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Cardinal Resources advises that in accordance with their publicly stated acceptance intention, the Cardinal Directors have each instructed their broker / controlling participant to initiate acceptance of the off‐market takeover offer by Shandong Gold Mining in respect of all of the Cardinal Shares they own or control.

The Shandong Gold Offer remains subject to a number of standard market conditions for a transaction of this nature (including primarily, 50.1% minimum acceptance by Cardinal Shareholders) as set out in the in the
Bidder’s Statement.