It certainly was a warm welcome to Toronto when we listed on the Toronto Stock Exchange earlier this month.
The baseball-loving locals may be one-eyed about Blue Jays but they couldn’t have been more hospitable even though our name is more often associated with rival club St Louis.
We chose to list on the TSX as well as the ASX because we want two of the most knowledgeable groups of resource investors in the world to know the exciting story of our Namdini gold project in northern Ghana, which is globally significant.
We were encouraged by the strong interest that has already been shown by North American institutional investors who own over 30% of Cardinal shares.
For us, a North American listing is an important step in building the profile of the company and expanding the understanding of Cardinal’s potential.
So it was gratifying to give our new North American shareholders something to cheer about, when we announced that the Ghanaian government had granted a mining licence for Namdini. The mining lease is for an initial period of 15 years and is renewable.
Our stock surged 12% in Toronto in the wake of the announcement.
We haven’t just listed our shares on the TSX as a ‘set and forget’ exercise.
We have committed to servicing our Canadian presence through the appointment of a Toronto-based executive team comprising a Canadian chief financial officer, an investor relations head and company secretary, and a local non-executive director, Robert Schafer, who is a geologist and a well-known figure in the Canadian resources industry.
Our TSX listing is timely given the substantial amount of activity we have planned in Ghana, including the finalisation of the scoping study and preliminary economic assessment on Namdini, which is due toward the end of the current quarter.
We’re building awareness of Namdini whose maiden resource estimate of 4 million ounces has been strengthened with the inclusion of the up-dip and southern extension drilling.
We believe Namdini has strong potential for further growth through continued drilling along strike and at depth. Down-dip extension drilling continues to confirm that the wide mineralised corridor extends a further 250–300 metres beneath the resource over a strike length of at least 600 metres.
With the mining licence granted for Namdini, we’re now moving on to the preliminary economic assessment.
When that’s completed, we will submit an updated environmental impact statement to Ghana’s Minerals Commission and apply formally for an operating permit, which will complete the permitting process.
After that, it will be all systems go for the first significant gold mine to be built in the northern sector of Ghana.