Cardinal Resources Provides Information About Strengthening the Board

  • Jan 02, 2019 AEDT
  • Team Kalkine
Cardinal Resources Provides Information About Strengthening the Board

On January 2, 2019, Cardinal Resources Limited (ASX: CDV) has announced the appointment of Mr. Trevor Stanley Schultz as a Non-Executive Director. Mr. Schultz has more than four decades of experience in the mining industry. He also held the position of Executive and Non-Executive Director with Centamin Egypt during 2008 to 2018, and he was also accountable for the completion of the 12Mtpa processing plant which has a similar flowsheet to Cardinal’s proposed flowsheet.

Earlier, Mr. Schultz held the position of COO (Chief Operating Officer) at Anglo Gold Ashanti Ltd which was previously known as Ashanti Goldfields Corporation, and for six years he was a resident of Ghana too. Additionally, Mr. Schultz has also served for BHP in Australia and America and for Anglo American Corporation in South Africa.

As stated by Cardinal’s MD/CEO Archie Koimtsidis, that they are pleased to have Mr. Schultz as a Non-Executive Director to the Board as he has many years of experience in project development field which will support to enhance the company objectives. As of now, the company moves the Namdini Gold Project towards the next level, and its Definitive Feasibility Study is estimated in Q3 FY19.

The Management would like to appreciate the geological contribution of Mr. Robert Schafer. They also appreciate Robert’s offer as an independent consultant and wish him the best for his future undertakings.

Quarterly Performance: At the end of September, the company generated revenues of A$14,693, representing a downside of 71.2% over the A$50,996 recorded in the corresponding period in 2017. The Company’s net loss income for the Quarter stood at $5,599,051. The diluted loss per share for the Quarter stood at A$1.50. On Balance Sheet front, as at 30 September 2018, the company had cash and cash equivalent of A$35,760,607.

Financial Performance: The revenue attributable to Cardinal Resources Limited for the year was $174,312, which represent upside of 16.52% over the $149,596 recorded in the corresponding period in 2017. The Company’s net loss after income tax for the year stood at $37,182,844 in 2018. The diluted loss per share for the year stood at A$10.22. As at 30 June 2018, the company had cash and cash equivalent of A$7,303,807.

We will now look at today’s performance of CDV. On January 2, 2019, Cardinal Resources Limited ended the session on the positive note as the stock price has settled at A$0.440 per share which implies the rise of A$0.010 per share or 2.326%. The market capitalization of the company stood at circa $163.5 Million. Let us now see how the stock has been performing from the past few months. In the time span of the previous six and three months, the stock delivered the returns of -8.51% and -6.52%, respectively. However, during the last one month, CDV delivered the return of 8.86%.


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