Ardea Resources (ASX:ARL) Progresses Kalgoorlie Nickel Project with Japanese Consortium

Ardea Resources Limited (ASX:ARL) is making significant strides in advancing the Kalgoorlie Nickel Project (KNP) through a joint venture with Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC). The consortium is fully funding the Definitive Feasibility Study (DFS) for the large scale, low cost nickel-cobalt operation, with an investment of up to A$98.5 million to earn a 35% interest in the project, and a further 15% interest on Final Investment Decision (FID). The project is expected to have a 40-year mine life, producing approximately 30,000t of nickel and 2,000t of cobalt per year.

Executive Commentary

Andrew Penkethman, Managing Director & CEO of Ardea Resources, highlighted the significance of the joint venture with SMM and MC, stating, 'The fully funded DFS represents a major milestone in the development of the Kalgoorlie Nickel Project. This partnership underscores the confidence in the project's potential and its contribution to the nickel-cobalt market. We are committed to delivering a world-class, long-life operation with strong financial metrics.'

Project Outlook

Ardea Resources' collaboration with Sumitomo Metal Mining and Mitsubishi Corporation to fund the DFS for the Kalgoorlie Nickel Project marks a significant step forward in the project's development. The joint venture's commitment reflects confidence in the project's potential and its contribution to the nickel-cobalt market. With a 40-year mine life and strong financial metrics, the project is poised to make a substantial impact on the local, state, and national economy. Additionally, the project's timing aligns well with the forecasted increase in nickel prices, positioning it favorably in the market. Ardea Resources remains focused on delivering a world-class, long-life operation with a commitment to high ESG standards and innovative R&D, contributing to the growth of the Australian nickel sector.