GHANA 5.1 Moz ORE RESERVE* Developer 2019 Thayer Lindsley Award ASX - TSX: CDV Investor Presentation - February 2020 * 138.6 Mt @ 1.13 g/t Au; 0.5 g/t Au cut-off
Board & Management Michele Muscillo Kevin Tomlinson Archie Koimtsidis Malik Easah Chairman MD / CEO Executive Director NED Banker Project Developer Government Liaison Corporate Lawyer Former Former Former Former ➢ NED - Orbis Gold ➢ NED - Centamin plc, Orbis Gold, ➢ PMI Gold – Ghana ➢ PMI Gold - Ghana Current Chairman - Medusa (now Asanko Gold) (now Asanko Gold) ➢ NED - Aeris Resources Current ▪ Deputy Country Manager ▪ Public Relations Officer ➢ NED - Xanadu Mines ➢ Chairman - Bellevue Gold ➢ Ghanaian resident ➢ Ghanaian citizen Dave Anthony Jon Grygorcewicz Trevor Schultz Dr Kenneth Thomas COO CFO NED NED Mine Construction Mine Construction, Project Implementation Development & Operations Development & Operations Former Former Former ➢ AngloGold Ashanti – Ghana - COO Former ➢ Barrick Gold Corp – Senior VP ➢ Barrick Gold Corp - Africa - COO ➢ Focus Minerals – Gold Producer ➢ Centamin plc – Egypt – Exec ▪ CFO ➢ Kinross – Project Director Current Director ➢ Venture Minerals – Iron Ore Dev. ➢ Continental Gold Corp ➢ +30 Years Experience ➢ BHP – Exec Manager ▪ CFO ▪ NED (Technical) ▪ 12 process plant start ups ➢ Rio Tinto – Exec Manager 2 2 2
Corporate Overview Gold Fields (Australia) 16.41% CDV ASX / TSX Code 1832 Asset Management Current Share Price 1 A$ 0.37 LP (Canada) Shares on Issue 2,3 494 M 6.28% Market Capitalisation A$ 182 M Cash at Bank 4 A$ 20.4 M Van Eck (USA) 1. As at 24 January 2020 5.02% 2. 60 Class C Performance shares on issue. If converted, will total 6 Other million ordinary shares if certain milestones are achieved. Details of conversion milestones are provided in Cardinal’s Annual Report 53.92% 3. 46,392,102 unlisted options on issue with various expiry dates and Royal Bank of exercise prices 4. Cash as at 31 December 2019: Details of loan facility are provided Canada in announcement dated 23 Aug 2018. 2.78% Argonaut (Australia) Beacon Securities (Canada) Sprott BMO Capital Markets (Canada) 1.76% Clarus Securities (Canada) Commonwealth Bank of Cormark Securities (Canada) Australia (Canada) Macquarie Research 2.87% Martin Place Securities (MPS) (Australia) SSI Wealth Management Directors Hartleys (Australia) US Global (USA) (Switzerland) 6.17% RFC Ambrian (United Kingdom) 3.09% 3 1.70% 3 3
Avesoro Namdini Gold Deposit Resources ( ▪ Namdini Discovery Timelines 1 AFRICA o Drill Hole # 1 – 2014 BOLGATANGA NAMDINI PROJECTS o Discovery Declared - 2015 PROJECT 2 o Maiden Resource – 2016 N10 3 o PEA – 2018 2 hr Drive to 4 , 4.76Moz* Ore Reserve o PFS – 2018 Cardinal Office 5 , 5.1Moz** Ore Reserve o FS – 2019 5 o Gold Production - 2022 N10 ▪ Well-Established Local Infrastructure o 30km – National HV hydro grid power o 25km – Sealed national highway o 7km – Continuous water supply – White Volta River Newmont ▪ Excellent Community Relationships SUBRANUM Legend PROJECT o Facilitates rapid development objective Mines Resolute Mining City Kinross Asanko Gold N6 Cardinal Newmont ▪ Open Savannah Grassland Licences Anglogold Ashanti o Low population density Perseus ▪ Mining License Granted for 15 years - renewable Golden Star Gold Fields 1. Press release 28 July 2014. 2. Press release 7 November 2016. 3. Press release 5 February 2018. 4. Press release 18 September 2018. 5. Press release 28 October 2019. *1 29.6Mt @ 1.14 g/t Au at 0.5 g/t cut-off, inclusive of 4.76 Moz Probable (126.9 Mt @ 1.14 g/t Au); 0.5 g/t Au cut-off. ASX / TSX: CDV 4 ASX / TSX: CDV 4 **138.6Mt @ 1.13 g/t cut-off, inclusive of 0.4Moz Proved (7.4Mt @ 1.31 g/t Au) and 4.7Moz Probable (131.2 Mt @ 1.12 g/t Au); 0.5 g/t Au cut-off
FS Physicals Starter Pit Life of Mine ESTIMATED PRODUCTION RESULTS UNIT Gold Price – Financial Model 1,350 US$ / oz Gold Produced ( Average for full production years ) 361,000 287,000 (oz / yr) Gold Produced 1,100,000 4,177,000 (oz) Gold Head Grade 1.41 1.13 g/t Au Gold Recovery 85 83 % Ore Mined ( 0.5 g/t cut-off grade ) 47,000,000 138,600,000 Tonnes Strip Ratio 0.9 : 1 1.9 : 1 W:O Mine Life 2.3 15 years Capital Cost ( including $42M contingency ) 390 US$ M 5 5 5
FS Production & AISC (Current Life of Mine Plan) 6
FS Financials KEY ECONOMIC RESULTS UNIT Feasibility Study Pit Design 1,235 Gold Price US$ / oz Financial Model 1,350 Capital Cost ( including $42M contingency ) US$ M 390 Starter Pit 585 All in Sustaining Costs ( AISC ) 1 US$ / oz Life of Mine 895 months Total Project Payback 21 Pre-Tax NPV 5% US$ M 914 Post-Tax NPV 5% US$ M 590 % Pre-Tax IRR 43 % Post-Tax IRR 33 1 Cash Costs + Royalties + Levies + Life of Mine Sustaining Capital Costs (World Gold Council Standard). Royalties calculated at a rate of 5.5% and a corporate tax rate of 32.5%; both subject to negotiation. 7 7 7
FS Financial Sensitivity (Cashflow – Life of Mine) 8
FS Financial Sensitivity (Pre Tax NPV & IRR – Life of Mine) 9
FS Financial Sensitivity (Post Tax NPV & IRR – Life of Mine) 10
Quality Partners 11 11 11
12 FS Process Flowsheet Sag Mill Ball Mill 9.5 Mtpa ROM Feed Primary Crushing Crushed Ore Stockpile Grinding Circuit 15 - 17 g/t Au concentrate produced ~ 8% ( 0.76 Mtpa ) 92% Flotation Concentrate Circuit Cyclone Classification Regrind Circuit ( 8.74 Mtpa ) Aachen TM Shear Vessel Gravity Concentration Discharged to Tailings Storage Facility Circuit CIL Circuit Elution Electrowinning Gold Doré Bars Production On-Site 12 12 12
FS Long Section – Grade Distribution Starter Pit First 27 months Production ~1.1 Moz Starter Pit Metrics 28.2Mt @ 1.41 g/t Au Strip ratio - 0.9 : 1 Life of Mine Pit Strip ratio - 1.9 : 1 LOM Ore Reserve* 5.1 Moz 138.6Mt @ 1.13 g/t Au; 0.5 g/t cut off Capex Payback 21 months 13 * Ore Reserves as of Oct 2019 FS 13 13
FS Cross Section – Grade Distribution 118,864m Drilled since first discovery hole in 2015 64,423m HQ size Diamond Drilling 41,170m 5.5” size RC Drilling 13,271m Drilled for Grade Control 350m Average width of mineralisation 14 14 14
Northern Ghana - New Exploration Frontier ▪ Shallow high-grade discovery at Ndongo East o Recent significant drill hole intersections 1 include: • 5.3m @ 13.9g/t Au from 78m • 5.5m @ 3.8g/t Au from 31m • 3.7m @ 3.3g/t Au from 59m • 2.7m @ 7.7g/t Au from 19m • 2.0m @ 18.3g/t Au from 59m • 14.0m @ 7.0g/t Au from 69m • 8.3m @ 11.3g/t Au from 76m • 5.2m @ 4.5g/t Au from 60m 1 Refer to ASX/TSX press releases dated 16 July and 29 August 2018, 23 January 25 March and 10 July 2019 * 138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off, inclusive of 0.4Moz Proved (7.4 Mt @ 1.31 g/t Au) and 4.7Moz Probable (131.2 Mt @ 1.12 g/t Au); 0.5 g/t 15 15 Au cut-off. 15
Development Timeline 2019 2020 2020 2021 2021 2022 2022 Q4 H1 H2 H1 H2 H1 H2 Front End Engineering & Design (FEED) Construction * Commissioning * Gold Production * * The Company’s Construction, Commissioning and Gold Production schedules within the development timeline assumes that the Comp any is fully funded. The actual timelines will depend upon the manner and timing of the Company’s financing plans. Dates are therefore indicative only. 16 16 16
Cardinal Australia Office Suite 1, 28 Ord Street, West Perth, WA, 6005 PO Box 829, West Perth, WA, 6872 Australia P +61 8 6558 0573 E info@cardinalresources.com.au Cardinal Ghana Office Durugu Residential Area, Kumbosco, Bolgatanga PO Box 350, Bolgatanga Ghana Thank you P + 233 382 021 838 E info@cardinalresources.com.au Canadian Office The Exchange Tower Suite 1822 130 King Street West Toronto, Ontario MSX 1E3 Canada P +1 647 256 1922 E info@cardinalresources.com.au 17
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