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INVESTOR PRESENTATION - Proactive Investors

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AMULSAR GOLD DEPOSIT ARMENIA<br />

• Gold production 2014<br />

• 3.2Moz gold resource, open in all directions<br />

• +90% recoveries from metallurgical testing<br />

• Base Case NPV of US$515M and IRR 45%<br />

• Current Mining License over proposed pit<br />

• Excellent Infrastructure - Highway access,<br />

electricity, gas and water all within license<br />

• Strong influential shareholders; International<br />

Finance Corporation (World Bank Group)<br />

16.44%; EBRD 7.33%<br />

3

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