# CDV - Cardinal Resources



## System (15 August 2011)

The focus for Ridge Resources is a single project, with the right to earn up to a 70% interest in the Mount Alexander Project which is prospective for metasomatic uranium deposits and base-metal Iron oxide copper gold (IOCG) deposits.

The Mount Alexander Project is located approximately 20 kilometres southeast of Nanutarra and 120 kilometres to the south of Onslow, in the northwest of Western Australia.

The company will also focus on potential acquisitions that are drill-ready exploration projects through to advanced projects with existing resources and upside potential.

www.ridgeresources.com.au


----------



## springhill (17 June 2012)

*Re: RID - Ridge Resources*

Yowza! How tight is this capital structure? 16.7m shares on issue, holding $2m in the bank.
RID has earnt a 60% interest in the Mt Alexander Project through the expenditure of $1 million on the Project, and a further 10% interest through additional expenditure of $800,000.
With director fees this will clean them out of cash, lead to a raising and issue of more shares.
Not keen on the idea of Uranium in WA, given the appeals against Toro.

Off the watchlist until there is a change in the mood for uranium production in WA.


----------



## System (9 January 2013)

On January 8, 2013, Ridge Resources Ltd (RID) changed its name to Cardinal Resources Limited (CDV).


----------



## Paavfc (5 June 2014)

Watching this closely...

Low MC and drill results on the way.....


----------



## Trav. (10 August 2019)

Another gold stock having it's day in the sun, also has a few bucks left in the bank ($18M) to continue exploration but is looking at finance options to become a producer ( general thoughts as I have not researched in any great detail)

Chart....looking healthy since July and on a steady rise. No news on Friday but 9% gain got flagged on my scan.Probably a few stale investors getting out as well. One for the watch list and will be looking at BO .44/.45 area


----------



## Trav. (18 November 2019)

It is interesting to come back to previous posts and see what has happened.

New scan criteria and CDV has raised it's head again.....back in August 2019 (previous post) it had a BO and retraced then another BO in September 2019.

Since then it has been all down hill and bounced off $0.30 for support. The gold price is probably not doing it any favours (like a few of my other holdings) but I will watch for signs of retrace being confirmed before making a decision to enter in a trade.


----------



## barney (19 November 2019)

Trav. said:


> New scan criteria and CDV has raised it's head again.....back in August 2019 (previous post) it had a BO and retraced then another BO in September 2019.




Out of curiosity Trav … What Stock Scanner do you use/prefer?

And ps.  I've had my fair share that resemble that chart as well


----------



## Trav. (19 November 2019)

barney said:


> Out of curiosity Trav … What Stock Scanner do you use/prefer?




@barney I use Amibroker mate.

Also hopefully the small rise in the gold price overnight will help turnaround some of those stocks


----------



## barney (20 November 2019)

Trav. said:


> @barney I use Amibroker mate.




Cheers for that.  I'm old fashioned and have always used the eyeball method ... Time I modernised up a bit given some of my recent efforts

Re CDV ...… Looks like the "Ghana" location might be hurting them … tough part of the world to get keen long term Investors??  …. Big resource though … over 5 million ounces yes??


----------



## rnr (20 November 2019)

barney said:


> Cheers for that.  *I'm old fashioned and have always used the eyeball method* ...




Hi barney,

If you don't mind me asking, how many charts do you eyeball a night?

Cheers, Rob


----------



## barney (20 November 2019)

rnr said:


> Hi barney,
> 
> If you don't mind me asking, how many charts do you eyeball a night?
> 
> Cheers, Rob




Hi Rob … That's an interesting question and I've never really considered it. (I like looking at Charts in general which I guess most traders do, even if I'm not looking to trade that particular stock)

To put a number on it, anywhere from a few to dozens depending on multiple factors:-

Time available

Whether I'm looking to take on any new positions (ie trading account balance etc)

What Stocks others are looking at … etc etc.

I've cut a few Stocks loose of late (all losers) so I think it might be time to update the "eye balling" to something a bit more modern!

Cheers.


----------



## rnr (21 November 2019)

barney said:


> Hi Rob … That's an interesting question and I've never really considered it. (I like looking at Charts in general which I guess most traders do, even if I'm not looking to trade that particular stock)
> 
> To put a number on it, anywhere from a few to dozens depending on multiple factors:-
> 
> ...




Hi barney,
Many thanks for taking the time to respond...and given your response, I get why you think it might be time to update to something a bit more modern.
All the best with your modernisation resolve.
Cheers, Rob


----------



## Trav. (28 November 2019)

In today @ $0.30 so will be interesting to see how we go.

Hope recent low of $0.277 holds and looking to rebound back to $0.39 / 0.40 levels


----------



## Bazzi (23 May 2020)

June will be a gold month. 
My opinion is that CDV bullish signals and increased volume indicate a healthy growth to the coming month.


----------



## qldfrog (23 May 2020)

Keeping popping up in my systems explore list...


----------



## Dona Ferentes (5 September 2020)

Cardinal Resources CDV is a West African gold‐focused exploration and development company that holds interests in tenements in Ghana. The company has been focused on the funding and development of its Namdini Project, which hosts a published gold Ore Reserve comprising 5.1Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut‐off), inclusive of 0.4Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut‐off) and 4.7Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut‐off).

 CDV has been involved in a strategic process with banks, financiers and other parties, with the aim of realising value from the Namdini Project. Unfortunately, securing project funding has not been an easy process in a tough market environment. As a result, CDV has been* the recipient of two takeover offers.*

Its major shareholder, Nord Gold’s original offer *of $0.66 *per share represented a 10% premium to the Shandong Gold Mining *$0.60* per share offer, which was the opening salvo in the bidding war. Shandong Gold then raised its cash offer to* $0.70* per share, subsequent to which Nord Gold then returned with its latest cash offer of* $0.90 per share*.

_Stairway to Heaven?_


----------



## over9k (5 September 2020)

What do they know that we don't?


----------



## Dona Ferentes (5 September 2020)

over9k said:


> What do they know that we don't?



CDV released the results of its much-anticipated Namdini Feasibility Study during October 2019, confirming it as a gold project with attractive economic returns. The Study forecasts 4.2Moz of gold will be produced over a 15-year period at an All‐in Sustaining Cost of US$895/oz, compared to 3.9Moz at US$769/oz in the Pre‐Feasibility Study. Namdini will comprise a single, large open‐pit with a conventional process plant design.

_- it is in Ghana? Mark Creasey was not involved?_


----------



## Trav. (29 December 2020)

CDV closed at 1.08 last week


----------



## Trav. (31 December 2020)

I had to take a double look at the following as I had not seen a FAX for a long time.

Although marked price sensitive the SP should be OK, as Shandong Gold has control of the company now


----------



## Dona Ferentes (31 December 2020)

Engineers & Contractors are a Ghanaian company .... it would seem. Though the fax is sent by the Snapfax App (whatever that is)

There is a bit on the unfolding T/O in the AFR. Now it's _fait accompli, _it is not important, but the regulator did step in



> On the basis that Shandong stated its $1 per share October offer was “best and final in the absence of a higher competing offer”, Russia’s Nordgold matched the $1 per share offer. The rival Chinese and Russian groups already held 11.9 per cent and 27.8 per cent of Cardinal respectively.
> However, Cardinal Resources’ shareholders were unhappy the miner was unable to create any competitive tension in the bidding process given Shandong had labelled its $1 offer “best and final” in the absence of better offers.





> Cardinal applied to the Takeovers Panel to effectively relieve Shandong from its “best and final” position on the basis the auction had reached an impasse, but on November 17 the panel [ ]  rejected the application on the basis that bidders must be held to the principle of “truth”. In other words, no bluffing – if you say something is your last and best bid at an auction, you must be held to it.





> This is when an under-the-radar Ghanaian mining company named Engineers and Planners rode, _deus ex machina_, to the rescue for Cardinal with a dramatic $1.05 per share November 24 takeover bid.
> 
> Cardinal argues the third-party bid from the Ghanaians releases the Russian and Chinese bidders from their binds not to increase their bids.





> Thrown an escape rope, Shandong increased its bid to $1.05 per share, with Cardinal’s board urging shareholders to accept the Ghanaian-matching bid from its favoured Chinese suitor.
> Cardinal also appealed to a Takeovers Review Panel to accept the legitimacy of the latest proceedings, but on 10 December the review panel appears to have upheld the original verdict that bidders are bound by “final bids”, while suggesting the third-party bid released the bidders from their obligations.



_Cardinal also says it prefers the Shandong offer as it’s unconditional (unlike the Ghanaian offer), has Foreign Investment Review Board approval and funds raised will help develop its Namdini Project in Ghana. 









						Russians, Chinese, Ghanaians in 2020′s craziest takeover fight
					

A wild $600 million takeover battle for WA gold miner Cardinal Resources has kept the Takeovers Panel busy as directors’ share options go deeper in the money.




					www.afr.com
				



_


----------



## System (10 February 2021)

On February 9th, 2021, Cardinal Resources Limited (CDV) was removed from the ASX's official list in accordance with Listing Rule 17.14, following despatch of compulsory acquisition notices by Shandong Gold Mining (Hong Kong) Co., Limited.


----------

