Azincourt Energy

Cardinal Resources: Namdini Gold Project Preliminary Economic Assessment

West Perth, WA / February 5, 2018 / JMN Wire / Cardinal Resources Limited (ASX: CDV) (“Cardinal” or “the Company”) is pleased to announce results of its Preliminary Economic Assessment (“PEA”, NI 43‐101) / Scoping Study (“SS”, JORC 2012) for the Namdini Gold Project (“Namdini”) in Ghana, West Africa.

Highlights

  • The PEA confirms Namdini to be a technically and financially robust low‐cost mining opportunity, with potential to generate strong positive cashflows
  • Development is based upon a large, single, open pit with a phase 1 smaller and higher‐grade starter pit of circa 1 Moz produced through a conventional SAG mill, Flotation and CIL circuit
  • The PEA evaluated three production throughput rates, 4.5, 7.0 and 9.5Mpta; all resulted in strong returns. The preferred scale of development is to be selected following completion of Feasibility Studies. In addition, consideration is being given to a phased approach to the development of Namdini, commencing with a 4.5mtpa throughput that would be designed for expansion to a higher throughput
  • Dependent upon the eventual production scenario chosen;
    • Average annual gold production ranges from 159,000 ozpa up to 330,000 ozpa
    • All‐in sustaining costs range from US$ 701/oz to US$ 794/oz
    • Development capital costs range from US$ 275M to US$ 426M
    • Strip ratio for all scenarios at 1.2:1 waste to ore
    • Potential life of mine for 9.5 Mtpa option of 14 years, 7.0 Mtpa of 19 years and 4.5 Mtpa of 27 years
  • Resource drilling has continued; updated Mineral Resource estimate expected in Q1 2018
  • A 15‐year renewable Mining Licence has been granted and has been transferred to Cardinal Namdini Mining Limited, a wholly owned subsidiary of Cardinal

Cardinal Resources Limited 2 5 2018

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