viewCardinal Resources Ltd

Cardinal Resources receiving interest for gold project financing

Cardinal is progressing the developments of its flagship 5.1 million ounce Namdini Gold Project in Ghana.

Cardinal Resources Ltd - Cardinal Resources receiving interest for project financing
Project financiers are able to access a data room

Cardinal Resources Ltd (ASX:CDV) has received a number of term sheets from banks and financiers for project financing of its Namdini Gold Project in Ghana. 

With the release of the feasibility study and accompanying NI43‐101 Technical Report in November 2019 additional banks, financiers and corporates have shown interest in Project Finance.

Cardinal has granted these interested parties access to the data room designed to provide necessary information for due diligence purposes.

In addition, the company is concurrently evaluating strategic alternatives to bring the Namdini Project into production with a view to maximising economic outcomes for Cardinal shareholders.   

Feasibility study based on US$1,350 per ounce gold

Cardinal’s CFO Jon Grygorcewicz said: “With the current gold price maintaining a price above US$1,500 per ounce as compared to the gold price of US$1,350 per ounce used in the company’s feasibility study, it creates an even more compelling financial model and project valuation which provides a greater level of confidence to banks, financiers and corporates.  

“We are pleased with the strong level of interest and the rate of progress to date.  We look forward to updating shareholders as we progress the Namdini Project Financing programme.”  

The feasibility study ascribed a post-tax net present value (NPV) of USD$590 million and an IRR of 33.2% for the project using US$1,350 per ounce for the Namdini Project.

Gold is currently trading at around US$1,560 per ounce.

Proactive caught up with Cardinal back in November 2019 for an update.

Quick facts: Cardinal Resources Ltd

Price: 0.415 AUD

Market: ASX
Market Cap: $207.51 m

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