Announcement PDF ABN 82 110 884 252 ANNUAL REPORT 30 JUNE 2024 ARDIDEN LIMITED CONTENTS PAGE Page Corporate Directory 3 Directors' Report (including Operating and Financial Review) 4 Auditor's Independence Declaration 24 Consolidated Statement of Profit or Loss and Other Comprehensive Income 25 Consolidated Statement of Financial Position 26 Consolidated Statement of Changes in Equity 27 Consolidated Statement of Cash Flows 28 Notes to the Financial Statements 29 Consolidated Entity Disclosure Statement 50 Directors' Declaration 51 Independent Auditor's Report 52 Shareholder Information 56 2 ARDIDEN LIMITED CORPORATE DIRECTORY DIRECTORS Michelle Roth (Independent Non-Executive Chair) Jeremy Robinson (Non-Executive Director) Doug Jendry (Independent Non-Executive Director) CHIEF EXECUTIVE OFFICER Tara Robson COMPANY SECRETARY Tara Robson REGISTERED AND PRINCIPAL OFFICE Level 1, 45 Ventnor Avenue West Perth WA 6005 Postal Address Po Box 611 West Perth WA 6872 Telephone: (08) 6184 5938 Website: www.ardiden.com.au SHARE REGISTRY Computershare Investors Services Pty Limited Level 17, 221 St Georges Tce Perth WA 6000, Australia Telephone: 1300 850 505 (within Australia) Telephone: +61 3 9415 4000 (outside Australia) Facsimile: +61 3 9473 2500 AUDITORS Nexia Perth Audit Services Pty Ltd Level 3, 88 William Street Perth WA 6000 SOLICITORS Gilbert + Tobin Level 16 Brookfield Place Tower 2 123 St Georges Terrace Perth WA 6000 AUSTRALIAN SECURITIES EXCHANGE Ardiden Limited shares (ADV) are listed on the Australian Securities Exchange. CORPORATE STRUCTURE Ardiden Limited is a limited liability company that is incorporated and domiciled in Australia. Ardiden Limited has prepared a consolidated financial report incorporating the entities that it controlled during the financial year (collectively the “Group”) as follows: Ardiden Limited Ardiden Canada Ltd Uchi Gold Canada Ltd Parent Entity 100% owned and controlled entity 100% owned and controlled entity (dissolved 18 July 2024) 3 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW DIRECTORS’ REPORT AND FINANCIAL REVIEW STRATEGY NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES Ardiden Limited (ASX: ADV) (“Ardiden” or “the Company”) is an ASX-listed gold exploration company focused on systematic gold exploration at its 100% owned Pickle Lake Gold Project in north-west Ontario, Canada. Ardiden is solely focused on gold exploration having sold its lithium project, over a staged disposition to Green Technology Metals (ASX:GT1) over the course of the previous two years. As a result, Ardiden is well funded with $10.8M cash on hand, a further $1.2M held in trust at Canada Revenue Agency (CRA), and currently owns ~13 million shares in GT1. OPERATIONS REVIEW PICKLE LAKE GOLD PROJECT The Pickle Lake Gold Project is a DistrictScale landholding, located east of Red Lake in the well-endowed Uchi Geological sub-province of north-western Ontario, Canada (Figure 1). The Uchi Province is host to numerous producing gold mines at Red Lake and at Musselwhite, and is a highly active exploration area with Evolution, Newmont, Kinross, and other development and exploration companies all actively pursuing gold exploration work in the area. There are three existing gold deposits (Kasagiminnis, Dorothy and Dobie) and several other identified brownfield and greenfield gold prospects over a 100km wide belt (Figure 2). Figure 1 – Location of Ardiden’s Pickle Lake Gold project within the Uchi Belt of northwest Ontario1. Figure 2 – Location of Ardiden’s Western Hub from Pickle Lake. 1 * Source S&P Global Market Intelligence 2023 4 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW 2023-24 Results (Western Hub – Pickle Lake Gold Project) Work conducted during the year focused on reviewing the results received from the spring 2023 drilling campaign in the Western Hub. The 34-hole diamond drill program totaled 5,473m, and was designed to test the extent of the mineralisation, along with the affinity to the presumed iron formation related sulphide sequence identified in previous drilling. The results received during the year, confirm the Dorothy Dobie trend extends from the Esker Prospect through the historic Golden Patricia Mine which produced 619,796 oz Au @ 15.2 g/t Au2 between 1988-1997 travelling northwest (NW) towards and beyond the Company’s West Prospect, spanning >35kms.(Figure 3) Figure 3 – Ardiden’s Western Hub which includes the Dorothy Dobie Prospects, Esker, Cooper, Meen, Tonsil, West which are along strike to the past producing Golden Patricia Mine. In addition to the broad mineralisation zone at Dorothy and West, some higher-grade intervals appear present within the Dorothy-Dobie Trend. Importantly, they are very shallow depths with all intersecting the zone at less than 75m from surface. The results (Refer ASX 7 August 2023) reported below confirm higher-grade intervals within the broader mineralised zones of:    DR-23-12 with 3.00m @ 2.15 g/t from 52.00m, DR-23-20 with 3.34m @ 3.22 g/t from 56.60m, and DR-23-21 with 3.05m @ 2.99 g/t from 64.00m. The Dorothy Prospect displays a highly prospective zone with a strike length of 900m along the DorothyDobie Trend which includes the previously reported holes DR-23-04A through to DR-23-11 (ASX 11 May 2023) and DR-22-01 and DR-22-02 (ASX announcements 17 August 2022 and 22 September 2022). The trend appears to be SE-NW trending and dipping shallowly to the NW and the mineralisation within this zone remains open at depth. All results within the zone are at very shallow depths with all intersecting the zone at less than 75m from surface. The Company continues to develop its understanding of the strike extension to link the Dorothy and West Prospects by correlating the results with historical data. 2 Information in relation to historical gold production at the Pickle Lake Gold Camp, and Golden Patricia Mine in Figures and notes above have been referenced from three sources of publication, namely: 1. Harron, G. A. 2009. Technical Report on Three Gold Exploration Properties Pickle Lake Area, Ontario, Canada. G.A. Harron, P.Eng., G.A. Harron & Associates Inc. 5 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW Figure 4 – Drilling results over the Dorothy and West Prospect with blue reported ASX 7 August 2023 and white reported ASX: 17 August 2022, 26 September 2022, and 11 May 2023 Figure 5 – Drill results highlighting the prospective 900m strike length at the SE Dorothy Zone Results beyond this prospective area at Dorothy displays lower grades of mineralisation along the DorothyDobie Trend and extends for over 2km. Whilst this remains early stages at Dorothy and West, the presence of gold appears consistent in 31 of the 34 holes drilled in the current program. Holes DR-23-19 through to DR-23-21 are situated up to 400m to the SE of the prospective zone and displayed results that require further review and follow-up assessment with a broad mineralisation envelope of up to 43.90m @ 0.40 g/t (DR-2320) that also appears consistent with a narrow higher-grade zone of 3.34m @ 3.22 g/t (Figure 5). The new 6 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW holes to the SE of Dorothy extend the total strike length containing higher grade incepts to circa 900m providing a very strong target at depth for further drill testing. The four drill holes at the West Prospect (DR-23-34/DR-23-37) intercepted shallow mineralisation from surface. These holes were designed to test historical results completed at this prospect in 1988. Importantly, mineralisation commenced in DR-23-37 at 2m once traversing the overburden with mineralisation at the top of the hole before finishing at 152m with mineralisation continuing. Mineralisation appears unlike the drilling at Dorothy and was not conducive to the host diorite sequence but within a series of meta volcanics, altered basalts, and gabbros. An increased presence of quartz feldspar porphyries was consistent at the West prospect that appear to be post mineralisation. The West Prospect, at approximately 1.6km NW of the Dorothy Prospect, is thought to be a mineralised splay off the Dorothy-Dobie Trend. Figure 6 - Drill results highlighting gold mineralisation at the newly tested West Prospect Drill results with the most significant intercepts of the holes reported in the year from Dorothy and West are provided in Table 1 at a 1.0m interval with 0.2g/t Au cut-off. (ASX 7 August 2023) Table 1 – Assay results with the most significant intercepts at the Dorothy and West Prospect at 0.2g/t Au cut-off. DR-23-20 3.34m @ 3.22 g/t from 56.66m, within a broader envelope of 43.90m @ 0.40 g/t from 56.66m DR-23-21 3.05m @ 2.99 g/t from 64.00m within a broader envelope of 21.69m @ 0.46 g/t from 64.00m DR-23-12 3.00m @ 2.15 g/t from 52.00m within a broader envelope of 28.00m @ 0.38 g/t from 46.00m DR-23-19 2.65m @ 0.93 g/t from 260.60m within a broader envelope of 43.25m @ 0.25 g/t from 220.00m DR-23-37 16.00m @ 0.91 g/t from 2.00m, and 20.67m @ 0.71 g/t from 23.00m within a broader envelope of 149.00m @ 0.31 g/t from 2.00m Field Program Field mapping activities were also conducted during the year to identify historical drill collars for incorporation into the geological model, to better understand the prospective 900m strike length at Dorothy and the newly discovered mineralisation at the West Zone. 7 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW 2023-24 Results (Eastern Hub – Pickle Lake Gold Project) A comprehensive review undertaken during the year concentrated on the prospectivity of exploration targets primarily within the Eastern Hub, given their proximity to the Pickle Lake township, access to roads, to facilitate a more cost-effective exploration strategy for the project. (Figure 7) Key activities included review and compilation of historical results with new plans and sections for the Kasigiminnis, and South Limb prospects, and a review of historic data from available drill logs within the West Pickle and 250 North Prospect. The Kasagiminnis review focused on a 1.0 km strike length on the east part of the property, where most past drilling and the latest resource estimate was completed in 2019. Results of the review indicate the property hosts a very well-defined east-west trending, steeply north dipping zone of gold mineralisation measuring approximately 600 metres long and drilled to a maximum depth of 200 metres or less. Mineralisation in the zone occurs in a mix of wide low grade and narrow higher-grade lenses along the strike length which are likely due to local bifurcations in structure, variations in alteration intensity and crosscutting gabbro dikes. Important to note that the 2019 resource estimate focused on narrow zones above a 3g/t cutoff grade even though some areas have good potential to be modelled at a reduced cutoff to create wider zones with slightly lower grade and more ounces assuming a bulk style mining method. There are also additional holes that need to be incorporated into the current resource estimate. Based on all work completed, the property is considered the most advanced in the Ardiden package, and has the greatest potential for resource expansion, with further drilling. Figure 7 –Ardiden’s Eastern Hub The South Limb Prospect review focused on the historic exploration undertaken since the 1980s comprised primarily of local prospecting, geophysics and drilling. The majority of the prospecting and geophysics is post 2010 and includes two magnetic surveys which outline a well-defined trend extending south-westerly from the Dona Lake Mine across the South Limb property. Most of the drilling was undertaken during the 1980s and 1990s, and tested to shallow depths along the main trend on the northern part of the property. The only drilling undertaken by Ardiden in 2021 was limited to 6 holes all of which focused on the northern iron sulphide formations. Whilst no significant gold results were found in the 2021 program, Ardiden had cut short their planned program to fulfil earn-in obligations in the Western Hub and therefore left behind several key iron formation targets. Work at the West Pickle and 250 North prospects, focused on limited past exploration data consisting of some local prospecting and geophysics, but the results are not well documented. Despite this, a few interesting targets for future follow up were identified. These include a possible northeast trending fault structure on the north margin of the Ochig Lake Pluton coinciding with strong magnetic anomalies that have never been drill tested at the West Pickle prospect. The close proximity of the property to the historic Thierry Copper Mine continues to make this interesting. 8 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW The 250 North Prospect abuts the West Pickle Prospect, both of which are proximal to the historic Thierry Copper Mine and the Cat Lake winter road. Historical results from drilling conducted by Umex and Bond Gold Corporation in the 1970s and 80s within the 250 North boundaries are limited. Work to date indicates interesting Cu and Ni values in two locations along the same geological trend, as the Thierry Copper Mine. Whilst the review is encouraging, portions of the data for drill logs and assay certificates are missing and do not always correlate with data on historic images. Despite the incomplete data, the property is considered to have strong potential with key attributes being similar geology, and the possibilities for broad zones of polymetallic mineralisation as the Theirry Mine, shallow depth of mineralization discovered to date, and close proximity of key targets to the Cat Lake winter road. Further work is required to outline any future work programs. The review also evaluated options to access key project areas. Access to most areas in the Eastern Hub is reasonably good, with roads being located quite close to the South Limb and West Pickle and Kasagiminnis being accessible via a relatively new trail linking it to the main Pickle Lake highway. However, significant challenges remain for the Western Hub, with the only near-term options being via helicopter and float planes, which are known to be expensive. Although, there is potential to eventually develop winter roads to lower the costs, these would take time. The Company is continuing to refine the strategic plan but will now focus near term efforts to the Eastern Hub where it is believed greater success and efficiencies can be achieved. Initial activities being considered for this area include review and upgrade of the main access route for Kasagiminnis, updating of the database and sections for the South Limb, local prospecting and field surveys, continued work on geology models and continued planning for possible drilling. First Nations – ESG Technical Ecological Knowledge Study During the year, a Technical Ecological Knowledge Study (TEK) was completed on the Western Hub, with delivery of the final report for the Cat Lake First Nation. The TEK was designed to preserve and acknowledge the cultural and environmental significance of the communities, as well as the importance of their traditional knowledge, and provide Cat Lake and Ardiden with a comprehensive overview of what values and land use practices may be affected by potential mining activities. The TEK affirmed Ardiden’s commitment to developing a positive, respectful relationship by understanding the traditional knowledge and customs of our First Nation stakeholders to better appreciate how the Pickle Lake Gold Project may affect the community. Permitting and Tenure The Company remains substantially permitted with all prospects currently active for early exploration activity across the Pickle Lake Gold Project. The next permit renewal is due in November 2024. Table 2 – Mines Department Granted Early Exploration Permits (PLGP). Permit Number PR-20-000360 PR-22-000075 PR-22-000092 PR-22-000014 PR-22-000164 PR-22-000181 PR-22-000166 PR-22-000167 PR-22-000168 PR-22-000182 PR-22-000255 PR-22-000310 PR-22-000311 PR-22-000312 PR-22-000334 PR-23-000205 PR-23-000216 Highway Entrance Permit EN-2020-61T-00000112 Prospect West Patricia Meen-Cooper New Patricia Dorothy Dobie 250 / 250 North Keating Dempster Duffell Jean West Pickle Kawashe / Kawashe North Kasagiminnis North Fry McVean Relyea Nabemakoseka Kasagiminnis South Limb Kasagiminnis Hub Western Western Western Western Eastern Eastern Southern Southern Eastern Eastern Southern Eastern Southern Southern Southern Western Western Eastern Permit Expiry Date 21 November 2024 16 May 2025 23 May 2025 25 May 2025 19 July 2025 23 July 2025 26 July 2025 26 July 2025 26 July 2025 26 July 2025 25 September 2025 17 January 2026 17 January 2026 17 January 2026 20 March 2026 25 September 2026 25 September 2026 31 December 2024 9 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW New Opportunities Whilst the Company is well funded, the Board is mindful of the macroeconomic headwinds facing junior explorers and remains committed to maximizing shareholder value through disciplined exploration and review of strategic opportunities. The Board and management are actively pursuing these opportunities with a focus on enhancing the Company’s resource base. Competent Person’s Statement The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. 10 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW SUMMARY OF FINANCIAL PERFORMANCE The financial results of the Group for the financial year ended 30 June 2024 and 30 June 2023 are: Net (loss)/profit after tax ($) (Loss)/earnings per share (cents) Cash and cash equivalents ($) Net Assets ($) 30 June 2024 (10,194,062) (0.163) 10,834,903 31,687,974 30 June 2023 15,749,330 0.59 9,353,400 41,926,035 % Change -165% -128% 16% -17% The loss of the Group for the year ended 30 June 2024 was ($10,194,062) compared to the 2023: profit $15,749,330. The prior year result included a $16,706,561 gain on the final 20% disposal of the lithium project during the period to Green Technology Metals (refer below) as well as a gain on fair value of listed investments of $1,304,952 arising from the appreciation in market value of the GT1 shares received as part consideration. In the current year, those same shares recorded a loss on fair value of listed investments of $8,521,337. During the year ended 30 June 2024 the Group’s cash position increased by $1,481,503 to $10,834,903 and the Group has no corporate debt. The increase was predominantly influenced by cash inflows associated with:  Refund of withholding tax from Canada Revenue Agency (CRA) arising out of the sale of the Company’s lithium assets to GT1 in the previous two years in the amount of $3,573,709;  Receipt of $225,160 (CAD$200,000) grant from the Ontario Junior Exploration Program (OJEP) to support its ongoing exploration efforts at the Pickle Lake Gold Project, located in Northwestern Ontario; and  Interest received of $600,116. In addition, a further $1,216,713 is held on account at CRA as the final withholding tax arising out of the sale of the lithium project. These inflows were offset by outflows associated with:   Expenditure related to exploration and evaluation of $814,342; and Corporate, administration and wage expenditure of $2,005,778. CHANGES IN EQUITY Shares There were no shares issued during the year, however the Company completed a share consolidation taking the total shares on issue from 2,688,335,356 to 62,517,506. Share Consolidation As approved by shareholders at the Company’s Annual General Meeting held 22 November 2023, the Company has consolidated its issued capital on the basis of 43 to 1 effective 24 November 2023. The issued capital at the date of this report is as follows: DESCRIPTION Ordinary Fully Paid Shares Options Expiring 20-Apr-2026 Ex $0.946 Options Expiring 13-Jun-2027 Ex $0.43 Options Expiring 14-Jun-2027 Ex $0.301 Options Expiring 20-Apr-2026 Ex $0.8385 # 62,517,506 116,279 174,418 46,511 930,813 Options There were no options issued during the year. 348,836 options and 174,418 performance rights were forfeited without exercise. 11 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW CORPORATE Board Changes On 21 August 2023 Bruce McFadzean stepped down as Non-Executive Chair of the Board of Ardiden, with Non-Executive Director Michelle Roth taking the reigns as Non-Executive Chair. On the same date Jeremy Robinson and Matthew Freedman were appointed as Non-Executive Directors of the Company. On 25 January 2024 mining executive Douglas Jendry was appointed as an Independent, Non-Executive Director. On the same date, Mr Matthew Freedman resigned as Non-Executive Director of the Company. On 13 May 2024 Greg Romain resigned as Managing Director and CEO with Tara Robson appointed interim CEO. FACTORS AND RISKS AFFECTING FUTURE PERFORMANCE LIKELY DEVELOPMENTS AND EXPECTED RESULTS Ardiden will continue to pursue its principal activity of exploration and evaluation, as outlined under the heading ‘Review of Operations’ of this Report. The Company will also continue to pursue other potential investment opportunities to enhance shareholder value. The material business risks faced by the Group that are likely to impact the financial prospects of the Group, are: Exploration Risk Mineral exploration and development are high-risk undertakings, and there is no assurance that exploration of the tenements will result in the discovery of an economic deposit. Even if an apparently viable deposit is identified there is no guarantee that it can be economically exploited. Ardiden’s future exploration activities may be affected by a range of factors including geological conditions, limitations on activities due to permitting requirements, availability of appropriate exploration equipment, exploration costs, seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, and many other factors beyond the control of the Company. Ardiden’s projects are located in remote locations. This may involve logistical difficulties for plant, equipment and materials, as well as skilled personnel and general labour. Further, some locations may involve an inherent risk to personnel. Tenure Ardiden’s mining claims are subject to periodic renewal. The renewal of the claims are subject to compliance with the applicable mining acts and regulations in Ontario. Renewal conditions may include application of previous assessment credits, increased expenditure and/or work commitments. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial position and/or performance of the Company. First Nations and Indigenous Claims Ardiden’s projects may now or in the future be the subject of First Nations or indigenous land claims, treaty land entitlement selections, or claims for breach or infringement of Treaty or Aboriginal rights. The project areas are within lands covered by Numbered Treaties between Canada and various First Nations. Other Indigenous groups, such as Métis may also have land claims and claims for breach of Aboriginal rights. First Nations and Métis groups may assert Crown consultation obligations prior to approvals being granted and that free prior and informed consent is required, prior to mining occurring. Such consultation, as well as other rights of Aboriginal people, may require that certain accommodations, including with respect to employment, and impact and benefit agreements. This may affect the ability to acquire effective mineral titles in these jurisdictions within a reasonable timeframe, and may affect the development schedule and costs of mineral properties. The legal nature of First Nations and Métis land claims and Indigenous rights is a matter of considerable complexity. Future capital needs Further funding will be required by the Group to support its ongoing activities and operations. There can be no assurance that such funding will be available on satisfactory terms or at all. As an exploration entity, the Company is reliant on raising funds from investors in order to continue to fund its operations and to scale growth. Although the Directors believe that additional capital can be obtained, no 12 ARDIDEN LIMITED DIRECTORS REPORT AND FINANCIAL REVIEW assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, the Company may be required to reduce the scope of its activities, which could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company may also undertake additional offerings of securities in the future which may have a depressive effect on the price of the Company’s shares and the voting power of the Company's existing shareholders will be diluted. General market risks The Company is exposed to general market and economic condition risks including adverse changes in levels of economic activity, inflation, exchange rates, interest rates, commodity prices, government policies, employment rates and industrial disruption. The Company’s asset values and share price can be affected by these factors, and in particular exchange rate movements. 13 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2024 DIRECTORS’ REPORT Your Directors present their report for Ardiden Limited (“Ardiden”, or the “Company”’) and its controlled entities (‘Consolidated Entity’ or ‘Group’) for the financial year ended 30 June 2024. The Operating and Financial Review is incorporated by reference and can be found on pages 4 to 13 of this Annual Report. BOARD OF DIRECTORS The names of the Directors of the Company in office during the financial year and up to the date of this report are as follows. Directors were in office for the entire period unless otherwise stated. Directors Michelle Roth Jeremy Robinson Douglas Jendry Greg Romain Position Independent Non-Executive Chair (Chair since 21 August 2023) Non-Executive Director (Appointed 21 August 2023) Independent Non-Executive Director (Appointed 25 January 2024) Managing Director and Chief Executive Officer (Resigned 13 May 2024) Bruce McFadzean Pauline Gately Matthew Freedman Independent Non-Executive Chair (Resigned 21 August 2023) Independent Non-Executive Director (Resigned 30 September 2023) Independent Non-Executive Director (Appointed 21 August 2023 and resigned 25 January 2024. QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES Michelle Roth (Independent Non-Executive Chair), MBA Finance, BA Hons Ms Roth is an entrepreneur and business leader who founded New-York headquartered Roth Investor Relations in 1987. She successfully expanded this global consulting business through multiple investment cycles by formulating comprehensive shareholder engagement solutions for a worldwide client base. Her mining clients have operated mines or explored in North America, Australia, Africa, Europe and South America for gold, silver, platinum, copper, nickel, and diamonds. Ms. Roth had served as Mayor, Deputy Mayor and Planning Board Chairperson of Manalapan Township, New Jersey. She earned her MBA in Finance from Fordham University and her BA Cum Laude in Political Science with a minor in Economics from the State University of New York at Albany. Other directorships in listed companies in the last 3 years: (i) Non-executive Chair - Maple Gold Mines (TSX.V: MGM) (10/11/20 – present) (ii) Non-executive Director – Velocity Minerals Ltd (TSX.V: VLC (2/10/23 – present) Jeremy Robinson (Non-Executive Director Appointed 21/8/23), BCom Mr Robinson is an experienced resources executive, having 20 years of experience ranging from Managing Director to Business Development positions. He is currently the principal of Churchill Strategic Investments Group, which has financed multiple junior explorers and developers across the ASX and TSX. Other directorships in listed companies in the last 3 years: (i) Non-executive Chair – RareX Limited (27/9/19 – present) (ii) Executive Chair – Cosmos Exploration Limited (22/3/21 – present) (iii) Non-executive Director – BBX Minerals Limited (24/8/23 – present) (iv) Non-executive Chair - Brazilian Critical Minerals (24/8/23 – present) (v) Non-executive Director – Kincora Limited (14/12/23 - present) (vi) Non-executive Director – Commerce Resources Corp (TSXv: CCE 8/11/23 – present) 14 ARDIDEN LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2024 Douglas Jendry (Non-Executive Director Appointed 25/1/24) Mr Jendry is an accomplished geologist with over 30 years of international experience in mining and capital markets. He has been involved as an executive and non-executive director for several mining companies with particular focus on companies listed in Australia and London, including past chair of Capricorn Metals and Talon Energy. He is a technical consultant to the Nero Resource Fund, a Perth based emerging small resource fund investing in companies listed on Australian, UK and Canadian exchanges and holds a substantial shareholding in Ardiden. Other directorships in listed companies in the last 3 years: (i) Non-executive Director - IPB Petroleum (20/3/24 – present) (ii) Non-executive Chair – Talon Energy (14/10/20 – 30/5/23) (iii) Non-executive Director – Toubani Resources (3/8/21 – 15/5/23) The following directors resigned during the year. Greg Romain (CEO and MD since 24 Apri