Ardea (ASX:ARL) (OTCMKTS:ARRRF) is pleased to provide this update of the Company's progress during the June 2018 Quarter.


Goongarrie Nickel Cobalt Project (GNCP)

- Expansion Study (ES) highlights strong case for an expanded throughput to 2.25Mtpa

Case           Pre-tax NPV8      Post-tax NPV8     IRR Payback  
1.0Mtpa PFS    A$1.43 billion    A$1.04 billion    25 % 5.3 years  
1.5Mtpa PFS    A$1.93 billion    A$1.40 billion    25 % 5.6 years  
2.25Mtpa ES    A$3.15 billion    A$2.29 billion    27 % 5.1 years   

- Goongarrie infill 80x40m RC drilling completed, resource estimation current including nickel-cobalt-scandium, neutraliser and alumina

- Key appointments to deliver Definitive Feasibility Study:

o Susanna Beech appointed Approvals Manager, Perth

o Will Stewart appointed Geology Superintendent, Kalgoorlie

- Research and Development for Goongarrie flow-sheet culminates with pilot plant commissioning:

o 15 wet tonnes, sonic core supplemented with RC chips

o End-product will be nickel and cobalt sulphate, available for battery manufacturer testing in September

- Programs for Goongarrie flora, fauna, hydrology, geotechnical design and material characterisation underway

- KPMG Corporate Finance appointed to coordinate the Strategic Partner search for development of the GNCP


WA Gold-Nickel Assets

- Mt Zephyr regional - structural interpretation completed defining Yamarna-style structural system with altered granitoid gold host

- Gale prospect large granitoid quartz vein system, awaiting assays

Lachlan Fold Belt NSW

- NSW assets notably Lewis Ponds being evaluated for divestment

- Orange-based, NSW management team appointed


Cash position at end of Quarter of $19.2M, all corporate and development activity well-funded

To view the full report with tables and figures, please visit:

About Ardea Resources Ltd

Ardea Resources Ltd (ASX:ARL) (OTCMKTS:ARRRF) (FRA:A91) is an ASX-listed resources company, with 100%-controlled Australian-based projects, prioritising a three-pronged value creation strategy which is:

- development of the Goongarrie Nickel Cobalt Project, which is part of the Kalgoorlie Nickel Project, a globally significant series of nickel-cobalt-scandium deposits which host the largest cobalt resource in the developed world;

- advanced-stage exploration at WA gold and nickel sulphide targets; and

- the demerger of the NSW gold and base metal assets with planned in-specie share distribution.



Katina Law
Executive Chair
Ardea Resources Limited
Tel: +61-8-6244-5136

Link: June 2018 Quarterly Activities and Cashflow Report

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Related Industry Topics:
Metals Materials General Mining Nickel Cobalt