GHANA – WEST AFRICA 5.1 Moz ORE RESERVE* Developer ASX - TSX: CDV Investor Presentation | August 2019 ASX / TSX: CDV 1 * 138.6 Mt @ 1.13 g/t Au; 0.5 g/t Au cut-off
SHAREHOLDERS ASX Gold Fields CapitalStructure TSX (Australia) 11.2% 1832 Asset Current Share Price 1 A$ 0.38 Management LP (Canada) Shares on Issue 2 385 M CORPORATE OVERVIEW 8.7% Listed Options on Issue 3,4 109M Other 44.4% Van Eck (USA) A$ 146 M Market Capitalisation 7.5% Cash at Bank 5 A$ 19 M Royal Bank of As at 29 July 2019 1. Canada (Canada) 60 Class C Performance shares on issue. If converted, will total 6 2. million ordinary shares if certain milestones are achieved. Details of 7.1% conversion milestones are provided in Cardinal’s Annual Report Exercise price of A$ 0.15, Expiry date 30 Sept 2019 3. SSI Asset Management Sprott (Canada) Additional 33,746,015 unlisted options on issue with various expiry 4. Ltd (Switzerland) 5.0% dates and exercise prices Commonwealth 3.0% Cash as at 30 June 2019 5. Details of loan facility are provided in press release dated 23 Aug 2018. Bank Australia US Global (USA) Expert Coverage (Australia) Directors 4.0% Average A$ 1.08 per share Ave 4.8% 4.3% Argonaut (Australia) SHAREHOLDERS BY GEOGRAPHIC LOCATION Beacon Securities (Canada) BMO Capital Markets (Canada) North America 37.7% Clarus Securities (Canada) Australia 34.4% Cormark Securities (Canada) Europe 15.0% United Kingdom 3.3% Macquarie Research (Canada) Other 9.6% Hartleys (Australia) ASX / TSX: CDV 2 RFC Ambrian (United Kingdom)
CEO – Managing Director Executive Director Project Manager ARCHIE KOIMTSIDIS MALIK EASAH BRUCE LILFORD BOARD & Metallurgist Project Developer Government Liaison MANAGEMENT Former Former Former ▪ PMI Gold ▪ PMI Gold ▪ Senior Study Manager at (now Asanko Gold) Amec FosterWheeler (now Asanko Gold) ▪ Deputy Country Manager (now Wood Group) ▪ PRO - Ghana Ghana ▪ Ghanaian citizen ▪ Ghanaian resident Non - Executive Director Non - Executive Director Non - Executive Chairman Non - Executive Director TREVOR SCHULTZ DR KENNETH G. THOMAS KEVIN TOMLINSON MICHELE MUSCILLO Project Development, Construction Project Implementation Investment Banker & Geologist Corporate Lawyer and Operations Engineer Former Former Former Former ▪ Centamin plc Non – Exec Director ▪ Barrick Gold Corporation ▪ Anglo Gold Ashanti – Ghana ▪ Orbis Gold ▪ Orbis Gold - Director (now SEMAFO) ▪ Chief Operating Officer (COO) ▪ Senior Vice President ▪ Non - Exec Director ▪ Medusa Mining - Chairman ▪ Centamin plc – Egypt ▪ Canadian Institute Mining (CIM) ▪ Executive Director ▪ Past President Current ▪ BHP Current Current ▪ Samco Gold ▪ Continental Gold ▪ Executive Manager ▪ Aeris Resources ▪ Non - Exec Director ▪ Non – Exec Director ▪ Rio Tinto – Zinc Corporation ▪ Non - Exec Director ▪ Infinity Lithium ▪ Executive Manager ▪ Xanadu Mines ▪ Chairman ▪ Non - Exec Director ASX / TSX: CDV 3
MNG Gold (Formerly Endeavour Mining) AFRICA BOLGATANGA NAMDINI PROJECTS PROJECT NEW FRONTIER: N10 NORTHERN GHANA 2 hr Drive to Cardinal Office ▪ Paleoproterozoic Granite-Greenstone Belt N10 o Underexplored compared to Southern Ghana ▪ Well-Established Local Infrastructure o 30km – National HV hydro grid power o 7km – Continuous water supply – White Volta River o 25km – Sealed national highway ▪ Excellent Community Relationships Newmont SUBRANUM Legend PROJECT o Facilitates rapid development objective Mines Resolute Mining City Kinross Asanko Gold ▪ Open Savannah Grassland N6 Cardinal Newmont Licences Anglogold o Low population density Ashanti Perseus ▪ Mining License Granted for 15 years renewable Golden Star Gold Fields ASX / TSX: CDV 4 ASX / TSX: CDV 4
MAIDEN PROBABLE ORE RESERVE 4.76 Moz 9.5 Mtpa KEY ECONOMIC RESULTS UNIT PFS 1,105 Pit Design Gold Price FINANCIALS US$ / oz 1,250 Financial Model Study Consultants Development Capital Cost 414 US$ M o Golder Associates ( including 15% contingency and owners costs ) o Lycopodium Starter Pit 599 All in Sustaining Costs o Knight Piesold US$ / oz ( AISC ) 1 Life of Mine 769 o ALS Laboratory o Oreway Mineral Total Project Payback 1.8 years Consultants o IMO Metallurgical Consultants Post-Tax NPV 586 US$ M o MPR Geological (@ 5% discount ) 2 Consultants o 9.5 Mtpa option Post-Tax IRR 38 % selected on best economic return Table Notes: 1 Cash Costs + Royalties + Levies + Life Of Mine Sustaining Capital Costs (World Gold Council Standard) ASX / TSX: CDV 5 2 Royalties calculated at a flat rate of 5% - subject to negotiation and corporate tax rate of 35% was used subject to negotiation
9.5 Mtpa KEY ESTIMATED PRODUCTION RESULTS UNIT Starter Pit Life of Mine PFS PRODUCTION Gold Price – Financial Model US$ / oz 1,250 SUMMARY Gold Produced (oz / yr) 361,000 294,000 ( Average for full production years ) 1 ▪ Probable Ore Reserve 4.76 Moz Gold Produced (oz) 907,000 3,975,000 129.6Mt @ 1.14 g/t Au; 0.5 g/t cut off ▪ Starter Pit yielding ~900 koz gold Gold Head Grade g/t Au 1.31 1.14 with 0.5 : 1 strip ratio ▪ Life of mine strip ratio of 1.4 : 1 Gold Recovery % 86 84 ▪ Mineralisation 1.1 km long and 350m wide Ore Mined Tonnes 24,000,000 129,600,000 ▪ >10,000 oz ounce per vertical metre ( 0.5 g/t cut-off grade ) at 0.5 g/t cut-off W:O 0.5 : 1 1.4 : 1 Strip Ratio ▪ New conventional gold plant inclusive of conventional flotation Mine Life years 2.5 14 and regrind to CIL ( Inc ramp-up and mine closure ) Development Capital Cost US$ M 414 ( Including 15% contingency and owners costs ) Table Notes: 1 Excludes ramp-up and for the Life of Mine scenario mine closure (Years where full production is not realised) ASX / TSX: CDV 6
PFS FINANCIAL After-Tax IRR (%) Sensitivity After-Tax NPV @ 5% Sensitivity SENSITIVITY $758 46% 9.5 Mtpa 42% $672 38% $586 34% $501 29% $415 $ 1,450 $ 1,350 $ 1,250 $ 1,350 $ 1,300 $ 1,350 $ 1,300 $ 1,250 $ 1,250 $ 1,200 $ 1,150 $ 1,200 $ 1,150 ASX / TSX: CDV 7
N FLAGSHIP 5.1 Moz* 138.6 Mt @ 1.13 g/t Au; 0.5 g/t NAMDINI 7.2km Au cut-off PROJECT ORE RESERVE NAMDINI DEPOSIT 3.2km Namdini Mining Licence Boundary (yellow) *138.6 Mt @ 1.13 g/t Au; 0.5 g/t Au cut-off ASX / TSX: CDV 8 * Refers to Updated Reserve April 3, 2019
Long Section – Grade Distribution PFS PIT DESIGNS US$ 1,105 / oz ▪ Starter Pit • Low strip ratio (0.5 : 1) Starter Pit • 1 Probable Ore Reserve 1.06 Moz Open 24Mt @ 1.31 g/t Au; 0.5 g/t cut-off • Concentration of higher grade gold from surface Life of • Capex payback – 1.8 years Mine pit ▪ Life of Mine Pit Open • Low strip ratio (1.4 : 1) • 1 Probable Ore Reserve 4.76 Moz 129.6Mt @ 1.14 g/t Au; 0.5 g/t cut off 1 Ore Reserves as of Sept 2018 PFS ASX / TSX: CDV 9
Cross Section – Grade Distribution PFS PIT DRILLING ▪ 118,864 metres drilled since first discovery hole ▪ 64,423m DD HQ diameter ▪ 41,170m RC 5.5 inch bit Starter Pit ▪ 13,271m RC Grade Control ▪ Mineralisation is 350 metres wide ▪ Deposit open and continues at depth Life of beneath the planned pit shell Mine pit Open ASX / TSX: CDV 10
9.5 Mtpa RoM Feed Sag Mill Ball Mill PROCESS FLOWSHEET Primary Crushing Crushed Ore Stockpile Grinding Circuit ~ 8% Flotation Concentrate Circuit Regrind Circuit ▪ Conventional crush- Concentrate to Regrind grind-float-regrind-CIL ( 0.76 Mtpa ) circuit 15 - 17 g/t Au Cyclone ▪ Gravity gold circuit concentrate produced Classification designed for free gold Aachen TM ▪ 92% Shear 15 - 17 g/t Au concentrate produced Vessel ( 8.74 Mtpa ) ▪ Gravity Concentration Processing 8% of the Discharged to Tailings Storage Facility RoM feed beyond Circuit flotation ▪ Discharging 92% of the RoM feed to tailings ▪ Gold doré bars produced on-site Gold Doré Bars Production On-Site CIL Circuit Elution Electrowinning ASX / TSX: CDV 11
Highly prospective land package totals ~900km 2 and provides significant exploration upside DISTRICT EXPLORATION ASX / TSX: CDV 12
DISTRICT INITIATIVES ▪ Bongo o Auger soil drilling planned and geophysics targets being evaluated ▪ Kungongo o 4.5 km strike length being evaluated o Positive assay results returned from first pass drilling ▪ Ndongo o 6 large scale targets identified with initial focus near major regional shear o Recent exploration identified a discovery at Ndongo East ▪ Drill targets being generated o Gravity, magnetics and IP being used to identify and refine targets *Ore Reserve as of 3 April 2019 7.4Mt @ 1.31g/t Au for 0.4Moz Au Proved and 131.2Mt @ 1.12g/t Au for 4.7Moz Au Probable; 0.5g/t Au cutoff ASX / TSX: CDV 13
2019 2019 2020 2020 2021 2022 TIMELINE Q 1 Q3 Q4 H1 H2 H2 Feasibility Study (FS)* Decision to Mine Construction Development Gold Production District Exploration - Subject to result success and seasonal influences *The Company continues to aim for delivery of the Feasibility Study by end of Q3 2019 upon receiving completed laboratory testwork, checks and sign-offs being delivered by Maelgwyn using its Aachen Process (ASX/TSX press release 4 June 2019). ASX / TSX: CDV 14
THANK YOU ASX / TSX: CDV Contact Us: CEO / MD IR / CORP DEV ARCHIE KOIMTSIDIS ALEC ROWLANDS archie@cardinalresources.com.au alec@cardinalresources.com.au Cannings Purple Cannings Purple ANDREW ROWELL PETA BALDWIN arowell@canningspurple.com pbaldwin@canningspurple.com ASX / TSX: CDV ASX / TSX: CDV 15 15
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