Ardiden in Receipt of $2.5M Deferred Consideration

Press Release

Ardiden Limited (ASX:ADV) (“Ardiden” or “the Company”) is pleased to advise receipt of $2.5M, net of withholding remittance, deferred consideration from Green Technology Metals (ASX: GT1). The payment is the final receipt for the sale of the Lithium Joint Venture to GT1 (ASX Release 7 November 2022) which was due upon GT1 reporting a JORC Mineral Resource of 20Mt at the Joint Venture tenements.

As per the original sale, Canada Revenue Agency (CRA) requires 50% of proceeds be withheld pending completion of any transfer of taxable Canadian property. The withholding has been placed on deposit with CRA. Ardiden expects the majority of this to be remitted back to Ardiden in early CY 2024following filing of the Company’s Canadian tax return.

Ardiden CEO and Managing Director Greg Romain said “This is a great outcome for Ardiden and our former Joint Venture partner, GT1. To increase the JORC resource above 20Mt in such a short time is fantastic. The sum received further bolsters our healthy balance sheet during this time of tough capital markets.”

Ardiden continues to retain ~13 million shares in Green Technology Metals (ASX:GT1), which it acquired as part proceeds from the sale of Ardiden’s lithium assets. These shares are escrowed until November 2023.

This announcement is authorised for ASX release by the Board of Directors.

For further information:
Greg Romain
CEO and Managing Director
Tel: +1 647 300 5417
info@ardiden.com.au

Stephen Moloney
Corporate Storytime
Tel +61 403 222 052
stephen@corporatestorytime.com

More information is available from the Company’s website: www.ardiden.com.au

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