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 Australian resources company which owns 100% of the Kalgoorlie Nickel Project (KNP), a globally significant series of nickel-cobalt laterite deposits which host the largest cobalt resource in the developed world. Ardea is focused on the development of the Goongarrie Nickel Cobalt Project (GNCP) within the KNP, 80km north of Kalgoorlie WA. Ardea has completed a Prefeasibility Study for a 1Mpta and 1.5Mtpa case on the GNCP and also a scoping study for a 2.25Mtpa case. Ardea is currently working with KPMG Australia Corporate Finance to secure a Strategic Partner to jointly develop the GNCP. Ardea also owns an extensive portfolio of projects in Western Australia and New South Wales which are highly prospective for gold, nickel sulphide and zinc.



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

Link: June 2018 Quarterly Activities and Cashflow Report

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Ardea Resources Ltd

Related Industry Topics:
Metals Materials General Mining Nickel Cobalt