Ardea Resources was pitching investors for $20 million this morning; the offer was priced at 70¢ a share, an 11.9 per cent discount to the last close and an 8.6 per cent discount to the five-day volume-weighted average price. Was 40-50c for most of 2021 before running to 80c in Jan/ Feb.
Potential investors were told Ardea would primarily use the money for sulphide drilling, regional nickel exploration, studies and working capital.
Since hiving off Kalgoorlie Gold Mining (KAL), the company has focused on what it calls the battery minerals sector in their Kalgoorlie Nickel Project, Goongarrie Hub, with its 830Mt resources, 0.71 per cent average
nickel grade (and 5,879 kt of contained nickel), 0.05 per cent average
cobalt grade (and 384 kt of contained cobalt). Ardea’s Kalgoorlie Nickel Project is in the pre-feasibility stage and has told investors it’s the largest emerging nickel resource in Australia.
- Gap Analysis Study completed and DFS underway
- Goongarrie Hub Hydrogeology Drilling completed ; Rockwater & Harrington
- Goongarrie Hub Metallurgical Drilling completed by contractor DDH1
- Metallurgical Testwork Underway by ALS Laboratory Group
- Stakeholder engagement accelerated, running parallel with DFS work
As well, it has announced a Nickel Sulphide discovery at Emu Lake, some 70km NE of Kal.