Ardea Resources (ARL) Q3 2026 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) for the Goongarrie Hub advanced, with completion targeted for H1 CY2026, supported by a Japanese Consortium funding A$98.5M of costs.

• The Japanese Consortium (Sumitomo Metal Mining and Mitsubishi) increased its stake in the Kalgoorlie Nickel Project (KNP) to 35%, with an option to reach 50% upon a positive Final Investment Decision.

• Export Finance Australia and US EXIM Bank provided coordinated, conditional, non-binding support for up to A$1B in project development funding.

• Strong cash position at quarter-end: $19.75M, no debt, and additional funding secured via a $5M placement.

• Zero lost time injuries and strong safety performance maintained.

Financial highlights

• Cash at 31 March 2026: $19.75M; no debt.

• Net operating expenditure for the quarter: $5M, including $7.8M on exploration and evaluation, $910k on staff, and $169k on admin/corporate costs.

• $5M raised via placement; $8.4M received from Consortium for DFS funding.

• DFS funding facility: A$98.5M, with $15.9M remaining undrawn at quarter-end.

Outlook and guidance

• DFS for Goongarrie Hub on track for draft completion in H1 CY2026, with ongoing value engineering and technical workstreams.

• Continued collaboration with the Consortium on project development and funding strategy post-DFS.

• Ongoing stakeholder engagement, including with government, First Nations, and industry groups.