NAMDINI: A MAJOR DISCOVERY IN A NEW GHANAIAN GOLD DISTRICT Kevin - PowerPoint PPT Presentation

ASX / TSX: CDV NAMDINI: A MAJOR DISCOVERY IN A NEW GHANAIAN GOLD DISTRICT Kevin Tomlinson | Chairman - Presenter NewGenGold 2017 Conference Presentation | Nov 2017 ASX / TSX: CDV 1

MNG Gold (Formerly Endeavour Mining) AFRICA BOLGATANGA NAMDINI PROJECTS PROJECT NEW FRONTIER: NORTHERN GHANA 2 hr Drive to Cardinal Office ▪ Mineral-Prolific Region ▪ Paleoproterozoic Granite-Greenstone Belt 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 Newmont SUBRANUM ▪ Excellent Community Relationships Legend PROJECT Mines o Facilitates rapid development objective Resolute Mining City Newmont Kinross ▪ Open Savannah Grassland Asanko Gold Cardinal Anglogold Ashanti Licences o Low population density Mining License Granted for 15 years - renewable ▪ Gold Fields Golden Star ASX / TSX: CDV 2 ASX / TSX: CDV 2

B2Gold GEOLOGY OF Fekol ola SEMAFO Natougou SEMAFO WEST AFRICA Nabanga Roxgold MNG & NAMDINI LOCATION Yaramoko Youga SEMAFO Mana NAMDINI ▪ Namdini is located within the Birimian terrane of Northeastern Ghana which is 2.1-2.2 billion years old ▪ Unconformable Volta Basin sediments obscure the great majority of Birimian terrane in eastern and central Ghana Newmont Ahafo Anglogold Newcrest Obuasi Bonikro Endeavour Agbaou Goldfields Tarkwa ASX / TSX: CDV 3

Youga Mine REGIONAL GEOLOGY Historic Nangodi Mine NORTHEASTERN GHANA NAMDINI ▪ Birimian Nangodi Greenstone Belt or Youga Greenstone Belt in Burkina Faso o Sedimentary, granitic & volcanic lithologies host Namdini o Separated from the Bole Greenstone Belt by the regionally extensive Bole-Bolgatanga Shear o Terrane is obscured by unconformably overlain Volta Basin sediments to the south of Namdini ▪ Namdini is approximately 50km southwest of the Youga gold mine (~1 Moz) in Burkina Faso ASX / TSX: CDV 4

NAMDINI Shaanxi Gold Mine INTERPRETED LOCAL GEOLOGY NAMDINI MINING LICENSE ▪ Birimian geology based on interpretation of airborne geophysics survey and recent drilling ▪ Location of Namdini deposit indicated by yellow drill hole collars ▪ Linear ‘breakaway’ contact marks the northern extent of the Volta Basin sediments ▪ Interpreted mafic volcanics to the south Mafic Volcanics/Volcaniclastics beneath the unconformity Mafic Volcanics Mafic or Ultramafic Volcanics Ultramafics Mafic to Intermediate Volcaniclastics Namdini Licence Boundary Namdini Resource Drill Hole ASX / TSX: CDV 5

Legend Mafic Volcanics/Volcaniclastics NAMDINI Mafic Volcanics Mafic or Ultramafic Volcanics EXPLORATION SEQUENCE Ultramafics Mafic to Intermediate Volcaniclastics Namdini Licence Boundary ▪ Namdini located in area reserved for small-scale mining since the mid-1990s Aug to Dec 2013 ▪ No systematic modern exploration undertaken in the past • Airborne geophysics flown 25 years until Cardinal began exploration in 2013 • Prospecting pit within small- scale mining lease confirmed ▪ Recent Birimian gold discoveries use typical airborne surface gold mineralization geophysics, auger, RC/DDH drilling exploration sequence Mar 15, 2014 NAMDINI ▪ Cardinal’s exploration started with prospecting within a • First RC hole completed small-scale mining lease and then expanded out as adjoining small-scale leases were optioned or purchased Oct 2016 • Initiated auger drilling ▪ Cardinal’s auger programme clearly identified the Namdini deposit and has produced a significant number Feb 2017 of additional gold anomalies for follow-up exploration • Characterization auger drilling over Namdini at 200m line spacing • Completed auger drilling over large mining Lease Namdini Auger Drilling ASX / TSX: CDV 6

14800E 15200E 15600E DISCOVERY NMRC001: FIRST 53600N HOLE AT NAMDINI NMRC001 Discovery Hole 53200N 15/03/2007 ▪ NMRC001 o Drilled 15 March 2014 NMRC001 Drilled Underneath the Discovery Prospecting Pit o Results 2 April 2014 o Total Depth: 66m 52800N o 23m to 41m: 18m @ 3.1g/t Au 14800E 15400E 0 200m Plan o TIME = zero 54400N 54000N 53600N 53200N 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 7

14800E 15200E 15600E Q1 2014: RC DRILLING 53600N ONGOING 53200N ▪ 5 holes for 354m ▪ Average depth: 70m ▪ Drilling inside original Small- Scale Mining Lease (SSML) 52800N Looking North Along Strike of Namdini – Area is Flat ▪ TIME = 1 month 14800E 15400E 0 200m Plan 54400N 54000N 53600N 53200N 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 8

14800E 15200E 15600E Q3 2014: DRILLING THE 53600N ORIGINAL SSML 53200N ▪ 30 holes for 2,838m ▪ Deposit total: 35 holes for 3,192m ▪ Close-spaced drill-out of SSML ▪ TIME = 6 months 52800N 14800E 15400E 0 200m Plan 54400N 54000N 53600N 53200N 0RL Aerial View of Drill Holes 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 9

14800E 15200E 15600E Insert picture of drill core Q4 2014: DRILLING here with alteration THE ORIGINAL 53600N SSML CONTINUES 53200N ▪ 10 holes for 1,623m ▪ Deposit total: 45 holes for 4,815m ▪ Close-spaced drill-out of SSML ▪ TIME = 9 months 52800N 14800E 15400E 0 200m Plan 54400N 54000N 53600N 53200N 0RL Drill Core Showing Folding 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 10

14800E 15200E 15600E Q1 2015: SSML DRILLING & 53600N ALONG STRIKE STARTS 53200N ▪ 11 holes for 1,938m ▪ Deposit total: 56 holes for 6,753m ▪ Deeper holes – 120m average depth ▪ Close-spaced drill-out of the SSML continues 52800N Cardinal Drill Core Shed In Bolgatanga ▪ First hole completed to north of SSML 14800E 15400E 0 200m Plan ▪ TIME = 12 months 54400N 54000N 53200N 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 11

14800E 15200E 15600E Q2 2015: ALONG STRIKE 53600N DRILLING TO NORTH 53200N ▪ 11 holes for 1,061m ▪ Average hole depth: 96m ▪ Deposit total: 67 holes for 7,814m ▪ Northern strike extension from discovery 52800N hole is drilled Drill Core Logging Setup 14800E 15400E 0 200m Plan ▪ Gold intersections hit along 800m strike 54400N 53200N ▪ One hole on each line (except at far north) ▪ TIME = 15 months 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 12

14800E 15200E 15600E Q3 2015: ALONG STRIKE 53600N DRILLING CONTINUES 53200N ▪ 8 holes for 489m ▪ Average hole depth: 61m ▪ Deposit total: 75 holes for 8,303m ▪ Width of Namdini mineralised corridor 52800N begins to be explored Night Drilling 14800E 15400E Plan 0 200m ▪ Two wide-spaced drill holes on each section; three in south just north of the original SSML 54400N 53200N ▪ Holes still shallow (60m average depth) 0RL ▪ TIME = 18 months 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 13

14800E 15200E 15600E ▪ Width of Namdini mineralised corridor explored Q4 2015: ▪ Most drill sections have at least 3 holes on them FIRST DEEP DIAMOND 53600N ▪ First 5 deep diamond drill holes are completed: o NMDD001 started on 21 October 2015 DRILL HOLES o NMDD002 started on 1 November 2015 ▪ Deep drill holes are first test of across strike width of Namdini mineralised corridor 53200N ▪ 22 holes for 3,972mm Multiple intersections in each hole: ▪ ▪ Average Hole depth: 180m o NMDD001 (211m) o NMDD002 (363m) ▪ Deposit total: 97 holes for 12,276m • 15m @ 0.9g/t • 6m @ 0.8g/t • 10m @ 1.0g/t • 10m @ 1.3g/t ▪ TIME = 21 months 52800N • 41m @ 1.2g/t • 11m @ 2.9g/t • 34m @ 1.1g/t 14800E 15400E 0 200m Plan • 9m @ 2.0g/t 54400N 53200N 0RL 54000N 53600N 0 200m 0 200m -400RL Long section looking East ASX / TSX: CDV 14

14800E 15200E 15600E ▪ Deeper ‘framework’ diamond drilling ongoing Q1 2016: ▪ DD holes NMDD006 to NMDD013 completed FRAMEWORK ▪ Average depth of NMDD006-013: 285m 53600N ▪ All holes have multiple intersections DIAMOND DRILLING ▪ Namdini dimensions now: o 1km along strike 53200N o over 300m wide ▪ 9 holes for 2,557mm o and 300m deep ▪ Average depth: 284m ▪ Deposit total: 106 holes for 14,832m ▪ TIME = 24 months 52800N 14800E 15400E 0 200m Plan 54400N 53200N 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 15

14800E 15200E 15600E ▪ Diamond holes NMDD014 to NMDD032 Q2 2016: DEEPER & ▪ All holes are characterised by multiple intersections in each hole FRAMEWORK DRILLING 53600N ▪ NMRD095 returns 43m at 8.86g/t ( 381 gm-m ) ▪ Some of the deepest holes are completed: o NMRD094: 414m o NMRD095: 414m 53200N ▪ 39 holes for 10,163m o NMRD096: 393m o NMRD097: 414m ▪ Average hole depth: 261m o NMDD016: 412m ▪ Deposit total: 145 holes for 24,995m ▪ Namdini is traced to depth ▪ More drill rigs brought to site 52800N ▪ Q2 2016 drilling dataset forms the basis for ▪ Deeper ‘framework’ diamond drilling continues 14800E 15400E the maiden resource (November 2016) 0 200m Plan ▪ RC drilling restarted – mostly as pre-collars to 54400N 53200N deeper diamond drill holes ▪ TIME = 27 months 0RL 54000N 53600N 0 200m -400RL Long section looking East ASX / TSX: CDV 16