Annual report
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ANNUAL REPORT 2026 ABN 30 614 289 342 ASX:ARL
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Table of Contents: Corporate Directory 3 FY2026 At A Glance 4 Highlights FY2026 5 Letter from the Chairman & Managing Director 6 Review of Operations 8 Director’s Report 27 Consolidated Statement of Comprehensive Income 45 Consolidated Statement of Financial Position 46 Consolidated Statement of Changes in Equity 47 Consolidated Statement of Cashflows 48 Notes to the Financial Statements 49 Directors’ Declaration 66 Consolidated Entity Disclosure Statement 67 Independent Auditor’s Report 68 Shareholder Information 73 Tenement Schedule 75 Glossary 79 Corporate Directory Directors Mathew Longworth, (Non-Executive Chair) Andrew Penkethman, (Managing Director and Chief Executive Officer) Maree Arnason, (Non-Executive Director) Michael Rodriguez, (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 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 ANNUAL REPORT2026 3 Ardea Resources Limited & controlled entities
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FY2026 At A Glance ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 4 Strategic Recognition Recognised by the Australian, Japanese and United States governments as a strategically important critical minerals project supporting secure allied supply chains.1,2,3,4,5,6 Strong Global Partnerships Consortium partners Sumitomo Metal Mining and Mitsubishi Corporation, through its wholly owned Australian subsidiary Mitsubishi Development Pty Ltd, increased their ownership in Kalgoorlie Nickel Pty Ltd (KNPL) to 35%, reinforcing long-term confidence in the Project.7,8 DFS Progress Technical studies continued across mining, metallurgy, engineering, infrastructure and environmental approvals as the Definitive Feasibility Study (DFS) progressed towards completion. Funding Pathway Received coordinated, conditional and non- binding support from Export Finance Australia (EFA) and the Export-Import Bank of the United States (EXIM) representing potential project financing of up to A$1 billion.9 From Project Development to Strategic Importance During FY2026, the Kalgoorlie Nickel Project (KNP) - Goongarrie Hub (the Project) continued its evolution into one of Australia's most strategically important critical minerals development projects, supported by significant technical progress, strengthened international partnerships and growing government recognition. 1. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 2. See ARL ASX Announcement KNP Awarded Lead Agency Status, 4 June 2026 3. See ARL ASX Announcement KNP Major Project Status Renewed, 20 October 2025 4. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program, 9 April 2026 5. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support, 5 February 2026 6. See ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 7. See ARL ASX Announcement Kalgoorlie Nickel Project Goongarrie Hub DFS Update, 31 March 2026 8. See ARL ASX Announcement KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium, 30 August 2024 9. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support, 5 February 2026
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FY2026 Highlights ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 5 ▪ Awarded Lead Agency Status1, selected for the Australian Government's Investor Front Door (IFD) initiative2 and had Major Project Status renewed.3 ▪ Included in the Australia–Japan Joint Statement on Elevated Critical Minerals Cooperation4 and the Japan–United States Critical Minerals Joint Fact Sheet.5 ▪ Advanced the Goongarrie Hub Definitive Feasibility Study (DFS) through ongoing field work, engineering, and technical studies.6 ▪ Continued advancing environmental, permitting and project optimisation activities in preparation for the next stage of development.6 ▪ Completed the Goongarrie South infill drilling program, confirming high-grade nickel-cobalt mineralisation to support updated Mineral Resource Estimates and Ore Reserve optimisation.7 ▪ Executed a Heritage Agreement with the Marlinyu Ghoorlie Native Title Claimant Group, supporting responsible project development and ongoing stakeholder engagement.8 ▪ Successfully completed a A$5 million Placement and subsequent Share Purchase Plan, strengthening the Company's balance sheet.9 1. See ARL ASX Announcement KNP Awarded Lead Agency Status, 4 June 2026 2. See ARL ASX Announcement KNP Beneficiary 10. See ARL ASX Announcement Successful A$340k received from SPP following $5m Placement, 2 April 2026of Federal Government Investor Front Door Program, 9 April 2026 3. See ARL ASX Announcement KNP Major Project Status Renewed, 20 October 2025 4. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 5. See ARL ASX Announcement KNP in Japan US Critical Minerals Joint Fact Sheet, 23 March 2026 6. See ARL ASX Announcement KNP-Goongarrie Hub DFS Update, 31 March 2026 7 . See ARL ASX Announcement Goongarrie South RC Infill Drilling Program Completed, 22 September 2025 8. See ARL ASX Announcement Heritage Agreement signed with Marlinyu Ghoorlie Claim Group, 3 September 2025 9. See ARL ASX Announcement Successful A$340k received from SPP following $5M Placement
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Dear Shareholders, The development of a world-class mining project is measured not only by engineering and technical milestones, but by the confidence it earns from governments, strategic partners, local communities and investors. During FY2026, the KNP - Goongarrie Hub achieved an important transition as it increasingly became recognised as a project of national and international strategic significance. As nations around the world seek to strengthen critical minerals supply chains, the Goongarrie Hub is uniquely positioned to contribute to this global transition. With one of the largest nickel- cobalt resources in the developed world, strong international partnerships and an unwavering commitment to responsible development, Ardea is building a project designed to create value over decades. While global nickel markets remained challenged, our strategy remained firmly focused on long-term value creation. Commodity markets will continue to fluctuate, but the structural demand for responsibly produced nickel and cobalt remains compelling. Electrification, energy storage, advanced manufacturing and national security initiatives continue to reinforce the need for reliable sources of critical minerals from stable jurisdictions. Against this backdrop, we continued advancing every aspect of the Goongarrie Hub with discipline, patience and a clear long-term vision. Perhaps the most significant achievement of FY2026 was the increasing recognition of the Project by Australian and international governments. During the year, the Goongarrie Hub was included in the Australia–Japan Joint Statement on Elevated Critical Minerals Cooperation1 and the Japan–United States Critical Minerals Joint Fact Sheet2,, recognising its role in supporting allied critical minerals supply chains. Domestically, the Project was selected to participate in the Australian Government's Investor Front Door initiative3, awarded Lead Agency Status by the Western Australian Government4, and had its Major Project Status renewed by the Commonwealth Government.5 Together, these milestones demonstrate growing confidence in both the strategic importance of the Project and its potential contribution to Australia's future as a trusted supplier of critical minerals. This confidence continues to be shared by our Joint Venture (JV) partners, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, through its wholly owned Australian subsidiary Mitsubishi Development Pty Ltd (The Consortium). During the year, the Consortium increased its ownership in KNPL to 35% following the achievement of agreed development milestones, reinforcing its long- term commitment to the Goongarrie Hub.6,7 The DFS also remained fully funded under the agreed A$98.5 million program8, reflecting the strength of this partnership and the shared commitment to advancing the Project through a rigorous and disciplined development process. 5 Letter from the Chairman & Managing Director 1. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 2. See ARL ASX Announcement KNP Documented in Japan-US Critical Minerals Joint Fact Sheet, 23 March 2026 3. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program, 9 April 2026 4. See ARL ASX Announcement KNP Awarded Lead Agency Status, 4 June 2026. 5. See ARL ASX Announcement KNP Major Project Status Renewed, 20 October 2025 6. See ARL ASX Announcement Kalgoorlie Nickel Project Goongarrie Hub DFS Update, 31 March 2026 7. See ARL ASX Announcement KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium, 30 August 2024 8. See ARL ASX Announcement KNP Goongarrie Hub Update, 3 June 2026 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 6
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Technical progressremained a major focus throughout FY2026. Work advanced across mining, metallurgy, processing, infrastructure, environmental approvals and project engineering as key components of the DFS were further advanced. Importantly, value engineering undertaken during the year identified opportunities to further optimise the proposed development, enhancing operational efficiencies and strengthening long-term project economics. While this work has extended the completion of the DFS, we believe taking the time to optimise a project expected to operate for many decades represents the right decision for stakeholders. 1 Operationally, the completion of the Goongarrie South infill drilling program confirmed the outstanding quality of the highest-grade nickel- cobalt deposit within the proposed development area and will support updated Mineral Resource Estimates, mine planning and Ore Reserve optimisation.2 At the same time, the execution of a Heritage Agreement with the Marlinyu Ghoorlie Native Title Claimant Group reinforced our commitment to developing the Project through respectful collaboration with Traditional Owners and responsible environmental and social stewardship.3 These achievements demonstrate that strong technical progress and meaningful stakeholder engagement continue to advance hand in hand. Ardea Resources (Ardea or the Company) also strengthened its financial position during the year through a successful capital raising4, while further validation of the Project's strategic importance came through coordinated, conditional and non- binding support from Export Finance Australia and the Export-Import Bank of the United States for potential project financing.5 These outcomes further reinforce confidence in the long-term development pathway for the Goongarrie Hub and the important role it is expected to play in future global critical minerals supply chains. As we move into FY2027, our priorities remain unchanged. We are focused on completing the DFS, progressing key approvals, continuing to strengthen relationships with governments, Traditional Owners and strategic partners, and ensuring the Goongarrie Hub is positioned to advance through its next stage of development. The achievements of FY2026 have proved momentous and reinforced our belief that the Goongarrie Hub is a strategically important critical minerals asset capable of supporting secure and responsible supply chains for decades to come. On behalf of the Board and management, we thank our shareholders for their continued support, together with our employees, JV partners, contractors, Traditional Owners, government stakeholders and local communities whose commitment and collaboration continue to underpin the Company's progress. We look forward to updating shareholders as we continue advancing one of Australia's most significant critical minerals development opportunities. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 7 Andrew Penkethman Managing Director & CEO Ardea Resources 1. See ARL ASX Announcement Kalgoorlie Nickel Project - Goongarrie Hub DFS Update, 31 March 2026 2. See ARL ASX Announcement Goongarrie South RC Infill Drilling Program Complete, 22 September 2025 3. See ARL ASX Announcement Heritage Agreement signed with Marlinyu Ghoorlie Claim Group, 3 September 2025 4. See ARL ASX Announcement Successful A$340k received from SPP following $5m Placement ,2 April 2026 5. See ARL ASX Announcement EFA & US EXIM Letters of Funding Support, 5 February 2026 Mat Longworth Non-Executive Chairman Ardea Resources
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Review of Operations ThisReviewof Operations coversthe 12month periodto 30 June 2026. 5 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities8
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities BUILDING A GLOBALLY SIGNIFICANT CRITICAL MINERALS PROJECT Advancing one of the world's largest undeveloped nickel-cobalt projects to support secure, diversified global critical minerals supply chains. Ardea is focused on advancing its KNP - Goongarrie Hub towards development through a disciplined, fully funded DFS.1 Supported by strategic partners Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, the Company continues to optimise the Project while progressing environmental approvals, stakeholder engagement and technical studies.2 As governments increasingly prioritise secure and diversified critical minerals supply chains, Ardea believes the Goongarrie Hub is well positioned to become an important future supplier of responsibly produced nickel and cobalt. Strategy in Action Advance the Project DFS progressed across all major workstreams Optimise Value Engineering and value optimisation continued Strengthen Partnerships Consortium ownership increased to 35%2 Build Government Support Lead Agency Status, Investor Front Door and Major Project Status3,4,5 Develop Responsibly Heritage Agreement executed and approvals advanced6 9 1. See ARL ASX Announcement KNP Goongarrie Hub Update, 3 June 2026 2. See ARL ASX Announcement KNP Goongarrie Hub DFS Update, 31 March 2026 3. See ARL ASX Announcement KNP Awarded Lead Agency Status, 4 June 2026 4. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program, 9 April 2026 5. See ARL ASX Announcement KNP Major Project Status Renewed, 20 October 2025 6. See ARL ASX Announcement Heritage Agreement signed with Marlinyu Ghoorlie Claim Group, 3 September 2025 Our Strategy
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9 Project Overview The KNP - Goongarrie Hub is located 70km northwest of the mining centre the City of Kalgoorlie-Boulder and is the subject of the JV with the Consortium and current DFS. 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. All key Goongarrie Hub mineral resources are located on granted mining leases and tenure managed by KNPL. The project 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, Esperance and Kwinana, that are well serviced by existing road and rail networks. Positioned for the Next Nickel Cycle Advancing a world-class project through today’s market to meet tomorrow’s demand. While near-term nickel markets remain impacted by increased Indonesian supply, the long-term focus on secure, diversified and responsibly produced critical minerals continues to strengthen the strategic importance of projects in trusted jurisdictions such as Western Australia.1 Ardea remains focused on optimising the Goongarrie Hub to position it as an important future supplier of nickel and cobalt to global critical minerals supply chains.2 1. See ARL ASX Announcement, KNP Goongarrie Hub DFS Update, 3 June 2026 2. See ARL ASX Announcement, EFA and US EXIM Letters of Funding Support, 5 February 2026 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 10
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 11 ADVANCING THE GOONGARRIE HUB Systematically progressing one of Australia's most strategically important critical minerals projects towards development. Throughout FY2026, Ardea continued to advance the Goongarrie Hub through a disciplined program of engineering, technical studies and project optimisation. As the DFS progressed, the Company's focus extended beyond technical viability to refining and optimising every aspect of the proposed development. Engineering, mining, metallurgy, infrastructure and environmental workstreams continued to mature, with each contributing to a more robust and efficient project design.1 The objective remains unchanged: to deliver a technically sound, commercially competitive and responsibly developed project capable of supporting long-term production. Building Technical Confidence Technical confidence continued to strengthen throughout FY2026 through drilling, geological modelling and ongoing engineering studies. Completion of the Goongarrie South infill drilling program confirmed the continuity of high-grade nickel-cobalt mineralisation and will support updated Mineral Resource Estimates, Ore Reserve optimisation and future mine planning.2 Goongarrie South infill program Engineering studies also progressed across key aspects of the proposed operation, including: • Metallurgical optimisation • Process engineering • Water management • Infrastructure planning • Environmental baseline studies • Project execution planning3 1. See ARL ASX Announcement KNP- Goongarrie Hub DFS Update 3 June 2026 2. See ARL ASX Announcement Goongarrie South RC Infill Drilling Program Completed 22 September 2025 3. See ARL ASX Announcement KNP-Goongarrie Hub DFS update 31 March 2026
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11 Optimising the Definitive Feasibility Study The DFS remained the Company's principal focus throughout FY2026, with the DFS program fully funded by the Consortium under an agreed budget of A$98.5 million.1 Major workstreams advanced across engineering, mining, metallurgy, infrastructure and environmental disciplines. Ardea continued refining the Project through targeted engineering and value optimisation initiatives designed to strengthen long-term project economics, simplify future execution and support a disciplined development pathway. The updated DFS timetable reflects the additional work required to complete these optimisation, engineering and study activities.2 Given the anticipated multi-decade operating life of the Goongarrie Hub, the Company believes this measured approach will deliver a stronger project and greater long-term value for shareholders. Importantly, the underlying fundamentals and strategic importance of the Goongarrie Hub remain unchanged. Resource modelling, mine planning and Ore Reserve updates Process design and MSP flowsheet optimisation Permitting and approvals support via Lead Agency / Major Project and IFD pathways Financing and strategic engagement with partners, EFA and EXIM DFS continuing DFS Progressing Toward Completion 1. See ARL ASX Announcement KNP – Goongarrie Hub JV Transaction Complete, 30 August 2024 2. See ARL ASX Announcement KNP-Goongarrie Hub DFS Update, 3 June 2026 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 12
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 13 STRATEGIC RECOGNITION Building recognition as a strategically important critical minerals project. As governments increasingly prioritise secure and diversified critical minerals supply chains, the Goongarrie Hub continues to receive growing recognition for its strategic importance. Throughout FY2026, the Project achieved several significant government and international milestones, reflecting its increasing relevance to Australia's critical minerals strategy and the broader supply chains of allied nations. Together with the continued support of strategic partners Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, these achievements reinforce the Goongarrie Hub's position as an emerging globally significant critical minerals project. Government Recognition During FY2026, the Goongarrie Hub received several important government recognitions that support the Project's ongoing advancement. These included: Lead Agency Status from the Western Australian Government.1 Selection for the Australian Government's Investor Front Door initiative.2 Renewal of Major Project Status.3 Recognition in the Australia–Japan Joint Statement on Elevated Critical Minerals Cooperation.4 Recognition in the Japan–United States Critical Minerals Joint Fact Sheet.5 WA Delegation at PDAC Booth WA Delegation with Minister Michael PDAC Toronto Together, these initiatives strengthen coordination across government agencies while recognising the strategic importance of the Project. 1. See ARL ASX Announcement KNP Awarded Lead Agency Status, 4 June 2026 2. See ARL ASX Announcement KNP Beneficiary of Federal Government Investor Front Door Program, 9 April 2026 3. See ARL ASX Announcement KNP Major Project Status Renewed, 20 October 2025 4. See ARL ASX Announcement KNP included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026 5. See ARL ASX Announcement KNP in Japan US Critical Minerals Joint Fact Sheet, 23 March 2026
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13 Together, these initiatives strengthen coordination across government agencies while recognising the strategic importance of the Project. Strategic Partnerships Ardea's partnership with Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation continued to strengthen during FY2026 as the DFS progressed. The Consortium increased its ownership in KNPL to 35% following the achievement of agreed development milestones, demonstrating its continued commitment to the Project and confidence in its long-term potential.1 The partnership combines Ardea's world-class resource with internationally recognised technical expertise, project development capability and financial strength. Non KNP Goongarrie Hub Projects MRE 270Mt @ 0.76% Ni & 0.05% Co for 2Mt of contained Ni & 136kt of contained Co 3 Kalgoorlie Nickel Pty Ltd Managing KNP Goongarrie Hub Definitive Feasibility Study DFS targeted for H2 2026 100% 65%1,2 35%1,2 • Global industrial and financing capability • Long history operating in Australia • Strong commercial and supply chain reach • Wholly owned Australian subsidiary of Mitsubishi Corporation • 400+ years mining history • Proven laterite / HPAL operator • Downstream nickel processing capability Consortium supported under Japan’s Ministry of Economy, Trade and Industry (METI) Critical Minerals Supply Security Plan Supporting Future Development The Project's strategic positioning continued to strengthen beyond technical progress. During the year, Export Finance Australia and the Export-Import Bank of the United States provided coordinated, conditional and non-binding support representing up to A$1 billion in potential project financing.4 While subject to future approvals and conditions, this support reflects growing recognition in the strategic importance of the Goongarrie Hub and its potential role within future critical minerals supply chains. Strong technical progress, strategic partnerships and increasing government recognition have together strengthened the foundations for the Goongarrie Hub's continued advancement.5 1.See ARL ASX Announcement, Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 31 March 2026 2. See ARL ASX Announcement KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium, 30 August 2024 3. See ARL ASX Announcement 30 June 2023 ARL MRE announcement 4.See ARL ASX Announcement, EFA and US EXIM Letters of Funding Support, 5 February 2026 5.See ARL ASX Announcement, Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 3 June 2026 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 14
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 15 RESPONSIBLE DEVELOPMENT Developing the Goongarrie Hub responsibly for the benefit of shareholders, Traditional Owners & local communities. Responsible development remains central to Ardea's approach as the Goongarrie Hub progresses towards its next stage of development. Throughout FY2026, the Company continued advancing environmental studies, permitting activities and stakeholder engagement while strengthening relationships with Traditional Owners, government agencies and local communities. These activities support the Company's objective of developing a project that delivers long-term economic value while meeting high environmental, social and governance standards. WA Delegation at PDAC Booth
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15 Environmental Stewardship Environmental studies continued throughout FY2026 to support the DFS and future permitting requirements. Baseline environmental surveys, hydrogeologicalinvestigations and other technical studies continued to improve understanding of the Project area while supporting future development planning.1 These programs will continue as the Project advances through the approvals process. ENVIRONMENT Baseline environmental studies WATER Hydrogeological investigations APPROVALS Permitting activities Working with Traditional Owners A significant milestone during the year was the execution of a Heritage Agreement with the Marlinyu Ghoorlie Native Title Claimant Group.2 The agreement establishes a collaborative framework that supports ongoing project activities while protecting Aboriginal Cultural Heritage and reinforcing Ardea's commitment to respectful, long-term engagement. Ardea continued engaging with local communities, government agencies and industry stakeholders as development of the Goongarrie Hub progressed. Strong governance, transparent decision- making and proactive stakeholder engagement remain fundamental to maintaining community confidence and supporting the Project's long- term development. As the Goongarrie Hub advances towards development, Ardea continues to strengthen not only the Project itself, but the broader portfolio of assets that supports the Company's long-term growth strategy. Communities and Governance 1.See ARL ASX Announcement, KNP Goongarrie Hub DFS Update, 31 March 2026 2.See ARL ASX Announcement, “Heritage Agreement signed with Marlinyu Ghoorlie Claim Group”, 3 September 2025 South Kalgoorlie Primary School was a recipient of Ardea’s Eastern Goldfields Education Grant Program. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 16
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 17 BEYOND THE GOONGARRIE HUB While the Goongarrie Hub remains Ardea's highest development priority, the broader KNP provides significant long-term growth opportunities. Spanning more than 3,200km² across Western Australia's Eastern Goldfields, the KNP includes a substantial portfolio of nickel laterite deposits, nickel sulphide exploration assets and emerging critical minerals opportunities that provide future development optionality beyond the initial Goongarrie Hub development.1 Building long-term value through a district-scale critical minerals portfolio. The Goongarrie Hub has been deliberately prioritised because it represents Ardea's most advanced development opportunity. Beyond Goongarrie, the broader KNP provides flexibility to support future growth, extend mine life and respond to evolving market conditions as demand for critical minerals continues to develop. This district-scale portfolio provides the Company with strategic optionality while maintaining a disciplined focus on advancing the Goongarrie Hub. A Portfolio Built for the Long Term 1. See ARL ASX Announcement Kalgoorlie Nickel Project Strategy Update, 9 September 2022
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17 KALGOORLIE NICKEL PROJECT 854Mt @ 0.71% Ni & 0.045% Co 6.1Mt contained Ni | 386kt contained Co1 GOONGARRIE HUB (65% ARL) Ardea’s priority development project 584Mt @ 0.69% Ni, 0.043% Co1 KNP KALPINI HUB (100% ARL) Large-scale nickel laterite growth opportunity 270Mt @ 0.76% Ni & 0.05% Co 2.0Mt contained Ni | 136kt contained Co1 Kalgoorlie Nickel Project Ecosystem NICKEL SULPHIDES Exploration upside Maintaining exposure to high-grade nickel sulphide discovery opportunities CRITICAL MINERALS Broader commodity potential Opportunities to enhance value across the KNP's extensive tenure FUTURE DEVELOPMENT District-scale optionality Potential to extend mine life, expand production and respond to future market conditions >3,200km² Kalgoorlie Nickel Project2 A district-scale critical minerals portfolio Future Growth Opportunities Ardea continues to evaluate opportunities across its broader portfolio to maximise long-term shareholder value. Future work will focus on assessing development opportunities within the Kalpini Hub, maintaining the Company's exploration pipeline and identifying opportunities to enhance the broader critical minerals portfolio as market conditions evolve. This disciplined approach provides flexibility while ensuring capital allocation remains focused on advancing the Goongarrie Hub. With the Goongarrie Hub continuing to advance and the broader KNP providing future growth opportunities, Ardea remains well positioned to continue progressing its strategy during FY2027. The Company's immediate focus remains clear: completing the DFS, progressing approvals and continuing to strengthen the technical and commercial foundations of the Goongarrie Hub.3 1.See ARL ASX Announcement, Kalgoorlie Nickel Project Mineral Resource Estimate Update, 30 June 2023 2. See ARL ASX Announcement, Kalgoorlie Nickel Project, 9 September 2022 3.See ARL ASX Announcement, Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 3 June 2026 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 18
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 19 WA NICKEL SULPHIDES & CRITICAL MINERALS While Ardea’s ~3,200km² Eastern Goldfields landholding hosts the globally significant KNP nickel-cobalt-scandium laterite resource, it is also highly prospective for gold, nickel sulphides and other critical minerals. Ardea continues to undertake exploration reviews for drill targeting, and also research into the metallurgical characterisation and potential processing options of the known laterite and nickel sulphide mineralisation on the eastern projects - Aubils, Boyce Creek, Jump Up Dam, Lake Rebecca, Kalpini and the Bulong Nickel Projects - 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. Regionally there are two distinct Kalpini ultramafic units, each with 20-25km strike within Ardea tenure: ▪ The Kalpini Eastern Komatiite Belt hosts the Wellington East and Acra North nickel laterite deposits containing a combined 75Mt at 0.73% nickel and 0.04% cobalt, for 549.7kt nickel and 32.6kt cobalt. The ultramafics are typical of the Walter Williams Formation style consisting of a 200-600m thick sheet of olivine orthocumulate upper and lower contacts and core olivine meso- adcumulate (Dunitic Sheet Flows-Layered Lava Lakes), which weathers to nickel laterite.
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19 ▪ 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. Nickel Laterite Studies The Kalpini Nickel Project includes Nickel Laterite mineralisation associated with significant Rare Earth Element (REE) and scandium concentrations. 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 completed during FY2024 on this resampling work suggested 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-sampling1 , included: ▪ WERC0371: 12m at 1.70% nickel, 0.151% cobalt, 28g/t scandium from 20m with; ▪ 0.244% Total Rare Earth Oxide (TREO) includes neodymium, praseodymium, lanthanum, cerium ▪ 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 Historical scandium intercepts2 include: ▪ AKR0015, 20m at 102g/t scandium from 38m ▪ AKR0017, 6m at 463g/t scandium from 28m 1. See ARL ASX Announcement "High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements“,14 March 2022. 2. See ARl ASX Announcement "Kalpini drill results highlight cobalt-nickel mineralisation, and scandium discovery“, 22 June 2017. 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). These identified sulphides have been the focus of research into improved exploration targeting, in collaboration with MRIWA and CSIRO using newly developed techniques, in order to improve the efficiency of future exploration. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 20
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 21 Nickel Sulphide Exploration Ardea’s nickel sulphide exploration targets complement the development of the KNP nickel laterite. Nickel sulphide has value for a nickel laterite operation, in that it is a potential additional feedstock to any goethite-based autoclave feed for exothermic heating (optimise steam use), Eh reduction to control hexavalent chromium, adding nickel and sulphur units to the autoclave reaction vessel, lowering imported sulphide consumption purely for acid generation, 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 deposits that may otherwise have been historically 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 391.04m1 ) 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. 1.See ARL ASX Announcement "Emu Lake Nickel Sulphide Discovery confirmed with 2.72m at 5.42% Ni“,14 January 2022 Critical Minerals Research Goongarrie and Kalpini Hubs Ardea continues to progress research into the metallurgical characterisation and potential processing flowsheet options with a view towards efficiently extracting several critical minerals previously identified in both the Goongarrie and Kalpini Hub projects. Several research projects are being advanced in collaboration with both Australian and overseas laboratories and processing companies. Novel processing technologies and newly developed lixiviant efficiencies are some of the areas being investigated for future application to the Kalpini Hub deposits and potentially for Goongarrie Hub critical minerals as well. The plan for the Kalpini Hub is to postpone proposed nickel sulphide drill exploration activities until after KNPL priority DFS workstreams have been finalised. Low cost/high future impact work, such as geo- metallurgical interpretation and processing research, continued during the year.
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18 FY2027 PRIORITIES Following another year of strong progress, Ardea enters FY2027 with a clear focus on advancing the Goongarrie Hub towards its next stage of development.1 Maintaining momentum towards development. 01 DEFINITIVE FEASIBILITY STUDY Complete the Goongarrie Hub DFS. 02 APPROVALS & PERMITTING Continue progressing environmental approvals and permitting. 03 ENGINEERING & OPTIMISATION Advance engineering and project optimisation activities. 04 STAKEHOLDER ENGAGEMENT Strengthen engagement with governments, Traditional Owners and key stakeholders. 05 DEVELOPMENT READINESS Maintain disciplined capital management while advancing the Project towards development. 1. See ARL ASX Announcement, “Kalgoorlie Nickel Project – Goongarrie Hub DFS Update”, 3 June 2026. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 22
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 23 LOOKING FORWARD Ardea believes the Goongarrie Hub is well positioned to play an important role in supporting secure and diversified critical minerals supply chains. Supported by a world-class resource, strong strategic partnerships and continued project execution, the Company remains focused on creating long-term value through the responsible development of one of Australia's most significant undeveloped nickel-cobalt projects.1 1. See ARL ASX Announcement, “Kalgoorlie Nickel Project – Goongarrie Hub DFS Update”, 3 June 2026.
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18ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 24 Appendix 1 Mineral Resource Estimate Table 1 - KNP nickel and cobalt MRE at 30 June 2023, 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. Camp Prospect Resource Size Ni Co Contained Metal Estimation Details Category (Mt) (%) (%) Ni (kt) Co (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 1. The Goongarrie Hub is part of KNPL Incorporated Joint Venture. See 30 August 2024 ASX release. The Goongarrie Hub Resources are reported on a 100% basis, with Ardea holding a 65% interest. 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 Hub1 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 Hub2 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 Hub2 TOTAL Measured 4 0.94 0.048 36 2 2. The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. (Now part of Kalpini Hub) 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
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 25 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. 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 0.25% Ni and Loss on Ignition (LOI) above 25%. 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. 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 0.25% Ni and Loss on Ignition (LOI) above 25%. 3. 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. 4. Ore Reserves account for mining dilution and mining ore loss. 5. Ore Reserves are reported on a Dry Tonnage Basis. 6. Proven Ore Reserves are based on Measured Mineral Resources only and Probable Ore Reserves are based on Indicated Mineral Resources only. 7. The sum of individual amounts may not equal due to rounding. 8. This Ore Reserve estimate is for a subset of the KNP Goongarrie Hub deposits Mineral Resources, being Goongarrie South, Big Four / Scotia Dam, Goongarrie Hill, Highway and Siberia North. Those Mineral Resources are inclusive of the Ore Reserves shown in this table. 9. The Goongarrie Hub Ore Reserve is reported here on a 100% basis, with Ardea holding an 65% interest. 10. The Ore Reserve Summary was detailed in ARL ASX PFS Announcement, 5 July 2023. Ardea confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target continue to apply and have not materially changed. Noting that the PFS included the inclusion of a small amount of Inferred Mineral Resource (20Mt or 9%) spread over the Life of Mine (page 26 of Ardea 5 July 2023 PFS ASX announcement). Ore >= 0.5% Ni Ore > 0.25% Ni and LOI > 25% Total Ore Deposit 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 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 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 AND 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
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 26 ABN 30 614 289 342 Financial Statements for the year ended 30 June 2026
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 27 Directors’ Report The Directors present their report on Ardea Resources Limited and the entities it controlled at the end of and during the year ended 30 June 2026 (“financial period”). DIRECTORS & COMPANY SECRETARY The names and details of the Directors and Company Secretary 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 39 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 from 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. NED - Northam Resources Limited (resigned) Interests in shares: 1,386,428 Interest in rights: 900,000 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, transformations and integrations across exploration to full production environments. 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 a WA Director on the AICD Board. Ms Arnason is an independent Non-executive Director of ASX-listed VHM Limited and of privately held Pacific Energy Pty Ltd. Interests in Shares – 65,000 Interests in Rights – 900,000 Michael Rodriguez - BSc (Met), FAusIMM, MAICD Executive Director Appointed 19 December 2024 Michael Rodriguez is a qualified metallurgist with over 30 years’ experience in the design, construction, commissioning and operation of complex hydrometallurgical and pyrometallurgical operations in Australia, Europe, North and South America. This includes the successful optimisation of Murrin Murrin, Australia’s largest and longest-running nickel laterite high pressure acid leach (HPAL) operations producing refined nickel-cobalt. Mr Rodriguez is a Non-Executive Director at Golden Deeps Limited. Interests in Shares – 50,000 Interests in Rights – 700,000
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 28 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) and Non-Executive Director at Powerhaus Uranium (8 October 2025 to present). Interests in shares: 2,932,401 Interest in rights: 1,500,000 Robert (Sam) Middlemas – B.Com., PGradDipBus. CA Company Secretary 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: 873,701 Interest in rights: nil 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. REVIEW OF OPERATIONS AND ACTIVITIES The Consolidated Entity recorded an operating loss after income tax for the Financial Period ended 30 June 2026 of $5,607,635 (2025 - $3,259,277). Ardea is a battery minerals Company focused on the development of the Kalgoorlie Nickel Project (KNP). The KNP is comprised of a series of major undeveloped nickel-cobalt-scandium laterite deposits, which total 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.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 29 Western Australia Kalgoorlie Nickel Project (KNP) and Goongarrie Hub The key objective for Ardea is developing a nickel-cobalt mining operation at the Goongarrie Hub within the KNP. 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 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 beneficiation, prior to processing. All Goongarrie Hub resources are located on granted mining leases with Native Title Agreement in place and tenure 100%-controlled by Ardea. The KNP resource category breakdown is as follows: Resource Estimate for the KNP based on a 0.5 % nickel cut-off. Note that all values have been rounded appropriate to their deemed accuracy. Resource Category Quantity (Mt) Nickel (%) Cobalt (%) Contained nickel (kt) Contained cobalt (kt) Measured 22 0.94 0.079 17 Indicated 361 0.73 0.047 169 Inferred 471 0.70 0.043 200 KNP Total Resources 854 0.71 0.045 386 Key events for the year ended 30 June 2026 include: ▪ Continued Advancement of the Goongarrie Hub Definitive Feasibility Study (DFS) During the year, Ardea continued to advance the Definitive Feasibility Study (DFS) for the Kalgoorlie Nickel Project (KNP) – Goongarrie Hub. In June 2026, the Company advised that additional value engineering opportunities identified by the Joint Venture participants would extend completion of the DFS beyond the previously targeted June 2026 timeframe. The additional work is intended to optimise the project prior to finalisation of the study. ▪ Conditional Funding Support from Export Finance Australia and U.S. EXIM On 5 February 2026, Kalgoorlie Nickel Pty Ltd (KNPL) received conditional and non-binding support for potential project financing from Export Finance Australia (EFA) and the Export-Import Bank of the United States (U.S. EXIM). EFA issued a Letter of Support indicating potential financing of up to A$500 million, while U.S. EXIM issued a Letter of Interest indicating potential financing of up to US$350 million. The combined support of approximately A$1 billion equivalent reflects the strategic importance of the Goongarrie Hub Project in strengthening allied critical minerals supply chains. The support remains subject to due diligence, credit approvals and satisfaction of applicable conditions ▪ Strategic Equity Raising In March 2026, Ardea completed a A$5.0 million placement to sophisticated and institutional investors at $0.60 per share and subsequently completed a Share Purchase Plan raising a further A$340,000. The funds strengthened the Company's balance sheet and support ongoing corporate activities while the DFS progresses. ▪ Australian Government Investor Front Door Recognition During the year, the Goongarrie Hub Project was accepted into the Australian Government's Investor Front Door initiative, recognising the project's strategic importance and facilitating coordination with government agencies and potential Australian and international investors. ▪ Australia–Japan Critical Minerals Recognition The Goongarrie Hub Project was recognised in the Australia–Japan Joint Statement on Elevated Critical Minerals Cooperation and the Japan–United States Critical Minerals Project Cooperation framework, reinforcing the project's strategic significance within secure critical minerals supply chains. ▪ Lead Agency Status Awarded In June 2026, the Western Australian Government awarded Lead Agency Status to the Goongarrie Hub Project. The designation reflects the project's significance to Western Australia and provides enhanced whole-of-government coordination to support the project's development.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 30 ▪ Progress of the Incorporated Joint Venture Ardea continued to work closely with its joint venture partners, Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation (through GH Nickel Pty Ltd), to progress the DFS and optimise the development pathway for the Goongarrie Hub Project under the incorporated joint venture arrangements. CORPORATE AND FINANCIAL POSITION As at 30 June 2026 the Consolidated Entity had cash reserves of $ 18.3 million (2025 $14.6 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 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 Nil options issued during the year. 3,000,000 Options were on issue at 30 June 2026 (2025 – 3,000,000). Performance Rights As at 30 June 2026 there were 4,500,000 Performance Rights on issue. During the year the Company issued 1,500,000 Performance Rights to Directors and Employees under the Ardea Performance Rights Plan that was approved at the 2020 AGM. 112,000 Performance Rights lapsed without achieving the hurdle. A total of 401,200 Performance Rights vested during the reporting period. 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: nil. 2026 Cents 2025 Cents Basic loss per share (7.11) (1.63) Diluted loss per share (7.11) (1.63)
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 31 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’ 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) 11 11 Maree Arnason 11 11 Andrew Penkethman 11 11 Michael Rodriguez 11 11 In addition to the above, there were 2 Audit Committee Meetings and 1 Remuneration Committee Meeting held with the full board in attendance at each Meeting. REMUNERATION REPORT The Directors of Ardea Resources Limited present this Remuneration Report, which has been audited, for the financial year ended 30 June 2026. 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: • Andrew Penkethman – Managing Director and Chief Executive Officer
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 32 • Michael Rodriguez - Executive Director KMP as identified for the purposes of this report by the criteria set out above are as follows: • Ian Buchhorn - Technical Executive • Robert (Sam) Middlemas – Company Secretary • Rebecca Moylan – Chief Financial Officer 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. 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 Incentive 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’.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 33 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 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 2026 and link to overall remuneration. Short Term Incentive The STI links 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 2026 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 $387,283 STI cash bonuses (including super) issued – paid July 2026 (2025: $300,919). The STI award is an "at risk" cash incentive based on performance over the 12-month period to 30 June 2026, with payment scheduled for July 2026. The maximum STI payable was 125% of the base STI opportunity for exceptional performance. No superannuation is payable on STI unless legally required. STI Structure and Key Measures Role Maximum STI (% of Base Salary) Company KPI Weighting Individual KPI Weighting MD/CEO 40% 70% 30% Technical Executive 30% 50% 50% CFO 30% 50% 50% For FY2026, STI outcomes were assessed against common company-wide objectives covering safety; completion of the Goongarrie Hub DFS and associated Consortium arrangements; funding and value creation; exploration; marketing; business development; fundraising; and leadership. The resulting company-wide achievement outcome was applied to each participant’s STI opportunity, pro-rated where applicable. Following the Board's review: • The MD/CEO was awarded 75% of the individual component of STI. • The Technical Executive was awarded 64% of the individual component of STI. • The CFO was awarded 74% of the individual component of STI.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 34 KMP A cash-based LTI has been proposed, with awards subject to the achievement of specified performance conditions linked to significant KNP milestones, including achievement of FID or completion of a sell-down transaction. Any award remains subject to the terms of the arrangement and Board discretion. 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 ‘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 ‘T’ Performance Rights: The Company’s Shares reaching a 30 day VWAP which is equal to or greater than $0.55 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance Rights to 30 November 2026, prior to 30 November 2031. Class ‘U’ Performance Rights: The Company’s Shares reaching a 30 day VWAP which is equal to or greater than $0.616 per Share; and continuous service of the Performance Rights holder in their capacity as a Director or Executive of the Company, or in a role as otherwise agreed by the Board of the Company, from the date of issue of the Performance Rights to 30 November 2027, prior to 30 November 2031. Class ‘V’ Performance Rights: The Company’s Shares achieving a 30-day VWAP above $0.60 per Share and the holder remaining in continuous service until 30 November 2027. Performance rights expiring 28 November 2028. Class ‘W’ Performance Rights: The Company’s Shares achieving a 30-day VWAP above $0.672 per Share and the holder remaining in continuous service until 30 November 2028. Performance rights expiring 28 November 2028. KMP and Executive Director Employment Agreements Remuneration and other terms of employment for KMP are formalised in service agreements, with the exception of Sam Middlemas and Michael Rodriguez who are contractors to the Company. Details of these agreements are as follows:
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 35 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: Technical Executive 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. 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 151,030 84,960 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.
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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. 1. Base salary/board fees comprise base salary for executive KMP and base board fees for Non-Executive Directors. Committee fees represent additional fees paid for service on committees associated with the IJV arrangements with GH Nickel and KNPL, where applicable. 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. The amounts do not represent cash payments made to KMP during the financial year and may relate to performance rights granted in the current or prior financial years. 1. Base salary/board fees comprise base salary for executive KMP and base board fees for Non-Executive Directors. Committee fees represent additional fees paid for service on committees associated with the IJV arrangements with GH Nickel and KNPL, where applicable. 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. The amounts do not represent cash payments made to KMP during the financial year and may relate to performance rights granted in the current or prior financial years. 3. Commenced 10 July 2023 4. Appointed 19 December 2024 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 36 Base Bonus 2 Committee Superannuation Performance Total 2025/2026 Salary/Fees 1 Fees Contributions Rights 3 $ $ $ $ $ $ Directors M Longworth – Non- Executive Chair 119,030 - 32,000 - 137,730 288,760 A Penkethman – MD & CEO 459,021 154,056 - 55,020 229,550 897,647 Maree Arnason – Non- Executive Director 69,960 - 15,000 - 137,730 222,690 Michael Rodriguez - Executive Director 314,553 - - - 183,640 498,193 Executives S Middlemas - Company Secretary 74,460 - - - - 74,460 R Moylan – Chief Financial Officer 306,075 76,102 - 36,729 - 418,907 I Buchhorn – Technical Director 417,603 90,363 - 50,112 - 558,078 Base Bonus 2 Committee Superannuation Performance Total 2024/2025 Salary/Fees 1 Fees Contributions Rights 3 $ $ $ $ $ $ Directors M Longworth – Non-Executive Chair 111,324 - 32,000 - 104,741 248,065 A Penkethman – MD & CEO 594,540 86,175 - 68,372 174,569 923,657 I Buchhorn – Executive 397,717 78,220 - 45,738 139,655 661,330 Maree Arnason – Non-Executive Director 69,960 - 15,000 4,885 104,741 194,587 Michael Rodriguez4– Executive Director 155,813 - - - 155,813 Executives - S Middlemas - Company Secretary 75,039 - - - - 75,039 R Moylan – Chief Financial Officer 291,500 55,706 - 33,522 - 380,729
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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: 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 2026 are as follows: ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 37 Proportion of remuneration that is fixed Proportion of remuneration at risk as cash settled LTI Proportion of remuneration at risk as equity settled LTI 2026 Non-Executive Mat Longworth – Chair 52% - 48% Maree Arnason 24% - 76% Executive Director: Andrew Penkethman 69% - 31% Michael Rodriguez 63% - 37% KMP: Sam Middlemas 100% - 0% Rebecca Moylan 100% - 0% Ian Buchhorn 100% - 0% Proportion of remuneration that is fixed Proportion of remuneration at risk as cash settled STI Proportion of remuneration at risk as equity settled LTI 2025 Non-Executive Mat Longworth - Chair 58% - 42% Maree Arnason 46% - 54% Executive Director: Ian Buchhorn 100% - 0% Andrew Penkethman 79% - 21% Michael Rodriguez 100% - 0% KMP: Sam Middlemas 100% - 0% Rebecca Moylan 100% - 0% 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 300,000 7-Dec-23 30-Nov-26 Nil 46.9c N/A N/A 76.06% 4.16% 300,000 28-Nov-24 30-Nov-31 Nil 35c N/A N/A 71.00% 3.83% 300,000 21-Nov-25 30-Nov-32 Nil 46c N/A N/A 60.34% 3.89% Andrew Penkethman 500,000 7-Dec-23 30-Nov-26 Nil 46.9c N/A N/A 76.06% 4.16% 500,000 28-Nov-24 30-Nov-31 Nil 35c N/A N/A 71.00% 3.83% 500,000 21-Nov-25 30-Nov-32 Nil 46c N/A N/A 60.34% 3.89% Ian Buchhorn 400,000 7-Dec-23 30-Nov-26 Nil 46.9c N/A N/A 76.06% 4.16% 400,000 28-Nov-24 30-Nov-31 Nil 35c N/A N/A 71.00% 3.83% Michael Rodriguez 400,000 21-Nov-25 30-Nov-32 Nil 46c N/A N/A 60.34% 3.89% 300,000 28-Nov-24 30-Nov-31 Nil 35c N/A N/A 71.00% 3.83% Maree Arnason 300,000 7-Dec-23 30-Nov-26 Nil 46.9c N/A N/A 76.06% 4.16% 300,000 28-Nov-24 30-Nov-31 Nil 35c N/A N/A 71.00% 3.83% 300,000 21-Nov-25 30-Nov-32 Nil 46c N/A N/A 60.34% 3.89%
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The number of performance rights over ordinary shares granted to each KMP as part of remuneration is set out below: 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: 1. The $ value of rights vesting during the financial year relates to performance rights that vested in FY2025. As the Company was in a trading blackout at the time of vesting, ESS statements were issued in FY2025, and the valuation is based on those statements in accordance with AASB 2 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 38 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 2026 2025 2026 2025 Mat Longworth 300,000 300,000 - - Andrew Penkethman 500,000 500,000 - - Ian Buchhorn - 400,000 - - Maree Arnason 300,000 300,000 - - Michael Rodriguez 400,000 - - - $ 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 year1 Name 2026 2025 2026 2025 Mat Longworth 137,730 104,741 - 275,300 Andrew Penkethman 229,550 174,569 - 450,000 Maree Arnason 137,730 104,741 - - Sam Middlemas - - - 27,000 Rebecca Moylan - - - 83,250 Michael Rodriguez 183,640 - - - Ian Buchhorn - 139,655 - 225,000
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 39 Movement in shares held The number of ordinary shares in the Company held during the financial year ended 30 June 2026 by each Director and KMP of the Consolidated Entity, including their related parties, is set out below: Ordinary Shares 2026 Opening Purchases Received on performance rights achieving hurdles1 Disposals Closing Mr M Longworth 986,428 100,000 300,000 - 1,386,428 Mrs M Arnason 15,000 50,000 - 65,000 Mr M Rodriguez - 50,000 - - 50,000 Mr A Penkethman 2,882,401 50,000 - - 2,932,401 Mr I Buchhorn 14,410,585 - - - 14,410,585 Mr S Middlemas 873,701 - - - 873,701 2025 Opening Purchases Received on performance rights achieving hurdles Disposals Closing Mr M Longworth 986,428 - - - 986,428 Mrs M Arnason 15,000 - - 15,000 Mr M Rodriguez - - - - - Mr A Penkethman 2,882,401 - - - 2,882,401 Mr I Buchhorn 14,410,585 - - - 14,410,585 Mr S Middlemas 873,701 - - - 873,701 Ms R Moylan 185,000 - - -185,000 - Shares issued on the exercise of performance rights During the year, the Company issued nil shares as a result of vesting of performance rights. There was a FY25 performance rights correction in the ESS reporting during FY26. 1 Other Transactions with Directors The Company rents office and storage facilities in Kalgoorlie from an entity associated with Technical Executive, Ian Buchhorn on normal arms-length commercial terms. Total rent paid for the financial year was $84,189 (2025 - $176,215). This concludes the Remuneration Report which has been audited.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 40 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 25th day of September 2026 Signed in accordance with a resolution of the Directors Mathew Longworth Chairman
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 41 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. Emu Lake Nickel Sulphide Discovery confirmed with 2.72m at 5.42% Ni, 14 January 2022. 3. High-grade Nickel-Cobalt Confirmed at Kalpini with Scandium and Rare Earth Elements, 14 March 2022. 4. Kalgoorlie Nickel Project Recognition on All Tiers of Australian Government, 21 March 2022. 5. Nickel sulphide anomalism from aircore drilling at Kalpini Project, 2 May 2023. 6. Mineralised Neutraliser Global Patent Lodged, 15 June 2023. 7. Kalgoorlie Nickel Project Mineral Resource Estimate Exceeds 6 Million Tonnes Contained Nickel, 30 June 2023. 8. KNP - Goongarrie Hub Ore Reserve and Feasibility Study Defines +40 Year Operation with Strong Financial Metrics, 5 July 2023. 9. Nickel Sulphide Prospectivity Confirmed and Lithium-Caesium-Rubidium bearing intrusives in Highway EIS drillhole, 15 December 2023. 10. Kalgoorlie Nickel Project - Goongarrie Hub DFS Drilling Underway, 4 July 2024. 11. Kalgoorlie Nickel Project – Goongarrie Hub DFS Underway, 8 July 2024. 12. Annual Report 2024, 13 September 2024. 13. Big Four & Scotia Dam RC Infill Drilling Program Complete, 14 April 2025. 14. Highway RC Infill Drilling Program Complete, 25 June 2025. 15. Goongarrie Hub Project DFS Reaches Major Milestone, 4 July 2025 16. KNP’s Major Project Status renewed by Federal Government, 20 October 2025. 17. Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 8 December 2025. 18. ARL - EFA and US EXIM Letters of Funding Support, 5 February 2026. 19. Successful $5M Placement and launch of Share Purchase Plan, 3 March 2026. 20. KNP in Japan US Critical Minerals Joint Fact Sheet, 23 March 2026. 21. Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 31 March 2026. 22. Kalgoorlie Nickel Project Beneficiary of Federal Government Investor Front Door Program, 9 April 2026. 23. Kalgoorlie Nickel Project – Goongarrie Hub included in Australia-Japan Joint Statement on Elevated Critical Minerals Cooperation, 4 May 2026. 24. Kalgoorlie Nickel Project – Goongarrie Hub DFS Update, 3 June 2026. 25. ARL – KNP Goongarrie Hub Awarded Lead Agency, 4 June 2026. 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’.
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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 Mineral Resource Estimate 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 announcements. 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 is 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 2023. 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. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 42 KNP Hub Resource Category Size (Mt) Ni (%) Co (%) Cont. Ni (kt) Cont. Co (kt) 1. The Goongarrie Hub is part of KNPL Incorporated Joint Venture. See 30 August 2024 ASX release, KNP Goongarrie Hub Joint Venture Transaction Completion with Japanese Consortium. The Goongarrie Hub Resources are reported on a 100% basis, with Ardea holding an 82.5% interest. 2. The KNP Kalpini and Yerilla Hubs are known collectively as the Kalpini Hub and remain a 100% owned Ardea asset. Goongarrie Hub1 Measured 18 0.94 0.085 171 15 Indicated 277 0.70 0.046 1,923 127 Inferred 289 0.67 0.037 1,951 108 Sub Total Combined 584 0.69 0.043 4,044 250 Kalpini Hub including Yerilla Hub2 Measured 4 0.94 0.048 36 2 Indicated 84 0.83 0.050 699 42 Inferred 182 0.73 0.051 1,321 92 Sub Total Combined 270 0.76 0.050 2,056 136 Kalgoorlie Nickel Project 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 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 Mineral Resource Estimate in the above table is inclusive of 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:
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 43 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.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 44
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 45 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 June 2026 The below Consolidated Statement of Comprehensive Income should be read in conjunction with the Consolidated Entity’s accompanying notes. NOTES 2026 2025 $ $ Other income 2 768,555 3,995,158 Employee expenses 3,176,195 3,863,058 Insurance expenses 34,547 37,967 Secretarial fees 182,390 75,039 Corporate expenses 189,407 335,902 Strategic partnership expenses 621,591 2,219,882 Computer support services 104,552 82,392 Depreciation 3 57,528 46,226 Amortisation – right-of-use assets 8(c) 369,747 375,454 Share based payments 18 644,382 432,827 Write-off of Exploration Expenditure 379,452 465,775 Tenement Expenditure - Non Capitalised 451 - Revaluation of Investments 11 35,013 (288,661) Employee costs recharged to capitalised exploration (1,097,620) (996,276) Other expenses 678,556 604,850 Loss before income tax (5,607,636) (3,259,277) Income tax 5 (19,002,316) - Net loss for the year 17 (24,609,952) (3,259,277) Other comprehensive income - - Total comprehensive income (24,609,952) (3,259,277) Net loss for the year attributable to: Owners of the parent (15,175,133) (3,259,277) Non-controlling interest (9,434,819) - (24,609,952) (3,259,277) Total comprehensive income attributable to: Owners of the parent (15,175,133) (3,259,277) Non-controlling interest (9,434,819) - (24,609,952) (3,259,277) Basic earnings/(loss) per share (cents per share) 21 (7.11) cents (1.63) cents Diluted earnings/(loss) per share (cents per share) 21 (7.11) cents (1.63) cents
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 46 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 The below Consolidated Statement of Financial Position should be read in conjunction with the Consolidated Entity’s accompanying notes. NOTES 2026 2025 $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 9,462,523 14,683,538 Other receivables 7 11,784,005 4,538,433 Other assets 9 9,483,423 227,542 TOTAL CURRENT ASSETS 30,729,951 19,449,513 NON-CURRENT ASSETS Property, plant and equipment 10 136,462 171,775 Investments 11 211,040 360,945 Right-of-use Assets 8(a) 85,214 237,651 Capitalised mineral exploration expenditure 12 140,825,925 105,148,924 TOTAL NON-CURRENT ASSETS 141,258,641 105,919,295 TOTAL ASSETS 171,988,592 125,368,808 LIABILITIES CURRENT LIABILITIES Trade and other payables 13 1,894,720 7,174,526 Right-of-use Liabilities 8(a) 89,013 701,553 Provisions 14 2,132,285 245,168 Borrowings 14 1,570,286 49,476,223 TOTAL CURRENT LIABILITIES 5,686,304 57,597,470 NON-CURRENT LIABILITIES Provisions 14 174,982 141,793 Deferred Tax Liability 19,002,316 TOTAL NON-CURRENT LIABILITIES 19,177,298 141,793 TOTAL LIABILITIES 24,863,602 57,739,263 NET ASSETS 147,124,990 67,629,545 EQUITY Contributed equity 16(a) 84,337,975 79,378,172 Share Based Payment Reserve 18 8,713,204 8,068,822 Accumulated losses 17 (34,992,582) (19,817,449) Equity attributable to equity holders of the parent 58,058,597 67,629,545 Non-Controlling Interest 89,066,393 - TOTAL EQUITY 147,124,990 67,629,545
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 47 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2026 The below Consolidated statement of changes in equity should be read in conjunction with the Consolidated Entity’s accompanying notes. Attributable to the equity holders of the parent Notes Contributed Equity Share Based Accumulated Losses Non- Controlling Interest Total equity Payment Reserve Total $ $ $ $ $ $ BALANCE AT 30 JUNE 2024 75,017,752 7,635,994 (16,558,172) 66,095,574 - 66,095,574 Total Comprehensive Income - - (3,259,277) (3,259,277) - (3,259,277) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS 0 Shares issued during the year 16(b) 4,613,900 - - 4,613,900 - 4,613,900 Less share issue costs 16(b) (253,480) - - (253,480) - (253,480) Performance Rights issued to staff - 432,828 - 432,828 - 432,828 BALANCE AT 30 JUNE 2025 79,378,172 8,068,822 (19,817,449) 67,629,545 - 67,629,545 BALANCE AT 30 JUNE 2025 79,378,172 8,068,822 (19,817,449) 67,629,545 - 67,629,545 Total Comprehensive Income - - (15,175,133) (15,175,133) (9,434,819) (24,609,952) TRANSACTIONS WITH OWNERS IN THEIR CAPACITY AS OWNERS Transactions with Non- Controlling Interest - - - - 98,501,212 98,501,212 Shares issued during the year 16(b) 5,340,000 - 5,340,000 - 5,340,000 Less share issue costs 16(b) (380,197) - - (380,197) - (380,197) Performance Rights issued to staff - 644,382 - 644,382 - 644,382 BALANCE AT 30 JUNE 2026 84,337,975 8,713,204 (34,992,582) 58,058,597 89,066,393 147,124,990
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 48 CONSOLIDATED STATEMENT OF CASHFLOWS For the year ended 30 June 2026 The below Consolidated Statement of Cash Flows should be read in conjunction with the Consolidated Entity’s accompanying notes NOTES 2026 2025 $ $ Cash flows from operating activities Interest received 318,465 701,663 Other Income 348,465 - Payments to suppliers and employees (inclusive of goods and services tax) (5,422,512) (6,821,148) Net cash used in operating activities 23(a) (4,755,582) (6,119,485) Cash flows from investing activities Payments for exploration and evaluation (39,204,612) (48,423,245) Research and development refund received 3,772,728 1,232,057 Proceeds (Payments) for plant and equipment (net) (15,215) (82,575) Proceeds from sale of investments - 298,750 Net cash used in investing activities (35,447,099) (46,975,013) Cash flows from financing activities Proceeds from the issue of shares 5,340,000 4,613,900 Equity contribution Joint Venture partner 38,951,645 48,571,997 Costs of shares issued (411,562) (256,801) Net cash provided by financing activities 43,880,083 52,929,096 Net increase (decrease) in cash held 3,677,402 (165,402) Cash at the beginning of the financial period 14,683,538 14,848,940 Cash at the end of the financial period 18,360,940 14,683,538
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 49 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 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 reserves and resources that are based on geological surveys, drilling results, and other technical data where judgement is needed into 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 2026. 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. (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:
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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. (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 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 50
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 51 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 GH Nickel Pty Ltd in respect of the funding of the early DFS. (l) Equity Contributions Equity contributions are recognised as the fair value of the consideration received by the Company. (m) Investments in joint ventures The Consolidated Entity has entered into a joint venture arrangement in Kalgoorlie Nickel Pty Ltd (KNPL) with a Japanese Consortium (Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation). KNPL’s principal place of business is Australia, and its principal activity is the development of the Goongarrie Hub nickel project. Joint venture Country of incorporation Principal activity Ownership interest (%) 2026 Ownership interest (%) 2025 Kalgoorlie Nickel Pty Ltd (KNPL) Australia Goongarrie Nickel Project 65% Ardea 100% Ardea The Japanese Consortium satisfied its earn-in obligations and acquired a 35% equity interest in KNPL. The Consolidated Entity retained control of KNPL, which will continue to be fully consolidated. The Consortium’s interest will be recognised as a non- controlling interest in equity from the earn in date. Funding commitments and dilution risk The financial statements have been prepared on a going concern basis. The Consolidated Entity has sufficient cash reserves to meet its corporate operating costs for at least 12 months from the date of this report. The A$98.5 million funded work program for the Goongarrie Hub is nearing completion, representing a natural decision point for the Project. Ardea and the Japanese Consortium are considering the potential next steps, including opportunities for optimisation and value enhancement, with a market update on the path forward expected before the end of October 2026. The timing, scope and funding arrangements for subsequent Project activities have not yet been agreed. The Consolidated Entity has flexibility to manage its future expenditure, including reducing Project activities and expenditure following completion of the current work program. Under the Cooperation Agreement, Ardea also has flexibility in relation to its participation in future KNPL funding requirements, including through the agreed dilution mechanism.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 52 In assessing the appropriateness of the going concern basis, the Directors have considered the Consolidated Entity's current cash position and forecast expenditure, completion of the existing funded work program, the ability to manage the level and timing of future Project expenditure, and the funding arrangements and other mechanisms available under the Cooperation Agreement. Based on these factors, the Directors consider that the Consolidated Entity will have sufficient resources to meet its obligations as and when they fall due and that it is appropriate to prepare the financial statements on a going concern basis. (n) New or amended Accounting Standards and interpretations adopted The Consolidated Entity has adopted all of the new and amended accounting standards issued by the AASB that are mandatory effective for the financial year ended 30 June 2026. The adoption of the following standards is relevant to this financial report: AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability The adoption of the amendment did not have a material impact on the financial statements. The following new accounting standards and amendments have been issued by the AASB but are not yet mandatory for the financial year ended 30 June 2026. The Company has elected not to early adopt these standards, and their initial application is not expected to have a material impact on the financial statements: AASB 2025-2 Amendments to Australian Accounting Standards – Classifications and Measurements of Financial Instruments AASB 2025-3 Amendments to Australian Accounting Standards – Contracts referencing nature-dependent electricity. 2. OTHER INCOME 2026 $ 2025 $ Interest 322,669 317,368 Other Income 445,886 3,677,790 768,555 3,995,158 3. EXPENSES Contributions to superannuation 257,425 274,864 Depreciation - Plant and equipment 57,528 45,226 Provision for employee entitlements 21,694 141,803 4. AUDITORS’ REMUNERATION Audit – Dry Kirkness (Audit) Pty Ltd Audit and review of the financial statements 52,274 52,744 5. INCOME TAX The major components of income tax expense for the year ended 30 June 2026 and 2025 are: 2026 $ 2025 $ Current income tax: Current income tax charge/(credit) - - Deferred tax: Relating to origination and reversal of temporary differences 19,002,316 - 19,002,316 - No current income tax is payable by the Consolidated Entity for the year ended 30 June 2026 due to the availability of tax losses. Deferred income tax is recognised separately in accordance with AASB 112 Income Taxes, as set out below.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 53 5. INCOME TAX (CONT’D) (a) Numerical reconciliation of income tax expense to prima facie 2026 2025 Loss from continuing operations (5,607,636) (3,259,277) Tax at the tax rate of 30% (1,682,291) (977,783) Tax effect of amounts which are deductible in calculating taxable income: Temporary differences not recognised - (138,199) Temporary differences not previously brought to accounts 6,359,804 Non Deductible expenses/gains 14,425,326 - Capital raising costs (22,812) - Non assessable income (77,711) - Deferred tax asset not brought to account - 1,115,982 Income tax expense 19,002,316 - During the year, Kalgoorlie Nickel Pty Ltd (KNPL) ceased to be a wholly-owned member of the Ardea Resources Limited tax-consolidated group following the issue of shares to an external shareholder. Ardea Resources Limited continues to control KNPL for financial reporting purposes and accordingly KNPL continues to be consolidated in the Group's financial statements. Following KNPL ceasing to be wholly owned, KNPL has separate income tax reporting obligations and recognises deferred tax in respect of temporary differences associated with its assets and liabilities. Accordingly, the Group's consolidated income tax expense and deferred tax balances include the deferred tax position of both the Ardea tax-consolidated group and KNPL. (b) Deferred Tax Deferred Tax Asset Comprises: Unused tax losses 24,159,981 - Provisions/Accruals/Other 1,921,727 - 26,081,708 - Deferred Tax Liability Comprises: Capitalised exploration and evaluation assets 45,005,292 - Receivables/Plant and equipment/Right of Use Assets/Other 78,732 - 45,084,024 - Net Deferred Tax Liability 19,002,316 - Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. At 30 June 2026, the Group recognised a net deferred tax liability of $19.002 million, comprising a net deferred tax assets of $7.651 million associated with the Ardea tax-consolidated group and a net deferred tax liability of $26.653 million associated with KNPL (2025:nil). The deferred tax liabilities principally arise from temporary differences associated with capitalised exploration and evaluation expenditure that has previously been deducted for income tax purposes. These liabilities are partially offset by deferred tax assets associated with carried-forward tax losses and other deductible temporary differences to the extent that the recognition requirements of AASB 112 are satisfied. Deferred tax balances are non-cash accounting balances and do not represent income tax currently payable by the Group.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 54 5. INCOME TAX (CONT’D) (c) Nature of the sale transaction of KNPL During the year the Group disposed of a 35% interest in its subsidiary Kalgoorlie Nickel Pty Ltd (KNPL). As the Group retained control, the transaction has been accounted for as an equity transaction in accordance with AASB 10 Consolidated Financial Statements. The difference between the consideration received and the carrying amount of the non-controlling interest acquired/disposed has been recognised directly in equity. The disposal constituted a taxable event for the parent entity, giving rise to a current tax liability of $46,768,903 on the assessable gain. The tax effect of a transaction is recognised consistently with the transaction itself, has also been recognised directly in equity and is excluded from income tax expense in profit or loss. (d) Tax losses The Company and its 100% owned controlled entities are a tax consolidated group. The head entity of the tax consolidated group is Ardea Resources Ltd. The tax consolidated group has potential revenue tax losses of $47,769,776 (2025: $85,619,005) 7. The non- wholly owned subsidiaries have separate income tax reporting obligations to the Company and its tax consolidated group. (e) Franking credits balance The Consolidated Entity has no franking credits available as at 30 June 2026 6. OTHER RECEIVABLES 2026 2025 $ $ Current GST receivable 188,754 784,538 R&D Receivable - 3,513,690 Investor receivable* 11,376,877 - Interest Receivable and other 117,479 132,310 Bonds and Guarantees (Westpac Bank Guarantees) ** 100,895 107,895 11,784,005 4,538,433 *The investor receivable represents the DFS fund receivable from GH Nickel and will be settled in accordance with the agreed funding arrangements. ** Comprising of a bank guarantee of $85,895 for office lease at Level 2, 7 Ventnor Avenue, West Perth (expiry date: 28 November 2027), and a credit card term deposit of $15,000 held as security (expiry date: 11 October 2027).
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 55 7. LEASES 2026 $ 2025 $ (a) Right-of-use assets & liabilities Current Right-of-Use Assets - - Right-of-Use Liabilities 89,013 245,168 Non-Current Right-of-Use Assets 85,214 237,651 Right-of-Use Liabilities - - (b) Right-of-Use liability maturity analysis Maturity analysis Within one year 89,013 137,009 Later than one year and not later than three years - 7,446 Less unearned interest 1,292 5,519 Total Lease Liability 90,305 149,974 Current 89,013 245,168 Non-Current - - Total Right-of-Use liability 89,013 245,168 (c) Amounts recognized in profit and loss Depreciation expense on right-of-use assets 369,747 375,454 Interest expense on right-of-use liabilities 11,562 16,866 The Company leases its corporate office at Suite 2, 45 Ord St West Perth with the lease expiring on 19 April 2027. Additionally, the Company leases an office at Level 2, 7 Ventnor Avenue, West Perth. The lease expires on 28 November 2027. These leases are recognised in accordance with AASB 16: Leases. The Company’s site office lease at 19 and 21 Close Way, West Kalgoorlie expired on 31 March 2023. The Company continues to occupy the premises and make quarterly rental payments while renewal discussions remain ongoing. Management has assessed that no enforceable renewal agreement existed as of 30 June 2026 and therefore no right-of-use asset or lease liability has been recognised in relation to the continuation of this arrangement. 8. OTHER ASSETS Current Term Deposits 8,898,417 - Prepayments 585,006 227,542 9,483,423 227,542
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 56 9. PROPERTY , PLANT AND EQUIPMENT 2026 2025 $ $ Plant and office equipment At Cost 603,379 581,165 Accumulated Depreciation (466,917) (409,389) 136,462 171,775 Motor Vehicles At Cost 104,071 210,297 Accumulated Depreciation (104,071) (210,297) - - Improvements to property and buildings At cost 10,945 10,945 Accumulated depreciation (10,945) (10,945) - - Reconciliation Plant and office equipment Carrying amount at beginning of the year 171,775 99,581 Additions 22,215 118,420 Disposal - - Depreciation (57,528) (46,226) Carrying amount at the end of the year 136,462 171,775 Total 136,462 171,775
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 57 10. INVESTMENT No. of shares 2026 2025 Investment in Godolphin – Shares 1 $ $ Opening balance 554,551 4,991 11,645 Add: Shares purchases - - - Less: Shares sold - - - Less: Fair Value adjustment - 4,991 (6,654) Closing balance 554,551 9,982 4,991 Investment in Metalicity (Arika Resources)– Shares 1 Opening balance 1,184,383 41,453 23,688 Add: Shares purchases - - - Less: Shares sold - - - Less: Fair Value adjustment - (20,134) 17,765 Closing balance 1,184,383 21,319 41,453 Investment in KalGold – Shares 1 Opening balance 8,500,000 314,500 261,000 Add: Shares purchases - - - Less: Shares sold (2,199,932) (224,684) (46,166) Less: Fair Value adjustment - 55,086 99,666 Closing balance 6,300,068 144,902 314,500 Investment in KalGold – Options 2 Opening balance 15,000,000 - - Add: Options issued in CY - - - Less: Options terminated - - - Less: Impairment - - - Closing balance 15,000,000 - - Investment in Larvotto Opening balance - - 120,000 Add: Shares purchases - - - Less: Shares sold - - (297,884) Less: Fair Value adjustment - - 177,884 Closing balance - - - Investment in Ballard Mining Opening balance 54,434 38,103 - Add: Shares purchases - - - Less: Shares sold - - - Less: Fair Value adjustment - (3,266) - Closing balance - 34,837 -
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 58 10. INVESTMENT (CONT’D) Shares in Listed Entities are valued at the closing share price on ASX at 30 June 2026. 2026 2025 Non-Current Unlisted Options in Listed Company - - Investment in Listed Entities 211,040 360,944 211,040 360,944 Particulars in relation to the controlled entities Ardea Resources Limited is the parent entity. Name of Controlled Entity Class of Shares Equity Holding 2026 2025 Atriplex Pty Ltd ACN 113 719 207 Ordinary 100% 100% Ardea Exploration Pty Ltd ACN 137 889 279 Ordinary 100% 100% Kalgoorlie Nickel Pty Ltd ACN 137 889 199 Ordinary 65% 100% Wellington Nickel Pty Ltd ACN 659 195 294 Ordinary 100% 100% 11. CAPITALISED MINERAL EXPLORATION EXPENDITURE 2026 2025 $ $ Non-Current - in the exploration phase Cost brought forward 105,148,924 52,967,804 Add: Expenditure incurred during the year (at cost) 34,616,946 52,646,895 Add: Provision for rehabilitation 1,439,507 - Exploration expenditure written off (379,452) (465,775) 140,825,925 105,148,924 On 25 November 2025, the Consolidated Entity executed a sale agreement to dispose of mineral rights over tenements P24/5593, P24/5594, P24/5595 & P24/5596. The transaction was finalised prior to the reporting date for a total cash consideration of $20,000. Immediately prior to the sale, the capitalised exploration and evaluation expenditure associated with these tenement rights had a carrying amount of $92,776.49. The resulting net loss of $72,776.49 has been recognised in full within the Statement of Profit and Loss and Other Comprehensive Income under “Write-off of exploration expenditure”.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 59 12. TRADE AND OTHER PAYABLES 2026 2025 $ $ TRADE AND OTHER PAYABLES Current (Unsecured) Trade creditors 659,331 5,706,026 Other creditors and accruals 1,235,389 1,468,500 1,894,720 7,174,526 Included within trade and other creditors and accruals is an amount of $1,041,744 (2025 - $6,597,394) relating to exploration expenditure. 13. PROVISIONS a) Employee provisions Current Employee entitlements 692,778 616,745 Non-Current Employee entitlements 174,982 84,798 867,760 701,544 b) Rehabilitation Provisions Opening Balance Initial recognition in February 2026 569,398 - Provision utilised during the year (8,215) - Revision of provision at 30 June 2026 878,324 Closing Balance 1,439,507 - The Company recognises a provision for rehabilitation obligations arising from past exploration activities. The opening provision of $569,398 was based on benchmark rehabilitation rates applied to approximately 205 hectares of disturbed land. At 30 June 2026, management reassessed the extent and nature of the rehabilitation required and determined that approximately 214 hectares had been disturbed. The provision was increased by $878,324, based on activity-based rehabilitation rates and third-party cost estimates for rehabilitation works on specific landholdings. Rehabilitation expenditure incurred during the year was charged against the provision.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 60 14. BORROWINGS Loan from investor - GH Nickel Pty Ltd 1,570,286 49,476,233 On 4 July 2025, GH Nickel Pty Ltd acquired a 17.5% interest in KNPL Pty Ltd, a subsidiary of Ardea Resources Limited, for cash consideration of $48.3 million, and the liability recognised at 30 June 2025 was reclassified to equity upon the issue of shares. The transaction was accounted for as an equity transaction under AASB 10 Consolidated Financial Statements, with no amounts recognised in profit or loss and no goodwill recognised. The balance of $1,570,286 at 30 June 2026 represents the GST component of cash calls received in advance from GH Nickel Pty Ltd to fund GST payments associated with KNPL’s project expenditure. 15. CONTRIBUTED EQUITY 2026 2025 (a) Ordinary Shares $ $ 219,714,106 (2025 –210,412,915) fully paid ordinary shares 84,337,975 79,378,172 (b) Share Movements during the Year 2026 2025 Number of shares $ Number of shares $ Beginning of the financial period 210,412,915 79,378,172 199,682,915 75,017,752 New shares issues during the period Placement at 60c/share 8,899,991 5,340,000 10,730,000 4,613,900 Conversion of performance rights 401,200 - - - Less costs of issue - (380,197) - (253,480) 219,714,106 84,337,975 210,412,915 79,378,172 (c) Unlisted Options There were 3,000,000 options on issue during the year ended 30 June 2026 (2025– 3,000,000) (d) Share Based Payments During the current financial year there were a number of Share Based payments made to Directors and Employees with 1,500,000 Performance Rights, (2025 – 1,500,000 ) issued during the period and there were 112,200 Performance Rights (2024 – 1,303,000) that lapsed/expired. There were 401,200 shares issued during the period from the conversion of Performance Rights (2025 – nil). (e) Terms and Conditions of Contributed Equity Ordinary Shares The Company is a public Company limited by shares. The Company was incorporated in Perth, Western Australia. The Company’s shares are limited whereby the liability of its members is limited to the amount (if any) unpaid on the shares respectively held by them.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 61 15. CONTRIBUTED EQUITY (CONT’D) (e) Terms and Conditions of Contributed Equity (cont’d) Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of shares held. Ordinary shares which have no par value, entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. The Company’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they may continue to provide returns for shareholders and benefits for other stakeholders. (f) Capital Risk Management Due to the nature of the Consolidated Entity’s activities, being mineral development and exploration, the Consolidated Entity does not have ready access to credit facilities, with the primary source of funding being equity raisings. Therefore, the focus of the Consolidated Entity’s capital risk management is the current working capital position against the requirements to meet exploration programmes and corporate overheads. The Consolidated Entity’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating appropriate capital raisings as required. The working capital position of the Consolidated Entity at 30 June 2026 are as follows: 2026 2025 $ $ Cash and cash equivalents 18,360,940 14,683,538 Trade and other receivables 11,784,005 4,538,433 Other assets 585,006 227,542 Trade and other payables (1,894,720) (7,174,525) Investor loan (1,570,285) (49,476,223) Provisions (2,132,285) (245,168) Lease liability (89,013) (701,553) Working capital position 26,043,648 38,147,956 16. ACCUMULATED LOSSES 2026 2025 Accumulated losses at the beginning of the period 19,817,449 16,558,172 Net loss attributable to members 15,175,133 3,259,277 Accumulated losses at the end of the year 34,992,582 19,817,449 17. RESERVE 2026 2025 Share Based Payment Reserve Balance at the beginning of the period 8,068,822 7,635,994 Add: Amounts expensed in current period 644,382 432,828 Balance at the end of the period 8,713,204 8,068,822
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 62 17. RESERVE (CONT’D) Share Option reserve The share option reserve comprises any equity settled share based payment transactions. 18. RELATED PARTIES Remuneration of key management personnel: Full remuneration and other transaction details for Directors and Executives are included in the Directors Report where the information has been audited as indicated. Related Party transactions: Sumitomo Metal Mining Co. Ltd – investor and party to KNP – Goongarrie Hub joint venture Mitsubishi Corporation Ltd - investor and party to KNP – Goongarrie Hub joint venture GH Nickel Pty Ltd – holding company for JC investors and party to KNP - Goongarrie Hub joint venture Balances and transactions with related parties are as follows: 2026 2025 $ $ Loan from investor – GH Nickel Pty Ltd 1,570,286 49,476,223 On 4 July 2025, GH Nickel Pty Ltd acquired a 17.5% interest in KNPL Pty Ltd, a subsidiary of Ardea Resources Limited, for cash consideration of $48.3 million, and the liability recognised at 30 June 2025 was reclassified to equity upon the issue of shares. The transaction was accounted for as an equity transaction under AASB 10 Consolidated Financial Statements, with no amounts recognised in profit or loss and no goodwill recognised. The balance of $1,570,286 at 30 June 2026 represents the GST component of cash calls received in advance from GH Nickel Pty Ltd to fund GST payments associated with KNPL’s project expenditure. 19. EXPENDITURE COMMITMENTS (a) Exploration The Company has certain obligations to perform minimum exploration work on mineral leases held. These obligations may vary over time, depending on the Company’s exploration programmes and priorities. As of the balance date, total exploration expenditure commitments on tenements held by the Company is $87.4M. These obligations are also subject to variations by farm- out arrangements or sale of the relevant tenements. (b) Capital Commitments The Consolidated Entity has committed to capital expenditure up to the agreed budget of $98.5 million, fully funded by GH Nickel as per the Cooperation Agreement and Shareholder Agreement. As of 30 June 2026, $12 million is still to be expended to complete the DFS. 20. SEGMENT INFORMATION The Consolidated Entity operates predominantly in one segment involved in the mineral exploration and development industry in Australia
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 63 21. EARNING/ (LOSS) PER SHARE 2026 2025 Reconciliation of earnings to profit or loss: $ $ Total comprehensive income for the year Net loss for the year (24,609,952) (3,249,277) Less: Non-controlling interest 9,434,819 - Earnings/ (loss) used in calculating basic and diluted earnings/ (loss) per share (15,175,133) (3,259,277) Number of Shares 2026 2025 Weighted average number of ordinary shares used in calculating basic earnings/ (loss) per share: 213,316,940 201,681,929 Effect of dilutive securities Share options* Adjusted weighted average number of ordinary shares used in calculating diluted earnings/ (loss) per share 213,316,940 201,681,929 Basic and Diluted loss per share (cents per share) 7.11 cents 1.63 cents *Non-dilutive securities As at balance date 4,500,000 performance rights which represent potential ordinary shares were not dilutive as they would decrease the loss per share. 22. NOTES TO THE STATEMENT OF CASH FLOWS (a) Reconciliation of the loss from ordinary activities after income tax to the net cash flows used in operating activities 2026 2025 $ $ Loss from ordinary activities after income tax (5,607,635) (3,259,277) Non-cash items: Depreciation 57,528 46,226 Amortisation – ROU 369,747 375,454 Exploration Writedowns 379,452 465,775 Revaluation of Investments 35,013 (289,661) Unrealised FX - - Share based payments 644,382 432,828 Change in operating assets and liabilities: Decrease (Increase) in prepayments (357,464) (45,914) Decrease (Increase) in receivables (617,613) (3,761,226) (Increase)/Decrease in interest receivable (25,081) 233,331 Increase in trade creditors and accruals 337,400 28,383 Increase in employee entitlements 28,690 (345,334) Net cash outflows used in operating activities (4,755,582) (6,119,485) (b) Non Cash Financing and Investing Activities Full details of the Non Cash impact of the Performance Rights has been disclosed in the Remuneration Report
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 64 23. 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 4.24% (2025: 4.2%). (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. 24. EMPLOYEE ENTITLEMENTS AND SUPERANNUATION COMMITMENTS Employee Entitlements The aggregate employee entitlement liability is disclosed in Note 13. 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. 25. CONTINGENT LIABILITIES There were no material contingent liabilities not provided for in the financial statements of the Company as at 30 June 2026 other than: Native Title and Aboriginal Heritage Native title claims have been made with respect to areas which include tenements in which the Consolidated Entity has an interest. The Consolidated Entity is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not and to what extent the claims may significantly affect the Consolidated Entity or its projects. Agreement is being negotiated with various native title claimants in relation to Aboriginal Heritage issues regarding certain areas in which the Consolidated Entity has an interest. 26. 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: nil.
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 65 27. PARENT COMPANY 2026 2025 $ $ Assets Total current assets 16,353,187 16,881,591 Total non-current assets 14,362,875 12,786,065 Total Assets 30,716,062 29,667,656 Liabilities Total current liabilities 1,558,742 1,201,213 Total non-current liabilities - 141,792 Total Liabilities 1,558,742 1,343,005 Net Assets 29,157,320 28,324,650 Equity Issued capital 43,845,438 38,982,594 Reserves 8,713,204 8,068,821 Accumulated losses (23,401,322) (18,726,764) Total Equity 29,157,320 28,324,651 Total comprehensive loss for the year (4,674,558) (2,339,914) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries. The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2026 and 30 June 2025 Contingent Liabilities The parent company had no contingent liabilities as at 30 June 2026 and 30 June 2025 Capital Commitments The parent company had no capital commitments at 30 June 2026 and 30 June 2025
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 66 DIRECTORS’ DECLARATION In the opinion of the Directors of Ardea Resources Limited (“the Consolidated Entity”): a) the financial statements and notes, set out on pages 45 to 65, 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 2026 and of its performance, as represented by the results of its operations, for the financial year to 30 June 2026. iii. the attached Consolidated Entity Disclosure Statement gives a true and correct view of the Consolidated Entities as at 30 June 2026. 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 2026. This declaration is made in accordance with a resolution of the Directors. Signed at Perth this 25th day of September 2026. Mathew Longworth Chairman
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ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 67 Consolidated Entity Disclosure Statement For the year ended 30 June 2026 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 65% 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).
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Dry Kirkness (Audit) Pty Ltd Ground Floor, 50 Colin St West Perth WA 6005 / PO Box 216, West Perth, 6872 admin@drykirknessaudit.com.au drykirknessaudit/audit-assurance/ / P: (08) 6326 2300 ABN: 61 112 942 373 RCA No: 289109 / Liability limited by a scheme approved under the Professional Standards Legislation 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 20 26 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 20 26 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 r eport 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.
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Key Audit Matter How our audit addressed the key audit matter Capitalised mineral exploration expenditure (refer note 11) 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 $ 140,825,925 as at 30 June 2026. 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. Net Deferred Tax Liability (refer note 5) During the year the subsidiary Kalgoorlie Nickel Pty Ltd exited the Ardea tax consolidated group. This has resulted in a net deferred tax liability of $19,002,316 recognized for 2026. Management makes use of an independent external expert to calculate the deferred tax balances. Our audit procedures included: • examining the notification from the Australian Taxation Office confirming subsidiary Kalgoorlie Nickel Pty Ltd’s exit from the tax consolidated group; • reliance on the independent external expert; • reviewing the accuracy of the calculation of deferred tax balances; • assessing the treatment of deferred tax in accordance with the accounting standard AASB 112: Income Taxes; and • assessing the adequacy of the disclosures made by the Group in the financial report. Equity and Capital Structure Refer note 15 During the year, the Company issued ordinary shares and performance rights. Our audit procedures included: • an examination of the issue of ordinary shares during the year as disclosed in note 16. • an assessment whether share -based payments should have been recognised in relation to performance rights • a reconciliation of the third-party share registry to information announced to the public
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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 2026, 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. 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.
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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 significance 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.
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Report on the remuneration report Opinion We have audited the remuneration r eport included on pages 31 to 39 of the directors’ report for the year ended 30 June 2026. In our opinion, the remuneration r eport of Ardea Resources Limited, for the year ended 30 June 20 26, 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 r eport, based on our audit conducted in accordance with Australian Auditing Standards. DRY KIRKNESS (AUDIT) PTY LTD ROBERT HALL CA Principal Registered Company Auditor Perth Date: 25 September 2026
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The following additional information was applicable at 18 September 2026. 1. Distribution of Fully Paid Ordinary Shareholders is as follows: a) There were 662 shareholders who held less than a marketable parcel. b) The twenty largest shareholders hold 53.17% of the issued fully paid capital of the Company. 2. Substantial Shareholders of Fully Paid Ordinary Shareholders are as follows: 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 ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 73 Shareholder Information Holding Ranges Holders Total Units % Issued Share Capital above 0 up to and including 1,000 662 374,234 0.17% above 1,000 up to and including 5,000 1,354 3,518,097 1.60% above 5,000 up to and including 10,000 507 3,987,587 1.81% above 10,000 up to and including 100,000 917 29,045,832 13.22% above 100,000 234 182,788,356 83.19% Totals 3,674 219,714,106 100.00% Holder Number of Shares % Golden Energy & Resources Limited 18,265,975 8.31% Ian Buchhorn and Associates 11,258,626 5.12% Holding % IC 1 CITICORP NOMINEES PTY LIMITED 31,263,827 14.23% 2 GOLDEN ENERGY AND RESOURCES PTE LTD 18,265,975 8.31% 3 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 6,879,168 3.13% 4 HAZURN PTY LTD <BUCHHORN SUPER FUND A/C> 5,818,973 2.65% 5 BNP PARIBAS NOMS PTY LTD 5,482,043 2.50% 6 JOSCO PTY LTD <O'SHANNASSY FAMILY A/C> 5,383,809 2.45% 7 CUE1 PTE LTD 5,187,500 2.36% 8 MR IAN JAMES BUCHHORN 5,111,678 2.33% 9 SHENTON WORLD FUND LTD 4,857,143 2.21% 10 MR MICHAEL ANDREW HARRIS 3,200,000 1.46% 11 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 2,983,781 1.36% 12 MR DANIEL DOUGLAS BUCHHORN 2,942,120 1.34% 13 ALEXANDER ASSETS PTY LTD <ALEXANDER SUPER FUND A/C> 2,900,118 1.32% 14 ENERJEE PTY LTD <ENERJEE SUPER FUND A/C> 2,880,000 1.31% 15 BNP PARIBAS NOMINEES PTY LTD <CLEARSTREAM> 2,808,314 1.28% 16 LATSOD PTY LTD <DOSTAL SUPERFUND A/C> 2,550,000 1.16% 17 QY LONG RIVER PTY LTD 2,450,000 1.12% 18 B & J O'SHANNASSY MANAGEMENT PTY LTD <JOSCO PTY LTD S/F NO1 A/C> 2,165,572 0.99% 19 MR ANTHONY MARK VAN DER STEEG 2,015,564 0.92% 20 RAW POWER (AUST) PTY LTD <PENKETHMAN FAMILY A/C> 1,678,572 0.76% Total 116,824,157 53.17% Total issued capital - selected security class(es) 219,714,106 100.00%
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Class of Security Number on Issue Number of Holders Holders >20% (Name and Holding) Performance Rights 4,800,000 5 Andrew Penkethman – 1,500,000 (31%), Ian Buchhorn – 800,000 (17%) Unlisted Options 3,000,000 1 New Electric Partners Pty Ltd – 3,000,000 (100%) 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. 8. Unquoted Securities The following information relates to unquoted equity securities on issue as at 30 June 2025. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 74
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XX Tenement Schedule Ardea Resources Limited Tenement Schedule (WA) as at 30 June 2026 Minordiscrepanciesm a yoccurduetoroundingofappropriatesignificantfigures. Legend:L U C– LocalUniformConditioning;UC–UniformConditioning;OK–OrdinaryKriging. Tenement Location Ardea Interest (%) Status Note Tenement Location Ardea Interest (%) Status Note E24/196 Goongarrie 65 Live 16 M24/731 Goongarrie 65 Live 3,16 E24/209 Goongarrie 65 Live 16 M24/732 Goongarrie 65 Live 3,16 E24/211 Goongarrie 65 Live 16 M24/744 Goongarrie 65 Live 16 E29/934 Goongarrie 65 Live 16 M24/778 Goongarrie 65 Live 3,16 E29/1028 Goongarrie 65 Live 16 M29/167 Goongarrie 65 Live 16 E29/1038 Goongarrie 65 Live 16 M29/202 Goongarrie 65 Live 16 E29/1039 Goongarrie 65 Live 16 M29/272 Goongarrie 65 Live 16 E29/1045 Goongarrie 65 Live 16 M29/278 Goongarrie 65 Live 16 E29/1048 Goongarrie 65 Live 16 M29/423 Goongarrie 65 Live 16 L24/239 Goongarrie 65 Live 16 M29/426 Goongarrie 65 Live 16 L29/134 Goongarrie 65 Live 16 P24/5260 Goongarrie 65 Live 16 L29/135 Goongarrie 65 Live 16 P24/5328 Goongarrie 65 Live 16 L30/67 Goongarrie 65 Live 16 P24/5329 Goongarrie 65 Live 16 L30/68 Goongarrie 65 Live 16 P24/5799 Goongarrie 65 Live 16 L16/141 Goongarrie 65 Live 16 P24/5169 Goongarrie-Windanya 65 Live 16 M24/1021 Goongarrie-Windanya 65 Pending 16 P24/5934 Goongarrie-Windanya 65 Pending 16 P29/2646 Highway North 65 Live 16 M24/919 Goongarrie-Scotia 65 Ni rights Live 6 P29/2647 Highway North 65 Live 16 M24/959 Goongarrie-Scotia 65 Ni rights Live 6 P29/2648 Highway North 65 Live 16 M24/541 Goongarrie 65 Live 16 P24/5528 Goongarrie 65 Live 16 P29/2559 Highway North 65 Live 16 E29/1082 Goongarrie 65 Live 16 P29/2560 Highway North 65 Live 16 E29/1089 Goongarrie 65 Live 16 P29/2501 Highway - Moriarty 65 Live 16 P29/2561 Highway North 65 Live 16 P29/2562 Highway North 65 Live 16 E29/941 Ghost Rocks 65 Live 16 E29/981 Ghost Rocks 65 non Li-Au rights Live 15,16 M29/214 Highway 65 Live 16 L16/143 Goongarrie – Credo West 65 Live 16 L16/144 Goongarrie – Credo West 65 Live 16 E29/1083 Goongarrie 65 Live 16 L16/145 Goongarrie – Credo West 65 Live 16 L16/147 Goongarrie – Credo West 65 Live 16 L16/146 Goongarrie – Credo West 65 Live 16 L16/148 Goongarrie – Credo West 65 Live 16 L24/252 Goongarrie 65 Live 16 L30/95 Goongarrie – Credo West 65 Live 16 E29/984 Highway North 65 Live 15,16 M29/424 Goongarrie 65 Live 16 P29/2530 Goongarrie 65 Live 15,16 M29/445 Highway North 65 Live 15,16 P29/2532 Goongarrie 65 Live 15,16 E29/1062 Goongarrie 65 Live 15,16 P29/2467 Goongarrie 65 Live 15,16 L24/253 Goongarrie 65 Live 16 P29/2468 Goongarrie 65 Live 15,16 L24/254 Goongarrie 65 Live 16 P29/2380 Goongarrie 65 Live 15,16 L24/255 Goongarrie 65 Live 16 E24/244 Goongarrie 65 Live 16 E24/245 Goongarrie 65 Live 16 E29/1294 Goongarrie 65 Live 16 L16/159 Goongarrie-Scorpion East 65 Pending 16 L16/160 Goongarrie-Scorpion Central 65 Pending 16 L16/161 Goongarrie-Jaurdi 65 Pending 16 L16/162 Goongarrie-Jaurdi 65 Pedning 16 L16/163 Goongarrie-Jaurdi 65 Pending 16 L24/261 Goongarrie-Jaurdi 65 Pending 16 L24/262 Goongarrie-Jaurdi 65 Pending 16 L24/262 Goongarrie-Jaurdi 65 Pending 16 L24/263 Goongarrie-Jaurdi 65 Pending 16 L24/264 Goongarrie 65 Pending 16 L30/85 Goongarrie 65 Live 16 Goongarrie Hub (Ardea indirect interest through its 65% subsidiary Kalgoorlie Nickel Pty Ltd) ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 75
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Minordiscrepanciesm a yoccurduetoroundingofappropriatesignificantfigures. Legend:L U C– LocalUniformConditioning;UC–UniformConditioning;OK–OrdinaryKriging. Tenement Location Ardea Interest (%) Status Note Tenement Location Ardea Interest (%) Status Note E24/203 Siberia North 65 Live 16 P24/5235 Siberia North 65 Live 16 E29/889 Siberia North 65 Live 16 P24/5236 Siberia North 65 Live 16 M24/634 Siberia North 65 non Au-Ag rights Live 14,16 P29/2484 Siberia North 65 Live 16 M24/660 Siberia North 65 non Au-Ag rights Live 4,16 P29/2485 Siberia North 65 Live 16 M24/663 Siberia North 65 non Au-Ag rights Live 4,16 P24/5416 Siberia North 65 Live 16 M24/664 Siberia North 65 non Au-Ag rights Live 4,16 P24/5417 Siberia North 65 Live 16 M24/665 Siberia North 72.5 non Au-Ag rights Live 2,4,16 P24/5418 Siberia North 65 Live 16 M24/583 Siberia North 65 non Au-Ag rights Live 4,16 P24/5566 Siberia North 65 Live 16 M24/686 Siberia North 65 non Au-Ag rights Live 4,16 P24/5567 Siberia North 65 Live 16 M24/772 Siberia North 65 non Au-Ag rights Live 4,16 L24/248 Siberia North 65 Live 16 M24/797 Siberia North 65 non Au-Ag rights Live 4,16 L24/249 Siberia North 65 Live 16 M24/915 Siberia North 65 non Au-Ag rights Live 4,16 L24/250 Siberia North 65 Live 16 M24/916 Siberia North 65 non Au-Ag rights Live 4,16 L24/251 Siberia North 65 Live 16 M24/1002 Siberia North 65 Pending 16 P24/5599 Siberia North 65 Live 16 P24/5618 Siberia South 65 Live 16 P24/5623 Siberia South 65 Live 16 P24/5619 Siberia South 65 Live 16 P24/5624 Siberia South 65 Live 16 P24/5620 Siberia South 65 Live 16 P24/5625 Siberia South 65 Live 16 P24/5621 Siberia South 65 Live 16 L29/181 Siberia North 65 Live 16 P24/5622 Siberia South 65 Live 16 L29/183 Siberia North 65 Live 16 L24/260 Siberia Central 65 Pending 16 L29/225 Siberia North 65 Pending 16 M24/757 Black Range 65 non Au-Ag rights Live 4,16 M24/973 Black Range 65 non Au-Ag rights Pending 4,16 P24/4395 Black Range 65 non Au-Ag rights Live 4,16 P24/4396 Black Range 65 non Au-Ag rights Live 4,16 P24/4400 Black Range 65 non Au-Ag rights Live 4,16 P24/4401 Black Range 65 non Au-Ag rights Live 4,16 P24/4402 Black Range 65 non Au-Ag rights Live 4,16 P24/4403 Black Range 65 non Au-Ag rights Live 4,16 Goongarrie Hub Expansion Black Range (Ardea indirect interest through its 65% subsidiary Kalgoorlie Nickel Pty Ltd) Goongarrie Hub Expansion Siberia (Ardea indirect interest through its 65% subsidiary Kalgoorlie Nickel Pty Ltd) ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 76
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Minordiscrepanciesm a yoccurduetoroundingofappropriatesignificantfigures. Legend:L U C– LocalUniformConditioning;UC–UniformConditioning;OK–OrdinaryKriging. Kalpini Hub Kalpini Hub - Yerilla Tenement Location Ardea Interest (%) Status Note Tenement Location Ardea Interest (%) Status Note 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 M25/209 Kalpini-Bulong 100 Live M25/19 Kalpini-Bulong 100 non Au rights Live 13,14 E27/646 Kalpini 100 Live P25/2307 Kalpini-Bulong 100 non Au rights Live 13,14 P25/2295 Kalpini-Bulong 100 non Au rights Live 14 P25/2409 Kalpini-Bulong 100 non Au rights Live 13,14 P25/2296 Kalpini-Bulong 100 non Au rights Live 13,14 L27/102 Kalpini 100 Live P25/2743 Kalpini-Bulong 100 Live L31/88 Kalpini 100 Live E25/657 Kalpini-Bulong 100 Pending E28/3309 Kalpini 100 Live P25/2837 Kalpini-Bulong 100 Live P25/2770 Kalpini-Bulong 100 Live M25/377 Kalpini-Bulong 100 non Au rights Pending 14 P25/2771 Kalpini-Bulong 100 Live P25/2768 Kalpini-Bulong 100 Pending P25/2773 Kalpini-Bulong 100 Pending P25/2769 Kalpini-Bulong 100 Live P25/2839 Kalpini-Bulong 100 Live P25/2778 Kalpini-Bulong 100 Live P25/2766 Kalpini-Bulong 100 Live P25/2779 Kalpini-Bulong 100 Live P25/2767 Kalpini-Bulong 100 Live P25/2838 Kalpini-Bulong 100 Live P25/2765 Kalpini-Bulong 100 Live P25/2766 Kalpini-Bulong 100 Live P26/4543 Kalpini-Bulong 100 Live P25/2764 Kalpini-Bulong 100 LIve E27/647 Kalpini 100 Live P26/4542 Kalpini-Bulong 100 Live P28/1423 Kalpini 100 Live 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 E31/1455 Kalpni-Yerilla-Boyce Creek 100 Pending XXANNUAL REPORT2026 Ardea Resources Limited & controlled entities 77
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Minordiscrepanciesm a yoccurduetoroundingofappropriatesignificantfigures. Legend:L U C– LocalUniformConditioning;UC–UniformConditioning;OK–OrdinaryKriging. Tenement Location Ardea Interest (%) Status Note Tenement Location Ardea Interest (%) Status Note 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 E29/1010 Siberia North 100 Live 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 E37/1271 Mt Zephyr 20 Live 12 E39/1706 Mt Zephyr 20 Live 12 E39/1854 Mt Zephyr 20 Live 12 E39/2520 Mt Zephyr 100 Live 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 – Held by Essential Metals Limited, wholly owned subsidiary of Develop Global. 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 Arika Resources Limited (renamed from Metalicity Limited) on 21 November 2020. Ardea retains non Au rights. By a Deed of Covenant, Assignment & Assumption dated 30 July 2025, Ardea has assigned and Kalgoorlie Nickel Pty Ltd has assumed Ardea’s rights under the Option agreement. 12. The Mt Zephyr/Darlot East tenements were farmed out to Red 5 Limited on 18 November 2020 whereby Red 5 Limited earned 80% equity interest. Red 5 Limited merged with Silver Lake Resources Limited in late 2024 and the combined entity is known as Vault Minerals Limited. 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. Ardea retains non Au rights. 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 have been transferred to 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 retains 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% equity of Kalgoorlie Nickel Pty Ltd, being the tenement holder, by completing the Goongarrie Hub DFS and making a positive FID, refer to ASX announcements 26 April 2024 and 30 August 2024. During the previous Quarter, the Japanese Consortium has earned a combined holding of 35% in Kalgoorlie Nickel Pty Ltd (ASX Announcement 31 March 2026) under the terms of the Cooperation Agreement. WA Regional Interests in Mining Tenements and Petroleum Tenements Acquired or Increased during the June Quarter 2026 Tenement Location Ardea Interest % Status Tenement LocationArdea Interest % Status N/A ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 78
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XX 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. 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 a partially 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. DD means Diamond Drilling. DFAT means Australian Federal Government - Department of Foreign Affairs and Trade. DWER means WA Department of Water and Environmental Regulation. EFA means Export Finance Australia. EV means Electric Vehicle. EFA means Export Finance Australia. Eh means the oxidation-reduction (also called redox potential) measured relative to the standard hydrogen electrode. EXIM means the Export-Import Bank of the United States. 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. FID means Final Investment Decision which when made for the Goongarrie Hub entitles the Consortium to a 50% interest in KNPL. XXANNUAL REPORT2026 Ardea Resources Limited & controlled entities 79
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FIRB means Foreign Investment Review Board 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. IFD means the Investor Front Door program, an Australian Government initiative which provides support to streamline multi-agency approvals over and above that already granted through Major Project Status. JV means the Transaction, in which KNPL will manage the DF, S 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. During the Reporting Period, the Japanese Consortium acquired a second tranche of 17.5% in KNPL, refer to ASX announcement 31 March 2026. KNPL means the incorporated JV vehicle is Kalgoorlie Nickel Pty Ltd, which is currently a partially 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, Jump Up Dam, Boyce Creek, Aubils and Lake Rebecca deposits which are owned 100% by Ardea. LOI means Letter of Interest m means metre and km means kilometre. MC means Mitsubishi Corporation. METI means the Japanese Ministry of Economy, Trade and Industry. Mt means Million tonne. 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 coarse component is a neutraliser. 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 and renewed in October 2025. 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. OEM mean Original Equipment Manufacturers. OECD means Organisation for Economic Cooperation and Development. PGE means Platinum Goup Metals – Ruthenium (Ru), Rhodium (Rh), Palladium (Pd), Osmium (Os), Iridium (Ir) and Platinum (Pt). 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. TREO means Total Rare Oxide includes neodymium, praseodymium, lanthanum, cerium. TRMO means Total Rare Metal Oxide includes titanium, yttrium, zircon, niobium, hafnium, tantalum and tungsten. ANNUAL REPORT2026 Ardea Resources Limited & controlled entities 80
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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 (2012): 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 (2012) 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 Code (2012) 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. XXANNUAL REPORT2026 Ardea Resources Limited & controlled entities 81
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ASX Code: ARL www.ardearesources.com.au