Mr. Stuart Ross reports

CARDERO CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Cardero Resource Corp., pursuant to its Aug. 26, 2019, news release regarding a non-brokered private placement, its Sept. 25, 2019, Oct. 9, 2019, Nov. 11, 2019, news releases on the extension of the placement, and its Nov. 20, 2019, news release on the first tranche closing of the placement, has closed a final tranche of the placement, issuing an additional 333,333 units, at a price of three cents per unit, for aggregate cash proceeds of $10,000. The total number of units issued in both tranches was 11,966,666 for total proceeds of $359,000. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of the company for a period of 24 months from the date of issue at a price of five cents, provided that the expiry of the warrants can be accelerated, if the closing price of the company's common shares on the TSX Venture Exchange is at least six cents for a minimum of 10 consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrant, to a date that is 30 days after the date of the notice.

Proceeds will be used to review and improve the economics in the preliminary economic assessment (PEA) reported in the news release dated March 6, 2018, on the company's Zonia copper oxide project in Arizona. It will also be for further testing of the gold content in the oxide deposit (that initial testing is described in the company's news release dated June 14, 2016) and for general working capital purposes.

About Cardero Resource Corp.

The common shares of the company are currently listed on the TSX Venture Exchange and the Frankfurt Stock Exchange.

We seek Safe Harbor.