WORLD CLASS GOLD DISCOVERY GHANA, WEST AFRICA

July 2016

ASX:CDV

JORC 2012 & DISCLAIMER

ASX:CDV

JORC 2012

This Presentation contains information extracted from the following reports which are available for viewing on the Company's website www.cardinalresources.com.au

25 Jul 2016

21 Jul 2016

25 May 2016

22 Mar 2016

22 Feb 2016

12 Feb 2016

22 Jan 2016

12 Jan 2016

03 Dec 2015

More Gold Intercepts from Surface at Namdini High Grade Gold From Surface at Namdini Project

Wide Gold Zone Continues with Infill Drilling at Namdini Near Surface Gold Mineralisation in Namdini Diamond Hole Visible Gold in Diamond Hole

370m Extensive Gold Mineralised Zone From Surface 285m Mineralised Gold Zone Intersected From Surface

Latest Namdini Diamond Hole Confirms More Wide Gold Zones

133m Mineralised Zone in Diamond Drill Hole at Namdini

26 Nov 2015

23 Nov 2015

06 Oct 2015

09 Sep 2015

18 Aug 2015

29 Jul 2015

07 Jul 2015

02 Jul 2015

Very Wide Gold Intersections in RC Drill Holes at Namdini Project Maiden Drill Hole Completed at Namdini Project

New Drilling Plan for Namdini Project

Gold Mineralisation Exceeds 100m Widths at Namdini Project 67m high Grade Gold Zone at Namdini Extension

83m Mineralised Zone Further Along Strike at Namdini Very Favourable Cyanide Leach Results from Namdini 99m Gold Zone and Current Drill Hole are Similar

The Company confirmed it is not aware of any new information or data that materially affects the information included in the Presentation relating to exploration activities carried out at Bolgatanga, Namdini and Subranum and all material assumptions and technical parameters underpinning the exploration activities in those market announcements continue to apply and have not been changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Please refer to the Company's Annual and Quarterly Reports for further information which are available on the Company's website.

^ Amounts and values are subject to change.

Disclaimer

• The purpose of this presentation is to provide general information about Cardinal Resources Limited ("Cardinal" or the "Company"). It is not recommended that any person makes an investment decision in relation to the Company solely on this presentation.

• This presentation does not necessarily contain all information which may be material to the making of a decision in relation to the Company. Any investor should make their own independent assessment and determination as to the Company's prospects prior to making any investment decision, and should not rely on the information in this presentation for that purpose.

• This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company,. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

• This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements. No representation or warranty, express or implied, is made by the Company that the matters stated in this presentation will be achieved or provide to be correct.

• The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

• This presentation is presented for informational purposes only. It is not intended to be and is not a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporation Act 2001. Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission here from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a persons nor any obligation to furnish the person with any further information.

  CARDINAL RESOURCES LIMITED 2

  CORPORATE SNAPSHOT

  Capital Structure
  Current Share Price 1	A$	$0.375
  Shares on Issue 2	#	297.1 million
  Listed Options on Issue 3	#	117.6 million
  Market Capitalisation	A$	$111.41 million
  Cash (July 2016)	A$	~$26.6 million
  Enterprise Value	A$	$84.81 million
  1As at 22nd July 2016 2The Company also has 50 Class A Performance Shares , 50 Class B Performance Shares and 60 Class C Performance shares on issue. All series, if converted will total 16 million ordinary shares if certain milestones are achieved. Details of conversion milestones are provided in Cardinal's annual report. 3 Exercise price of $0.15, Expiry date 30 September 2019.

  ASX:CDV

  Board of Directors and Senior Management
  Mark Connelly	Chairman (Ex-MD of Papillion Resources)
  Archie Koimtsidis	Managing Director (Ex-Deputy Country Manager - PMI Gold. Resident of Ghana)
  Malik Easah	Executive Director (Ex-Public Relations Officer - PMI Gold. Resident of Ghana)
  Simon Jackson	Non-Executive Director (Ex-VP Corp. Dev Red Back Mining / MD of Beadell Resources)
  Mark Thomas	Non-Executive Director (Ex-Macquarie Bank, Executive Director of Metals and Energy Capital Division)
  Paul Abbott	Exploration Manager (Ex-PMI Gold, JCI Ltd, Gencor Ltd. Resident of Ghana)
  Dr Julian Barnes	Project Technical Manager (Ex-RSG, Resource Service Group, Dundee Precious Metals Inc)

  Major Shareholders
  Directors	6.27%
  1832 Asset Management L.P (Dynamic Fund) Subsidiary of Canadian Bank of Nova Scotia	8.5%
  Precious Capital Global Mining and Metals Fund Switzerland	5.5%
  Macquarie Bank Australia	4.2%
  US Global USA	3.9%
  Colonial First State Australia	3.0%
  Top 20 Shareholders	~61%1
  Top 40 Shareholders	~73%1

  CARDINAL RESOURCES LIMITED 3

  INVESTMENT HIGHLIGHTS

  • Discovery of a world-class gold project by Cardinal at the Namdini Gold Project, Ghana

  • Every hold drilled since discovery has intersected wide-zones of gold mineralisation:

    • 67m @ 3.10 g/t from 3m (incl 10m @ 9.10 g/t)

    • 51m @ 3.58 g/t from 85m (incl 12m @ 4.38 g/t)

    • 45m @ 7.73 g/t from 168m (incl 2m @ 137g/t)

  • ~ 900m strike extent to date - open along strike

  • ~200 vertical metres of gold mineralisation - open at depth

  • ~300m wide mineralised zones along section

  • Additional diamond holes planned to assist in the estimation of an

    initial Exploration Target by Q3 - 2016

  • Drills working 24/7

  • Strong potential to host a multi-million ounce gold resource

ASX:CDV

Visible gold within altered volcaniclastic drill core

CARDINAL RESOURCES LIMITED 4