DEVELOPMENT EXPLORATION IN NORTHEAST GHANA Investor Presentation | - PowerPoint PPT Presentation

ASX / TSX: CDV FAST TRACKING DEVELOPMENT EXPLORATION IN NORTHEAST GHANA Investor Presentation | February 2018 ASX / TSX: CDV 1

CapitalStructure ASX Major Shareholders % Current Share Price 1 $0.54 Gold Fields (Australia) 11.17% 371 M Shares on Issue 2 Bank of Nova Scotia - Dynamic Fund (Canada) 10.77% Listed Options on Issue 3,4 115M Van Eck Associates Corp (USA) 7.49% Market Capitalisation $200 M Royal Bank of Canada (Canada) 7.08% ASX / TSX listed EnterpriseValue $181 M Sprott Asset Management LP (Canada) 4.98% emerging developer Cash 5 $19 M Commonwealth Bank Australia (Australia) 4.77% with a top-tier gold deposit in a 900km 2 Directors 4.26% As at 16 February 2018 1. Cardinal also has 60 Class C Performance shares on 2. land package in issue. If converted, will total 6 million ordinary shares if US Global (USA) 4.00% certain milestones are achieved. Details of conversion Northern Ghana milestones are provided in Cardinal’s Annual Report Aga Nola - Precious Capital Global Mining and Cardinal has 25,500,000 unlisted options on issue with 3. 3.00% Metals Fund (Switzerland) various expiry dates and various exercise prices Exercise price of $0.15, Expiry date 30 Sept 2019 4. As at 31 December 2017 5. ASX / TSX: CDV 2

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

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 ▪ Mining License Granted for 15 years renewable Gold Fields Golden Star ASX / TSX: CDV 4 ASX / TSX: CDV 4

KEY ECONOMIC RESULTS UNIT 4.5 Mtpa 7.0 Mtpa 9.5 Mtpa PEA FINANCIALS Development Capital Cost (incl. owners cost) 275 349 426 US$ M ▪ Study Consultants o Golder Associates All in Sustaining Costs (AISC) 1 794 736 701 US$ / oz CARDINAL RESOURCES o Lycopodium o Knight Piesold Total Project Payback o SGS 4.0 3.5 3.3 years o Oreway Mineral Consultants Post-Tax NPV (@ 5% discount) 2 445 574 649 US$ M o MPR Geological Consultants, Mintek and Suntech o 4.5, 7.0 and 9.5 Mtpa Post-Tax IRR 31% 39% 44% % production scenarios evaluated 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 5

RESOURCE DATA USED – SEPTEMBER 2017 Indicated Mineral Resource 91 Mt @ 1.1 g/t for 3.3 Moz (81%) within Life of Mine Pit at 0.5 g/t cut off PEA Inferred Mineral Resource 22 Mt @ 1.1 g/t for 0.8 Moz (19%) within Life of Mine Pit at 0.5 g/t cut off PRODUCTION KEY ESTIMATED PRODUCTION RESULTS UNIT 4.5 Mtpa 7.0 Mtpa 9.5 Mtpa SUMMARY US$ / oz Gold Price 1,300 CARDINAL RESOURCES Average Annual Production – Gold (oz / yr) 159,000 211,000 333,000 ▪ Higher-grade starter pit yielding ~1 Moz gold Life of Mine Production - Gold (oz) 3,524,000 3,506,000 3,521,000 with <0.9 strip ratio g/t Au Average Mine Head Grade 1.13 ▪ Life of mine strip ratio of 1.2 : 1 Metallurgical Recovery (Oxide / Fresh) % 90 / 86 ▪ Orebody 1.1 km long Resource Mined at 0.5 g/t cut-off grade Tonnes 113,000,000 and 350m wide ▪ >10,000 oz ounce per Life of Mine Strip Ratio W:O 1.2 : 1 vertical metre at 0.5 g/t cut-off years Mine Life 27 19 14 ▪ New conventional gold Development Capital Cost US$ M 275 349 426 plant inclusive of (including owners cost and 15% contingencies) conventional flotation and regrind to CIL Life of Mine Sustaining Capital Cost US$ M 172 160 154 (including reclamation) Table Notes : 1 Cash Costs + Royalties + Levies + Life Of Mine Sustaining Capital Costs (World Gold Council Standard) ASX / TSX: CDV 6 (Assumes flat gold price of US$1,300/oz over mine production)

INDICATED RESOURCE Cut off Tonnes Grade Metal NAMDINI (g/t Au) (Mt) (g/t Au) (Moz Au) RESOURCE 0.3 159 0.9 4.8 0.4 140 1.0 4.6 ▪ Mineral Resource update 0.5 120 1.1 4.3 September 2017 - Multiple Indicator Kriging methodology used 0.6 102 1.2 4.0 CARDINAL RESOURCES 0.7 86 1.3 3.6 ▪ ~15,000 metre infill drill programme completed since Sept 2017 - INFERRED RESOURCE targeting an increase within the Indicated Category from the Inferred Cut off Tonnes Grade Metal Category inventory (g/t Au) (Mt) (g/t Au) (Moz Au) ▪ Updated Mineral Resource 0.3 111 1.0 3.5 Estimate expected Q1 2018 0.4 98 1.1 3.3 0.5 84 1.2 3.1 0.6 72 1.3 2.9 0.7 61 1.4 2.7 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). ASX / TSX: CDV 7

Market Cap (A$M) (1) EV / Au Eq. Res. (US$/oz) (2) Consensus P / NAV PEER Continental $735 Gold Road Gold Road $108 0.9x COMPARISON VALUATION Gold Road $710 Continental Lydian $66 0.6x West African Continental Sabina $478 $56 0.5x Resources CARDINAL RESOURCES West African Dalradian $386 Lydian 0.5x $54 Resources Sabina Lydian $378 Sabina 0.5x $44 West African Dalradian Dalradian $44 $229 0.4x Resources Victoria Victoria $36 Victoria $219 0.4x Cardinal Cardinal 0.4x $28 Cardinal $202 (7.0 Mtpa - PEA) Source: FactSet, company disclosure and analyst Cardinal Belo Sun 0.4x $12 estimates. Belo Sun $162 (9.5 Mtpa - PEA) (1) Base shares on an undiluted basis (2) Au Eq. resources based on long-term consensus metal prices and on attributable Belo Sun 0.3x ASX / TSX: CDV 8 basis.

Au Eq. Resources (M oz) After-Tax IRR (%) / Gold Price (US$ / oz) PEER 37%-44% Au Eq. Inferred Resources (M oz) 32%-39% COMPARISON Au Eq. M&I Resources (M oz) 31% 29% 26% $1,200 - $1,300 $1,200 - $1,300 26% 25% OPERATING 24% 21% 4.6 20% 1.9 3.1 1.9 1.2 1.3 0.5 ▪ Large resource $1,200 $1,250 $1,200 $1,250 $1,150 $1,150 $1,200 $1,095 2.3 5.3 5.0 4.9 0.7 4.5 4.3 4.0 3.5 ▪ High post tax IRR 2.1 2.1 CARDINAL RESOURCES ▪ High oz per annum Buriticá Namdini Back River Gruyere Volta Grande Amulsar Eagle Curraghinalt Sanbrado (9.5 Mtpa) (7.0 Mtpa) Buriticá Eagle Curraghinalt Amulsar Back River Sanbrado Gruyere Volta Grande Namdini Namdini LOM Avg. Au By-Product AISC (US$ / oz) LOM Avg. Annual Au Production (k oz) 333 $779 $759 $736 $701 $690 $653 $638 $620 $579 253 211 211 205 198 184 $492 135 129 93 (9.5 Mtpa) Buriticá Amulsar (7.0 Mtpa) Back River Eagle Gruyere Curraghinalt Sanbrado Volta Grande Sanbrado (7.0 Mtpa) (9.5 Mtpa) Gruyere Curraghinalt Eagle Back River Amulsar Buriticá Volta Grande Namdini Namdini Namdini Namdini Source: FactSet and company disclosure. Notes: Operating figures based on latest published technical reports. Resources are ASX / TSX: CDV 9 inclusive of reserves.