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4.76 Moz MAIDEN ORE RESERVE ASX - TSX: CDV Investor Presentation | - PowerPoint PPT Presentation

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GHANA WEST AFRICA 4.76 Moz MAIDEN ORE RESERVE ASX - TSX: CDV Investor Presentation | September 2018 ASX / TSX: CDV 1 SHAREHOLDERS Gold Fields ASX CapitalStructure (Australia) TSX 11.2% 1832 Asset A$ 0.45 Management LP Current Share

  1. GHANA – WEST AFRICA 4.76 Moz MAIDEN ORE RESERVE ASX - TSX: CDV Investor Presentation | September 2018 ASX / TSX: CDV 1

  2. SHAREHOLDERS Gold Fields ASX CapitalStructure (Australia) TSX 11.2% 1832 Asset A$ 0.45 Management LP Current Share Price 1 (Canada) CORPORATE OVERVIEW Shares on Issue 2 378 M 10.8% Other Listed Options on Issue 3,4 114M 42.5% Van Eck (USA) 7.5% Market Capitalisation A$ 165 M EnterpriseValue A$ 157 M Royal Bank of CARDINAL RESOURCES Canada (Canada) Cash at Bank 5 A$ 38 M 7.1% As at 12 September 2018 1. Sprott (Canada) Aga Nola (Switzerland) 60 Class C Performance shares on issue. If converted, will total 6 2. 5.0% million ordinary shares if certain milestones are achieved. Details of 3.0% conversion milestones are provided in Cardinal’s Annual Report Commonwealth Exercise price of A$ 0.15, Expiry date 30 Sept 2019 3. Bank Australia US Global (USA) Additional 35,294,200 unlisted options on issue with various expiry 4. (Australia) Directors dates and exercise prices 4.0% Cash as at 30 June 2018 includes Debt of US$ 25M completed in 5. 4.8% 4.3% August 2018. Expert Coverage SHAREHOLDERS BY GEOGRAPHIC LOCATION Average A$ 1.17 per share North America 37.7% Beacon Securities (Canada) Australia 34.4% BMO Capital Markets (Canada) Europe 15.0% Clarus Securities (Canada) United Kingdom 3.3% Cormark Securities (Canada) Other 9.6% (Australia) Hartleys ASX / TSX: CDV 2 (United Kingdom) RFC Ambrian

  3. CEO - MD Project Manager Executive Director ARCHIE KOIMTSIDIS BRUCE LILFORD MALIK EASAH BOARD & Metallurgist Project Developer Alluvial Gold Miner MANAGEMENT Former Former Former  Senior Study Manager at  Deputy Country Manager  Public Relations Officer Ghana at PMI Gold Amec FosterWheeler Ghana at PMI Gold (now Wood Group) (now Asanko Gold) (now Asanko Gold)  Ghanaian resident  Ghanaian citizen CARDINAL RESOURCES Non - Executive Chairman Non - Executive Director Non - Executive Director Non - Executive Director KEVIN TOMLINSON ROBERT SCHAFER JACQUES McMULLEN MICHELE MUSCILLO Investment Banker & Geologist Geologist / Mineral Economist Professional Engineer Corporate Lawyer Former Former Former Former  Director Centamin plc  Senior VP Special Projects  Executive, manager and field  Non - Exec Director Orbis Gold geologist - Billiton, BHP, and Technical Services for  Director Orbis Gold (now SEMAFO) Kinross and Hunter Dickinson Barrick Gold  Chairman Medusa Mining  Chairman Orvana Minerals  Past President, PDAC & CIM Current Current Current Current  Non - Exec Chair Xanadu Mines  Non - Exec Director Equinox  Non - Exec Director Aeris  Director Canadian Mining Hall  Non - Exec Director Samco Gold Gold and Excellon Resources Resources of Fame, Director USA National  Non - Exec Chair Infinity Lithium  Non - Exec Director Xanadu Mines Mining Hall of Fame ASX / TSX: CDV 3

  4. MINE SCALE REGIONAL GEOLOGY CARDINAL RESOURCES  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 ASX / TSX: CDV 4

  5. MNG Gold (Formerly Endeavour Mining) AFRICA BOLGATANGA NAMDINI PROJECTS PROJECT NEW FRONTIER: NORTHERN GHANA 2 hr Drive to Cardinal Office  Paleoproterozoic Granite-Greenstone Belt o Underexplored compared to Southern Ghana CARDINAL RESOURCES  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 Newmont Kinross Asanko Gold  Open Savannah Grassland Cardinal Anglogold Ashanti Licences o Low population density Perseus  Mining License Granted for 15 years renewable Golden Star Gold Fields ASX / TSX: CDV 5 ASX / TSX: CDV 5

  6. MAIDEN ORE RESERVE 4.76 Moz 9.5 Mtpa KEY ECONOMIC RESULTS UNIT PFS 1,105 Pit Design FINANCIALS Gold Price US$ / oz 1,250 Financial Model  Study Consultants Development Capital Cost o Golder Associates 414 US$ M CARDINAL RESOURCES ( including 15% contingency and owners costs ) o Lycopodium o Knight Piesold Starter Pit 599 All in Sustaining Costs US$ / oz o ALS Laboratory ( AISC ) 1 Life of Mine 769 o Oreway Mineral Consultants Total Project Payback 1.8 years o IMO Metallurgical Consultants o MPR Geological Post-Tax NPV 586 US$ M Consultants (@ 5% discount ) 2 o 9.5 Mtpa option selected on best economic return Post-Tax IRR 38 % Table Notes: 1 Cash Costs + Royalties + Levies + Life Of Mine Sustaining Capital Costs (World Gold Council Standard) 2 Royalties calculated at a flat rate of 5% - subject to negotiation and corporate tax rate of 35% was used subject to negotiation ASX / TSX: CDV 6

  7. 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  Maiden Ore Reserve 4.76 Moz ( Average for full production years ) 1  Starter Pit yielding ~900 koz CARDINAL RESOURCES Gold Produced (oz) 907,000 3,975,000 gold with 0.5 : 1 strip ratio  Life of mine strip ratio of 1.4 : 1  Mineralisation 1.1 km long and g/t Au 1.31 1.14 Gold Head Grade 350m wide  >10,000 oz ounce per vertical % 86 84 Gold Recovery metre at 0.5 g/t cut-off  New conventional gold plant Ore Mined inclusive of conventional Tonnes 24,000,000 129,600,000 flotation and regrind to CIL ( 0.5 g/t cut-off grade ) Strip Ratio W:O 0.5 : 1 1.4 : 1 Mine Life years 2.5 14 ( 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 7

  8. PROBABLE ORE RESERVE NAMDINI Cut off Tonnes Grade Metal (g/t Au) (Mt) (g/t Au) (Moz Au) MAIDEN ORE RESERVE September 2018 0.5 129.6 1.14 4.76 The Ore Reserve conforms with and uses JORC Code 2012 recommendations and Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards CARDINAL RESOURCES  4.76 Moz Au contained in 129.6 Mt at 1.14 g/t for Mineral Resources and Mineral Reserves” (CIM, 2014). No inferred material has been used in the Ore Reserve estimates. Au at a cut-off of 0.5 g/t Au Appropriate modifying factors have been considered, these include but are not restricted to mining, processing, metallurgical, infrastructure, economic marketing, legal, environmental, social and governmental factors. Probable Ore Reserve  6.5 Moz Au contained in 180 Mt at 1.13 g/t Au INDICATED MINERAL RESOURCE at a cut-off of 0.5 g/t Au Indicated Mineral Resource Cut off Tonnes Grade Metal  0.5 Moz Au contained in 13 Mt at 1.2g/t Au at a (g/t Au) (Mt) (g/t Au) (Moz Au) cut-off of 0.5 g/t Au 0.5 180 1.1 6.5 Inferred Mineral Resource INFERRED MINERAL RESOURCE  Remains open along strike and down dip Cut off Tonnes Grade Metal (g/t Au) (Mt) (g/t Au) (Moz Au) 0.5 13 1.2 0.5 This is in accordance with the guidelines of Reasonable Prospects for Eventual Economic Extraction (“RPEEE”) per the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards for Mineral Resources and Mineral Reserves” (CIM, 2014) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). The Mineral Resources are inclusive of the Ore Reserve. ASX / TSX: CDV 8

  9. FINANCIAL After-Tax IRR (%) Sensitivity After-Tax NPV @ 5% Sensitivity SENSITIVITY $758 46% 9.5 Mtpa 42% $672 38% $586 CARDINAL RESOURCES 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 9

  10. EV / Au Eq. Reserves (US$/oz) RELATIVE $184 VALUATION $184 EV / Au Eq. Resources (US$/oz) $69 $69 CARDINAL RESOURCES $36 $36 $22 $93 $22 $22 $93 3 Cardinal Peer Producer Cardinal Peer Average Producer Average Average 3 Average 2 $33 $33 1 2 Cardinal Producer Peer Cardinal Peer Average Producer Average Source: FactSet and company disclosure. Average 2 Average 1 Notes: Resources shown inclusive of reserves and on attributable basis. Au Eq. based on long-term consensus metal prices. 1 Includes 18 gold development companies with reserves. ASX / TSX: CDV 10 2 Includes 41 junior and intermediate gold producers. 3 Includes 28 gold development companies with resources.

  11. DEVELOPING A TIER-ONE ASSET 4.76 Moz Au Probable Ore Reserve at 1.14 g/t Cut-off grade – 0.5 g/t Au N  Large scale single open pit o Strip ratios: o Starter Pit 0.5 : 1 o Life of Mine 1.4 : 1  Reserve CARDINAL RESOURCES FLAGSHIP o Mineral Resource to Ore Reserve conversion – 73% NAMDINI 7.2km PROJECT  Metallurgy o 86% in Starter Pit and 84% overall LOM NAMDINI DEPOSIT recovery with optimisation ongoing o Conventional crush-grind-float-regrind- CIL circuit  Mining License granted o 15 years renewable 3.2km  Environmental permitting in progress o EIA Scoping Report submitted to EPA Namdini Mining Licence Boundary (yellow) ASX / TSX: CDV 11

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