2015 ANNUAL REPORT
CORPORATE DIRECTORY/CONTENTS PAGE
CORPORATE DIRECTORY
Board of Directors
Alec Pismiris – Non‐Executive Chairman
Archie Koimtsidis – Managing Director
Malik Easah – Executive Director
Mark Thomas – Non‐Executive Director
Simon Jackson – Non‐Executive Director
Company Secretary
Sarah Shipway
Registered Office
Level 1, 115 Cambridge Street
WEST LEEDERVILLE WA 6007
Tel: + 61 8 9322 6600
Fax: + 61 8 9322 6610
Website: www.cardinalresources.com.au
Email: info@cardinalresources.com.au
Ghana Office
Durugu Residential Area
KUMBOSCO, BOLGATANGA, GHANA
Tel: + 233 (0) 261 905 220
Australian Business Number
ABN 56 147 325 620
Share Register
Computershare Investor Services Pty Ltd
Level 11
175 St Georges Terrace
PERTH WA 6000
Tel: 1300 850 505
Int: +61 8 9323 2000
Fax: + 61 8 9323 2033
Stock Exchange Code
CDV – Ordinary Shares
CDVOA – Listed Options
Auditors
Somes Cooke
Level 2, 35 Outram Street
WEST PERTH WA 6005
CONTENTS
PAGE
Review of Operations
Directors’ Report
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
Consolidated Statement
of Financial Position
Consolidated Statement
of Changes in Equity
Consolidated Statement
of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Auditor’s Independence Declaration
Independent Auditor’s Report
Shareholder Information
Schedule of Tenements
3
15
26
27
28
29
30
52
53
54
56
58
Cardinal Resources Limited – Annual Report 2015
P 2
REVIEW OF OPERATIONS
REVIEW OF OPERATIONS
The Directors are pleased to present their report on Cardinal Resources Limited (Cardinal or the Company) for
the year ended 30 June 2015.
GHANA GOLD PROJECTS
Cardinal Resources Limited, through its wholly owned subsidiary, Cardinal Resources Ghana Limited, holds five
tenements prospective for gold mineralisation in Ghana in two NE‐SW trending Paleoproterozoic granite‐
greenstone belts: the Bolgatanga and Namdini Projects located within the Nangodi and Bole‐Bolgatanga
Greenstone Belts in NE Ghana and the Subranum Project located within the Sefwi Greenstone Belt in SW Ghana
(Figure 1).
Figure 1: Cardinal Resources Tenements in Ghana
Cardinal Resources Limited – Annual Report 2015
P 3
REVIEW OF OPERATIONS
BOLGATANGA PROJECT, GHANA
Exploration activities were mainly comprised of RC drilling at the Namdini Project.
NAMDINI PROJECT
The Namdini tenement is located ~12 km SE from Cardinal’s Ndongo East Prospect and ~6 km SE of the producing
Shaanxi Gold Mine. The area around the original Namdini Licence has been considerably expanded, which is
anticipated to add to the Namdini Licence gold inventory already identified (Figure 2).
Figure 2: Namdini Project with Expanded Licences Area
There are active artisanal workings in monzonite granitoids within the enlarged project area which indicates
that this area is mineralised which should increase the gold potential of the area (Figures 3 and 4). These active
workings justified the decision to enlarge the Namdini Project area.
Figure 3: Active artisanal workings in monzonite granitoid
Cardinal Resources Limited – Annual Report 2015
P 4
REVIEW OF OPERATIONS
Figure 4: Namdini Project Area
Cardinal Resources Limited – Annual Report 2015
P 5
REVIEW OF OPERATIONS
RC DRILLING
The general strike of the host rocks is 10⁰ and dipping at approximately ‐60⁰ W. The RC drilling is orientated at
90⁰ to the strike of 100⁰ azimuth with all drill holes inclined to the east.
During this review period, RC drilling was concentrated within the Confirmed Mineralised Zone (Figure 4). 67 RC
holes were drilled totalling 7,520m with a combined total of 8,252 samples, including duplicates, blanks and
standards (Table 1), submitted to the SGS Laboratory, Ouagadougou, Burkina Faso for assaying by standard fire
assay methods. QAQC protocols were observed by the taking of duplicates, and inserting in‐house blanks and
commercial certified reference material (CRM) as standards.
DRILL METHOD
No.
Holes
Total (m) No. Samples Duplicates
Blanks
Stds
RC Drilling
67
7,520
7,514
369
185
184
Table 1: Namdini RC Drilling (Q3 2014 to Q2 2015)
NEW DRILL PROGRAM ON EXPANDED NAMDINI AREA
New RC and diamond drill programs are planned which will test at least three times more strike length than was
drilled within the Confirmed Mineralised Zone (Figures 5 and 6).
The RC drill program is planned for up to 6,000m with 32 RC drill holes. Phase 1 will determine extensions to the
current mineralisation within the altered volcaniclastic rocks, and Phase 2 will evaluate the monzonite granitoid
quartz stockworks. The RC drill programs will test a further 600m of strike length to the north.
Figure 5: Namdini Project Plan View of planned drill fences
Cardinal Resources Limited – Annual Report 2015
P 6
REVIEW OF OPERATIONS
Figure 6: Long Section from Namdini Mineralisation (in south),
through Phase 1 and Phase 2 RC Drilling (to north)
NDONGO PROSPECT
Ndongo Far East Prospect
The airborne geophysical survey over the Ndongo Tenement identified a magnetic body intruded into the low
pressure dilation zone around the southern and SE margins of the Pelungu Granite (Figure 7).
Figure 7: Ndongo Far East Prospect
Previous geochemical sampling in this area delineated anomalous gold‐in‐soil values around the margins of this
magnetic intrusive (Figure 8).
Cardinal Resources Limited – Annual Report 2015
P 7
REVIEW OF OPERATIONS
Figure 8: Ndongo Far East Prospect with gold‐in‐soil anomalies around magnetic intrusive
A Gradient Array Induced Polarisation (GAIP) survey over this target area has been planned which should indicate
whether any gold‐bearing sulphides are developed around the margins, or within, this magnetic intrusive.
Cardinal Resources Limited – Annual Report 2015
P 8
REVIEW OF OPERATIONS
BONGO PROSPECT
The airborne geophysical survey over the Bongo Prospect delineated six interpreted target areas containing ~40
km of possible mineralised structures (Figure 9).
Figure 9: Bongo Prospect ‐ 2013 airborne survey magnetic image
with preliminary interpretation and six target zones
During the year field mapping over portions of Target C located magnetised mafic outcrops adjacent to an
ultramafic unit. Rock chip sampling was done over the magnetised mafic outcrops and sent for multi‐
element analyses to determine their base metal potential. The analyses indicate there may be some base
metal potential, which requires a ground geophysical survey to determine the extent of the magnetic rock
unit and geochemical sampling to determine its base metal content.
Cardinal Resources Limited – Annual Report 2015
P 9
REVIEW OF OPERATIONS
KUNGONGO PROSPECT
The airborne geophysical survey over the Kungongo Prospect delineated two interpreted target areas containing
~30 km of possible mineralised structures (Figure 10).
Figure 10: Kungongo – 2013 airborne survey magnetic image
with preliminary interpretation and two target zones
Target A occurs over a ~6 km long portion of the SW extension of the regional Bole‐Bolgatanga Fault (Shear)
Zone which extends over northern Ghana (Figure 11). A soil sampling program over Target A will be planned to
identify anomalous zones, followed by a RC drill program to assess these anomalies.
Cardinal Resources Limited – Annual Report 2015
P 10
REVIEW OF OPERATIONS
Figure 11: Target A, Kungongo Prospect with initial target areas
Target B occurs over a ~7 km long area underlain by Birimian greenstones and granitoids. A soil sampling program
over Target B will be planned to identify anomalous zones, followed by a RC drill program to assess these
anomalies.
SUBRANUM PROJECT
Previous exploration at Subranum has established that the significant anomalous zone has a 5.2km strike length.
Previous drilling, however, had been on 11 fences of varying distances between 200m to >500m apart (Figure
12).
To properly evaluate the gold mineralisation contained within these anomalous zones, Cardinal has planned a
systematic diamond drilling program at regular intervals across the strike length of these anomalies. This planned
program will then determine whether the gold mineralisation is continuous or not, and whether there is a plunge
to the mineralisation.
This drill program is being planned subject to seasonal conditions.
Cardinal Resources Limited – Annual Report 2015
P 11
REVIEW OF OPERATIONS
Figure 12: Historical RC drill holes (Newmont) with significant gold intersections highlighted.
Magnetic greyscale image in background.
Cardinal Resources Limited – Annual Report 2015
P 12
REVIEW OF OPERATIONS
JORC 2012
The information in this operations report contains information extracted from the following ASX announcements
which are available for viewing on the Company’s website www.cardinalresources.com.au:
13 August 2014 High Grade, Shallow Gold Intercepts at Namdini
26 August 2014 High Grade, Shall Intercepts at Namdini Continue
16 September 2014 High Grade Discovery of Third Gold Zone at Namdini
24 September 2014 Drilling Campaign Extended at Namdini
7 October 2014 Third High Grade Gold Zone Continues at Namdini
28 October 2014 Cardinal Continues to Hit High‐Grade Gold Intersections
28 November 2014 Further High Grade Gold Intersection at Namdini
12 January 2015 Further High Grade Gold Intersected Along Strike at Namdini
19 January 2015 Cardinal Intersects 41m High Grade Gold Down Dip Namdini
27 January 2015 Cardinal Hits 51m High Grade Gold Along Strike at Namdini
3 February 2015 Cardinal Hits 42m Gold Up Dip At Namdini
16 February 2015 High Grade Gold Continues Along Strike at Namdini
26 February 2015 High Grade Gold Continues Down Dip at Namdini
10 March 2015 Gold Hits Continue Along Strike and Section at Namdini
20 March 2015 Down Dip Extensions Confirmed at Namdini
23 March 2015 Wide Gold Intersections Continue at Namdini
30 March 2015 Gold Hits Continue at Namdini
10 April 2015 More Gold Hits Up and Down Dip at Namdini
13 April 2015 Gold Hits Continue down Dip at Namdini
12 May 2015 Cyanide Leach Results for Namdini Drill Samples
The Company confirms it is not aware of any new information or data that materially affects the information
included in market announcements relating to exploration activities carried out at the Bolgatanga Project 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.
CORPORATE UPDATE
The Company completed a number of successful capital raising initiative during the year.
On 18 September 2014 the Company confirmed it had successfully completed a capital raising to sophisticated
and institutional investors to issue 18,000,000 fully paid ordinary shares, together with one free attaching listed
option (“Listed Option”) for every share subscribed for, exercisable at $0.15 on or before 30 September 2019,
(‘September 2014 Placement”) to raise $900,000. The options were issued on 10 November 2014 after being
approved at the Company’s shareholder meeting held on 3 November 2014.
Further on 10 November 2014 the Directors of the Company (namely, Messrs Alec Pismiris, Archie Koimtsidis,
Marcus Michael and Malik Easah) were allotted 4,880,000 fully paid ordinary shares and 4,880,000 Listed Option
to raise $244,000, on the same terms and conditions as the September 2014 Placement.
On 22 January 2015 the Company advised that it had completed a Non‐Renounceable Entitlement Issue of
Options. The offer of one (1) Listed Option for every two (2) shares held by eligible shares on 1 October 2014 at
an issue price of $0.01 per option. The Company raised $481,183 before costs from the offer.
On 5 June 2015 the completed a placement to sophisticated investors to raise $947,975 in capital through the
issue of 14,584,231 fully paid ordinary shares $0.065 with a free attaching listed for every share subscribed for
(“June 2015 Placement”).
Cardinal Resources Limited – Annual Report 2015
P 13
REVIEW OF OPERATIONS
Further on 7 August 2015 the Directors of the Company (namely, Messrs Alec Pismiris, Archie Koimtsidis and
Malik Easah) were allotted 1,838,462 fully paid ordinary shares and 1,838,462 Listed Option to raise $119,500,
on the same terms and conditions as the June 2015 Placement.
Passing of Director
On the 15 June 2015 the Company announced with great sadness that Non‐Executive Director Marcus Michael
had passed away.
Marcus was a highly respected Board member, and his energy, experience and inspiration will be greatly missed.
Appointment of Two Non‐Executive Directors
Subsequent to the year end on the 1 September 2015 the Company announced that Mark Thomas and Simon
Jackson had been appointed as Non‐Executive Directors of the Company.
Mark and Simons’ skill and experience will enhance the Board and Cardinal looks forward to their contribution
to the development of the Company’s Projects to take the Company to the next level.
Cardinal Resources Limited – Annual Report 2015
P 14
DIRECTORS’ REPORT
The Directors of Cardinal Resources Limited submit herewith the annual financial report of Cardinal Resources
Limited for the period 1 July 2014 to 30 June 2015. In order to comply with the provisions of the Corporations Act
2001, the Directors report as follows:
DIRECTORS
The names and particulars of the directors of the Company as at 30 June 2015 and at the date of this report are
as follows. Directors were in office for the entire period unless otherwise stated.
ALEC PISMIRIS B.Com, IGIA, MAICD
Non‐Executive Chairman
Appointed 11 November 2010
Mr Pismiris is currently a director of Capital Investment Partners, a company which provides corporate advisory
services. Since 1990 Mr Pismiris has served as a director and company secretary for various ASX listed companies
as well as a number of unlisted public and private companies.
Mr Pismiris completed a Bachelor of Commerce degree at the University of Western Australia, is a member of the
Australian Institute of Company Directors and is an associate of The Governance Institute of Australia. Mr Pismiris
has over 25 years’ experience in the securities, finance and mining industries. Mr Pismiris has participated
numerous times in the processes by which boards have assessed the acquisition and financing of a diverse range
of assets and has participated in and become familiar with the range of evaluation criteria used and the due
diligence processes commonly adopted in the commercial assessment of corporate opportunities.
During the past 3 years he has also served as a director of the following listed companies;
Company
Mount Magnet South NL
Aguia Resources Limited
Agrimin Limited
Pelican Resources Limited
Papillon Resources Limited
Gladiator Resources Limited
ARCHIE KOIMTSIDIS MBA
Managing Director
Appointed 27 December 2012
Date of Appointment
2 August 2013
26 May 2014
3 October 2013
24 March 2015
11 May 2006
7 December 2012
Date of Resignation
Not Applicable
Not Applicable
Not Applicable
Not Applicable
3 October 2014
22 March 2013
Mr Koimtsidis has for the last 21 years been involved in all facets of gold exploration, discovery, production and
refining in West Africa and South America.
His most recent appointment prior to joining Cardinal was as the Deputy Country Manager of Ghana for PMI Gold
Limited a joint TSXV and ASX listed company. During this time he was responsible for all field operational matters
including coordination of exploration, drilling programs and human resource management relation to the
Company’s projects in Ghana.
Mr Koimtsidis has been instrumental in acquiring the Ghanaian projects on behalf of Cardinal and has a unique
knowledge and understanding of geopolitical and operational matters relating to resources projects in West
Africa.
During the past three years he has held no other listed company directorships.
Cardinal Resources Limited – Annual Report 2015
P 15
DIRECTORS’ REPORT
MALIK EASAH
Executive Director
Appointed 27 December 2012
Mr Malik Easah is the principal of successful alluvial mining operations in the North West Adansi Gold Obotan
concession and is currently developing additional payable gold permits within the Ashanti and Nangodi Gold belts
of Ghana.
Mr Easah specializes in the manufacture of alluvial gold wash plants and recovery equipment and is regarded as
an authority in the development of alluvial mining operations in Ghana.
Mr Easah is a resident in Ghana.
During the past three years he has held no other listed company directorships.
MARK THOMAS B.Sc (Hons)
Non‐Executive Director
Appointed 31 August 2015
Mark Thomas has over 28 years’ experience in exploration and mining geology, geostatistics and mining finance.
In 1994 Mr Thomas joined Macquarie Bank Limited in the Metals and Energy Capital Division undertaking a broad
range of equity and debt finance transactions in the mining sector.
Mr Thomas was an Executive Director of Macquarie Bank for 11 years until his retirement in late 2014. He has
extensive equity investment and banking experience with gold projects in West Africa, including undertaking
transactions for several of the significant gold mining projects developed in Ghana over the past two decades.
Mr Thomas is a graduate from the University of Wales with a Bachelor of Science (Hons) in Geology.
During the past three years he has held no other listed company directorships.
SIMON JACKSON B.Com, FCA
Non‐Executive Director
Appointed 31 August 2015
Simon Jackson is a Chartered Accountant with over 25 years gold industry experience in Australia and Africa.
Mr Jackson was the Vice President Corporate Development and formerly the Chief Financial Officer for Red Back
Mining Inc prior to its takeover by Kinross Gold Corporation in September 2010. He was an integral part of the
senior management team that saw Red Back's market capitalisation grow from C$40 million in 2004 upon listing
on TSX to over C$9 billion on takeover. While at Red Back, he oversaw the financing, development and
construction of the company's mines in Ghana and Mauritania which today produce over 300,000 ounces of gold
per year.
Mr Jackson is currently Non‐Executive Director of Sarama Resources Ltd (TSXV: SWA) and Director of Orca Gold
Inc. (TSXV: ORD). He holds a Bachelor of Commerce degree from the University of Western Australia and is a Fellow
of the Institute of Chartered Accountants in Australia, initially spending 8 years with KPMG.
During the past 3 years he has also served as a director of the following listed companies;
Company
Sarama Resources Ltd
Orca Gold Inc.
RB Enrgy Inc.
Date of Appointment
11 March 2011
4 April 2013
31 January 2014
Date of Resignation
Not Applicable
Not Applicable
2 April 2015
Cardinal Resources Limited – Annual Report 2015
P 16
DIRECTORS’ REPORT
MARCUS MICHAEL CA, B.Bus
Executive Director
Appointed 27 December 2012
Retired 11 June 2015
Mr Michael was a Chartered Accountant with extensive experience in the Australian financial markets including
ASX company listings, equity and debt funding, mergers and acquisitions and corporate restructures and
recapitalisations.
Mr Michael was a founding Director of Marshall Michael Pty Ltd, Chartered Accountants. Established in 1994 as a
boutique corporate and business advisory, wealth management, tax advisory and financial and management
reporting practice, servicing mining and exploration, healthcare and information technology sectors.
Mr Michael graduated from Curtin University with a Bachelor of Business and was a Member of the Institute of
Chartered Accountants.
During the past 3 years he had also served as a director of the following listed companies;
Company
Argent Minerals Limited
Beacon Minerals Limited
St George Mining Limited
COMPANY SECRETARY
Date of Appointment
4 April 2007
19 March 2012
19 October 2009
Date of Resignation
11 June 2015
11 June 2015
11 June 2015
Sarah Shipway was appointed Company Secretary of Cardinal Resources on 27 December 2012. Sarah has a
Bachelor of Commerce from Murdoch University and is a member of the Institute of Chartered Accountants.
DIRECTORS’ INTEREST
At the date of this report, unless otherwise stated, the Directors held the following interests in Cardinal Resources.
Name
Note
Ordinary
Shares
Listed
Options
Unlisted
Options
Alec Pismiris
Archie Koimtsidis
Malik Easah
Mark Thomas
Simon Jackson
Marcus Michael
‐
‐
‐
‐
‐
1
3,300,000
6,034,231
5,598,481
650,000
‐
5,009,683
2,227,500
3,941,731
6,772,731
650,000
‐
3,504,842
554,712
‐
‐
‐
‐
‐
Note 1: Directors holdings as at the date of retirement, being 11 June 2015
Class A
Performance
Shares
‐
10
10
‐
‐
10
Class B
Performance
Shares
‐
10
10
‐
‐
10
Other than detailed below, the Directors have no interest, whether directly or indirectly, in a contract or proposed
contract with Cardinal Resources Limited during the financial year end.
Marshall Michael Pty Ltd Chartered Accountants, of which Marcus Michael was a Director, provides accounting,
bookkeeping, corporate secretarial and administrative services to the Company.
PRINCIPAL ACTIVITIES
The principal activity of the Group is mineral exploration in Ghana.
Cardinal Resources Limited – Annual Report 2015
P 17
DIRECTORS’ REPORT
RESULTS AND REVIEW OF OPERATIONS
The result of the consolidated entity for the financial year from 1 July 2014 to 30 June 2015 after income tax was
a loss of $3,580,551 (2014: loss of $10,164,082).
A review of operations of the consolidated entity during the year ended 30 June 2015 is provided in the “Review
of the Operations” immediately preceding this Directors’ Report.
LIKELY DEVELOPMENTS
The Group’s focus over the next financial year will be on its key projects – the Ghanaian tenements. Further
commentary on planned activities at these projects over the forthcoming year is provided in the “Review of
Operations”.
The Board will continue to focus on creating value from the Company’s existing resource assets, as well as pursuing
new opportunities in resources sector to complement the Company’s current projects.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There have not been any significant changes in the state of affairs of the Group during the financial year, other
than as noted in this financial report.
ENVIRONMENTAL ISSUES
The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it
complies with all applicable regulations when carrying out exploration work.
DIVIDENDS PAID OR RECOMMENDED
The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of
a dividend to the date of this report.
DIRECTORS’ MEETINGS
The following table sets out the number of meetings held during each director’s period of directorship during the
year ended 30 June 2015 and the number of meetings attended by each director.
Name
Alec Pismiris
Archie Koimtsidis
Malik Easah
Mark Thomas
Simon Jackson
Marcus Michael
Note
‐
‐
‐
2
2
1
Eligible to attend
8
8
8
‐
‐
8
Attended
8
8
6
‐
‐
7
Note 1: Mr Michael retired on 11 June 2015
Note 2: Mr Thomas and Mr Jackson were appointed on 31 August 2015
REMUNERATION REPORT – AUDITED
Remuneration policy
The remuneration policy of Cardinal Resources Limited has been designed to align directors’ objectives with
shareholder and business objectives by providing a fixed remuneration component, which is assessed on an annual
Cardinal Resources Limited – Annual Report 2015
P 18
DIRECTORS’ REPORT
basis in line with market rates. The Board of Cardinal Resources Limited believes the remuneration policy to be
appropriate and effective in its ability to attract and retain the best directors to run and manage the Company.
The Board’s policy for determining the nature and amount of remuneration for Board members is as follows:
The remuneration policy and setting the terms and conditions for the Executive directors and other senior
staff members is developed and approved by the Board based on local and international trends among
comparative companies and industry generally. It examines terms and conditions for employee incentive
schemes, benefit plans and share plans. Independent advice is obtained when considered necessary to
confirm that executive remuneration is in line with market practice and is reasonable within Australian
executive reward practices.
All executives receive a base salary (which is based on factors such as length of service and experience) and,
if applicable, statutory superannuation.
The Group is an exploration entity, and therefore speculative in terms of performance. Consistent with
attracting and retaining talented executives, directors and senior executives are paid market rates associated
with individuals in similar positions within the same industry. Options and performance incentives may be
issued particularly as the entity moves from an exploration to a producing entity and key performance
indicators such as profit and production and reserves growth can be used as measurements for assessing
executive performance.
The Board policy is to remunerate non‐executive directors at market rates for comparable companies for time,
commitment and responsibilities. The Executive Directors, in consultation with independent advisors,
determine payments to the non‐executives and review their remuneration annually, based on market
practice, duties and accountability. The maximum aggregate amount of fees that can be paid to non‐executive
directors is subject to approval by shareholders at the Annual General Meeting and is currently $350,000 per
annum. Fees for independent non‐executive directors are not linked to the performance of the Group. To
align Directors’ interests with shareholder interests, the directors are encouraged to hold shares in the
Company.
During the financial year the Company did not employ the use of remuneration consultants.
Details of key management personnel (KMP)
Directors
A Pismiris
A Koimtsidis
M Easah
M Thomas
S Jackson
M Michael
Title
Non‐Executive Chairman
Managing Director
Executive Director
Non‐Executive Director
Non‐Executive Director
Executive Director
Date of Appointment
11 November 2010
27 December 2012
27 December 2012
31 August 2015
31 August 2015
27 December 2012
Date of Retirement
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
11 June 2015
The Company does not have any key management personnel that are not Directors.
Executive Directors’ remuneration and other terms of employment are reviewed annually by the non‐executive
director(s) having regard to performance against goals set at the start of the year, relative comparable information
and independent expert advice.
Except as detailed in the Director’s Report, no director has received or become entitled to receive, during or since
the financial year end, a benefit because of a contract made by the Group or a related body corporate with a
director, a firm of which a director is a member or an entity in which a director has a substantial financial interest.
This statement excludes a benefit included in the aggregate amount of emoluments received or due and receivable
by directors and shown in the Remuneration Report, prepared in accordance with the Corporations regulations,
or the fixed salary of a full time employee of the Group.
Cardinal Resources Limited – Annual Report 2015
P 19
DIRECTORS’ REPORT
Remuneration of key management personnel
Remuneration for the financial year ended 30 June 2015.
Short‐Term Benefits
Directors
Salary, Fees
and Leave
Eligiable
Termination
Payment
Non
Monetary
Post Employment
Benefits
Superannuation
Long
Term
Benefits
Long
Service
Leave
Equity Settled
Share‐Based
Payments
Shares/Options
Total
A Pismiris
2015
2014
A Koimtsidis
2015
2014
M Easah
2015
2014
M Michael (iii)
2015
2014
K Eckhof (iii)
2015
2014
Total
2015
2014
$
36,000
36,000
110,000
220,000
75,000
150,000
45,000
90,000
‐
34,500
$
‐
‐
‐
‐
‐
‐
20,000
‐
‐
‐
(i)
$
1,405
713
4,294
4,356
2,927
2,970
2,704
1,947
‐
684
266,000
530,500
20,000
‐
11,330
10,670
$
$
(ii)
$
‐
‐
‐
‐
‐
‐
4,275
8,325
‐
‐
4,275
8,325
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
$
37,405
36,713
114,294
224,356
77,927
152,970
71,979
100,272
‐
35,184
301,605
549,495
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
(i)
(ii)
(iii)
Non monetary benefits are for directors’ and officers’ liability and legal expense insurance premiums.
No options or shares were granted as part of remuneration.
M Michael retired on 11 June 2015 and K Eckhof retired on 16 June 2014.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every Officer or
agent of the Company shall be indemnified out of the property of the entity against any liability incurred by him
in his capacity as Officer or agent of the Company or any related corporation in respect of any act or omission
whatsoever and howsoever occurring or in defending any proceedings, whether civil or criminal.
During the year the Company agreed to pay an annual insurance premium of $11,330 (2014: $10,670) in respect
of directors’ and officers’ liability and legal expenses’ insurance contracts, for directors, officers and employees of
the Company. The insurance premium relates to:
Costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and
whatever the outcome.
Other liabilities that may arise from their position, with the exception of conduct involving a willful breach of
duty.
Cardinal Resources Limited – Annual Report 2015
P 20
DIRECTORS’ REPORT
Shareholdings of key management personnel
Directors
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Total
Directors
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Klaus Eckhof
Total
Balance at
1 July 2014
Granted as
remuneration
Net other change
(i)
2,572,500
4,725,000
1,916,750
4,009,683
13,223,933
‐
‐
‐
‐
‐
427,500
540,000
2,912,500
1,000,000
4,880,000
Balance at
1 July 2013
Granted as
remuneration
Net other change
2,572,500
4,725,000
1,916,750
4,009,683
1,500,000
14,723,933
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
30 June 2015
(ii)
3,000,000
5,265,000
4,829,250
5,009,683
18,103,933
Balance at
30 June 2014
(ii)
2,572,500
4,725,000
1,916,750
4,009,683
1,500,000
14,723,933
(i)
(ii)
On 10 November 2014 4,880,000 fully paid ordinary shares and 4,880,000 Options exercisable at $0.15
on or before 30 September 2019 were issued to directors on the same terms and conditions as the
September 2014 Placement. The Directors’ placement was approved at the Company’s Annual General
Meeting held on 3 November 2014.
Balance at the end of the financial year or at date of retirement, for Directors who retired before financial
year end.
Listed Option holdings of key management personnel
Directors
Balance at
1 July 2014
Granted as
remuneration
Expired during
the year (i)
1,911,250
2,037,500
958,375
2,382,025
7,289,150
‐
‐
‐
‐
‐
(1,911,250)
(2,037,500)
(958,375)
(2,382,025)
(7,289,150)
Balance at
1 July 2013
Granted as
remuneration
Net other change
1,911,250
2,037,500
958,375
2,382,025
750,000
8,039,150
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Net other
change
(ii), (iii)
1,927,500
3,172,500
6,003,500
3,504,842
14,608,342
Balance at
30 June
2015
(iv)
1,927,500
3,172,500
6,003,500
3,504,842
14,608,342
Balance at
30 June 2014
(iv)
1,911,250
2,037,500
958,375
2,382,025
750,000
8,039,150
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Total
Directors
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Klaus Eckhof
Total
(i)
(ii)
Expiry of listed options.
On 10 November 2014 4,880,000 fully paid ordinary shares and 4,880,000 Options exercisable at $0.15
on or before 30 September 2019 were issued to directors on the same terms and conditions as the
Cardinal Resources Limited – Annual Report 2015
P 21
DIRECTORS’ REPORT
September 2014 Placement. The Directors’ placement was approved at the Company’s Annual General
Meeting held on 3 November 2014.
During the year the Company issued an Options Entitlement Prospectus. Under the Prospectus each
shareholder was offered One (1) Option for every Two (2) shares held by shareholders on 1 October 2014
for $0.01 per Option.
Balance at the end of the financial year or at date of retirement, for Directors who retired before financial
year end.
(iii)
(iv)
Unlisted Option holdings of key management personnel
Directors
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Total
Directors
Alec Pismiris
Archie Koimtsidis
Malik Easah
Marcus Michael
Klaus Eckhof
Total
Balance at
1 July 2014
Granted as
remuneration
Net other change
544,712
‐
‐
‐
544,712
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
1 July 2013
Granted as
remuneration
Net other change
544,712
‐
‐
‐
‐
544,712
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
30 June 2015
(i)
544,712
‐
‐
‐
544,712
Balance at
30 June 2014
(i)
544,712
‐
‐
‐
‐
544,712
(i)
Balance at the end of the financial year or at date of retirement, for Directors who retired before financial
year end.
Class A Performance Shareholdings of key management personnel
Directors
Archie Koimtsidis
Malik Easah
Marcus Michael
Alec Pismiris
Total
Directors
Klaus Eckhof
Archie Koimtsidis
Malik Easah
Marcus Michael
Alec Pismiris
Total
Balance at
1 July 2014
Granted as
remuneration
Net other change
Balance at
1 July 2013
10
10
10
‐
30
10
10
10
10
‐
40
Granted as
remuneration
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
30 June 2015
(i), (ii)
10
10
10
‐
30
‐
‐
‐
‐
‐
Net other change
Balance at
30 June 2014
(i), (ii)
‐
‐
‐
‐
‐
‐
10
10
10
10
‐
40
Cardinal Resources Limited – Annual Report 2015
P 22
DIRECTORS’ REPORT
(i)
(ii)
Balance at the end of the financial year or at date of retirement, for Directors who retired before financial
year end.
On satisfaction of certain milestone events, each Class A Performance Share converts into 100,000
ordinary shares (refer to note 13 (e)) in which case each Director would become entitled to a further
1,000,000 ordinary shares.
Class B Performance Shareholdings of key management personnel
Directors
Archie Koimtsidis
Malik Easah
Marcus Michael
Alec Pismiris
Total
Directors
Klaus Eckhof
Archie Koimtsidis
Malik Easah
Marcus Michael
Alec Pismiris
Total
Balance at
1 July 2014
Granted as
remuneration
Net other change
Balance at
1 July 2013
10
10
10
‐
30
10
10
10
10
‐
40
Granted as
remuneration
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Balance at
30 June 2015
(i), (ii)
10
10
10
‐
30
‐
‐
‐
‐
‐
Net other change
Balance at
30 June 2014
(i), (ii)
‐
‐
‐
‐
‐
‐
10
10
10
10
‐
40
(i)
(ii)
Balance at the end of the financial year or at date of retirement, for Directors who retired before financial
year end.
On satisfaction of certain milestone events, each Class B Performance Share converts into 100,000
ordinary shares (refer to note 13(e)) in which case each Director would become entitled to a further
1,000,000 ordinary shares.
END OF REMUNERATION REPORT
SHARES OPTIONS
Unissued shares
At the date of this report the Company had on issue 87,420,981 listed options in the Company, exercisable at
$0.15 on or before 30 September 2019. During the financial year none of these listed options were converted into
fully paid shares.
As at the date of this report the Company had on issue 11,000,000 unlisted options, exercisable at $0.20 on or
before 31 December 2015. During the financial year none of these unlisted options were converted into fully paid
shares.
Option holders do not have any rights to participate in any issues of shares of other interests in the Company or
any other entity.
CORPORATE GOVERNANCE STATEMENT
Cardinal Resources is committed to ensuring that its policies and practices reflect a high standard of corporate
governance. The Board has adopted a comprehensive framework of Corporate Governance Guidelines.
Cardinal Resources Limited – Annual Report 2015
P 23
DIRECTORS’ REPORT
Throughout the 2015 financial year the Company’s governance was consistent with the Corporate Governance
Principles and Recommendations (3rd edition) published by the ASX Corporate Governance Council.
The Group’s Corporate Governance Statement can be viewed at the Company’s Corporate Governance page at
http://cardinalresources.com.au.
EVENTS SUBSEQUENT TO BALANCE DATE
On 7 August 2015 the Company issued 1,838,462 fully paid ordinary shares and 1,838,462 Options exercisable at
$0.15 on or before 30 September 2019 to the Directors’ of the Company, namely Messrs Alec Pismiris, Archie
Koimtsidis and Malik Easah. The shares and options were issued under the same terms as the June 2015 Placement
for an aggregate subscription amount of $119,500. The Directors’ Placement was approved at the Company’s
general meeting held on 27 July 2015.
On 7 August 2015 the Company issued 14,584,231 free attaching options for every share subscribed for under the
June 2015 Placement. The issue of the free attaching options was approved at the Company’s general meeting
held on 27 July 2015.
On 1 September 2015 the Company appointed Mark Thomas and Simon Jackson as Non‐Executive Directors of the
Company.
On 21 September 2015 Cardinal announced that it had acceptances and commitments from sophisticated and
professional investors in respect of a placement to issue fully paid ordinary shares at 10 cents each with a free
listed option, exercisable at $0.15 on or before 30 September 2019, for every two new shares subscribed for to
raise up to $5.0 million.
The Placement will be undertaken in two tranches. The first tranche of 28,164,816 shares was issued on 25
September 2015 for approximately $2,816,481. The balance of the Placement shares, of up to 21,835,184 shares
and all of the Listed Options will be issued subject to Cardinal shareholder approval being obtained.
The directors of the Company (namely, Messrs Alec Pismiris, Archie Koimtsidis, Malik Easah, Mark Thomas and
Simon Jackson) will, subject to shareholder approval, participate in the placement to subscribe for a total of
8,418,820 Shares and 4,209,410 Listed Options for an aggregate subscription amount of $841,882.
On 30 September 2015 the Company announced that it had received a commitment from Macquarie Bank Limited
in respect of a placement to issue 10,000,000 fully paid ordinary shares at 10 cents each with a free listed option,
exercisable at $0.15 on or before 30 September 2019, for every two new shares subscribed for to raise up to $1.0
million. The shares and options will be issued on shareholder approval being obtained.
Other than the above, no matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the Group, the results of those operations, or
the state of the affairs of the Group in future financial years.
Cardinal Resources Limited – Annual Report 2015
P 24
DIRECTORS’ REPORT
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2015 has been received and can be found on
page 53 of the financial report.
Non Audit Services
The Company’s auditor, Somes Cooke, did not provide any non‐audit services to the Company during the financial
year ended 30 June 2015.
Signed in accordance with a resolution of the directors made pursuant to s 298(2) of the Corporations Act 2001.
On behalf of the directors
ARCHIE KOIMTSIDIS
Managing Director
Dated this 30 September 2015
Cardinal Resources Limited – Annual Report 2015
P 25
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2015
Australian Dollar ($)
REVENUE
EXPENDITURE
Administration expenses
Depreciation expenses
Exploration expenses
Exploration expenditure written off
Impairment expense
Foreign exchange expense
LOSS BEFORE INCOME TAX
Income tax
LOSS AFTER INCOME TAX
OTHER COMPREHENSIVE INCOME
Items that me be reclassified to profit or loss:
Exchange differences arising on translation of
foreign operations
TOTAL COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO MEMBERS OF THE
COMPANY
LOSS PER SHARE
Basic and diluted – cents per share
Note
30 JUNE 2015
$
30 JUNE 2014
$
3
4
11
10
5(a)
5,269
21,827
(616,772)
(69,778)
(2,143,615)
‐
(781,903)
111,073
(3,495,726)
‐
(3,495,726)
(566,432)
(91,219)
(1,898,777)
(47,719)
(7,309,500)
(73,528)
(9,965,348)
‐
(9,965,348)
14
(84,825)
(3,580,551)
(198,734)
(10,164,082)
(3,580,551)
(10,164,082)
16
(3.82)
(13.58)
The above consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes
Cardinal Resources Limited – Annual Report 2015
P 26
FINANCIAL REPORT AS AT 30 JUNE 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
Australian Dollar ($)
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other assets
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
Capitalised exploration and evaluation
Plant and equipment
TOTAL NON CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated losses
TOTAL EQUITY
Note
17(a)
8(a)
8(b)
9
11
12
13(a)
14
15
30 JUNE 2015
$
30 JUNE 2014
$
839,755
12,878
22,474
875,107
‐
476,644
476,644
1,351,751
368,148
368,148
368,148
983,603
909,980
6,452
33,039
949,471
771,450
556,636
1,328,086
2,277,557
127,366
127,366
127,366
2,150,191
14,816,842
354,952
(14,188,191)
983,603
12,871,486
(28,830)
(10,692,465)
2,150,191
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes
Cardinal Resources Limited – Annual Report 2015
P 27
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2015
Australian ($)
SHARE CAPITAL
OPTIONS RESERVE
BALANCE AT 1 JULY 2014
Total comprehensive income
Share and options issued during the year
Share issue expenses
BALANCE AT 30 JUNE 2015
BALANCE AT 1 JULY 2013
Total comprehensive income
Expiry of options
BALANCE AT 30 JUNE 2014
$
12,871,486
‐
2,091,975
(146,619)
14,816,842
12,871,486
‐
‐
12,871,486
$
263,816
‐
481,183
(12,576)
732,423
1,666,316
‐
(1,402,500)
263,816
FOREIGN EXCHANGE
RESERVE
$
(292,646)
(84,825)
‐
‐
(377,471)
(93,912)
(198,734)
‐
(292,646)
ACCUMULATED
LOSSES
$
(10,692,465)
(3,495,726)
‐
‐
(14,188,191)
TOTAL EQUITY
$
2,150,191
(3,580,551)
2,573,158
(159,195)
983,603
(2,129,617)
(9,965,348)
1,402,500
(10,692,465)
12,314,273
(10,164,082)
‐
2,150,191
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Cardinal Resources Limited – Annual Report 2015
P 28
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2015
Australian Dollar ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Expenditure on mineral interests
Other payments to suppliers and employees
Interest received
Net cash outflow from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for acquisition of mineral interest
Payments for term deposits
Purchase of plant and equipment
Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares and options net of capital raising costs
Net cash flows from financing activities
Note
30 JUNE 2015
$
30 JUNE 2014
$
17(b)
(1,962,385)
(564,600)
5,269
(2,521,716)
‐
‐
(50,465)
(50,465)
2,413,963
2,413,963
(2,003,253)
(541,476)
21,617
(2,523,112)
(174,052)
520,502
(477,099)
(130,649)
‐
‐
Net (decrease) in cash and cash equivalents
(158,218)
(2,653,761)
Cash and cash equivalents at the beginning of the
financial year
Exchange rate adjustment
909,980
87,993
3,634,269
(70,528)
CASH AND CASH EQUIVALENTS AT THE END OF THE
FINANCIAL YEAR
17(a)
839,755
909,980
The above consolidated statement of cash flows should be
read in conjunction with the accompanying notes
Cardinal Resources Limited – Annual Report 2015
P 29
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
1
CORPORATE INFORMATION
The financial report of Cardinal Resources Limited (”Cardinal Resources” or “the Company”) for the year ended
30 June 2015 was authorised for issue in accordance with a resolution of the directors on 30 September 2015.
Cardinal Resources Limited is a company limited by shares, incorporated in Australia whose shares are publicly
traded on the Australian Securities Exchange. The consolidated financial statements of the Company for the year
ended 30 June 2015 comprise of the Company and its subsidiaries together referred to as the Group or
consolidated entity.
The nature of the operations and principal activity of the Group is described in the directors’ report.
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Basis of Preparation of the Financial Report
The financial report is a general purpose financial report, which has been prepared in accordance with the
requirements of the Corporations Act 2001, Accounting Standards and Interpretations and complies with other
requirements of the law. The financial report also complies with the International Financial Reporting Standards.
The financial report has also been prepared on a historical cost basis.
The financial report is presented in Australian dollars. The following accounting policies have been adopted by
the consolidated entity.
(b)
Principles of Consolidation
The consolidated financial statements incorporate assets, liabilities and results of entities controlled by Cardinal
Resources Limited at the end of the reporting period. A controlled entity is any entity over which Cardinal
Resources has the power to govern the financial and operating policies so as to obtain the benefits from the
entity’s activities. Control will generally exist when the parent owns, directly or indirectly through subsidiaries,
more than half of the voting power of an entity. In assessing the power to govern, the existence and effect of
holdings of actual and potential voting rights are also considered.
When controlled entities have entered or left the Group during the year, the financial performance of those
entities are included only for the period of year that they were controlled. A list of controlled entities is contained
in note 24 to the financial statements.
In preparing the consolidated financial statements, all inter‐group balances and transactions between entities in
the consolidated group have been eliminated on consolidation. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with those adopted by the parent entity.
Non‐controlling interests, being the equity in a subsidiary not attributable, directly or indirectly, to a parent, are
shown separately within the equity section of the consolidated Statement of Financial Position and Statement
of Profit or Loss and Other Comprehensive Income. The non‐controlling interests in the net assets comprise their
interests at the date of the original business combination and their share of changes in equity since that date.
Cardinal Resources Limited – Annual Report 2015
P 30
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(c)
Business combinations
Business combinations occur where an acquirer obtains control over one or more businesses and results in the
consolidation of its assets and liabilities.
A business combination is accounted for by applying the acquisition method, unless it is a combination involving
entities or businesses under common control. The acquisition method requires that for each business
combination one of the combining entities must be identified as the acquirer (i.e. parent entity). The business
combination will be accounted for as at the acquisition date, which is the date that control over the acquiree is
obtained by the parent entity. At this date, the parent shall recognise, in the consolidated accounts, and subject
to certain limited exceptions, the fair value of the identifiable assets acquired and liabilities assumed. In addition,
contingent liabilities of the acquiree will be recognised where a present obligation has been incurred and its fair
value can be reliably measured.
The acquisition may result in the recognition of goodwill or a gain from a bargain purchase. The method adopted
for the measurement of goodwill will impact on the measurement of any non‐controlling interest to be
recognised in the acquiree where less than 100% ownership interest is held in the acquiree.
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition
date fair value of any previously held equity interest shall form the cost of the investment in the separate
financial statements. Consideration may comprise the sum of the assets transferred by the acquirer, liabilities
incurred by the acquirer to the former owners of the acquiree and the equity interests issued by the acquirer.
Fair value uplifts in the value of pre‐existing holdings are taken to the statement of comprehensive income.
Where changes in the value of such equity holdings had previously been recognised in other comprehensive
income, such amounts are recycled to profit or loss.
Included in the measurement of consideration transferred is any asset or liability resulting from a contingent
consideration arrangement. Any obligation incurred relating to contingent consideration is classified as either a
financial liability or equity instrument, depending upon the nature of the arrangement. Rights to refunds of
consideration previously paid are recognised as a receivable. Subsequent to initial recognition, contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
equity. Contingent consideration classified as an asset or a liability is remeasured each reporting period to fair
value through the statement of comprehensive income unless the change in value can be identified as existing
at acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the statement of
comprehensive income.
(d)
Adoption of new and revised standards
There are a number of new Accounting Standards and Interpretations issued by the AASB that are not yet
mandatorily applicable to the Group and have not been applied in preparing these consolidated financial
statements. The Group does not plan to adopt these standards early.
These standards are not expected to have a material impact on the Group in the current or future reporting
periods.
(e)
Statement of compliance
The financial report complies with Australian Accounting Standards. Compliance with Australian Accounting
Standards ensures that the financial report, comprising the financial statements and notes thereto, complies
with International Financial Reporting Standards (“IFRS”).
Cardinal Resources Limited – Annual Report 2015
P 31
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(f)
Income Tax
Current income tax refunded/(expensed) charged to profit or loss is tax refundable/(payable). Those amounts
recognised are expected to be recovered from/(paid to) the relevant taxation authority.
Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases
of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences:
except where the deferred income tax liability arises from the initial recognition of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, affects neither
that accounting profit nor taxable profit or loss; and
in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences will not
reverse in the foreseeable future.
Deferred income tax assets are recognised for all the deductible temporary differences, carry‐forward of unused
tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry‐forward of unused tax assets and unused tax losses
can be utilised:
except where the deferred income tax asset relating to the deductible temporary difference arises from
the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
in respect of deductible temporary differences with investments in subsidiaries, associates and interest
in joint ventures, deferred tax assets in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised.
The carrying amount of deferred income tax is reviewed at each balance sheet date and reduced to the extent
that is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are not in the income statement.
(g)
Exploration and evaluation expenditure
All exploration and evaluation expenditure on areas of interest are expensed as incurred except for cost of
acquisition, which may be capitalised to areas of interest and carried forward where right of tenure of the area
of interest is current and they are expected to be recouped through sale or successful development and
exploitation of the area of interest or, where exploration and evaluation activities in the area of interest have
not yet reached a stage that permits reasonable assessment of the existence of economically recoverable
reserves.
When an area of interest is abandoned or the directors decide that it is not commercial, any accumulated
acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of
interest is also reviewed at the end of each accounting period and accumulated costs written off to the extent
that they will not be recoverable in the future. Where projects have advanced to the stage that directors have
made a decision to mine, they are classified as development properties. When further development expenditure
is incurred in respect of a development property, such expenditure is carried forward as part of the cost of that
Cardinal Resources Limited – Annual Report 2015
P 32
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
development property only when substantial future economic benefits are established. Otherwise such
expenditure is classified as part of the cost of production or written off where production has not commenced.
(h)
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. Interest revenue is recognised using the effective interest method.
(i)
Cash and cash equivalents
Cash and short‐term deposits in the consolidated Statement of Financial Position comprise cash at bank and in
hand and short‐term deposits with an original maturity of three months or less.
For the purposes of the consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of outstanding bank overdrafts.
(j)
Employee benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to
balance date. Employee benefits expected to be settled within one year together with entitlements arising from
wages and salaries and annual leave which will be settled after one year, have measured at the amounts
expected to be paid when the liability is settled, plus related on‐costs. Other employee benefits payable later
than one year have been measured at the present value of the estimated cash outflows to be made to those
benefits.
Contributions are made by the Group to employee superannuation funds and are charged as expenses when
incurred.
(k)
Impairment of assets
The consolidated group assesses impairment at the end of each reporting period by evaluating conditions and
events specific to the consolidated group that may be indicative of impairment triggers. Recoverable amounts
of relevant assets are reassessed using fair value less cost to sell. In such cases the asset is tested for impairment
as part of the cash‐generating unit to which it belongs. When the carrying amount of an asset or cash‐generating
unit exceeds its recoverable amount, the asset or cash‐generating unit is considered impaired and it is written
down to its recoverable amount.
In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre‐
tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset. Impairment losses relating to continuing operations are recognised in those expense categories
consistent with the function of the impaired asset unless the asset is carried at revalued amount (in which case
the impairment loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the
recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That
increased amount cannot exceed the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss
unless the asset is carried at revalued amount, in which case the reversal is treated as a revaluation increase.
After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying
amount, less any residual value, on a systemic basis over its remaining useful life.
Cardinal Resources Limited – Annual Report 2015
P 33
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(l)
Earnings per share
Basic earnings per share is calculated as net loss attributable to members of the Company, adjusted to exclude
any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted
average number of ordinary shares, adjusted for any bonus element.
(m)
Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Taxation Office (“ATO”). In these circumstances the GST is
recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and
payables in the consolidated Statement of Financial Position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the
Consolidated Statement of Financial Position.
Cash Flows are included in the Consolidated Statement of Cash Flows on a net basis. The GST components of
cash flows arising from investing and financial activities which are recoverable from, or payable to, the ATO are
classified as operating cash flows.
(n)
Investments
All investments are initially recognised at cost, being the fair value of the consideration given and including
acquisition charges associated with the investment.
After initial recognition, investments, which are classified as held for trading and available‐for‐sale, are measured
at fair value. Gains or losses on investments held for trading are recognised in the consolidated profit or loss.
Gains or losses on available‐for‐sale investments are recognised as a separate component of equity until the
investment is sold, collected or otherwise disposed of, or until the investment is determined to be impaired, at
which time the cumulative gain or loss previously reported in equity is included in the profit or loss.
(o)
Contributed equity
Ordinary shares and options are classified as contributed equity. Incremental costs directly attributable to the
issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
(p)
Significant accounting estimates and judgements
The carrying amount of certain assets and liabilities are often determined based on estimates and assumptions
of future events. The key estimates and assumptions that have a significant risk of causing a material adjustment
to the carrying amounts of certain assets and liabilities within the next annual reporting period are:
Deferred taxation
The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised
as an asset because recovery of the tax losses is not yet considered probable (refer note 5).
Subsidiary Loans
Provision has been made for all unsecured loans with subsidiaries as it is uncertain if and when the loans will be
recovered.
Cardinal Resources Limited – Annual Report 2015
P 34
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
Exploration and evaluation assets
The accounting policy for exploration and evaluation expenditure results in costs of acquisition being capitalised
for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the
activities have not reached a stage which permits a reasonable assessment of the existence of reserves.
This policy requires management to make certain estimates as to future events and circumstances, in particular
whether an economically viable extraction operation can be established. Any such estimates and assumptions
may change as new information becomes available. If, after having capitalised the expenditure under the policy,
a judgement is made that the recovery of the expenditure is unlikely, the relevant capitalised amount will be
written off to profit and loss.
Impairment
The consolidated group assesses impairment at the end of each reporting period by evaluating conditions and
events specific to the consolidated group that may be indicative of impairment triggers. Recoverable amounts
of relevant assets are reassessed using various key assumptions.
(q)
Comparative information
Comparative information is amended where appropriate to ensure consistency in presentation with the
current year.
3
REVENUE
Other income
Interest from financial institutions
4
EXPENSES
Administration expenses include the following expenses:
Salary, fees and leave
Eligible termination payment
Defined contribution superannuation expense
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
5,269
5,269
21,827
21,827
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
81,000
20,000
4,275
105,275
160,500
‐
8,325
168,825
Cardinal Resources Limited – Annual Report 2015
P 35
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
5
INCOME TAX
(a)
Prima facie income tax benefit at 30% on loss from ordinary activities is reconciled to the income tax
provided in the financial statements
Loss before income tax
Income tax calculated at 30%
CONSOLIDATED
30 JUNE 2015
$
(3,495,726)
(1,048,718)
CONSOLIDATED
30 JUNE 2014
$
(9,965,348)
(2,989,603)
Tax effect of;‐
Expenses not allowed
Sundry – temporary differences
Section 40‐880 deduction
Future income tax benefit not brought to account
Income tax refund (payable) attributable to operating
losses
16
477,812
(67,729)
638,619
‐
14,365
2,549,044
(58,177)
484,371
‐
(b)
Deferred tax assets
The potential deferred tax asset arising from the tax losses and temporary differences have not been recognised
as an asset because recovery of tax losses is not yet probable.
The benefits will only be obtained if:
(i)
(ii)
(iii)
The Group derives future assessable income of a nature and of an amount sufficient to enable the
benefit from the deduction for the losses to be realised;
The Group continues to comply with the conditions in deductibility imposed by the Law; and
No change in tax legislation adversely affect the Group in realising the benefits from the deductions or
the losses.
6
AUDITOR’S REMUNERATION
Auditing and review of the Company’s financial statements
CONSOLIDATED
30 JUNE 2015
$
24,000
24,000
CONSOLIDATED
30 JUNE 2014
$
26,000
26,000
7
(a)
KEY MANAGEMENT PERSONNEL
Details of key management personnel
Directors and Executives
Alec Pismiris – Non‐Executive Chairman
Archie Koimtsidis – Managing Director
Malik Easah – Executive Director
Mark Thomas – Non‐Executive Director – appointed on 31 August 2015
Simon Jackson – Non‐Executive Director – appointed on 31 August 2015
Marcus Michael – Executive Director – retired on 11 June 2015
Cardinal Resources Limited – Annual Report 2015
P 36
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(b)
Compensation of key management personnel
Salaries, fees and leave
Eligible termination payment
Non monetary
Post employment benefits – superannuation
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
266,000
20,000
11,330
4,275
301,605
530,500
‐
10,670
8,325
549,495
Refer to the remuneration report contained in the directors report for details of the remuneration paid/payable
and share and options holdings in relation to each of Group’s key management personnel for the year ended 30
June 2015.
8
CURRENT ASSETS
(a)
Trade and Other Receivables
Government taxes receivables
CONSOLIDATED
30 JUNE 2015
$
12,878
12,878
CONSOLIDATED
30 JUNE 2014
$
6,452
6,452
GST and income tax amounts are non‐interest bearing and have repayment terms applicable under the relevant
government authorities. No trade and other receivables are impaired or past due.
(b)
Other Assets
Prepayments
Cash deposits
9
CAPITALISED EXPLORATION AND EVALUATION
Balance at the beginning of the year
Cost of acquisitions
Expenditure written off
Impairment (Note 10)
Foreign exchange movement
Balance at end of year (i)
CONSOLIDATED
30 JUNE 2015
$
13,882
8,592
22,474
CONSOLIDATED
30 JUNE 2015
$
771,450
‐
‐
(781,903)
10,453
‐
CONSOLIDATED
30 JUNE 2014
$
23,395
9,644
33,039
CONSOLIDATED
30 JUNE 2014
$
8,011,945
174,052
(47,719)
(7,309,500)
(57,328)
771,450
(i)
The Recoupment of costs carried forwarded in relation to areas of interest in the exploration and
evaluation phases is dependent on the successful development and commercial exploitation on the sale
of the respective area.
Cardinal Resources Limited – Annual Report 2015
P 37
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
10
IMPAIRMENT EXPENSE
Impairment expense (i)
CONSOLIDATED
30 JUNE 2015
$
781,903
781,903
CONSOLIDATED
30 JUNE 2014
$
7,309,500
7,309,500
(i)
In light of the current market conditions, the Directors’ have conservatively impaired its capitalised
deferred exploration and evaluation expenditure by $781,903 as at 30 June 2015. As this is an
estimation, the actual recoverable amount may be significantly different to this value. Future
exploration and evaluation results and changes in commodity prices may increase the estimated
recoverable amount in the future, which may result in the reversal of some or all of impairment
recognised.
11
PLANT AND EQUIPMENT
Plant and Equipment
Carrying amount at the beginning of the year
Additions
Depreciation expense
Foreign exchange movement
Total plant and equipment
Plant and equipment
At cost
Less: accumulated depreciation
Total plant and equipment
12
TRADE AND OTHER PAYABLES
Trade and other payables
Other accrued expenses
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
556,636
50,465
(69,778)
(60,679)
476,644
251,277
467,455
(91,219)
(70,877)
556,636
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
666,623
(189,979)
476,644
691,542
(134,906)
556,636
CONSOLIDATED
30 JUNE 2015
$
331,107
37,041
368,148
CONSOLIDATED
30 JUNE 2014
$
85,017
42,349
127,366
Cardinal Resources Limited – Annual Report 2015
P 38
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
13
(a)
ISSUED CAPITAL
Movement in ordinary shares on issue
As 1 July 2013
Transactions during the year
Shares issued
Exercise of options
Less: transaction costs
At 30 June 2014
As 1 July 2014
Transactions during the year
Shares issued (i)
Exercise of options
Less: transaction costs (ii)
At 30 June 2015
NUMBER OF
SHARES
73,356,576
‐
‐
‐
73,356,576
$
12,871,486
‐
‐
‐
12,871,486
73,356,576
12,871,486
37,464,231
‐
‐
110,820,807
2,091,975
‐
(146,619)
14,816,842
(i)
The following shares were issued during the financial year ended 30 June 2015
On 18 September 2014 18,000,000 shares, together with one (1) free attaching option for everyone
one (1) share subscribed for, were issued at $0.05 per share pursuant to a placement to
sophisticated investors;
On 10 November 2014 4,880,000 shares, together with one (1) free attaching option for everyone
one (1) share subscribed for, were issued at $0.05 per shares to the directors’ of the Company. The
directors’ participation was approved at the Annual General Meeting held on 3 November 2014;
On 5 June 2015 14,584,231 shares, together with one (1) free attaching option for everyone one
(1) share subscribed for, were issued at $0.065 per share pursuant to a placement to sophisticated
investors;
(ii)
Transactions costs represent the costs of issuing the shares.
(b)
Movement in options exercisable at $0.20 on or before 30 June 2014
As 1 July 2013
Transactions during the year
Options issued
Expiry of Options (i)
At 30 June 2014
As 1 July 2014
Transactions during the year
Options issued
Expiry of Options
At 30 June 2015
NUMBER OF
OPTIONS
56,657,620
‐
(56,657,620)
‐
‐
‐
‐
‐
$
1,402,500
‐
(1,402,500)
‐
‐
‐
‐
‐
(i)
On 30 June 2014 56,657,620 options expired. None of these options were exercised.
Cardinal Resources Limited – Annual Report 2015
P 39
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(c) Movement in options exercisable at $0.15 on or before 30 September 2019
As 1 July 2014
Transactions during the year
Options issued (i)
Exercise of Options
Less: transaction costs (ii)
At 30 June 2015
NUMBER OF
OPTIONS
‐
70,998,288
‐
‐
70,998,288
$
‐
481,183
‐
(12,576)
468,607
(i)
The following options were issued during the financial year ended 30 June 2015
On 24 September 2014 the Company issued an Options Entitlement Prospectus that offered
shareholders one (1) option for every two (2) shares held on 1 October 2014 at an issue price of $0.01
per option. A total of 48,118,288 options were issued under the Prospectus.
On 18 September 2014 18,000,000 shares, together with one (1) free attaching option for everyone one
(1) share subscribed for, were issued at $0.05 per share pursuant to a placement to sophisticated
investors;
On 10 November 2014 4,880,000 shares, together with one (1) free attaching option for everyone one
(1) share subscribed for, were issued at $0.05 per shares to the directors’ of the Company. The directors’
participation was approved at the Annual General Meeting held on 3 November 2014.
(ii)
Transactions costs represent the costs of issuing the options.
(d)
Movement in unlisted options exercisable at $0.20 on or before 31 December 2015
As 1 July 2013
Transactions during the year
Options issued
At 30 June 2014
As 1 July 2014
Transactions during the year
Options issued
At 30 June 2015
NUMBER OF
OPTIONS
11,000,000
‐
11,000,000
11,000,000
‐
11,000,000
$
10,000
‐
10,000
10,000
‐
10,000
Cardinal Resources Limited – Annual Report 2015
P 40
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(e)
Movement in Performance Shares
As 1 July 2013
Transactions during the year
Performance shares issued
At 30 June 2014
As 1 July 2014
Transactions during the year
Performance shares issued
At 30 June 2015
As 1 July 2013
Transactions during the year
Performance shares issued
At 30 June 2014
As 1 July 2014
Transactions during the year
Performance shares issued
At 30 June 2015
NUMBER OF
CLASS A
PERFORMANCE
SHARES (i)
50
‐
50
50
‐
50
NUMBER OF
CLASS B
PERFORMANCE
SHARES (i)
50
‐
50
50
‐
50
$
$
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
(i)
The following performance shares were issued during the financial year ended 30 June 2013
On 28 December 2012, 100 performance shares were issued pursuant to the Cardinal offer.
There are 100 Performance Shares (convertible into a maximum of 10,000,000 Shares) on issue at 30 June 2015.
General terms attaching to the Performance Shares are set out below.
The Directors are currently of the opinion that the vesting conditions are unlikely to be met within 5 years from
Completion date. As such, no value as been ascribed to the performance shares in the group’s financial
statements.
Class A Performance Shares
(a)
(b)
(c)
Performance Shares: Each Class A Performance Share is a share in the capital of the Company.
Class A Performance Shares shall confer on the holder (Holder) the right to receive notices of general
meetings and financial reports and accounts of the Company that are circulated to shareholders. Holders
have the right to attend general meetings of shareholders of the Company.
The Class A Performance Shares do not entitle the Holder to vote on any resolutions proposed at a general
meeting of shareholders of the Company.
Cardinal Resources Limited – Annual Report 2015
P 41
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
The Class A Performance Shares do not entitle the Holder to any dividends.
The Class A Performance Shares are not transferable.
If at any time the issue capital of the Company is reconstructured, all rights of a Holder will be changed to
the extent necessary to comply with the applicable Listing Rules at the time of reorganisation.
The Class A Performance Shares will not be quoted on ASX. However, upon conversion of the Class A
Performance Shares into Shares, the Company must within seven (7) days after the conversion, apply for
the official quotation of the Shares arising from the conversion on ASX.
The Class A Performance Shares give the Holders no rights other than those expressly provided by these
terms and those provided at law where such rights at law cannot be required by ASX.
The Shares into which the Class A Performance Shares will convert will rank pari passu in all respects with
the other Shares on issue.
(d)
(e)
(f)
(g)
(h)
(i)
Conversion of the Performance Shares
(j)
Each Class A Performance Share will convert into 100,000 Shares upon satisfaction of one of the following
performance hurdles to the reasonable satisfaction of the Company by no later than 5 years from the 28
December 2012:
(i)
(ii)
(iii)
The establishment of an inferred resources (JORC compliant) of at least 1 million ounces of gold
within the tenements owned by the Company or any of its subsidiaries comprised buy the
Ghanaian Projects and DRC Projects;
A project owned by the Company or any of its subsidiaries being comprised by the tenements the
subject of all or part of the Ghanaian Projects or DRC Projects, being sold for at least $25 million
in cash or cash equivalent; or
A joint venture arrangement being entered into in respect of any tenement or tenements owned
by the Company or of any of its subsidiaries and being comprised by all or part of the Ghanaian
Projects or DRC Projects resulting in a payment in cash or cash equivalent of the Company or not
less than $25 million.
(with all of the above performance hurdles constituting the “Class A Performance Hurdle)
(k)
The Company will issue the Holder with new holding statements for the Shares as soon as practicable
following the conversion of the Class A Performance Shares into Shares.
Class B Performance Shares
(a)
(b)
(c)
(d)
(e)
Performance Shares: Each Class B Performance Share is a share in the capital of the Company.
Class B Performance Shares shall confer on the holder (Holder) the right to receive notices of general
meetings and financial reports and accounts of the Company that are circulated to shareholders. Holders
have the right to attend general meetings of shareholders of the Company.
The Class B Performance Shares do not entitle the Holder to vote on any resolutions proposed at a general
meeting of shareholders of the Company.
The Class B Performance Shares do not entitle the Holder to any dividends.
The Class B Performance Shares are not transferable.
Cardinal Resources Limited – Annual Report 2015
P 42
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(f)
(g)
(h)
(i)
If at any time the issue capital of the Company is reconstructured, all rights of a Holder will be changed to
the extent necessary to comply with the applicable Listing Rules at the time of reorganisation.
The Class B Performance Shares will not be quoted on ASX. However, upon conversion of the Class B
Performance Shares into Shares, the Company must within seven (7) days after the conversion, apply for
the official quotation of the Shares arising from the conversion on ASX.
The Class B Performance Shares give the Holders no rights other than those expressly provided by these
terms and those provided at law where such rights at law cannot be required by ASX.
The Shares into which the Class B Performance Shares will convert will rank pari passu in all respects with
the other Shares on issue.
Conversion of the Performance Shares
(j)
Each Class B Performance Share will convert into 100,000 Shares upon satisfaction of one of the following
performance hurdles to the reasonable satisfaction of the Company by no later than 5 years from 28
December 2012:
(i) The market capitalisation of the Company reaching at least $50 million on an undiluted basis
determined by reference to the preceding 30 day VWAP;
(with all of the above performance hurdles constituting the “Class B Performance Hurdle)
(k)
The Company will issue the Holder with new holding statements for the Shares as soon as practicable
following the conversion of the Class B Performance Shares into Shares.
As 1 July 2013
Transactions during the year
Performance shares issued
At 30 June 2014
As 1 July 2014
Transactions during the year
Performance shares issued
At 30 June 2015
NUMBER OF
CLASS C
PERFORMANCE
SHARES (ii)
$
‐
‐
‐
‐
60
60
‐
‐
‐
‐
‐
‐
(ii)
The following performance shares were issued during the financial year ended 30 June 2015
On 17 February 2015, 60 performance shares were issued pursuant to the Asset Sale Agreement with Savannah
to purchase the highly prospective Ndongo North concession adjacent to the exiting Ndongo area within the
Bolgatanga project area in North‐East Ghana.
There are 60 Performance Shares (convertible into a maximum of 6,000,000 Shares) on issue at 30 June 2015.
General terms attaching to the Performance Shares are set out below.
The Directors are currently of the opinion that the vesting conditions are unlikely to be met within 5 years from
the date issue. As such, no value as been ascribed to the performance shares in the group’s financial statements.
Cardinal Resources Limited – Annual Report 2015
P 43
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
The issue of 60 Performance Shares in the capital of the Company, each of which will convert to 100,000 Shares
ranking equally with the existing Shares in the proportions set out below upon satisfaction of achieving a
minimum JORC Inferred Resource of gold ounces within the Ndongo North Concession (“Performance Hurdles”)
by no later than five years after the date on which the Performance Shares are issued, being 18 February 2015;
Performance Shares
Performance Hurdles (JORC Inferred
Au Resource)
Conversion to Ordinary
Shares
10
5
5
5
5
5
5
5
5
5
5
60
500,000 ounces
750,000 ounces
1,000,000 ounces
1,250,000 ounces
1,500,000 ounces
1,750,000 ounces
2,000,000 ounces
2,250,000 ounces
2,500,000 ounces
2,750,000 ounces
3,000,000 ounces
1,000,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
6,000,000
In the event that the Company sells, transfers or otherwise disposes of all or part of the Ndongo North
Concession to a third party prior to the issuing of any Shares upon conversion of any Performance Shares, then
Savannah will be entitled to an amount equal to 49% of the sale proceeds less any related selling costs,
exploration and mining costs (plus a fixed 30% overhead amount), purchase costs in connection with the
acquisition of the Ndongo North Concession, and any other costs incurred with respect to the sale.
14
RESERVES
Movements in options reserve
At the beginning of the year
Options issued during the year (note 13(c))
Expiry of unlisted options (i)
At reporting date
CONSOLIDATED
30 JUNE 2015
$
263,816
468,607
‐
732,423
CONSOLIDATED
30 JUNE 2014
$
1,666,316
‐
(1,402,500)
263,816
(i)
On 30 June 2014 56,657,620 options expired. None of these options were exercised.
Cardinal Resources Limited – Annual Report 2015
P 44
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
Movements in foreign translation reserve
At the beginning of the year
Foreign translation
15
ACCUMULATED LOSSES
Accumulated losses at the beginning of the year
Loss for the year
Expiry of unlisted options
Accumulated losses at the end of the year
16
LOSS PER SHARE
Loss attributable to the owners of the Company used in
calculating basic and diluted loss per shares
Weighted average number of shares on issue during the
financial year used in the calculation of basic earnings
per share
Weighted average number of ordinary shares for
diluted earnings per share
CONSOLIDATED
30 JUNE 2015
$
(292,646)
(84,825)
(377,471)
CONSOLIDATED
30 JUNE 2015
$
(10,692,465)
(3,495,726)
‐
(14,188,191)
CONSOLIDATED
30 JUNE 2014
$
(93,912)
(198,734)
(292,646)
CONSOLIDATED
30 JUNE 2014
$
(2,129,617)
(9,965,348)
1,402,500
(10,692,465)
CONSOLIDATED
30 JUNE 2015
$
CONSOLIDATED
30 JUNE 2014
$
(3,495,726)
(3,495,726)
2015
Number
(9,965,348)
(9,965,348)
2014
Number
91,614,740
73,356,576
91,614,740
73,356,576
As the Company has made a loss for the year ended 30 June 2015, all options on issue are considered anti‐
dilutive and have not been included in the calculation of diluted earnings per share. These options could
potentially dilute basic earnings per share in the future.
17
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
(a)
Reconciliation of cash and cash equivalents
For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash at bank
and in hand and short‐term deposits with an original maturity of three months or less, net of outstanding bank
overdrafts.
Current – cash at bank
CONSOLIDATED
30 JUNE 2015
$
839,755
839,755
CONSOLIDATED
30 JUNE 2014
$
909,980
909,980
Cardinal Resources Limited – Annual Report 2015
P 45
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(b)
Reconciliation of loss after tax to net cash flows from operations
Loss after income tax
Non‐cash flows in profit
Depreciation expense
Exploration write off
Impairment expense
Foreign exchange movement
Changes in assets and liabilities
Decrease in trade and other receivables
(Increase)/Decrease in prepayments
Increase/(Decrease) in trade and other payables
18
SHARE BASED PAYMENTS
CONSOLIDATED
30 JUNE 2015
$
(3,495,726)
CONSOLIDATED
30 JUNE 2014
$
(9,965,348)
69,778
‐
771,449
(111,073)
13,292
(9,153)
239,717
(2,521,716)
91,219
47,719
7,309,500
‐
2,006
19,850
(28,058)
(2,523,112)
There were no share based payments made during the year ended 30 June 2015.
19
(a)
COMMITMENTS AND CONTINGENCIES
Commitment
Mineral exploration commitment
In order to maintain the current rights of tenure to exploration tenements, the Group has the following
discretionary exploration expenditure requirements.
Not later than one year
Later than one year but not later than two years
(b)
Contingent liabilities and commitments
2015
$
‐
‐
‐
2014
$
‐
‐
‐
The Group fully owns four subsidiaries, the main activities of which are exploration. The effect of these
subsidiaries is to make the Cardinal Resources owned subsidiaries contractually responsible for any transactions
undertaken by the subsidiary. The parent entity has provided certain guarantees to third parties whereby certain
liabilities of the subsidiary are guaranteed.
Not later than one year
Later than one year but not later than two years
2015
$
1,606,269
391,773
1,998,042
2014
$
‐
‐
‐
Subranum Project: Cardinal Resources Subranum Limited has entered into a Sale and Purchase agreement with
Newmont Ghana Gold Limited (a subsidiary of Newmont Mining Corporation) for the purchase of Subin Kasu
Prospecting Licence (the “Subranum Project”).
Cardinal Resources Limited – Annual Report 2015
P 46
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
Subject to the approval of the sale by the relevant Minister for the Ghanaian Mining Act, Cardinal Resources
Subranum Limited will acquire 100% of the Subin Kasu Prospecting Licence and pay to Newmont Ghana Gold
Limited US$50,000 on or before 10 days after the approval date, US$50,000 on the first anniversay of the
approval date and a final $100,000 on the second anniversary date. In addition Cardinal Resources Subranum
Limited will be required to spend US$250,000 on exploration within the first year from approval and a further
US$750,000 in the second year.
Cardinal Resources Subranum Limited will be required to pay Newmont Ghana Gold Limited US$50,000 per
annum from the date which Cardinal Resources Subranum Limited reports a “gold resource estimate” of 1 Moz
of Gold. Subject to the grant of a Mining Lease under the Ghanaian Mining Act, Cardinal Resources Subranum
Limited will be required to pay Newmont Ghana Gold Limited a 2% Net Smelter Royalty.
20
EVENTS SUBSEQUENT TO BALANCE DATE
On 7 August 2015 the Company issued 1,838,462 fully paid ordinary shares and 1,838,462 Options exercisable
at $0.15 on or before 30 September 2019 to the Directors’ of the Company, namely Messrs Alec Pismiris, Archie
Koimtsidis and Malik Easah. The shares and options were issued under the same terms as the June 2015
Placement for an aggregate subscription amount of $119,500. The Directors’ Placement was approved at the
Company’s general meeting held on 27 July 2015.
On 7 August 2015 the Company issued 14,584,231 free attaching options for every share subscribed for under
the June 2015 Placement. The issue of the free attaching options was approved at the Company’s general
meeting held on 27 July 2015.
On 1 September 2015 the Company appointed Mark Thomas and Simon Jackson as Non‐Executive Directors of
the Company.
On 21 September 2015 Cardinal announced that it had acceptances and commitments from sophisticated and
professional investors in respect of a placement to issue fully paid ordinary shares at 10 cents each with a free
listed option, exercisable at $0.15 on or before 30 September 2019, for every two new shares subscribed for to
raise up to $5.0 million.
The Placement will be undertaken in two tranches. The first tranche of 28,164,816 shares was issued on 25
September 2015 for approximately $2,816,481. The balance of the Placement shares, of up to 21,835,184 shares
and all of the Listed Options will be issued subject to Cardinal shareholder approval being obtained.
The directors of the Company (namely, Messrs Alec Pismiris, Archie Koimtsidis, Malik Easah, Mark Thomas and
Simon Jackson) will, subject to shareholder approval, participate in the placement to subscribe for a total of
8,418,820 Shares and 4,209,410 Listed Options for an aggregate subscription amount of $841,882.
On 30 September 2015 the Company announced that it had received a commitment from Macquarie Bank
Limited in respect of a placement to issue 10,000,000 fully paid ordinary shares at 10 cents each with a free listed
option, exercisable at $0.15 on or before 30 September 2019, for every two new shares subscribed for to raise
up to $1.0 million. The shares and options will be issued on shareholder approval being obtained.
On 30 September 2015 the Company announced that it had received a commitment from Macquarie Bank
Limited in respect of a placement to issue 10,000,000 fully paid ordinary shares at 10 cents each with a free listed
option, exercisable at $0.15 on or before 30 September 2019, for every two new shares subscribed for to raise
up to $1.0 million. The shares and options will be issued on shareholder approval being obtained.
Other than the above, no matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the Group, the results of those operations,
or the state of the affairs of the Group in future financial years.
Cardinal Resources Limited – Annual Report 2015
P 47
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
21
(a)
FINANCIAL INSTRUMENTS
Interest Rate Risk
The Group’s exposure to interest rate risk, which is the risk that the financial instrument’s value will fluctuate as
a result of changes in market interest rates and the effective weighted average interest rates on those financial
assets and financial liabilities, is as follows:
2015
Note
Floating
interest
rate
Fixed
interest
rate
Non‐
interest
bearing
Total
Weighted
average
interest rate
Financial assets
Cash and cash equivalents
Trade and other receivables
Other assets
Financial liabilities
Trade and other payables
2014
Financial assets
Cash and cash equivalents
Trade and other receivables
Other assets
Financial liabilities
Trade and other payables
17 (a)
8 (a)
8 (b)
12
Note
17 (a)
8 (a)
8 (b)
12
$
$
$
$
%
674,371
‐
‐
674,371
‐
‐
‐
‐
‐
‐
‐
‐
165,384
12,878
22,474
200,736
839,755
12,878
22,474
875,107
368,148
368,148
368,148
368,148
2.69%
‐
‐
‐
‐
‐
Floating
interest
rate
Fixed
interest
rate
Non‐
interest
bearing
Total
Weighted
average
interest rate
$
$
$
$
%
88,375
‐
‐
88,375
‐
‐
‐
‐
‐
‐
‐
‐
821,605
6,452
33,039
861,096
127,366
127,366
909,980
6,452
33,039
949,471
127,366
127,366
2.82%
‐
‐
‐
‐
‐
Based on the balances at 30 June 2015 a 1% movement in interest rates would increase/decrease the loss for
the year before taxation by $6,743 (2014: $884).
(b)
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to
recognised financial assets is the carrying amount of those assets, net of any allowance for doubtful debts, as
disclosed in the statement of financial position and notes to the financial report.
The Group does not have any material credit risk exposure to any single debtor or group of debtors under
financial instruments entered into by the Group.
(c)
Net Fair Values
The carrying amount of financial assets and financial liabilities recorded in the financial statements represent
their respective net fair value and is determined in accordance with the accounting policies disclosed in note 2
to the financial statements.
Cardinal Resources Limited – Annual Report 2015
P 48
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(d)
Financial risk management
The Group’s financial instruments consist mainly of deposits with recognised banks, investment in bank bills up
to 90 days, accounts receivable and accounts payable. Liquidity is managed, when sufficient funds are available,
by holding sufficient funds in a current account to service current obligations and surplus funds invested in bank
bills. The directors analyse interest rate exposure and evaluate treasury management strategies in the context
of the most recent economic conditions and forecasts. The main risks the Group is exposed to is through its
financial instruments is the depository banking institution itself, holding the funds, and interest rates. The
Group's credit risk is minimal as being an exploration Company, it has no significant financial assets other than
cash and term deposits.
(e)
Foreign Currency Risk
Foreign Currency Transactions and Balances
Functional and presentation currency
The functional currency of each of the Group’s entities is measured using the currency of the primary economic
environment in which that entity operations. The consolidated financial statements are presented in Australian
dollars, which is the parent entity’s functional currency.
Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the
date of the transaction. Foreign currency monetary items are translated at the year‐end exchange rate.
Non‐monetary items measured at historical cost continue to be carried at the exchange rate at the date of the
transaction. Non‐monetary items measured at fair value are reported at the exchange rate at the date when fair
values were determined.
Exchange differences arising on the translation of monetary items are recognised in profit or loss, except where
deferred in equity as a qualifying cash flow or new investment hedge.
Exchange differences arising on the translation of non‐monetary items are recognised directly in other
comprehensive income to the extent that the underlying gain or loss is recouped in other comprehensive
income; otherwise the exchange difference is recognised in profit or loss.
Foreign exchange risk
Exposure to foreign exchange risk may result in the fair value or future cashflows of a financial instrument
fluctuating due to movement in foreign exchange rates of currencies in which the Group holds financial
instruments which are other than the AUD functional currency of the Group.
The following table shows the foreign currency risk on the financial assets and liabilities of the Group’s
operations denominated in currencies other than the functional currency of the operations. The foreign currency
risk in the books of the parent entity is considered immaterial and is therefore not shown.
Consolidated Group
Functional currency of entity:
Australian dollar
GHS New Cedi
Statement of financial position exposure
Net Financial Assets/(Liabilities) In AUD
AUD
USD
GHS
Total AUD
389,614
‐
389,614
1,094
121,972
123,066
‐
(41,068)
(41,068)
390,708
80,904
471,612
Cardinal Resources Limited – Annual Report 2015
P 49
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
(f)
Market Price Risk
The Group is not exposed to market price risk as it does not have any investments other than an interest in the
subsidiaries.
22
RELATED PARTY TRANSACTIONS
The Group has no related parties other than the 100% owned subsidiaries disclosed in note 24 and the key
management personnel as detailed in the remuneration report and disclosed in note 7. At 30 June 2015 balances
due from the subsidiaries were:
Australian Dollar ($)
Cardinal Resources (Australia) Pty Ltd
Cardinal Resources Ghana Limited
Cardinal Resources Subranum Limited
Cardinal Mining Services Limited
30 JUNE 2015
$
4,306,405
1,548,460
8,020
340,190
6,203,075
30 JUNE 2014
$
4,129,130
814,485
8,670
‐
4,952,285
These amounts comprise of funds provided by the parent company for exploration activities.
Accounting, bookkeeping, corporate secretarial and administration service fees of $196,506 (2014: $160,542)
were paid or payable on ordinary commercial terms during the year to Marshall Michael Pty Ltd, a company in
which Mr Michael was a director. At 30 June 2015 $28,444 (2014: $10,872) was payable to Marshall Michael Pty
Ltd.
23
SEGMENT REPORTING
For management purposes, the Group is organised into one main operating segment, which involves the
exploration of minerals in Ghana. All of the Group’s activities are interrelated, and discrete financial information
is reported to the Board as a single segment. Accordingly, all significant operating decisions are based upon
analysis of the Group as one segment.
The financial results from this segment are equivalent to the financial statements of the Group as a whole.
The accounting policies applied for internal reporting purposes are consistent with those applied in the
preparation of these financial statements.
24
SUBSIDIARIES
The parent entity, Cardinal Resources Limited, has 100% interest in the below subsidiaries. Cardinal Resources
Limited is required to make all the financial and operating policy decisions of these subsidiaries.
Subsidiaries of Cardinal Resources
Limited
Cardinal Resources (Australia) Pty Ltd
Cardinal Resources Ghana Limited
Cardinal Resources Subranum Limited
Cardinal Mining Services Limited
Country of incorporation
Percentage owned %
Australia
Ghana
Ghana
Ghana
2015
100%
100%
100%
100%
2014
100%
100%
100%
100%
Cardinal Resources Limited – Annual Report 2015
P 50
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
The parent entity acquired a 100% interest in Cardinal Resources (Australia) Limited on 28 December 2012.
Cardinal Resources (Australia) Limited has a 100% interest in Cardinal Resources Ghana Limited, Cardinal Mining
Services Limited, and Cardinal Resources Subranum Limited.
25
PARENT COMPANY DISCLOSURE
(a)
Financial Position for the year ended 30 June 2015
Australian Dollar ($)
Assets
Current assets
Non‐current assets
Total assets
Liabilities
Current liabilities
Non‐current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
(b)
Financial Performance for the year ended 30 June 2015
Australian Dollar $
Loss for the year
Other comprehensive income
Total comprehensive loss
(c)
Guarantees entered into by the Parent Entity
30 JUNE 2015
$
30 JUNE 2014
$
725,395
‐
725,395
317,532
‐
317,532
407,863
152,631
693,000
845,631
89,119
‐
89,119
756,512
14,926,167
744,999
(15,263,303)
407,863
12,993,387
263,816
(12,500,691)
756,512
30 JUNE 2015
$
(2,762,612)
‐
(2,762,612)
30 JUNE 2014
$
(8,969,208)
‐
(8,969,208)
30 JUNE 2015
$
30 JUNE 2014
$
‐
‐
‐
‐
Cardinal Resources Limited – Annual Report 2015
P 51
DIRECTOR’S DECLARATION
In the opinion of the Directors of Cardinal Resources Limited (“the Company”)
(a)
The financial statements and the notes and the additional disclosures included in the directors’ report
designated as audited of the Group are in accordance with the Corporations Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2015 and of its
performance for the year ended that date; and
(ii)
Complying with Accounting Standards and Corporations Regulations 2001, and:
(b)
(c)
There are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
The financial statements and notes comply with International Financial Reporting Standards as disclosed
in note 2.
This declaration has been made after receiving the declarations required to be made to the directors in
accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2015.
Signed in accordance with a resolution of the Directors made pursuant to section 295(5) of the Corporations Act
2001.
On behalf of the Board
Archie Koimtsidis
Managing Director
Dated this 30 September 2015
Perth, Western Australia
Cardinal Resources Limited – Annual Report 2015
P 52
P 53 P 54 P 55 SHAREHOLDER INFORMATION
1
Distribution of holders
As at 30 September 2015 the distribution of shareholders was as follows:
Ordinary shares
Size of holding
1 – 1,000
1,001 –5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total
2
Voting rights
Number of holders
4
12
95
170
155
436
There are no restrictions to voting rights attached to the ordinary shares. On a show of hands every member
present in person will have one vote and upon a poll, every member present or by proxy will have one vote each
share held.
3
Substantial shareholders
The names of the substantial shareholders who have notified the Company in accordance with Section 671B of
the Corporation Act 2001 are;
Shareholder
US Global Investors Inc
Oceanic Capital Pty Ltd
4
Top 20 shareholders
Shares held
9,000,000
7,184,803
Percentage
interest %
6.39%
6.04%
The names of the 20 largest shareholders on the share register as at 30 September 2015, who hold 52.20% of
the ordinary shares of the Company, were as follows;
Shareholder
HSBC Custody Nominees (Australia) Limited
Oceanic Capital Pty Ltd
Mr Malik Mohammad Easah
St Barnabas Investments Pty Ltd
Riverfront Nominees Pty Ltd
Mr Arthur Koimtsidis
Panga Pty Ltd
Bellarine Gold Pty Ltd
J P Morgan Nominess Australia Limited
Fast Lane Australia Pty Ltd
Redland Plains Pty Ltd
Yarandi Investments Pty Ltd
Compusure Superannuation Pty Ltd
AWD Consultants Pty Ltd
Norvest Projects Pty Ltd
ACP Investments Pty Ltd
Arredo Pty Ltd
Number
9,130,000
8,501,526
5,598,481
5,256,250
4,949,683
4,819,231
4,040,000
3,369,000
3,345,000
3,000,000
2,555,026
2,458,288
2,309,321
2,250,000
2,050,000
2,000,000
2,000,000
Cardinal Resources Limited – Annual Report 2015
P 56
SHAREHOLDER INFORMATION
Citicorp Nominees Pty Limited
Dixtru Pty Limited
Mr Danny Murphy + Mrs Susan Murphy
1,994,000
1,973,551
1,910,000
5
Top 20 option holders
The names of the 20 largest option holders on the share register as at 30 September 2015, who hold 63.10% of
the listed options of the Company, were as follows;
Optionholder
Bellarine Gold Pty Ltd
Mr Malik Mohammad Easah
Oceanic Capital Pty Ltd
AWD Consultants Pty Ltd
Riverfront Nominees Pty Ltd
Dixtru Pty Limited
Cleverman Investments Pty Ltd
Yarandi Investments Pty Ltd
Clariden Capital Limited
Redland Plains Pty Ltd
Mrs Sophie Kyriazis
Mr Danny Murphy + Mrs Susan Murphy
Fast Lane Australia Pty Ltd
HSBC Custody Nominees (Australia) Limited
Rojo Nero Capital pty Ltd
Nutsville Pty Ltd
ACP Investments Pty Ltd
Mr Owen Barry Merrett + Mrs Joanne Ross Merrett
Mr David Ian Raymond Hall + Mrs Denise Allison Hall
Mr Russell Neil Creagh
6
Consistency with business objectives
Number
8,500,000
6,772,731
5,158,390
4,000,000
3,474,842
3,086,776
3,085,000
2,700,000
2,000,000
1,950,000
1,717,944
1,560,000
1,500,000
1,500,000
1,500,000
1,460,000
1,427,500
1,300,000
1,269,231
1,200,000
The Company has used its cash and assets in a form readily convertible to cash that it had at the time of listing
in a way the consistent with its stated objectives.
Cardinal Resources Limited – Annual Report 2015
P 57
SCHEDULE OF TENEMENTS
Cardinal Resources Limited mineral interest as at 30 September 2015
Project
Registered Holder
Note
Status
Equity
Registry
No
GHANA
Bolgatanga Project
Cardinal Resources (Ghana) Limited
Ndongo Prospect
Ndongo North
Cardinal Resources (Ghana) Limited
Kungongo Prospect Cardinal Resources (Ghana) Limited
Cardinal Resources (Ghana) Limited
Bongo Prospect
Prospecting
Reconnaissance
Reconnaissance
Reconnaissance
100%
100%
100%
100%
PL9/22
‐
RL9/28
RL9/29
Subranum Project
Subranum Prospect Newmont
1
Prospecting
‐
PL6/309
1.
Subranum Project: Cardinal Resources Subranum Limited has entered into a Sale and Purchase agreement
with Newmont Ghana Gold Limited (a subsidiary of Newmont Mining Corporation) for the purchase of
Subin Kasu Prospecting Licence (the “Subranum Project”).
Subject to the approval of the sale by the relevant Minister for the Ghanaian Mining Act, Cardinal
Resources Subranum Limited will acquire 100% of the Subin Kasu Prospecting Licence and pay to
Newmont Ghana Gold Limited US$50,000 on or before 10 days after the approval date, US$50,000 on the
first anniversay of the approval date and a final $100,000 on the second anniversary date. In addition
Cardinal Resources Subranum Limited will be required to spend US$250,000 on exploration within the
first year from approval and a further US$750,000 in the second year.
Cardinal Resources Subranum Limited will be required to pay Newmont Ghana Gold Limited US$50,000
per annum from the date which Cardinal Resources Subranum Limited reports a “gold resource estimate”
of 1 Moz of Gold. Subject to the grant of a Mining Lease under the Ghanaian Mining Act, Cardinal
Resources Subranum Limited will be required to pay Newmont Ghana Gold Limited a 2% Net Smelter
Royalty.
Cardinal Resources Limited – Annual Report 2015
P 58
Cardinal Resources Limited ABN 56 147 325 620
Ghana: Durugu Residential Area, Kumbosco, Bolgatanga, Ghana P: +233 (0) 261905220 SKYPE: cardinal.archie
Perth: Level 1, 115 Cambridge Street, West Leederville, WA 6007 P: +61 (8) 9322 6600 F: +61 (8) 9322 6610
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