TSX V: CDU · Forward Looking & CautionaryStatements TSX‐V: CDU | This presentation contains...

August, 2018

Kootenay Nickel‐Cobalt Massive Sulphide ProjectB.C., CANADA

TSX‐V: CDU | www.cardero.com

Forward Looking & Cautionary Statements


This presentation contains forward‐looking statements and forward‐looking information (collectively, “forward‐looking statements”) within the meaning ofapplicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation,statements regarding any potential increase in shareholder value through the acquisition of undervalued precious metal deposits for development, jointventure or later disposition, the potential to partner with mine developers to achieve production at any of the Company’s properties (existing or future); thepotential for the capital costs associated with any of the Company’s existing or future properties to be low; the potential for the Company to outline resourcesat any of its existing or future properties, or to be able to increase any such resources in the future; concerning the economic outlook for the mining industryand the Company’s expectations regarding metal prices and production and the appropriate time to acquire precious metal projects, the liquidity and capitalresources and planned expenditures by the Company, the completion of the acquisition of the Kootenay Project; the anticipated content, commencement,timing and cost of exploration programs, anticipated exploration program results and the anticipated business plans and timing of future activities of theCompany, are forward‐looking statements. Forward‐looking statements are based on a number of assumptions which may prove incorrect, including, but notlimited to, assumptions about the level and volatility of the price of gold; the timing of the receipt of regulatory and governmental approvals; permits andauthorizations necessary to implement and carry on the Company’s planned exploration programs at its properties; future economic and market conditions; theCompany’s ability to attract and retain key staff; and the ongoing relations of the Company with its underlying lessors, local communities and applicableregulatory agencies.

Accordingly, the Company cautions that any forward‐looking statements are not guarantees of future results or performance, and that actual results maydiffer, and such differences may be material, from those set out in the forward‐looking statements as a result of, among other factors, variations in the nature,quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations requiredfor its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other government actions,fluctuations in commodity prices and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations, and business andoperational risks normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed in the Company’s mostrecent management discussion and analysis filed with various provincial securities commissions in Canada, available at www.sedar.com. The Companyundertakes no obligation to update publicly or release any revisions to these forward‐looking statements to reflect events or circumstances after the date ofthis presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward‐looking statementsattributable to the Company or any person acting on its behalf are qualified by the cautionary statements herein.

John Drobe, P.Geo., a Qualified Person as defined by National Instrument 43‐101, has reviewed and approved the technical information contained in thispresentation and has approved the disclosure herein. John Drobe is not independent of the Company, as he holds common shares of the Company.

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Cu Prospects

Co‐Ni Prospects

Past producingmines (Cu‐Zn)

Located in Southeast British Columbia

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Located 10 hours east of Vancouver, and 20 km north of Kaslo


Goldstream2.2Mt @ 4.5% Cu, 3.2% Zn Standard

Montgomery

Located 10 hours east of Vancouver, and 20 km north of Kaslo along paved highway Within prospective Lardeau Group rocks, host to VMS mineralization at north end of the belt

Project Location

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Comprises five claim groups spanning over 100km of prospective stratigraphy Three are easily road accessible, two are helicopter accessible Work to date has concentrated on the Ledgend claim block (1728 Ha), which is the first discovery of Ni‐Co bearing massive sulphides in the belt The Tesla (732 Ha) and Lardeau (6315 Ha) blocks have been silt and soil sampled, targets are yet to be defined Nico (245 Ha) and Spine (123 Ha) have good outcrop, where previous Au‐Ag exploration identified Ni‐Co bearing schists; no work by Cardero has been completed yet on these


Option Agreements

optioned from the underlying owners who are at arms‐length to the company Cardero has the exclusive option to acquire a 100% interest by paying an aggregate of $895,000 in cash and issuing 3,000,000 common shares over a four year term

TSX‐V: CDU | www.cardero.com5

Date Cash to Optionors

Cardero Shares

On the Effective Date (Oct. 25) $25,000 0

On the Closing Date $0 200,000Year 1 Anniversary $75,000 400,000Year 2 Anniversary $170,000 600,000Year 3 Anniversary $225,000 800,000Year 4 Anniversary $400,000 1,000,000

Total $895,000 3,000,000

Date Cardero SharesClosing 200,000

Year 1 Anniversary 300,000Year 2 Anniversary 300,000Year 3 Anniversary 300,000Year 4 Anniversary 300,000

Total 1,400,000

For Lardeau:For Ledgend, Tesla, Nico and Spine:

Underlying owner is Wealth Minerals Ltd (TSX.V: WML) Wealth is not at arm’s length to Cardero Cardero has the exclusive option to acquire a 100% interest by issuing an aggregate of 1,400,000 common shares over a four year term

All of the claims are subject to a 2% net smelter returns royalty Cardero will have the right to purchase ½ of the royalty for a payment of $1,000,000 in cash at any time following date Cardero exercises its right to acquire the properties

Ledgend – most advanced of the properties Initial massive sulphide discovery in 1981

during forestry road building First staked in 1997 and described in 1988

Minfile by Tom Schroeter, whose field notes commented “needs to be drilled”

No further work done until McClaren and Dawson began prospecting in 2015

Outcrop near the discovery showing was chip sampled in 2016: 4m @ 0.22% Ni, 161ppm Co

Ledgend massive pyrrhotite + pyrite ± pentlandite float

TSX‐V: CDU | www.cardero.com6Ledgend ‘Creek Outcrop’ re‐exposed in tributary to main creek

Grabs up to 0.76% Ni, 0.06% Co

0.17% Ni, 0.012% Co

0.39% Ni, 0.028% Co

0.22% Ni, 0.011% Co

0.09% Ni, 0.014% Co

Looking Northeast

Semi‐massivesulphides strikeInto main creek

Ledgend – Road Showing XRF sampling*


163 169

Ni (ppm) Cu (ppm)

134

571

1070

156 <50

153

225 208

145

151

977

1076

428 512

433

292 433

284

106

<50

105

278

631

246

299

941 > 4% Mn

> 2% Mn

* these portable XRF results are given only to demonstrate exploration potential, and are subject to confirmation by further analysis from an independent laboratory. No resource potential is implied.

Ledgend Mineralized Horizon: related to high‐Ni, altered, actinolite‐tremolite‐talc schist, traced for 700m along strike

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Silicic, chrome‐rich exhalative horizon from outcrop east of TR1000N

Tremolite‐talc‐carbonate schist from central Ni‐Co soil anomaly (8400ppm Ni), 200m SE of the Main Showing


Gossanous manganese‐sulphide exhalite horizon above actinolite‐talc schist at the Road Showing, 550m north of the Main ShowingHigh Au (up to 0.46g/t) and high Mn (up to 3.3%)

>1000ppm Ni

Deposit Model: What type of Ni‐Co‐Cu±Zn VMS?

9 TSX‐V: CDU | www.cardero.com

The Outokumpu VMS Cu‐Zn deposits of Finland are probably the closest analogue for Ledgend in terms of geological setting: similar host rocks

These share characteristics of both Cyprus (Cu>Zn) and Besshi (Cu‐Zn‐Au) type VMS The two largest mines, Keretti and Vuonos, are similar in strike length to the soil anomalies at

Ledgend: orebodies are 3500‐4000m long (and 100‐250m wide, and 5‐10m thick)

Modified from Loukola‐Ruskeeniemi (1999): Origin of Black Shales and the Serpentinite‐Associated Cu‐Zn‐Co Ores at Outokumpu, Finland

Deposit Model: What type of Ni‐Co‐Cu±Zn VMS?


Similarities Differences

The Outokumpu VMS deposits of Finland and the Ledgend mineralization share characteristics of both Cyprus (Cu>Zn) and Besshi (Cu‐Zn‐Au) type VMS

Biotite schist and calcereousquartzite host rocks

High proportion of ultramafic rocks or the altered equivalent (talc‐tremolite schist, listwanite)

High concentration of chromium (Ledgend sulphides have ~1:1 correlation Ni:Co)

Low lead Separation of Cu‐Co‐Zn from Ni: the

Ni‐Co soil anomalies at Ledgend are both distinct and overlap with Cu‐Co‐Zn

Polyphase deformation

Outokumpu has much lower Ni levels relative to other metals: i.e., Cu>Zn>Co>Ni, whereas Ledgend sulphides have Ni>>Co>Cu‐Zn (however flanking soil anomalies have higher Cu‐Zn)

Lower metamorphic grade for the Kootenay prospects: greenschist versus middle amphibolite: this may not be important to grade, affects the shales more than the massive sulphides

Sulphides sampled to data are deficient in Zn relative to Outokumpu

How to explain the higher Ni content and relationship to shale that is absent in Cyprus/Besshi type VMS?


Alternate Model: Recognition of oceanic detachment faults on modern day ocean floor that focus large

volumes of black smoker fluids along ultramafic – volcanic (or sediment) contact Metasomatic alteration of ultramafics to talc‐tremolite‐chlorite schists along fault Distal venting of Ni‐rich fluids can form “VMS” deposits far from spreading ridge, in or

under quiet basins where shales deposit, or… If fault involves a sedimentary package, the fluids can precipitate subsurface in sandstone

capped with shales, which are later metamorphosed to black schist and quartzite

*modified from Jowitt and Keays (2012): Shale‐hosted Ni‐(Cu‐PGE) mineralisation: A global overview

Outokumpu,Talvivaara

Ledgend?Cyprus‐type

Besshi‐type

Cu‐Zn sediments

Lardeau?

Talc schist

2016 ‐ 2017 Exploration

In 2016 and 2017, the Ledgend property owners and Cardero completed soil, silt and rock sampling on Ledgend collecting over 1300 samples that produced significant anomalies.

An outcrop near the original discovery showing was cleared and chip sampled on one‐metre intervals (the “Creek Outcrop”).

In addition, other properties in the project received soil , silt and limited rock sampling :

‐ the Tesla‐Enerplus claims were contour soil sampled, with 229 samples plus a few rock and silt samples.

‐ the Lardeau Property was staked, covering 6315 hectares of mostly low‐lying, heavily vegetated ground west of the Lardeau River. A total of 157 silt samples were collected. Float of altered ultramafic rock (listwanite) was located near three Ni‐Co anomalous BC RGS silt samples.


2018 Exploration Completed to Date

All work focused on the Ledgend property, North Soil Grid anomalies generated in 2016‐2017 programmes

At total of 10 hand excavated trenches, totaling 775m, on the three main zones: Central (5 trenches plus outcrops sampled), East (4 trenches), and West (1 trenches)

205 trench and outcrop samples analyzed by portable XRF analyzer (NitonXL3T‐500)

90 line kilometres of drone (“UAV”) airborne magnetometer geophysics, covering 375 hectares over the North Grid and 500 metres west


Ledgend: North Soil Grid Anomalies & Trenches


Nickel Cobalt

West zoneCu+Zn > Co+Ni

East zone Ni+Co+Cu±Zn

West zoneCu+Zn > Co+Ni


Central zone 0.84% Ni, 0.025% Co

Central zone 0.84% Ni, 0.025% Co

Discovery Showing

4m of 0.22% Ni

0.028% Co

Discovery Showing

4m of 0.22% Ni

0.028% Co

Copper

West zone: 2kmCu+Zn > Co+Ni


Road ShowingCu‐Au

Ledgend Soil Sampling – North Grid Cu‐Zn anomalies


Zinc



Discovery showingCentral zone

Ledgend Cross Section – Line 1000N Trenching*



2018 Trench Sampling Highlights



** there is insufficient data to determine true widths.

Trench From (m) To (m) Width (m)** Ni (ppm) Cu (ppm) Zn (ppm)

Main Zone 0.0 4.2 4.2 1337 103 24and 11.0 17.6 6.7 312 539 283

Road Showing A 2.0 4.0 2.0 820 1026 230TR0900N‐1400B 0.0 10.8 10.8 1200 18 22TR1000N‐1300A 15.0 27.2 12.2 1070 87 86

and 32.3 47.2 14.9 1388 108 196TR1000N‐1300B 9.9 16.2 6.3 1487 62 47TR1000N‐1300C 3.5 8.4 4.9 1035 80 66

and 34.6 38.5 3.9 1643 84 41TR1100N‐1300 0.0 4.0 4.0 1645 26 105

and 12.7 18.5 5.8 994 39 130Channel_1 1.7 3.1 1.3 1602 311 293Channel_2 0.0 1.0 1.0 3750 477 920

TR1600N‐1425 9.9 14.1 4.2 1453 27 30and 40.8 49.6 8.8 1345 40 30

TR1600N‐1925 45.2 52.0 6.8 276 656 116

West zone: good magresponse under Cu‐Zn

Ledgend UAV ‐Magnetometry: pyrrhotite target



Discovery Showing


Analytical Signal shows shallow response, reduced effects of magnetic remanence

Elevation slice at 900m (above sea level) of 3D Inversion Model: view of response 100m below Discovery showing

Central zoneNi‐Co

Mag indicates Central zoneconnects toWest Zone

Mag high100m belowNi outcrops

Ledgend Soil Sampling – South Grid


Nickel Cobalt

North anomalyneeds extending,

extra lines

Broad south anomalyopen

North anomalyneeds extending,

extra lines

Lardeau 2017 Silt Anomalies: several targets for follow‐up


Third partyinliers

Listwanite blocks in creek

South anomalyZn+Ni+Cu

West anomalyNi+Co+Cu

North anomalyNi+Co+Cu+Zn

Nickel Cobalt





Lardeau 2017 Silt Anomalies: several targets for follow‐up


Third partyinliers





Copper Zinc





Tesla Sampling – follow‐up on Mineral Mountain sampling 2011*


Cardero Sampling 2017 – Cobalt

Up to 0.13% Ni in rock,607 ppm Co in soil

Cardero Sampling 2017 – Nickel

*replotted from B.C. Min. of Mines Assessment Report 32242 by Mineral Mountain Resources in 2011. Cardero has verified the sample locations only. While Cardero considers that the samples were appropriately collected, assayed, and compiled following industry standards, the results should not be relied upon.

Zn‐Cu‐Co anomaly open

Co‐Cu anomaly open to south

?

?

?

?

Tesla Sampling – 500m long coherent Co‐Zn‐Cu anomaly


Cardero Sampling 2017 – CopperCardero Sampling 2017 – Zinc


?

?

?

?

Co‐Cu anomaly open to south


Nico and Spine: Mineral Mountain results 2011*


Nico Rocks & Soils Spine Soils

*replotted from B.C. Min. of Mines Assessment Report 32242 by Mineral Mountain Resources in 2011. Cardero has not independently verified the sampling and, while we consider the samples were appropriately collected, assayed, and compiled following industry standards, the results should not be relied upon.

ManagementBlaine Bailey, CFOMr. Blaine Bailey is a Certified General Accountant who hasworked with numerous private and public companies over thepast 20 years. Blaine brings complementary skills to the team inthe areas of finance, administration and financial reporting.

Stuart R. Ross, CEO and PresidentMr. Ross has had a distinguished career as a senior officer anddirector of several public companies, including companies listedon the NASDAQ and TSX Venture exchanges.His sector experience includes mining, beverage production anddistribution, medical services, gaming and merchant banking,including 17 years as a senior officer and director of ClearlyCanadian Beverage Corp (1886 to 2003).Most recently, Stuart was President and CEO of El Tigre SilverCorporation, a TSX Venture listed silver exploration company(2007 to 2015).He supervised the exploration and engineering related to thatcompany from an early exploration project up to the productionof a NI 43‐101 Reserve calculation.

John Drobe, Chief GeologistJohn is a geologist with over 30 years geoscience experience,specializing in porphyry copper‐gold, epithermal and skarndeposits throughout Latin America. He graduated with B.Sc. andM.Sc., both in geology. Previously John held the position of ChiefGeologist for Corriente Resources and was responsible for allaspects of exploration and resource definition at the company'sMirador, Panantza, and San Carlos porphyry copper deposits.Following the sale of Corriente in 2010, John was the VicePresident Exploration for Dorato Resources and most recentlyChief Operating Officer for Indico Resources in charge ofdeveloping the Irmin copper oxide deposit. John joined Carderoin 2015 as a result of the Zonia acquisition and serves as theQualified Person, as defined by National Instrument 43‐101. Johnalso serves as an exploration manager and qualified person forWealth Minerals.

Marla Ritchie, Corporate SecretaryMarla brings over 25 years' experience in public marketsworking as an Administrator and Corporate Secretaryspecializing in resource based exploration companies to theCompany. Since 2001, she has been the Corporate Secretary forCardero Resource Corp. Between 1992 ‐‐ 2003, Marla worked forAscot Resources Ltd, Brett Resources Inc., Golden BandResources Inc., Hyder Gold Inc., Leicester Diamond Mines Ltd.,Loki Gold Corporation, Oliver Gold Corporation and SolomonResources Limited. She is also currently the corporate secretaryfor Corvus Gold Inc., Dorato Resources Inc., InternationalTower Hill Mines Ltd. andWealth Minerals Ltd.


STUART ROSSPRESIDENT & CEOCardero Resource Corp.2300‐1177 West Hastings StreetVancouver, B.C., V6E 2K3

P 1 604 408 7488 ext 3883C 1 778 980 [email protected]

JOHN TOPOROWSKICORPORATE COMMUNICATIONSCardero Resource Corp.2300‐1177 West Hastings StreetVancouver, B.C., V6E 2K3

P 1 604 408 7488 C 1 604 783 [email protected]


Contact Information

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