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Proven technology




     Coral Bay HPAL Example                                     Ramp up rates

     ✓ HPAL chemistry is well known and has been                ✓ Horizontal autoclave at Coral Bay built Train 1: 2005, Train 2: 2008
         applied successfully since the 1960s                   ✓ At Coral Bay name plate production capacity exceeded in first year of

     ✓ Single reactor                                                production and thereafter
     ✓ Recovery of waste heat = Energy savings                  ✓ Owners built a sister plant at Taganito

     ✓ Annual scale cleaning – uptime >90%
     ✓ Minimal engineering extrapolation                                               Coral Bay Ramp Up

                                                                    1.4
                                                                    1.2
                                                                  Ni Prodn, % of Design  0.8 1



                                                                    0.6
                                                                    0.4
                                                                    0.2
                                                                     0
                                                                       0        0.5        1        1.5        2        2.5        3
                                                                                               Production Year

                                                                                            Train 1     Train 2
  The information  on this slide is based on the Coral Bay HPAL process facility in the Philippines that is not an asset of Ardea,  but is shown as an example of the successful implementation  of HPAL technology.  11
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