Ardea Resources has secured up to $1 billion in non-binding funding support from US and Australian government agencies for its Goongarrie nickel–cobalt project in Western Australia.

The company has received conditional Letters of Support and Interest from Export Finance Australia (EFA) and the Export-Import Bank of the United States (EXIM) for potential project financing.

Under the proposed arrangement, EXIM would provide up to $US350 million (approximately $500 million), with EFA offering a further $500 million in support.

The funding relates to Ardea’s project joint venture vehicle, Kalgoorlie Nickel Pty Ltd (KNPL), which will own and develop the Goongarrie hub, located about 70 kilometres north of Kalgoorlie-Boulder. Joint venture partners include Sumitomo Metal Mining and Mitsubishi Corporation.

Ardea said the funding support reflects the project’s strategic importance to developing global critical minerals supply chains, particularly for battery, energy storage and electric vehicle markets.

The company said the Letters of Support and Interest followed collaboration under the Single Point of Entry for Critical Minerals, a framework established by EFA and EXIM to streamline referrals and coordinate support for eligible critical minerals projects.

Goongarrie is a globally significant nickel–cobalt resource designed to supply both traditional industrial markets, such as stainless steel, and fast-growing clean energy sectors requiring high-purity battery materials.

Ardea managing director and chief executive officer Andrew Penkethman said the support marked a major milestone for the project.

“The strong interest from these government-backed institutions reinforces the global strategic significance of the Goongarrie Hub in meeting both traditional nickel demand in stainless steel and the rapidly increasing requirements of electric vehicle and energy storage battery markets,” Penkethman said.

EFA managing director and chief executive officer John Hopkins said the project aligned with the agency’s mandate to support Australia’s critical minerals sector.

“This support has been the result of engagement under the Single Point of Entry and directly supports the United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths,” Hopkins said.

“We look forward to continuing discussions as the project progresses.”

Read more: US follows Australia with $US12 billion critical minerals reserve

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