Firstly I’ll touch on two things which have caught my eye...

Firstly I’ll touch on two things which have caught my eye lately- one being that we are now starting to reach out to the people who dig things up and those who process those things.

Secondly this being released a week early.

There really seems to be some momentum building.

Now to the report- happy reading & a lot to explore so straight off the bat I’ll say well done to management. Cash use is well in hand, steady progress has been made. A very consistent performance over time which indicates a sincere belief in & ability to deliver on the stated goals of the company.

Such consistent behavior & effort will surely be a plus in any partner’s eyes.

Page 15:

“Ardea’s GNCP is unique among the world’s lateritic nickel-cobalt deposits in that it has developed on ultramafic rocks that are within and a part of a major, crustal-scale gold-mineralised structure being the BTZ. The BTZ hosts, from south to north, the Paddington, Goongarrie, Comet Vale and Menzies gold mining centres.

The latest Ardea drill results from the Big Four area, as well as having reassessed historic data, shows that strong, laterally extensive gold anomalism is present beneath the full 15 km strike length of the nickel-cobalt orebodies of the GNCP.”

The above shows is that a nickel/cobalt/scandium focused investor/partner in ARL gets the unique opportunity of a gold hedge.

Unique. A word that is misused very often to mean ‘very rare/unusual’ but which actually means one of a kind.

I think that is worth repeating- this is the only nickel/cobalt laterite with gold in it on the market.

Let that sink in for a moment when we consider ‘what sets this company apart from the rest?’ Good potential for gold to come up throughout the life of the mine.

Other geological high points?

Recoverable nickel and cobalt from on site neutralizer materials. While many have to pay to have neutralizer brought in we will actually be making some money off the material we use to make our neutralizer- forget free. It will come out as a cost positive exercise. A $- becomes a $+

Then there is the gold and nickel sulfate deposits.

Page 20: VMS. VMS was recently spoken of in connection to another company- SFR.AX If we look back at that company’s chart we see that such ground is very well liked by the investing community.

Page 21:

More gold- Windanya gold

Windanya is a historical gold mining centre that was operational in the 1900s. Today relic shafts, dumps, battery sands and a large dam remain. A first phase assessment field trip to Windanya was undertaken during the Quarter. On the visit the old workings were mapped and sampled. The gold mineralisation appears to be hosted on the contacts between a large quartz blow on a mafic/ultramafic contact. Several high-grade rock chip results were returned highlighting project prospectivity:

• Zones of quartz veining and pyrite alteration tend to host the highest grade gold with significant results received during the Quarter, including.

o SampleS301416–20.50g/tAu:Buckyveinquartz,pyriticalteration. o SampleS301409–5.31g/tAu:Veinquartz,alteration.

Additional work is being planned to follow-up on the gold potential of this project area.

Australia has a great depth of expertise when it comes to gold extraction. Small deposits ( relative to the monster nickel/cobalt deposits of Ardea ), have a long history of being exploited.

The city of Melbourne was the richest city on the planet during the late 19th century. That was thanks to gold.

Perth once has more millionaires per capita than any other city on the planet. That was thanks to the variety & scale of mineral deposits in WA.

I have a good feeling about the path our management is taking us all on.

To close I’ll once again congratulate the board- a really solid effort, very well received by at least one of your fellow shareholders- from someone who genuinely feels part of the team, something they haven’t felt while investing up until now.

P.S & a short note for my fellow shareholders: Advancement of Nickel/cobalt in 2017 & now gold in 2019? I truly feel my money is in very capable/aware hands.