Highway is estimated to have 92 million tonnes grading 0.69% nickel and 0.038% cobalt, with the KNP having a total "mineral resource estimate" of 830Mt at 0.71% nickel and 0.046% cobalt.

However, the main focus is the measured and indicated resources for Highway and Goongarrie totalling 67.5Mt at 1% nickel and 0.07% cobalt that's been focused-on for the 2.25Mt per annum Goongarrie Hub feasibility study now underway.

Prefeasibility work has pointed to capex of more than US$900 million for a high-pressure acid leach processing operation.

Heron is looking for a "strategic partner" for the KNP.

Well over A$50 million has been expended on the ground making up the KNP, with Vale spending more than $30 million in 2005-2009 and Ardea in excess of $20 million up until June 2019.

Andrew Penkethman was appointed Ardea's managing director early last year.

Ardea technical director Ian Buchhorn has been associated with the project for decades.

Meanwhile, Ardea is also working on a spin out of gold assets into an IPO called KalGold, with Ardea's forerunner Heron Resource doing the same 20 years ago when it spun out Avoca Resources.

Ardea started the current quarter with $8.3 million cash.

Shares in Ardea were trading this week at 5.9c, capitalising the company at $75 million.