ANC-Presentations-Full-18-10_Neat

Geological Overview – Historical Production




























































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Mineral Resource Estimate 32





Mt Edwards Global Nickel Mineral Resource




Compliance Statement Indicated Inferred Total Resources
Widgie Nickel has prepared the presentation materials based on information available to it at the time of
preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness Tonnes Grade Tonnes Grade Tonnes Grade Contained
of the information, opinions and conclusions contained in the meeting materials. To the maximum extent permitted Deposit (kt) (% Ni) (kt) (% Ni) (kt) (% Ni) (t Ni)
by law, Neometals, its related bodies corporate (as that term is defined in the Corporations Act) and the officers,
directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, Widgie 3 3, 12 626 1.5 626 1.5 9,160
without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the
use of the presentation or itscontents or otherwise arising in connection with it. Gillett 6 1,306 1.7 1,306 1.7 22,500
The information in this document that relates to Exploration Results and Mineral Resource estimates for the Mt Widgie Townsite 10 1,183 1.7 1,293 1.5 2,476 1.6 39,300
Edwards Project was previously disclosed to ASX in the following Neometals announcements:
• 19 April 2018 titled “Mt Edwards Nickel– MineralResource Estimate”; Munda 4 320 2.2 320 2.2 7,140
• 25 June 2018 titled “Mt Edwards – Mineral ResourceOver 120,000 Nickel Tonnes”; Mt Edwards 26N 11 871 1.4 871 1.4 12,400
• 13 November 2019 titled “Additional NickelMineral Resource At Mt Edwards”; 132N 7 34 2.9 426 1.9 460 2 9,050
• 31 January 2020 titled “High-grade massive nickelsulphideat Mt Edwards”;
• 16 April 2020 titled “Mt Edwards Nickel– Armstrong Resource increases60%”; Cooke 2, 12 154 1.3 154 1.3 2,000
• 26 May 2020 titled “Mt Edwards Nickel– Gillett Resource increases 30%”; Armstrong 5 526 2.1 107 2 633 2.1 13,200
• 6 October 2020 titled “MtEdwards Nickel– MineralResource and Exploration Update”;
• 23 December 2020 titled “Mt Edwards Nickel – Zabel Mineral ResourceUpdate”; McEwen 9 1,133 1.4 1,133 1.4 15,340
• 9 April 2021 titled “Mt Edwards – High Grade Palladium in NickelConcentrate”; McEwen Hangingwall 9 1,916 1.4 1,916 1.4 26,110
• 29 June 2021 titled “Mt Edwards – McEwen NickelResourcesincrease45%”;
Zabel 8, 9 272 1.9 53 2 325 2 6,360
• 29 June 2021 titled “Mt Edwards – Widgie TownsiteMineral Resource Update”;
• 30 June 2021 titled “Mt Edwards – 26 North MineralResourcesIncrease51%; TOTAL 2,015 1.9 8,205 1.5 10,220 1.6 162,560
• 6 July 2021 titled “Mt Edwards – Positive FloatTest WorkResultsContinue”; and
• 7 July 2021 titled “Mt Edwards – Review of Nickel MineralResourcesComplete”.
Neometals confirms that it is not aware of any new information or data that materially affects the information 1. 2. Mineral Resources quoted using a 1% Ni block cut-off grade, except Munda at 1.5% Ni. Small discrepancies may occur due to rounding.
Refer to Neometals’ ASX announcement dated 19 April 2018 titled ‘Mt Edwards JORC Code (2012 Edition) Mineral Resource 48,200 Nickel Tonnes’.
included in these announcements and, in the case of Mineral Resource estimates, that all material assumptions and 3. Refer to Neometals’ ASX announcement dated 25 June 2018 titled ‘Mt Edwards Project Mineral Resource Over 120,000 Nickel Tonnes’.
technical parameters underpinning the estimates in these announcements continue to apply and have not materially 4. 5. Refer to Neometals’ ASX announcement dated 13 November 2019 titled ‘Additional Nickel Mineral Resource at Mt Edwards’.
Refer to Neometals’ ASX announcement dated 16 April 2020 titled ‘60% Increase in Armstrong Mineral Resource’.
changed. 6. Refer to Neometals’ ASX announcement dated 26 May 2020 titled ‘Increase in Mt Edwards Nickel Mineral Resource’.
7. Refer to Neometals’ ASX announcement dated 6 October 2020 titled ‘132 Nickel Mineral Resource and Exploration Update at Mt Edwards’.
8. Refer to Neometals’ ASX announcement dated 23 December 2020 tilted ‘Zabel Nickel Mineral Resource Update at Mt Edwards’.
9. Refer to Neometals’ ASX announcement dated 29 June 2021 tilted ‘McEwen Resources at Mt Edwards Increase 45% to 41.5kt Contained Nickel’.
10. Refer to Neometals’ ASX announcement dated 29 June 2021 titled ‘Updated Widgie Townsite Nickel Mineral Resources at Mt Edwards’.
11. Refer to Neometals’ ASX announcement dated 30 June 2021 titled ‘Updated 26 North Resources at Mt Edwards Increase by 51%’.
12. Refer to Neometals’ ASX announcement dated 7 July 2021 titled ‘Review of Nickel Mineral Resources as Mt Edwards Complete’.

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Peer Comparison Data





JORC Resource and financial data used in peer comparisons



Total Resources Financial Data

Ownership Tonnes Grade Contained Market Cap Cash Debt Enterprise Value
Company / Asset Company / Asset
(%) (kt) (% Ni) (kt Ni) (A$M) 19 (A$M) (A$M) (A$M)
Duketon Mining 8.3 1.1% 93.6 Duketon Mining 13 46 31.0 0.0 15.0
Rosie 1 100% 2.6 2.1% 53.7 Auroch Minerals 14 50.5 4.2 0.0 46.3
C2 1 100% 5.7 0.7% 39.9 Panoramic Resources 15 369.2 24.0 60.0 386.2
Auroch Minerals 1.9 1.9% 37.3 Poseidon Nickel 16, 17 346.1 30.0 0.0 245.8
Nepean 4 80% 0.5 2.2% 10.4 Lunnon Metals 18 83.3 14.0 0.0 46.7
Saints 2 100% 1.1 2.0% 21.0 Cannon Resources 12 19.3 5.3 0.0 14.6
Leinster* JORC (2004) 3 Earning 70% 0.4 1.4% 5.9 Mincor Resources 20 619.9 109.5 30 540.4
Panoramic Resources 13.5 1.6% 209.9 Widgie Nickel 55.0 23.7 0.0 31.3
Savannah 5 100% 13.5 1.6% 209.9
Poseidon Nickel 44.1 0.9% 395.0 References
Black Swan 6 100% 30.7 0.6% 179.2 Note 1. Refer ASX announcement: DKM 4/3/2021 titled Increase to Nickel Equivalent Grade for Rosie Resource
Silver Swan 7 100% 0.2 9.5% 16.1 Note 2. Refer ASX announcement: MEP 4/5/2017 titled Maiden JORC Resource Estimate for Saints Nickel Deposit, Kalgoorlie
Maggie Hays 8 100% 3.5 1.5% 52.1 Note 3. Refer ASX announcement: BRW 14/4/2008 titled Maiden Resource: 8,300 tonnes of nickel for the Horn deposit
Note 4. Refer ASX announcement: FML 12/6/2007 titled Focus Minerals commences feasibility study on Nepean nickel project
Mt Windarra 9 100% 4.4 1.6% 71.4 Note 5. Refer ASX announcement: PAN 22/7/2021 titled Savannah Project - 2021 Mineral Resource and Ore Reserve Statement
South Windarra* JORC (2004) 10 100% 0.8 1.0% 7.6 Note 6. Refer ASX announcement: POS 4/8/2014 titled Poseidon announces Black Swan mineral resource
Cerberus* JORC (2004) 10 100% 4.6 1.5% 68.6 Note 7. Refer ASX announcement: POS 5/8/2019 titled Silver Swan Resource Upgrade
Lunnon Metals 1.2 3.2% 39.2 Note 8. Refer ASX announcement: POS 17/3/2015 titled 50% Increase in Indicated Resources at Lake Johnston
85H 11 100% 0.7 2.4% 16.7 Note 9. Refer ASX announcement: POS 7/11/2014 titled Revised Mt Windarra Mineral Resource
Note 10. Refer ASX announcement: POS 1/12/2011 titled Resource Increase of 25% at Windarra Nickel Project
Foster South 11 100% 0.3 4.7% 16.0 Note 11. Refer ASX announcement: LM8 11/6/2021 titled Lunnon Metals Prospectus
Warren 11 100% 0.2 3.1% 6.4 Note 12. Refer to Company website: CNR 26/5/2021 Cannon Resources Prospectus
Cannon Resources 4.8 1.8% 87.1 Note 13. Refer ASX announcement: DKM 22/7/2021 titled Quarterly Cashflow Report
Fisher East 12 100% 4.2 1.9% 77.8 Note 14. Refer ASX announcement: AOU 30/7/2021 titled Quarterly Activities/Appendix 5B Cash Flow Report
Note 15. Refer ASX announcement: PAN 28/7/2021 titled Quarterly Activities Report
Collurabbie 12 100% 0.6 1.6% 9.3 Note 16. Refer ASX announcement: POS 30/7/2021 titled Quarterly Cashflow Report
Mincor Resources (Combined) 20 100% 5,203 3.8% 196.1 Note 17. Refer ASX announcement: POS 2/8/2021 titled $22M Placement to Drive Progress at Black Swan
Note 18. Refer ASX announcement: LM8 7/7/2021 titled Quarterly Cashflow Report
Note 19. Share price & market capitalisation at COB 4/10/2021
Note 20. Refer ASX announcement: MCR 9/7/2021 titled Presentation

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Exploring for High-grade



Nickel Sulphides



in Western Australia




























Corporate Presentation

ASX:AOU | October 2021

Disclaimer




This presentation has been prepared by Auroch Minerals Ltd (Auroch or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed)
to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an
inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of thispresentation.
This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any
individual investor. It is not financial product advice and investors should undertake their own due diligence and obtain their own independent advice from qualified professional advisors having regarding to their objectives, financial situation and needs. Neither Auroch nor any of its related bodies corporate is licensed to provide financial product advice.
This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts, projections and opinions which constitute forward looking statements. Forward looking statements include, but are not limited to, statements concerning the Company’s exploration program, outlook and target sizes. They include
statements qualified by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions. Such forward looking statements are not a guarantee of future performance, and are subject to numerous risks, uncertainties and other factors, including unknown ones. Actual results and developments
will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Auroch and of a general nature which may affect the future operating and financial performance of Auroch and the value of an investment in Auroch including but not limited to title risk, renewal risk, economic and general market conditions,
stock market fluctuations, price movements, regulatory risks, operational risks, reliance on key personnel, uncertainties relating to interpretation of exploration results, geology and Resource estimations, native title risks, foreign currency fluctuations, uncertainties relating to the availability of/access to additional capital, infrastructure or environmental
approvals, and mining development, construction and commissioning risk. Auroch expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, orotherwise.
To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted, by the Company or any of its officers, employees, agents or consultants or any other person, as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. An
investment in the shares of the Company is to be considered highlyspeculative.
The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. In relation to any statements pertaining to future exploration targets or conceptual exploration
targets, the nature of the exploration target means that the potential quantity and grade is conceptual in nature. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Auroch’s other periodic and continuous disclosure announcements lodged with the ASX, which will be
available on the Aurochwebsite.
The information in this report that relates to Exploration Results is based on information compiled by Mr Aidan Platel and represents an accurate representation of the available data. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ ("JORC Code 2012"). Mr Platel consents to the disclosure of this information in this report in the
form and context in which it appears. The information in this report that relates to Mineral Resources for the Saints Project was reported by Minotaur Exploration Ltd (ASX:MEP) to the ASX on 4th May 2017 under JORC Code 2012 (refer https://www.asx.com.au/asxpdf/20170504/pdf/43j0r0dt0ytq74.pdf). The information in this report in relation to Mineral
Resources for the Saints Project is based on, and fairly represents, the available data and studies for the project which have been compiled by Mr Aidan Platel. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.
The information in this report that relates to Mineral Resources for the Leinster Project was reported by Breakaway Resources Ltd to the ASX on 14th April 2008 under JORC Code 2004 (refer https://www.asx.com.au/asxpdf/20081024/pdf/31d3x55rpn6dxy.pdf). A Competent Person (as defined in the JORC Code 2012) has not done sufficient work to classify this Mineral
Resource in accordance with JORC Code 2012. The information in this report in relation to Mineral Resources for the Leinster Project is an accurate representation of the available data and studies for the project which have been compiled by Mr Aidan Platel. Mr Platel (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Chief Geological Officer
and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Platel consents to the disclosure of this information in this report in the form and context in which it appears.
ASX Listing Rule Information
The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply
and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement
This presentation contains information extracted from the following ASX market announcements which are available on the Company’s website at www.aurochminerals.com:
• THICK ULTRAMAFICS INTERSECTED AT NEPEAN DEEPS 05 October 2021 • DRILLING COMMENCES AT THE VALDEZ NICKEL PROSPECT 7 September 2020
• NEPEAN AND SAINTS SCOPING STUDIES UNDERWAY 01 September 2021 • HIGH GRADE NICKEL SULPHIDES INTERSECTED AT SAINTS 27 August 2020
• OPTIONS UNDERWRITING TO FUND EXPANDED NEPEAN DEEPS DRILLING 19 August 2021 • AC RESULTS DEFINE NICKEL SULPHIDE DRILL TARGETS AT VALDEZ 13 August 2020
• RESULTS DEFINE NEW HIGH-PRIORITY DRILL TARGETS AT LEINSTER 11 August 2021 • NICKELIFEROUS MASSIVE SULPHIDES INTERSECTED AT SAINTS 6 August 2020
• NEPEAN NICKEL PROJECT DRILLING UPDATE 29 July 2021 • AUROCH INCREASES TENEMENT PACKAGE IN PROSPECTIVE NICKEL BELT 27 July 2020
• MLEM SURVEY IDENTIFIES PRIORITY DRILL TARGET AT NEPEAN 07 July 2021 • DIAMOND DRILLING UNDERWAY AT SAINTS 20 July 2020
• MAIDEN NEPEAN DEEPS DRILLING program 23 June 2021 • NEW NICKEL SULPHIDE TARGETS DELINEATED AT SAINTS 8 July 2020
• NICKEL SULPHIDES INTERSECTED AT NEW LEINSTER PROSPECTS 10 June 2021 • EXPLORATION UPDATE - SAINTS AND LEINSTER NICKEL PROJECTS 23 June 2020
• EXPLORATION UPDATE NEPEAN NICKEL PROJECT 25 May 2021 • DRILLING program UNDERWAY AT SAINTS NICKEL PROJECT 9 June 2020
• NICKEL SULPHIDES INTERSECTED ALONG STRIKE AT NEPEAN 28 April 2021 • $2M OVER-SUBSCRIBED PLACEMENT 4 June 2020
• NEW HIGH-GRADE NICKEL SULPHIDE DRILL INTERCEPTS AT NEPEAN 31 March 2021 • RESULTS CONFIRM STRONG POTENTIAL OF CHANNEL TARGETS AT SAINTS 2 June 2020
• DIAMOND DRILLING COMMENCES AT LEINSTER NICKEL PROJECT 25 March 2021 • DHEM DELINEATES STRONG NICKEL SULPHIDE TARGET AT SAINTS 19 May 2020
• NEPEAN DRILLING UPDATE 10 March 2021 • SAINTS AND LEINSTER NICKEL PROJECTS - EXPLORATION UPDATE 6 May 2020
• INTERSECTIONS OF OVER 5% Ni EXTEND MINERALISATION AT NEPEAN 15 February 2021 • DRILLING TO COMMENCE AT SAINTS NICKEL PROJECT 24 April 2020
• DRILLING TO COMMENCE AT HIGH-GRADE NEPEAN NICKEL PROJECT 06 January 2021 • AC RESULTS PROVIDE DRILL-READY NICKEL TARGETS AT SAINTS 1 April 2020
• NEPEAN NICKEL PROJECT ACQUISITION COMPLETED 17 December 2020 • PLACEMENT $1M - HIGH-PRIORITY NICKEL SULPHIDE EXPLORATION 28 February 2020
• FURTHER HIGH-GRADE MASSIVE NICKEL SULPHIDES AT THE HORN 14 December 2020 • 2020 EXPLORATION program COMMENCES AT SAINTS 8 January 2020
• HIGH-GRADE MASSIVE NICKEL SULPHIDES CONFIRMED AT THE HORN 01 December 2020 • HISTORICAL REVIEW HIGHLIGHTS NICKEL POTENTIAL AT LEINSTER 5 December 2019
• FURTHER MASSIVE NICKEL SULPHIDES INTERSECTED AT THE HORN 18 November 2020 • MORE HIGH-GRADE NICKEL INTERSECTED AT SAINTS 14 November 2019
• DIAMOND DRILLING INTERSECTS MASSIVE Ni SULPHIDES AT THE HORN 11 November 2020 • HIGH GRADE NICKEL CONFIRMED AT SAINTS 28 October 2019
• AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT 11 November 2020 • AMENDMENT - SAINTS NICKEL PROJECT DRILLING UPDATE 17 October 2019
• PRIORITY DIAMOND DRILLING TO COMMENCE AT LEINSTER Ni PROJECT 27 October 2020 • DRILLING program UNDERWAY AT SAINTS NICKEL PROJECT 16 September 2019
• SURFACE COPPER SAMPLING program COMMENCES AT ARDEN PROJECT 16 October 2020 • AUROCH TO KICK OFF DRILLING AT SAINTS NICKEL PROJECT 3 September 2019
• DHEM IDENTIFIES DRILL TARGET AT THE VALDEZ NICKEL PROSPECT 13 October 2020 • SAINTS AND LEINSTER NICKEL ACQUISITION COMPLETED 29 August 2019
• DRILLING COMMENCES AT FIREFLY & SINCLAIR NORTH Ni PROSPECTS 22 September 2020 • AUROCH TO ACQUIRE HIGH-GRADE WA NICKEL PROJECTS 28 May 2019
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Auroch Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate,"
"expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Auroch Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Matthew McCarthy and represents an accurate representation of the available data. Mr McCarthy (Member of the Australian Institute of Mining and Metallurgy) is the Company’s Senior Geological Officer and has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ ("JORC Code 2012"). Mr
McCarthy consents to the disclosure of this information in this report in the form and context in which it appears.
WWW.AUROCHMINERALS.COM 2
2

Auroch (ASX:AOU) holds highly prospective nickel


sulphide tenure in the Norseman-Wiluna Belt

within the Kalgoorlie terrane


We’re committed


to delivering 100kt Three projects strategically positioned in a tier one jurisdiction,


contained nickel in near infrastructure and surrounded by world-class mining projects
and processing facilities
Resource

JORC (2012) Resource inventory of over 21,000t of contained

nickel at 2%Ni. Scoping studies and revised Resource estimates

due 2022



Significant exploration potential in the short-term with drill program

currently underway at Nepean Deeps




Solid cash position of A$2.6 million plus underwritten option

proceeds of A$1.6 million*





*As at 1st September 2021
WWW.AUROCHMINERALS.COM 3

Corporate Summary




ASX SHARE PRICE At 4th October 2021 A$0.17


SHARES ON ISSUE 296.8 Million EXPERIENCED BOARD AND MANAGEMENT TEAM
MARKET CAP A$50.5 Million TO EXECUTE AUROCH’S CORPORATE STRATEGY

AVERAGE VOLUME 1.6 Million

CASH A$2.6 Million*
DIRECTORS
UNDERWRITTEN OPTION CASH A$1.6 Million
PROCEEDS 10c OPTIONS (EXP 11/2021)

DEBT Nil

TOP 20 SHAREHOLDERS 29%

*As at 1st September 2021
Aidan Platel Ed Mason Trevor Eton Mike Edwards
MANAGING DIRECTOR & CEO NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR
BROKER COVERAGE EXECUTIVE MANAGEMENT
PAC Partners
32c price target




12MONTH SHAREPRICE



Rebecca Moylan Matt McCarthy Robin Cox
CFO & COMPANY SECRETARY EXPLORATION MANAGER SENIOR EXPLORATION GEOLOGIST










4 WWW.AUROCHMINERALS.COM

Strategically Located


Nickel Sulphide Portfolio




In a Globally Significant Location






Located in the Norseman-Wiluna Belt

✓ Home to some of the best komatiite-hosted nickel sulphide

deposits globally
(i.e. Leinster, Mt Keith, Kambalda, Widgiemooltha centres)


Excellent infrastructure


✓ Easy access
✓Processing plants within trucking distance


✓ Coreyard and exploration support close by in Kalgoorlie


Significant exploration potential

✓ Kilometres of underexplored prospective ultramafic

✓ Lack of modern-day exploration techniques












5 WWW.AUROCHMINERALS.COM

Portfolio Snapshot




NEPEAN SAINTS LEINSTER SOUTH AUSTRALIA
























COMMODITY NICKEL NICKEL NICKEL COPPER & ZINC

LOCATION Coolgardie, WA North Kalgoorlie, WA Leinster, WA Lake Torrens, SA
80% 100%; 70% 100%; 90%
OWNERSHIP 100%
(JV with Lodestar Resources) (JV with Jindalee Resources) (JV with Resource Holdings)
SIZE 31km 2 20km 2 331km 2 3,654km 2

GEOLOGY AND Kambalda-style komatiitic Kambalda-style komatiitic Komatiitic SEDEX base-
MINERALISATION nickel sulphides nickel sulphides nickel sulphides metals and IOCG (Cu, Zn, Pb)
CONTAINED Ni Historic Resources only 21,400t @ 2.0% Ni Historic Resources only –
IN-RESOURCE

SIGNIFICANT DRILL 4.64m @ 2.99% Ni from 71.58m 3.2m @ 5.17% Ni from 190.9m 7.0m @ 2.58% Ni from 158.6m 12.8m @ 4.96% Zn from 53.0m
INTERCEPTS 3m @ 9.93% Ni from 49m 4.8m @ 2.81% Ni from 114.7m 7.3m @ 2.20% Ni from 143.0m Incl. 3.65m @ 15.47% Zn from 62.15m

POTENTIAL PROCESSING BHP KNO BHP KNO BHP NWO Port Pirie

EXPLORATION Northern & southern greenstone High-potential drill targets Underexplored ultramafics along strike Ragless Range Zn target;
TARGETS ~10km strike, Nepean near-mine down-plunge of known Resources from Horn and greenfields targets Mt Arden surface Cu trends



6 WWW.AUROCHMINERALS.COM

Nepean Nickel Project





HIGH-GRADE NICKEL SULPHIDE MINE WITH HISTORIC RESOURCES AND EXPLORATION POTENTIAL




Acquired by Auroch in December 2020, 80:20 JV


The Nepean nickel mine produced

>32kt Ni at av. recovered grade of ~3% Ni


Potential to build a significant high-grade nickel
sulphide inventory via 3 focus areas:


• Nepean Deeps: potential down-plunge

continuation of mineralised ultramafics
below the historic mine workings


• Historic Mine Area: remnant NiS

mineralisation around historic workings and
<100m from surface *


• Regional Exploration: ~10km strike of

underexplored Nepean ultramafics










* Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT
7 WWW.AUROCHMINERALS.COM https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

Nepean Nickel Project





NEPEAN DEEPS TARGET… ANOTHER FLYING FOX?





• The historic Nepean nickel sulphide

mine is constrained at depth by a
pegmatite dyke: analogous to Western

Area’s (ASX:WSA) Flying Fox nickel

mine in Forrestania belt?



• Nepean mine is 500m deep and
produced over 32kt Ni; Flying Fox is

>1,200m and has produced over 115kt

Ni so far*























* Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT
8 WWW.AUROCHMINERALS.COM https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

Nepean Nickel Project





NEPEAN DEEPS TARGET: SIGNIFICANT NPDD008

DIAMOND DRILL PROGRAM


Diamond drill program underway: Nepean
UG mine
• First drillhole NPDD008 just EOH at 1291m depth Pegmatite

• Slower controlled drilling to ensure holes test target Ultramafic

areas, 6 weeks to complete 32m, Sill 1?

NPDD008 drilled as a stratigraphic hole to test for a

footwall contact below historic mine and as a platform
for downhole geophysics (DHEM and DHMMR) Pegmatite

First hole to successfully drill through lower pegmatite

intrusion and intersect a greenstone sequence from
993m-1291m (EOH), including ~46m total of Ultramafic 20m Ultramafics,
ultramafics from 1088.5 - 1108.5m, 1144.5 – 1148.35m Ultramafic 4m mafics, seds
and 1210.5 - 1233m Ultramafic 22.5m


Further drillholes to be planned based on geological Fault Fault
interpretation and results of DH geophysics

200m
Seismic reprocessing and interpretation






* Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223 6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4
9 WWW.AUROCHMINERALS.COM

Nepean Nickel Project






HIGH-GRADE NICKEL SULPHIDE MINE WITH
HISTORIC RESOURCES & NEAR-MINE
EXPLORATION POTENTIAL




15 RC drillholes (1,073m) and 1 diamond drillhole (78m)
completed:

• Results extend strike of shallow high-grade nickel sulphide

mineralisation in Sill 3 south of historic UG mine:
• NPRC052: 8m @ 3.21% Ni & 0.13% Cu from 63m


incl 2m @ 7.51% Ni & 0.39% Cu from 68m

• NPDD007: 4.64m @ 2.99% Ni & 0.13% Cu from 71.58m

Drilling also defined the 2 lenses of high-grade nickel
sulphide mineralisation at <100m deep

Next step: diamond drill program for metallurgical testwork,
6 holes planned

Scoping study with P1 Australasia underway to assess

potential to deliver near-term production










* Refer to ASX Announcement – AUROCH TO ACQUIRE HIGH-GRADE NEPEAN NICKEL PROJECT
10 WWW.AUROCHMINERALS.COM https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02307223-6A1006606?access_token=83ff96335c2d45a094df02a206a39ff4

Nepean Nickel Project






POTENTIAL FOR NEW DISCOVERIES
10km UNDEREXPLORED STRIKE


A further 36 RC drillholes (5,862m) and 2 diamond drillholes

(651m) completed testing targets along the ~10km of
prospective strike north and south of Nepean mine:


• Confirmed fertile komatiites largely coincident with
magnetic anomalies – thick ultramafics with disseminated
NiS intersected in multiple holes along strike. Anomalous

geochemistry: Ni:Cr>1, elevated Ni:MgO and PGEs,
Kambalda ratio


Never been previously explored with modern techniques – high-
powered ground MLEM and DHEM surveys completed with new
drill targets generated


Ground IP planned over northern tenements in area highlighted

prospective by recent geochemistry review

Awaiting assay results (for 17 holes); assess results to further

define targets for next phase of regional drilling

Au and Li potential in addition to the Ni-Cu-PGE prospectivity






11 WWW.AUROCHMINERALS.COM

Saints Nickel Project




EXISTING NICKEL SULPHIDE RESOURCE WITH EXPLORATION

POTENTIAL DOWN-PLUNGE


JORC (2012) Resource: 1.05Mt @ 2.0% Ni & 0.2% Cu for 21.4kt Ni & 1.6kt Cu

Provides clear pathway to development and mining as nickel price increases

Extensions to primary lava channel positions - potential to increase current Resource


ACTIVITY
Continue exploration for massive NiS mineralisation at regional targets, depth
extensions to known mineralisation and possible infill drilling to upgrade known
Resources

Scoping study with P1 Australasia underway to assess an underground mine scenario

to deliver near-term production


























12 WWW.AUROCHMINERALS.COM

Leinster Nickel Project






KNOWN MASSIVE NICKEL SULPHIDE MINERALISATION AND
EXPLORATION UPSIDE



The Horn: thick massive Ni-Cu sulphides at shallow depths over 500m of strike:

• 14.66m @ 2.19% Ni & 0.48% Cu from 132.6m
• 7.30m @ 2.20% Ni & 0.53% Cu from 143.0m

Minimal historic exploration along strike over some of the aeromagnetic anomalies

5 diamond hole & 8 RC hole drill program completed along Horn trend:

• Confirmed fertile ultramafic units coincident with magnetic anomalies at the
Woodwind and Percussion Prospects: intersected thick disseminated “cloud”
sulphides (i.e. 72m @ 0.46%Ni from 212m) within cumulate ultramafics

• All assay results now received and DHEM plates modelled – upcoming technical
review to refine exploration targets for next drill program (i.e. String and Brass
Prospects, Sinclair North and Firefly)



Massive Ni-Cu sulphides from the Horn












Aeromagnetics: 1 vert
st
derivative RTP E shade linear

13 WWW.AUROCHMINERALS.COM

Arden Zinc-Copper Project, SA




HIGH-GRADE ZINC & COPPER MINERALISATION WITH
PRIORITY DRILL TARGETS



• Ragless Range Zinc Target – recent drilling identified high-grade
mineralisation:

• 12.80m @ 5.0% Zn from 53m

incl 3.65m @ 15.5% Zn from 62.15m (RRDD007)

• Strong gravity anomaly +3.5km in regional syncline adjacent to extensive zinc
anomalies from soil sampling, outcropping gossans and high-grade drill
intersections = high priority drill target

• All approvals now received for 4 hole diamond drill program for 1,000m to be
drilled in October, including downhole radial IP surveys























Aeromagnetics: 1 vert
st
derivative RTP E shade linear

14 WWW.AUROCHMINERALS.COM

Looking Ahead: Key Milestones







1. NEPEAN DEEPS MAIDEN DRILL PROGRAM – this drilling and downhole
geophysics program exploring for high-grade NiS mineralisation below
Nepean mine is the current exploration focus. Will also complete October November December January
shallow metallurgical drilling 3,000m 550m
RC & DD Drilling NEPEAN DEEPS exploration prog. Metallurgical prog.
2. RC DRILL PROGRAM AT NEPEAN, TESTING REGIONAL TARGETS – NEPEAN Geophysics DHEM / DHEM / Ground IP
assay results pending. High-powered ground MLEM and DHEM surveys MMR MMR
have generated new exploration targets. Also planned ground IP survey Scoping Study Internal assessment of potential mining scenarios
on northern tenements
2,000m
RC & DD Drilling exploration prog.
3. SAINTS DRILLING - continue exploration for massive NiS including
depth extensions to known mineralisation and infill drilling to upgrade SAINTS Geophysics DHEM
known Resources
Scoping Study Internal assessment of potential UG mining scenarios
4. DIAMOND AND RC DRILLING AT LEINSTER COMPLETED along the NW RC & DD Drilling 2,000m
trend from the Horn. Upcoming technical review and plan further LEINSTER exploration prog.
drilling including DHEM targets Geophysics DHEM

1,000m
5. DIAMOND DRILL PROGRAM AT THE RAGLESS RANGE Zinc Target at RC & DD Drilling Ragless Range prog.
the Arden Project, SA SA PROJECTS Geophysics DHIP


6. INTERNAL SCOPING STUDIES UNDERWAY into design, optimisation Plan regional
and production scenarios at Saints and Nepean, and continuing AC/Geochemistry prog.
discussions with BHP and other potential partners regarding
metallurgical testwork, toll treating and offtake









15 WWW.AUROCHMINERALS.COM

Why Nickel, Why Auroch?





AUROCH LEVERAGED TO CLASS 1 NICKEL DEMAND



Refined Nickel Supply Capacity & Demand
(By Class of Nickel, Kt Estimate, McKinsey, Sept 2020)
Nickel price is >US$18,000/t

climbing



With current trends,
• Global stainless steel demand projected to increase by Class 1 nickel is expected
5% YOY from 2021 2 to be undersupplied

• Within the broader nickel market, the scarcity of nickel
sulphide deposits is contributing to an even greater
looming shortage of Class 1 nickel which can be used in
batteries


• Electric vehicle disruption: increased uptake on EVs and
improving battery technology requiring more and more Ni


Goldman Sachs has a 12 month price
target for nickel of US$24,000/t 2













2 Goldman Sachs: Metals Watch: A fundamentally mispriced market, 30 August 2021


16 WWW.AUROCHMINERALS.COM

Nickel is Critical For The World’s Clean


Energy Technologies





PEDAL TO THE METAL METALS AND MINERALS DEMAND FROM LITHIUM-ION BATTERIES



Nickel Demand 5.2x
2021 vs 2030


In 2012 less than 50,000 EV’s sold, this year global sales
are expected to exceed 2 million, by 2030 20-25 million
EV’s sold per year


• Solid state battery NMC 811
– 80% Ni 10% Mn 10% Co

• On average Tesla models use 45kg of nickel












FUTURE
NICKEL
DEMAND
BREAKDOWN







17 WWW.AUROCHMINERALS.COM

ASX:AOU | CORPORATE PRESENTATION | OCTOBER 2021





CONTACT




Mr Aidan Platel
Managing Director
E: [email protected]
M: +61 400 190 005




Suite 10
38 Colin Street
West Perth WA 6005


T: +61 8 6383 7817
F: +61 8 6245 9853

APPENDIX:



Schematic cross section of Kambalda-style nickel sulphide deposit











































*Basal channel massive sulphides are thickest and highest-grade sulphides in Kambalda-style system: main targets to
significantly increase existing Resource








19 WWW.AUROCHMINERALS.COM

Our Sustainability Plan





ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE CENTRAL TO AUROCH’S CORE STRATEGY


OUR SUSTAINABILITY PILLARS


• Published maiden Sustainability Plan in July which
highlights the Company’s vision and priorities to support a
sustainable business

• Our plan and pillared strategy are aligned to the United

Nations (UN) Sustainable Development Goals (SDG) and has
been set by the Company’s Sustainability Committee,
chaired by Director Mike Edwards

• Focussed on creating value for ALL stakeholders






























20 WWW.AUROCHMINERALS.COM

A globally
significant
source of
nickel-cobalt
and scandium in
Western Australia




Australian Nickel Conference

5 October 2021


Ardea Resources Limited




Kalgoorlie Nickel Project – the Location, Resource and

Flowsheet for sustainable Critical Minerals supply

Disclaimer





Importantnotice
This presentation contains general information only and is, or is based upon, information w hich has been released to ASX or is contained in the Ardea Resources Limited (Ardea or the
Company) prospectus dated 9 November 2016 (including supplementary prospectuses dated 18 November 2016 and 6 January 2017), the Goongarrie Nickel Cobalt Project Pre-Feasibility
Study (dated 28 March 2018) the Goongarrie Expansion Study (24 July 2018), Goongarrie Pilot Plant trial produces battery grade crystals (31 October 2018), Goongarrie Nickel Cobalt
Project Update (8 April 2019), Ardea Annual Report 2019 (24 October 2019), Ardea Quarterly Operations Report, for the quarter ended 31 March 2020 (9 April 2020), Quarterly Activities
Report - June 2020 (23 July 2020), Nickel Sulphide Targets w ithin the Ardea Tenement Portfolio including KNP (30 September 2020), Quarterly Activities Report - September 2020 (27
October 2020), Quarterly Activities Report - December 2020 (21 January 2021), GNCP High Grade Resource - 60 million tonnes at 1.0% nickel (15 February 2021), Quarterly Activities
Report - March 2021 (21 April 2021), Basal contact nickel sulphide intersected at Ardea’s Emu Lake (27 April 2021), CSIRO/Ardea research at Goongarrie BTZ – insights for nickel sulphide
and gold targets (27 May 2021), Kalgoorlie Nickel Project – Feasibility Study Underw ay (31 May 2021), Semi-massive nickel sulphide intercept at Emu Lake (10 June 2021), Highw ay Nickel
Deposit - Mineral Resource Estimate (16 June 2021), Successful A$5.7M Capital Raising to Fund Kalgoorlie Nickel Project Feasibility Work (28 June 2021) Nickel Sulphide Exploration
Update – Emu Lake (13 July 2021), Ardea Quarterly Operations Report, for the quarter ended 30 June 2021 (27 July 2021), Ardea AnnualReport 2021 (24 September 2021).
This presentation is not an invitation, offer or recommendation (express or implied) to subscribe for, or apply for the purchase of, or to take any other action in respect of securities of any
entity described herein and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with
ASIC. None of Ardea Resources Limited (Ardea or the Company) or its representatives are providing or offering investment advice or services by making this presentation.
Neither Ardea nor its representatives make any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the
information contained herein or any other w ritten or oral communication transmitted or made available to any person receiving this presentation. To the maximum extent permitted by law ,
Ardea and representatives expressly disclaimany and all liability based on or arising from, in w hole or in part, such information, or any errors or omissions.
This presentation contains forward-looking statements regarding the Company’s resources, intentions and future business. These statements reflect current information, expectations,
intentions and strategies regarding the future, and are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialise, or should any of the
underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this presentation. Investors are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date they are made. Other than where required by law, the Company is under no obligation to revise any forward looking
statement to reflect events or circumstances afterthe date of this presentation or to reflect the occurrence of unanticipated events.
The Goongarrie Project has completed the Pre-Feasibility Study phase and has commenced programs that are part of the Definitive Feasibility Study. Though reasonable care has been
taken to ensure that the facts are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained
in this document or on its completeness. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward
looking statements depending on a variety of factors. A key conclusion of the Pre-Feasibility Study and Expansion Study, which is based on forward looking statements, is that the
Goongarrie Project is considered to have positive economic potential.
No stockexchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this new s release.



2

Ardea Resources Corporate Overview





Board and Key Personnel Kalgoorlie Nickel Project – Goongarrie Hub
Mathew Longworth Non-Executive Chair ✓ Globally significant Nickel, Cobalt and

Andrew Penkethman Managing Director & CEO Scandium resource and other Critical
Minerals
Ian Buchhorn Executive Director
✓ Critical Minerals essential for green
Sam Middlemas Company Secretary & CFO
and sustainable technologies
Alex Mukherji Manager Land Access & Compliance
✓ Located in Australia’s premier mining
General Manager – Technical
Mike Miller jurisdiction, Kalgoorlie-Boulder
Services
Western Australia
Listed on ASX (ARL)

Shares on Issue 138,034,219
Performance Rights (ARFAJ) 4,667,000
Share Price $0.46
52 week high / low $0.63 / $0.40
Cash (as at 5 July 2021) $11 million

Market Capitalisation $63 million
Board and Management ~10% equity
Top 40 Shareholders ~60% equity
Research Petra Capital 3

Developing KNP – Australia’s next major Ni-Co project




Kalgoorlie Nickel Project (KNP)

















✓ There is no battery
revolution without the

development of strategic

nickel laterite resources,
such as the Kalgoorlie

Nickel Project that can
ensure sustainable and

ethical mineral supply

4 4

KNP – Building Blocks for success












✓ World’s best operating jurisdiction


✓ Globally significant resource

✓ Premium goethite geo-metallurgy

✓ Enhanced flow sheet

✓ Proven technology


✓ Experienced team working with
high quality partners


✓ Project development based on sustainable
and ethical principles





5

World’s best operating jurisdiction





• All Ardea Projects located in Western Australia (WA)


• >4,000km ground position in Eastern Goldfields
2
• WA is the premier global destination for development

of minerals operations

• City of Kalgoorlie-Boulder is the prime resource
development and operating destination within WA

✓ Very strong mining support from Local
Government and Community

✓ Multitude of world-class mining operations

serviced from the City
✓ Ardea maintains a local operations office and

active stake holder engagement
✓ Road and rail network pass through granted

Goongarrie Hub mining leases

6

World’s best operating jurisdiction





• Large contiguous KNP land holding – able to optimise site footprint

• Great Western Woodland amenable to low-impact Optimum
developmentand rehabilitation location for
• Semi-arid environment, facilitates well managed tailings disposal sustainable

✓ Rehabilitation procedures well defined by decades of & ethical
Kalgoorlie open pit gold mining mineral supply
✓ No ocean submarine tailings disposal
✓ No valley-fill tailings dams
✓ No active seismicity tailings dam issues
• No conflicting land use demands

✓ KNP within a purely mining jurisdiction
✓ No competing food production activity
• Low carbon future
✓ KNP HPAL neutraliser includes nickel enriched

non-carbonate serpentine options
✓ Waste landform benefits regeneration agroforestry
throughout the KNP

7

Globally Significant Resource





✓ Globally significant nickel & cobalt Mineral Resource
✓ Sustainable & ethical supply of nickel & Critical Minerals for low carbon future
Goongarrie Hub
- High grade component -
78Mt at 1.0% Ni and 0.069% Co*
784kt contained Nickel
54kt contained Cobalt



• Kalgoorlie Nickel Project (KNP) Feasibility Study (FS) scope

covering Goongarrie Hub including satellite pits at Highway and
Siberia North (Goongarrie Hub)
• The FS is evaluating the potential revenue contributions from
mineralised neutraliser, scandium and other Critical Minerals,
including Rare Earth Elements (REE) throughout the KNP

• Direct infrastructure links to the Kwinana Battery Hub


✓ KNP Mineral Resource 5.9Mt contained nickel and 384kt contained cobalt*
✓ 3.39kt scandium, from just Goongarrie deposits
✓ Pipeline of other Critical Minerals 8
* See Appendix for resource breakdown and ASX release 16 June 2021

Understanding the Geo-metallurgy



Matching the flowsheet to the mineralisation

Material Types Appraisal

✓ Comprehensive drilling, logging and assaying of all deposits
✓ Detailed multi-element assay suite (61 elements), including carbon balance
✓ XRD mineralogy for metallurgical performance
✓ Material Type controls and maximises resource utilisation
✓ High Pressure Acid Leach (HPAL)
✓ Atmospheric Leach (AL)
✓ Neutralisation (N)

Resource Utilisation

✓ Lateritised Alluvium - site engineering requirements
✓ Clay Upper - goethite HPAL, base load hydrometallurgical feed
✓ Enrichment Zone - goethite-asbolite high grade, 1% Ni - 0.1% Co, high Fe
✓ Clay Lower - serpentine-nontronite (saprolite) AL feed, low Fe
✓ Saprock - dolomite/magnesite Primary and Secondary Neut,
high Mg
✓ Due to deep optimised pits at Goongarrie South, Clay Lower AL and Saprock
Neutraliser recovered when accessing deep goethite-asbolite ore

9

Enhanced flow sheet




✓ Premium goethite ore (excellent comminution, less abrasive, lower maintenance)
✓ MHP sale product during ramp up, in high demand
✓ Evaluating PCAM production through FBICRC membership
✓ Additional Critical Mineral by-products (current bench-scale metallurgy)















Process Metallurgy
✓ High ore grade + slurry density = Lower Capex$ & Opex$ (best in Australia*)

✓ HPAL Ni & Co Extraction = Efficient, low energy intensity, proven “off-the-shelf”
✓ AL = Stability for acid plant (energy generation), maximises resource utilisation
✓ AL viable Ni extraction demonstrated in Vale Inco 2009 PFS
✓ Water Chemistry = Scale control & better uptime
✓ Water Options =Using pit drainage + pending licensed borefield
✓ MHP = Known technology & chosen feedstock for Lithium Ion Batteries

* See Slide 21 for data. 10

Proven technology




Coral Bay HPAL Example Ramp up rates

✓ HPAL chemistry is well known and has been ✓ Horizontal autoclave at Coral Bay built Train 1: 2005, Train 2: 2008
applied successfully since the 1960s ✓ At Coral Bay name plate production capacity exceeded in first year of

✓ Single reactor production and thereafter
✓ Recovery of waste heat = Energy savings ✓ Owners built a sister plant at Taganito

✓ Annual scale cleaning – uptime >90%
✓ Minimal engineering extrapolation Coral Bay Ramp Up

1.4
1.2
Ni Prodn, % of Design 0.8 1



0.6
0.4
0.2
0
0 0.5 1 1.5 2 2.5 3
Production Year

Train 1 Train 2
The information on this slide is based on the Coral Bay HPAL process facility in the Philippines that is not an asset of Ardea, but is shown as an example of the successful implementation of HPAL technology. 11

Proven technology




“Must Haves” for HPAL Success – all incorporated into the KNP FS



Good Materials Handling Controlled Chemistry

✓ Well known resource ✓ Feed blending & acid rate control
✓ Modular ore prep circuits no supply issues ✓ Design to avoid HPAL “hot spots”

✓ Design for high density slurry feed ✓ Nano-filtration to give “soft” HPAL feed
✓ Atmospheric Leach to reduce neutraliser consumption
Good Heat Transfer

✓ Integrate acid plant into energy balance High Process Availability
✓ High density, high temperature HPAL feed ✓ Modular approach, capacity & surge studies

✓ Energy savings included at fundamental level ✓ Proven materials of construction
✓ Proven vessel design rules, equipment selection





Subject to current review in Wood Engineering Gap Analysis




12

Experienced team working with quality partners





Feasibility Study

✓ Gap Analysis Study Underway - Wood, international engineering consulting group

✓ Goongarrie Hub Hydrogeology Drilling underway – Rockwater & Harrington
✓ Goongarrie Hub Metallurgical Drilling completing – contractor DDH1

✓ Metallurgical Testwork – Program designed & drill core composites selected



Other Work Streams
✓ Future Battery Industry Co-operative Research Centre (FBICRC), active member

✓ CSIRO joint research projects in nickel

✓ Hylogger3 study underway for process mineralogy
✓ Completed CSIRO/Ardea research at Goongarrie BTZ – insights for nickel
sulphide and gold targets, notably structural preparation and weathering depth

✓ Nickel Sulphide and other studies being assessed


Photograph right: Pump testing the Goongarrie Hub water extraction licence application covering the East Goongarrie Channel on granted Ardea
Mining Lease tenure. A further licence application covers the base load Pamela Jean "pay-back" pit area, where the water is related to a major
penetrative bedrock structure (that controls nickel laterite mineralisation to depths of up to 160m). Bedrock structures at Goongarrie tend to be better
water quality than the adjoining palaeo-channels. The Goongarrie Hub pitareas require dewatering in any event ahead ofmining. 13

Project development based on sustainable & ethical principles




Low carbon footprint

✓ KNP Acid plant – Steam Power Block Flow Diagram ✓ Indicative CO emissions – per kg of Ni metal equivalent production
2
✓ Heat generated from on-site acid plant will be used for ✓ CO emissions from the KNP expected to be less than a third of those
2
generating electrical power via steam turbines from Indonesian smelter nickel laterite operations
✓ KNP feasibility work aimed at further minimising CO emissions
2

















KNP DFS to continue to
reduce CO emissions
2
KNP Murrin Murrin Ferronickel Nickel Pig Iron
(Ni Content (Ni Content (30% Ni (10-15% Ni
~22%) >99.8%) content) content)
from Laterite from Laterite from Laterite from Laterite
Ore (HPAL) Ore (HPAL) Ore Ore (RKEF)
14
Source: Wei et al Energy Consumption and Greenhouse Gas Emissions of Nickel Products, 2020 and Ardea modelling.

Investment Summary




Ardea’s KNP offers unrivalled nickel,

cobalt and scandium scale optionality
(5.9Mt of nickel and 384kt of cobalt*)

Globally significant nickel-cobalt-scandium
resource in an infrastructure-rich and
stable jurisdiction, ability for Ni Co Sc Mn
sustainable and ethical mineral supply


100% off-take is available.Company strongly leveraged to increasing battery-related nickel and cobalt demand


Highly prospective landholding in the Eastern Goldfields of Western Australia – confirmed with recent Ardea
Emu Lake nickel sulphide discovery


WA-based Team with track record of exploration, development and production success


Well-funded to maintain momentum -upcoming news flow to include feasibility study, hydrogeology and metallurgy
updates, nickel sulphide and Critical Mineral exploration




15

For further information






Andrew Penkethman,

Managing Director & CEO

+61 8 6244 5136



[email protected]
ardearesources.com.au























16

A globally
significant
source of
nickel-cobalt
and scandium in
Western Australia








For further information regarding Ardea,
please visit www.ardearesources.com.au




APPENDICES

Nickel and the Inevitable Rise in Demand





✓ Demand for batteries is forecast to accelerate over the
next decade as energy storage becomes critical to the
transformation of energy systems
✓ KNP poised to supply nickel and cobalt to meet the
inevitable and growing rise in demand



Global battery demand projected to 2030 (GWh pa)



Total primary nickel demand by first-use sector, 2020 to 2040 (kt Ni)






10x

9x






Source: Accenture report commissioned by the Future Battery Industries CRC, 2021
Notes: IRENA’s high scenario forecast used for ESS in Roskill projection. Growth rates in exhibit are compounding annual growth rates.
Source: World Economic Forum (2019) A vision for a Sustainable Battery Value Chain in 2030; Roskill (2020) Lithium-ion Batteries: Outlook to 2029, 4th
Edition; International Renewable Energy Agency (2017) Electricity storage and renewables: Costs and markets to 2030; International Energy Agency 18
(2021) Global EV Data Explorer; Jager-Waldau (2019)Snapshot of Photovoltaics-February 2019; Accenture analysis.

Experienced team working with quality partners




Board and Key Personnel

✓ Balanced financial and corporate experience, strong
technical expertise in exploration, discovery, project
development, metallurgical optimisation, compliance and
operational management

Mathew Longworth Non-Executive Chair
33 years experience across exploration, project evaluation/development,
operations and corporate management. Invaluable experience on the key
Ardea exploration and development projects, being the KNP nickel-
cobalt-scandium deposits and Bardoc Tectonic Zone gold. Sam Middlemas Company Secretary & CFO
Chartered Accountant (CA) with more than 30 years’ experience
Andrew Penkethman Managing Director, CEO
providing financial and corporate secretarial services.
Resources sector executive with over 25 years’ experience, including
project evaluation, exploration, discovery, resource development, Alex Mukherji Manager Land Access & Compliance
feasibility study management, permitting, stake holder engagement, Extensive geological and environmental compliance reporting. Drafting
mine development and operations management. and negotiating access and commercial agreements. Assessing
ASX, TSX and AIM experience. business development opportunities. Corporate representation with
stake holders, including State and Commonwealth agencies.
Ian Buchhorn Executive Director
Mineral Economist and Geologist with over 40 years’ experience. Lived Mike Miller General Manager - Technical Services
and worked in the Eastern Goldfields for >20 years undertaking Process Engineer with over 25 years’ experience in hydrometallurgical
exploration, project evaluation and development. Operated as Registered operations with a primary focus on nickel-cobalt production. Extensive
Mine Manager in the Kalgoorlie Goldfields, City Councilor 1992 - 2006 study management experience with leading engineering firms.
19

Project development based on sustainable & ethical principles





✓ Environmental Social and Governance (ESG)
considerations at the forefront of the way in which
Ardea does business
✓ Project designs and work practices based on ensuring
the Company minimises green-house gas emission to
ensure responsible sourcing of nickel and Critical
Mineral supply
✓ Ardea enjoys strong support from the communities in
which we operate

✓ Ardea has a Native Title Agreement in place for
development of KNP

✓ Ardea has initiated an education fund to assist children
in the Eastern Goldfields of WA
✓ The Ardea team comprises over 31% female
participation, all in key management roles, and the
Company is a strong advocate for gender equality and
fair representation for all community groups



20

KNP Superior HPAL Intensity





✓ Good ore grade + good slurry density = Lower capex & opex $$
✓ Atmospheric leach = stable operation, utilizes saprolite resource
✓ MHP Product = known technology & good market acceptance





Operating data from Australian HPAL Producers


Performance Driver Ardea Bulong Cawse Murrin RNO^ Metric Ardea Rank Comment


Atmospheric Leach Yes No No No Yes - #1 Stable operation and full resource utilisation

HPAL Feed Density 42-44% 31% 35% 38% 42% % Solids #1 The higher the better = Maximises plant throughput
Residence Time 45-60 75 105 90 60 minutes #1 The lower the better = Maximises plant throughput

Slurry Grade Ni 4.82 2.89 3.07 3.87 7.39 Ni kg/m3 #2 The higher the better = Increased revenue stream

Slurry Grade Co 0.88 0.23 0.24 0.34 0.31 Co kg/m3 #1 The higher the better = Strategic Co-Product credits

Data Sources ^Ravensthorpe Nickel Operation (RNO) figures based on design numbers on upgraded
Ardea – Goongarrie Hub testwork results from PFS and Expansion Study, ASX release 28 March 2018 & Goongarrie Expansion Study, 24 July 2018. beneficiated ore from the Halleys Deposit which has since been mined out.
Bulong, Cawse, Murrin - ALTA 1999, An Engineering Comparison of the Three Treatment Flowsheets In WA Nickel Laterite Projects. Ardea data is based on non-beneficiated material (with always an option to beneficiate selected
RNO – ALTA 2001, Observations from the RNO Pilot Plant at Lakefield Research, 2000 AD. KNP geo-met types, notably at Highway & Goongarrie Hill).

21

A High-Quality Nickel and Cobalt Project






Outstanding results delivered from PFS* and ✓ PFS of 1Mtpa and 1.5Mtpa base case over a 25-
Expansion Studies: year mine life completed


1.0Mtpa 1.5Mtpa 2.25Mtpa ✓ Expansion study of 2.25Mtpa with a
25-year mine life completed
Status PFS PFS ES
✓ 94.5% nickel and 95.5% cobalt recovery – life of
No. Trains 1 1 1
mine
US$ 1.13 billion US$ 1.52 billion US$ 2.4 billion
Pre Tax NPV 8
✓ Pre-cobalt credit C1 costs in line with current
Pre Tax IRR 29 % 29 % 31% worldwide operators

CAPEX US$ 472 million US$ 588 million US$918 million ✓ High Pressure Acid Leach (HPAL) 5th generation
plant is a proven design, successfully operated in
C1 cash cost US$ 0.42 / lb US$ 0.45 / lb US$ (0.34) / lb other laterite projects globally

Payback 5.3 years 5.6 years 5.1 years
✓ 2.25Mtpa case based on only 26% of Goongarrie
Resource
Cobalt sulphate 5,500tpa 6,900tpa 10,000tpa
✓ Scandium by-product credit not factored in, so offers
Nickel sulphate 41,500tpa 55,300tpa 81,000tpa
additional up-side
The information shown on this slide has been previously released on the ASX platform by Ardea in ASX releases, *Goongarrie Ni ckel Cobalt Project, PFS study, 28 March 2018 &
+Goongarrie Expansion Study, 24 July 2018. All the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report
referred to in rule 5.17 continue to apply and have not materially changed. 22

KNP Resource Breakdown








Kalgoorlie Nickel Project nickel-cobalt JORC Code (2012) Mineral Resource Estimate

Resource Size Ni Co Contained Metal
Camp Prospect
Category (Mt) (%) (%) Ni (kt) Co (kt)
KNP TOTAL Measured 22 0.94 0.079 207 17
Indicated 357 0.72 0.047 2,584 168
Inferred 452 0.68 0.044 3,088 199
GRAND TOTAL Combined 830 0.71 0.046 5,879 384

Note: 0.5% nickel cutoff grade used to report resources. Note figures are rounded to reflect degree of certainty and may not tally.
The information shown on this slide has been previously released on the ASX platform by Ardea in ASX release 16 June 2021.










In accordance with the Australian Securities Exchange Limited Listing Rules Appendix 5A:
The information in this report that relates to KNP Exploration Results is based on information originally compiled by previous full time employees of Heron Resources Limited and or Vale Inco. The Exploration Results and data collection
processes have been reviewed, verified and re-interpreted by Mr Ian Buchhorn who is a Member of the Australasian Institute of Mining and Metallurgy and currently an executive director of Ardea Resources Limited. Mr Buchhorn has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Buchhorn consents to the inclusion in this report of the matters based on his information in the form and context that it appears.
The information in this report that relates to Mineral Resources for the Goongarrie Hill, Goongarrie South, Big Four, Scotia Dam and Highway nickel-cobalt deposits that comprise the Goongarrie Hub is based on information compiled by Mr
James Ridley who is a Member of the Australasian Institute of Mining and Metallurgy, a full time employee of Ardea Resources and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ridley consents to the
inclusion in the report of the matters based on this information in the form and context in which it appears.
23

Goongarrie Hub Mineral Resources

using a 0.8% Ni cut-off grade



Summary of Mineral Resource Estimate from the Goongarrie Hub, based on a 0.8% Ni cut-off grade, comprising resources
at Goongarrie Hill, Goongarrie South, Highway, Big Four, Scotia Dam and Highway (ASX release 16 June 2021).



































Note figures are rounded to reflect degree of certainty and may not tally.
24

Goongarrie Deposits Mineral Resources

including Sc, using a 0.5% Ni cut-off grade




Summary of Mineral Resource Estimate from the Goongarrie deposits based on a 0.5% Ni cut-off grade (ASX release 15 February 2021).

Resource Tonnes Ni Co Contained Metal Sc Resources
Deposit
Category (Mt) % % Ni (kt) Co (kt) Mt Sc ppm
Goongarrie Hill Indicated 40 0.65 0.037 260 14.7 10.5 16
Inferred 29 0.60 0.025 178 7.3 2.0 16
Subtotal 69 0.63 0.032 438 21.9 12.5 16
Goongarrie Measured
South 18 0.94 0.085 172 15.4 18.2 40
Indicated 82 0.71 0.049 587 40.2 53.1 23
Inferred 10 0.64 0.033 61 3.1 5.5 24
Subtotal 110 0.75 0.053 820 58.7 76.8 27
Big Four Indicated 49 0.71 0.047 345 22.9 31.9 24
Inferred 14 0.68 0.043 95 6.1 2.9 24
Subtotal 63 0.70 0.046 440 28.9 34.8 24
Scotia Dam Indicated 12 0.71 0.065 82 7.4 11.2 25
Inferred 5 0.72 0.043 37 2.2 0.6 22
Subtotal 17 0.72 0.058 118 9.6 11.7 25
GNCP Total Measured 18 0.94 0.085 172 15.4 18.2 40
Indicated 182 0.70 0.047 1,274 85.1 106.6 23
Inferred 58 0.64 0.032 371 18.6 11.0 23
Grand Total 259 0.70 0.046 1,817 119.2 135.8 25


Note figures are rounded to reflect degree of certainty and may not tally.
25

RIGHT TEAM





>100yrs combined experience in
district and commodities








RIGHT ADDRESS




Globally significant nickel
& gold camp





28

th
5 October 2021 Ni RIGHT ASSETS


Under-explored, missed last Ni boom,

79 no modern exploration for >25 yrs
Paydirt Australian Nickel Au



Conference 2021 RIGHT TIMING






Supportive environment for Ni price
Ed Ainscough, Managing Director

Important Notice & Disclaimer







This material in this presentation has been prepared by employees of Lunnon Metals Ltd (“LM8” or the “Company”) on its behalf.

This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without prior written approval of the Company. The
material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and
neither this presentation nor anything contained in it shall form the basis of any contract or commitment. Any offering of any of the Company's securities to Australian persons will be subject to Australian securities laws.
The distribution of this document in jurisdictions outside of Australia may be restricted by law, and persons in to whose possession this document comes should inform themselves about, and observe, all such restrictions.

This presentation is not financial product or investment advice. It does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment in the
Company, an investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances, seek legal and taxation advice as
appropriate and consult a financial adviser if necessary.

This presentation may contain forward-looking statements that are subject to risk factors associated with a mineral resources exploration business. Forward looking statements include those containing such words as
"anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known
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but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. The Company does not make any representation or warranty as to
the accuracy of such statements or assumptions.

This presentation has been prepared by the Company based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of
the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of theCompany or its subsidiaries or affiliates or the directors, employees, agents, representatives
or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of this presentationor its contents or otherwise arising in connection with it, including without limitation, any liability
arising from fault or negligence on the part of the Company or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party. Refer to the ITAR in Schedule 3 for the
Prospectus dated 22 April 2021 for further details, the Competent Person Statements for the Mineral Resource estimates for the nickel deposits and additional information relating to the reporting of Exploration Targets
and Exploration Results.

The information in this presentation that relates to geology, nickel mineralisation, Mineral Resources and Exploration Targets is based on and fairly represents information compiled and reviewed by Mr. Aaron Wehrle.
The information in this presentation that relates to the reporting of Exploration Results is based on and fairly represents information compiled and reviewed by Mr. Aaron Wehrle and Mr. Edmund Ainscough. Mr. Wehrle
and Mr. Ainscough are Members of the Australasian Institute of Mining and Metallurgy (AusIMM), are both full-time employees of LM8, shareholders and holders of employee options; they have sufficient experience
that is relevant to the style of mineralisation and type of deposits under consideration and to the activity that they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Wehrle and Mr. Ainscough consent to the inclusionin the presentation of the matters based on their information in the form and context in
which it appears.
The Appendices and Competent Persons Statements at the end of this presentation contain important details and should be readinconjunction with this disclaimer.




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