.055
169
9
Inferred
114
0.76
0.047
859
53
Combined
130
0.79
0.048
1,028
62
Yerilla
Jump Up Dam
Measured
4
0.94
0.048
36
2
OK, Snowden, 2008
Indicated
42
0.78
0.043
324
18
OK, Snowden, 2008
Inferred
18
0.63
0.034
116
6
OK, Snowden, 2008
Boyce Creek
Indicated
27
0.77
0.058
206
16
OK, Snowden, 2009
Aubils
Inferred
49
0.70
0.066
346
33
OK, Heron, 2008
KNP Yerilla Hub
TOTAL
Measured
4
0.94
0.048
36
2
Indicated
68
0.78
0.049
531
33
Inferred
68
0.68
0.057
462
39
Combined
140
0.73
0.053
1,028
74
KNP TOTAL
Measured
22
0.94
0.079
207 
17 
Indicated
361
0.73
0.047
2,622 
169 
Inferred
471
0.70
0.043
3,272 
200 
GRAND TOTAL
Combined
854
0.71
0.045
6,101 
386 

Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 13
Ore Reserve
The 2023 PFS (ASX release 5 July 2023) defined a KNP Goongarrie Hub Ore Reserve of  194.1Mt at 0.70% Ni and 0.05% Co for 1.36Mt contained
nickel and 99kt contained cobalt (Table 2). Goongarrie Hub deposits Ghost Rocks, Siberia South and Black Range have not been included in
the current Ore Reserve and provide potential to significantly extend the mine life.
Notes:
1.
The Ore Reserve is reported in accordance with JORC Code (2012). The Ore Reserve information shown in this ASX release has been previously released
on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with Listing Rule 5.9.
2.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement
noted above and that all material assumptions and technical parameters underpinning the Ore Reserve in the previous market announcement continue to
apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not
been materially modified from the original market announcement.
3.
Ore reserves are reported at a cut-off of 0.5% Ni for primary feed stock to the processing facility, plus Mineralised Neutraliser as ore at a cut-off of 0.5% NiEq
and LOI above 25%.
4.
NiEq defined using Ni + 2.32 x Co.
5.
The Ore Reserve was evaluated using a base price of US$22,000/t for Ni and US$51,000/t for Co at 85% payable for a Mixed Hydroxide Precipitate (MHP)
product, and an exchange rate 0.69 USD/AUD. In view of forward metal price projections averaging US$25,000/t Ni.
6.
Ore Reserves account for mining dilution and mining ore loss.
7.
Ore Reserves are reported on a Dry Tonnage Basis.
8.
Proven Ore Reserves are based on Measured Mineral Resources only and Probable Ore Reserves are based on Indicated Mineral Resources only.
9.
The sum of individual amounts may not equal due to rounding.
10.
This Ore Reserve estimate is for a subset of the KNP - Goongarrie Hub deposits being Goongarrie South, Big Four / Scotia Dam, Goongarrie Hill, Highway
and Siberia North.
Table 2 - KNP Goongarrie Hub Ore Reserve Summary consisting of ore above 0.5% Ni as the feed stock for the processing facility, and ore as Mineralised
Neutraliser above 0.5% Ni equivalent (Nieq) and Loss on Ignition (LOI) above 25%
Deposit 
Ore >= 0.5% Ni
Ore > 0.5% NiEq and LOI > 25%
Total Ore
Mt Ni (%)
Co (%)
Ni (kt) Co (kt)
Mt
Ni (%)
Co (%)
Ni (kt)
Co (kt)
Mt
Ni (%) Co (%)
Ni (kt)
Co (kt)
Proven
Goongarrie South
16.7
0.96
0.09
160
15
0.05
0.43
0.03
0.20
0.01
16.7
0.96
0.09
160
15
Proven Sub-total
16.7
0.96
0.09
160
15
0.05
0.43
0.03
0.20
0.01
16.7
0.96
0.09
160
15
Probable
Big Four / Scotia Dam
34.9
0.76
0.07
265
23
0.8
0.38
0.04
3
0
35.7
0.75
0.06
268
23
Goongarrie South
33.6
0.79
0.07
265
23
1.8
0.40
0.03
7
1
35.4
0.77
0.07
272
24
Goongarrie Hill
15.8
0.70
0.04
110
7
0.1
0.44
0.02
0
0
15.9
0.70
0.04
111
7
Highway
54.0
0.70
0.04
380
22
27.2
0.39
0.01
106
4
81.2
0.60
0.03
486
26
Siberia North
9.2
0.74
0.05
68
4
-
-
-
-
-
9.2
0.74
0.05
68
4
Probable Sub-total
147.4
0.74
0.05
1,087
79
29.9
0.39
0.02
117
5
177.4
0.68
0.05
1,204
84
Proven + Probable Total
Big Four / Scotia Dam
34.9
0.76
0.07
265
23
0.8
0.38
0.04
3
0
35.7
0.75
0.06
268
23
Goongarrie South
50.2
0.85
0.08
425
38
1.9
0.40
0.03
7
1
52.1
0.83
0.07
432
39
Goongarrie Hill
15.8
0.70
0.04
110
7
0.1
0.44
0.02
0
0
15.9
0.70
0.04
111
7
Highway
54.0
0.70
0.04
380
22
27.2
0.39
0.01
106
4
81.2
0.60
0.03
486
26
Siberia North
9.2
0.74
0.05
68
4
-
-
-
-
-
9.2
0.74
0.05
68
4
TOTAL
164.1
0.76
0.06
1,247
94
30.0
0.39
0.02
117
5
194.1
0.70
0.05
1,365
99

Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 14
Hydrogeology 
At Goongarrie all nickel-cobalt-scandium mineral resources are located on granted mining leases. As such, Ardea/KNPL has first rights to any
ground water underlying these areas. Past work by Ardea has defined multiple water sources outside the mine area, with water for project
development to be sourced from multiple dedicated borefields.
The regional water exploration aircore drill program was completed on 15 May 2024. Total for the program was 98 holes drilled for 5,226m over
eight prospects within an 80km radius of Goongarrie.
To finalise the early DFS phase of water sourcing, a specialist hydrogeological consultancy completed a detailed data compilation and presentation,
which included:
•
Results from the recent aircore drill program and all historical hydrogeological work, to identify several future water source alternatives for the
Goongarrie Hub.
•
Review of the water quality analyses.
•
Prepared water supply options and opportunities within 100km of Goongarrie. 
•
Planning additional exploration on less advanced opportunities including aircore drilling and passive seismic surveys.
A workshop was held in early July 2024 to discuss results and review all options/opportunities to meet the Goongarrie Hub water demand sourced
from several borefields. Consultant engineers will review the results to provide high-level engineering design/cost estimates of the borefield
configurations and assist plan locations for DFS production bore drilling, testing and detailed modelling. 
Part of the hydrogeology study will include drilling of fractured rock and paleochannel water targets and test pumping bores, with a program of 70
holes for 8,925m planned largely using aircore rather than RC drilling due to interpreted ground conditions. 
Passive seismic surveys commenced at Goongarrie on 21 June 2024 and have been completed on the paleochannel systems, 60-80km west of
Goongarrie.
Infrastructure and Logistics
The KNP has access to high-quality infrastructure with the Goldfields Highway, rail line and power infrastructure passing through the project area
and the Goldfields Gas Pipeline within 25km.
The plant site is planned to be directly located southeast of the Pamela Jean pit, which minimises the tramming distance to the process plant
during the critical early mining phase. Site sterilisation drilling has been conducted over the proposed plant site and the anticipated location of the
construction village. This work also provided preliminary geotechnical information, and indicated that supporting bedrock lay within 7m of the
surface for most of the planned process plant area. The site topography is relatively flat thus minimising earthworks. The manning strategy includes
a Kalgoorlie-Boulder office and logistics base, enabling significant pre-assembly in construction, with those personnel not required to be permanently
based at site able to make day trips on an as-needs basis. 
Ardea and the City of Kalgoorlie-Boulder (CKB) liaise regularly on key project development updates, community and accommodation developments.
Further CKB continues to support Ardea with hosting Strategic Partner site visits.
Logistics provider QUBE completed a high-level scoping study which provided an initial supply chain model of a mine to port solution for the
export/import of MHP, magnesia, sulphur and lime that formed the basis for the PFS.
This study identified three potential ports (Kwinana, Fremantle or Esperance ports) to import sulphur, bulk lime, magnesia and other reagents and
two potential ports (Esperance and Fremantle) for the export of MHP using 20-foot general purpose containers. Haulage options reviewed road
trains and rail options and combinations between the port and site.  
A desktop study identified a viable construction-phase delivery route for the HPAL autoclaves and similar heavy equipment. The overall route from
Esperance Port to Goongarrie appears relatively simple.  

Environment and Rehabilitation
All project development within the KNP is aimed at including systematic and rapid rehabilitation concurrent with operations. 
Due to the expanded development footprint of the Goongarrie Hub, as defined in the 2023 PFS (ASX release 5 July 2023), baseline surveys
completed in 2018 have been extended and include further surveys to incorporate the latest environmental standards and guidelines. 
Consultant reports and data from the following expanded baseline surveys: Flora and Vegetation; Terrestrial Fauna; Short Range Endemic Fauna;
Targeted Conservation Significant Butterfly and Subterranean Fauna are being finalised. The tender for the DFS environmental studies is in the
final stages of evaluation and will be awarded in H2 2024.
Completion of remaining non-seasonal dependent baseline studies will allow further assessment of the need for the Project to be formally assessed
under the State Environmental Protection Act (EP Act) and the Commonwealth Environment Protection and Biodiversity Conservation Act (EPBC
Act). If it can be shown that environmental impacts are low and/or can be adequately managed by other regulatory agencies using other mechanisms,
the Environmental Protection Authority (EPA) may make an assessment on the referral that the Project is not to be formally assessed. 
Similarly, if the EPA believes impacts on some factors are not significant and can be adequately managed by other regulatory agencies using other
mechanisms, the number of Key Factors to be assessed by the EPA under the Part IV process would be reduced.
Mine rehabilitation methodology is facilitated through four decades of WA open pit gold mine operations, and the KNP footprint is minimised using
mining voids for tailings and mullock disposal. Mining voids will be progressively rehabilitated during operations and returned to their pre mining
state, by dressing the back filled open pit voids with topsoil (Figure 6) and then revegetating. Such sites, if unaffected by operations mine dust,
would be suited as future solar array locations.
In terms of ESG compliance for hydrometallurgical metal processing, the KNP’s benign and manageable environmental footprint contrasts strongly
with “wet tropical laterite” projects. The tropical laterites require submarine tailings disposal or valley tailings storage with consequent substantial
environmental risk. Tailings disposal in these environments tends to be further complicated by high rainfall and the fact that most tropical laterite
deposits are in seismically active regions. Additionally, wet tropical laterite production areas commonly involve non-restorable rain forest habitat
destruction. It is doubtful whether wet tropical laterite hydrometallurgical battery metal sources can comply with the ESG standards required by the
Japanese, South Korean, European and north American EV sectors. 
Similarly, with more than 3,000mm of annual rainfall in the wet tropical nickel
laterites, it is an immense challenge for long-term tailings stabilisation. The KNP
semi-arid climate with robust environmental setting is likely just as important as
the premium goethite, high nickel grade and excellent ore rheology for its
economic attractiveness.
Figure 6: Planned Goongarrie Hub in-pit tails disposal and rehabilitation
strategy.
In-pit tailings storage schematic showing the progressive backfill and
rehabilitation of mining voids which is planned to occur concurrently with nickel-
cobalt production at KNP Goongarrie Hub.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 15
Neutralised tailings aggregate pumped
into exhausted open pit void
Waste material from previous mining can be mixed in
Fill Void
Stockpiled topsoil retained from mining
Ripping and planting
Example Pit in Goongarrie Hub
1
2
3
4
Rehabilitation of drill sites current with disturbed areas scarified.

WA Nickel Sulphides and Critical Minerals 
Ardea’s extensive and strategic land holding in the Eastern Goldfields
of WA comprises covering approximately 3,500km2 and in addition to
the globally significant nickel-cobalt-scandium KNP resource, is highly
prospective for nickel sulphides and other Critical Minerals (Figure 7,
8 and 9).  
With the Goongarrie Hub to be sole-funded by the Consortium to DFS
completion at a budget of $98.5 million, Ardea is undertaking initial
Nickel Laterite scoping level feasibility reviews and Nickel Sulphide
target generation for the Yerilla Hub (Aubils, Boyce Creek and Jump
Up Dam Nickel Projects) and Kalpini Hub (Kalpini and Bulong Nickel
Projects, Emu Lake nickel sulphide) shown in Figure 7. These “non-
Goongarrie Hub” projects are collectively termed the “Kalpini Hub.” 
Kalpini Nickel Project 
Ardea’s Kalpini Nickel Project is located 70km northeast of the City of
Kalgoorlie-Boulder and covers 121km2 of contiguous granted tenure
100%-owned by Ardea (Figure 7). Regionally there are two distinct
Kalpini ultramafic units each with 20-25km strike within Ardea tenure
(Figure 9):
•
The Kalpini Eastern Komatiite Belt hosts the Wellington East and
Acra North nickel laterite deposits containing 75Mt at 0.73%
nickel and 0.04% cobalt, for 549.7kt nickel and 32.6kt cobalt
(Table 1). The ultramafics are typical of the Walter Williams
Formation style consisting of a thick 200-600m sheet with olivine
orthocumulate upper and lower contacts and core olivine meso-
adcumulate (Dunitic Sheet Flows-Layered Lava Lakes) which
weathers to nickel laterite. 
•
The Kalpini Western Komatiite Belt hosts the Emu Lake Binti Binti
nickel sulphide mineralisation. There are at least two fertile nickel
sulphide ultramafic flows at Emu Lake. The volcanics are
characterised by a bi-modal co-magmatic suite, with each cycle
having a footwall dacite volcanic overlain by ultramafic volcanic
flows. The ultramafics are orthocumulate flows typically 10-40m
thick, with massive, matrix, blebby and disseminated nickel
sulphides identified in the Western Ultramafic (WU) and Central
Ultramafic (CU). 
Nickel Laterite Studies
The Kalpini Nickel Project includes Nickel Laterite mineralisation
associated with significant Rare Earth Element (REE) and Scandium
credits (Figure 8).  
At the Wellington East Prospect, re-sampling historic drill pulps by
Ardea during 2020 to 2022 identified significant Rare Earth Element
and Rare Metal (RM) grades within the historic nickel-cobalt laterite
mineralisation. Studies on this resampling work (ASX release 14
March 2022) and on historic Scandium  (ASX release 22 June 2017),
was completed during the year.  
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 16
Figure 7: Ardea tenement plan showing location of the Kalpini Hub,
Emu Lake Nickel Sulphide Camp. Projection MGA 94 Zone 51.
Figure 8: Northern Kalpini Nickel Project, aeromagnetic image
showing historic drillholes as black dots, and if available % Total
Rare Earth Oxide (TREO) assays.

The studies suggest that the Kalpini REE occurs within the Enrichment Zone of the main Nickel Laterite.  In contrast, scandium is more enriched
within younger duricrust overlying the Nickel Laterite.
Highlights from 2022 re-sampling (ASX release 14 March 2022), included: 
•
WERC0371: 12m at 1.70% nickel, 0.151% cobalt, 28g/t scandium from 20m with;
o
0.244% Total Rare Earth Oxide (TREO) includes neodymium, praseodymium, lanthanum, cerium
o
1.320% Total Rare Metal Oxide (TRMO) includes titanium, yttrium , zircon, niobium, hafnium, tantalum and tungsten
•
VKPRC0112: 4m at 1.66% nickel, 0.102% cobalt, 40g/t scandium from 29m with 0.1297% TREO; 0.7193% TRMO
Ardea historic scandium intercepts (ASX release 22 June 2017) include:
•
AKR0015, 20m at 102g/t scandium from 38m 
•
AKR0017, 6m at 463g/t scandium from 28m
Nickel Sulphide Exploration 
Ardea’s nickel sulphide exploration strategy complements the development of the KNP nickel laterite. The KNP nickel sulphide targets are an asset
in a region of multiple nickel sulphide concentrators, with most constrained by insufficient sulphide feed availability particularly with recent mine
closures and suspensions in the Eastern Goldfields of WA region. 
Nickel sulphide also has potential value for a nickel laterite operation,
in that it is a potential addition to any goethite autoclave feed for
exothermic heating (optimise steam use), Eh reduction to control
hexavalent chromium and adding nickel and sulphur units to the
autoclave reaction vessel, and typically improving overall nickel
recoveries.
An additional benefit is that metal concentrations considered
deleterious to conventional nickel sulphide flotation concentrator
processing do not affect the HPAL process, opening the possibility
of mineral extraction from nickel sulphide deposits that may
otherwise be overlooked.
The Type 1 massive nickel-copper-PGE sulphides discovered at the
Binti Prospect in the Kalpini Project (i.e. AELD0003: 2.72m at 5.42%
Ni and 0.85% Cu from 391.04m – ASX release 14 January 2022)
occur in the Kurnalpi Terrane which is significant given there are only
a few other Type 1 nickel sulphide occurrences in this Terrane.
Ardea holds over 20km strike of the prospective Western Ultramafic
sequence that is largely unexplored and highly prospective for
primary magmatic nickel sulphide mineralisation.
The plan for the Kalpini Hub is to postpone proposed nickel sulphide
exploration activities until after KNPL priority DFS workstreams. Low
cost/low impact work such as field mapping and rock chip sampling
of the fertile Western Ultramafic will continue later in FY2025.
Figure 9: The Kalpini Project showing Komatiite Belts. Nickel
laterite resources are located on the Eastern Komatiite Belt,
with the Western Belt highly prospective for nickel sulphide
(NiS) mineralisation  Projection MGA 94 Zone 51.
Critical Mineral Exploration
Highway Nickel Project
An application for EIS Round 29 was submitted for three diamond holes on Highway tenement M29/214, following up from the Round 26 EIS
drillhole which defined fertile horizons of an LCT intrusive system (ASX release 15 December 2023). The Round 29 Submission was successful
with an offer up to a maximum of $180,000 for the three drillholes testing the Highway LCT system and Walter Williams Formation komatiite basal
contact nickel sulphide potential. Full agreement was lodged prior to the 1 June 2024 deadline.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 17

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.
Kalpini drill results highlight cobalt-nickel mineralisation, and scandium discovery, 22 June 2017.
2.
2.25Mtpa Goongarrie Nickel Cobalt Project Expansion Study Demonstrates Enhanced Project Economics, 24 July 2018
3.
Emu Lake Nickel Sulphide Discovery confirmed with 2.72m at 5.42% Ni, 14 January 2022.
4.
High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements, 14 March 2022.
5.
Kalgoorlie Nickel Project Recognition on All Tiers of Australian Government, 21 March 2022.
6.
Nickel sulphide anomalism from aircore drilling at Kalpini Project, 2 May 2023.
7.
Mineralised Neutraliser Global Patent Lodged, 15 June 2023.
8.
Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel, 30 June 2023.
9.
KNP - Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics, 5 July 2023.
10.
Kalgoorlie Nickel Project Goongarrie Hub Tenement Consolidation   17 July 2023
11.
Annual Report 2023, 27 September 2023.
12.
Appendix 4G and Corporate Governance Statement 2023, 28 September 2023.
13.
Nickel Sulphide Prospectivity Confirmed and Lithium-Caesium-Rubidium bearing intrusives in Highway EIS drillhole, 15 December 2023.
14.
Half Year Accounts – December 2023, 12 March 2024.
15.
Ardea, Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) to form a Joint Venture to develop the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub,
26 April 2024.
16.
Kalgoorlie Nickel Project - Goongarrie Hub DFS Drilling Underway, 4 July 2024.
17.
Kalgoorlie Nickel Project – Goongarrie Hub DFS Underway, 8 July 2024.
18.
KNP – Goongarrie Hub Joint Venture FIRB Approval Received, 14 August 2024.
19.
KNP – Goongarrie Hub Joint Venture Transaction Completed with Japanese Consortium, 30 August 2024.
Competent Persons Statement 
Resource Estimation, Exploration Results, and Industry Benchmarking
The Resource Estimation, Exploration Results and Industry Benchmarking summaries are based on information reviewed or compiled by Mr Ian Buchhorn, and Mr
Andrew Penkethman. Mr Buchhorn is a Member of the Australasian Institute of Mining and Metallurgy and Mr Penkethman is a Fellow of the Australasian Institute of
Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Both Mr Buchhorn and Mr Penkethman are full-time employees of Ardea Resources
Limited and have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are
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 Buchhorn and Mr Penkethman have reviewed this release and consent to the inclusion in this report of the information in the form and context in which
it appears. Mr Buchhorn and Mr Penkethman own Ardea shares.
The Company confirms that it is not aware of any new information or data that materially affects information included in previous releases, and all material assumptions
and technical parameters underpinning the estimates continue to apply and have not materially changed.  
Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) following JORC Code (2012) guidelines is:
Contained 
Contained
Resource
Size
Ni
Co
Ni
Co
Category
(Mt)
(%)
(%)
(kt)
(kt)
KNP Total
Measured
22
0.94
0.079
207 
17 
Indicated
361
0.73
0.047
2,622 
169 
Inferred
471
0.70
0.043
3,272 
200 
KNP
Combined
854
0.71
0.045
6,101 
386 
Note: 0.5% nickel cutoff grade used to report resources. Minor discrepancies may occur due to rounding of appropriate significant figures.
The Mineral Resource Estimate information shown in this ASX release has been previously released on the ASX platform by Ardea in ASX release 30 June 2023, in
accordance with Listing Rule 5.8.
The Ore Reserve information shown in this ASX release has been previously released on the ASX platform by Ardea in ASX release 5 July 2023, in accordance with
Listing Rule 5.9.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements noted
above and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate and Ore Reserve in the previous market announcements
continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not
been materially modified from the original market announcements.
Activities Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 18

ASX CHAPTER 5 COMPLIANCE AND PFS CAUTIONARY STATEMENT 
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 KNP Goongarrie Hub Project is at the PFS phase and although reasonable care has been taken to make sure 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, which are based on forward looking statements, is that the Goongarrie Hub is considered to have positive economic potential. 
The Mineral Resource used for the PFS was classified under JORC Code (2012) Guidelines and announced by the Company on 30 June 2024. The cut-off grades
adapted for the PFS and reported in Table 2 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 KNP Goongarrie Hub. 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.
Activities Report continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 19

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 20
Financial Statements 
for the year ended 
30 June 2024
ABN 30 614 289 342

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 21
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 2024 (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 
Mathew Longworth is a geologist with over 35 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 Consultant with Xtract Mining consultants. 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). 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 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, Non-Executive Director at Asra 
Minerals Ltd and Non-Executive Chairman of unlisted Northam Resources Limited. Mr Longworth has no other public 
company directorships. 
Interests in shares: 986,428 
Interest in rights: 425,000 
 
Maree Arnason – BA, FAICD 
Non-Executive Director Appointed 10 July 2023 
Maree Arnason has over 35 years' experience across the natural resources, energy and manufacturing sectors with 
companies including BHP Billiton, Carter Holt Harvey, Svenska Cellulosa AB and Wesfarmers. She has worked across 
commodities including copper, gold, iron ore, timber, coal, mineral sands and natural gas and gained expertise in 
governance, strategy, sustainability, risk, corporate affairs, stakeholder relations, transformations, divestments and 
integrations. 
Ms Arnason is a Co-founder and Director of Energy Access Services, which operates an independent Western 
Australian-focused digital trading platform for wholesale gas buyers and sellers and also has a significant record of 
service in the not-for-profit sector. Ms Arnason holds a Bachelor of Arts from Deakin University. She is a Fellow of the 
Australian Institute of Company Directors (FAICD), an AICD WA Division Councillor and is an AICD Board member. 
Ms Arnason is a Non-Executive Director at Gold Road Resources and VHM Limited. 
Interests in Shares – 15,000 
Interests in Rights – 300,000 
 
 
Directors’ Report

Directors’ Report continued      
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 22
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 30 years’ experience in the 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 with a strong corporate focus including investor relations, capital 
raising, strategic partner processes, joint venture management, 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. 
From 2021, Mr Penkethman is a Non-Executive Director at Kalgoorlie Gold Mining Limited (16 November 2021 to 
present). 
Interests in shares: 2,882,401 
Interest in rights: 1,000,000 
 
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 briefly prior to 
his resignation as an Executive Director in June 2017. 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 30 years Mr Buchhorn has acquired and developed 
mining projects throughout the Eastern Goldfields of Western Australian and has operated as a Registered Mine 
Manager. 
Interests in shares: 14,410,585 
Interest in rights: 650,000 
 
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. Mr Middlemas ceased the role of Chief Financial Officer on the 8 June 2022 and continues as the 
company’s Company Secretary. 
Interests in shares: 813,700 
Interest in rights: 30,000 
 
 

Directors’ Report continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 23
CHIEF FINANCIAL OFFICER 
Rebecca Moylan – B.Bus (Acc&FIN)., FFINSIA, GAICD, CPA 
Ms Moylan was appointed Chief Financial Officer on 8 June 2022. She is a certified practicing accountant with more 
than 20 years’ experience in financial and corporate management, accounting, project financing and contract 
negotiation. Her career in the mining industry has included positions as Chief Financial Officer and Company Secretary 
of several ASX-listed companies. 
Interests in shares: 185,000 
Interest in rights: 50,000 
 
PROJECT DIRECTOR 
Matt Read - BSc, BEng (Hons), MBA 
Mr Read was appointed Project Director on 27 February 2023. He has more than 25 years’ experience in project and 
commercial leadership roles. Most recently, Mr Read was General Manager Lithium Projects at Neometals Ltd 
(ASX:NMT) managing various international lithium studies and joint venture relationships. Prior he was Head of 
Projects at Tianqi Lithium Australia overseeing the development of its lithium hydroxide facility in Western Australia 
which included recruiting the owner’s team, negotiating and sourcing all major utilities contracts, development of 
policies, procedures, systems and commissioning.  
Mr Read’s prior experience includes Manager Contracts at the $10.5 billion Roy Hill Iron Ore Project where he was the 
Owner’s Team Contracts Manager for the Head EPC Contract. The project was successfully completed and won 
numerous awards, of particular note being the Australian Engineering Excellence Awards (WA Division) for Resource 
Development. He also brings extensive nickel laterite and sulphide experience from project and commercial leadership 
roles whilst working at BHP/WMC over an 11 year period. 
Mr Read transitioned to Project Director – Kalgoorlie Nickel Pty Ltd on 1 May 2024, once access became available to 
the Japanese Consortium sole funding of A$98.5M for completion of the Definitive Feasibility Study in H2 2025. 
Interests in shares: nil 
Interest in rights: 513,400 
PRINCIPAL ACTIVITIES 
The principal activities of the Consolidated Entity during the financial period consisted of mineral exploration and 
evaluation (Feasibility Studies) 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. 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 24
REVIEW OF OPERATIONS AND ACTIVITIES 
The Consolidated Entity recorded an operating loss after income tax for the Financial Period ended 30 June 2024 of 
$7,705,331 (2023 - $4,236,361). 
Ardea is a Critical 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 854Mt at 0.71% Ni 
and 0.045% Co (6.1Mt contained nickel metal, 386kt contained cobalt metal – ASX release 30 June 2023). All 
KNP projects are located within 150km of the regional mining hub of the City of Kalgoorlie-Boulder, Western Australia. 
Western Australia 
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 minerals for the rapidly growing Lithium Ion Battery (LIB) supply chain that meet the high ESG standards 
expected from society. 
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 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. (ASX announcement 30 June 2023). 
 
 
Resource Category 
Quantity 
(Mt) 
Nickel 
(%) 
Cobalt 
(%) 
Contained 
nickel (kt) 
Contained 
cobalt (kt) 
Measured 
22 
0.94 
0.079 
207 
17 
Indicated 
361 
0.73 
0.047 
2,622 
169 
Inferred 
471 
0.70 
0.043 
3,272 
200 
KNP Total Resources 
854 
0.71 
0.045 
6,101 
386 
 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 25
Key events for the year ended 30 June 2024 include: 
 Ardea executed a binding Shareholders’ Agreement with GH Nickel Pty Ltd, representing a significant 
milestone in the development of the globally significant KNP – Goongarrie Hub nickel-cobalt development 
project.GH Nickel Pty Ltd (Consortium SPV) is the vehicle through which Sumitomo Metal Mining Co., Ltd 
(SMM) and Mitsubishi Corporation (MC), via its wholly owned subsidiary Mitsubishi Development Pty Ltd 
(collectively, the Consortium), will acquire shares in Kalgoorlie Nickel Pty Ltd (KNPL). Under the terms of the 
Shareholders’ Agreement the Consortium will fully fund the KNP - Goongarrie Hub Definitive Feasibility Study 
(DFS) up to A$98.5M to earn a 35% interest in KNPL. An additional 15% interest in KNPL will be issued on a 
Final Investment Decision where the Consortium assist in optimising debt financing1. 
 Ardea’s subsidiary KNPL and SMM agreed funding support arrangements to facilitate the progression of the 
early DFS works while the conditions precedent to the Cooperation Agreement are being satisfied. Under the 
funding support arrangements, the parties have agreed a contribution plan under which SMM will advance up 
to A$12,000,000 in funding to KNPL, as and when funds are required to facilitate agreed early DFS works. 
 
Key start-up activities for the DFS have commenced, with several DFS work streams already advanced. The 
KNPL team has been expanded, and the major engineering contract for the process plant and utilities 
component of the DFS has been awarded to Ausenco. 
 
KNP Total MRE, which is 854Mt at 0.71% Ni and 0.045% Co for 6.1Mt contained nickel and 386kt contained 
cobalt, is the largest in Australia and ranks highly worldwide. Within the KNP, the Goongarrie Hub MRE sub-
total is 584Mt at 0.69% Ni and 0.043% Co for 4Mt of contained nickel and 250kt of contained cobalt2. 
 
The PFS released on 5 July 2023, outlined the Goongarrie Hub’s potential to produce an average of 30,000 
tpa nickel and 2,000tpa cobalt, supporting a mine life exceeding 40 years. 
 
CORPORATE AND FINANCIAL POSITION 
As at 30 June 2024 the Consolidated Entity had cash reserves of $14.8 million (2023 - $10.6 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  
 
2024 
2023 
 
Cents 
Cents 
Basic loss per share 
(4.01) 
(2.48) 
Diluted loss per share 
(4.01) 
(2.48) 
 
 
1 ASX announcement 26 April 2024. 
2 ASX announcement 30 June 2023. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 26
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS  
There were no significant changes in the state of affairs of the Company during the year not otherwise disclosed in 
this report.  
OPTIONS/PERFORMANCE RIGHTS OVER UNISSUED CAPITAL 
Unlisted Options 
3,000,000 Options issued during the year, 4,000,000 Options lapsed during the year. 3,000,000 Options were on issue 
at 30 June 2024 (2023 – 4,000,000). 
Performance Rights 
As at 30 June 2024 there were 3,316,400 Performance Rights on issue. During the year the Company issued 1,724,400 
Performance Rights to Directors and Employees under the Ardea Performance Rights Plan that was approved at the 
2020 AGM. 129,500 Performance Rights lapsed without achieving the hurdle or following employees leaving the 
Company.  
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 27 July 2024, a $3.0M increase in the DFS Budget has been approved by the board and investor Consortium to 
carry out DFS activities until the end of August 2024, whist satisfying the Conditions Precedent by the end of August 
2024 to proceed with DFS activities as planned from September 2024 onwards per the Cooperation Agreement. 
On 19 and 21 August 2024, the Company completed the sale of 1,000,000 shares in Larvotto Resources Limited for a 
total consideration of $298,750 (gross). This transaction occurred after the reporting period and does not affect the 
financial position as of 30 June 2024. Accordingly, no adjustment has been made to the carrying value of the investment 
as of 30 June 2024. The financial impact of this transaction is estimated to result in a gain of $186,250, which will be 
recognised in the subsequent financial period. 
On 30 August 2024, Ardea executed a binding Shareholders’ Agreement with GH Nickel Pty Ltd, representing a 
significant milestone in the development of the globally significant KNP – Goongarrie Hub nickel-cobalt development 
project. 
Details of the Transaction: 
GH Nickel Pty Ltd (Consortium SPV) is the vehicle through which Sumitomo Metal Mining Co., Ltd and Mitsubishi 
Corporation, via its wholly owned subsidiary Mitsubishi Development Pty Ltd (collectively, Consortium), will acquire 
shares in KNPL. Under the terms of the Shareholders’ Agreement: 
The Consortium will fund 100% of the DFS costs up to an agreed budget of approximately A$98.5 million. 
Upon completion of the DFS spend, the Consortium will subscribe to a 35% ownership in KNPL, with the right to 
increase its ownership to 50% following a positive Final Investment Decision (FID) by the Consortium to build, 
commission, and operate a plus 30,000 nickel tonnes per annum, multi-decade operation. 
The Shareholders’ Agreement outlines the terms and conditions for a JV to enable the development of the KNP – 
Goongarrie Hub, subject to a positive FID. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 27
Completion of Conditions Precedent: 
With the incorporation of the Consortium SPV as the JV vehicle and the Consortium SPV’s accession to the April 2024 
Cooperation Agreement, all remaining conditions precedent to the transaction have been satisfied. As a result, the 
transaction is now complete. 
Impact on the Financial Statements: 
The completion of this transaction after the reporting period does not require adjustments to the financial statements 
as of 30 June 2024, as it is classified as a non-adjusting subsequent event under AASB 110. However, the event is 
considered significant and material to the future operations and development of the KNP – Goongarrie Hub. 
Consequently, the following details are disclosed: 
The funding commitment by the Consortium to cover DFS costs up to A$98.5 million. 
The Consortium’s initial 35% ownership interest in KNPL upon DFS completion and the option to increase ownership 
to 50% upon a positive FID. 
The expected acceleration of DFS activities, with completion targeted for the second half of 2025. 
This subsequent event does not impact the financial position or performance of Ardea as at 30 June 2024 but is 
expected to significantly influence the future development of the KNP – Goongarrie Hub project. 
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. 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 28
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 (Chair) 
9 
9 
Maree Arnason 
9 
9 
Andrew Penkethman 
9 
9 
Ian Buchhorn 
9 
9 
In addition to the above there were 2 Audit Committee Meetings and 2 Remuneration Committee Meetings held with 
the full board in attendance at each Meeting. 
 
 
REMUNERATION REPORT 
The Directors of Ardea Resources Limited present this Remuneration Report, which has been audited, for the financial 
year ended 30 June 2024. 
The Remuneration Report provides information about the remuneration of Ardea Resources Limited’s key management 
personnel (‘KMP’), being those executives with authority and responsibility for planning, directing, and controlling the 
activities of the Consolidated Entity, and its non-executive directors. The Remuneration Report has been prepared in 
accordance with the requirements of the Corporations Act 2001 and contains the following sections: 
Section 1 
Remuneration at 
Ardea Resources Limited 
This section of the Remuneration Report provides an overview of 
Ardea Resources Limited’s remuneration principles and the 
structure of remuneration for KMP. 
Section 2 
Performance and Executive 
Remuneration Outcomes 
This section details the remuneration outcomes for Ardea 
Resources Limited’s KMP in the financial year. It also 
demonstrates how the components of remuneration at Ardea 
Resources Limited are aligned with value creation by being linked 
to the Company’s performance. 
Section 3 
Non-Executive Director 
Remuneration 
This section outlines the remuneration structure and fees paid to 
Ardea Resources Limited’s non-executive directors. 
Section 4 
Statutory Remuneration 
Disclosures 
This 
section 
includes 
statutorily 
required 
remuneration 
disclosures for the financial year, including details of equity 
awards and KMP and non-executive director interests in equity 
instruments of Ardea Resources Limited. 
Non-executive Directors for the purposes of this report are as follows: 
• 
Mathew Longworth - Chairman and Non-Executive Director 
• 
Maree Arnason - Non-Executive Director 
Executive Directors for the purposes of this report are as follows: 
• 
Ian Buchhorn - Executive Director 
• 
Andrew Penkethman – Managing Director and Chief Executive Officer 
KMP as identified for the purposes of this report by the criteria set out above are as follows: 
• 
Robert (Sam) Middlemas – Company Secretary 
• 
Rebecca Moylan – Chief Financial Officer 
• 
Matthew Read – Project Director 
There were no other employees in the Consolidated Entity that met the definition of key management 
personnel in accordance with the Corporations Act 2001 or Australian Accounting Standards. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 29
Section 1: Remuneration at Ardea Resources Limited 
The Board of Directors is responsible for approving the compensation arrangements for the Directors and KMP. 
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 (RC) meetings would be made up of 
the full board. The Board regularly assesses the appropriateness of the nature and amount of emoluments of 
such officers on a periodic basis by reference to relevant employment market conditions, with the overall 
objective of ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive 
team.  
Compensation levels are set to attract and retain appropriately qualified and experienced directors and 
executives. As and when required the Board has access to independent advice on the appropriateness of 
compensation packages given trends in comparative companies and the objectives of the compensation 
strategy.  
Non-executive director remuneration consists of fixed directors’ fees and an equity-based component 
(Committee fees are included in the base fee). KMP remuneration is structured to consist of fixed and variable 
remuneration. The KMP compensation structures explained below are designed to reward the achievement of 
strategic objectives, align performance with shareholder interests and create the broader outcome of creating 
value for shareholders. 
The compensation structures take into account: 
(i) The relevant person’s duties and responsibilities; and 
(ii) Ensure that total remuneration is competitive by market standards. 
KMP remuneration and incentive policies and practices are performance-based and aligned to the Consolidated 
Entity’s vision, values and overall business objectives. They are designed to motivate KMP to pursue the 
Consolidated Entity’s long-term growth and success. Compensation packages include a mix of fixed and variable 
compensation and short and long-term performance-based incentives. 
In addition to salaries, the Consolidated Entity may also provide cash and non-cash benefits to its directors and 
key management personnel and contributes to post-employment superannuation plans on their behalf. 
 
Fixed remuneration 
Total Fixed Remuneration (‘TFR’) consists of base compensation (which is calculated on a total cost basis and 
includes any fringe benefits tax charges related to employee benefits), as well as leave entitlements and 
employer contributions to superannuation funds. 
Compensation levels are normally reviewed annually by the Board through a process that considers individual, 
segment, and overall performance of the Consolidated Entity.  
There was no remuneration review during the reporting period. An external consultant will be engaged during 
the next financial year to review the compensation level of the Non-Executive Director, Executive Director, 
Managing Director and CEO, and the CFO. 
 
Performance-linked remuneration 
Ardea Resources Limited’s approach to remuneration is to ensure that remuneration received by KMP is closely 
linked to the Consolidated Entity’s performance and the returns generated for shareholders. Performance-linked 
compensation, as outlined in the Consolidated Entity’s Employee Securities Inventive Plan (ESIP), includes long-
term incentives, and is designed to incentivise and reward employees for meeting or exceeding Company-wide 
and individual objectives. The long-term incentive (LTI) is provided as performance rights over ordinary shares 
of the Company and cash bonuses. The LTI plans provide for the Board to be able to exercise discretion on the 
award of performance rights. 
Within the established remuneration framework, each employee is assigned a level that reflects the seniority and 
responsibility associated with their role. This level determines an employee’s participation in the LTI, and 
therefore, the proportion of their total remuneration which is linked to performance. Senior executives of the 
Company have a higher proportion of their total potential remuneration ‘at risk’. 
The Board considers that the performance-linked compensation structure outlined in the ESIP will generate the 
desired outcome in respect of attracting and retaining high-calibre employees and aligning employee 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 30
performance with shareholder interests. Refer to Section 2 of this Remuneration Report for an analysis of the 
Consolidated Entity’s performance in the financial year ended 30 June 2024 and link to overall remuneration. 
 
Short Term Incentive 
The STI will be considered in future years to link employee remuneration to key business outcomes which drive 
value creation in the short to medium term. 
It is proposed that each year, all employees have individual key performance indicators (‘KPI’s’) agreed with 
their manager. The Board approves the individual KPI’s for the MD/CEO based on the recommendation of the 
RC. The MD/CEO approves the individual KPI’s for the KMP with endorsement from the RC. The individual 
performance objectives are designed to focus employees on goals and objectives specific to their roles and 
typically include financial performance compared to budgeted amounts as well as non-financial metrics which 
vary with position and responsibility and include measures such as completion of specific tasks and projects as 
well as health, safety and environment outcomes and staff development. 
 
Long Term Incentive 
The LTI has been adopted to align employees’ interests directly with shareholders by linking employee 
remuneration to the Company’s share price performance over the medium to longer term. The LTI comprises 
grants of performance rights to all employees, and cash bonuses to certain senior executives, pursuant to the 
Company’s ESIP Rules which were approved by shareholders at the 2017 AGM and updated at the 2020 and 
2022 AGM. 
The ESIP provides for certain key executives and employees to receive, for no consideration, performance rights. 
The performance rights convert to shares of the Company at specified exercise prices as determined by the 
Board. The grant of performance rights is intended to align the interests of senior executives and employees 
with other owners of the Company over the medium to longer term and to increase those senior executives’ and 
employees’ proportion of ‘at risk’ remuneration. The ability to exercise the performance rights is conditional upon 
each key executive’s ongoing employment by the Company and other applicable vesting hurdles determined by 
the Board from time to time. 
Section 2: Performance and Executive Remuneration Outcomes 
During the financial year ended 30 June 2024 the Consolidated Entity made good progress towards achieving 
its strategic objectives, resulting in the Company’s Share price reaching the required performance right vesting 
conditions. 
 
STI Performance and Outcomes 
During the financial year, there were $647,174 STI cash bonuses issued (2023: nil).  
 
LTI Cash Bonus Payments 
Andrew Penkethman – Managing Director and Chief Executive Officer 
A $400,000 long-term incentive payment was issued during the current year following the signing of the Strategic 
Partner for the KNP Feasibility study. 
 
Matthew Read – Project Director 
During the period ended 30 June 2023, the RC has awarded Mr Read a long-term incentive cash bonus of 40% 
of Base Salary upon the signing of a Strategic Partner for the Kalgoorlie Nickel Project. $160,017 has been 
issued during the current year. 
 
LTI Performance and Outcomes 
During the financial year a portion of granted Performance Rights vested on 28 December 2023, 30 April 2024 
and the 28 June 2024 due to the completion of the performance periods. Those tranches of Performance Rights 
met the performance hurdles and have been converted to shares. 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 31
Performance Criteria for Performance Rights 
The performance criteria for the tranches of new performance rights granted to KMP during the financial year 
are detailed below. The performance criteria for the tranches of new performance rights granted to KMP during 
the financial year are consistent with the performance criteria for performance rights granted to KMP in the 
comparative year. 
 
Performance Hurdles  
Class ‘O’ Performance Rights:  The Company announcing the signing of a Strategic Partner to fund the KNP feasibility 
study and provide future funding for completion of the project; or ii) The Company share price reaching a 30 Day VWAP 
which is above 58 cents per share. And continuous service of the Performance Rights holder in their capacity as a Director, 
an Executive or Employee 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 1 December 2025. 
 
Class ‘P’ Performance Rights:  The Company’s Shares reaching a 30 day VWAP which is equal to or greater than $0.585 
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 7 December 2023, prior to 6 December 2028. 
 
Class ‘Q’ Performance Rights: The Company’s Shares reaching a 30 day VWAP which is equal to or greater than $0.656 
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 7 December 2023, prior to 6 December 2028. 
 
Class ‘R’ Performance Rights: KNPL completing the implementation of the owner’s team structure and recruitment 
completion for the Kalgoorlie Nickel Project; and continuous service to 1 December 2025, expiring 31 December 2025. 
 
Class ‘S’ Performance Rights: KNPL completing delivery of EPCM Contract for the Kalgoorlie Nickel Project and 
continuous service to 1 December 2025, expiring 31 December 2025. 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 32
KMP and Executive Director Employment Agreements 
Remuneration and other terms of employment for KMP are formalised in service agreements, with the 
exception of the Company Secretary, Sam Middlemas, who is a contractor to the Company. Details of these 
agreements are as follows: 
Name: 
Mr Andrew Penkethman 
Title: 
Managing Director and Chief Executive Officer 
Agreement 
commenced: 
Chief Executive Officer 1 April 2019 and Managing Director 5 February 2020 
Term of agreement: 
No fixed term 
Termination: 
The Company may terminate the agreement upon three months’ notice or 
payment in lieu of notice. Mr Penkethman can terminate the agreement upon 
three months’ notice. 
The Company may terminate the agreement immediately where the executive 
commits any act of serious misconduct, persistent breach or non-observance 
of a term of this agreement. 
 
Name: 
Mr Ian Buchhorn 
Title: 
Executive Director 
Agreement 
commenced: 
17 August 2016 
Term of agreement: 
No fixed term 
Termination: 
The Company may terminate the agreement upon three months’ notice or 
payment in lieu of notice. Mr Buchhorn can terminate the agreement upon 
three months’ notice. 
The Company may terminate the agreement immediately where the executive 
commits any act of serious misconduct, persistent breach or non-observance 
of a term of this agreement. 
 
 
Name: 
Ms Rebecca Moylan 
Title: 
Chief Financial Officer 
Agreement 
commenced: 
8 June 2022 
Term of agreement: 
No fixed term 
Termination: 
The Company may terminate the agreement upon three months’ notice or 
payment in lieu of notice. Ms Moylan can terminate the agreement upon three 
months’ notice. 
The Company may terminate the agreement immediately 
where the executive commits any act of serious misconduct, persistent breach 
or non-observance of a term of this agreement. 
 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 33
 
Name: 
Mr Matthew Read 
Title: 
Project Director 
Agreement 
commenced: 
27 February 2023 
Term of agreement: 
No fixed term 
Termination: 
The Company may terminate the agreement upon four weeks’ notice or 
payment in lieu of notice. Mr Read can terminate the agreement upon four 
weeks’ notice. The Company may terminate the agreement immediately where 
the executive commits any act of serious misconduct, persistent breach or 
non-observance of a term of this agreement. 
 
The service contracts outline the components of compensation paid to the KMP. The service contracts of 
the KMP prescribe how compensation levels are modified year to year. Compensation levels are reviewed 
each year to take into account cost-of-living changes, any change in the scope of the role performed by 
the senior executive and any changes required to meet the principles of the compensation policy. 
Section 3: Non-Executive Director Remuneration 
The Company Constitution provides for Non-Executive Directors to be paid or provided remuneration for 
their services, the total amount or value of which must not exceed an aggregate maximum of $500,000 per 
annum (as approved by shareholders at the 2017 AGM) or such other maximum amount determined from 
time to time by the Company in a general meeting. 
The aggregate maximum sum will be apportioned among them in such manner as the Directors in their 
absolute discretion determine. Non-Executive Directors’ fees are set based on advice from external advisors 
with reference to fees paid to other Non-Executive Directors of comparable companies. Directors’ fees 
include base fees for Board participation and fees for subcommittee roles and responsibilities. The structure 
of Non-Executive Director fees is tabled below. 
 
Non-Executive Director Base Fees (Subcommittee fees are part of base salary) 
 
Board Chairman 
Non-Executive Director 
                                $101,263 
$61,550  
 
Non-Executive Directors are entitled to be reimbursed for travelling and other expenses properly incurred by 
them in attending Directors’ or general meetings of the Company or otherwise in connection with the business 
of the Consolidated Entity. No retirement benefits are to be paid to Non-Executive Directors, however, 
Director remuneration figures quoted herein are inclusive of superannuation where applicable. The Company 
determines the maximum amount for remuneration for Directors, including thresholds for share-based 
remuneration, by resolution. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 34
 
20 
 
 
 
Section 4: Statutory Remuneration Disclosures 
Details of the remuneration and holdings in the securities of the Company of the KMP and Non-
Executive Directors, prepared in accordance with the requirements of the Corporations Act 2001 and 
applicable Australian Accounting Standards, are set out in the following tables.   
  
2023/2024 
Base 
Bonus 2 
Superannuation 
Performance 
Total 
  
Salary/Fees 1 
  
Contributions 
Rights 3 
  
  
$ 
$ 
$ 
$ 
$ 
Directors 
 
 
 
 
  
M Longworth – Non-Executive Chair 
101,263 
              -                            -    
243,300 
344,563 
A Penkethman – MD & CEO 
391,352 
     400,000                   43,049  
840,988 
1,675,389 
I Buchhorn – Executive 
356,444 
     200,666                   39,209  
476,898 
1,073,217 
Maree Arnason (commenced 11 July 
2023) 
61,510 
              -                       6,766  
23,455 
91,731 
Executives 
 
 
 
  
  
S Middlemas - Company Secretary  
61,550 
       88,245                          -    
70,573 
220,368 
R Moylan – Chief Financial Officer  
261,250 
       88,245                   28,738  
139,533 
517,766 
M Read - Project Director  
355,300 
     262,017                   39,083  
63,995 
720,395 
  
  
  
  
  
  
Includes director fees and salary. 
1. Bonus payments are presented on a cash basis and do reflect the actual timing of payments. 
2. Amounts relate to the fair value of performance rights made pursuant to the LTI Plan attributable to the financial year measured in accordance 
with AASB 2 Share Based Payments. 
  
2022/2023 
Base 
Bonus 2 
Superannuation 
Performance 
Total 
  
Salary/Fees 1 
  
Contributions 
Rights 3 
 
  
$ 
$ 
$ 
$ 
$ 
Directors 
 
 
 
 
  
M Longworth – Non-Executive 
Chair 
104,450 
             -                         -    
144,066 
248,516 
A Penkethman – MD & CEO 
374,500 
             -                  39,322  
432,840 
846,662 
I Buchhorn – Executive 
341,095 
             -                  35,815  
257,302 
634,212 
Executives 
 
 
 
 
  
S 
Middlemas 
- 
Company 
Secretary  
56,081 
             -                         -    
30,845 
86,926 
R Moylan – Chief Financial Officer  
244,244 
             -                  25,646  
51,389 
321,279 
M Read - Project Director  
116,167 
             -                  12,198  
14,598 
142,963 
(commenced 27 February 2023) 
  
  
  
  
  
 
1. Includes director fees and salary. 
2. Bonus payments are presented on a cash basis and do reflect the actual timing of payments. 
3. Amounts relate to the fair value of performance rights made pursuant to the LTI Plan attributable to the financial year measured in accordance 
with AASB 2 Share Based Payments. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 35
 
The following tables sets out the proportion of fixed and ‘at risk’ performance-based remuneration for 
Directors and KMP for the current and previous financial period: 
 
  
Proportion of remuneration 
that is fixed 
Proportion of 
remuneration at risk as 
cash settled LTI 
Proportion of 
remuneration at risk as 
equity settled LTI 
  
2024 
Non-executive Chair 
  
  
  
Mat Longworth 
42% 
- 
58% 
Maree Arnason 
33% 
- 
67% 
Executive Director: 
  
  
  
Ian Buchhorn 
68% 
- 
32% 
Andrew Penkethman 
65% 
- 
35% 
KMP: 
  
  
  
Sam Middlemas 
100% 
- 
0% 
Rebecca Moylan 
100% 
- 
0% 
Matt Read 
81% 
- 
19% 
  
  
  
  
Proportion of 
remuneration that is fixed 
Proportion of 
remuneration at risk as 
cash settled STI 
Proportion of 
remuneration at risk as 
equity settled LTI 
  
2023 
Non-executive Chair 
  
  
  
Mat Longworth 
24% 
- 
76% 
Executive Director: 
  
  
  
Ian Buchhorn 
37% 
- 
63% 
Andrew Penkethman 
18% 
26% 
56% 
KMP: 
  
  
  
Sam Middlemas 
37% 
- 
63% 
Rebecca Moylan 
60% 
- 
40% 
Matt Read 1 
34% 
36% 
31% 
 
1. Matt Read commenced 27 February 2023. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 36
Performance Rights 
The terms and conditions of each grant of performance rights over ordinary shares affecting the 
remuneration of KMP in the financial year ended 30 June 2024 are as follows: 
 
Grantee 
Rights 
Granted 
Grant Date 
Vesting and 
Expiry Date 
Exercise 
Price 
Fair value per 
Performance 
Right at Grant 
% 
Rights 
Vested 
% 
Rights 
Lapsed 
Volatility 
Risk free 
rate 
Mat Longworth 
125,000 
28-Oct-22 
31-Dec-24 
Nil 
87c 
N/A 
N/A 
77% 
3.19% 
 
Mat Longworth 
300,000 
7-Dec-23 
6-Dec-28 
Nil 
46.9c 
N/A 
N/A 
76% 
4.16% 
 
Andrew 
Penkethman 
500,000 
28-Oct-22 
31-Dec-24 
Nil 
87c 
N/A 
N/A 
77% 
3.19% 
 
Andrew 
Penkethman 
500,000 
7-Dec-23 
6-Dec-28 
Nil 
46.9c 
N/A 
N/A 
76% 
4.16% 
 
Ian Buchhorn 
250,000 
28-Oct-22 
31-Dec-24 
Nil 
87c 
N/A 
N/A 
77% 
3.19% 
 
Ian Buchhorn 
400,000 
7-Dec-23 
6-Dec-28 
Nil 
46.9c 
N/A 
N/A 
76% 
4.16% 
 
Maree Arnason 
300,000 
7-Dec-23 
6-Dec-28 
Nil 
46.9c 
N/A 
N/A 
76% 
4.16% 
 
Sam Middlemas 
30,000 
22-Nov-22 
31-Dec-24 
Nil 
$1.06 
N/A 
N/A 
77% 
3.19% 
 
Rebecca Moylan 
50,000 
22-Nov-22 
31-Dec-24 
Nil 
$1.06 
N/A 
N/A 
77% 
3.19% 
 
Matt Read 
289,000 
24-Apr-23 
31-Dec-25 
Nil 
$0.40 
N/A 
N/A 
66% 
2.98% 
 
Matt Read 
224,400 
22-Jan-24 
31-Dec-25 
Nil 
$0.41 
N/A 
N/A 
79% 
3.91% 
 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 37
 
The number of performance rights over ordinary shares granted to each KMP as part of remuneration 
is set out below: 
 
  
Number of 
rights granted 
during the 
financial year 
Number of 
rights granted 
during the 
financial year 
Number of 
rights vested 
during the 
financial year 
Number of 
rights vested during 
the financial year 
  
2024 
2023 
2024 
2023 
Mat Longworth 
300,000 
375,000 
750,000 
200,000 
Andrew 
Penkethman 
500,000 
1,500,000 
1,650,000 
650,000 
Ian Buchhorn 
400,000 
750,000 
1,000,000 
600,000 
Maree Arnason 
300,000 
- 
- 
- 
Sam Middlemas 
- 
90,000 
120,000 
120,000 
Rebecca Moylan 
- 
235,000 
185,000 
- 
Matt Read 
224,400 
289,000 
- 
- 
 
 
Values of performance rights over ordinary shares (as at date of grant) granted, exercised and lapsed to key 
management personnel as part of compensation are set out below: 
 
  
$ Value of rights granted 
during the financial year 
$ Value of rights 
granted during the 
financial year 
$ Value of rights 
vesting during the 
financial year 
$ Value of rights 
vesting during the 
financial year 
Name 
2024 
2023 
2024 
2023 
Mat Longworth 
140,730 
326,250 
63,700 
177,000 
Andrew 
Penkethman 
234,550 
1,305,000 
318,500 
575,250 
Ian Buchhorn 
187,640 
652,500 
245,000 
354000 
Maree Arnason 
140,730 
- 
- 
- 
Sam Middlemas 
- 
95,400 
20,400 
77,400 
Rebecca Moylan 
- 
230,500 
- 
- 
Matt Read 
92,924 
116,785 
- 
- 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 38
Movement in shares held 
The number of ordinary shares in the Company held during the financial year ended 30 June 2024 by 
each Director and KMP of the Consolidated Entity, including their related parties, is set out below: 
 
  
Ordinary Shares 
2024 
Opening 
Purchases 
Received on 
performance 
rights achieving 
hurdles 
Disposals 
Closing 
Mr M Longworth 
221,428 
15,000 
750,000 
- 
986,428 
Mrs M Arnason 
- 
15,000 
- 
  
15,000 
Mr A Penkethman 
1,202,401 
30,000 
1,650,000 
- 
2,882,401 
Mr I Buchhorn 
13,380,585 
30,000 
1,000,000 
- 
14,410,585 
Mr S Middlemas 
753,700 
  
60,000 
  
813,700 
Ms R Moylan 
- 
- 
185,000 
- 
185,000 
Mr M Read 
- 
- 
- 
- 
- 
2023 
  
  
  
  
  
Mr M Longworth 
21428 
- 
200,000 
- 
221,428 
Mr A Penkethman 
552,401 
- 
650,000 
- 
1,202,401 
Mr I Buchhorn 
12,980,585 
- 
400,000 
- 
13,380,585 
Mr S Middlemas 
633,700 
  
120,000 
  
753,700 
Ms R Moylan 
- 
- 
- 
- 
- 
Mr M Read 
- 
- 
- 
- 
- 
 
 
Shares issued on the exercise of performance rights 
During the year, the Company issued 4,931,000 shares as a result of vesting of performance rights. 
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 
$92,052 (2023 - $99,433). 
This concludes the Remuneration Report which has been audited. 
 
 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 39
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 Dry Kirkness (Audit) Pty Ltd, to 
provide the Directors of the Consolidated Entity with an Independence Declaration in relation to the audit of the financial 
report. This Independence Declaration is attached and forms part of this Directors’ Report. 
NON-AUDIT SERVICES 
The external auditors have not undertaken any non-audit work during the financial year. 
PROCEEDINGS ON BEHALF OF THE CONSOLIDATED ENTITY 
No person has applied for leave of Court to bring proceedings on behalf of the Consolidated Entity or intervene in any 
proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of the 
Consolidated Entity for all or any part of those proceedings. The Consolidated Entity was not party to any such 
proceedings during the year. 
CORPORATE GOVERNANCE 
In recognising the need for the highest standards of corporate behaviour and accountability, the Directors of the 
Consolidated Entity support and have adhered to the principles of corporate governance. The Consolidated Entity’s 
corporate governance practices have been disclosed in Appendix 4G in accordance with ASX listing rule 4.7.3 at the 
same time as the annual report is lodged with the ASX. Further information about the Company’s corporate governance 
practices is set out on the Company’s web site at www.ardearesources.com.au/corporate-governance. In accordance 
with the recommendations of the ASX, information published on the web site includes codes of conduct and other 
policies and procedures relating to the Board and its responsibilities. 
 
DATED at Perth this 13th day of September 2024  
Signed in accordance with a resolution of the Directors 
 
 
 
 
Mathew Longworth  Non-Executive Chair 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 40
COMPLIANCE STATEMENT (JORC CODE (2012)  
A competent person’s statement for the purposes of Listing Rule 5.22 has previously been announced by the Company for: 
1. Kalpini drill results highlight cobalt-nickel mineralisation, and scandium discovery, 22 June 2017. 
2. 2.25Mtpa Goongarrie Nickel Cobalt Project Expansion Study Demonstrates Enhanced Project Economics, 24 July 2018 
3. Emu Lake Nickel Sulphide Discovery confirmed with 2.72m at 5.42% Ni, 14 January 2022. 
4. High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements, 14 March 2022. 
5. Kalgoorlie Nickel Project Recognition on All Tiers of Australian Government, 21 March 2022. 
6. Nickel sulphide anomalism from aircore drilling at Kalpini Project, 2 May 2023. 
7. Mineralised Neutraliser Global Patent Lodged, 15 June 2023. 
8. Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonne Contained Nickel, 30 June 2023. 
9. KNP - Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics, 5 July 
2023. 
10. Kalgoorlie Nickel Project Goongarrie Hub Tenement Consolidation   17 July 2023 
11. Annual Report 2023, 27 September 2023. 
12. Appendix 4G and Corporate Governance Statement 2023, 28 September 2023. 
13. Nickel Sulphide Prospectivity Confirmed and Lithium-Caesium-Rubidium bearing intrusives in Highway EIS drillhole, 15 
December 2023. 
14. Half Year Accounts – December 2023, 12 March 2024. 
15. Ardea, Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) to form a Joint Venture to develop the Kalgoorlie Nickel 
Project (KNP) – Goongarrie Hub, 26 April 2024. 
16. Kalgoorlie Nickel Project - Goongarrie Hub DFS Drilling Underway, 4 July 2024. 
17. Kalgoorlie Nickel Project – Goongarrie Hub DFS Underway, 8 July 2024. 
18. KNP – Goongarrie Hub Joint Venture FIRB Approval Received, 14 August 2024. 
19. KNP – Goongarrie Hub Joint Venture Transaction Completed with Japanese Consortium, 30 August 2024. 
 
Competent Persons Statement  
Resource Estimation, Exploration Results, and Industry Benchmarking 
The Resource Estimation, Exploration Results and Industry Benchmarking summaries are based on information reviewed or 
compiled by Mr Ian Buchhorn, and Mr Andrew Penkethman. Mr Buchhorn is a Member of the Australasian Institute of Mining 
and Metallurgy and Mr Penkethman is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the 
Australian Institute of Geoscientists. Both Mr Buchhorn and Mr Penkethman are full-time employees of Ardea Resources 
Limited and have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration 
and to the activity which they are 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 Buchhorn and Mr 
Penkethman have reviewed this release and consent to the inclusion in this report of the information in the form and context 
in which it appears. Mr Buchhorn and Mr Penkethman own Ardea shares. 
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.   
Ardea wishes to clarify that its current Kalgoorlie Nickel Project (KNP) Mineral Resource Estimate (MRE) following JORC 
Code (2012) guidelines is:  
 
Camp 
Resource 
 Size 
  Ni 
    Co 
Contained Metal 
Category 
(Mt) 
(%) 
(%) 
   Ni (kt)   Co (kt) 
KNP TOTAL 
Measured 
22 
0.94 
0.079 
 207  
 17  
Indicated 
361 
0.73 
0.047 
 2,622  
 169  
Inferred 
471 
0.70 
0.043 
 3,272  
 200  
GRAND TOTAL 
Combined 
854 
0.71 
0.045 
 6,101  
 386  
Note: 0.5% nickel cutoff grade used to report resources. Minor discrepancies may occur due to rounding of appropriate 
significant figures. 
The Mineral Resource Estimate information shown in this ASX release has been previously released on the ASX platform 
by Ardea in ASX release 30 June 2023, in accordance with Listing Rule 5.8. 
The Ore Reserve information shown in this ASX release has been previously released on the ASX platform by Ardea in ASX 
release 5 July 2023, in accordance with Listing Rule 5.9. 
The Company confirms that it is not aware of any new information or data that materially affects the information included in 
the previous market announcements noted above and that all material assumptions and technical parameters underpinning 
the Mineral Resource Estimate and Ore Reserve in the previous market announcements continue to apply and have not 
materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are 
presented have not been materially modified from the original market announcements. 

Directors’ Report continued        
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 41
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 KNP Goongarrie Hub Project is at the PFS phase and although reasonable care has been taken to make sure 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, which are based on forward looking statements, is that the Goongarrie Hub is considered to 
have positive economic potential.  
The Mineral Resource used for the PFS was classified under JORC Code (2012) Guidelines and announced by the Company 
on 30 June 2024. The cut-off grades adapted for the PFS and reported in Table 2 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 KNP Goongarrie Hub. 
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 2024 - page 42
 
 
 
 
 
AUDITOR’S INDEPENDENCE DECLARATION 
 
 
As lead auditor for the audit of Ardea Resources Limited for the year ended 30 June 2024, I 
declare that, to the best of my knowledge and belief, there have been: 
 
 
a) No contraventions of the auditor independence requirements of the Corporations 
Act 2001 in relation to the audit; and 
 
 
b) No contraventions of any applicable code of professional conduct in relation to the 
audit. 
 
 
This declaration is in respect of Ardea Resources Limited and the entities it controlled 
during the year. 
 
 
DRY KIRKNESS (AUDIT) PTY LTD 
 
 
 
 
ROBERT HALL  CA 
Director 
 
Auditor’s Independence Declaration
Perth 
Date:  13 September 2024    

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 43

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 44

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 45

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 46

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 47
For the year ended 30 June 2024 
 
1. 
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION 
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 recognized in the period 
in which the estimate is revised and in any future periods affected. Significant estimates in the financial report is the estimations of Ore 
Reserves and Mineral Resources that are based on geological surveys, drilling results, and other technical data where judgement is needed 
into Ore Reserve and Mineral Resource Estimate categories such as proven, probable, and inferred. Additional significant estimates 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 
2024. 
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. 
(d) 
Income Tax 
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. 
 
 
Notes to the Financial Statements

Notes to the Financial Statements continued      
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 48
(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) 
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. 
Depreciation 
Depreciable non-current assets are depreciated over their expected economic life using  the straight line. 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% 
(g) 
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. 
(h) 
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. 
 

Notes to the Financial Statements continued      
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 49
(i) 
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. 
(j) 
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. 
(k) 
Borrowings 
These amounts represent advance payment received from Sumitomo Metal Mining Co., Ltd in respect of the funding of the early DFS. 
(l) 
New or amended Accounting Standards and interpretations adopted 
AASB101 Presentation of Financial Statements has been revised for annual reporting periods beginning on or after 1 January 2023, to
require the disclosure of material accounting policy information rather than significant accounting policies. Accounting policy information
which does satisfy one of the following requirements has been removed from these financial statements: 
 
Changes in accounting policy 
 
Documentation of choice in the accounting standards 
 
An accounting policy developed in the absence of an explicit accounting standard requirement 
 
Significant judgement or estimation 
 
Complex transaction and accounting policy need to explain statement 
(m) New Accounting Standards and Interpretations not yet mandatory or early adopted 
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have 
not been early adopted by the Consolidated Entity for the annual reporting period ended 30 June 2024. The Consolidated Entity 
has assessed the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Consolidated 
Entity as having no significant impact.  
 
 
 
 

Notes to the Financial Statements continued      
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Annual Report 2024 - page 50

Notes to the Financial Statements continued      
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Annual Report 2024 - page 51

Notes to the Financial Statements continued      
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Annual Report 2024 - page 52

Notes to the Financial Statements continued      
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Annual Report 2024 - page 53

Notes to the Financial Statements continued      
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Annual Report 2024 - page 54

Notes to the Financial Statements continued      
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Annual Report 2024 - page 55

Notes to the Financial Statements continued      
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Annual Report 2024 - page 56

Notes to the Financial Statements continued      
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Annual Report 2024 - page 57

Notes to the Financial Statements continued      
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Annual Report 2024 - page 58

Notes to the Financial Statements continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 59

Notes to the Financial Statements continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 60
22. 
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 4.4% (2023: 4.23%). 
(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. 
 
23. 
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. 
 
24. 
CONTINGENT LIABILITIES 
Advanced Funding Agreement 
If the conditions precedent (including the FIRB Condition) are not fulfilled or waived by the CP Due Date (as defined in the Cooperation 
Agreement), the Company may choose either: 
1. 
To immediately repay SMM the amount advanced up to the CP Due Date; or 
2. 
If a full form agreement is reached, to pay interest on the advanced amount at the Standard Rate plus 8% per annum, extending 
the repayment deadline to 12 months after the CP Due Date. The interest will accrue from the CP Due Date. 
Additionally, the Company guarantees the repayment obligations of the Company, including the accrued interest, related to the SMM 
Advancement Receivable. 
As at the reporting date, the repayment value, excluding interest and including commitments, is $3.59M. 
A corporate Advisory Fee of $1.5M is due on the financial completion of the strategic partnering process. 
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. 

Notes to the Financial Statements continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 61
25. 
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 27 July 2024, a $3.0M increase in the DFS Budget has been approved by the board and investor Consortium to carry out DFS 
activities until the end of August 2024, whist satisfying the Conditions Precedent by the end of August 2024 to proceed with DFS activities 
as planned from September 2024 onwards per the Cooperation Agreement. 
On 19 and 21 August 2024, the Company completed the sale of 1,000,000 of shares in Larvotto Resources Limited for a total consideration 
of $298,750 (gross). This transaction occurred after the reporting period and does not affect the financial position as of 30 June 2024. 
Accordingly, no adjustment has been made to the carrying value of the investment as of 30 June 2024. The financial impact of this 
transaction is estimated to result in a gain of $186,250, which will be recognised in the subsequent financial period. 
On 30 August 2024, Ardea executed a binding Shareholders’ Agreement with GH Nickel Pty Ltd, representing a significant milestone in 
the development of the globally significant KNP – Goongarrie Hub nickel-cobalt development project. 
Details of the Transaction: 
GH Nickel Pty Ltd (Consortium SPV) is the vehicle through which SMM and MC, via its wholly owned subsidiary Mitsubishi Development 
Pty Ltd (collectively, Consortium), will acquire shares in KNPL. Under the terms of the Shareholders’ Agreement: 
The Consortium will fund 100% of the DFS costs up to an agreed budget of approximately A$98.5 million. 
Upon completion of the DFS spend, the Consortium will subscribe to a 35% ownership in KNPL, with the right to increase its ownership to 
50% following a positive FID by the Consortium to build, commission, and operate a plus 30,000 tonnes per annum multi-decade nickel 
operation. 
The Shareholders’ Agreement outlines the terms and conditions for a joint venture (JV) to enable the development of the KNP – Goongarrie 
Hub, subject to a positive FID. 
 
Completion of Conditions Precedent: 
With the incorporation of the Consortium SPV as the JV vehicle and the Consortium SPV’s accession to the April 2024 Cooperation 
Agreement, all remaining conditions precedent to the transaction have been satisfied. As a result, the transaction is now complete. 
 
Impact on the Financial Statements: 
The completion of this transaction after the reporting period does not require adjustments to the financial statements as of 30 June 2024, 
as it is classified as a non-adjusting subsequent event under AASB 110. However, the event is considered significant and material to the 
future operations and development of the KNP – Goongarrie Hub. Consequently, the following details are disclosed: 
The funding commitment by the Consortium to cover DFS costs up to A$98.5 million. 
The Consortium’s initial 35% ownership interest in KNPL upon DFS completion and the option to increase ownership to 50% upon a positive 
FID. 
The expected acceleration of DFS activities, with completion targeted for the second half of 2025. 
This subsequent event does not impact the financial position or performance of Ardea as at 30 June 2024 but is expected to significantly 
influence the future development of the KNP – Goongarrie Hub project. 
 
 
 
 

Notes to the Financial Statements continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 62

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 63
In the opinion of the Directors of Ardea Resources Limited (the Consolidated Entity): 
(a) 
the financial statements and notes, set out on pages 42 to 62, are in accordance with the Corporations Act 2001, 
including: 
(i) 
complying with Accounting Standards in Australia and the Corporations Regulations 2001 and other 
mandatory professional reporting requirements; and 
(ii) 
giving a true and fair view of the financial position of the Consolidated Entity as at 30 June 2024 and of its 
performance, as represented by the results of its operations, for the financial year to 30 June 2024. 
(iii) 
the attached Consolidated Entity Disclosure Statement gives a true and correct view of the Consolidated 
Entities as at 30 June 2024. 
 
(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 Chief Financial Officer for the year to 30 June 2024. 
This declaration is made in accordance with a resolution of the Directors. 
 
Signed at Perth this 13th day of September 2024. 
 
 
 
 
 
Mathew Longworth  
Chairman 
Directors’ Declaration

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 64
y
For the year ended 30 June 2024 
The following controlled entities are included in the consolidated financial statements of Ardea Resources Limited (the 
Consolidated Entity): 
Controlled Entity Name 
Entity Type 
Country of 
Incorporation 
Ownership Interest 
(%) 
Tax residency 
Atriplex Pty Ltd ACN 
Body Corporate 
Australia 
100% 
Australia 
Ardea Exploration Pty Ltd 
Body Corporate 
Australia 
100% 
Australia 
Kalgoorlie Nickel Pty Ltd 
Body Corporate 
Australia 
100% 
Australia 
Wellington Nickel Pty Ltd 
Body Corporate 
Australia 
100% 
Australia 
Basis of Preparation: 
 
The consolidated financial statements have been prepared in accordance with the Australian Accounting Standards 
Board (AASB) standards and interpretations, as well as the Corporations Act 2001. All inter-company transactions, 
balances, income, and expenses between entities within the group have been eliminated in full. 
Significant Accounting Policies: 
 
The accounting policies adopted by the Consolidated Entities in the preparation of these consolidated financial 
statements are set out in the Notes. These policies have been consistently applied to all entities within Ardea Resources 
Limited (the Consolidated Entity): 
 
 
 
Consolidated Entity Disclosure Statement

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 65
 
INDEPENDENT AUDITOR’S REPORT 
TO THE MEMBERS OF ARDEA RESOURCES LIMITED 
 
Report on the financial report 
 
Opinion 
 
We have audited the financial report of Ardea Resources Limited (“the Company”) and its controlled entities 
(“the Group”), which comprises the consolidated statement of financial position as at 30 June 2024 the 
consolidated statement of comprehensive income, the consolidated statement of changes in equity and the 
consolidated statement of cash flows for the year then ended, and notes to the financial statements, including 
material accounting policy information, the consolidated entity disclosure statement and the directors’ 
declaration. 
 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 
2001, including: 
 
i) 
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its 
financial performance for the year then ended; and 
 
ii) 
complying with Australian Accounting Standards and the Corporations Regulations 2001. 
 
Basis for opinion 
 
We have conducted our audit in accordance with Australian Auditing Standards.  Our responsibilities under 
those Standards are further described in the Auditor’s responsibilities for the audit of the financial report 
section of our report. 
 
We are independent of the Group in accordance with the auditor independence requirements of the 
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards 
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) 
that are relevant to our audit of the financial report in Australia.  We have also fulfilled our ethical 
requirements in accordance with the Code. 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion. 
 
Key Audit Matters 
 
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit 
of the financial report of the current period. 
 
These matters were addressed in the context of our audit of the financial report, and in forming our opinion 
thereon, and we do not provide a separate opinion on these matters. 
 
 
 
 
 
 
Independent Audit Report

Independent Audit Report continued  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 66
 
Key Audit Matter 
How our audit addressed the key audit matter 
 
Capitalised mineral exploration expenditure 
(refer note 10) 
 
The Group operates as an exploration entity and its 
primary activity is the exploration for and evaluation 
of economically viable mineral deposits. 
 
All exploration and evaluation expenditure incurred 
has been capitalised and recognised as an asset in 
the Statement of Financial Position. 
 
The closing value of this asset is $42,884,987 as at 30 
June 2024. 
 
The carrying value of capitalised mineral exploration 
assets is subjective and is based on the Group’s 
intention and ability, to continue to explore the 
asset.  The carrying value may also be affected by the 
results of ongoing exploration activity indicating that 
the mineral reserves and resources may not be 
commercially viable for extraction.  This creates a 
risk that the asset value included within the financial 
statements may not be recoverable. 
 
Our audit procedures included: 
 
 
 ensuring the Group’s continued right to explore for 
minerals in the relevant exploration areas including 
assessing documentation such as exploration and 
mining licences; 
 enquiring of management and the directors as to 
the Group’s intentions and strategies for future 
exploration activity and reviewing budgets and cash 
flow forecasts; 
 assessing the results of recent exploration activity 
to determine whether there are any indicators 
suggesting a potential impairment of the carrying 
value of the asset; 
 assessing the Group’s ability to finance the planned 
exploration and evaluation activity; and 
 assessing the adequacy of the disclosures made by 
the Group in the financial report. 
 
Research and Development Tax Incentive 
(refer notes 6 and 10) 
 
Management and their advisors have applied 
judgements, 
assumptions 
and 
estimates 
in 
determining 
the 
R&D 
Tax 
Incentive 
refund 
recognised for the 2024 year. 
 
Our audit procedures included: 
 
 
 evaluating the assumptions, methodologies and 
conclusions used by the Group in preparing the 
R&D Tax Incentive estimate; and 
 assessing the adequacy of the disclosures made by 
the Group in the financial report. 
Equity and Capital Structure 
Refer note 14  
 
During the year, the Company issued ordinary shares 
including those on the conversion of performance 
rights as well as various performance rights of which 
some have been exercised. 
 
 
 
 
Our audit procedures included an examination of the 
issue of ordinary shares during the year as disclosed in 
note 14. We also assessed whether share-based 
payments should have been recognised in relation to 
performance rights. Furthermore, we reconciled the 
third-party share registry to information announced to 
the public. 
 
Joint Venture Arrangement and Borrowings 
Refer note 13 
 
During the year the Company signed a binding 
Cooperation Agreement with a Consortium 
consisting of Sumitomo Metal Mining Co Ltd 
and Mitsubishi Corporation. The Consortium 
 
 
 
 
Our audit procedures included an examination of the 
binding Cooperation Agreement entered into during 
the year.  We also assessed the appropriateness of the 
joint venture accounting treatment based on the 

Independent Audit Report continued    
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 67
 
 
Other information 
 
The directors are responsible for the other information.  The other information comprises the information in 
the Group’s annual report for the period ended 30 June 2024, but does not include the financial report and the 
auditor’s report thereon. 
 
Our opinion on the financial report does not cover the other information and accordingly we do not express 
any form of assurance conclusion thereon. 
 
In connection with our audit of the financial report, our responsibility is to read the other information and, in 
doing so, consider whether the other information is materially inconsistent with the financial report or our 
knowledge obtained in the audit or otherwise appears to be materially misstated. 
 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact.  We have nothing to report in this regard. 
 
Directors’ responsibilities for the financial report 
 
The directors of the Company are responsible for the preparation of: 
a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair 
view in accordance with the Australian Accounting Standards and the Corporations Act 2001; and  
 
b) the consolidated entity disclosure statement that is true and correct in accordance with the 
Corporations Act 2001; and 
 
c) for such internal control as the directors determine is necessary to enable the preparation of: 
i) the financial report (other than the consolidated entity disclosure statement) that gives a true and 
fair view and is free from material misstatement, whether due to fraud or error; and 
 
ii) the consolidated entity disclosure statement that is true and correct and is free from 
misstatement, whether due to fraud or error. 
 
In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 
basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have 
no realistic alternative but to do so. 
 
Auditor’s responsibilities for the audit of the financial report 
 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion. 
is to fully fund the KNP - Goongarrie Hub 
Project Defined Feasibility Study up to 
A$98.5M to earn a 35% interest in the 
project which is accounted for as a joint 
venture. An additional 15% interest in the 
joint venture will be issued on a Final 
Investment Decision where the Consortium 
assist in optimising debt financing. 
 
terms and conditions of the Cooperation Agreement. 
Furthermore, we verified all transactions in relation to 
the joint venture including the loan balance as 
disclosed in note 13.   

Independent Audit Report continued      
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 68
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance 
with the Australian Auditing Standards will always detect a material misstatement when it exists.  
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the economic decisions of users taken on the basis of the 
financial report. 
 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement 
and maintain professional scepticism throughout the audit.  We also: 
 
 Identify and assess risks of material misstatement of the financial report, whether due to fraud or error, 
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 
and appropriate to provide a basis for our opinion.  The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
 
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Group’s internal control. 
 
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 
and related disclosures made by the directors. 
 
 Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that 
may cast significant doubt on the Group’s ability to continue as a going concern.  If we conclude that a 
material uncertainty exists, we are required to draw attention in our auditor’s report to the related 
disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion.  Our 
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.  However, 
future events or conditions may cause the Group to cease to continue as a going concern. 
 
 Evaluate the overall presentation, structure and content of the financial report, including the disclosures, 
and whether the financial report represents the underlying transactions and events in a manner that 
achieves fair presentation. 
 
 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business 
activities within the Group to express an opinion on the financial report.  We are responsible for the 
direction, supervision and performance of the Group audit.  We remain solely responsible for our audit 
opinion. 
 
We communicate with the directors regarding, among other matters, the planned scope and timing of the 
audit and significant audit findings, including any significant deficiencies in internal control that we identify 
during our audit. 
 
We also provide the directors with a statement that we have complied with relevant ethical requirements 
regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats 
or safeguards applied. 
 
From the matters communicated with the directors, we determine those matters that were of most significant 
in the audit of the financial report of the current period and are therefore key audit matters.  We describe 
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or 
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report 
because the adverse consequences of doing so would reasonably be expected to outweigh public interest 
benefits of such communication. 

Independent Audit Report continued      
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 69
Report on the remuneration report 
 
Opinion 
 
We have audited the remuneration report included on pages 28 to 38 of the directors’ report for the year 
ended 30 June 2024. 
 
In our opinion, the remuneration report of Ardea Resources Limited, for the year ended 30 June 2024, 
complies with section 300A of the Corporations Act 2001. 
 
Responsibilities 
 
The directors of the Company are responsible for the preparation and presentation of the remuneration report 
in accordance with section 300A of the Corporations Act 2001. 
 
Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in 
accordance with Australian Auditing Standards. 
 
DRY KIRKNESS (AUDIT) PTY LTD 
 
 
 
 
ROBERT HALL  CA 
Director 
 
Perth 
Date:  13 September 2024    

Shareholder Information
The following additional information was applicable at 6 September 2024.
1.      Distribution of Fully Paid Ordinary Shareholders is as follows:
        Size of Holding                                   Number of Holders                        Shares Held
%
        1                -    1,000                                         656                                           370,215                      0.19% 
        1,001         -    5,000                                      1,433                                        3,807,387                      1.91% 
        5,001         -    10,000                                       536                                        4,231,456                      2.12% 
        10,001       -    100,000                                    968                                      31,417,756                    15.73%
        100,001     -                                                      221                                    159,856,101                    80.06% 
        Total                                                               3,814                                    199,682,915                  100.00% 
a)     There were 742 shareholders who held less than a marketable parcel.
b)     The twenty largest shareholders hold 50.75% of the issued fully paid capital of the Company.
2.      Substantial Shareholders of Fully Paid Ordinary Shareholders are as follows:
        Holder                                                             Number of Shares                       %
        Golden Energy & Resources Limited                  18,265,975                               9.15%
        Ian Buchhorn and Associates                              14,082,600                               7.05%
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                                                              37,148,546       18.60%
2
HAZURN PTY LTD                                      6,911,093         3.46%
3
BNP PARIBAS NOMINEES PTY LTD              6,428,400         3.22%
4
BNP PARIBAS NOMS PTY LTD                                                                         5,434,006         2.72%
5
JOSCO PTY LTD                                              5,383,809         2.70%
6
CUE1 PTE LTD                                                                                                   5,187,500         2.60%
7
MR IAN JAMES BUCHHORN                                                                             5,111,678         2.56%
8
SHENTON WORLD FUND LTD                                                                          4,857,143         2.43%
9
ENERJEE PTY LTD                                        2,880,000         1.44%
10 BNP PARIBAS NOMINEES PTY LTD                                  2,589,933         1.30%
11 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED                                     2,273,653         1.14%
12 B & J O'SHANNASSY MANAGEMENT PTY LTD
                                                                      2,165,572         1.08%
13 MRS PAMELA JEAN BUCHHORN                                                                     2,059,829         1.03%
14 MR ANDREW GEOFFREY PENKETHMAN                                                       2,050,000         1.03%
15 MR IWAN JONES & MS JOYCE CHRISTINE JONES
                                                                     2,027,719         1.02%
16 ALEXANDER ASSETS PTY LTD               2,000,000         1.00%
17 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED                                     1,840,179         0.92%
18 MR MICHAEL ANDREW HARRIS                                                                      1,715,000         0.86%
19 JOSCO PTY LTD                                              1,666,664         0.83%
20 CREATIVE DENTAL ADELAIDE                                                                         1,600,000         0.80%
TOTAL                                                                                                                   101,330,724       50.75%  
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 70

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.
Shareholder Information continued 
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 71

Tenement Schedule
Ardea Resources Limited Tenement Schedule (WA) as at 30 June 2024
Tenement
Location                               Ardea Interest           Status     Note
Tenement
Location                             Ardea Interest           Status         Note
                                                       (%)                                        
                                                     (%)
Goongarrie Hub
E24/196
Goongarrie                                      100                     Live           16
M24/731
Goongarrie                                     100                    Live             3,16
E24/209
Goongarrie                                      100                     Live           16
M24/732
Goongarrie                                     100                    Live             3,16
E24/211
Goongarrie                                      100                     Live           16
M24/744
Goongarrie                                     100                    Live                16
E29/934
Goongarrie                                      100                     Live           16
M24/778
Goongarrie                                     100                    Live             3,16
E29/1028
Goongarrie                                      100                     Live           16
M29/167
Goongarrie                                     100                    Live                16
E29/1038
Goongarrie                                      100                     Live           16
M29/202
Goongarrie                                     100                    Live                16
E29/1039
Goongarrie                                      100                     Live           16
M29/272
Goongarrie                                     100                    Live                16
E29/1045
Goongarrie                                      100                     Live           16
M29/278
Goongarrie                                     100                    Live                16
E29/1048
Goongarrie                                      100                     Live           16
M29/423
Goongarrie                                     100                    Live                16
G29/25
Goongarrie                                      100                     Pending     16
M29/424
Goongarrie                                     100                    Live                16
L24/239
Goongarrie                                      100                     Live           16
M29/426
Goongarrie                                     100                    Live                16
L29/134
Goongarrie                                      100                     Live           16
P24/5260
Goongarrie                                     100                    Live                16
L29/135
Goongarrie                                      100                     Live           16
P24/5328
Goongarrie                                     100                    Live                16
L30/67
Goongarrie                                      100                     Live           16
P24/5329
Goongarrie                                     100                    Live                16
L30/68
Goongarrie                                      100                     Live           16
P24/5265
Goongarrie-Carr Boyd                    100                    Live                16
L16/141
Goongarrie                                      100                     Live           16
P24/5169
Goongarrie-Windanya                    100                    Live                16
L30/85
Goongarrie                                      100                     Live           16
P24/5480
Goongarrie-Windanya                    100                    Live                16
P29/2646
Highway North                                100                     Live           16
M24/919
Goongarrie-Scotia                   100 Ni rights             Live                  6
P29/2647
Highway North                                100                     Live           16
M24/959
Goongarrie-Scotia                   100 Ni rights             Live                  6
P29/2648
Highway North                                100                     Live           16
M24/541
Goongarrie                                     100                    Live                16
P24/5528
Goongarrie                                      100                     Live           16
P29/2559
Highway North                                100                    Live                16
E29/1082
Goongarrie                                      100                     Live           16
P29/2560
Highway North                                100                    Live                16
E29/1089
Goongarrie                                      100                     Live           16
P29/2501
Highway - Moriarty                         100                    Live                16
P29/2561
Highway North                                100                     Live           16
P29/2562
Highway North                                100                    Live                16
E29/941
Ghost Rocks                                   100                     Live           16
E29/981
Ghost Rocks                      100 non Li Au rights       Live           15,16
M29/214
Highway                                          100                     Live           16
L16/143
Goongarrie – Credo West              100                    Live                16
L16/144
Goongarrie – Credo West               100                     Live           16
E29/1083
Goongarrie                                     100                    Live                16
L16/145
Goongarrie – Credo West               100                     Live           16
L16/147
Goongarrie – Credo West              100                    Live                16
L16/146
Goongarrie – Credo West               100                     Live           16
L16/148
Goongarrie – Credo West              100                    Live                16
L24/252
Goongarrie                                      100                     Live           16
L30/95
Goongarrie – Credo West              100                    Live                16
E29/1235
Goongarrie                                      100                     Pending     16
E29/984
Highway North                                100                    Live           15,16
P29/2530
Goongarrie                                      100                     Live      15,16
M29/445
Highway North                                100                    Live           15,16
P29/2532
Goongarrie                                      100                     Live      15,16
E29/1062
Goongarrie                                     100                    Live           15,16
P29/2467
Goongarrie                                      100                     Live      15,16
L24/253
Goongarrie                                     100                    Live                16
P29/2468
Goongarrie                                      100                     Live      15,16
L24/254
Goongarrie                                     100                    Live                16
P29/2380
Goongarrie                                      100                     Live      15,16
L24/255
Goongarrie                                     100                    Live                16
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 72

Tenement
Location                               Ardea Interest           Status     Note
Tenement
Location                             Ardea Interest           Status         Note
                                                       (%)                                        
                                                     (%)
Goongarrie Hub Expansion Siberia
E24/203
Siberia North                     100 non Au-Ag rights       Live       4, 16
P24/5235
Siberia North                                  100                    Live                16
E29/889
Siberia North                                   100                     Live           16
P24/5236
Siberia North                                  100                    Live                16
M24/634
Siberia North                     100 non Au-Ag rights       Live     1,4,16
P29/2484
Siberia North                                  100                    Live                16
M24/660
Siberia North                     100 non Au-Ag rights       Live        4,16
P29/2485
Siberia North                                  100                    Live                16
M24/663
Siberia North                     100 non Au-Ag rights       Live        4,16
P24/5416
Siberia North                                  100                    Live                16
M24/664
Siberia North                     100 non Au-Ag rights       Live        4,16
P24/5417
Siberia North                                  100                    Live                16
M24/665
Siberia North                      90 non Au-Ag rights        Live     2,4,16
P24/5418
Siberia North                                  100                    Live                16
M24/683
Siberia North                     100 non Au-Ag rights       Live        4,16
P24/5566
Siberia North                                  100                    Live                16
M24/686
Siberia North                     100 non Au-Ag rights       Live        4,16
P24/5567
Siberia North                                  100                    Live                16
M24/772
Siberia North                     100 non Au-Ag rights       Live        4,16
L24/248
Siberia North                                  100                    Pending         16
M24/797
Siberia North                     100 non Au-Ag rights       Live        4,16
L24/249
Siberia North                                  100                    Pending         16
M24/915
Siberia North                     100 non Au-Ag rights       Live        4,16
L24/250
Siberia North                                  100                    Live                16
M24/916
Siberia North                     100 non Au-Ag rights       Live        4,16
L24/251
Siberia North                                  100                    Pending         16
M24/1002
Siberia North                     100 non Au-Ag rights       Pending  4,16
P24/5599
Siberia North                                  100                    Live                16
P24/5618
Siberia South                                  100                     Live           16
P24/5623
Siberia South                                  100                    Live                16
P24/5619
Siberia South                                  100                     Live           16
P24/5624
Siberia South                                  100                    Live                16
P24/5620
Siberia South                                  100                     Live           16
P24/5625
Siberia South                                  100                    Live                16
P24/5621
Siberia South                                  100                     Live           16
L29/181
Siberia North                                  100                    Live                16
P24/5622
Siberia South                                  100                     Live           16
L29/183
Siberia North                                  100                    Pending         16
Goongarrie Hub Expansion Black Range
M24/757
Black Range                     100 non Au-Ag rights;      Live        4,16
M24/973
Black Range                     100 non Au-Ag rights      Pending      4,16
P24/4395
Black Range                      100 non Au-Ag rights       Live        4,16
P24/4396
Black Range                     100 non Au-Ag rights      Live             4,16
P24/4400
Black Range                      100 non Au-Ag rights       Live        4,16
P24/4401
Black Range                     100 non Au-Ag rights      Live             4,16
P24/4402
Black Range                      100 non Au-Ag rights       Live        4,16
P24/4403
Black Range                     100 non Au-Ag rights      Live             4,16
P24/5593
Black Range                       100% non Au rights        Live      14,16
P24/5594
Black Range                      100% non Au rights        Live           14,16
P24/5595
Black Range                       100% non Au rights        Live      14,16
P24/5596
Black Range                      100% non Au rights        Live           14,16
Tenement Schedule continued 
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 73

Tenement
Location                                 Ardea Interest            Status   Note
Tenement
Location                               Ardea Interest           Status        Note
                                                         (%)                                           
                                                       (%)
Kalpini Hub 
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                     Live               
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 non Au rights         Live                14
M28/205
Kalpini                                             100                     Live               
P25/2484
Kalpini-Bulong                     100 non Au rights         Live                14
E27/278
Kalpini-Acra                            100 Ni Lat Ore            Live             5
P25/2559
Kalpini-Bulong                     100 non Au rights         Live                14
E27/438
Kalpini-Acra                            100 Ni Lat Ore            Live             5
P25/2560
Kalpini-Bulong                     100 non Au rights         Live                14
E27/520
Kalpini-Acra                            100 Ni Lat Ore            Live             5
P25/2561
Kalpini-Bulong                     100 non Au rights         Live                14
E27/579
Kalpini-Acra                            100 Ni Lat Ore            Live             5
P25/2609
Kalpini-Bulong                                100                    Live                    
E28/2483
Kalpini-Acra                            100 Ni Lat Ore            Live             5
P25/2613
Kalpini-Bulong                                100                    Live                    
E25/578
Kalpini-Bulong                      100 non Au rights          Live           14
P25/2614
Kalpini-Bulong                                100                    Live                    
M25/59
Kalpini-Bulong                      100 non Au rights          Live           14
P25/2615
Kalpini-Bulong                                100                    Live                    
M25/134
Kalpini-Bulong                                 100                     Live               
P25/2650
Kalpini-Bulong                     100 non Au rights         Live                14
M25/145
Kalpini-Bulong                                 100                     Live               
P25/2305
Kalpini-Bulong                     100 non Au rights         Live           13,14
M25/151
Kalpini-Bulong                      100 non Au rights          Live           14
M31/488
Kalpini-Lake Rebecca         100 non Au rights         Pending         14
M25/161
Kalpini-Bulong                                 100                     Live               
P31/2038
Kalpini-Lake Rebecca         100 non Au rights         Live                14
M25/171
Kalpini-Bulong                      100 non Au rights          Live           14
P31/2039
Kalpini-Lake Rebecca         100 non Au rights         Live                14
M25/187
Kalpini-Bulong                                 100                     Live               
P31/2040
Kalpini-Lake Rebecca         100 non Au rights         Live                14
                                                                                                         
E27/647
Kalpini                                             100                    Live                    
M25/209
Kalpini-Bulong                                 100                     Live               
P25/2306
Kalpini-Bulong                     100 non Au rights         Live           13,14
E27/646
Kalpini                                             100                     Live               
M25/19
Kalpini-Bulong                     100 non Au rights         Live           13,14
P25/2295
Kalpini-Bulong                      100 non Au rights          Live           14
P25/2307
Kalpini-Bulong                     100 non Au rights         Live           13,14
P25/2296
Kalpini-Bulong                      100 non Au rights          Live      13,14
P25/2408
Kalpini-Bulong                     100 non Au rights         Live           13,14
P25/2743
Kalpini-Bulong                                 100                     Pending         
P25/2409
Kalpini-Bulong                     100 non Au rights         Live           13,14
E27/714
Kalpini                                             100                     Pending         
L27/102
Kalpini                                             100                    Live                    
E27/715
Kalpini                                             100                     Pending         
L31/88
Kalpini                                             100                    Live                    
M25/377
Kalpini-Bulong                      100 non Au rights          Pending     14
E28/3308
Kalpini                                             100                    Pending             
P25/2768
Kalpini-Bulong                                 100                     Pending         
E28/3309
Kalpini                                             100                    Live                    
P25/2769
Kalpini-Bulong                                 100                     Pending         
P25/2770
Kalpini-Bulong                                100                    Pending             
P25/2778
Kalpini-Bulong                                 100                     Pending         
P25/2771
Kalpini-Bulong                                100                    Pending             
P25/2779
Kalpini-Bulong                                 100                     Pending         
P25/2773
Kalpini-Bulong                                100                    Pending             
Kalpini Hub - Yerilla
E39/1954
Kalpini-Yerilla-Aubils                       100                     Live               
M39/1147
Kalpini-Yerilla-Aubils                       100                    Pending             
E31/1092
Kalpini-Yerilla-Boyce Creek             100                     Live               
E31/1169
Kalpini-Yerilla-Boyce Creek            100                    Live                    
E31/1208
Kalpini-Yerilla-Boyce Creek             100                     Live               
E31/1213
Kalpini-Yerilla-Boyce Creek            100                    Live                    
M31/483
Kalpini-Yerilla-Boyce Creek             100                     Live               
M31/493
Kalpini-Yerilla-Boyce Creek            100                    Pending             
M31/475
Kalpini-Yerilla-Jump Up                  100                     Live               
M31/477
Kalpini-Yerilla-Jump Up Dam          100                    Live                    
M31/479
Kalpini-Yerilla-Jump Up                  100                     Live               
Tenement Schedule continued 
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 74

Tenement
Location                                 Ardea Interest            Status   Note
Tenement
Location                               Ardea Interest           Status        Note
                                                         (%)                                           
                                                       (%)
WA Regional 
M15/1101
WA Regional                       Pre-emp Ni-Co Lat         Live             7
M15/1263
WA Regional                       Pre-emp Ni-Co Lat        Live                  7
M15/1264
WA Regional                       Pre-emp Ni-Co Lat         Live             7
M15/1323
WA Regional                       Pre-emp Ni-Co Lat        Live                  7
M15/1338
WA Regional                       Pre-emp Ni-Co Lat         Live             7
M27/510
WA Regional                          100 Ni Lat Ore           Live                  8
M27/272
Kanowna East                        Non-Au Rights            Live           10
E40/350
Kookynie                                 Non-Au Rights            Live           11
E40/357
Kookynie                                Non-Au Rights            Live                11
E29/1006
Perrinvale                             100 non Au rights          Live           14
E29/1078
Perrinvale                            100 non Au rights         Live                14
E37/1271
Mt Zephyr                                         80                      Live           12
E39/1706
Mt Zephyr                                        80                     Live                12
E37/1272
Darlot East                                       80                      Live           12
E39/1854
Mt Zephyr                                        80                     Live                12
E37/1273
Darlot East                                       80                      Live           12
E39/1985
Mt Zephyr                                        80                     Live                12
E37/1274
Mt Zephyr                                         80                      Live           12
                                                                                                            
Notes:
1.
Britannia Gold Ltd retains precious metal rights.
2.
Impress Ventures Ltd has a 10% equity free-carried interest to a decision to mine.
3.
Norton Gold Fields Limited retains certain Au claw-back rights and royalty receivable.
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.
6.
Black Mountain Gold Limited all rights with exception of Ardea retaining Ni rights.
7.
Ramelius Resources Limited assignee (Maximus Resources Ltd) all rights, Ardea pre-emptive right to Ni-Co laterite. 
8.
Paddington Gold Pty Ltd all mineral rights (except nickel sulphide) while Ardea retains rights to nickel laterite ore.
9.
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. 
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. 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. 
14. By way of the Demerger Implementation Deed executed between Ardea Resources Limited, Kalgoorlie Gold Mining Limited, Yerilla Nickel Pty Ltd, Kalgoorlie
Nickel Pty Ltd and Ardea Exploration Pty Ltd dated 9 September 2021, certain tenements are to be transferred to newly listed Kalgoorlie Gold Mining
Limited. For certain other tenements, Ardea Resources Limited or its subsidiaries will continue to hold and retain non-gold rights while Kalgoorlie Gold
Mining Limited retain gold rights only.
15. Tenement Swap Agreement between Brightstar Resources Limited subsidiaries, Goongarrie Operational and Mining Pty Ltd and Menzies Operational and
Mining Pty Ltd, and Ardea Resources Limited subsidiary, Kalgoorlie Nickel Pty Ltd dated 15 July 2023. E29/1062 Infrastructure Rights only. E29/981,
Brightstar has lithium and gold rights.
16. The Japanese Consortium may acquire 50% of KNPL, the tenement holder, by completing the Goongarrie Hub DFS and making a positive FID.
Tenement Schedule continued 
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 75

Glossary
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.
AL means Atmospheric Leach (being a hydrometallurgical process done at atmospheric pressure, in contrast to high pressure leach HPAL).
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.
Austrade - Australian Trade and Investment Commission.
Co means Cobalt.
Consortium means the parties (SMM and MC) earning equity in KNPL pursuant to the Cooperation Agreement.
Cooperation Agreement means an agreement with Sumitomo Metal Mining Co., Ltd (SMM) and Mitsubishi Corporation (MC) (Consortium) to form a
50:50 incorporated joint venture (JV) to develop the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub (Transaction). The incorporated JV vehicle is
Kalgoorlie Nickel Pty Ltd (KNPL), which is currently a wholly owned subsidiary of Ardea.
CMO means Australian Federal Government - Critical Minerals Office.
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 current Australian Government Critical
Minerals List at February 2024 is: High-Purity Alumina (Al), Antimony (Sb), Arsenic (As), Beryllium (Be), Bismuth (Bi), Chromium (Cr), Cobalt (Co),
Fluorine (F),  Gallium (Ga), Germanium (Ge), Graphite (C), Hafnium (Hf),  Indium (In), Lithium (Li), Magnesium (Mg), Manganese (Mn), Molybdenum
(Mo), Nickel (Ni), Niobium (Nb), Platinum-group elements (PGE) including Platinum (Pt) and Palladium (Pd), Rare-earth elements (REE), Rhenium
(Re), Scandium (Sc), Selenium (Se), Silicon (Si), Tantalum (Ta), Tellurium (Te), Titanium (Ti), Tungsten (W), Vanadium (V), Zirconium (Zr).
Cu means Copper.
DFAT means Australian Federal Government - Department of Foreign Affairs and Trade.
DHEM means downhole electromagnetics.
DWER means WA Department of Water and Environmental Regulation.
EFA means Export Finance Australia.
EM means electromagnetics.
EV means Electric Vehicle.
ESG means Environmental Social and 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.
FID means Final Investment Decision which when made for the Goongarrie Hub entitles the Consortium to a 50% interest in KNPL.
FIRB means Foreign Investment Review Board
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 76

Goethite means the dominant nickel cobalt ore type at Goongarrie, which is free dig and has a low energy requirement for comminution along with low
acid consumption during processing.
GWL  means groundwater extraction licences. 
HPAL means High-Pressure Acid Leach.
JV means the Transaction, in which KNPL will manage the DFS process, with the Consortium providing 100% of the funding for the DFS up to a budget
of approximately A$98.5 million via staged equity contributions over approximately 18 months. Ardea and the Consortium will provide technical and
commercial input into the DFS. At the conclusion of the DFS spend, the Consortium will have subscribed to a 35% ownership in KNPL and retain the
right to increase its ownership in KNPL to 50% upon a positive FID decision by the Consortium.
KNPL means the incorporated JV vehicle is Kalgoorlie Nickel Pty Ltd, which is currently a wholly owned subsidiary of Ardea.
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, Big Four. Goongarrie Hill, Highway, Siberia North deposits subject to the Consortium DFS expenditure and
additionally Ghost Rocks, Black Range and Siberia South deposits. 
•      Kalpini Hub – Kalpini, Bulong deposits and Yerilla – Jump Up Dam, Boyce Creek, Aubils and Lake Rebecca deposits which are owned 100% by
Ardea.
LIB means Lithium Ion Battery.
LCA means Life Cycle Assessment.
LCT means Lithium Caesium Tantalum which metal association along with other rare metal critical minerals is particularly found in Ardea drilling of
felsic intrusions at the Highway nickel laterite deposit and elsewhere within Ardea’s KNP tenure.
m means metre and km means kilometres.
MC means Mitsubishi Corporation.
Mt means Million tonnes.
Mineralisation means in economic geology, the introduction of valuable elements into a rock body.
Mineralised Neutraliser means a specific plant feed unique to the Goongarrie Hub for which the fine component is AL feed and coarse component is
a neutraliser.
MHP  means Mixed Hydroxide Precipitate.
MPFA means Australian Federal Government - Major Projects Facilitation Agency.
MPS means Major Project Status - KNP was award MPS in March 2022 by the Prime Minister of Australia. 
MSP means Mixed Sulphide Precipitate.
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 occurring in an un-oxidised sulphide assemblage associated with fresh ultramafic rock.
NCM means Nickel-Cobalt-Manganese.
OEM mean Original Equipment Manufacturers.
OECD means Organisation for Economic Cooperation and Development.
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.
R&D means Research and Development.
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.
Glossary continued
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 77

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.  
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.
SHA means Shareholders’ Agreement with GH Nickel Pty Ltd which is the vehicle through which Sumitomo Metal Mining Co., Ltd, and Mitsubishi
Corporation, through its fully owned subsidiary Mitsubishi Development Pty Ltd, (Consortium) will acquire shares in Kalgoorlie Nickel Pty Ltd (KNPL).
SMM means Sumitomo Metal Mining Co., Ltd.
SSB means Static Storage Battery.
V means Vanadium.
WA means Western Australia.
WWF means Walter Williams Formation, the dominant host unit that has weathered to form the Goongarrie Hub nickel laterite deposits and potentially
prospective for hosting magmatic nickel sulphide.
WU, CU, EU means ultramafic units Western Ultramafic, Central Ultramafic and Eastern Ultramafic at the Kalpini Emu Lake nickel sulphide project.
The WU and CU units are the prime nickel sulphide targets.
Opposite: Photos Top: The Ardea Team hosted a number of Goongarrie site visits during the year; Photo middle: Slug Hill Site, 60 km north of
Kalgoorlie, is an important stop on the Goongarrie site visit itinerary.  Looking north from Slug Hill is a view of Goongarrie and the substantial
infrastructure passing through the Project. The geology of the site is a discrete olivine adcumulate lava channel that has been drilled previously for
nickel sulphides. Photos Bottom: The Ardea Team hosted SMM and MC representatives in Perth and onsite at Kalgoorlie Nickel Project -
Goongarrie Hub, for multiple visits during the financial year. Inspecting the core trays showing premium Goongarrie South goethite at Ardea’s West
Kalgoorlie office, is an important stop.
Glossary continued
Ardea Resources Limited & controlled entities
Annual Report 2024 - page 78

Ardea Resources Limited & controlled entities
Annual Report 2024 - page 79

ASX Code ARL
www.ardearesources.com.au