Key Highlights

  • The scoping study estimates a scandium recovery circuit would require Capital of US$73.5 million.
  • The study estimates a net present value of US$509.8 million and an internal rate of return of 59.6 percent at a 7 percent discount rate.
  • Ion exchange was selected as the preferred extraction technology, with an estimated recovery of less than 70 percent.
  • The circuit would use an existing process stream within the planned nickel-cobalt operation.

Ardea Resources Limited (ASX:ARL) has released an independent scoping study assessing scandium by-product recovery at its proposed Goongarrie Hub, part of the Kalgoorlie Nickel Project, according to an announcement dated 12 November 2026. The study evaluates a scandium recovery circuit within the planned high pressure acid leach processing facility. It builds on a 2023 mineral resource estimate that included scandium.

Economic outputs

The study estimates Capital Investment of US$73.5 million for the scandium recovery circuit, with a net present value of US$509.8 million and an internal rate of return of 59.6 percent at a 7 percent cost of capital. The study was completed to an AACE Class 5 standard, which is the lowest-accuracy level of a scoping study. Its figures are therefore indicative and carry a wide range of possible outcomes.

Process design and recovery

Ion exchange was chosen as the preferred scandium extraction technology. It assumes a recovery of less than 70 percent from a bleed of barren liquor destined for tailings, with about 25 percent of the high pressure acid leach barren liquor flow used as feed. That design leaves room to expand scandium production later. The company says the hub can stockpile scandium because nickel-cobalt production underpins project economics, which reduces sensitivity to scandium prices.

The company notes that Demand for scandium is expected to grow, driven by lightweight aluminium alloys, additive manufacturing, solid oxide fuel cells and aerospace, defence and clean-energy uses.

Final Word

The scandium study suggests the Goongarrie Hub could add a second Commodity without a standalone project. The figures, however, are scoping-level, rely on assumed recoveries and depend on a nickel-cobalt operation that is still being developed. Further technical work, capital estimates with greater accuracy and a decision on the scandium circuit will be needed before its Economics can be relied upon.