Ardea hits major milestone in massive WA nickel project development
The company's joint venture with a Japanese consortium comprising heavyweights Sumitomo Metal Mining and Mitsubishi Corporation has earned a 17.5 per cent stake in the project vehicle, Kalgoorlie Nickel Pty Ltd (KNPL).
The milestone was triggered by the consortium achieving 50 per cent expenditure of the agreed $98.5 million DFS budget, entitling it to the first tranche ownership interest in KNPL and the right to appoint a director to the board.
This step has formalised the consortium's growing commitment to the Goongarrie Hub, which Ardea Resources managing director Andrew Penkethman described as a key event accelerating the project's path towards a final investment decision and future production.
Ardea's Goongarrie Hub has long been touted as one of the world's largest undeveloped nickel-cobalt deposits.
It hosts a massive 854 million tonnes of ore grading 0.71 per cent nickel and 0.045 per cent cobalt across its Kalgoorlie nickel project tenements for 6.1 million tonnes of contained nickel and 386,000t of cobalt. Within this, the Goongarrie Hub accounts for 584Mt of ore at 0.69 per cent nickel for 4Mt of contained nickel. The milestone follows months of intensive activity at the hub, where Ardea's formerly wholly owned, now majority-owned subsidiary KNPL has been spearheading the DFS with strong support from its Japanese partners.
Ardea confirmed only weeks ago that it had wrapped up a massive infill drilling program across key deposits, including Big Four, Scotia Dam and Highway. The campaign, which completed 727 drill holes for nearly 46,000 metres, was designed to upgrade resource categories and deliver the measured resources needed for conversion to proven ore reserves in the DFS.
Drill results from these campaigns have been impressive. At Highway, assays returned thick, high-grade intercepts such as 72 metres grading 0.92 per cent nickel, including 38m at 1.05 per cent nickel, and 20m at 1.12 per cent nickel with a higher-grade zone of 6m at 2.38 per cent nickel.
At Big Four and Scotia Dam, standout hits included 32m at 1.17 per cent nickel and 22m at 1.3 per cent nickel, reaffirming the continuity of high-grade mineralisation and supporting resource reclassification to the measured status.
The DFS is now past the halfway point and is targeting completion in the second half of 2025. Upcoming deliverables will include a mineral resource estimate update, process plant design optimisations and completion of critical metallurgical testwork. Notably, investigations into increasing high pressure acid leach (HPAL) throughput from 3Mt per annum to 3.5Mt per year are underway, potentially enhancing the project's already robust economics.
Ardea's strategic and financial position has also strengthened in recent months. The company received a $1.2 million research and development tax rebate in May, adding to its cash reserves and extending its runway without dilution. In April, Sumitomo deepened its partnership with Ardea via a $4.6 million placement at a 7.5 per cent premium to the market price, providing further funds for its DFS activities and signalling confidence from one of the world's leading nickel producers in the Goongarrie Hub project.
Ardea's quarterly report for March showcased more progress on the ground, highlighting the awarding of major design and engineering packages for the project's acid and hydrogen sulphide plants, completion of key geotechnical programs and the start of community engagement initiatives, including regional education infrastructure support.
Environmental, social and governance credentials remain central to Ardea's strategy. The company has continued baseline environmental studies, engaged specialist consultants for life-cycle assessments and maintained a spotless safety record with zero lost time injuries during the year leading up to May 2025.
With robust support from Sumitomo and Mitsubishi, a rapidly advancing DFS, and a globally significant nickel-cobalt resource positioned in one of the world's safest mining jurisdictions, Ardea appears firmly on track to deliver Australia's next major source of battery-grade nickel and cobalt at a time when supply chain diversification and ESG compliance have never been more critical.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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