Cardinal to deliver BFS early

CARDINAL Resources, which last week announced a reserves upgrade to 5.1 million ounces, says it will deliver an updated feasibility within two months, one quarter earlier than expected, as it also claims swift progress in assessing financing options for its Namdini project in Ghana.
Cardinal to deliver BFS early Cardinal to deliver BFS early Cardinal to deliver BFS early Cardinal to deliver BFS early Cardinal to deliver BFS early

Haydn Black


Managing director Archie Koimtsidis said the company's financing and feasibility teams were performing exceptionally well.
Delivery of the bankable study will be a significant milestone for Namdini, which the pre-feasibility study suggested would be a robust project, even before the resource upgrade and the optimisation of the reserves and mine planning work.
The aim is to take a final investment decision on the circa 294,000oz per annum mine before the end of the year with first gold targeted by 2022, with the plan for an accelerated payback by mining 1Moz in the stage one pit over three years.
The company's finance advisor, Cutfield Freeman in London, is assessing term sheets for project finance that have been received, with Koimtsidis reporting "strong interest" from a variety of backers, from traditional senior debt to possible corporate transactions.
Cardinal has appointed independent experts to minimise delays with due diligence once the BFS is delivered.
The company, which is also listed in Toronto, has an estimated A$26 million cash.
According to Cardinal, Namdini is one of the largest undeveloped gold discoveries of the past decade.
Cardinal shares were up almost 14% in late trade to 41c, up from 32c at the start of the month, but down from around 52c one year ago. Based on recent trading the company is worth around $156 million. 


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