Cardinal Resources Limited (Cardinal) wishes to advise that the board of directors of Cardinal has today been restructured, following the successful conclusion of the takeover bid by Shandong Gold Mining (HongKong) Co., Limited (Shandong Gold) at 95% of Cardinal's share capital.

The following Shandong Gold nominees have been today appointed to the board: Mr Qiang Du; Mr Canwu Zheng; Ms Huijie Duan and Mr Lingquan Kong The following Cardinal directors have resigned from the board: Mr Kevin Tomlinson and Mr Trevor Schultz; Mr Archie Koimtsidis, Mr Malik Easah, Mr Michele Muscillo and Dr Kenneth G. Thomas will continue as directors with the company for the time being.

Retiring Chairman of the Company, Kevin Tomlinson, stated: 'The team at Cardinal is to be commended for the discovery, delineation and development of the world class Namdini 5.1Moz gold reserve. It has been an honour to lead the Company as Chairman and I extend my gratitude to Archie Koimtsidis and Malik Easah as well as their teams in Perth and Ghana for their tireless efforts in Cardinal's development.

'My gratitude also goes to my fellow Directors for their guidance during the various studies and eventual takeover of the Company. I know I speak for all in wishing Shandong Gold the best success in Namdini's development for the benefit of all stakeholders, including the people of Ghana.'

Incoming Chairman of the Company, Qiang Du, stated: 'On behalf of the incoming directors and Cardinal shareholders, I would like to thank Mr Kevin Tomlinson and Mr Trevor Schultz for their hard work, leadership and contribution to Cardinal.'

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.

Contact:

Tel: +61 8 6558 0573

Email: sarah@cardinalresources.com.au

Forward looking statements

Certain statements contained in this pressrelease, including information asto the future financial or operating performance of Cardinal and its projects may also include statements which are 'forward looking statements' that may include, amongst other things, statements regarding targets, anticipated timing of the feasibility study (FS) on the Namdini project, estimates and assumptionsin respect of mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward - looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cardinal, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or resultsto differ materially from estimated or anticipated events or results reflected in such forward looking statements.

Cardinal disclaims any intent or obligation to update publicly or release any revisions to any forward looking statements, whether as a result of new information, future events, circumstances or results or otherwise after today's date or to reflect the occurrence of unanticipated events, other than required by the Corporations Act and ASX and TSX Listing Rules. The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward looking statements. All forward looking statements made in this press release are qualified by the foregoing cautionary statements. Investors are cautioned that forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein.

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