Ann: Full Year Statutory Accounts, page-42

Old Strategy

Ardea’s strategy for ultimate growth is to combine the following elements:

• Ongoing commitment to the identification and review of projects/corporate opportunities that have the capacity to successfully develop into a profitable mine.

• Maximise the commercial value of the existing tenement portfolio through the ongoing establishment and maintenance of suitable joint ventures and other alternate funding arrangements where appropriate

New Strategy

• Commitment to the identification and review of projects/corporate opportunities that have the capacity to successfully development into of a profitable mine.

• Maximise the commercial value of the existing tenement portfolio through the ongoing establishment and maintenance of suitable joint ventures and other alternate funding arrangements where appropriate taking advantage of the current Statutory approval applications for drilling by drilling/exploring our tenement portfolio.