13.

AGREEMENTS AND COMMITMENTS

Industrial Minerals/Linne/Jacero Agreements

March 24, 2009,

the Company signed a supply contract agreement with Industrial Minerals SA (“

IM”), a Swiss Company. The agreement is for IM to purchase all of the gold and silver concentrate produced at the Company's Toukhmanuk facility at

85%

of LBMA less certain treatment and refining charges.

February 25, 2010,

the Company, through its wholly owned subsidiary Mego entered into an agreement with IM to

provide Mego with an advance of

$450,000

from IM against future sales of gold and silver concentrate (the “Advance”). The Advance was provided by IM on

February 26, 2010.

The Company owed

87,020

from the Advance as of

June 30, 2017

and

December 31, 2016.

Key terms include; that Mego provides IM with an exclusive off-take agreement for its gold and silver concentrate in Armenia through

December 31, 2012;

for

2009

and until

February 25, 2010,

the price IM paid Mego for gold and silver concentrate was c

alculated based on

85%

of the London AM/PM Gold Fixation and London Silver Spot (“London Rates”), until Mego delivers

2,250

metric tons of concentrate the

85%

is reduced to

80%,

after

2,250

metric tons have been delivered the price will revert to

85%

of London Rates; Mego provides IM with a security interest in its current ore stockpile in Armenia; and the Company provides for a corporate guarantee for repayment of the Advance.

July 5, 2013,

the Company through its majority owned subsidiary Global Gold

Consolidated Resources Limited, a Jersey Island private limited liability company (“GGCRL”), and GGCRL wholly owned subsidiaries GGCR Mining, LLC, a Delaware limited liability company (“GGCR Mining”), and Mego-Gold, LLC, a limited liability company incorporated in the Republic of Armenia (“Mego”), concluded a

fifteen

year mine operating agreement, all as further described in Exhibit

10.62

below, with Linne Mining LLC, a limited liability company incorporated in the Republic of Armenia (“Linne”), as the operator along with an

$8,800,000

debt facilities agreement to fund future production at the central section of the Toukhmanuk gold-silver open pit mine in Armenia. The debt facility includes interest at LIBOR plus

8%,

and the operator, Linne, has an incentive based compensation model, to be paid approved costs plus

10%

of the actual sales of gold, all as further described in Exhibit

10.63

below. The Company has signed as a Guarantor on the debt facility agreement.

The existing offtake agreement with Industr

ial Minerals, SA was also extended until the end of

2027,

all as further described in Exhibit

10.64

below, and share options for up to

10%

in GGCRL or the subsidiary project company in Armenia were also granted in related agreements with Jacero Holdings Limited, a limited liability company incorporated in the Republic of Cyprus (“Jacero”), all as further described in Exhibit

10.65

below.

January 2016

and since, the Company has been engaged with counsel and principals for Linne Mining and Industrial Mi

nerals to disclose the substantiation for amounts drawn under the Debt Facilities Agreement, reconcile evidence of misappropriation of funds by the mine contractor, comply with the Debt Facilities and Operating Agreements, pay the claims Global Gold has made for the breaches of Linne Mining and amicably resolve outstanding disputes without success. The Company has taken the position that the agreed dispute resolution provisions starting with the

day good faith negotiating period commence upon provision of the material to substantiate the claims made by Linne Mining, but that information has

not

been forthcoming. The refusal to turn over this required information has also affected our financial reporting in that we lack a basis to have capital and other expenses claimed by Linne Mining for the benefit of the project confirmed. After the Company presented its position and evidence, Linne advanced a claim of lost profits of approximately

$30.6

million Linne was contractually obligated to operate the mine and produce at certain levels agreed by the parties. Linne utterly and admittedly failed to do so then abdicated as the evidence mounted that its former director Janiko Kaplanishvili was misappropriating funds. We have also learned that from

2013

2015,

he spent less than

days in the country

not

all of which were even at the mine site. We have learned of the deception in attendance to agreed work as well as other fundamental breaches, including using funds drawn for project purposes for personal and other unrelated purposes. The

$30.6

million claim is for lost profits based on the mine contractor’s

10%

bonus payment which was to be earned from production but the contractor for its own reasons and in violation of the agreement did

not

produce. We are disclosing the claim to be transparent, but note that it was only made after the Company pointed out that the contractor failed to perform and owed us for our lost profit and other damages, of which their claim is only

10%.

If the matter is

not

amicably resolved, the Company will need to resort to legal recourse to extract the information being withheld and the monetary damages. The contractor has totally left the mine site and the Company has full control, although we have maintained the contractor remains responsible under the contract. Linne Mining has filed a claim to be registered as a creditor towards Mego Gold to both of these bankruptcy in the amount of

million USD for damages and lost profit. Mego Gold has responded and appealed these claims, as Linne's claim is entirely groundless, violates the law of Republic of Armenia, Convention of the Recognition and Enforcement of Foreign Arbitral Awards as well as the

Operating Agreement signed between Mego and Linne

05.07.2013,

on the ground of which Linne claims

million USD. This case is still under process and Mego Gold anticipates Linne's claim to be rejected entirely. In

2016

Interkapal filed a claim against Mego Gold and Linne

Mining cooperatively, to pa

y the remaining amount of approximately

41,380,000

AMD (

not

including state fees and penalties over

800,000

AMD) under the construction agreement signed between the parties. The court of

first

instance of Kentron and Nork-Marash administrative regions of Yerevan city, RA, satisfied Interkapal's claim, thus obligating Mego and Linne jointly to pay the amount. Mego and Linne both appealed the verdict of the court of

first

instance and the Appellate court of RA rejected Mego's claim and satisfied Linne's claim, thus making Mego the only party obligated to pay

41,380,000

AMD to Interkapal. Mego appealed the ruling of the appellate court to the Cassation court of RA, which rejected the appeal. The ruling of the Cassation court is final but the matter also falls within the disputes between the Company and Linne which was responsible for Interkapal and the Company is pursuing that claim.

Viking Investment/CREO Agreements

July 5, 2013,

GGCRL, and its wholly owned affiliates Mego, and Getik Mining Company,

a limited liability company incorporated in the Republic of Armenia (“Getik”), also finalized an agreement effective

June 20, 2013

with Creo Design (Pty) Limited, a company incorporated in the Republic of South Africa (“CREO”), and Viking Investment Limited, a company incorporated in the Hong Kong (“Viking”). The agreement is for CREO to manage the technical work with local employees and contractors leading to feasibility studies at the Getik property in Armenia as well as at the

plus square kilometer exploration license area surrounding the central section of the Toukhmanuk mine. The agreement also calls for Viking to finance the initial budgeted expenses until GGCRL is publicly listed at a charge of costs plus

10%,

all as further described in Exhibit

10.66

below.

As of

June 30, 2017

and as of the date of this Report, Viking and CREO have failed to meet their obligations and are in material breach of the contract. The Company is reviewing its options with respect to the breaches of contract and to preserve the Getik licenses.

Caldera Agreements

November 10, 2014,

the

International Centre for Dispute Resolution Final Award, with retired Justice Herman Cahn as the sole arbitrator, ruled in favor of Global Gold on damages and a range of other outstanding issues. The total damage award is

$10,844,413

with interest at

and penalties continuing to accrue if Caldera does

not

comply with the equitable relief granted. Of the total damage award,

million is compensation and

million is punitive damages for the defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and its principals. This Final Award terminates the arbitration proceedings which Caldera instituted against Global Gold in

2010.

Global Gold prevailed in the first, liability phase of the arbitration and

four

prior court cases, as summarized and reported in

April 2013.

A full copy of the

page Final Award as well as the other rulings is available at the Global Gold website: www.globalgoldcorp.com. Previous rulings in this matter included that Montreal based Caldera Resources, led by the brothers John Mavridis and Bill Mavridis, failed to make agreed payments to Global Gold despite having raised almost

million, failed to issue stock due, misrepresented the approval of the Toronto Stock Exchange of the parties' contract, and otherwise breached the joint venture agreement. Caldera through its Biomine, LLC subsidiary also acquired a "Marjan West" license area which it claimed was adjacent to Marjan but in fact overlapped with Marjan. Armenian Courts at

three

levels found that Caldera had deceptively and illegally registered full control over the Marjan Mining Company to itself without the signatures or authorization of Global Gold, and a U.S. Federal Court confirmed the phase

arbitration findings while rejecting Caldera's arguments to vacate the award. The

November 10, 2014

Final Award resolved all other outstanding issues with the following specific findings and rulings requiring Caldera to:

turn over to Global Gold at its offices in Rye, New York all books, records, contracts, communications, and property related in any way to the Marjan property in Armenia and the Marjan Mining Company, including specifically the Armenian Marjan Mining Comp

any seal, and shall pay Global Gold

$50,000

plus

$250

per day for every day following issuance of this Final Award that such materials are

not

delivered;

turn over to Global Gold at its offices in Rye, New York communications Caldera and/or Mr. Mavridis has had with

third

parties concerning Global Gold its officers, agents, directors and business…

Without limitation, the following shall also be turned over to Global Gold: all direct and indirect (for example through a translator or agent) communications with the following individuals and organizations: Azat Vartanian, Petros Vartanian, …, Joseph Borkowski, Jeffrey Marvin,… Prem Premraj…, Rasia FZE, Johan Ulander, Ecolur,… Tom Prutzman, …, Stockhouse, Investor's Hub, shareholders of Global Gold, and any governmental or regulatory authorities-- Caldera shall pay Global Gold

$100

per day for every day following issuance of this Final Award that such materials are

not

delivered;

issue a press release correcting the

April 30, 2013

Caldera release …

stating that the original release is retracted with all property books and records (including all exploration data) related to the Marjan property transferred to Global Gold and that neither Caldera nor its successors retain rights to the Marjan mine in Armenia and shall pay Global Gold

$50,000

plus

$100

per day for every day following issuance of this Final Award that such correcting release is

not

issued;

Caldera did

not

spend the minimum

million threshold necessary to be eligible for an NSR Royalty interest and therefore Caldera has

NSR Royalty or any other interest in the Marjan property;

the

$150,000

which Caldera paid to Global Gold was

not

pursuant to the JV Agreement (which did

not

become effective) but pursuant to the

December 2009

Agreement therefore Global Gold is

not

obligated to make any payments to Caldera;

pay Global Gold

$115,000

for Caldera's refusal to turn over

500,000

shares of stock in

2010;

pay Global Gold

$3,174,209

for Caldera's failure to make agreed payments to Global Gold;

pay Global Gold

$577,174

for legacy governmental liabilities concerning the Marjan property and shall indemnify and hold Global Gold harmless (including attorney fees) from any governmental claims or liabilities associated with the time they control the s

eal of the Marjan Mining Company;

pay Global Gold

$967,345

for violating Paragraph (

) of the Final Partial Award requiring turnover of property and [for] interference in Global Gold's development of Marjan and shall relinquish the portions of the M

arjan West license which overlap or in any way impinge on Marjan;

10.

Caldera is liable for defamation and tortious interference with contractual and business relations with regard to Global Gold and its related personnel and so shall (i

) pay Global Gold

million in compensatory damages…, (ii) pay Global Gold

million in punitive or exemplary damages…, (iii) remove all the materials and websites controlled in any way by them which were admitted as exhibits on defamatory publications in this case from the internet and other locations, (iv) remove and be permanently enjoined from using Global Gold's trading symbol without permission; (v)

not

share those materials with others or arrange to have them posted anonymously or otherwise- (vi) independently, … Global Gold and those who have been named by Caldera and Bill Mavridis in the admitted exhibits on defamatory publications as well as their attorneys [are granted] the authority to contact internet service providers, search engine firms, social media sites, stock discussion boards (including but

not

limited to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing) to use this Final Award to remove the material as defamatory;

11.

for the breaches of the Confidentiality Stipulations and Orders in this case, …

all publications of "confidential" or attorney eyes only material [shall] be removed from the internet and any other locations and that their substance

not

be republished and …Global Gold and its attorneys [are granted] the authority to contact internet service providers, search engine firms, social media sites, stock discussions board (including but

not

limited to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing) to use this Final Award to remove the material-- Caldera shall pay Global Gold for

$100

per day every day that persons associated with Caldera remain in violation of the Confidentiality Stipulation and Order following the issuance of this Final Award including for each day until full disclosure of all emails and other communications with

third

parties that the information was shared with or discussed;

12.

pay

$1,822,416

for attorney fees and costs;

13.

reimburse Global Gold

$88,269

paid to t

he arbitration association and for the compensation and expenses of the arbitrator.

The Final Award was certified for purposes of Article I of the United Nations New York Convention on the Recognition and Enforcement of Foreign Arbitral

Awards and for purposes of the Federal Arbitration Act. Caldera has

not

complied with the Final Award.

See the Company

’s

2016

Form

-K for the historical background of the agreements related to the terminated Marjan JV and Caldera Resources.

See Note

- Legal Proceedings.

Consolidated Resources Agreement

As of

March 17, 2011,

the Company entered into an agreement (the “Formation Agreement”) with Consolidated Resources USA, LLC, a Delaware company (“CRU”) for a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia (the “Properties”). Upon payment of the initial consideration as provided below, Global Gold and CRU will work together for

twelve

months (the

“12

Month Period”) to develop the Properties and cause the Properties to be contributed to a new joint venture company, whose identity and terms will be mutually agreed, (the “JVC”). Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.

Key terms include CRU paying initial consider

ation of

$5,000,000

as a working capital commitment to Global Gold payable by: a

$500,000

advance immediately following the execution of the Formation Agreement (the “Advance”);

$1,400,000

payable following the satisfactory completion of due diligence by CRU and the execution of definitive documents in

days from the date of this Agreement; and

$3,100,000

according to a separate schedule in advance and payable within

business days of the end of every calendar month as needed.

April 27, 2011,

the

Company entered into an agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”); and its affiliate CRU, (hereinafter collectively referred to as “CR”), to fund development and form a joint venture on the Properties (the “JV Agreement”). The JV Agreement was entered pursuant to the Formation Agreement.

CR completed its due diligence with satisfaction, and as of the date of the JV Agreement completed the funding of the required

$500,000

Advance.

Upon the terms and subject to the conditions of JV Agreement, CR will complete the funding of the remaining

$4,500,000

of its

$5,000,000

working capital commitment related to Toukhmanuk and Getik according to an agreed, restricted funding schedule which includes

$1,400,000

payable following the execution of the Agreement and the remaining

$3,100,000

payable over the next

months with payments occurring within

business days of the end of each calendar month as needed. In addition, Mr. Jeffrey Marvin of CR was elected a member of the Global Gold Board of Directors and attended the Company's annual meeting on

June 10, 2011.

As of

December 31, 2011,

the Company received the full

$5,000,000

funding from CR. Mr. Marvin resigned from the Global Gold board on

February 24, 2012

for personal reasons.

Pursuant to the JV Agreement, Global Gold and CR were working together for

twelve

months (the “

Month Period”) from the date of the JV Agreement to develop the Properties, improve the financial performance and enhance shareholder value. The JV Agreement enables Global Gold to complete its current Toukhmanuk production expansion to

300,000

tonnes per year and advance exploration in Armenia. Global Gold and CR agree to form a new Joint Venture Company (“JVC”) to be established by CR, subject to terms and conditions mutually and reasonably agreed with Global Gold, provided that JVC shall have

liabilities, obligations, contingent or

not,

or commitments, except pursuant to a shareholders’ agreement. Global Gold and CR intend to integrate all of Global Gold’s Toukhmanuk and Getik mining and exploration operations into the JVC.

The JVC will (i) own, develop and operate Toukhmanuk and Getik, (ii) be a company listed on an exchange fully admitted to trading or be in the process

of being listed on such exchange and (iii) have

liabilities, obligations, contingent or

not,

or commitments except pursuant to the shareholders agreement. The JVC will issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a)

51%

of the equity of JVC, or (b)

$40.0

million in newly issued stock of JVC, calculated based on the volume weighted average price ("VWAP") of such shares over the

first

(

thirty

) days of trading following the IPO, assuming issuance of all shares issuable in the IPO, and assuming issuance of all shares issuable as management shares and conversion of the Notes issued under the Instrument (as defined) and all other convertible securities and exercise of any warrants or other securities issued in connection with the IPO, such that if following any reverse merger or IPO, the value of

$40.0

million in newly issued shares based on VWAP of JVC shares is greater than the Global Gold's

51%

equity ownership in JVC valued as above, new shares in JVC will be issued to the Global Gold such that the aggregate value of Global Gold's ownership in JVC is shares having a value of

$40.0

million based on VWAP, and the Company shall remain in control of the JVC following the public listing.

February 6, 2012,

the Company received consent from shareholders representing a majority

over

65%

of its outstanding Common Stock to transfer the

100%

interests in Mego and Getik Mining Company, LLC into GGCR Mining, LLC, a Delaware limited liability company, owned by a joint venture company, Global Gold Consolidated Resources Limited, a Jersey Island private limited company (“GGCR”), per the terms of the

April 27, 2011

Joint Venture Agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA“). The JVC was to issue new shares to the Company such that following any reverse merger or initial public offering of JVC's shares ("IPO"), Global Gold shall directly or indirectly hold the greater of (a)

51%

of the equity of JVC, or (b)

$40.0

million in newly issued stock of JVC, calculated based on the volume weighted average price ("VWAP") of such shares over the

first

(

thirty

$40.0

million in newly issued shares based on VWAP of JVC shares is greater than the Global Gold's

51%

equity ownership in JVC valued as above, new shares in JVC will be issued to the Global Gold such that the aggregate value of Global Gold's ownership in JVC is shares having a value of

$40.0

million based on VWAP, and the Company shall remain in control of the JVC following the public listing, all as further described in exhibit

10.34

below. The Board of Directors of Global Gold Corporation previously approved the same transaction, discussed above, on

January 5, 2012.

Based on the approval of the Board of Directors of Global Gold received on

January 5, 2012

and on receiving consent from its shareholders representing over a

65%

majority of its outstanding Common Stock on

February 6, 2012,

to transfer the

100%

interest i

n Mego and Getik Mining Company, LLC into GGCR Mining, LLC, a Delaware limited liability company (“GGCR Mining”), owned by a joint venture company, Global Gold Consolidated Resources Limited, a Jersey Island private limited company (“GGCR”), per the terms of the

April 27, 2011

Joint Venture Agreement with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company (“CRA”), the Company entered into the following agreements on or about

February 19, 2012

updating previous agreements, all as further described in the exhibits attached, on the following dates:

	●	Shareholders Agreement for GGCR dated February 18, 2012 ( Exhibit 10.36 )
	●	Supplemental Letter dated February 19, 2012 ( Exhibit 10.37 )
	●	Getik Assignment and Assumption Agreeme nt dated February 19, 2012 ( Exhibit 10.38 )
	●	MG Assignment and Assumption Agreement dated February 19, 2012 ( Exhibit 10.39 )
	●	Guaranty dated February 19, 2012 ( by GGC to CRA) (Exhibit 10.40 )
	●	Guaranty dated February 19, 2012 ( by GGCR Mining to CRA) (Exhibit 10.41 )
	●	Security Agreement dated February 19, 2012 ( by GGCR and GGCR Mining to CRA) (Exhibit 10.42 )
	●	Action by Written Consent of the Sole Member of GGCR Mining, LLC dated February 19, 2012 ( Exhibit 10.43 )
	●	Certificate of Global Gold Corporation dated February 19, 2012 ( Exhibit 10.44 )
	●	Global Gold Consolidated Resources Limited Registered Company No 109058 Written resolutions by all of the directors of the Company (Exhibit 10.45 )
	●	Action by Written Consent of the Board of Managers of GGCR Mining, LLC (Exhibit 10.46 )

Key terms included that Global Gold

will retain

51%

of the shares of GGCR, which will be a subsidiary of the Company, per the terms of the

April 27, 2011

Joint Venture Agreement as approved and described above. The Board of Directors of GGCR Mining would be comprised of Van Krikorian, from GGC, Premraj, from CRA, and

three

non-executive independent directors to be selected in the future. Pending the closing, if any, GGM was designated as the manager of the Toukhmanuk and Getik properties, with reasonable costs incurred by GGM with respect thereto being passed through to GGCRL and GGCR Mining, as applicable, for reimbursement. The

April 26, 2012

deadline set in the

April 2011

JV Agreement to close the transaction passed without a closing for several reasons, as previously reported, clarification and settlement efforts followed.

September 26, 2012,

GGM entered into

two

Share Transfer Agreements with GGCR Mining covering the transfer of all the shares of the Armenian companies Mego and the Getik Mining Company, LLC which respectively hold the Toukhmanuk and Getik mining propert

ies in Armenia. The Share Transfer Agreements were concluded in accordance with the previously disclosed agreements with Consolidated Resources Armenia and Consolidated Resources USA, LLC, a Delaware limited liability company to fund development and form a joint venture on the Company’s Toukhmanuk and Getik properties in Armenia. GGCR Mining will (i) own, develop and operate Toukhmanuk and Getik gold mining properties, and be a (ii) be a company listed on an exchange fully admitted to trading. As of

September 19, 2012,

GGCRL resolved reported outstanding issues which had blocked implementation of the joint venture agreement and execution of the Share Transfer

Agreements.

Global Gold’s ownership in GGCRL is and shall be the greater value of either

51%

or the pro forma value of

$40.0

million

days after the stock is publicly traded. The sole officers of GGCRL as of

September 19, 2012

are: Mr. Van Krikorian, Executive Chairman; Mr.

Jan

Dulman, Financial Controller/CFO/Treasurer; and Mr. Ashot Boghossian Armenia Managing Director, with Ogier -Corporate Services (Jersey) Limited continuing as secretary of the Company. See attached Exhibits

10.58

and

10.59.

October 26, 2012,

the shares of Mego and Getik were registered, subject to terms an

d conditions as stated in the transfer documents, with the State Registry of the Republic of Armenia, as being fully owned by GGCR Mining. The registration was completed after approval was given by ABB which required Global Gold to guaranty the ABB line of credit payable. CRA failed to meet the terms and conditions. The terms and conditions included, but were

not

limited to, (a) funding the

one

year budget, (b) funding the loan payments due to ABB bank in Armenia, (c) performance of employment agreements, (d) the plans for a public listing of the parent company of GGCR Mining (“GGCRL”) by

June 30, 2013 (

authorized as on the AIM exchange in London), (e) reimbursement of Global Gold Corporation for all payments made on behalf of GGCR Mining and related entities as well as payment of all accrued and unpaid obligations to contractors, auditors, counsel and CSA, and (f) that in connection with the public listing of GGCRL by

June 30, 2013,

GGCRL would issue to GGC additional shares in an amount equal to the greater of

51%

of the issued and outstanding shares of the Company upon the financing or issuances of shares in a public listing or a reverse merger or additional shares and/or after distributing shares or options to employees or consultants, so together with shares currently owned by GGC,

thirty

days after public trading of shares, shall equal based upon the average weighted value thereof as defined in the JV Agreement the greater of

51%

or the value of

$40,000,000.

The terms and conditions were signed by Caralapti Premraj who is the representative of Consolidated Resources.

Consolidated Resources failed to meet each of the terms and conditions noted above. For example, As of

September 30, 2013,

the balance due on advances from Global Gold Corporation was

$5,24

4,865

plus accrued interest of

$164,224,

none

of which was paid. Global Gold had to cover the ABB payments, and there was obviously

public listing on AIM by

June 30, 2013.

Without waiving any of its rights, Global Gold allowed Consolidated Resouces to

work to cure its failures in

2013

and on

November 22, 2013

the parties signed an agreement with Signature Gold (also described in our SEC filings) in which Global Gold would have been paid and waived the multiple breaches by Consolidated Resources; however, Consolidated Resources frustrated the closing of that transaction and the audit of GGCRL. In addition, as described elsewhere in our SEC filings, the Company has discovered that Consolidated Resources engaged in a pattern of fraud. In addition to the multiple material breaches of terms and conditions outlined above, the fraudulent acts also vitiate Global Gold’s obligations to Consolidated Resources. In addition, Mr. Premraj has abandoned his duties as a director of GGCRL by

not

engaging or communicating with GGCRL, GGCRM, or Global Gold since early

2014

when he refused to attend the directors and shareholders’ meetings to consider and approve the audit required by the

November 2013

Signature Merger and Sale Agreement.

As of

April 11, 2015,

ABB Bank has

released all of its security interests in the Company’s properties in Armenia. As a result, Linne Mining has moved up to the priority position as a secured creditor.

See Note

Legal Proceedings, below.

Signature Gold

September 5, 2013,

the Company through GGCRL, concluded a Binding Heads of Agreement contract with Signature Gold Limited of Sydney Australia (“Signature”) to merge the Armenian and Australian gold projects, into the renamed Global Signature Gold entity planned to be listed on the Australian Stock Exchange.

January 28, 2017,

the Company served a demand notice on Signature Gold Limited in connection with its role in misappropriating the Getik property. Signature Gold acknowledged receipt of the notice. On

February 2, 2017

, Signature Gold announced plans to merge into Stratmin Gold Resources, an AIM listed company in which Mr. Caralapati Premraj’s Consolidated Resources is listed as the biggest shareholder, his son David Premraj as well as Jeffrey Marvin served on the board, and shares the same CEO, Brett Boynton with Signature Gold. On

February 6, 2017,

the Company delivered formal notice that the claim against Signature Gold would transfer to Stratmin upon the merger. The Signature Gold Stratmin Global Resources merger has

not

closed, and the Company is preparing its legal options accordingly.

Rent Agreements

April 1, 2011,

the Company moved its corporate headquarters from Greenwich, CT to

555

Theodore Fremd Avenue, Rye, NY

10580.

The new lease was for

five

years and had annual costs of;

$63,045

in year

$64,212

in year

$65,380

in year

$66,547

in year

and

$67,715

in year

As of

November 1, 2015,

the Company moved its offices from Suite C-

208

to Suite C-

305

at the same

555

Theodore Fremd Avenue, Rye, NY building and extended its lease for

five

years commencing

November 1, 2015,

at a starting annual rent cost of

$77,409,

see exhibit

10.75.

The following is a schedule by years of future minimum rental payments required under operating leases t

hat have initial or remaining non-cancelable lease terms in excess of

one

year as of

June 30, 2017:

Year ending December 31:
2017 – remaining period	$	39,737
2018		81,924
2019		84,381
2020		94,172
2021 and thereafter		-
Total	$	300,214