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Ardiden Quarterly Activities Report – Quarter ending 30 September 2023

Press Release

23 October 2023

Project review: Current focus is on reviewing historical and recent results to understand the controls over the Western Hub, specifically the Dorothy, Dobbie, Tonsil and Esker prospects, surrounding Barrick’s past producing Golden Patricia mine.

 Cost review: The Company is undertaking a thorough review of all corporate and exploration costs to reduce the overhead burden whilst the exploration strategy is reviewed.

 Board changes: Bruce McFadzean resigned his position as a Non-Executive Chair, with Michelle Roth assuming the position as Non-Executive Chair on 21 August 2023. At the same time Jeremy Robinson and Matthew Freedman were appointed as Non-executive Directors of the Company.

 Final assays continue to build the story of the Western Hub, including confirmation of mineralisation in a new area known as the West Zone, with best results as follows: Dorothy SE.

 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 West Zone

 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 mapping program undertaken: The Company conducted a field campaign during the quarter targeting outcrop mapping and sampling, a soil sampling program and review of historical dill collar locations at the Dorothy and Dobie prospects (Figure 1).

 Comprehensive review of historical results: Desktop work continues in order to gain a better understanding of the complexity of the various types of mineralisation within the historical context.

Ardiden Limited (‘Ardiden’ or ‘the Company’) (ASX: ADV) is pleased to report on its Quarterly Activities at its highly prospective 100% owned Pickle Lake Gold Project in northwest Ontario, Canada (Figure 2).

GOLD EXPLORATION ACTIVITIES – Dorothy Prospect (Western Hub) – 100% owned Pickle Lake Gold Project

The Pickle Lake Gold Project is a continuous District-Scale landholding, located east of Red Lake in the well- endowed Uchi Geological sub-province of north-western Ontario, Canada. The Uchi Province is host to numerous currently producing gold mines at Red Lake and at Musselwhite, and is a highly active exploration area with Evolution, Newmont, Kinross, and others all actively pursuing gold exploration work in the area.

Results received during the quarter from drilling within the Western Hub 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)

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