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FEB 2011

Corporate Presentation
NOVEMBER 2012
Corporate Presentation

TSX: CDU | NYSE MKT: CDY | www.cardero.com

A strategic portfolio of bulk commodities

Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Forward Looking & Cautionary Statements

This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities
legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration
programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the expansion of the estimated resources at Carbon Creek,
the completion of a feasibility study for the Carbon Creek deposit, the potential for a production decision to be made regarding Carbon Creek the acquisition of the right to acquire an interest in the
Sheini Hills project, the potential commencement of any development of a mine at Carbon Creek following a production decision, business and financing plans and business trends, are forward-
looking statements. Information concerning mineral resource estimates may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be
encountered, and the results of mining it, if a mineral deposit were developed and mined.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially,
from those expressed or implied by forward looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove incorrect, including, but not
limited to, assumptions about the price of coal, iron ore and other minerals, the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement
and carry on the Companys planned exploration and potential development program at Carbon Creek; the Companys ability to attract and retain key staff, particularly in connection with the
carrying out of a feasibility study and the development of any mine at Carbon Creek, the timing of the ability to commence and complete the planned work at Carbon Creek, the ongoing relations of
the Company with its underlying lessors and the applicable regulatory agencies, and the timetable for the completion of the feasibility study for Carbon Creek.

Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially and adversely 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 Companys inability to obtain
any necessary permits, consents or authorizations required for 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 and operational risks
normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed in the Companys most recent Annual Information Form filed with certain
provincial securities commissions in Canada and in the Companys most recent Form 40F filed with the United States Securities and Exchange Commission, available at www.sedar.com and
www.sec.gov, respectively. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of
this presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person
acting on its behalf are qualified by the cautionary statements herein. Scientific or technical information contained herein is derived from the independent NI43-101 technical reports which include
more detailed information with respect to the Companys properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the
key assumptions, methods and parameters used in the resource estimates, a general discussion of the extent to which the resource estimates and the other estimates and projections included in the
reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues and you are urged to review such reports in their
entirety.

The Company uses certain terms in this presentation, such as resources, indicated and inferred that the SECs guidelines strictly prohibit U.S. registered companies from including in their
filings with the SEC. Accordingly, the Companys disclosures regarding mineralization may not be comparable to similar information disclosed by US registered companies. The presentation
contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has
no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Companys properties.
You are urged to consider closely the disclosure in the Companys latest Form 40-F annual report, which may be secured from the Company, or from the SECs website at www.sec.gov.

2 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Peace River Coalfield

Over $5 billion in recent mergers & acquisitions


over the last 2 years from large cap companies

Carbon Creek is one of the last remaining coal


deposits not controlled by a major mining
corporation

3 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Investment Opportunity
CARBON CREEK METALLURGICAL COAL DEPOSIT

Advanced Mine Development Project


Economically robust Prefeasibility Study
468Mt Measured & Indicated Resources
Including 121 Mt initial Reserve
Largest single resource in Peace River coalfield
Potentially largest single producer in coalfield
Potentially lowest cost producer
Existing infrastructure (power, port & rail)
Stable political environment
Cardero holds 100% working interest
Subject to 25% NPI, payable to a private Alberta company

4 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Prefeasibility Highlights

VALUATION 75% Basis


Average base case pricing assumption of $174/tonne (5-year average $187/t)
NPV8 of $633M, 24% IRR (post-tax, post NPI)
Undiscounted cash flow $2,132M over life of mine
RESERVE & RESOURCE BASE
Measured & Indicated resources increased to 468Mt from 166Mt
Initial reserve estimate 121 Mt, 78Mt of clean coal sales over 20 years
COAL QUALITY & PRODUCTION RATE
Hard Coking Coal product increases to 60% from 35%
Average clean coal production rate increased to 4.1Mpta from 2.9Mtpa
CAPITAL & OPERATING
Preproduction Capital reduced to $217M from $301M
Operating cost reduced to $110/t from $114/t

5 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Building Resource Base

800
Prefeasibility
Unclassified Study
700
Inferred CONTINUED RESOURCE GROWTH
600
Indicated
500 Measured Preliminary 2012 drilling will provide data for
400 Reserves Economic resource update for the 2013 Feasibility
Assessment
Study
300 Initial
43-101
200

100

0
1975 1976 2010 2011 2012

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources shown in this table have been excluded from the PFS for the purposes of
mine planning and financial evaluation. Mineral reserves are included in measured and indicated mineral resources. The Company cautions that the accuracy of resource and reserve estimates
is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. Given the data available at the time the estimates were
prepared, the estimates presented herein are considered reasonable. However, they should be accepted with the understanding that additional data and analysis available subsequent to the
date of the estimates may necessitate revision. These revisions may be material. There is no assurance that any mineral resources, other than those already identified in the PFS as proven or
probable reserves, will ultimately be reclassified as proven or probable reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

6 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Typical Peace River Coalfield Deposits

Huguenot Deposit Willow Creek Mine

Brule Mine

Note Belcourt North Deposit


All sections sourced from the public filings of the relevant companies.
All presented at the same scale.

7 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Scale Relative to Other Deposits

Huguenot Deposit
RELATIVE SCALE
Sections presented at the same scale
Willow Creek Mine Carbon Creek is several times larger
Size of Carbon Creek resource contributes to
flexibility of mining, potential production rate,
Brule Mine potential LOM, consolidation of production
Multiple seams contribute to tailored product
specification , potential production rate
Simple geology contributes to flexibility in
Belcourt North Deposit mining methods, particularly underground

Carbon Creek Deposit


(Cardero Resource Corp)

8 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Potential Carbon Creek Advantages

Barge
Route PEACE RIVER COALFIELD
Four operating mines
4.1Mtpa
Average production rate is 0.92Mtpa
Average reserve base is 17.35Mt

CARBON CREEK EFFICIENCIES


Consolidated operation
Mackenzie
Single wash plant
Railhead
No haul road
4.1Mtpa
Largest contiguous deposit in belt
Potentially largest producer in belt
Lower-cost barge transportation to
Mackenzie railhead

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Mineability

THREE MINING METHODS UNDER


CONSIDERATION
Surface Open Pit
Surface Contour & Highwall Mining
Underground Room and Pillar
Absence of faults within mining blocks

LOGISTICS
Simple geology allows for concurrent surface
and underground mining
Initial mining focused in north and central
areas
Plant location within 8km of all surface pits
and adjacent to barge loading facilities

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Multiple Mining Methods
CONTOUR MINING HIGHWALL MINING

ROOM AND PILLAR OPEN PIT MINING

11 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Carbon Creek Mine Site

Carbon
Inlet

Carbon
Inlet

Plant
Barge Loading

Central Surface
Mine

Current Camp

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Coal Quality

BLENDED PRODUCT SPECIFICATIONS

PRODUCT MOISTURE ASH SULPHUR VOLATILE FIXED CV FSI


MATTER CARBON (Kcal/kg) (Free
Swelling
% % % % % Index)

HARD COKING COAL 2.0 5.5 7.0 < 0.90 20 - 30 65 - 70 7,600 - 8,000 6.0 - 7.0

SEMI SOFT / PCI 1.0 1.5 2.5 5.5 0.85 26 - 30 66 - 74 7,600 8,000 2.0 4.0

COAL QUALITY HIGHLIGHTS

60% Hard Coking Coal, 34% Semi-Soft / PCI, 6% Thermal (near-surface oxidized coal)
Carbon Creek coals are comparable to other premium coal products in northeast BC
The coal has distinct advantages
1. LOW PHOSPHORUS
2. LOW ASH CONTENT

13 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Long-Term Product Pricing

Analyst Reports Independent Market Opinion Historical 5-Year Average


LOW CASE BASE CASE HIGH CASE
Benchmark Carbon Creek Benchmark Carbon Creek Benchmark Carbon Creek
Hard Coking Coal 175 165 210 200 227 217
High Volatile Met Coal* 127 113 153 137 172 151
Thermal Product 87 96 103 115 106 119
Average Price LOM 143 174 187

COAL PRICING ASSUMPTIONS

Hard Coking Coal represents 60% of production over LOM


High Vol Met Coal (34%) has the option to be sold as a Semi-Soft or PCI
product dependent on market pricing
Thermal coal (6%) is a premium product (near-surface oxidation of met coal)

*Optionality with respect to Semi-Soft and PCI products is reflected in an average High Volatile Metallurgical Coal price

14 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Post-Tax, Post-NPI Project Valuation

IRR NPV NPV NPV


COAL PRICE SENSITIVITY*
%* 8% 10% 12%

5-YEAR AVERAGE $187/t 27.0 $819M $616M $462M

BASE CASE $174/t 23.7 $633M $465M $338M

*Average price based on projected volumes of coal products sold over mine life: 60% hard coking coal,
34% semi-soft / PCI, 6% premium thermal (near-surface oxidized coal)

CAPITAL COSTS OPERATIONAL COSTS (Clean Coal basis)


Pre-production capital $217M Average Direct Mine Cost** $61.11/t
Capital to Full Production $258M Barge, Rail & Port $36.75/t
$475M Indirect Costs (G&A, mineral tax etc.) $12.57/t
Sustaining Capital LOM $363M $110.43/t
$838M
**Equipment leasing costs are included in average direct mine cost

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De-Risking to Production

2012 2013 2014 2015


Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Preliminary Economic Assessment Report
Prefeasibility Study Results
Bankable Feasibility Report
Environmental Monitoring
Stakeholder Consultation
Mine Permit & EAC Applications
Estimation & Procurement
Construction
First Coal Production

CRITICAL MILESTONES*
Feasibility Study Q2 2013 - facilitates concurrent permit submission
Delivery of Mine Permit in Q1 2014 construction commences
First coal Q4 2014

* Timelines and dates are estimates that cannot be guaranteed and may be subject to change.

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Share Capitalization

SHARE CAPITAL
~93.4 M shares outstanding
~108.8 M shares fully diluted
52 week high-low $1.56 - $0.53

ANALYST COVERAGE

Cormark Securities Inc.


Desjardins Capital Markets
Dundee Securities Ltd.
Haywood Securities Inc.
Macquarie Capital Markets Canada Ltd.
Ocean Equities Ltd.
Paradigm Capital

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Management
Board of Directors Management

Henk Van Alphen Managing Director Michael Hunter President & CEO
27 years mining business experience
Extensive public company experience Angus Christie Chief Operating Officer
25 years coal mining, resource management & mine development
Sale of Pampa de Pongo iron deposit for $100M (2009)
Previously Manager Strategy and Resources for Anglo Coal
Ryan Dunfield Director Keith Henderson Executive Vice President
Financial professional experienced in capital markets 20 years global mining-industry experience, including metallurgical coal
Specializing in acquisition and divestiture in resource sector Previously Project Manager at Anglo Coal

Stephan Fitch Director Blaine Bailey Chief Financial Officer


International corporate finance / investment banking Certified general accountant with 20 years public company experience
27 years specializing in venture capital
Lawrence Talbot VP & General Counsel
27 years experience acting for public natural resource companies
Leonard Harris Director
52 years experience in mineral processing and mining Nancy Curry Corporate Communications
Strong background in large-scale mine operations start-up 20 years financial market and public company experience

Michael Hunter Director Guy Gilron VP Environment & Regulatory Affairs


25 years coal-sector experience; mining and coal quality specialist 22 years global experience, most recently specializing in BC coal projects
Founder of First Coal Corp. purchased by Xstrata for $137M (2011) Previously Tecks Director Environmental Science
Abundant experience operating in Peace River Coalfield, BC.
David Thompson Resource Manager
Geologist with 15 years metallurgical coal experience
Paul Matysek Director
Previously Project Manager with Anglo Coal
Mining entrepreneur specializes in mine development and divestment
Founder of Lithium One, acquired by Galaxy resources (2012) Bob Osborne Community Relations Director
Founder of Energy metals Corp, acquired by Uranium One >$1B (2007) 25 years experience in Aboriginal Affairs
Former CEO of Potash One, acquired by K&S Akt. for $450M (2011) Previous Aboriginal Affairs Coordinator for BC Environmental Assessment Office

Leigh Harris Material Logistics


20 years experience in material handling and transportation
Previously Smit Marine Canada

18 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY


Carbon Creek Milestones

COMPLETED FUTURE
Hired Chief Operating Officer Q2 2012 Recruitment of key personnel Q4 2012

Commenced Environmental Baseline Q2 - 2012 CN Rail agreement Q4 2012

Phase I port allocation Q2 - 2012 BC Hydro transmission route Q4 2012

Coal license issued (414152) Q2 - 2012 Coal product finalization Q1 2013

Commence 2012 drill program Q3 - 2012 Commence off-take negotiations Q1 2013

Pre-feasibility study Q3 - 2012 Additional port allocations Q2 2013

Complete feasibility study Q2 2013

Submit mine permit application Q2 2013

19 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY Note: Estimated schedule. Actual times may vary.
Summary

Met coal prices positioned for recovery

Large Resource Base with Simple Geology

First Coal planned 2014

Average Production Rate >4Mtpa

60% Hard Coking Coal

Average OPEX $110/t

NPV8 $633M
20 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY
Contact
Michael Hunter
President & CEO
mhunter@cardero.com

Nancy Curry
Corporate Communications
ncurry@cardero.com

1-604-408-7488

www.cardero.com

Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY