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    ADV   AU000000ADV3

ARDIDEN LIMITED

(ADV)
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ARDIDEN : A$8.7M OPTION EXERCISED TO FORM LITHIUM JOINT VENTURE

06/23/2021 | 09:44am EDT

Gold explorer Ardiden Limited ('Ardiden' or 'the Company') (ASX: ADV) is pleased to advise that Great Northern Lithium Pty Ltd (GNL) (to be renamed Green Technology Metals Limited) (GTM) has exercised its Option to acquire 80% of Ardiden's hard rock (spodumene) lithium portfolio and establish a Joint Venture with Ardiden pursuant to the terms sheet announced on 6 May 2021.

GTM is headed up by a highly experienced lithium management group with a demonstrated track record of successfully developing lithium projects around the world. This group includes Mr John Young as Non-Executive Chairman and Mr Cameron Henry as Non-Executive Director. Mr Young was Exploration Manager, Technical Director and Non-Executive Director of Lithium producer, Pilbara Minerals Ltd (ASX: PLS). Mr Henry is the founding Managing Director of engineering firm, Primero Group Limited. He led the Company's strategic and operational direction resulting in its successful listing on the ASX, further rapid growth, and eventual acquisition by NRW Holdings Ltd (ASX: NRW) in 2020.

Mr Henry has over 20 years of industry experience in the development and delivery of lithium processing facilities in Australia and North America. GTM has secured initial funding, which includes a cornerstone subscription from leading global natural resources investment business, AMCI Group. AMCI is a US-based privately held group that invests in and operates industrial businesses focused on natural resources, transportation, infrastructure, metals and energy. AMCI has invested over $1.7 billion in 40 industrial companies. AMCI's existing portfolio consists of 21 companies located around the world with approximately 8,000 employees and over $6 billion in annual revenue.

AMCI uses its extensive operational and management experience to support its investments and assist management to build equity value through organic expansion, mergers and acquisitions and operational enhancements. GTM Non-Executive Chairman, Mr John Young, commented: 'We are pleased to have exercised the option to acquire 80% of Ardiden's Ontario lithium assets.

The formation of our Joint Venture marks the first steps towards the development and growth of the GTM lithium business. The team we have put together has extensive experience and a proven track record in the industry across exploration, development, and operations. We are also well supported by trusted consultants and advisors to assist with executing our core strategy. The combination of ahigh-quality asset base in close proximity to existing infrastructure and key markets presents a great opportunity which we look forward to taking advantage of as we seek to create and grow a successful, sustainable and highreturning global lithium business'.

GTM is currently preparing its in -principle advise submission to the ASX for a proposed listing via Initial Public Offering (IPO) as Green Technology Metals. The proposed ASX ticker is to be GT1. Subject to obtaining necessary approvals, GTM has indicated its current intention is to offer access for Ardiden shareholders to the Initial Public Offering (IPO) raising via a priority offer but there is no guarantee that the offer will eventuate. The IPO prospectus will be made available when the securities are offered and that anyone wanting to acquire the securities will need to complete the application form in the prospectus

Contact:

Rob Longley

Tel: +61 8 6184 5938

Email: info@ardiden.com.au

About Ardiden (ASX: ADV)

Ardiden Limited is an ASX-listed company focused on gold exploration at its Pickle Lake Gold Project in north-west Ontario, Canada. The project consists of 870km2 of highly prospective gold landholdings across 22 identified Gold Deposits and Prospects.

About Great Northern Lithium Pty Ltd- to be renamed Green Technology Metals Limited (GTM)

Green Technology Metals is an Australian company led by an experienced team with significant global lithium exploration, mining, production, and offtake expertise. GTM is preparing a submission to the Australian Stock Exchange (ASX), with the intention of listing in 2021 as Green Technology Metals Limited, proposed ASX ticker GT1. The potential listing entity plans give eligible ADV shareholders Priority in its IPO but there is no guarantee that the offer will eventuate

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ARDIDEN LIMITED 0.00% 0.013 End-of-day quote.-27.78%
PILBARA MINERALS LIMITED 2.87% 2.15 End-of-day quote.147.13%
All news about ARDIDEN LIMITED
09/16ARDIDEN : Gold explorer ardiden limited - $1.5m received, date of agm and closing date for..
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09/15ARDIDEN : Shareholders overwhelmingly approve sale to establish lithium jv
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07/28ARDIDEN : Lithium jv terms improved to a$9.2m value to ardiden
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07/27Ardiden Limited Reaches Agreement with Green Technologies Metals Limited to Increase th..
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06/23ARDIDEN : A$8.7m option exercised to form lithium joint venture
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06/23ARDIDEN : Sells 80% Stake in North American Spodumene Lithium Portfolio
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06/15ARDIDEN : Western hub geophysical survey reveals additional tier-1 scale gold targets
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06/14ARDIDEN : Generates Gold Targets at Pickle Lake Project in Canada
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06/14Ardiden Limited Announces Update the Market Regarding Exploration At the Company's Pick..
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05/12Ardiden Limited Announces Change of Registered Office Address
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Financials
Sales 2020 - - -
Net income 2020 -0,98 M -0,71 M -0,71 M
Net cash 2020 1,50 M 1,09 M 1,09 M
P/E ratio 2020 -12,5x
Yield 2020 -
Capitalization 27,9 M 20,3 M 20,3 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 86,0%
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Managers and Directors
Robin S. Longley Chief Executive Officer, Director & MD
Tara Ann Robson Chief Financial Officer & Joint Secretary
Neil John Hackett Non-Executive Chairman
Pauline Therese Gately Independent Non-Executive Director
Steven Wood Joint Secretary
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