Lydian International Limited announced the results of an updated 43-101 Feasibility Study for its 100%-owned Amulsar Project in south-central Armenia. The results of the updated Feasibility Study show an increase in reserves from 102.6 million tonnes to 119.3 million tonnes to incorporate additional measured and indicated resources, and an increase of 192,000 oz. in recoverable gold. Following a change in the Government of Armenia in May 2018, demonstrations and road blockades occurred sporadically throughout the country, including at the Amulsar Project. A continuous illegal blockade at Amulsar has been in place since June 2018, causing construction activities to be suspended since that date. On September 9th, 2019, after a year-long investigation by the GOA Investigative Committee involving three separate audits, Prime Minister Nikol Pashinyan stated that access to the Amulsar Project site should be restored, the protesters blocking access should open the roads and there is no legal basis on which the GOA can prevent Lydian from advancing the Amulsar Project. During the 15-month blockade, Lydian has looked at numerous restart options, both internally and with the assistance of JDS Mining & Energy. This included the development of a revised NI 43-101 Technical Report in September 2019 (the “2019 Technical Report”). Lydian recognized the need to update various parameters from the Company’s previous NI 43-101 Technical Report dated March 30, 2017 (the “2017 Technical Report”) to address the full impact of the blockade on construction, and the resulting delay in obtaining first gold and ramp up to full production. The 2019 Technical Report will be based on projected changes in pre-production capital, updated pit optimization work, construction and ramp up schedule changes and other parameters based on detailed reviews of projected construction, commissioning and operational stages of the Project. The basis of this Mineral Resource statement is a resource estimate completed in a previous Feasibility Study completed by AMC Consultants (UK) Limited with an effective date of February 27, 2017. In the intervening period between 2017 and 2019, no material changes have occurred to the resource estimate. On this basis, a new estimate of Mineral Resources for the Amulsar Project was not required as no material change to Mineral Resources occurred. Mineral Resources have been restated at a lower cut-off grade to align with a reduction of the Mineral Reserves cut-off grade in this 2019 Technical Report as compared to the previous 2017 Technical Report. The Mineral Reserve estimate is based on the 2017 AMC Report. The pit optimization work is based on revised operating costs developed and supplied by Lydian staff using updated cost estimates. The resources block model completed in 2017 by AMC using existing drill hole data and geologic interpretations was used in the pit optimization analysis. The measured and indicated resources were evaluated to determine the mineable portion by first using pit optimization techniques and then using the optimization templates to design pit phases and a final design. A production schedule was created from the design pit phases, which forms the basis of the economic evaluation for this study. The 2019 Technical Report includes additional tonnage which was previously constrained within an artificial pit limit to keep the mine life at 10 years in the 2017 Technical Report. These limits were removed in the updated pit optimization for the Tigranes-Artavades shell to increase both ore tonnage and mine life. The stripping ratio in the new mine plan is reduced from 2.18 to 2.04 with an additional 16.7 million tonnes of ore being processed at the heap leach facility. The Amulsar Project is located in south-central Armenia roughly 115 km in a direct line to the southeast of the capital Yerevan or a 170 km drive by paved road. The Amulsar Project property comprises mountainous terrain with the prominent feature of an approximately seven km long northwest- southeast trending ridge. The gold ore deposit is located within three ridge peaks (Erato, Tigranes and Artavasdes) at 2,500 to 2,988 meters above sea level. The HLF is located in a valley at lower elevations providing nominal top surface elevations ranging from 1,664 to 1,856 meters above sea level. All major infrastructural needs are readily accessible, including high tension power lines, a gas pipeline, a fiber optic internet cable, on-site sources of water, and regional labor sources. The sealed highway to Yerevan is immediately adjacent to the Amulsar Project site. The closest town to the Amulsar Project is Jermuk, which is situated approximately 11 km north from the Project’s infrastructure. There are also four rural communities in proximity to the Amulsar Project, including Kechut, Saravan (including Saralanj and Ughedzor), and Gndevaz. The Company’s planned operations contemplate an owner-operated mining fleet delivering run-of-mine ore at a nominal rate of 10 Mtpy from the three open pits to the crushing facility. The ore will be reduced in size through a two-stage crushing facility to 100% passing 19 mm. The crushed ore will be transported approximately 5.3 km via overland conveyor to a crushed ore stockpile. From there, it will be reclaimed by belt feeders underneath the stockpile and transferred by conveyor to a loadout bin. Lime will be added to the ore for pH control and trucks will haul the ore approximately 0.5 km to the heap leach pad for stacking. The HLF consists of the lined leach pad and collection ponds. The leach pad will be constructed in five phases with a total ore heap stacking capacity of 120 Mt over the 12 year project life. Currently, four phases are permitted under the approved environmental impact assessment (EIA) with the fifth and final phase to be permitted and approved during year 8 of the mine life. The collection ponds will include the process pond and three storm event ponds. Process solution and storm/snowmelt water will flow from the leach pad and will gravity-drain through a spillway from the pad to the process pond. Spillways will connect the ponds for potential runoff overflows. Make-up water for the HLF will be needed initially from offsite sources and abstraction permit applications have been submitted to the GOA for approval. Stacked ore on the heap leach pad will be treated by applying leach solution.