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5.1 Moz ORE RESERVE Developer ASX - TSX: CDV Investor Presentation - PowerPoint PPT Presentation

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GHANA WEST AFRICA 5.1 Moz ORE RESERVE Developer ASX - TSX: CDV Investor Presentation | June 2019 ASX / TSX: CDV 1 SHAREHOLDERS ASX Gold Fields CapitalStructure TSX (Australia) 11.2% 1832 Asset Current Share Price 1 A$ 0.40

  1. GHANA – WEST AFRICA 5.1 Moz ORE RESERVE Developer ASX - TSX: CDV Investor Presentation | June 2019 ASX / TSX: CDV 1

  2. SHAREHOLDERS ASX Gold Fields CapitalStructure TSX (Australia) 11.2% 1832 Asset Current Share Price 1 A$ 0.40 Management LP (Canada) Shares on Issue 2 382 M CORPORATE OVERVIEW 8.7% Listed Options on Issue 3,4 111M Other 44.4% Van Eck (USA) A$ 153 M Market Capitalisation 7.5% Cash at Bank 5 A$ 25 M Royal Bank of As at 30 April 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 29,385,917 unlisted options on issue with various expiry 4. Ltd (Switzerland) 5.0% dates and exercise prices Commonwealth 3.0% Cash as at 31 March 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)

  3. CEO - MD Project Manager Executive Director ARCHIE KOIMTSIDIS BRUCE LILFORD MALIK EASAH BOARD & Metallurgist Project Developer Government Liaison 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 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 Director Samco Gold ▪ Non - Exec Continental Gold ▪ Non - Exec Director Aeris ▪ Non - Exec Chair Infinity Lithium Resources ▪ Non - Exec Avalon Advanced ▪ Non - Exec Director Xanadu Mines Materials Inc ▪ Non - Exec Candente Gold Corp ASX / TSX: CDV 3

  4. 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

  5. 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 ( 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

  6. 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 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 6

  7. 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

  8. N FLAGSHIP 5.1 Moz NAMDINI 7.2km PROJECT ORE RESERVE NAMDINI DEPOSIT 3.2km Namdini Mining Licence Boundary (yellow) ASX / TSX: CDV 8

  9. Long Section – Grade Distribution PFS PIT DESIGNS US$ 1,105 / oz ▪ 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 9

  10. Cross Section – Grade Distribution PFS PIT DRILLING ▪ 118,864 metres drilled since first discovery hole ▪ 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 10

  11. 9.5 Mtpa RoM Feed Sag Mill Ball Mill PFS 9.5 Mtpa Primary Crushing Crushed Ore Stockpile Grinding Circuit PROCESS ~ 8% Flotation Concentrate Circuit FLOWSHEET Regrind Circuit Concentrate to Regrind ( 0.76 Mtpa ) ▪ Conventional crush- 15 - 17 g/t Au Cyclone grind-float-regrind-CIL circuit concentrate produced Classification Aachen TM ▪ 92% Gravity gold circuit High Shear designed for free gold Vessel ▪ ( 8.74 Mtpa ) 15 - 17 g/t Au Gravity Concentration concentrate produced Discharged to Tailings Storage Facility Circuit ▪ Processing 8% of the RoM feed beyond flotation ▪ Discharging 92% of the RoM feed to tailings ▪ Gold doré bars produced Gold Doré Bars Production On-Site CIL Circuit Elution Electrowinning on-site ASX / TSX: CDV 11

  12. Highly prospective land package totals ~900km 2 and provides significant exploration upside DISTRICT EXPLORATION ASX / TSX: CDV 12

  13. 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 ASX / TSX: CDV 13

  14. 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 ASX / TSX: CDV 14

  15. THANK YOU ASX / TSX: CDV Contact Us: CEO / MD IR / CORP DEV ARCHIE KOIMTSIDIS ALEC ROWLANDS archie@cardinalresources.com.au alec@cardinalresources.com.au Renmark Financial Communications Inc Cannings Purple ANDREW ROWELL BETTINA FILIPPONE arowell@canningspurple.com bfilippone@renmarkfinancial.com ASX / TSX: CDV ASX / TSX: CDV 15 15

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