Form 603

Corporations Act 2001 Section 6718

Notice of initial substantial holder

IQ_Company Name/Scheme CARDINAL RESOURCES LIMITED ACN/ARSN 147 325 620

1. Details of substantial holder (1)

   Name LB ( Swiss ) nvestment AG on behalf of PRECIOUS CAPITAL GLOBAL MINING AND METALS FUND

   ACN/ARSN (if applicable)

   The holder became a substantial holder on

2. Details of voting power

   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

   Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
   ORDINARY FULLY PAID SHARES	16,414,507	16,414,507	5.52%

3. Details of relevant interests

   The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows :

   Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
   PRECIOUS CAPITAL GLOBAL MINING AND METALS FUND	DIRECT	16,414,507

4. Details of present registered holders

   Holder of relevant interest	Registered holder of securities	Person entitled to be reqistered as holder (8)	Class and number of securities
   PRECIOUS CAPITAL GLOBAL MINING AND !METALS FUND	PRECIOUS CAPITAL GLOBAL MINING AND METALS FUND	PRECIOUS CAPITAL GLOBAL MINING AND METALS FUND	16,414,507

   The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

   The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows :

   Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
   Cash	Non-cash
   PRECIOUS CAPITAL GLOBAL MINING AND METALS FUND	0 9 .05 .2016	10 0 ,00 0	-	833 ,33 4 FULLY PAID ORDINARY SHARES
   PRECIOUS CAPITAL GLOBAL MINING AND	2 6 .05 .2016 to "r. r .-...-,.,., .,.	154 ,282	-	7 27 ,438 Ful y Paid Ordinarv Shares
   METALS FUND
   PRECIOUS CAPITAL GLOBAL MINING AND .... .,..AT' R FTThTT'\	19 .07 .2016	1,45 0 ,000	-	5 ,000 ,000 FULLY PAID ORDINARY SHARES
   PRECIOUS CAPITAL GLOBAL MINING AND M,:,'T'll T."! li'TThTT'\	2 6 .08 .2016	2 ,857 ,583	-	9 ,853 ,735 FULLY PAID ORDINARY SHARES

6. Associates

   The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

   Name and ACN/ARSN (if applicable)	Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Signature

print name

sign here

.date

!Q8 I

DIRECTIONS

1. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form .

2. See the definition of "associate" in section 9 of the Corporations Act 2001.

3. See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001 .

4. The voting shares of a company constitute one class unless divided into separate classes.

5. The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

6. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

7. Include details of:

8. any relevant agreement or other circumstances by which the relevant interest was acquired . If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement , and a statement by the person giving full and accurate details of any

   contract, scheme or arrangement , must accompany this form, together with a written statement certifying this contract, scheme or arrangement ; and

9. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

   See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

10. If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

11. Details of the consideration must include any and all benefits , money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition . Details must be included even if the benefit is conditional on Hrn Ae1313eAiA§ er Aet ef a eeAliA§eAe) . Details fl'lost be ineluded of 11n y be1,efit paid 01 , bel ,alf of ti ,e substalitial liolde1 a, its associate iii relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired .