Ann: Transfer of Mulga Plum Option Agreement, page-2

Very interesting.
So we had an option on the Mulga Plumb tenements for $100 000 with an undisclosed vendor.
Mulga Plumb did not meet the tenement grade expectations for Ardea after drilling it, we spent $82 000 drilling the resource.
We have assigned the tenement option to Metalicity for its option value $100 000 plus drilling costs of $82 000. Therefore we have no financial cost to recover beyond some inhouse Geologist and Exploration time.

We retain the Sulphur rights on the tenements and get them for FREE essentially.

- Last week we executed and excellent agreement with RED 5 to move on Mt Zephyr and Darlot East under favorable terms to Ardea.
- This week we have executed an agreement with Meltalicity to reassign and move on Mulga Plumb at no real cost leaving the benefit of a sulfur resource at our disposal for future use in the proposed Ardea nickel/ cobalt autoclave to reduce OPEX.

Is something going on, am I detecting some preparation for something.
Time will tell.
Well done to the management, I like what I see. Smart negotiation.
RED