Highlights

  • The Definitive Feasibility Study for the Kalgoorlie Nickel Project's Goongarrie Hub remains the company's main focus.
  • Ardea and its Japanese Consortium partners agreed in principle to a pre-FEED phase to optimise the DFS.
  • A self-funded Scoping Study on scandium and other critical minerals is being finalised.
  • Cash was A$20.9M at 30 September 2026, with no debt.

Ardea Resources Limited (ASX:ARL) has released its quarterly activities report for the period ended 30 September 2026. The company continued work on the Definitive Feasibility Study (DFS) for its Kalgoorlie Nickel Project (KNP) Goongarrie Hub, a nickel, cobalt and scandium development northwest of Kalgoorlie.

Goongarrie Hub DFS and Approvals

The Goongarrie Hub is owned through Kalgoorlie Nickel Project Pty Ltd (KNPL), held 65% by Ardea and 35% by a Japanese Consortium comprising Sumitomo Metal Mining and Mitsubishi. The Consortium can increase its interest to 50% following a positive Final Investment Decision. A High-Pressure Acid Leach facility is planned at Goongarrie South.

The project development envelope has been finalised. An EPBC referral is targeted for lodgement in the December 2026 quarter, with a WA EPA referral targeted for the March 2027 quarter. Independent technical experts have provided suggestions on draft DFS chapters for geology, mining and metallurgy, which are being evaluated.

DFS Funding and Critical Minerals

The DFS is funded by the Consortium under an agreed A$98.5M budget, of which about A$91.4M had been spent by 30 September 2026. The Consortium has fully met its DFS cash commitment. Ardea and the Consortium have agreed in principle to a further pre-FEED phase to optimise the DFS, subject to amendments to joint venture agreements expected by the end of 2026.

Ardea is finalising a self-funded Scoping Study on scandium and other critical minerals as co-products. The company is also a member of the US Defense Industrial Base Consortium and has lodged an application for its 100%-owned Kalpini Hub, although it gives no assurance of funding.

Resources and Financial Position

The KNP hosts a total Mineral Resource of 854Mt at 0.71% Ni and 0.045% Co, containing 6.1Mt of nickel and 386kt of cobalt. The Goongarrie Hub accounts for 584Mt at 0.69% Ni.

Cash rose from A$18.36M to A$20.93M during the quarter, supported by A$9.8M in Consortium DFS funding receipts. Net operating cash outflow was A$7.24M, including A$4.2M on exploration and evaluation. The company reported zero lost time injuries during the quarter.

Key Takeaways

  • The Goongarrie Hub DFS is well advanced, with most of the budget spent.
  • A pre-FEED optimisation phase is planned, subject to joint venture amendments.
  • Environmental referrals are scheduled across the next two quarters.
  • Ardea holds A$20.9M in cash and has no debt.