Ardiden Limited (ASX: ADV) ('Ardiden' or 'the Company') is pleased to announce the final exploration drilling results from its 2022 drill campaign which further illustrate the belt scale potential across the Western Hub of its Pickle Lake Gold Project (Figure 1).

Ardiden's district-scale 1,088km2 gold landholding is the second largest in the well-endowed Uchi Geological sub-province of north-western Ontario, Canada. Commenting on the Western Hub drill programme and assays, Ardiden Exploration Manager Haydn Daxtersaid: 'The final results from our 2022 drilling programme over the Western Hub have quantified the Company's targeting strategy in a region that has historically seen minimal exploration. The potential for a major deposit being discovered across the Western Hub continues to gain momentum with several structural controls intersected, displaying high grade mineralisation

'The recent drilling programme has highlighted the potential of three separate mineralisation events comprising of narrow width high grade gold intercepts, medium width with moderate grade gold intercepts, and wide lower grade intercepts of up to 38 meters in width. We are excited to commence the second drill programme across the Western Hub over the coming months as part of our strategy to define a significant discovery in the Pickle Lake region and will begin the initial planning of our second drill programme shortly, with work expected to commence early in the new year' Commenting on the exploration opportunity, Ardiden's Independent Non-Exec Chair Bruce McFadzean said: 'With the recent lithium JV divestment (announced 24 October 2022) we are fully funded to scope out a targeted drilling programme as we aim to unlock the potential in this highly prospective tenement package. With permitting over the large 1,088km2 landholding almost complete, we are now well placed to systematically explore targets identified'

Recent drilling at our Esker and Tonsil Prospects is characteristically similar to the Golden Patricia Mine where 619,796 oz Au @ 15.2 g/t Au1 was extracted between 1988-1997. Intersections reported by Ardiden in this announcement and previously (see ASX announcements: 9/6/2022, 17/8/2022, and 29/9/2022) confirm high grade mineralisation that appears to remain open along strike and at depth. Tonsil Prospect Drilling at the Tonsil Prospect focused on the Golden Patricia style vein structure that is characterised by shallow high-grade mineralisation. Results continued to successfully demonstrate the vein structure's continuity along strike within the primary structure (Figure 2).

Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets at the Pickle Lake Project is based on, and fairly represents, information and supporting documentation prepared by Mr Haydn Daxter, a Member of the Australian Institute of Geoscientists. Mr Daxter is a full-time employee at Ardiden Limited. Mr Daxter has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Daxter consents to the inclusion in this report of the matters based on this information in the form and context in which it appears

Contact:

Investors

Bruce McFadzean

Non-Executive Chairman

Tel: +61 8 6184 5938

E: info@ardiden.com.au

Media

David Tasker

Chapter One Advisors

Tel: +61 (0) 433 112 936

E: dtasker@chapteroneadvisors.com.au

WEB: www.ardiden.com.au

About Ardiden:

Ardiden is focused on systematic gold exploration at its Pickle Lake Gold Project in the well-endowed Uchi Geological Subprovince of north-west Ontario, Canada (Figure 5). The Company's 1,088km2 (108,800 hectare) District-Scale Gold Project is the largest continuous gold land holding in the Uchi Belt, where Barrick, Newmont, Kinross and Evolution all hold significant gold mining and exploration assets. The Pickle Lake region produced over 3 Moz of gold up to 1997 and has remained vastly under-explored since. Ardiden's strategic landholding is situated on the same geological belt as Red Lake, the 'Uchi' Subprovince, which has produced over 30 Moz of gold to date and where new Tier-1 gold discoveries are still being made, such as Great Bear Resources' Dixie Project, which is now under new ownership following the successful CAD$1.6 billion acquisition by Kinross.

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