SPROTT NATURAL RESOURCE SYMPOSIUM€¦ · Modern Responsible Mining Largest gold mine First heap leach project ... Primary crusher structural steel, apron feeder, vibrating grizzly,

TSX: LYD

SPROTT NATURAL RESOURCE SYMPOSIUM

JULY 17-20 2018

AMULSAR GOLD PROJECTCautionary Statement

2

Certain information contained in this presentation, including any information relating to Amulsar's expected future performance, is "forward looking". All statements in this presentation, other than statements ofhistorical fact, that address events, results, outcomes or developments that the Corporation expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historicalfacts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates","projects", "potential", “upside”, “targets”, "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken","occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this presentation relate primarily to the results of the Amulsar value engineering and optimization studyentitled the ‘‘NI 43-101 Technical Report, Amulsar Updated Resources and Reserves, Armenia”, dated March 30, 2017 and prepared by Samuel Engineering, Inc., and include, among others, statements withrespect to: the economic and resource potential of Amulsar; the timing of any re-rating of Lydian and the extent thereof; the projected cashflow of Amulsar; the economic outlook in Armenia; the generaldevelopment of Amulsar (including, but not limited to, infrastructure, mine operations, systems, facilities, plants, equipment and employment); the economic and feasibility parameters of Amulsar; the nature,cost and timing of development of the Amulsar project; expected capital costs, sustaining capital costs, production, cash costs and all-in sustaining costs; the timing and amount of funding under the Corporation’sproject finance agreements and equipment financing agreements; the expected timing to begin repayments of debt under the project finance agreements and equipment financing agreements; the expectedtiming of achievement of net profit and positive cash flow results for the Amulsar project; the expected mine life, scale, mining methods and plan, processing methods and rates, grades, recovery rates, strippingratio, production and other attributes of Amulsar; the tonnages and grades of mineral reserves and resources and the estimation of mineral reserves and resources; the realization of mineral resource estimatesand the timing of development and construction of the Amulsar project, including the expected start date of production; the expected timing of deliveries of major equipment purchases; results of futureexploration and drilling; the potential extension of the Amulsar project mine life through the evaluation of currently defined inferred resources and from open extensions at depth; the commitment to andimplementation of good international industry practices; the timing for receipt of permits and approvals; the expected pre-tax and after-tax NPV, IRR and payback period associated with Amulsar; the support ofthe Armenian government and local communities; and the expected economic impact of the Amulsar project on the Armenian economy. Statements concerning mineral resource estimates may also be deemedto constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results,performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: significant capitalrequirements and availability of capital resources to fund such requirements; the extent to which Lydian will be re-rated, if at all, and the timing thereof; the extent to which comparable companies are similar toLydian and support comparable valuation metrics; failure to satisfy conditions to draw down advances under the project finance agreements and equipment financing agreements; fluctuations in internationalcurrency markets; price volatility in the spot and forward markets for commodities; tax rates or royalties being greater than assumed; discrepancies between actual and estimated production, between actual andestimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Armenia; changes to the Corporation’s mine plan orprofitability or to the Corporation’s asset profile that might alter the allocation of tax attributes to the Amulsar project; controls, regulations and political or economic developments in Jersey, Canada or Armenia;the speculative nature of mineral exploration and development; risks associated with obtaining and maintaining the necessary licenses and permits and complying with permitting requirements; failure to extendthe mine life of the Amulsar project through the evaluation of defined inferred resources and from open extensions at depth; and uncertainties inherent to mining economic studies such as the Amulsar valueengineering and optimization study, including the risk that the assumptions underlying such study and its economic parameters will not be realized. Additional risk factors are discussed under “Risk Factors” in theCorporation’s most recently filed Annual Information Form and also see “Risk Factors” in the Corporation’s most recently filed Annual Management’s Discussion and Analysis. Although the forward-lookingstatements contained in this presentation are based upon what management believes to be reasonable assumptions, these risks, uncertainties, assumptions and other factors could cause actual results,performance and achievements to differ materially from the expectations, future results, performances or achievements expressed or implied by the forward-looking statements. Accordingly, readers should notplace undue reliance on forward-looking statements. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicablesecurities laws.

Information concerning estimates of minerals reserves and resources

This presentations uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with National Instrument 43-101 – Standard of Disclosure for Mineral Projects, whichestablishes Canadian standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S.Securities and Exchange Commission (“SEC”), and mineral resource information contained herein may not be comparable to similar information disclosed by U.S. companies. This presentation uses the terms“measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” to comply with reporting standards in Canada. We advise U.S. investors that while such terms are recognized andrequired by Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into mineralreserves under SEC definitions. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Therefore, U.S. investors are also cautionednot to assume that all or any part of the “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” exist. In accordance with Canadian rules, estimates of “inferred mineralresources” cannot form the basis of pre-feasibility or other economic studies. It cannot be assumed that all or any part of the “measured mineral resources”, “indicated mineral resources” or “inferred mineralresources” will ever be upgraded to a higher category.

Where we say "we", "us", "our", the "Corporation", or "Lydian" in this presentation, we mean Lydian International Limited and/or one or more or all of its subsidiaries, as may be applicable.

All dollar amount references in this presentation, unless otherwise indicated, are expressed in United States dollars.

AMULSAR GOLD PROJECTLarge Scale, Low Cost Emerging Gold Mine

Large Scale

High Cashflows

Organic Growth Potential

3

Annual Gold ProductionYears 1 - 5 260,000 OzsAverage Life-of-Mine 225,000 Ozs

Gold Reserves - Contained Ozs 2,606,000

Gold Resources - Contained OzsMeasured & Indicated 2 3,470,000 Inferred 1,280,000

Initial Mine Life 10 Years

Annual Tonnes Processed 10.2 Mtpa

Waste : Ore Ratio 2.2 : 1.0

Gold Grade 0.79 g/t

Gold Recovery 87%

Pre-production Capital 3 $425 million

All-in Sustaining Costs ($/oz) $5791 Q1 2017 Technical Report.2 Inclusive of Reserves.3 Q1 2018 MD&A.

PROFILE1

Low Cost

Profile

PROFILE1

Annual Gold Production

Years 1 - 5260,000 Ozs

Average Life-of-Mine225,000 Ozs

Gold Reserves - Contained Ozs2,606,000

Gold Resources - Contained Ozs

Measured & Indicated 23,470,000

Inferred1,280,000

Initial Mine Life10 Years

Annual Tonnes Processed10.2 Mtpa

Waste : Ore Ratio2.2 : 1.0

Gold Grade0.79 g/t

Gold Recovery87%

Pre-production Capital 3$425 million

All-in Sustaining Costs ($/oz)$579

1 Q1 2017 Technical Report.2 Inclusive of Reserves.3 Q1 2018 MD&A.

Top Priorities

Priorities

Validate and deliver the project on schedule and on budget.

Achieve first gold productin in Q4 2018.

Ramp up to commercial production during Q1 2019.

Maintain commitment to sustainable development and the health and safety of our employees, communities, and the environment.

Develop strategies to achieve long-term growth.

Year in Review

Achievements

Achieved two million manhours without a lost time accident.

Completed engineering and most project procurement.

Appointed key project leadership team.

Completed critical earthworks and concrete foundations.

Commenced erection of structural steel in all areas of the project.

Placed all primary process equipment onto foundations.

Received and commissioned initial mining fleet.

Certified pre-operationally compliant with the International Cyanide Management Code.

Funded $193 million under financing facilities (inception of project through 12/31/17).

Published first Sustainability Report.

Armenia Mining

Job Creation

Construction - 1,300 direct jobs

Operations - 700 direct long-term jobs

Current unemployment 16.8%

Foreign Direct Investment and Trade

Among largest FDI since 1991

Annual exports ~ $290 million, representing

17.5% of total annual export sales

Revenue Base

Among largest taxpayers

Annual contribution ~ +$50 million

Modern Responsible Mining

Largest gold mine

First heap leach project

International best practices

Amulsar Gold Project

Profile

Located on Armenia's Primary Infrastructure Corridor

Paved access to site

High-voltage power and water on site

Internet and telecom in place

Supportive Government

Mining Right, Environmental Impact Assessment, and Technical Safety Program approved

Modern mining code

Major Economic Contributor

Major source of tax revenue

$250MM per year in exports

~1,300 direct construction-term jobs

~700 direct long-term jobs

Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa

Tigranes-Artavazdes first pit

4 Km downhill haul to crusher

2018 Fleet (Cat®)

1 x 6040 Shovel (23 m3 bucket)

1 x 994 Loader (22 m3 bucket)

11 x 789 Haul Trucks (190 Mt capacity)

2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status

Nine haul trucks, one hydraulic shovel, and one front-end loader assembled and commissioned.

Haul truck and hydraulic shovel simulators in use to select and train operators.

Construction of the mine haul road from the open pits to the primary crusher nearing completion.

Development of phase 1 of the barren rock storage facility continues to advance.

Haul truck wash bay foundations nearing completion.

Pioneering mine development underway to establish working benches in the Tigranes pit.

Full scale mining operations will commence in Q3 2018.

Material Handling Profile

Profile

Sandvik Designed and Fabricated

Crushing and Screening

1 x Primary crusher

3 x Secondary crushers

Screening

Ore Transportation

5.4 km downhill conveyor

Generates up to 3 MW

Materials Handling Status

Status

Foundations completed for crushing, screening, and drive stations buildings.

Primary crusher structural steel is complete, and the apron feeder, vibrating grizzly, and jaw crusher have been installed.

All three secondary cone crushers have been installed. Final torqueing and alignment checks are continuing.

Erection of structural steel and installation of drive pulleys, gear boxes, drive motors and the primary belt station for the overland conveyor drive station has been completed.

Installation of pre-fabrication buildings for the crushing, screening and drive station is ongoing with completion expected in Q3 2018.

The pre-cast concrete tunnel, two reclaim feeders, and associated structural steel have been installed for the coarse ore stockpile.

Placement of concrete sleepers for the overland conveyor is complete, and assembly and installation of conveyor galleries is nearing completion.

HLF and ADR Profile

Profile

HLF Features

Conventional valley fill

1,630 meters elevation

Ore stacking by truck

HLF Design Capacity

Initial 102 Mt

Phased development

50% expansion potential

Gold Recovery Plant

Carbon-in-column circuit

Standard ADR plant

Doré output

HLF and ADR Status

Status

Earthworks largely complete.

Final stages of slope contouring nearing completion.

Development of ponds at the toe of the HLF are complete.

Liner installation for the process pond is ongoing.

Final layer of clay for storm pond has been placed and placement of liner has begun.

ADR Status

Status

Earthworks and foundations complete.

Erection of structural steel for all buildings is nearly complete.

Pre-fabricated buildings are being erected and equipment installation continues to advance.

Installation of external cladding and interior panels for warehouse building nearing completion.

Piping and cabling for carbon-in-column tanks, warehouse, and ADR building is ongoing.

The process facilities e-house has been installed on its foundation.

Intl Participant

Adopted upon independence in 1991; a 2015 referendum modified from a presidential system to a parliamentary system.

World Bank guided revisions to modernize and reflect best international practices.

EITI is a global standard to promote the open and accountable management of oil, gas, and mineral resources.

United NationsWorld BankWorld Trade Organization

Sustainabilty - Philosophy

International standards drive organizational performance

EBRD performance requirements

IFC performance standards

Volunteer initiatives

International cyanide management code

Volunteer principles on security and human rights

Strong leadership and independent oversight

Board-level oversight through Sustainability Committee

Environmental and social policies adopted

Independent advisory panel established

Independent environmental and social consultant reviews

Strong leadership in Armenia

International Standard ESIA

Published 2016 Sustainability Report, drafted 2017

Sustainabilty - E&S

Environmental Impact Assessment ("EIA") - ArmeniaEnvironmental and Social Impact Assessment ("ESIA") - International

Initial approval November 2014 Prepared by independent international consultants

Updated May 2016 Approved and disclosed 2016

15 public hearings Over 20 public discussions

Sustainabilty - Biodiveristy

Biodiversity management is performed on "No Net Loss" or "Net Gain Basis"

Avoidance

Mitigation (translocation and restoration)

Offset

Lydian discovered Potentilla porphyantha at Amulsar in 2012

Listed in the Armenian Red Book

Translocation to another region of Amulsar and Sevan Botanical Garden

Ultimate plan to demonstrate ability to repropagate to natural habitats

Establishment of Jermuk National Park

Republic of Armenia decree on biodiversity strategy for protected nature areas

Duration of the project - 2017 to 2021

Sustainabilty - EITI

In 2015, Prime Minister announced intent to become member of EITI

Minister of Justice appointed National Champion for EITI

In 2016, multi-stakeholder group ("MSG") formed

Armenian Government - 6 representatives

Civil society organizations - 5 representatives

Industry - 4 representatives, including Lydian International

Armenia application was finalized and submitted in 2016

First report to be published September 2018

Validation to become full membership state expected late 2019 or early 2020

Sustainabilty - Social

Benefitting regional communities of Jermuk, Gndevaz, Gorayk, and Seravan

Beginning 2007 dedicated to secure social license

Invested $3 million to date

2016 revised strategy from "what's good for community to "what's mutually beneficial"

Notable programs in social infrastructure include:

Construction of gas pipline in Saravan

Construction of irrigation channel in Gorayk and Gndevaz

Renovation of Gorayk school, library, and medical post

Reconstruction of Gndevaz kindergarten and school

Reconstruction of kindergarten and art school in Jermuk

Reconstruction of Kechut Music School

Renovation of Kechut drinking water system

Financing of the university tuition fees for students

Operational Readiness

Path to First Gold Pour

Lydian's Operational Readiness Action Plan was developed through a value-added interactive planning session facilitated by Orion and FPI.

Lydian's Operational Readiness Action Plan contains 68 work packages.

Work packages focus on recruitment, training, supply chain/business systems mine process, HSE, and security.

Departments have aligned implementation strategy with a detailed and realistic schedule of activities to manage work.

Operational Readiness Action Plan schedule is consistent with first gold pour and name plate production testing.

Upcoming Milestones

Successful transition from development to production.

Successful ramp up to commercial production.

Achieve steady-state production.

Unlock value through organic growth.

Position company for other value generating opportunities.

Upcoming Milestones (2)

Near-term gold produce

Commence mining ore and establish stockpile for plant commissioning.

Energize main substation and site electrical distribution.

Complete construction.

Commission materials handling system.

Commission processing facilities.

First ore on leach pad.

First gold production.

Ramp up to commercial production during 2019.

Sheet2

Sources: USGS 2014 Minerals Yearbook, ArmeniaQ1 2017 Technical ReportCIA.gov

AMULSAR GOLD PROJECTSignificant Positive Impacts

4

Job Creation








Revenue Base




Largest gold mine

First heap leach project International best practices

Profile

PROFILE1


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%

Pre-production Capital3$425 million


1 Q1 2017 Technical Report.2 Inclusive of Reserves.3 Inclusive of Reserves

Top Priorities

Priorities






Year in Review

Achievements


Advanced major construction activities throughout the project footprint.








Funded $193 million under the Company's financing facilities (as of 12/31/17).

Received C$18 million in cash proceeds from the exercise of warrants.


Armenia Mining

Job Creation








Revenue Base




Largest gold mine




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status









Profile



1 x Primary crusher


Screening

Ore Transportation




Status








HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output

HLF and ADR Status

Status






ADR Status

Status







Intl Participant




















Sustainabilty - E&S







Avoidance


Offset







































Upcoming Milestones

Upcoming Milestones

Hire and train mine and plant operators.



















Sheet2

AMULSAR GOLD PROJECTStrong Financial Backing and Analyst Support

5

ANALYST COVERAGE

Andrew Breichmanas

David Stewart

Shane Nagle

Jonathan Guy

Trevor Turnbull

BMO

GMP

National Bank

Numis Securities

Scotiabank

Orion/RCF/Osisko Gold

ING / Cat Financial / Ameriabank

Lenders

KEY SHAREHOLDERS

Resource Capital Management

Amber Capital UK LP

Donald Smith Value Fund LP

Orion Mine Finance Management Limited

Franklin Resources, Inc.

European Bank for Reconstruction & Development

Profile

PROFILE


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%

Pre-production Capital$425 million

All-in Sustaining Costs ($/oz)2$579

1 Inclusive of Reserves2 Q1 2017 Technical Report.

Reserves

TonnesGold GradeContained Gold

(000s)(g/t)(000s)

Gold Resources

Measured and Indicated142,2000.763,470

Inferred72,2000.551,280

Gold Reserves

Proven and Probable102,6530.792,606

Capital Structure

Trading SymbolOrdinary SharesLYD

Shares OutstandingOrdinary Shares754

Unlisted Warrants5

Market CapitalizationC$345

Share PriceRecent Share PriceC$0.46

52-Week High/LowC$0.63/C$0.31`

Cash at 12/31/17$54

Project FinancingEquity$133

Term Loans$250

Capped Stream$60

Cost Overrun Facility$14

Total$457

Operational Readiness (2)

Capital expenditure estimate as of 3/31/18$425 MM

Minimum additional capital beyond currently arranged financing$40 MM

Additional headroom being considered to mitigate funding risks during start-up, commissioning and ramp-up$25 MM

Funding Options Under Consideration

Issue additional equity

Increase leveraged financing

Restructure terms of stream agreement

Request deferrals to scheduled debt repayments

Project Financing

Current Capex$496

Project Spend through 12/31/17

During 2016(31)

During 2017(211)

Total(242)

Remaining Uses$254

Sources as of 12/31/17

Cash on Hand$54

Term Loan80

COF14

Equipment Financing37

Cash from Ops (though 12/31/18)23

Miscellaneous6

Remaining Sources$214

Required Funding($40)

Project Financing (2)

SourcesRequired$496

Equity$133Project Spend through 12/31/17

Term Loans250 During 2016(31)

Capped Stream60 During 2017(211)

Cost Overrun Facility14Cost Overrun Facility(242)

Total$456Remaining Uses$254

UsesSources as of 12/31/17

Capex$425Cash on Hand$54

Admin/Finance/Other43Term Loan80

Debt Service (through 12/31/18)34COF14

Cash from Ops (through 12/31/18)-23Equipment Financing37

Headroom17Cash from Ops (though 12/31/18)23

Total$496Miscellaneous6

Required($40)Remaining Sources$214

Required($40)

Key Shareholders

KEY SHAREHOLDERS





Amber Capital UK LP


RBC Asset Management

ASA Gold & Precious Metals Fund

Analyst Coverage

ANALYST COVERAGE

BMOAndrew Breichmanas

GMPDavid Stewart

National BankShane Nagle

Numis SecuritiesJonathan Guy

ScotiabankTrevor Turnbull

Lenders

Lenders




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status

Nine haul trucks, one hydraulic shovel, andone front-end loader commissioned.

Simulators in use to screen and train equipment operators.

Initial mine haul road cut complete from open-pits to the primary crushing area.

Expansion of mine haul road to full design width ongoing.

Mining within the pit will begin during Q2 2018


Profile



1 x Primary crusher


Screening

Ore Transportation




Status

Mitigation work required for unfavorable geotechnical conditions complete.

Foundations for crushing facilities and drive station nearly complete.

Installation of pre-fabs for secondary crusher and drive station ongoing.

Pre-cast concrete tunnel, reclaim feeders, and structural steel have been installed.

Conveyor corridor platform completed and turned over for concrete and steel work.`

Conveyor galleries have been erected over a distance of 1.5 km.

HLF and ADR Status

Status

Bulk earthworks largely complete.

Final stages of slope contouring and clay placement continuing.

Ponds at the toe of the HLF are complete.

Liner placement for HLF to begin Q2 2018.

All structural steel for the gold processing facilities is on site and installation is ongoing.


Pre-fabricated buildings are being erected and equipment installation has begun.

Area e-house on site and ready for placement on foundation.

HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output

Infrastructure Status

Status

35kV electrical distribution towers in place.

Power line stringing is progressing.

Substation concrete advancing.

Pre-assembled E-House for gold processing facilities is on site.

Water management and storage system design complete.








Value Generation

Path to Sustainable Gold Production

Mechanical and electrical completion.

ADR pre-commissioning checks.

Commission mining equipment and begin mining operations.

Commission materials handling system, including primary crusher, secondary crusher, and downhill conveyor.

Complete integration of materials handling system.

Commission gold processing facilities.

First ore to the heap leach pad.

Achieve first gold production.

60% nameplate production test completion.

Profile

PROFILE


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%




Reserves


(000s)(g/t)(000s)

Gold Resources


Inferred72,2000.551,280

Gold Reserves


Capital Structure



Unlisted Warrants5




Cash at 12/31/17$54


Term Loans$250

Capped Stream$60


Total$457










Project Financing

Current Capex$496


During 2016(31)

During 2017(211)

Total(242)

Remaining Uses$254


Cash on Hand$54

Term Loan80

COF14



Miscellaneous6




SourcesRequired$496














Required($40)

Key Shareholders

KEY SHAREHOLDERS





Amber Capital UK LP


RBC Asset Management

ASA Gold & Precious Metals Fund

Analyst Coverage

ANALYST COVERAGE


GMPDavid Stewart




Lenders

Lenders




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status







Profile



1 x Primary crusher


Screening

Ore Transportation




Status







HLF and ADR Status

Status









HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output


Status


Power line stringing is progressing.











Value Generation


Mechanical and electrical completion.

ADR pre-commissioning checks.

Commission mining equipment and begin mining operations.

Commission materials handling system, including primary crusher, secondary crusher, and downhill conveyor.

Complete integration of materials handling system.

Commission gold processing facilities.

First ore to the heap leach pad.

Achieve first gold production.

60% nameplate production test completion.

Profile

PROFILE


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%




Reserves


(000s)(g/t)(000s)

Gold Resources


Inferred72,2000.551,280

Gold Reserves


Capital Structure



Unlisted Warrants5




Cash at 12/31/17$54


Term Loans$250

Capped Stream$60


Total$457










Project Financing

Current Capex$496


During 2016(31)

During 2017(211)

Total(242)

Remaining Uses$254


Cash on Hand$54

Term Loan80

COF14



Miscellaneous6




SourcesRequired$496














Required($40)

Key Shareholders

KEY SHAREHOLDERS





Amber Capital UK LP


Analyst Coverage

ANALYST COVERAGE


GMPDavid Stewart




Lenders

Lenders




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status







Profile



1 x Primary crusher


Screening

Ore Transportation




Status







HLF and ADR Status

Status









HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output


Status


Power line stringing complete.











Value Generation


Commission mining equipment.

Commence mining operations.

Crushing, screening, and overland conveyor mechanical completion.

Materials handling commissioning.

First ore to pad.

ADR mechanical completion.

ADR plant commissioning.

Commence leaching operations.


60% nameplate production test.

LYDIAN INTERNATIONALYear in Review

6

Achievements











Profile

PROFILE1


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%




Top Priorities

Priorities






Year in Review

Achievements











Armenia Mining

Job Creation








Revenue Base




Largest gold mine




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status









Profile



1 x Primary crusher


Screening

Ore Transportation




Status








HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output

HLF and ADR Status

Status






ADR Status

Status







Intl Participant




















Sustainabilty - E&S







Avoidance


Offset







































Upcoming Milestones

Upcoming Milestones

Complete financing to provide adequate funding until cashflow positive.

Hire and train mine and plant operators.


Construct contingency road to heap leach facility.


















Sheet2

AMULSAR GOLD PROJECTConventional Open-Pit Mining & Heap Leach Processing

7

AMULSAR CONSTRUCTION UPDATEMining Operations

789D haul truck.

Widening the mine haul road.8

Initial mining fleet assembled and commissioned

Fleet in use for mine haul road construction

AMULSAR CONSTRUCTION UPDATEMaterial Handling System

9

Foundations complete for crushing and screening buildings and drive station

Primary crusher structural steel, apron feeder, vibrating grizzly, and jaw crusher installed

Three secondary cone crushers installed

Steel, drive pulleys, gear boxes, drive motors and belt station installed at conveyor drive station

Placement of sleepers for conveyor complete

Screening equipment.

Primary crusher.

AMULSAR CONSTRUCTION UPDATEHeap Leach Facility

Liner installation of storm pond.

Liner installation of process pond. 10

Earthworks largely complete

Development of ponds at toe of the HLF complete

Liner installation for process and storm ponds has commenced

AMULSAR CONSTRUCTION UPDATEGold Processing Facilities

Carbon-in-column tanks.

Zinc precipitation unit.11

Earthworks and foundations complete

Installation of carbon-in-column tanks complete

Installation of e-house onto foundation complete

AMULSAR GOLD PROJECTInfrastructure

12

Main substation.

Construction of access roads and mine haul road nearly complete

Electrification of site from national grid to take place in mid-July

Installation of main substation complete

1,000-bed accommodation facility is complete

SUSTAINABILITYPhilosophy and Framework

13

Aligns with EBRD and IFCperformance standards

Voluntarily adheres to ICMC1 and security and human rights principles

Board level and independent advisory panel oversight

1 International Cyanide Management Code.2 Extractive Industry Transparency Initiative.

Published first Sustainability Report

Industry member on the Armenia EITI2 multi-stakeholder group

PATH TO RE-RATING Value Generation

14






Profile

PROFILE1


Years 1 - 5260,000 Ozs





Inferred1,280,000




Gold Grade0.79 g/t

Gold Recovery87%




Top Priorities

Priorities






Year in Review

Achievements











Armenia Mining

Job Creation








Revenue Base




Largest gold mine




Profile







Modern mining code






Educated workforce

Mine Ops Profile

Profile

Mining

10.5 Mtpa



2018 Fleet (Cat®)




2019 Fleet (Cat®)

1 x 6040 Shovel

1 x 994 Loader

7 x 789 Haul Trucks

Mine Ops Status

Status









Profile



1 x Primary crusher


Screening

Ore Transportation




Status








HLF and ADR Profile

Profile

HLF Features




HLF Design Capacity

Initial 102 Mt

Phased development


Gold Recovery Plant


Standard ADR plant

Doré output

HLF and ADR Status

Status






ADR Status

Status







Intl Participant




















Sustainabilty - E&S







Avoidance


Offset







































Upcoming Milestones
















Sheet2

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year10

Year11

Year12

Year13

Year14

Year15

Current Mine Plan Growth from Resource Conversion

ORGANIC GROWTH STRATEGYAmulsar Resource Conversion

15

Conversion Targets:2.1 Million Gold Ounces

Growth Profile Assuming50% Conversion Success

Tonnes Gold Grade Contained

Gold (000s) (g/t) (000s)

Measured & Indicated Resources 142,200 0.76 3,470 Less: Initial 10-Year Mine Plan (102,653) 0.79 (2,606)

Measured & Indicated Target 39,547 0.68 864

Inferred Target 72,200 0.55 1,280

Exploration Potential beyond Resources

Chart3

Current Mine PlanYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14Year 15177902.16502177715256153.75636911645328768.80751038285311015.96295970678238018.42182425151194381.0797855522245523.84704592536153681.96554925281174162.65857236966192184.1807092765800000Growth from Resource ConversionYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14Year 15000000072833.15406970135552660.39222456776834375.763380895951225796.2222309195283.20000000001158667.678462

43-101 Table

TotalYear -2Year -1Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Later

Mine ProductionProof

Total OreK Tonnes102,651- 04207,59812,66214,95414,0899,84611,19610,6096,4408,1636,673- 0- 0

Goldg/t0.79- 00.680.870.780.880.850.830.640.830.670.680.80- 00.00

Silverg/t3.85- 06.202.205.254.414.062.694.964.982.582.182.61- 00.00

Gold Minedounces2,605,817- 09,207212,092315,866421,108383,332264,245229,464282,421139,087177,956171,038- 0- 0

Silver Minedounces12,719,391- 083,763537,7822,136,7482,119,1271,840,971851,6111,785,4321,697,038534,253571,878560,788- 0- 0

WasteK Tonnes223,595- 084917,97422,10228,12921,20725,14423,49423,47931,88525,4033,930- 0- 0

Total MinedK Tonnes326,246- 01,26925,57234,76443,08335,29634,99034,69034,08838,32533,56610,604- 0- 0

Strip RatioW:O2.182.022.371.751.881.512.552.102.214.953.110.59- 0

Stockpiled Ore Inventory

Mine Production to StockpileK Tonnes11,834- 042002,6234,4253,589- 069680- 0- 0- 0- 0- 0

Goldounces115,702- 09,207024,75241,74232,997- 06,294709- 0- 0- 0- 0- 0

Silverounces1,305,530- 083,7630295,705431,132311,459- 0172,89410,576- 0- 0- 0- 0- 0

Rehandled Stockpile OreK Tonnes11,834- 0- 0420411- 0- 0654- 0- 04,0602,3373,951- 0- 0

Goldounces115,702- 0- 09,2073,672- 0- 09,025- 0- 036,73721,22235,838- 0- 0

Silverounces1,305,530- 0- 083,76344,099- 0- 0112,606- 0- 0446,832298,558319,672- 0- 0

End-of-Period Stockpile BalanceK TonnesN/A- 042002,2126,63710,2269,57210,26810,3486,2883,9510- 0

GoldouncesN/A- 09,207021,08062,82295,81986,79493,08993,79857,06135,8380- 0

SilverouncesN/A- 083,763(0)251,607682,739994,198881,5921,054,4861,065,063618,230319,6720- 0

Cumulative Grade

Goldg/tN/A- 00.68- 00.300.290.290.280.280.280.280.28- 0- 0

Silverg/tN/A- 06.20- 03.543.203.022.863.193.203.062.52- 0- 0

HLF Production

Total OreK Tonnes102,651- 0- 08,01810,45110,52910,50010,50010,50010,52910,50010,50010,625- 0- 0

Goldg/t0.79- 0- 00.860.881.121.040.810.660.830.520.590.61- 0- 0

Silverg/t3.85- 0- 02.415.614.994.532.864.784.982.912.582.58- 0- 0

Gold Stackedounces2,605,817- 0- 0221,300294,786379,366350,335273,270223,170281,712175,825199,178206,876- 0- 0

Silver Stackedounces12,719,391- 0- 0621,5451,885,1411,687,9941,529,512964,2171,612,5381,686,462981,086870,436880,461- 0- 0

Gold Recoveredounces2,271,793- 0- 0177,902256,154328,769311,016238,018194,381245,524153,682174,163192,184- 0- 0

Silver Recoveredounces781,836- 0- 026,10795,33291,70185,10749,17286,082100,01982,01777,57888,720- 0- 0

90,817,5867,597,82710,039,88410,528,76710,500,0009,845,97810,500,00010,528,7676,439,9948,162,8896,673,480

0.850.870.780.880.850.830.640.830.670.680.80

2,490,115212,092291,114379,366350,335264,245223,170281,712139,087177,956171,038

11,833,580420,266410,839- 0- 0654,022- 0- 04,060,0062,337,1113,951,337

0.300.680.28- 0- 00.43- 0- 00.280.280.28

115,7029,2073,672- 0- 09,025- 0- 036,73721,22235,838

102,651,1658,018,09310,450,72210,528,76710,500,00010,500,00010,500,00010,528,76710,500,00010,500,00010,624,816

0.790.860.881.121.040.810.660.830.520.590.61

2,605,817221,300294,786379,366350,335273,270223,170281,712175,825199,178206,876

Gold produced from reserve-grade ore2,169,379170,500252,963328,769311,016230,158194,381245,524121,571155,606158,891

Gold produced from low-grade stockpile102,4147,4023,191- 0- 07,861- 0- 032,11118,55733,293

2,271,793177,902256,154328,769311,016238,018194,381245,524153,682174,163192,184

138,317,5867,597,82710,039,88410,528,76710,500,0009,845,97810,500,00010,528,76710,500,00010,500,00010,624,81610,500,00010,500,0008,000,0006,000,0002,151,546- 0

0.830.870.901.121.040.830.660.830.770.770.760.770.760.780.780.73ERROR:#DIV/0!

3,698,115212,092291,114379,366350,335264,245223,170281,712259,825260,178259,876259,000255,000201,000151,00050,202- 0

11,833,580420,266410,839- 0- 0654,022- 0- 0- 0- 0- 0- 0- 02,500,0003,500,0004,348,454- 0

0.300.680.28ERROR:#DIV/0!ERROR:#DIV/0!0.43ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!0.290.280.28ERROR:#DIV/0!

115,7029,2073,672- 0- 09,025- 0- 0- 0- 0- 0- 0- 023,00031,00039,798- 0

150,151,1658,018,09310,450,72210,528,76710,500,00010,500,00010,500,00010,528,76710,500,00010,500,00010,624,81610,500,00010,500,00010,500,0009,500,0006,500,000- 0

0.790.860.881.121.040.810.660.830.770.770.760.770.760.660.600.43ERROR:#DIV/0!

3,813,817221,300294,786379,366350,335273,270223,170281,712259,825260,178259,876259,000255,000224,000182,00090,000- 0

Gold produced from reserve-grade ore3,209,766170,500252,963328,769311,016230,158194,381245,524194,405208,266193,267225,796222,309195,283158,66878,462- 0

Gold produced from low-grade stockpile102,4147,4023,191- 0- 07,861- 0- 032,11118,55733,293- 0- 0- 0- 0- 0- 0

Documents

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