Response to Ghana Media Speculation and Continuing Strategic Process

TORONTO, June 16, 2020 (GLOBE NEWSWIRE) — Cardinal Resources Limited (ASX / TSX : CDV) (“Cardinal” or “the Company”) refers to its announcements of 30 March and 4 May 2020 in respect of the continuing strategic process with banks, financiers and other parties which continue to show interest in bringing the Namdini Project into production with a view to maximising economic outcomes (“Strategic Process”).

The Company also notes the recent local Ghanaian media article with respect to potential strategic alternatives.

The Board of Cardinal wishes to advise that as part of the Strategic Process it remains in discussions with parties regarding a potential strategic transaction. Whilst discussions in relation to any potential transaction remain ongoing, at this time no agreement has been entered into in relation to any transaction and there can be no guarantee that any agreement will be entered into.

Accordingly, given that there is no certainty that any strategic transaction will proceed, Cardinal advises that shareholders should be cautious in trading on media speculation. The Company will update the market if and when any formal agreement is entered into in relation to a potential strategic transaction.

Shareholders do not need to take any action in relation to the Strategic Process.

ABOUT CARDINAL

Cardinal 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 April 3, 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 5.1 Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut-off).

Authorised for release by the Chairman of Cardinal Resources Limited.

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