Ardiden Limited (ASX: ADV) is pleased to announce it has signed a legally binding Gold Exploration Memorandum of Understanding ('MOU') with the Mishkeegogamang First Nation of Ontario, Canada for the Kasagiminnis Gold Project.

The Company has worked with the Mishkeegogamang First Nation over the course of several months to finalise this Agreement, and the Company appreciates the permission and trust associated with granting Ardiden access to the area. The MOU is the Company's first such Agreement in the Pickle Lake Gold Project area and promotes a cooperative and mutually respectful relationship between the two parties as Ardiden pursues exploration of its highly prospective Kasagiminnis Gold Project.

Ardiden Managing Director and CEO, Rob Longley said he was delighted to formalise this agreement with Mishkeegogamang Chief, David Masakeyash, and Council: 'This is a major milestone for Ardiden in the development of the Pickle Lake Project and I would like to sincerely thank the Mishkeegogamang leaders for making the negotiation process so thoughtful and communally meaningful. This MOU paves the way for the Company's long-term relationship with the Mishkeegogamang and is pivotal to Ardiden's Social License to operate ahead of commencing drilling operations in the area.'

'Mishkeegogamang leaders have been considerate and understanding of our exploration plans for Pickle Lake throughout the process, and Ardiden believes this has created a healthy framework for the continued growth of the relationship with the Mishkeegogamang people.

Key terms and conditions of the gold exploration MOU include: Agreement to proceed with exploration activities including geophysics, geochemistry, environmental studies, exploration drilling, sampling (rock, soil, sediment and water), trenching, metallurgical testwork, processing testwork, economic evaluation scoping/feasibility studies at the Kasagiminnis project; Recognition and respect for Mishkeegogamang traditional activities and values; Employment preference and training of Mishkeegogamang members during exploration activities; Upon completion of a favourable feasibility report, mutual commitment towards negotiation of an Impact Benefit Agreement (IBA) if Ardiden decides to proceed with mine development and Ongoing commitment to positive mutually beneficial relationship respecting each parties' needs and values.

Kasagiminnis Gold Project

Ardiden has an existing high grade 110,000oz inferred JORC gold Resource estimate at the Kasagiminnis Deposit (790,000 tonnes at 4.3g/t gold). The Kasagiminnis Resource is within a limited strike length (600m) of the entire (>5.6km) of prospective strike length of the Kasagiminnis Gold Project, suggesting significant potential exploration upside. At a premium grade of 4.3 g/t gold, the Maiden Resource Estimate marks the first step towards the company's objective of building a significant high-grade resource base at Kasagiminnis. As part of Ardiden's gold exploration strategy, Ardiden will continue to identify opportunities to complement its landholdings to enhance shareholder value.

Contact:

Rob Longley

Tel: +61 8 9322 7600

Email: info@ardiden.com.au

Forward Looking Statement

This announcement may contain some references to forecasts, estimates, assumptions and other forwardlooking 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 presentation 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.

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