CARDERO RESOURCE CORP.
Form 51-102F1
Management’s Discussion and Analysis
For the year ended October 31, 2007
INTRODUCTION
This Management Discussion and Analysis (“MD&A”) provides a detailed analysis of the business of Cardero
Resource Corp. (“Cardero” or the “Company”) and compares its financial results for the year ended October 31,
2007 to the previous year. This MD&A should be read in conjunction with the Company’s audited financial
statements for the years ended October 31, 2007 and 2006 (“Financial Statements”). The Company’s reporting
currency is the Canadian dollar and all amounts in this MD&A are expressed in Canadian dollars (unless otherwise
indicated). The Company reports its financial position, results of operations and cash-flows in accordance with
Canadian generally accepted accounting principles.
This MD&A contains certain statements which may constitute “forward-looking statements”. Forward-looking
statements include but are not limited to, statements regarding the cost, timing and content of future anticipated
exploration programs, the anticipated results thereof, the discovery and delineation of mineral
deposits/resources/reserves, business and financing plans, business trends and future operating revenues. Although
the Company believes that such statements are reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or which by their nature refer to future events. The
Company cautions investors that any forward-looking statements by the Company are not guarantees of future
performance, and that actual results may differ materially from those in forward-looking statements as a result of
various factors, including, but not limited to, the Company’s inability to identify one or more economic deposits on its
properties, to obtain all necessary permits, licenses and approval