Cardinal Resources chief executive and managing director Archie Koimtsidis has for the past 20 years been involved in all facets of gold exploration, discovery, production, and refining in West Africa and South America.

Archie's most recent appointment prior to joining Cardinal was as deputy country manager of Ghana for PMI Gold, a dual-listed TSXV and ASX company. During this time, he was responsible for all field operational matters including coordination of exploration, drilling programmes, and human resource management relating to that company's projects in Ghana.

Archie has been instrumental in acquiring the Ghanaian projects on behalf of Cardinal and has a unique knowledge and understanding of geopolitical and operational matters relating to resource projects in West Africa.

Cardinal Resources chief executive and managing director Archie Koimtsidis believes the stock will be rerated on the back of maturing feasibility work and the attraction of development finance for its Namdini gold project in Ghana, both of which should fall into place before the end of the year.

Cardinal released a prefeasibility study for Namdini last year, which outlined a 294,000 ounce per annum operation with operating costs of US$769/oz for an NPV of $586 million (post tax, 5% discount) after an initial spend of $414 million. The IRR was 38%.

Koimtsidis said there had been "countless" gold equities in Africa analogous to Cardinal that had seen their market capitalisations appreciate markedly on the back of funding and he expected the same to be true for the ASX-listed equity as it pushed Namdini forward.

"We're unfunded and as an unfunded developer you're rated differently to a funded developer. Funding is the key word because that confirms something theoretical is being put into practice and is supported," Koimtsidis said.

"The guys who are funded are that next level closer to producing. We need to complete our feasibility work before funding can be finalised but we believe we will join that funded developer group that has rerated and is getting closer to today's understanding of fair value - they are heading north as far as market caps are concerned because they have financier support."

He said full feasibility and financing could be delivered in the current calendar year. 

For the moment, however, Cardinal is viewed, at least in part, as exploration play, a part of the market investors have neglected for more than half-a-decade. The stock, which is sitting on a measured and indicated resource of 6.5 million ounces at Namdini, was trading at US21c (A$31c) mid this month.

Asked whether he felt Cardinal was being fairly valued, Koimtsidis said that was "tricky" to evaluate.

"In our space, 10 years ago, the market was completely different - gold had respect. Today, investors have alternatives in the mining space and out of the mining space. There are battery minerals, marijuana, bitcoin - people can spend their money anywhere.

"Unfortunately for us, gold has been trading in a consolidation pattern or a range for quite a few years if you look at the long term."

On a more positive note for Cardinal, the gold price in 2019 has appreciated almost 5% so far. If it continues to build momentum, the timing could work out perfectly for the delivery of a full feasibility and derisking late in the year.