FAST TRACKING DEVELOPMENT EXPLORATION GHANA WEST AFRICA ASX / - PowerPoint PPT Presentation

FAST TRACKING DEVELOPMENT EXPLORATION GHANA – WEST AFRICA 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 Current Share Price 1 Management LP (Canada) CORPORATE OVERVIEW 378 M Shares on Issue 2 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 7 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 $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 plus Debt of US$25M as at 27 August 2018. 5. 4.8% 4.3% Expert Coverage Average A$1.17 ps SHAREHOLDERS BY GEOGRAPHIC LOCATION Beacon Securities (Canada) North America 37.7% BMO Capital Markets (Canada) Australia 34.4% Clarus Securities (Canada) Europe 15.0% Cormark Securities (Canada) United Kingdom 3.3% Hartleys (Australia) Other 9.6% ASX / TSX: CDV 2 RFC Ambrian (United Kingdom)

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

6.6Moz IAMGOLD 3Moz Avocet 5Moz Nordgold 4Moz B2Gold 5.7Moz OreZone MINE SCALE 5.8Moz B2Gold REGIONAL 2Moz Avesoro 2.2Moz Endeavour GREENSTONES: 7.8Moz Semafo 6.4Moz Resolute 7Moz Cardinal  Namdini is located within the Birimian terrane of Northeastern Ghana which is 5Moz Randgold 2.1-2.2 billion years old TOGO  Unconformable Volta Basin sediments obscure the great majority of Birimian terrane in eastern and central Ghana 23Moz Newmont 7Moz Resolute 5Moz Kinross 5.9Moz Asanko 60Moz AngloGold 7Moz Perseus 8Moz Newmont 18Moz Golden Star 13Moz Gold Fields 25Moz Gold Fields 23Moz AngloGold Discovery gold ounces quoted on map ASX / TSX: CDV 4

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

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 o SGS Total Project Payback 4.0 3.5 3.3 years o Oreway Mineral Consultants o MPR Geological Post-Tax NPV (@ 5% discount) 2 445 574 649 US$ M Consultants, Mintek and Suntech o 4.5, 7.0 and 9.5 Mtpa production scenarios Post-Tax IRR 31% 39% 44% % 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 6

PEA RESOURCE DATA – 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 UNIT KEY ESTIMATED PRODUCTION RESULTS 4.5 Mtpa 7.0 Mtpa 9.5 Mtpa SUMMARY US$ / oz Gold Price 1,300 CARDINAL RESOURCES Gold Milled (Average for full production years) 1 (oz / yr) 159,000 211,000 333,000  Higher-grade stage 1 pit yielding ~1 Moz gold Gold Produced (Life of Mine) (oz) 3,524,000 3,506,000 3,521,000 with 0.9 strip ratio g/t Au Gold Head Grade (Life of Mine) 1.13  Life of mine strip ratio of 1.2 : 1 Gold Recovery (Oxide / Fresh) % 90 / 86  Mineralisation 1.1 km Resource Mined (0.5 g/t cut-off grade) Tonnes 113,000,000 long and 350m wide  >10,000 oz ounce per W:O Strip Ratio (Life of Mine) 1.2 : 1 vertical metre at 0.5 g/t cut-off Mine Life (Inc ramp-up and mine closure) years 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 Excludes up to 3 years of ramp-up and mine closure (Years where full production is not realised) ASX / TSX: CDV 7

INDICATED RESOURCE NAMDINI Cut off Tonnes Grade Metal RESOURCE UPDATE (g/t Au) (Mt) (g/t Au) (Moz Au) MARCH 2018 0.4 210 1.0 6.9 0.5 180 1.1 6.5 CARDINAL RESOURCES 152 1.2 6.0 0.6  6.5 Moz Au contained in 180 Mt at 1.13 g/t Au at a cut-off of 0.5 g/t Au Indicated INFERRED RESOURCE Mineral Resource Category  0.5 Moz Au contained in 13 Mt at 1.2g/t Au Cut off Tonnes Grade Metal at a cut-off of 0.5 g/t Au Inferred Mineral (g/t Au) (Mt) (g/t Au) (Moz Au) Resource Category 0.4 15 1.1 0.6  Mineral Resource update March 2018 - Multiple Indicator Kriging methodology 0.5 13 1.2 0.5 used 0.6 11 1.4 0.5  Remains open along strike and down dip 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 8

After-Tax IRR (%) / Gold Price (US$ / oz) Au Eq. Resources (M oz) PEER Au Eq. Inferred Resources (M oz) 51% COMPARISON Au Eq. M&I Resources (M oz) 45% 44% OPERATING 37% 39% 4.9 0.5 29% 32% 1.9 1.9 1.2 26% 0.5 1.4  Large resource 6.5 2.3 5.3 5.0 4.8 4.9 0.7 4.0 3.7 $1,200 $1,100 $1,200 $1,100 $1,400 $1,300 $1,400 $1,300  High post tax IRR 2.1 2.1 CARDINAL RESOURCES  High oz per annum Namdini Back River Volta Grande Buriticá Gruyere Eagle Amulsar Curraghinalt Sanbrado LOM Avg. Au By-Product AISC (US$ / 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.

GROWING TIER-ONE ASSET 6.5 Moz Au Indicated at 1.1 g/t N 0.5 Moz Au Inferred at 1.2 g/t Cut off grade – 0.5 g/t Au  Large scale single open pit o Low strip ratio (Life of Mine 1.2 : 1) CARDINAL RESOURCES FLAGSHIP o 300m – 400m anticipated pit depth NAMDINI 7.2km  Resource o Open at depth and along strike PROJECT o Extension and infill drilling ongoing NAMDINI DEPOSIT  Metallurgy o Currently 86% overall recovery with optimisation ongoing o Conventional crush-grind-float-regrind-CIL  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