Progress Update on Ardea’s KNP – Goongarrie Hub Project with Mitsubishi

Ardea Resources has provided an update on its collaboration with Sumitomo Metal Mining (SMM) and Mitsubishi Corporation (MC) for the Kalgoorlie Nickel Project (KNP) Goongarrie Hub Definitive Feasibility Study (DFS).

Steady Advancement towards Definitive Feasibility Study

The joint venture is progressing well, with substantial work already completed in defining the DFS scope. Contracts are being awarded, and the parties are on track to conclude the study by 29 February 2024. Mitsui & Co. has chosen to withdraw from the Consortium, while SMM and MC remain committed to the ongoing negotiations under the Memorandum of Understanding (MOU).

Focused on a Joint Venture Formation

Ardea and the Consortium are negotiating binding Final Agreements to establish a joint venture. This partnership aims to facilitate the completion of the DFS, make a Final Investment Decision (FID), and secure funding for developing the KNP Goongarrie Hub. The project aims to begin lithium chloride production by H1 2025.