Ardea Resources joint venture update

Ardea Resources Limited (ASX: $ARL) has received approval from the Australian Foreign Investment Review Board (FIRB) for the joint venture with Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation to develop the Kalgoorlie Nickel Project (KNP) - Goongarrie Hub. The joint venture represents a significant collaboration in the critical minerals sector between Australia and Japan. The FIRB approval and merger control clearance from the Korea Fair Trade Commission mark key milestones in the progress of the Cooperation Agreement.

Executive commentary on joint venture progress

Ardea's Managing Director and CEO, Andrew Penkethman, expressed satisfaction with the progress, stating, 'Ardea is pleased to see the conditions precedent are continuing to be satisfied to enable the joint venture with Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation to proceed. The support from the Australian Foreign Investment Review Board is a strong endorsement from the Australian Government for this major Critical Minerals collaboration between Australia and Japan.'

Summary of joint venture update

Ardea Resources has made significant strides in advancing the joint venture with Sumitomo Metal Mining Co., Ltd and Mitsubishi Corporation, receiving FIRB approval and merger control clearance. The Cooperation Agreement represents a major collaboration in the critical minerals sector between Australia and Japan. The Company continues to work towards satisfying the remaining conditions precedent and expects to achieve these milestones during Q3 2024. The progress on the KNP - Goongarrie Hub Definitive Feasibility Study, supported by funding from SMM, demonstrates the commitment to the development of the project. Ardea's ambitions in the critical minerals sector are underscored by the endorsement from the Australian Government and the ongoing collaborative efforts with the Consortium.