Ardiden : 06/03/2019 Substantial Increase in Mineral Resources at Seymour Lake

ASX ANNOUNCEMENT

6 March 2019

Substantial Increase in Mineral Resources at Seymour Lake

HIGHLIGHTS

• • Aggregate Mineral Resource of 4.80Mt @ 1.25% Li2O and 186ppm Ta2O5 , compliant with the JORC Code (2012) has been defined at Ardiden's Seymour Lake Lithium Project

• • 400% increase from previously reported Maiden Resource of 1.23Mt @ 1.43% Li2O (October 2017)

• • The upgraded Mineral Resource is comprised of:

  ➢ North Aubry; Indicated Mineral Resource of 2.13Mt @ 1.29% Li2O & 210ppm Ta2O5

  Inferred Mineral Resource of 1.7Mt @ 1.5% Li2O & 189ppm Ta2O5

  ➢

  South Aubry; Inferred Mineral Resource of 1.0Mt @ 0.8% Li2O & 128ppm Ta2O5

• • Significant spodumene mineralisation extends beyond the defined Mineral Resource of the North Aubry Lithium Deposit

• • Additional spodumene-bearing pegmatites within the Seymour Lake Lithium Project remain to be tested

• • Metallurgical test work completed on a bulk sample and samples of drill core produced high-quality spodumene concentrates with very low levels of deleterious elements

• • With phase 1 of the growth plan at Seymour Lake complete, Ardiden is evaluating a number of strategies to develop the project further and enhance shareholder value

Canadian-focused explorer and developer, Ardiden Limited ("Ardiden" or "the Company") (ASX:ADV), is pleased to announce the completion of phase one of its growth plan at the Seymour Lake Lithium Project, with a 400% increase in the project's defined Mineral Resource.

Significant growth in Seymour Lake's Mineral Resource has been achieved through meticulous exploration planning and execution, resulting in an upgraded Mineral Resource at North Aubry, and the definition of a Mineral Resource at South Aubry.

Commenting on the significant upgrade and execution of phase one at Seymour Lake, Executive Director-Technical, Peter Spitalny, said "the significant increase in Seymour Lake's defined Mineral Resources is an important step for Ardiden. We are delighted with the big increase in the North Aubry Resource and definition of a maiden Mineral Resource at South Aubry. Furthermore, the presence of robust exploration targets at Seymour Lake provides the Company with a platform to define additional Mineral Resources.

We have accomplished what we set out to achieve from Phase one of the project, significantly growing the size of the project. On the back of completion of phase one, Ardiden will now evaluate the best path forward for future development and growth at Seymour Lake."

Ardiden Limited

Suite 12, 11 Ventnor Ave	Tel: [phone]	ASX Code: ADV
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Deposit	Category	Million Tonnes	Li2O* (%)	Ta2O5 (ppm)
North Aubry	Indicated	2.13	1.29	210
North Aubry	Inferred	1.7	1.5	189
South Aubry	Inferred	1.0	0.8	128
TOTAL	4.80	1.25	186

Table 1: Seymour Lake Lithium Project Mineral Resource Estimate Table

Note: Figures are subject to rounding.

* Mineralisation consists of spodumene; concentration of other lithium minerals is negligible

Upside Exploration Potential

The Seymour Lake Lithium Project contains defined Mineral Resources (2012 JORC Code) totalling 4.80Mt @ 1.25% Li2O and 186ppm Ta2O5.

As well as the defined Mineral Resources within the Seymour Lake Lithium Project, there are significant Exploration Targets present, including the continuation of the North Aubry pegmatite beyond the confines of the presently defined Mineral Resource (Table 2). In addition, there are three prospects in which spodumene-bearing pegmatites are present and additional supporting evidence suggests further investigation through completion of drilling programs to test them is warranted and these also constitute Exploration Targets (Table 3).

Deposit	Category	Million Tonnes
North Aubry	Exploration Target	1.0to 1.2

Li2O (%)

Ta2O5 (ppm)

1.0

to 2.4

200

to 300

Table 2: Resource-extension Exploration Target*

Prospect Category Potential TonnagePotential Grade
"A"	Exploration Target	0.5Mt - 1.0Mt	0.8%-1.2% Li2O
"I"	Exploration Target	1.0Mt - 2.0Mt	0.8%-1.2% Li2O
Pye	Exploration Target	2.0Mt - 3.0Mt	0.8%-1.2% Li2O

Table 3: Prospect Exploration Targets*

* Note: The quantities and grades stated for all Exploration Targets is conceptual in nature and there has been insufficient exploration to define Mineral Resources at these targets and it is uncertain if further exploration of these targets will produce results the permit Mineral Resources to be estimated.

These Exploration Targets, and the evidence supporting the statement of them, will be discussed in the Detailed Overview which follows this announcement.

The Seymour Lake Lithium Project contains Exploration Targets (2012 JORC Code) totalling 4.5Mt - 7.2Mt @ 0.8%Li2O - 2.4%Li2O.

Exploration results to-date at Seymour Lake has confirmed potential to define additional Mineral Resources. This exploration upside, along with metallurgical tests confirming that high-quality spodumene concentrate can be produced from the project, provide a robust platform for discussions to support ongoing development and growth at Seymour Lake.

Ardiden looks forward to providing further market updates when additional information becomes available.

This announcement is designed to lift the trading halt put in place on ADV.ASX Securities on 5 March 2019.

ENDS

For further information:
Investors:	Media:
Neil Hackett	Michael Weir / Cameron Gilenko
Ardiden Ltd	Citadel-Magnus
Tel: [phone]	[phone]
Competent Person's Statement

The information in this announcement that relates to the Mineral Resource Estimate and the Exploration Target adjacent to the North Aubry Mineral Resource is based on, and fairly represents, information and supporting geological information and documentation that has been prepared by Mr Philip Alan Jones, an independent consulting geologist whom is a Member of the AusIMM and a Member of the AIG. Mr Jones is a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and

Ore Reserves" (the JORC Code). He has more than five years of experience that is relevant to the style of mineralisation and type of deposit described in the announcement and in particular the completion of Mineral Resource Estimates. Mr Jones consents to the inclusion of the information in this report in the form and context in which it appears.

The information in this announcement that relates to the Exploration Targets present at the "A","I" and Pye prospects is based on, and fairly represents, information and supporting geological information and documentation that has been prepared by Mr Peter Spitalny whom is an Executive Director of Ardiden Ltd. Mr Spitalny is a geologist, a

Member of the AusIMM and a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). He has more than five

years of experience that is relevant to the style of mineralisation and type of deposit described in the announcement and in the activity undertaken namely the assessment and exploration of pegmatites. Mr Spitalny consents to the inclusion of the information in this report in the form and context in which it appears.

Forward Looking Statement

This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars

($) and cents in this announcement are to Australian currency, unless otherwise stated. Investors should make and rely upon their own enquires and assessments before deciding to acquire or deal in the Company's securities.

DETAILED OVERVIEW:

Mineral Resources and Exploration Targets.

A. The Mineral Resource Estimate

Ardiden secured the services of Mr Philip Jones to review all drilling data pertaining to Ardiden's Seymour

Lake Lithium Project and complete a Mineral Resource Estimate for the project. Mr Jones travelled to Canada in October 2018 to inspect the project and was able to view drilling in-progress and inspect drill-core. In addition, Mr Jones was supplied with additional supporting data, specifically mapping reports (with maps), reports detailing the results of mineral characterisation test work and metallurgical test work. The information that follows is mostly extracted from the Resource Estimate Report authored by Mr Jones for Ardiden.

Location

The Seymour Lake Lithium Project is located in northwest Ontario, Canada. The project is about 60km (by road) from the nearest town, which is the settlement of Armstrong (Figure 1). Armstrong is about 250km from Thunder Bay, a city of about 100,000 people and the most important settlement within the region.

Figure 1: Location of the Seymour Lake Lithium Project

Accessibility, Climate, Local Resources, Infrastructure and Physiography

An excellent two-lane bitumen road connects Armstrong to Thunder Bay 252 km to the south.

A well-maintained two-lane gravel road from Armstrong to the project area is generally accessible all year round although heavy snow falls in winter may block the road until cleared by a snowplough. Maintenance is carried out by the local Whitesand First Nation and joint funded by the Ministry of Natural Resources and Forestry, Canadian National Railway, Ardiden and Landore Resources Ltd.

The Seymour Lake Project lies within the Canadian Shield, a U-shaped collage of Archean plates that have been repeatedly uplifted and eroded such that today it consists largely of an area of low relief 300 to 610 m above sea level with a few monadnocks and low mountain ranges (including the Torngat and Laurentian Mountains) probably eroded from the plateau during the Cenozoic. During the Pleistocene continental ice sheets depressed the land surface (see Hudson Bay), scooped out thousands of lake basins, and carried away much of the region's soil. The current surface expression of the Shield is one of very thin soil lying on top of the bedrock, with many bare outcrops.

The lowlands of the Canadian Shield have a very dense soil that is not suitable for forestation as well as many marshes and bogs (muskegs). The rest of the region has coarse soil that does not retain moisture well and is frozen with permafrost throughout the year. Forests are not as dense in the north.

The Shield is covered in parts by vast boreal forests or snow forest consisting mostly of pines, spruces and larches that support a major logging industry, e.g. Figure 2.

Hydrographical drainage is generally poor, the soil compacting effects of glaciation being one of the many causes. Tundra typically prevails in the northern regions.

Figure 2: Typical landscape within the Seymour Lake Lithium Project.