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Ardea Resources (ARL) investor relations material

Ardea Resources Q1 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 TU earnings summary27 Oct, 2025

Executive summary

  • Progressed the Definitive Feasibility Study (DFS) for the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub, with major drilling and metallurgical testwork largely complete and DFS drafting underway.

  • Consortium partners Sumitomo Metal Mining and Mitsubishi Corporation earned a 17.5% equity interest in the joint venture vehicle, with the right to increase to 50% upon a positive Final Investment Decision.

  • Strong engagement with government, stakeholders, and First Nations groups, including execution of a Heritage Agreement and participation in critical minerals events in the US and Japan.

Financial highlights

  • Cash position at quarter end was $15.5M, with no debt.

  • $30M in committed DFS funding remained at quarter end, with the Consortium fully funding DFS costs up to $98.5M.

  • Net expenditure from operating activities was $17.9M, including $16.6M on exploration and evaluation, and $16M for feasibility studies.

  • Received $18.8M from the Consortium for budgeted DFS funding during the quarter.

Outlook and guidance

  • DFS completion for the Goongarrie Hub is now forecast for midway through the first half of 2026, delayed from December 2025 due to minor cumulative delays.

  • Ongoing work includes finalising DFS chapters, updating Mineral Resource Estimates, optimising mine schedules, and progressing approvals and stakeholder engagement.

  • Post-DFS funding strategy discussions are underway, leveraging Consortium partners' strong connections to potential debt and equity providers.

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Frequently asked questions

Ardea Resources Limited is a mineral exploration and development company focused on the discovery and advancement of nickel, cobalt, and other critical mineral projects. The company’s primary activities include the exploration, evaluation, and potential development of mineral resources, with particular emphasis on laterite and sulphide-hosted deposits. Ardea Resources Limited conducts geological assessments, drilling campaigns, and technical studies to support project development. Its operations are primarily located in Western Australia, where it holds a portfolio of tenements. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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