Cardinal Resources was one of the best-performing emerging gold plays of 2016, after having invested considerable amounts of time, energy and money in exploring, appraising and steadily de-risking its multi-million ounce Namdini gold project in Ghana to an acceptable level. All of this activity happened at just the right time of course, as gold itself was one of the best-performing commodities for the majority of 2016. There however was quite a stumble during late 2016, when the company published what were preliminary, but nonetheless disappointing, metallurgical results from one particular portion of the deposit. Cardinal has since embarked on robust and extensive metallurgical test-work right across the entire deposit, as it aims to clarify the best method of ore treatment and project commercialisation. The good news is that this metallurgical test-work appears to be paying dividends, with a number of conventional gold recovery improvement techniques having been identified, with further updates anticipated during Q1-Q2 2017. Appraisal work will also help boost confidence in the company's +4M oz gold resource, which should help maintain the recent share price recovery.