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4.76 Moz MAIDEN ORE RESERVE Developer / Explorer ASX - TSX: CDV - PowerPoint PPT Presentation

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GHANA WEST AFRICA 4.76 Moz MAIDEN ORE RESERVE Developer / Explorer ASX - TSX: CDV Investor Presentation | February 2019 ASX / TSX: CDV 1 SHAREHOLDERS ASX Gold Fields CapitalStructure TSX (Australia) 11.2% 1832 Asset Current Share

  1. GHANA – WEST AFRICA 4.76 Moz MAIDEN ORE RESERVE Developer / Explorer ASX - TSX: CDV Investor Presentation | February 2019 ASX / TSX: CDV 1

  2. SHAREHOLDERS ASX Gold Fields CapitalStructure TSX (Australia) 11.2% 1832 Asset Current Share Price 1 A$ 0.44 Management LP (Canada) Shares on Issue 2 382 M CORPORATE OVERVIEW 8.7% Listed Options on Issue 3,4 111M Other 42.5% Van Eck (USA) Market Capitalisation A$ 167 M 7.5% Cash at Bank 5 A$ 29 M Royal Bank of CARDINAL RESOURCES Canada (Canada) As at 7 January 2019 1. 7.1% 60 Class C Performance shares on issue. If converted, will total 6 2. million ordinary shares if certain milestones are achieved. Details of SSI Asset Management Sprott (Canada) conversion milestones are provided in Cardinal’s Annual Report Ltd (Switzerland) Exercise price of A$ 0.15, Expiry date 30 Sept 2019 3. 5.0% Additional 35,294,200 unlisted options on issue with various expiry 4. Commonwealth 3.0% dates and exercise prices Bank Australia US Global (USA) Cash as at 31 December 2018. 5. (Australia) Directors 4.0% Expert Coverage 4.8% 4.3% Average A$ 1.13 per share Ave Beacon Securities (Canada) SHAREHOLDERS BY GEOGRAPHIC LOCATION BMO Capital Markets (Canada) North America 37.7% (Canada) Clarus Securities Australia 34.4% Cormark Securities (Canada) Europe 15.0% Macquarie Research (Canada) United Kingdom 3.3% Hartleys (Australia) Other 9.6% RFC Ambrian (United Kingdom) ASX / TSX: CDV 2

  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 Amec FosterWheeler Ghana at PMI Gold 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 TREVOR SCHULTZ DR KENNETH G. THOMAS MICHELE MUSCILLO Investment Banker & Geologist Project Development, Project Implementation Corporate Lawyer Construction and Operations Former Former Former Former ▪ Director Centamin plc ▪ Senior Vice President for ▪ Chief Operating Officer – Anglo ▪ Non - Exec Director Orbis Gold Barrick Gold Corporation Gold Ashanti - Ghana ▪ Director Orbis Gold (now SEMAFO) ▪ Executive Director – Centamin plc ▪ Past President CIM ▪ Chairman Medusa Mining Egypt Current Current Current ▪ Non - Exec Chair Xanadu Mines ▪ Non - Exec Continental Gold ▪ Non - Exec Director Aeris ▪ Non - Exec Director Samco Gold Resources ▪ Non - Exec Avalon Advanced ▪ Non - Exec Chair Infinity Lithium ▪ Non - Exec Director Xanadu Mines Materials Inc ▪ Non - Exec Candente Gold Corp ASX / TSX: CDV 3

  4. REGIONAL GEOLOGY ▪ Namdini is located within the Birimian terrane of Northeastern CARDINAL RESOURCES 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: N10 NORTHERN GHANA 2 hr Drive to Cardinal Office ▪ Paleoproterozoic Granite-Greenstone Belt N10 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 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 5 ASX / TSX: CDV 5

  6. MAIDEN 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 CARDINAL RESOURCES ( 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 6 2 Royalties calculated at a flat rate of 5% - subject to negotiation and corporate tax rate of 35% was used subject to negotiation

  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 ( Average for full production years ) 1 CARDINAL RESOURCES Gold Produced (oz) 907,000 3,975,000 ▪ Maiden Ore Reserve 4.76 Moz ▪ Starter Pit yielding ~900 koz Gold Head Grade g/t Au 1.31 1.14 gold 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 ( 0.5 g/t cut-off grade ) metre at 0.5 g/t cut-off W:O 0.5 : 1 1.4 : 1 Strip Ratio ▪ New conventional gold plant inclusive of conventional Mine Life years 2.5 14 flotation 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 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 for Mineral Resources and Mineral Reserves” (CIM, 2014). No inferred material has been used in the Ore Reserve estimates. ▪ 4.76 Moz Au contained in 129.6 Mt at 1.14 g/t 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. 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 10

  11. Long Section – Grade Distribution PFS PIT DESIGNS US$ 1,105 / oz CARDINAL RESOURCES ▪ Starter Pit o Low strip ratio (0.5 : 1) Starter Pit Open o Contains 1.06 Moz @ 1.31 g/t o Concentration of higher grade gold from surface Capex payback – 1.8 years o Life of Mine pit ▪ Life of Mine Pit Open o Low strip ratio (1.4 : 1) o Probable Ore Reserve of 4.76 Moz @ 1.14 g/t Au ASX / TSX: CDV 11

  12. Cross Section – Grade Distribution PFS PIT DRILLING ▪ 118,864 metres drilled since first discovery hole CARDINAL RESOURCES ▪ 64,423m DD HQ diameter ▪ 41,170m Starter Pit RC 5.5 inch bit ▪ 13,271m RC Grade Control ▪ Mineralisation 350 metres wide ▪ Deposit open and Life of continues at depth Mine pit Open ASX / TSX: CDV 12

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