Ann: Kalgoorlie Nickel Project Feasibility Study Update, page-6

I wont sell a single share - lot of cheapskates lurking around waiting for a fall in share price so they can buy in.

There is no doubt that the market sentiments are hugely negative right now and there is no two way about it.

I rely on my judgement when it comes to making my own investment decisions (even when things are hard) - These are the key things I reviewed over the weekend:

a) Inflation:- Yes, we have inflation and potentially more inflation. We are not in construction or operation. It does impact our overheads and development expenditure but not as much as it would impact assets under construction/operation. The worse will be over by the time we start construction. As long as we don't have to do a CR in this environment there is no dilution of interest. I own a piece of company and not just a financial paper traded on ASX.

b) Interest rates:- Currently no debt, so this is not a big issue right now. We are year (or more) away from any serious commercial debt raise. I wouldn't worry about this just yet. It wont have any impact on export credit support (whether Oz or foreign) and they are non-commercial and rely on many factors and not just debt sizing.

c) EV thematic:- I don't think a recession triggered by above factors will have an impact on climate change and EV transition thematic. Try to buy an EV and you will know what I am talking about. You cant get one - there is 12-24m waiting. Petrol prices will just push that demand up more as long as Govts keep subsidizing power (which is a very politically sensitive decision to change - governments fall and riots happen in many countries if power/water prices are hiked)

d) Nickel price:- Yes, short term nickel prices will be impacted. We are not producing or selling anything. This will impact average price we use in our DFS, yes, but it will need a massive reduction in long term price assumption to out weigh the sheer size of KNP (#1 Resource)

e) Energy, The elephant in the room:- The Sulphuric acid plant combined with Renewable energy on site will massively reduce our energy needs. If at all, this plays in our favor.

Now, none of the above means markets will be reasonable and they will spare Ardea. Haha, nada. We will go up and down with market BUT my conviction to hold and accumulate in small parcels every month is not changed (That ofcource is my opinion and suits my risk tolerance, lot of people will lose their cloths in this market so DYOR)