Quarterly Activities For the Period Ended 30 September 2020

Quarterly Activities For the Period Ended 30 September 2020

TORONTO, Oct. 30, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX: CDV; TSX: CDV) (“Cardinal or “the Company) a Ghana gold focused exploration and development company, is pleased to present its Quarterly activities report for the period ended 30 September 2020.HIGHLIGHTSOn July 7, 2020 the Company announced that it had raised AU$11,960,000 as a result of the issue of 26,000,000 fully paid ordinary shares to Shandong Gold Mining (Hong Kong) Co Ltd (“Shandong Gold) in accordance with the terms of the Bid Implementation Agreement.On July 15, 2020 Cardinal received an unconditional on-market takeover offer at AU$0.66 per share from Nord Gold SE (“Nordgold). Having regards to the unsolicited nature of the takeover bid and the provisions of the Bid Implementation Agreement with Shandong Gold, the Board of Cardinal recommended a ‘take no action’ at the time in relation to the Nordgold takeover bid.On July 20, 2020 the Company advised that its Namdini Mining Licence had officially received Sovereign Parliamentary Ratification in Ghana.On July 22, 2020 the Company advised that it had received a revised and improved proposal for an off-market takeover from Shandong Gold, pursuant to which Shandong Gold will offer to acquire all of the shares in Cardinal it does not presently own at a cash price of AU$0.70 per share.On July 27, 2020 the Company, after careful consideration of the Revised Shandong Gold Offer and Nordgold’s unconditional on-market offer for Cardinal, Cardinal’s Board of Directors (in consultation with the Special Committee, its financial and legal advisors), unanimously recommended that Cardinal shareholdersACCEPT the Revised Shandong Gold Offer (in the absence of a superior proposal); andREJECT the Nordgold Bid.On July 30, 2020 the Company advised that it had entered into a deed with each of Shandong Gold to amend the Bid Implementation Agreement.On August 11, 2020 the Company released its Target Statement recommending shareholders accept Shandong Gold’s offer.On August 20, 2020 Shandong Gold announced it had the Australian Foreign Investment Review Board (FIRB) approval for its takeover bid of Cardinal.On September 3, 2020 Nordgold announced an on-market increase in its bid to take over Cardinal.On September 7, 2020 Shandong Gold and the Company announced an increase and “acceptance recommendation” respectively to the Shandong Gold off-market offer for the takeover of Cardinal.On September 15, 2020 the Company Directors officially announced their acceptance of the Shandong Gold off-market bid, by each instructing their brokers / controlling participant to initiate acceptance of the Shandong Gold bid in respect to all Cardinal shares in their control, which amounted to 6.07% of total shares.On September 21, 2020 Shandong Gold announced its takeover offer to be wholly “unconditional”.On October 1, 2020 Nordgold announced that the offer period had been extended to close of trade on ASX on October 22, 2020.On October 8, 2020 the Company advised that 6,570,167 unlisted milestone options issued on December 10, 2019 had been exercised under the terms and conditions of Cardinal’s Employee Stock Option Plan.On October 12, 2020 Shandong Gold announced its Offer Period will remain open for acceptance from the Offer Date until 7:00pm (Sydney time) on October 23, 2020.On October 15, 2020 Nordgold announced that the offer period had been extended to close of trade on ASX on November 3, 2020.On October 19, 2020 Shandong released its second supplementary Bidder’s Statement and advised that the Offer price of AU$1.00 per Cardinal Share was Best and Final in the absence of a higher competing offer.On October 21, 2020 Nordgold increased its offer price for the unconditional on-market all cash offer for all the ordinary shares in Cardinal from AU$0.90 to AU$1.00 cash per share.On October 23, 2020 the Company advised that it had received 28 letters from person who own or control 19.38% of the Company’s shares to the effect that they intend to accept the unconditional off-market takeover offer by Shandong by Friday, October 30, 2020.On October 23, 2020 Shandong Gold announced its Offer Period will remain open for acceptance from the Offer Date until 7:00pm (Sydney time) on October 30, 2020.On October 26, 2020 Cardinal announced that Shareholders representing 22.81% of Cardinal’s shares intend to accept Shandong Gold’s offer in the absence of an increase from Nordgold or a superior offer.On October 26, 2020 Nordgold announced that it will not increase it’s AU$1.00 cash offer price for each Cardinal share under its on-market unconditional offer, unless there is a higher competing offer.On October 26, 2020 Shandong advised its intention to extend the Offer Period to December 31, 2020 and, if a higher competing offer were to be announced, to increase its Offer Price to AU$1.05 per Cardinal Share.On October 28, 2020 Nordgold announced its intention to supplement its on-market unconditional cash offer with off-market offer on equivalent terms. If a higher completing offer is made, Nordgold may increase its offer price under its off-market offer, including to AU$1.05 per share on another price that may defeat the higher competing offer and any competing offer from Shandong.On October 29, 2020 Nordgold announced that the offer period had been extended to close of trade on ASX on November 20, 2020.
OUTLOOKThe principal activity of the Company is gold exploration and mine development in Ghana. The Company holds tenements prospective for gold mineralisation in Ghana in two granite‐greenstone belts: the Bolgatanga Project and the Namdini Gold Project (“Namdini”), which are, respectively, located within the Greenstone Belts in northeast Ghana and the Subranum Project, which is located within the Sefwi Greenstone Belt in southwest Ghana.The main focus of activity is the Namdini Gold Project which has a gold Ore Reserve of 5.1Moz (138.6Mt @ 1.13g/t Au; 0.5g/t Au cut‐off) inclusive of 0.4Moz Proved (7.4Mt @ 1.31g/t Au; 0.5 g/t Au cut‐off) and 4.7Moz Probable (131.2Mt @ 1.12 g/t Au; 0.5g/t Au cut‐off).In response to the COVID-19 pandemic and following advice from the World Health Organization (“WHO”) as well as the Australian, Ghanaian, and Canadian Governments, Cardinal has enacted changes to its exploration programme and on-site development programme, primarily focused on the safety and well-being of our workforce.Most international travel to Ghana remains suspended. On the ground in Ghana, the workforce has been reduced to key personnel only. According to the latest WHO External Situation Report (October 18, 2020), there had been 47,372 confirmed cases of COVID-19 in Ghana, including cases via local transmission. 310 deaths from COVID-19 have been recorded in Ghana at the time of this report. At the time of writing, the Northern Region of Ghana, where Cardinal’s main tenements are located, have recorded 547 COVID-19 cases with three recorded deaths. Some restrictions and lockdowns have been eased in Ghana with the international airport partially opened. Strict COVID-19 Operational Procedures have been introduced on site and in Cardinal Offices in Perth and Accra.The Company is doing everything to ensure it is well placed to resume normal business as soon as practically possible. The Project technical team and its partners are still actively working on adding value to the Namdini Gold Project.Figure 1: Cardinal Resources Tenements in Ghana is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fdf3129-3f09-499a-aa95-396f1b2c32df THE NAMDINI GOLD PROJECTProperty Title / Mining LeaseA Large‐Scale Mining License covering the Namdini Project Mining Licence was granted to Cardinal Namdini Mining Limited (“Cardinal Namdini”), a wholly owned subsidiary of Cardinal, by the Minister of Lands and Natural Resources (“the Minister”) under the Ghanaian Minerals and Mining Act 2006 (Act 703) (“the Act”) in December 2017.In February 2020, the Minister – in accordance with the Act- approved the application to expand the original Mining Lease to the maximum allowable area. The expanded Large-Scale Mining Licence now totals 63km2 and is valid for a renewable term of 15 years from 2020 (Figure 2).Subsequent to the Quarter end the Company advised that its Namdini Project Mining Licence had officially received Sovereign Parliamentary Ratification in Ghana.Figure 2: Location of 63 km2Namdini Project Mining Lease is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38133ea-4376-40ee-8fbf-ec04ece06fad *7.4Mt @ 1.31g/t Au for 0.4Moz Au Proved and 131.2Mt @ 1.12g/t Au for 4.7Moz Au Probable; 0.5g/t Au cut‐offTable 1: Proposed Project development schedule (Subject to Financing and COVID-19 impact) 
 
Project Development PartnersTable 2: FEED Team:Project Permits and Approval StatusJuly 2018 – Environmental Impact Statement (“EIS) development and documentation process initiatedDecember 2019 ‐ Cardinal submitted its Draft EIS for development of the Namdini Project with Ghanaian EPAJanuary 2020 ‐ Ghanaian Environmental Protection Agency (“EPA) completed its review of the Draft Environmental Impact Statement (EIS) for the development of the Namdini Project. The EIS revised as needed and re‐submitted in March 2020February 2020 ‐ Relocation Action Plan (“RAP) approved. The RAP was developed over an extended period, inclusive of extensive consultation with the Project Affected People (PAP) and several levels of the Government. It was signed off by all PAP and subsequently approved by the Ghanaian Minerals CommissionFebruary 2020 ‐ Water License granted. Permits the use of water for construction and mine operations purposesApril 2020 ‐ Ghanaian EPA approves Cardinal’s EIS, granting its Permit for the development of the Namdini Gold ProjectJuly 2020 – The Namdini Project Mining Licence had officially received Sovereign Parliamentary Ratification in Ghana
Health, Safety & EnvironmentDeveloping a safe, successful, and sustainable gold mine continues to be a principal focus for Cardinal Resources. Progress on permitting and Occupational Health & Safety initiatives are as follows:A Coronavirus monitoring & management program is in place across the company. Daily meetings on Coronavirus update and prevention are ongoing on site.Cardinal submitted their application for Bulk Oil Facility permit from the Ghana EPA.The Principal Inspector of Mines (Minerals Commission) visited the Namdini site as part of a familiarization tour of the Upper East Region.Cardinal applied for certification from the EPA for the proposed Bulk Oil Storage Facility for the Namdini Gold ProjectStakeholder engagement with Chiefs, farmers and landowners were completed for the proposed access road.The Register of Environmental Commitments was drafted.Aquatic biological and sediment baseline monitoring commenced as part of the EPA permit requirementFinalized HSE Standards, including Risk and Opportunity Management, Change Management, Legal Requirement, Document Control, Monitoring and Measurement.Flow monitoring of the Kubiliga and Zoan Buliga streams are ongoing.Aerial survey of the TSF impact area at Namdini was completed.The development of Cardinal’s Safety Health Environmental and Training Management system is on-going as well as the development of environmental procedures and Register of Commitments.Submission of infrastructure plans for validation by Ghana National Fire Service Office in Bolgatanga was completed.Drafting of Environmental System Operating Procedures (SOP) is ongoing.Water monitoring returns were submitted to the Water Resource Commission as part or permit conditions.Resettlement Action Plan (RAP)The compensation for the 270 impacted households for loss of assets and livelihood has commenced at Namdini.Further details are as follows:Community Relations Officer and Machinery Inspector from Minerals Commission visited site to discuss community relations and the resettlement project.Cardinal arranged Financial/Banking Education in collaboration with a regional institution for affected persons at Namdini’s Accra SiteCardinal formally informed communities and stakeholders concerned about the Socio-economic and Livelihood Impact Study and scheduled engagementThe Accra Site resettlement host site for regional survey was delineated and peggedBiung resettlement host site demarcation and acquisition is under reviewA RAP compensation report was completed by Golder AssociatesData collection for the Socio-economic and Livelihood Impact Study is on-goingA Biung Resettlement Committee meeting was held to update on sign-off exercise and address community concernsA facilitated meeting was held with the Tarkwa, Kejetia, Obuasi, Namoalug and Tindongo communities to complete data collection for the Socio-economic and the Livelihood Impact StudyFront End Engineering Design “FEEDAll works for the FEED program continue to be suspended due to the global spread of COVID‐19 and the takeover bid process.A summary of the FEED activities up to the point of suspension were as follows:Cardinal continued negotiating the separable Engineering Procurement and Construction Management contracts with LycopodiumAn 11kV power supply selected for the river abstraction pumps as opposed to a diesel generator setSplitting of the oxygen demand into two separable oxygen plants for redundancySpecifications of the lease boundary fencing to be upgraded.A carbon-in-leach (“CIL”) tower crane chosen as opposed to a gantry craneAddition of a semi‐automatic Sodium Metabisulphite handling systemAddition of a Lime Blower for delivery to the Process Plant outside of the Plant fenceHaul truck crossovers for tailings and decant pipelinesFlat pack versus block work for the permanent accommodation camp, fly camp and construction campReducing the size and hence cost of the primary crusherThe site lay-out issued for final reviewThe Project Execution Plan in the process of being reviewed by CardinalAn updated TSF dam breakage analysis completed and issued to CardinalThe WSF relocated and a new WSD designed to improve project economics.The project execution schedule on the date of the suspension notice was ready for review by Cardinal.Specific schedule target milestones remain defined as follows:Plant warehouse to be commissioned and handed over 12 months before first gold pourIncinerator to be commissioned and handed over 12 months before first gold pourMining Service Area Facility to be commissioned and handed over 9 months before first gold pourMetallurgical laboratory to be commissioned and handed over 6 months before first gold pourA constructability project review was completed during the FEED, to be ready for a planned Hazard Identification (“HAZID) analysis. The HAZID was cancelled due to the suspension.The following procurement packages remain in various stages of evaluation as follows:Fly Camp Facilities, Operation and Camp ManagementSite Survey ServicesInfrastructure Bulk EarthworksPlant Bulk EarthworksConcrete WorksField Erected Tanks and Steel Framed BuildingsConstruction Camp ServicesMining contract tender expressions of interest were sent to thirteen (13) potential mining contractors, however this process was also suspended due to the same reasons described in this section.Pioneer Access Road
Agreement is in place with the Department of Feeder Road and the Talensi District Assembly to progress the pioneer road development.Construction activities (bush clearing) has commenced.Pegging activities in the Red Volta Forest Reserve has commenced.Survey works for the first 10 km of the Pioneer Road has been completed.Figure 3 – Progress of Namdini Clearing for the Pioneer Access Road is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6f349479-33c8-43d3-869d-e2b6af174872 Namdini Project DrillingDuring the Quarter a diamond hole, NMDD182, was collared near the western edge of the proposed Life of Mine (“LOM”) pit, some 200m west of previous drilling (Figure 4). Significant assay results to date from this drill hole are listed below in Appendix 1.The drillhole was terminated at 917.9m downhole depth once the drilling intersected unaltered metasediments in the footwall (Figure 5).Recent structural analyses of Namdini drill core have identified a broad west dipping shear with orientated core consistently indicating dextral reverse displacement on this shear which may offset the depth extension of the Namdini deposit to the West and South West.The main mineralised lithological units (altered volcaniclastics and granitoids) found in the Namdini deposit were intersected in this drill hole. The volcanic units intersected consisted mainly of intermediate andesitic and mafic volcanics. Occasional narrow contorted shear zones with quartz veining and some alteration were mineralised.The west dipping shear and different lithologies to those found in the Namdini deposit indicate that this drill hole should be placed into a semi-regional context to more fully understand the broader Namdini mineralising event and to aid further exploration.Figure 4: Namdini Project Showing Completed NMDD182 Drill Location is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9422d05f-03f2-4335-bce0-8e350ae04778Figure 5: Namdini Project Showing Cross Section of Completed Drill Holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ef31c0c-8239-4866-b703-e44eebabe031 Namdini Infrastructure Sterilisation DrillingDuring the Quarter, sterilisation drilling was suspended due to the COVID-19 restrictions. Sterilisation drilling to date has returned no significant mineralisation.
Namdini Infrastructure Geotechnical DrillingNo Geotechnical drilling and test-pitting were undertaken for the project infrastructure during the Quarter, due to the COVID-19 restrictions.REGIONAL EXPLORATION UPDATEThe Company owns exploration rights to two exploration projects: The Bolgatanga Project which includes Bongo Licence Area, Kungongo Licence and Ndongo Licence Area (Figures 1 and 6) located in the northeast of Ghana and the Subranum Project located in the southwest of Ghana.Exploration activities have included varying levels of airborne magnetic and radiometric surveying, regional and prospect-scale ground magnetic, gravity, chargeability, resistivity and radiometric geophysical surveys, regional and detailed geological mapping, rock chip and auger soil sampling and reverse circulation and diamond drilling programmes.The Company’s regional exploration programme during the Quarter was limited to field mapping, ground-truthing, trenching and some scout RC drilling initiated after a review of structures and targets generated from geophysical data, historical RC results and a follow up on identified geophysical targets with trenching and sampling programme at Yameriga (RL9/19) within the Ndongo Licence Area (Figure 6).Figure 6: Namdini Gold Project and Bolgatanga Project Tenements is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b45057c-ba46-4fda-b8ae-bba377af6136 *7.4Mt @ 1.31g/t Au for 0.4Moz Au Proved and 131.2Mt @ 1.12g/t Au for 4.7Moz Au Probable; 0.5g/t Au cut‐offNdongo Licence AreaThe Ndongo Licence Area, hosts part of the extensive regional Bole-Bolgatanga Fault in the northwest and the prospective Nangodi Shear Zone in the centre of the licence area. The licence area wraps around the southern end of the Palungu granitoid intrusive, in the south-eastern region of the licence and forms the main area of perspectivity on the tenement (Figure 6).The Ndongo Licence Area, comprises of the combined, Nangodi Prospecting Licence (PL9/13, covering a land size of 84.7km²), Ndongo Prospecting Licence (PL9/22, covering a land area of 157km²), and Yameriga Prospecting Licence (RL9/19, covering a land size of 36.78km²), granted to Cardinal to prospect for gold in the Bolgatanga and Talensi Nabdam District in the Upper East Region in the Republic of Ghana. The combined land area of the Ndongo Licence Area is 278.48km².The Company exploration activities during the Quarter was limited to Yameriga Prospecting Licence, RL9/19 (Figures 6 and 7) due to COVID-19 restrictions. The Company continued the previous Quarter exploration activities conducting field mapping, ground truthing, trenching, pitting and some scout RC drilling following a review of geophysical targets, historical RC results and artisanal workings. Samples collected from the trenches and pits returned some encouraging results including:1m @ 26.7g/t Au from surface in trench YMTR015;1m @ 1.4g/t Au from4m in pit YMPT002; and2m @ 0.98g/t Au from 3m in pit YMPT004.
The trench and pit samples were mainly weathered material (oxidised to sap-rock) with iron stained quartz veins (milky and smoky) in places. Occasionally panned and washed samples had visible specks of gold. Primary rocks encountered were variably altered and weathered quartz feldspar porphyry to the west of a shear zone and hematite and/or limonite altered and weathered volcaniclastics to the east (Table 3 and Figure 7).A total of 5 scout RC drillholes totaling 425m were also completed during the Quarter (Table 3, Figure 7 and Schedule 1). All assay results were received from the RC drilling with significant intercepts including:1m @ 2.2g/t Au from 42m in YMRC003;1m @ 1.6g/t Au from 27m in YMRC020; and1m @ 1.5g/t Au from 44m in YMRC020.
The results indicate the potential for discovery of economic gold mineralisation at Yameriga and warrant further detailed exploration work.Table 3: Yameriga First Pass RC Drilling, Trenching and PitsFigure 7: Yameriga Prospect with Drillholes, Trenches and Previous Grab Sample Locations is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61d5fb69-06ff-4115-b240-8f69e191ee79.Kungongo Licence AreaThe Kungongo Prospecting Licence (RL9/28) is located approximately 40km west of Namdini Gold Project and covers a total land size of 122.4km². The licence hosts the extensive regional Bole-Bolgatanga fault over a length of 6km in the northwest corner of the tenement. The tenement is underlain by Birimian greenstones which have been extensively intruded by younger granitoids (Figure 6).As part of the Company’s precautionary measures put in place to minimize the risk of exposure of employees amid the COVID-19 pandemic, all exploration activity at Kungongo was placed on hold during the Quarter.Bongo Licence AreaThe Bongo Licence Area covers a total land area of 465km². It hosts part of the regional Bole-Bolgatanga Fault (Figure 6).The Bongo Licence Area comprises of the combined, Bongo Prospecting Licence (RL9/29 covering a land size of 155km²) located in the Bongo area, Kandiga-Atibisi Prospecting Licence (PL9/38 covering a land size of 155km²) located in the Kandiga-Atibabisi area, and Zoko-Tarongo Prospecting Licence (PL9/37 covering a land size of 155km²) located in the Zoko-Tarongo area all in the Upper East region of Ghana.As part of the precautionary measures put in place by the Company to minimise the risk of exposure of employees amid the COVID-19 pandemic, the Company suspended all exploration activity at the Bongo Licence Area during the Quarter.SUBRANUM PROJECTThe Subranum Project covers an area of 71.4km² located in southwest Ghana. The license straddles the eastern margin of the Sefwi Gold Belt which is bounded by the regional Bibiani Shear Zone (BSZ) stretching about 200km across southwestern Ghana (Figures 1 and 8).There is 9km of the BSZ developed within the Subranum license trending NE to SW. The BSZ forms a very prospective, sheared contact between Birimian phyllites and greywackes to the southeast and mafic to intermediate volcanics and volcaniclastics to the northwest. Granitoid stocks of the Dixcove suite intrude this shear zone.The portion of the Bibiani Shear Zone occurring within the Subranum tenement is 9km long, trending SW to NE. Previous extensive exploration has outlined a 5km long gold target, extending from the SW tenement boundary towards the NE, with the remaining 4km of the 9km strike length remaining relatively unexplored.All exploration activities were on hold during this Quarter as part of the Company’s precautionary measures to minimize the risk of exposure of employees to COVID-19.Figure 8: Subranum Project Tenement Straddling Bibiani Shear Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/de6b623c-7598-47d9-9cf5-9dcbfd56c7ac TENEMENT SCHEDULE ‐ ASX LISTING RULE 5.3.3The following tenement information is provided pursuant to ASX Listing Rule 5.3.3. No tenements in part or whole were relinquished, surrendered or otherwise divested during the Quarter ended September 30, 2020.All Cardinal’s tenements are in good standing with the Ghanaian Minerals Commission.CORPORATE UPDATEOn July 7, 2020 the Company issued 26,000,000 fully paid ordinary shares to Shandong Gold to raise AU$11.96 million in accordance with the BIA. Shareholder approval was not required for this Placement as the Company issued the shares under its Listing Rule 7.1 placement capacity.The funds raised by the Placement will be used to ensure Cardinal may continue advancing the Namdini Project towards development and working capital.Takeover Offers for Cardinal Resources LimitedShandong GoldOn June 18, 2020 the Company advised that it had entered into a Bid Implementation Agreement with Shandong Gold Mining (HongKong) Co, Ltd (a subsidiary of Shandong Gold Mining Co, Ltd) (“Shandong Gold”), pursuant to which Shandong Gold had agreed to acquire 100% of the issued and outstanding ordinary shares in Cardinal at a price of A$0.60 cash per share, by way of an off-market takeover offer.On July 22, 2020 the Company advised that it had received a revised and improved proposal for an off-market takeover offer from Shandong Gold, pursuant to which Shandong Gold will offer to acquire all the shares in Cardinal it does not presently own at a cash price of A$0.70 per share.On August 19, 2020 Shandong Gold advised that condition set out in clause 6.1(b) of Appendix 1 of the Bidders Statement (FRIB Approval) had been fulfilled (so that the Offer has become free of that condition) as the Shandong Gold received the no objection notification in relation to the acquisition of all the Cardinal shares by the Bidder from the Treasurer’s delegate today.On September 7, 2020 The Company advised that Shandong Gold remained committed to acquiring 100% of the Shares in Cardinal and increased the Offer Price of the Shandong Gold Offer to A$1.00 per share.On September 15, 2020 the Company announced that the Cardinal Directors, who collectively held approximately 6.07% of the Cardinal ordinary shares had instructed their broker/controlling participant to initiate acceptance of the off-market takeover offer by Shandong Gold in respect of all the Cardinal shares they own or control.On September 21, 2020 Shandong Gold declared the Offer unconditional in accordance with section 650F of the Corporations Act 2001 (Cth).On October 12, 2020 Shandong Gold advised the extension of the Offer Period such that the Offer would remain open for acceptance from the Offer Date until 7:00pm (Sydney time) on 23 October 2020.On October 19, 2020 Shandong released its second supplementary Bidder’s Statement and advised that the Offer price of $1.00 per Cardinal Share was Best and Final in the absence of a higher competing offer.On October 23, 2020 the Company advised that it had received 28 letters from person who own or control 19.38% of the Company’s shares to the effect that they intend to accept the unconditional off-market takeover offer by Shandong by Friday, October 30, 2020.On October 23, 2020 Shandong Gold announced its Offer Period will remain open for acceptance from the Offer Date until 7:00pm (Sydney time) on October 30, 2020.On October 26, 2020 Cardinal announced that Shareholders representing 22.81% of Cardinal’s shares intend to accept Shandong Gold’s offer in the absence of an increase from Nordgold or a superior offer.On October 26, 2020 Shandong advised its intention to extend the Offer Period to December 31, 2020 and, if a higher competing offer were to be announced, to increase its Offer Price to $1.05 per Cardinal Share.NordgoldOn March 16, 2020 Nordgold announced that it had submitted a non-binding indicative and conditional proposal to acquire all the issued share capital of Cardinal not already owned by Nordgold at A$0.45775 per Cardinal Shares.On July 15, 2020 Nord Gold SE (Nordgold) announced an offer to acquire on-market for $0.66 per Cardinal share all the fully paid ordinary shares in Cardinal which are listed for quotation on the official list of the Australian Securities Exchange that exist or will exist at any time during the offer period and that are not already owned by Nordgold and its associates.On September 2, 2020 Nordgold increased its offer price under its unconditional on-market takeover offer for Cardinal from $0.66 to $0.90 cash per share.On September 10, 2020 Nordgold advised that it would extend its offer period to close of trade on September 24, 2020.On September 17, 2020 Nordgold advised that it would extend its offer period to close of trade on October 8, 2020.On October 15, 2020 Nordgold announced that the offer period had been extended to close of trade on ASX on November 3, 2020.On October 21, 2020 Nordgold increased its offer price for the unconditional on-market all cash offer for all the ordinary shares in Cardinal from $0.90 to $1.00 cash per share.On October 26, 2020 Nordgold announced that it will not increase it’s $1.00 cash offer price for each Cardinal share under its on-market unconditional offer, unless there is a higher competing offer.On October 28, 2020 Nordgold announced its intention to supplement its on-market unconditional cash offer with off-market offer on equivalent terms. If a higher completing offer is made, Nordgold may increase its offer price under its off-market offer, including to $1.05 per share on another price that may defeat the higher competing offer and any competing offer from Shandong.On October 29, 2020 Nordgold announced that the offer period had been extended to close of trade on ASX on November 20, 2020.The Cardinal Board continues to unanimously recommend that Cardinal Shareholders ACCEPT the Shandong Gold Offer (in the absence of a Superior Proposal) and TAKE NO ACTION in respect of the Nordgold Offer.CAPITAL STRUCTUREAs at October 30, 2020 the Company had the following capital structure:Cash BalanceThe Company’s cash balance at September 30, 2020 was approximately AU$9.47 million.APPENDIX 5BCardinal Resources Limited provides the following information in relation to payments to related parties and their associates, as required by 6.1 and 6.2 for the September 30, 2020 Appendix 5B.HopgoodGanim Lawyers of which Michele Muscillo, a Non-Executive Director, is a partner of, provided legal services to the Company. Amounts that have been paid or payable total AU$400,337 for the three months ended September 30, 2020.During the Quarter ended September 30, 2020 a total of AU$410,097 was paid to all Directors’ of the Company as remuneration.ABOUT CARDINALCardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused exploration and development Company that holds interests in tenements within Ghana, West Africa.The Company is focused on the development of the Namdini Gold Project and released its Feasibility Study on 28 October 2019.Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of October 15, 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.The Namdini Project has a published gold Ore Reserve of 5.1Moz (138.6Mt @ 1.13g/t Au; 0.5g/t cut‐off), inclusive of 0.4Moz Proved (7.4Mt @ 1.31g/t Au; 0.5g/t cut‐off) and 4.7Moz Probable (131.2Mt @ 1.12g/t Au; 0.5g/t cut‐off).Authorized for release by the Board of Cardinal Resources Limited.For further information contact:
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