Ardea Resources' 2026 annual report says Sumitomo Metal Mining and Mitsubishi Corporation, through Mitsubishi Development, increased their ownership in Kalgoorlie Nickel Pty Ltd to 35% after agreed development milestones were achieved. Ardea retained control of KNPL, according to the report.
The company said value-engineering work identified opportunities to optimise the proposed Goongarrie Hub development, extending completion of the definitive feasibility study beyond its previous June 2026 target. The updated DFS is targeted for the second half of 2026.
Ardea said the consortium-funded A$98.5 million Goongarrie Hub work program was nearing completion at 30 June 2026, with A$12 million still to be spent to complete the DFS. Ardea and the consortium were considering next steps and expected a market update on the project path before the end of October 2026; timing, scope and funding for subsequent activities had not been agreed.
The report also said Export Finance Australia and the Export-Import Bank of the United States had provided conditional, non-binding support for potential project financing of about A$1 billion equivalent. Ardea said that support remains subject to due diligence, credit approvals and applicable conditions.
Source: Download ARL official ASX announcement, 2026-09-28.
Aerial landscape image from Ardea Resources Limited's 2026 annual report announcement.