Cardinal Resources

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.

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

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

• Gold exploration
• Gold mining
• Mineral development
• Precious metals
• Mining exploration

Headquarters

HQ city

Bolgatanga

HQ country

Ghana

HQ region

Africa

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Core 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

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves3 records

Expansion highlights2 records

Emerging 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

• LinkedInlinkedin.com/company/cardinal-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cardinal Resources