Cardinal Resources
Cardinal Resources Limited is a publicly listed Australian Securities Exchange (ASX:CDV) gold exploration and development company headquartered in Bolgatanga, Ghana, founded in 1991 and led by co-founder, CEO and Managing Director Arthur Koimtsidis.
- Company typePrivate
- Founded1991
- HeadquartersBolgatanga, Ghana
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Cardinal Resources does
Cardinal Resources Limited is a publicly listed Australian gold exploration and development company. Headquartered in Bolgatanga, Ghana, and trading on the ASX under ticker CDV, the company describes itself as a focused mineral resource developer targeting gold assets. It was founded in 1991 and currently reports a headcount band of 51-100 employees. Co-founder Arthur Koimtsidis serves as CEO and Managing Director, indicating founder-led continuity at the leadership level.
Operationally, the historical record shows a capital-raise-funded exploration model: an October 2017 equity round raised approximately A$9,493,207, followed by a March 2020 transaction in which Nordgold was recorded as investor and lead (with $0 nominal funding, consistent with a control transaction rather than fresh operating capital). Revenue mechanics for a pre-production gold explorer would typically rely on minority joint ventures, offtake pre-payments, or royalty/farmin arrangements rather than product sales, but no such agreements are disclosed in the supplied data.
The current public face of the company, cardinalresources.com.au, displays only a 'Launching Soon' placeholder page with a generic contact form and email signup, and provides no substantive information on products, pricing, customers, technology stack, financials, or partnerships. This represents a significant data gap: the website does not corroborate the firmographic profile, and the relationship between the placeholder site and the historically listed ASX:CDV entity is unverified. Customers, end-markets, go-to-motion, and revenue model cannot be characterised from the supplied material.
Cardinal Resources firmographics
Firmographics- Name
- Cardinal Resources
- Website
- https://cardinalresources.com.au
- Company type
- Private
- Founded year
- 1991
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cardinal Resources Limited is a publicly listed Australian Securities Exchange (ASX:CDV) gold exploration and development company headquartered in Bolgatanga, Ghana, founded in 1991 and led by co-founder, CEO and Managing Director Arthur Koimtsidis.
- Ownership category
- akta.pro rank
Cardinal Resources industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
Keywords
Where Cardinal Resources is headquartered
LocationHeadquarters
- HQ city
- Bolgatanga
- HQ country
- Ghana
- HQ region
- Africa
Markets served
Cardinal Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Cardinal Resources product offering
Product offeringCore offering
Cardinal Resources Limited is a focused gold exploration and development company that conducts mineral exploration activities to identify and advance gold deposits, primarily in Ghana. The company is publicly listed on the Australian Securities Exchange (ASX) under the ticker CDV, with its registered focus on gold exploration and project development in West Africa.
Differentiator
Problem solved
Functional benefit
Products and services
- Gold exploration and development
Companies that use Cardinal Resources
Customer profileIdeal customer profiles2 records
Cardinal Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cardinal Resources partnerships and signals
Strategic signalRecent moves3 records
Expansion highlights2 records
Cardinal Resources competitors and assessment
Company assessmentEmerging players
- Centamin: A mid-tier gold producer whose Sukari mine in Egypt and growth pipeline make it a comparable African-focused developer/operator. Relevant to Cardinal as another single-jurisdiction African gold model with a clearly defined large-scale operation.
- Shandong Gold: A Chinese state-linked gold producer that was a competing bidder for Cardinal Resources in 2020 alongside Nordgold. Comparable as a representative of how Asian gold majors view African juniors, providing a benchmark for strategic demand on advanced West African projects.
- Orla Mining: A North American-listed junior gold developer with a single-asset construction-stage project in Mexico and growth optionality elsewhere. Orla offers a like-for-like junior gold developer template on capital structure, funding cadence, and the path from feasibility study to first pour.
Direct peers
- Endeavour Mining: A major West African gold producer with multiple operating mines and a development pipeline across Côte d'Ivoire, Burkina Faso, and Senegal. Endeavour is the most directly comparable mid-cap gold producer to Cardinal's Ghana-focused exploration/development model, given overlapping target jurisdictions and gold-only strategy.
- Perseus Mining: Produces gold from mines in Ghana and Côte d'Ivoire and is a direct geographic peer to Cardinal's Bolgatanga positioning. Perseus offers a useful benchmark for development economics, permitting timelines, and valuation multiples for Ghana-domiciled gold projects.
- West African Resources: An ASX-listed gold developer/operator focused on Burkina Faso and surrounding West African jurisdictions. Comparable to Cardinal as a listed junior developer in the Birimian gold belt with a single asset strategy and need for staged capital raises.
Broad incumbents
- Nordgold: A globally diversified gold producer and the strategic investor in Cardinal Resources' 2020 funding round. Comparable as a senior producer with West African exposure and as the counterparty that can finance Cardinal through to production.
- Newmont Corporation: The world's largest gold miner, with operating presence in Ghana (Ahafo and Akyem mines). Useful as an incumbent benchmark for jurisdictional dynamics in Ghana and as a likely M&A counterparty for any advanced gold asset Cardinal develops.
- Gold Fields: Operates the Tarkwa and Damang mines in Ghana, providing a direct operating benchmark for Cardinal's eventual target economics. Comparable for jurisdictional operating costs, royalty/regulatory treatment, and project-scale economics in Ghana.
- AngloGold Ashanti: African gold major with operating assets in Ghana (Iduapriem) and a significant West African focus. Provides a relevant comparable for capital intensity, labor and infrastructure assumptions on Ghanaian gold projects, and M&A appetite for advanced juniors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat1 record
Key risks5 records
Key highlights6 records
Customer concentration
Cardinal Resources social profiles
Digital presenceCardinal Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cardinal Resources leadership team
Management profileNumber of profiles
Profiles1 record
Cardinal Resources funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cardinal Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cardinal Resources
What does Cardinal Resources do?
Cardinal Resources Limited is a focused gold exploration and development company that conducts mineral exploration activities to identify and advance gold deposits, primarily in Ghana. The company is publicly listed on the Australian Securities Exchange (ASX) under the ticker CDV, with its registered focus on gold exploration and project development in West Africa.
Is Cardinal Resources a public or private company?
Cardinal Resources is a private company. It is classified as public and is currently operating.
When was Cardinal Resources founded?
Cardinal Resources was founded in 1991. It employs 51 to 100 people.
Where is Cardinal Resources based?
Cardinal Resources is headquartered in Bolgatanga, Ghana, in the Africa region.
Who are Cardinal Resources's main competitors?
Emerging players on record are Centamin, Shandong Gold and Orla Mining. Direct peers are Endeavour Mining, Perseus Mining and West African Resources. Broad incumbents are Nordgold, Newmont Corporation, Gold Fields and AngloGold Ashanti.
Does Cardinal Resources have an API?
No public API is recorded for Cardinal Resources.
What industry is Cardinal Resources in?
Cardinal Resources's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining. Its NAICS code is 21222 and its SIC code is 1040.