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RELATIVE VALUATION EV / Au Eq. Resources (US$/oz) $69 $36 $22 CARDINAL RESOURCES EV / Au Eq. Reserves (US$/oz) Cardinal Peer Average Producer Average 2 $33 Source: FactSet and company disclosure. Notes: Resources shown inclusive of reserves and on attributable basis. Au Eq. based on long-term consensus metal prices. 1 Includes 18 gold development companies with reserves. 2 Includes 41 junior and intermediate gold producers. 3 Includes 28 gold development companies with resources. $93 $184 Cardinal Peer Average 1 Producer Average 2 ASX/TSX: CDV | 10 CARDINAL RESOURCES

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