14.

LEGAL PROCEEDINGS

CRA Related

January 6, 2014,

the Company received notice from Mr. Borkowski that the amount due to CRA in accordance with the Notes was

$2,197,453

plus interest of

$1,403,652

15%

(updated interest amount as of

December 31, 2015

per Mr. Borkowski correspondence)

neither of which the Company believes is valid and is only carrying the

$1,500,000

in Notes plus the

$394,244

of Advances payable plus accrued interest of approximately

$197,000

as of

December 31, 2015.

The

January 6, 2014

notice from Mr. Borkowski acknowledges that amounts above

$1,500,000

are “uncertificated.”

Company approval or adequate substantiation for crediting the difference of

$1,894,244

and

$2,197,453

as amount due under the Convertible Notes or as Advances has been provided. The Company and GGC have also raised fraud issues with CR which have

not

been resolved; if unresolved, the fraud issues would vitiate CR’s rights and create liabilities. A draft audit report was prepared, but both CRA and its director Mr. Premraj each failed to attend

two

shareholder and board meetings to consider the draft report. The

February 27, 2014

shareholder and board meetings were adjourned in accordance with the Articles and when the shareholder meeting reconvened on

March 7, 2014

the Company voted its majority shares to approve the draft audit report. On

March 10, 2014,

Mr. Borkowski purportedly on behalf of CRA received an “Order of Justice” and injunction from the Royal Court of Jersey against GGCRL, the Executive Chairman of GGCRL and the Company enjoining it from certain activities. The order was applied for and received on an ex parte basis without giving any of the defendants notice or opportunity to be heard and based on incomplete and fraudulent representations. Neither Mr. Premraj who was consistently represented as the owner of CRA or Mr. Marvin who signed every agreement on behalf of CRA submitted a sworn statement in support of CRA or Mr. Borkowski so there are additional concerns about fraud and misrepresentation as well as counterparty risk. GGCRL matters are subject to a broad arbitration agreement, and the Company has triggered the dispute resolution provisions of the

2011

JVA as well as subsequent arbitration agreements, and the arbitration agreement has been upheld by the Jersey courts. The Jersey legal action is considered to be a bad faith tactic,

not

based in law or fact, and designed only to extract extra legal advantages against the Company. On

April 2, 2014,

the aspects of the ex parte injunction affecting operations were lifted. The Company is still considering its legal options with respect to CRA as well as the individuals who have misled the Company, frustrated the GGCRL joint venture as well as the

November 2013

merger agreement with Signature, and breached the relevant agreements. The Company is also aware that Mr. Borkowski has attempted to buy the Mego Gold ABB loan from the ABB bank (since repaid in full), has materially interfered in the Company’s contractual and business affairs and has been working with Mr. Mavridis and Caldera Resources in issuing defamatory material on the internet and elsewhere against the Company and its principals. The Company has also received registry documents showing that in

2012

Mr. Borkowski established a company with Caldera's representative to Armenia named the "Aparan Mining Company." The Company has also received additional information on Mr. Borkowski’s activities relative to damaging the Company and attempting to misappropriate its assets in Armenia. The Company engaged in litigation in Armenia concerning the Getik license and a competing claim to that license advanced by a company affiliated with Mr. Borkowski’s attorney, “Mining Solutions, LLC.”

In the Jersey legal action, Mr. Borkowski attempted to obtain judgment on the Convertible Notes

claim for CRA, but the court denied that attempt and held the issue over in a judgment dated

June 18, 2014;

the court awarded the Company its costs in defending the attempt by Mr. Borkowski purportedly on behalf of CRA.

March 26, 2015,

the Court of A

ppeals of the Island of Jersey ruled in the Company’s favor in staying all proceedings and referring the claims initiated by Joseph Borkowski, purportedly on behalf of CRA to the contracted dispute resolution procedures in New York City. On the same day, the Court of Appeals also granted the Company its costs and fees for the entire proceedings with CRA. Approximately

$165,000

has already been awarded to the Company against CRA (but

not

paid) with applications for additional amounts based on the Court of Appeals award available.

April 22, 2015,

the Victoria Legal Services Commission in Australia found that the attorney Mr. Premraj chose to represent GGCRL in the Signature Gold transaction, Charles Wantrup, who acted to the detriment of the Company, enga

ged in “unsatisfactory professional conduct.”

May 27, 2015,

the Court of Appeals of the Island of Jersey again ruled in the Company

’s favor refusing CRA’s request for leave to appeal to the Queen’s Privy Council. CRA requested the Queen’s Privy Council for leave to appeal which was granted. On

July 20, 2015,

in accordance with the CRA Agreements and the Jersey Court of Appeals decisions, the Company instituted a mediation process with CRA at the American Arbitration Association in New York City. In a further material breach of the CRA Agreements, CRA refused to participate in the mediation. At the same time, On

November 18, 2015,

the Royal Court of Jersey ruled in favor of GGCRL, the Company, and Mr. Krikorian in lifting all remnants of the injunction issued in

2014

which was

not

appealed, see exhibit

10.76

below. In lifting the remnants of the injunctions, the Royal Court gave Mr. Borkowski and CRA

thirty

days to file for relief in the agreed New York arbitration forum prior to lifting all the restraints; neither Mr. Borkowski nor CRA made such a filing. The Company has been awarded its costs and attorney fees, which it is pursuing. CRA has

not

complied with the agreed dispute resolution provisions to commence in New York, despite the Company’s initiation of the agreed mediation clause.

September 13, 2016,

the United Kingdom “

Judicial Committee of the Privy Council” (“JCPC”) issued an order and opinion dismissing the action which Joseph Borkowski filed and pursued purportedly on behalf of CRA in Island of Jersey against GGCRL, the Company, and Van Krikorian. (JCPC #

2015/0075

). The JCPC dismissed the Borkowski/CRA action with prejudice and like the lower courts granted the Company and Mr. Krikorian their costs and legal fees. This terminates the Jersey litigation in favor of the Company and Mr. Krikorian in favor of the New York Dispute Resolution agreement which CRA has advised the court it is

not

pursuing except for the calculation and collection of costs and legal fees.

December 1, 2016,

he Viscounts Department of the Island of Jersey arrested all of the CRA shares in GGCRL in favor of the Company pursuant to a Royal Court judgement in the Company’s favor.

The Company reengaged in settlement discussions to resolve disputes with the ben

eficial owner of CRA, Caralapati (Prem) Premraj and Jeffrey Marvin, who signed all of the relevant contracts with the Company on behalf of CRA.

Amarant and Alluvia Related

August 6, 2013,

the American Arbitration Association International Centre for Dispute Resolution issued a Partial Final Award in favor of the Company for

$2,512,312

as a liquidated principal debt plus

12%

interest and excluding any additional damages,

attorney fees, or costs which will be discussed at a later time. Additionally, the American Arbitration Association enjoined Amarant and Alluvia from assigning or alienating any assets or performing or entering transactions which would have the effect of alienating its respective assets pending payment of

$2,512,312

to Global Gold. Amarant and Alluvia have

not

complied with the arbitral award to pay, produce records, or, apparently, enter transactions pending payment in full to Global Gold. Subsequent to the arbitral award, Amarant and Alluvia announced on the Amarant website in

2013

that “[t]he companies have reached an agreement with a UAE based consortium to sell material parts of their assets. The deal was signed on the

30th

September

in London and consists of

three

parts. The

first

stage consists of the sales of the shares in Mineral Invest and Alluvia that are pledged as security for various bridge financing solutions and short term financing. In a

second

stage the consortium will provide the operational companies MII and Alluvia with necessary funding to start the operations and settle off short term debts and obligations in Alluvia and Mineral Invest including, but

not

limited to, legal fees to the SOVR law firm, license fees, funds owed to Global Gold related to the purchase of the Valdevia, Chile property and remaining payments against NSR commitments in connection with the Huakan deal. The

first

two

stages are expected to be completed by the end of

2013.”

Global Gold was contacted by Mr. Ulander and separately by the former Chairman of Alluvia, Mr. Thomas Dalton, as the representative of the consortium, Gulf Resource Capital, referenced in the Amarant/Alluvia announcement to settle

the arbitration award and despite the expectation of

payments,

payments were made by

December 31, 2013

and the parties have

not

reached a definitive agreement. There can be

assurance that Gulf Resource Capital will pay on behalf of Amarant and Alluvia, Global Gold will continue to seek enforcement of the arbitral award to the full extent as well as pursue its claims of additional damages in the ongoing arbitration.

June 26, 2014,

the International Center for Dispute Resolution International Arbitration Tribunal delivered a Final Award in the matt

er of Global Gold Corporation vs. Amarant Mining LTD and Alluvia Mining, Ltd. awarding Global Gold

$16,800,000

USD plus

$68,570.25

USD in interest, costs, and fess, with post-award interest on unpaid amounts accruing at

9%,

which totaled

$4,575,311

as of

June 30, 2017.

In addition, the Tribunal provided the following injunctive relief: “ Per my previous orders in this matter, each of Amarant and Alluvia, including its officers and agents individually (including without limitation Johan Ulander), is continued to be enjoined, directly and indirectly, from alienating any assets, from transferring or consenting to the transfer of any shares, or performing or entering any transactions which would have the effect of alienating assets pending payment to Global Gold; each of Amarant and Alluvia, including its officers and agents (including without limitation Johan Ulander) will provide within

business days all contracts, draft agreements, emails, records of financial transactions, financial statements, and all other documents in connection with their business affairs for purposes of determining whether Respondents have complied with the

July 29, 2013

and subsequent orders, have diverted funds which could have been used to pay Global Gold, and to aid Global Gold in collection. Respondents shall specifically provide of all documents related to Gulf Resource Capital, Amarant Finance, the IGE Resources stock sale and related transactions as well as documents related to the institutions from which Respondents have represented payment would issue including but

not

limited to: Mangold, Swedebank, Jool Capital, Skandinavska Bank, Credit Suisse, HSBC, Volksbank, Loyal Bank, Danskebank, NSBO, the “offtaker,” and Clifford Chance escrow account. Respondents shall execute any documents reasonably necessary or required by any institution to give Claimant access to this information and documents” all as more particularly set out in Exhibit

10.68.

Subsequently, Amarant also reorganized itself as a Swedish company which took over assets in violation of the Final Award.

September 10, 2015,

the Company notified Intacta Kapital AB of Stockholm of its co

ntinuing obligation to pay Global Gold on the Contender guaranty of the Amarant group.

April 3, 2017,

the Swedish government in Stockholm indicted Fredrik Rodger in connection with the Contender Kapital (subsequently Intacta Kapital)

million guarant

y of Amarant/Alluvia’s obligations to Global Gold Corporation. The indictment indentifies Global Gold as a victim.

April 5, 2017,

Amarant provided a public update that it had commenced production at

one

of the properties restricted by the

2014

intern

ational arbitral award in the Company’s favor and has raised capital in Sweden.

May 15, 2017,

Johan Ulander, Chairman of Amarant Mining, was arrested in Sweden on charges of fraud.

The Company is actively pursuing worldwide enforcement of the mone

tary award and injunctive relief granted as well as payment on the Intacta/Contender guaranty. Intacta has entered bankruptcy proceedings in Sweden, and the Company is a creditor.

Hankavan Related

2006,

GGH, which was the license holder for the

Hankavan and Marjan properties, was the subject of corrupt and improper demands and threats from the now former Minister of the Ministry of Environment and Natural Resources of Armenia, Vardan Ayvazian. The Company reported this situation to the appropriate authorities in Armenia and in the United States. Although the Minister took the position that the licenses at Hankavan and Marjan were terminated, other Armenian governmental officials assured the Company to the contrary and Armenian public records confirmed the continuing validity of the licenses. The Company received independent legal opinions that all of its licenses were valid and remained in full force and effect, continued to work at those properties, and engaged international and local counsel to pursue prosecution of the illegal and corrupt practices directed against the subsidiary, including international arbitration. On

November 7, 2006,

the Company initiated the

thirty

-day good faith negotiating period (which is a prerequisite to filing for international arbitration under the

2003

SHA, LLC Share Purchase Agreement) with the

three

named shareholders and

one

previously undisclosed principal, Mr. Ayvazian. The Company filed for arbitration under the rules under the International Chamber of Commerce, headquartered in Paris, France ("ICC"), on

December 29, 2006.

September 25, 2008,

the Federal District Court for the Southern District of New York ruled that Mr. Ayvazian was required to appear as a respondent in the ICC arbitration. On

September 5, 2008,

the ICC International Court of Arbitration ruled that Mr. Ayvazian shall be a party in accordance with the decision rendered on

September 25, 2008

by the Federal District Court for the Southern District of New York. Subsequently, in

December 2011

the ICC Tribunal decided to proceed only with the

three

named shareholders; in

March 2012,

GGM filed an action in Federal District Court

pursuant to that Court

’s decisions for damages against Ayvazian and/or to conform the ICC Tribunal to the precedents, and on

July 11, 2012

the Federal Court entered judgment in favor of the Company, which was

not

appealed and became final. Based on the evidence of the damages

suffered as a result of Ayvazyan

’s actions, the final

$37,537,978.02

federal court judgment in favor of GGM is comprised of

$27,152,244.50

in compensatory damages plus

$10,385,734.52

of interest at

from

2008.

The Company has notified the ICC that the pending arbitration against the other

three

shareholders should be terminated as moot, considering the judgment against Ayvazian. The ICC has complied with the Company’s request and terminated that proceeding. On

November 21, 2013,

the Company received from its attorneys the “without prejudice” ruling of the Judge J. Paul Oetken of United States District Court for the Southern District of New York which vacated the

$37.5

million default judgment which the Company had obtained against former Armenian Minister of Environment Vartan Ayvazian solely on jurisdictional grounds. The ruling is expressly “without prejudice” to Global Gold’s right to re-file or continue to pursue the case. The court did

not

rule on the corruption charges or damage amount caused by Ayvazian’s actions, basing its findings on Ayvazian’s general insufficient contacts with New York. One of the shareholders of the Armenian party to the agreement under which the Company brought suit against Ayvazian identified him as the undisclosed principal who controlled the transaction and divided the funds paid by Global Gold. The

November 21, 2013

court ruling also did

not

address those facts. This ruling has

effect on the Company’s financial statements as this judgment was never recorded on the Company’s books. The United States Court of Appeals for the Second Circuit in New York subsequently confirmed the dismissal “without prejudice” to the Company, and the Company continues to consider its options.

Based on the US Armenia Bilateral Investment Treaty, GGM filed a request for arbitration against the Republic of Armenia for the actions of the former Minister of Environment and Natural Resources with the International Centre for Settlement of Investment

Disputes, which is a component agency of the World Bank in Washington, D.C. ("ICSID"), on

January 29, 2007.

August 31, 2007,

the Government of Armenia and GGM jointly issued the following statement, "[they] jointly announce that they have suspended the ICSID arbitration pending conclusion of a detailed settlement agreement. The parties have reached a confidential agreement in principle, and anticipate that the final settlement agreement will be reached within

days of this announcement." The Company has learned from public records that GeoProMining Ltd., through an affiliate, has become the sole shareholder of an Armenian Company, Golden Ore, LLC, which was granted a license for Hankavan. GeoProMining Ltd. is subject to the

20%

obligations as successor to Sterlite Resources, Ltd. As of

February 25, 2008,

GGM entered into a conditional, confidential settlement agreement with the Government of the Republic of Armenia to discontinue the ICSID arbitration proceedings, which were discontinued as of

May 2, 2008.

This agreement did

not

affect the ICC arbitration or litigation involving similar subject matter.

Marjan Related

Effective

September 7, 2016,

the Company through its Marjan Mining Company subsidiary and the Armenian Government through its Ministry

of Energy and Natural Resources concluded amendments to the Marjan mining agreement which among other things provides that the Company: (

) has

years from

September 1, 2016

to build the approved tailings dam and plan; (

) has

3.4

years following the completion of the tailings dam and plant to mine

160,000

tonnes of ore from the Marjan mine, pursuant to the approved minng plan; (

) has

months to prepare and file for a report for recalculation of findings based on exploration results; and (

) has

months following the approval by the State Committee on Natural Resources’ approval (which must be issued within

months of the Company’s recalculation) to prepare and file an updated mining plan, all as more particularly described in Exhibit

10.78.

Any delays the government takes shall extend the relevant terms. This amendment also resolves the overlapping license issue caused by Caldera Resources and its Biomine subsidiary which was determined in the Company’s favor by the New York ICDR arbitral award. Please see our “Cautionary Note to U.S. Investors” on our website and Form

-K with regard to the SEC and other standards for the term “reserve.”

Based on a false representation by Caldera, on

June 17, 2010,

Global Gold Corporation and its subsidiary, GGM, LLC (collectively “

Global”) and Caldera Resources, Inc. (“Caldera”) announced TSX-V approval of their

March 24, 2010

joint venture agreement to explore and bring the Marjan property into commercial production. As previously reported, the property is held with a

twenty-five

year “special mining license,” effective

April 22, 2008,

and expiring

April 22, 2033,

which expanded the prior license term and substantially increased the license area. The license required payments of annual governmental fees and the performance of work at the property as submitted and approved in the mining plan, which includes mining of

50,000

tonnes of mineralized rock per year, as well as exploration work to have additional reserves approved under Armenian Law in order to maintain the licenses in good standing. Caldera advised Global as well as governmental authorities that it would

not

be complying with the work requirements which prompted

day termination notices from the government and the

October 7, 2010

joint venture termination notice from Global, which Global had agreed to keep the termination notice confidential until

October 15, 2010.

The joint vent

ure agreement provided that Caldera would be solely responsible for license compliance and conducting the approved mining plan, and that “[i]n the event that Caldera does

not,

or is otherwise unable to, pursue this project and pay to Global Gold the amounts provided for hereunder, Caldera’s rights to the Property and the shares of Marjan-Caldera Mining LLC shall be forfeited and replaced by a Net Smelter Royalty (the “NSR”).” Caldera did

not

meet the threshold to earn any NSR under the agreement, and its notice of license non-compliance as well as its failure to pay resulted in an automatic termination of its rights by operation of the agreement. The agreement provided that Caldera would deliver

500,000

of its shares to Global, “subject to final approvals of this agreement by the TSX Venture Exchange.” Caldera advised that the TSX Venture Exchange approval was issued in

June 2010

and Caldera failed to deliver the shares. Subject to a

day extension if it could

not

raise the funds in capital markets, Caldera agreed to make a

$300,000

payment to the Company on

September 30, 2010

and

December 31, 2010;

$250,000

March 30, 2011,

September 30, 2011,

December 30, 2011,

March 30, 2012,

September 30, 2012,

and

September 30, 2012;

and

$500,000

December 31, 2012.

Caldera raised sufficient funds, but did

not

make these payments.

The agreement was subject to approval by the TSX Venture Exchange and the Board of Directors of the respective companies.

Caldera further informed the Company that it received TSX Venture Exchange approval on the transaction, which subsequently proved to be untrue. On

October 7, 2010,

the Company terminated the Marjan JV for Caldera’s non-payment and non-performance as well as Caldera’s illegal registrations in Armenia and other actions. In

October 2010,

Caldera filed for arbitration in New York City. In

September 2010,

at Caldera’s invitation, the Company filed to reverse the illegal registration in Armenia. That litigation and the New York arbitration were subsequently resolved in favor of the Company, restoring the Company’s

100%

ownership of Marjan.

In a final, non-appealable decision issued and effective

February 8, 2012,

the Armenian Court of Cassation affirmed the

July 29, 2011

Armenian trial court and

December 12, 2012

Court of Appeals decisions which ruled that Caldera's registration and assumption of control through unilateral charter changes of the Marjan Mine and Marjan Mining Company, LLC were illegal and that ownership rests fully with GGM. The official versions of the Armenian Court decisions are available through

http://www.datalex.am

, with English translations available on the Company’s website.

March 29, 2012,

in the independent New York City arbitration case Global Gold received a

favorable ruling in its arbitration proceeding in New York with Caldera which is available on the Company's website, see Exhibit

10.48.

The arbitrator issued a Partial Final Award which orders the Marjan Property in Armenia to revert to GGM based on the

two

failures to meet conditions precedent to the

March 24, 2010

agreement. First, Caldera failed and refused to deliver the

500,000

shares to Global. Second, Caldera did

not

submit the final joint venture agreement to the TSX-V for approval until the middle of the arbitration proceedings, instead relying on superseded versions in its regulatory submissions and submitting “Form

5Cs”

to the TSX-V which were false representations of Caldera’s obligations to Global.

The Partial Award states “

By misrepresenting its payment obligations to the TSX-V, Caldera painted a false financial picture to the TSX-V and the investing public.” In addition, the arbitrator found that had he

not

come to the conclusions above, “Caldera and its officers effectively breached the JV Agreement and the terms of the Limited Liability Agreement” in multiple ways, including Caldera’s failure to make quarterly payments to Global.

The Partial Award orders reversion of the Marjan

property to Global, return of amounts paid to Global by Caldera returned as the JV Agreement did

not

go into effect, an Net Smelter Royalty to Caldera of

0.5%

for each tranche of

million actually spent on the property, and further proceedings on Global’s claims for damages with additional hearings currently set to begin

July 11, 2012.

As previously reported, Global’s records establish that Caldera did

not

spend

million on the Marjan property. Additionally, tax returns filed by Caldera in Armenia report less than

$400,000

spent on the property. The parties' arbitration agreement further provides that the award “shall be final and non-appealable” and for the award of attorney fees, arbitrator’s fees, and other costs. In accordance with the Arbitrator's order and the JV agreement, Global Gold has filed to confirm the Partial Final Award in Federal Court. Caldera is opposing the confirmation. The amounts paid to Global by Caldera total

$150,000

and is included in the Company’s accounts payable, although they are disputed and offset by damages and other amounts due by Caldera to the Company.

In an Opinion and Order signed on

April 15, 2013

and released on

April 17, 2013,

U.S. Federal Judge Kenneth M. Karas of the Southern District of New York confirm

ed the

March 29, 2012

American Arbitration Association arbitration award issued by retired Justice Herman Cahn which, among other things, stated that “[t]he property should revert to [Global Gold] within

thirty

(

) days from the date [of the arbitration award – by

April 29, 2012].

Obviously, [Global Gold]

may

cause the appropriate governmental bodies in Armenia to register the property in [Global Gold’s] name.” All as further described in the exhibit

10.61

below.

The Company has reestablished

control of Marjan Mining Company which is the license holder of the Marjan property. A new mining license, valid until

April 22, 2033,

has been issued to the Company. The Company's control has

not

been established over certain property, records, financial and tax information, or other assets maintained by Caldera such as warehouse and drill core as Caldera has failed to turn over such property despite being ordered to do so. The Company is proceeding with plans to mine in compliance with the mining license, and implement additional exploration to the best of its ability. The Company is also taking legal action to protect its rights in an adjacent territory identified as “Marjan West” for which Caldera has publicly claimed to have a license but according to public, on-line government records, the company holding the license is

100%

owned by another person.

Caldera has also publicly claimed that it continues to have rights to the Marjan property based on the parties

’

December 2009

agreement, but that agreement to agree was merged into the

March 2010

agreement, called for completion of payments by Caldera by the end of

2012,

and included other terms which Caldera cannot meet. Caldera’s attempt to raise this issue in the arbitral proceedings following the

March 29, 2012

decision in Global Gold’s favor has

not

succeeded. Caldera and its officers and agents have also continued a defamatory campaign of harassment and filing of false claims over the internet and elsewhere against the Company and its officials which

may

be pursued during the damages phase of the arbitration.

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 to finally resolve all 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. M

avridis 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

Marjan 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 p

urposes of the Federal Arbitration Act. The Company is actively pursuing enforcement of the monetary damages and injunctive relief granted. Caldera and its former President Mavridis have

not

complied with the Final Award and in conjunction with Joseph Borkowski have continued to act in contravention to the Final Award including with respect to spreading defamatory information, which the Company needs to address. The Biomine license for “Marjan West” was reportedly relinquished as of

December 31, 2015.

Armenian Tax Authority Related

January 12, 2012,

the Armenian Court of Cassation confirmed prior trial and appellate court rulings rejecting a proposed tax assessment against the Company

’s Mego-Gold subsidiary by the Armenian State Revenue Agency related to an incorrect claim concerning gold production at Toukhmanuk as well as incorrect applications of relevant law. Subsequently, the State Revenue agency continued investigations and

intimated

that it is investigating and

may

make further claims against the Company based on the same matters previously adjudicated in the Company’s favor as well as based on claims initiated and related to Caldera Resources and its agents during and after legal proceedings in which the Company prevailed against Caldera. Independent legal counsel was engaged on these matters, the Company considered that it has

liabilities in connection with allegations noted to date, and in

January 2015,

the State Revenue concluded its investigation with

tax or other consequence to the Company as well as exoneration for the false claims. The Company has alerted Armenian authorities to the evidence of corruption in connection with the purported investigation and the role of Caldera and its agents.

As a part of operating in the country, the Company regularly has to deal with tax claims by authorities,

none

of which rise to the level of materiality. This litigation is still in progress.

The Company also learned

that Mr. Borkowski purportedly of CRA met with Armenian tax officials in the fall of

2012

and worked with Caldera Resources and its President Bill Mavridis to give defamatory testimony and other defamatory materials in attempt to bring criminal charges against the Company and its officers in attempt to gain leverage for his claims against the Company. The Company refuted all charges and the independent investigation confirmed that contractors were paid as reported and agreed, with

tax consequence to the Company as well as exoneration for the false charges concluded in

January 2015.

March 16, 2016,

the State Revenue Committee of Armenia reduced its tax claim against GGH from over

200

million AMD to approximately

million AMD.

February 20, 2017,

the bankruptcy court rejected a bankruptcy petition against Marjan Mining Company based on liabilities related to Caldera was rejected by a court of

first

instance in Armenia, recognizing the validity of the international arbitral aw

ard in the Company’s favor for

$577,174

in Armenia related liabilities.

General

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business or which constitute nuisance claims. In the opinion of management, the amount of any ultimate liability with respect to these actions will

not

mat

erially affect the Company’s consolidated financial statements or results of operations. The Company has been brought to court by several disgruntled former employees and contractors for unpaid salaries and invoices, respectively, as well as some penalties for nonpayment which totals approximately

$540,000

including the Interkapal matter described above. Some employees and creditors have petitioned for a bankruptcy proceeding against the Company’s Mego Gold, GGM, GGH and Marjan subsidiaries in an effort to leverage higher payments, and a bankruptcy manager was appointed in

one

case being appealed. Findings that a bankruptcy proceeding is in order against Mego Gold are being appealed. Local counsel has advised that this effort is

not

ground in law, should

not

be upheld, and if it is upheld in Armenia there will be relief in international arbitration pursuant to the U.S. Armenia Bilateral Investment Treaty and the Company’s

2008

settlement agreement with the Government of Armenia. The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately

$158,000

as of

June 30, 2017

and the Company has depleted the approximately

$25,000

previously deposited at the Armenian Marshall service as security for the claims. The Company is currently, and will continue to, vigorously defending its position in courts against these claims that are without merit. The Company is also negotiating directly with these individuals outside of the courts in attempt to settle based on the amounts of the actual amounts due as recorded by the Company in exchange for prompt and full payment.