Nordgold opens its UNCONDITIONAL On-Market ALL CASH offer for Cardinal Resources

Nordgold’s Offer provides Cardinal shareholders with a compelling opportunity to realise clear, certain and immediate value for their shares.

Nord Gold SE (‘Nordgold’ or ‘the Company’) has opened its unconditional on-market A$0.66 cash per share offer to acquire all of the ordinary shares in Cardinal Resources Limited (‘Cardinal’) that it does not already own. The Offer will remain open until the close of trading (4pm Sydney time) on 31 August 2020*.

Offer consideration of A$0.66 per share represents a 164% premium to the closing price on 13 March 2020, the last trading day prior to the announcement of Nordgold’s indicative proposal and request for due diligence to Cardinal (‘Preliminary Proposal’) and values Cardinal at A$347 million/ US$241 million based on 100% of the ordinary equity on issue.

Shareholders are encouraged to review all the details relating to why they may wish to ACCEPT the Offer in the Bidder’s Statement lodged with the ASX on 15 July 2020. Reasons to accept include:

• Nordgold is offering a full price for all the remaining shares outstanding in Cardinal
• Nordgold’s Offer is unconditional and provides the certainty of cash
• Accepting shareholders of the Nordgold Offer will receive full cash consideration within 2 business days (on a T+2 basis)
• Nordgold has received approval to proceed with the Offer from Australia’s Foreign Investment Review Board (FIRB)
• Nordgold is already Cardinal’s largest shareholder, with voting power of 18.71%