UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2017

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from to

Commission file number 02-69494

GLOBAL GOLD CORPORATION

(Exact name of small business issuer in its charter)

DELAWARE	13-3025550
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

555 Theodore Fremd Avenue, Rye, NY 10580

(Address of principal executive offices)

(914) 925-0020

(Issuer's telephone number)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☐ (Do not check if smaller reporting company)	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~June~~October 1227, 2017, there were 9293,~~507~~007,559 shares of the issuer's Common Stock outstanding.

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and as of December 31, 2016	3
	Condensed Consolidated Balance Sheets as of June 30, 2017 (Unaudited) and as of December 31, 2016	3
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2017 and 2016 (Unaudited)	4
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2017 and 2016 (Unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016 (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management's Discussion and Analysis of Financial Conditions and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
SIGNATURES		57
CERTIFICATIONS

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	June 30,			December 31,
	2017			2016
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash	$	5440,~~164~~591		$	78,410
Inventories		~~579~~580,~~592~~779			577,686
Tax refunds receivable		92,582			92,582
Receivable from sale, net of impairment of $16,868,570		-			-
Other current assets		2836,~~634~~863			35,545
TOTAL CURRENT ASSETS		~~754~~750,~~972~~815			784,223
DEPOSITS ON CONTRACTS AND EQUIPMENT		~~488~~483,~~339~~712			446,525
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $3,110,336 and $2,994,757, respectively		1,322,550			1,313,251
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $3,149,762 and $2,994,757, respectively		1,318,669			1,313,251
TOTAL ASSETS	$	2,~~565~~553,~~861~~196		$	2,543,999
LIABILITIES AND DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	7,~~636~~930,~~075~~296		$	7,300,792
Wages payable		23,~~918~~072,~~167~~989			2,768,359
Employee loans		~~118~~113,~~088~~083			116,810
Advance from customer		87,020			87,020
Current portion of mine owners debt facilities		4,104,577			4,104,577
Convertible note payable		1,500,000			1,500,000
Advances payable Consolidated Resources - related party		394,244			394,244
Current portion of note payable to Directors		33714,~~592,~~814			3,530,314
TOTAL CURRENT LIABILITIES		20,~~350~~917,~~985~~023			19,802,116
Commitments and contingencies		-			-
DEFICIT:
GLOBAL GOLD CORPORATION STOCKHOLDERS' DEFICIT:
Common stock $0.001 par, 100,000,000 shares authorized; 91,977,559 shares issued and outstanding at March 31, 2017 and December 31, 2016		91,978			91,978
Common stock $0.001 par, 100,000,000 shares authorized; 93,007,559 and 91,977,559 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively		93,008			91,978
Additional paid-in-capital		45,~~006~~023,~~171~~417			45,004,765
Accumulated deficit		(59,~~459~~814,~~753~~575	)		(59,044,944	)
Accumulated other comprehensive income		1,~~458~~437,~~594~~110			1,408,589
TOTAL GLOBAL GOLD CORPORATION STOCKHOLDERS' DEFICIT		(1213,~~903~~261,~~010~~040	)		(12,539,612	)
NONCONTROLLING INTEREST		(45,~~882~~102,~~114~~787	)		(4,718,505	)
TOTAL DEFICIT		(1718,~~785~~363,~~124~~827	)		(17,258,117	)
TOTAL LIABILITIES AND DEFICIT	$	2,~~565~~553,~~861~~196		$	2,543,999

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

	For the three months ended
	Three Months Ended						Six Months Ended
	March 31, 2017			March 31, 2016
	June 30,						June 30,
OPERATING EXPENSES:
	2017			2016			2017			2016
General and administrative	$	400,352		$	261,162
OPERATING EXPENSES:
Amortization and depreciation		16,237			26,619
General and administrative	$	330,557		$	402,976		$	730,909		$	664,138
Total Operating Expenses		416,589			287,781
Amortization and depreciation		10,977			27,081			27,214			53,700
Operating Loss		(416,589	)		(287,781	)
TOTAL OPERATING EXPENSES		341,534			430,057			758,123			717,838
OTHER EXPENSES:
Operating Loss		(341,534	)		(430,057	)		(758,123	)		(717,838	)
Interest expense		209,873			155,147
OTHER EXPENSES:
Total Other Expenses		209,873			155,147
Interest expense		213,319			156,569			423,192			311,716
Net Loss		(626,462	)		(442,928	)
Total Other Expenses		213,319			156,569			423,192			311,716
Less: Net loss applicable to noncontrolling interest		(211,653	)		(166,288	)
Net Loss		(554,853	)		(586,626	)		(1,181,315	)		(1,029,554	)
Net loss applicable to Global Gold Corporation Common Shareholders		(414,809	)		(276,640	)
Less: Net loss applicable to noncontrolling interest		(200,031	)		(171,777	)		(411,684	)		(338,065	)
Foreign currency translation adjustment		98,047			(62,356	)
Net loss applicable to Global Gold Corporation Common Shareholders		(354,822	)		(414,849	)		(769,631	)		(691,489	)
Comprehensive Net Loss		(316,762	)		(338,996	)
Foreign currency translation adjustment		(42,124	)		124,497			55,923			62,141
Less: Comprehensive net (income) loss applicable to noncontrolling interest		(48,044	)		30,555
Comprehensive Net Loss		(396,946	)		(290,352	)		(713,708	)		(629,348	)
Comprehensive Net Loss applicable to Global Gold - Corporation Common Shareholders	$	(364,806	)	$	(308,441	)
Less: Comprehensive net loss (gain) applicable to noncontrolling interest		20,642			(61,004	)		(27,402	)		(30,449	)
NET LOSS PER SHARE APPLICABLE TO GLOBAL GOLD CORPORATION COMMON SHAREHOLDERS - BASIC AND DILUTED	$	(0.00	)	$	(0.00	)
Comprehensive Net Loss applicable to Global Gold Corporation Common Shareholders	$	(376,304	)	$	(351,356	)	$	(741,110	)	$	(659,797	)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED		91,977,559			90,130,475
NET LOSS PER SHARE APPLICABLE TO GLOBAL GOLD CORPORATION COMMON SHAREHOLDERS - BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED		92,421,405			90,971,162			92,200,708			90,779,999

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the three months ended
	For the six months ended
	March 31, 2017			March 31, 2016
	June 30, 2017			June 30, 2016
OPERATING ACTIVITIES:
Net loss	$	(~~626~~1,~~462~~181,315	)	$	(~~442~~1,~~928~~029,554	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of unearned compensation		12,~~406~~812			24,~~031~~062
Depreciation expense		1627,~~237~~214			2653,~~619~~700
Stock based compensation		10,070			26,725
Expenses incurred by notes payable to Directors		-			5,687
Changes in operating assets and liabilities:
Other current and non current assets		(3634,~~809~~798	)		918,~~435~~754
Accounts payable and accrued expenses		~~159~~206,~~341~~270			4947,~~603~~195
Accrued interest		~~177~~419,~~220~~507			~~153~~307,~~160~~924
Wages payable		~~149~~304,~~808~~630			~~146~~203,~~897~~603
NET CASH FLOWS USED IN OPERATING ACTIVITIES		(~~159~~245,~~259~~610	)		(49361,~~496~~904	)
INVESTING ACTIVITIES:		-			-
FINANCING ACTIVITIES:
Proceeds from note payable to Directors		62184,500			~~135~~325,000
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		62184,500			~~135~~325,000
EFFECT OF EXCHANGE RATE ON CASH		7223,~~513~~291			~~(66~~50,~~174~~267	)
NET (DECREASE) INCREASE IN CASH		(2437,~~246~~819	)		1913,~~330~~363
CASH AND CASH EQUIVALENTS - beginning of period		78,410			12,494
CASH AND CASH EQUIVALENTS - end of period	$	5440,~~164~~591		$	3125,~~824~~857
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	$	-		$	-
Interest paid	$	-		$	-
Noncash Investing and Financing Transactions:	$	-		$	-
Stock issued for prepaid expenses	$	6,800		$	-

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

GLOBAL GOLD CORPORATION AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

~~March~~June 3130, 2017

1. ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS FOR PRESENTATION

BASIS OF ACCOUNTING:

The accompanying condensed consolidated financial statements are unaudited. In the opinion of management, all necessary adjustments (which include only normal recurring adjustments) have been made to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the December 31, 2016 annual report on Form 10-K. The results of operations for the three~~-month~~ and six months period ended ~~March~~June 3130, 2017 are not necessarily indicative of the operating results to be expected for the full year ended December 31, 2017. The Company operates in a single segment of activity, namely the acquisition of certain mineral property, mining rights, and their subsequent development.

GOING CONCERN MATTERS:

The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. During the ~~three~~six months ended ~~March~~June 3130, 2017 and 2106, the Company has incurred net losses of $~~626~~1,~~462~~181,315 and $~~442~~1,~~928~~029,554, respectively. The Company has working capital deficit (current liabilities exceed current assets) of approximately $1920,~~596~~166,000 and stock holder deficit of approximately $1213,~~903~~261,000 as of ~~March~~June 3130, 2017. Management pursued additional investors and lending institutions interested in financing the Company's projects. However, there is no assurance that the Company will obtain the financing that it requires or will achieve profitable operations. The Company expected to incur additional losses for the near term until such time as it would derive substantial revenues from the Armenian mining interests acquired by it or other future projects. These matters raised substantial doubt about the Company's ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis, which contemplated the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying unaudited condensed consolidated financial statements at ~~March~~June 3130, 2017 and 2016 and for the periods then ended did not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

ORGANIZATION:

The Company is engaged in exploration for, as well as development and mining of, gold, silver, and other minerals in Armenia, Canada and Chile. Until March 31, 2011, the Company's headquarters were located in Greenwich, Connecticut and as of April 1, 2011 the Company’s headquarters are in Rye, NY. Its subsidiaries and staff maintain offices in Yerevan, Armenia, and Santiago, Chile. The Company was incorporated as Triad Energy Corporation in the State of Delaware on February 21, 1980 and conducted other business prior to January 1, 1995. During 1995, the Company changed its name from Triad Energy Corporation to Global Gold Corporation to pursue certain gold and copper mining rights in the former Soviet Republics of Armenia and Georgia. The Company has not established proven and probable reserves in accordance with SEC Industry Guide 7 at any of its properties. The Company's stock is publicly traded. The Company employs approximately 25 people globally on a year-round basis. In the past, the Company has employed up to an additional 200 people on a seasonal basis, but the Company’s engagement of a mine contractor to run mining operations and non-operating status based on financial, legal, and other considerations has reduced the number of employees directly employed by the Company on a seasonal basis.

In Armenia, the Company’s focus is on the exploration, development and production of gold at the Toukhmanuk property in the North Central Armenian Belt and the Marjan and an expanded Marjan North property. In addition, the Company was exploring and developing other sites in Armenia. In 2016, however, the Company stopped working at the Getik property, and the Getik Mining Company is being dissolved.

In Chile, the Company is engaged in identifying gold exploration and production opportunities and the Company’s Vice President maintains an office in Santiago.

In Canada, the Company had engaged in uranium exploration activities in the provinces of Newfoundland and Labrador, but has phased out this activity, retaining a royalty interest in the Cochrane Pond property in Newfoundland.

The Company also assesses exploration and production opportunities in other countries.

The subsidiaries of the Company are as follows:

On August 18, 2003, the Company formed Global Gold Armenia LLC ("GGA"), as a wholly owned subsidiary, which in turn formed Global Gold Mining, LLC ("GGM"), as a wholly owned subsidiary, both in the State of Delaware. GGM was qualified to do business as a branch operation in Armenia and owns assets, ~~royalty and participation interests,~~ as well as shares of operating companies in Armenia.

On December 21, 2003, GGM acquired 100% of the Armenian limited liability company SHA, LLC (renamed Global Gold Hankavan, LLC ("GGH") as of July 21, 2006), which held the license to the Hankavan and Marjan properties in Armenia. On December 18, 2009, the Company entered into an agreement with Caldera Resources Inc. (“Caldera”) outlining the terms of a joint venture on the Company’s Marjan property in Armenia (“Marjan JV”). On March 12, 2010, GGH transferred the rights, title and interest for the Marjan property to Marjan Mining Company LLC, a limited liability company incorporated under the laws of the Republic of Armenia (“Marjan RA”) which is a wholly owned subsidiary of GGM. On October 7, 2010, the Company terminated the Marjan JV. The Armenian Court of Cassation in a final, non-appealable decision, issued and effective February 8, 2012, ruled that the registration and assumption of control by Caldera through unilateral charter changes of the Marjan Mine and Marjan RA were illegal and that 100% ownership rests fully with GGM. On March 29, 2012, Justice Herman Cahn, who was appointed by United States District Court Judge Hellerstein as the sole arbitrator in an American Arbitration Association arbitration between the Company and Caldera, ruled in the Company’s favor on the issue of the JV’s termination ordering that the Marjan property be 100% owned by the Company effective April 29, 2012. Judge Karas of the United States Federal District Court confirmed Judge Cahn’s decision. On November 10, 2014, a Final Award in the Company’s favor ruled that Caldera had no interest whatsoever in Marjan RA or the Marjan Property. See Note 14 - Legal Proceedings for more information on the Marjan JV.

On August 1, 2005, GGM acquired 51% of the Armenian limited liability company Mego-Gold, LLC ("Mego"), which is the licensee for the Toukhmanuk mining property and seven surrounding exploration sites. On August 2, 2006, GGM acquired the remaining 49% interest of Mego-Gold, LLC, leaving GGM as the owner of 100% of Mego-Gold, LLC. See Note 13 – Agreements and Commitments for more information on Mego-Gold, LLC.

On January 31, 2006, GGM closed a transaction to acquire 80% of the Armenian company, Athelea Investments, CJSC (renamed "Getik Mining Company, LLC") and its approximately 27 square kilometer Getik gold/uranium exploration license area in the northeast Geghargunik province of Armenia. As of May 30, 2007, GGM acquired the remaining 20% interest in Getik Mining Company, LLC, leaving GGM as the owner of 100% of Getik Mining Company, LLC. See Note 13 – Agreements and Commitments for more information on Getik Mining Company, LLC.

On January 5, 2007, the Company formed Global Gold Uranium, LLC ("Global Gold Uranium"), as a wholly owned subsidiary, in the State of Delaware, to operate the Company's uranium exploration activities in Canada.

On September 23, 2011, Global Gold Consolidated Resources Limited (“GGCRL”) was incorporated in Jersey as a 51% subsidiary of the Company pursuant to the April 27, 2011 Joint Venture Agreement with Consolidated Resources. On December 1, 2016, the Viscounts Department of the Island of Jersey arrested all of the Consolidated Resources Armenia (“CRA”) shares in GGCRL in favor of the Company pursuant to a Royal Court ~~judgement~~judgment in the Company’s favor. See Note 13 - Agreements and Commitments for more information on Consolidated Resources agreements.

On November 8, 2011, GGCR Mining, LLC (“GGCR Mining”) was formed in Delaware as a 100%, wholly owned, subsidiary of GGCRL. On September 26, 2012, the Company conditionally transferred 100% of the shares of Mego and Getik Mining Company, LLC to GGCR Mining. See Note 13 - Agreements and Commitments.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents - Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at fair value.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are assumptions about useful life of property and equipment, inventory valuation, stock based compensation and deferred income tax asset valuation allowances.

Fair Value of Financial Instruments - The Company adopted FASB ASC 820-Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

	Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
	Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
	Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The Company did not have any Level 2 or Level 3 assets or liabilities as of ~~March~~June 3130, 2017 and December 31, 2016.

The Company discloses the estimated fair values for all financial instruments for which it is practicable to estimate fair value. As of ~~March~~June 3130, 2017 and December 31, 2016, the fair value short-term financial instruments including cash, receivables, and accounts payable and accrued expenses, approximates book value due to their short-term duration.

Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy.

In addition, the Financial Accounting Standards Board (“FASB”) issued, “The Fair Value Option for Financial Assets and Financial Liabilities,” effective for January 1, 2008. This guidance expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect the fair value option for any of its qualifying financial instruments.

Inventories - Inventories consists of the following at ~~March~~June 3130, 2017 and December 31, 2016:

	March 31,		December 31,
	June 30,		December 31,
	2017		2016
Ore	$	451,569	$	451,569
Concentrate		11,342		11,342
Materials, supplies and other		~~116~~117,~~681~~868		114,775
Total Inventories	$	~~579~~580,~~592~~779	$	577,686

Ore inventory consists of unprocessed ore at the Toukhmanuk mining site in Armenia. The concentrate and unprocessed ore are stated at the lower of cost or market. The Company is currently reporting its inventory at cost which is still less than the current market value so recent fluctuations in gold prices have no effect on our carrying value of inventory. The Ore inventory is pledged as collateral for the mine owner’s debt facility and secured line of credit.

Deposits on Contracts and Equipment - The Company made several deposits for purchases, the majority of which is for the potential acquisition of new properties, and the remainder for the purchase of mining equipment. The Company carried Deposits on contracts and equipment as of ~~March~~June 3130, 2017 and December 31, 2016 was $~~488~~483,~~339~~712, and $446,525, respectively.

Tax Refunds Receivable - The Company is subject to Value Added Tax ("VAT tax") on all expenditures in Armenia at the rate of 20%. The Company is entitled to a credit against this tax towards any sales on which it collects VAT tax. The Company is carrying a tax refund receivable based on the value of its in-process inventory which it intends on selling in the next twelve months, at which time they will collect 20% VAT tax from the purchaser which the Company will be entitled to keep and apply against its credit.

Net Loss Per Share - Basic net loss per share is based on the weighted average number of common and common equivalent shares outstanding. Potential common shares includable in the computation of fully diluted per share results are not presented in the unaudited condensed consolidated financial statements as their effect would be anti-dilutive. ~~The~~There ~~total~~were ~~number~~no of options that ~~are~~were exercisable at ~~March~~June 3130, 2017 ~~was none~~ and ~~March 31,~~ 2016 ~~was 2,954,167~~. There were no warrants outstanding at ~~March~~June 3130, 2017 and 2016.

Stock Based Compensation - The Company periodically issues shares of common stock for services rendered or for financing costs. Such shares are valued based on the market price on the transaction date. The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs.

The Company accounts for the grant of stock and warrants awards in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718). ASC 718 requires companies to recognize in the statement of operations the grant-date fair value of warrants and stock options and other equity based compensation.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility.

For the ~~three~~six months ended ~~March~~June 3130, 2017 and 2016, net loss and loss per share include the actual deduction for stock-based compensation expense. The total stock-based compensation expense for the six months ended June 30, 2017 and 2016 was $12,882 and $30,787, respectively and for the three months ended ~~March~~June 3130, 2017 and 2016 was $111,~~406~~476 and $228,~~031~~756, respectively. The expense for stock-based compensation is a non-cash expense item.

Comprehensive Income - The Company has adopted ASC Topic 220, “Comprehensive Income.” Comprehensive income is comprised of net income (loss) and all changes to stockholders' equity (deficit), except those related to investments by stockholders, changes in paid-in capital and distribution to owners.

The following table summarizes the computations reconciling net loss applicable to Global Gold Corporation Common Shareholders to comprehensive loss for the ~~three~~six months ended ~~March~~June 3130, 2017 and 2016.

	Three Months Ending March 31,
	Six Months Ending June 30,
	2017			2016
Net loss applicable to Global Gold Corporation Shareholders	$	(~~414~~769,~~809~~631	)	$	(~~276~~691,~~640~~489	)
Foreign currency translation adjustment	$	9828,~~047~~521		$	~~(62~~31,~~356~~692	)
Comprehensive loss	$	(~~316~~741,~~762~~110	)	$	(~~338~~659,~~996~~797	)

Income Taxes - Income taxes are accounted for in accordance with the provisions of FASB ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.

Acquisition, Exploration and Development Costs - Mineral property acquisition costs are capitalized. Additionally, mine development costs incurred either to develop new ore deposits and constructing new facilities are capitalized until operations commence. All such capitalized costs are amortized using a straight-line basis on a range from 1-10 years, based on the minimum original license term at acquisition, but do not exceed the useful life of the capitalized costs. Upon commercial development of an ore body, the applicable capitalized costs would then be amortized using the units-of-production method. Exploration costs, costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected cash flows and/or estimated salvage value in accordance with ASC Topic 360, "Accounting for the Impairment or Disposal of Long-Lived Assets."

Foreign Currency Translation - The Company’s reporting currency is the U.S. Dollar. All transactions initiated in foreign currencies are translated into U.S. dollars in accordance with ASC Topic 830 “Foreign Currency Matters” and the related rate fluctuation on transactions is included the unaudited condensed consolidated statements of operations.

The functional currency of the Company's Armenian subsidiaries is the local currency. For foreign operations with the local currency as the functional currency, assets and liabilities are translated from the local currencies into U.S. dollars at the exchange rate prevailing at the balance sheet date and equity is translated at historical rates. Revenues and expenses are translated at the average exchange rate for the period to approximate translation at the exchange rate prevailing at the dates those elements are recognized in the unaudited condensed consolidated financial statements. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. As of ~~March~~June 3130, 2017 and 2016, the exchange rate for the Armenian Dram (AMD) was ~~467~~462 AMD and ~~481~~476 AMD for $1.00 U.S.

Principles of Consolidation - Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, and include the accounts of the Company and more-than-50%-owned subsidiaries that it controls. Inter-company balances and transactions have been eliminated in consolidation.

Depreciation, Depletion and Amortization - Capitalized costs are depreciated or depleted using the straight-line method over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 1 to 20 years, but do not exceed the useful life of the individual asset. Determination of expected useful lives for amortization calculations are made on a property-by-property or asset-by-asset basis at least annually.

Impairment of Long-Lived Assets - Management reviews and evaluates the net carrying value of all facilities, including idle facilities, for impairment at least annually, or upon the occurrence of other events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. We estimate the net realizable value of each property based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment and the value associated with property interests. All assets at an operating segment are evaluated together for purposes of estimating future cash flows.

Reclamation and Remediation Costs (Asset Retirement Obligations) - Costs of future expenditures for environmental remediation are not discounted to their present value unless subject to a contractually obligated fixed payment schedule. Such costs are based on management's current estimate of amounts to be incurred when the remediation work is performed within current laws and regulations. The Company has paid towards it environmental costs and has no amounts owed as of ~~March~~June 3130, 2017 and December 31, 2016.

It is possible that, due to uncertainties associated with defining the nature and extent of environmental contamination and the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology, the ultimate cost of reclamation and remediation could change in the future.

Noncontrolling Interests - Noncontrolling interests in our subsidiaries are recorded in accordance with the provisions of ASC 810, “Consolidation” and are reported as a component of equity, separate from the parent company’s equity. Purchase or sale of equity interests that do not result in a change of control are accounted for as equity transactions. Results of operations attributable to the non-controlling interests are included in our consolidated results of operations and, upon loss of control, the interest sold, as well as interest retained, if any, will be reported at fair value with any gain or loss recognized in earnings.

Revenue Recognition - Sales will be recognized and revenues will be recorded when title transfers and the rights and obligations of ownership pass to the customer. The majority of the company's metal concentrates will be sold under pricing arrangements where final prices will be determined by quoted market prices in a period subsequent to the date of sale. In these circumstances, revenues will be recorded at the times of sale based on forward prices for the expected date of the final settlement.

New Accounting Standards:

In ~~February~~May 2017, the FASB ~~has~~ issued Accounting Standards Update ~~(ASU) No.~~ 2017-~~06,~~09 (“~~'Plan~~ASU ~~Accounting: Defined Benefit Pension Plans (Topic 960~~2017-09”); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.” Among other things, the amendments require a plan’s interest in that ~~master~~provides ~~trust~~guidance ~~and~~on ~~any~~determining ~~change~~which inchanges ~~that interest~~ to ~~be presented in separate line items in~~ the ~~statement~~terms ~~of net assets available for benefits~~ and inconditions ~~the statement~~ of ~~changes~~share-based inpayment ~~net~~awards ~~assets~~require ~~available~~an ~~for~~entity ~~benefits, respectively. The amendments also remove the requirement~~ to ~~disclose~~apply ~~the~~modification ~~percentage~~accounting. This ~~interest~~update inis ~~the~~effective ~~master trust~~ for ~~plans with divided interests and require that~~ all ~~plans~~entities ~~disclose~~for ~~the~~fiscal ~~dollar~~years ~~amount~~beginning ofafter ~~their~~December interest in each of those general types of investments. The amendments require all plans to disclose: (a) their master trust’s other asset and liability balances; and (b) the dollar amount of the plan’s interest in each of those balances. Lastly15, ~~the amendments eliminate redundant investment disclosures (e.g.~~2017, ~~those required by Topics 815~~ and ~~820)~~interim ~~relating~~periods towithin ~~401(h)~~those ~~account assets. Effective for fiscal~~ years ~~beginning after December 15, 2018~~. Early adoption is permitted. The ~~amendments should be applied retrospectively to each period for which financial statements are presented. The~~ Company does not anticipate the adoption of ASU 2017-0409 will have a material impact on its consolidated financial statements.

11In February 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-06, “'Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.” Among other things, the amendments require a plan’s interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. The amendments also remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments. The amendments require all plans to disclose: (a) their master trust’s other asset and liability balances; and (b) the dollar amount of the plan’s interest in each of those balances. Lastly, the amendments eliminate redundant investment disclosures (e.g., those required by Topics 815 and 820) relating to 401(h) account assets. Effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The amendments should be applied retrospectively to each period for which financial statements are presented. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In February 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-05, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. Effective at the same time as the amendments in Update 2014-09, Revenue from Contracts with Customers (Topic 606). Therefore, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the amendments in this Update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the amendments in this Update to annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. All other entities may apply the guidance earlier as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance earlier as of annual reporting periods beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance. An entity is required to apply the amendments in this Update at the same time that it applies the amendments in Update 2014-09. The Company is currently evaluating the potential impact this standard may have on its financial position and results of operations.11

In ~~January~~February 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-0405, “~~Intangibles~~Other -Income ~~Goodwill~~– Gains and ~~Other~~Losses from the Derecognition of Nonfinancial Assets (~~Topic~~Subtopic ~~350~~610-20): ~~Simplifying~~Clarifying the ~~Test~~Scope of Asset Derecognition Guidance and Accounting for ~~Goodwill~~Partial ~~Impairment~~Sales of Nonfinancial Assets.” ~~These~~The amendments ~~eliminate~~clarify ~~Step~~that 2a ~~from~~financial asset is within the ~~goodwill~~scope ~~impairment~~of ~~test~~Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The ~~annual,~~amendments oralso ~~interim,~~define ~~goodwill~~the ~~impairment~~term ~~test~~in issubstance ~~performed~~nonfinancial byasset. ~~comparing~~The ~~the~~amendments ~~fair~~clarify ~~value~~that nonfinancial assets within the scope of aSubtopic ~~reporting~~610-20 ~~unit~~may ~~with~~include ~~its~~nonfinancial ~~carrying~~assets ~~amount~~transferred within a legal entity to a counterparty. AnFor ~~impairment~~example, ~~charge~~a ~~should~~parent bemay ~~recognized~~transfer ~~for~~control ~~the~~of ~~amount~~nonfinancial assets by ~~which~~transferring ownership interests in a consolidated subsidiary. A contract that includes the ~~carrying~~transfer ~~amount~~of ~~exceeds~~ownership interests in one or more consolidated subsidiaries is within the ~~reporting~~scope ~~unit’s~~of Subtopic 610-20 if substantially all of the fair value; ~~however,~~of the ~~loss~~assets ~~recognized~~that ~~should~~are ~~not~~promised ~~exceed~~to the ~~total~~counterparty ~~amount~~in ofa ~~goodwill~~contract ~~allocated~~is toconcentrated ~~that~~in ~~reporting~~nonfinancial ~~unit~~assets. InThe ~~addition,~~amendments ~~income~~clarify ~~tax~~that ~~effects~~an ~~from~~entity ~~any~~should ~~tax~~identify ~~deductible~~each ~~goodwill~~distinct onnonfinancial ~~the~~asset ~~carrying~~or ~~amount~~in ofsubstance ~~the~~nonfinancial ~~reporting~~asset ~~unit~~promised ~~should~~to bea ~~considered~~counterparty and derecognize each asset when ~~measuring~~a counterparty obtains control of it. Effective at the ~~goodwill~~same ~~impairment~~time ~~loss~~as the amendments in Update 2014-09, ifRevenue ~~applicable.~~from ~~The~~Contracts ~~amendments~~with ~~also~~Customers ~~eliminate~~(Topic ~~the~~606). ~~requirements~~Therefore, public business entities, certain not-for-profit ~~any~~entities, ~~reporting~~and ~~unit~~certain ~~with~~employee abenefit ~~zero~~plans orshould ~~negative~~apply ~~carrying~~the ~~amount~~amendments in this Update to ~~perform~~annual areporting ~~qualitative~~periods ~~assessment~~beginning ~~and~~after December 15, if2017, itincluding ~~fails~~interim periods within that ~~qualitative~~reporting ~~test,~~period. toEarlier ~~perform~~application ~~Step~~is 2permitted only as of ~~the~~annual ~~goodwill~~reporting ~~impairment~~periods ~~test~~beginning after December 15, 2016, including interim reporting periods within that reporting period. AnAll ~~entity~~other ~~still~~entities ~~has~~should apply the ~~option~~amendments in this Update to ~~perform~~annual ~~the~~reporting ~~qualitative~~periods ~~assessment~~beginning ~~for~~after aDecember ~~reporting~~15, ~~unit~~2018, toand ~~determine~~interim ifperiods ~~the~~within ~~quantitative~~annual ~~impairment~~periods ~~test~~beginning isafter ~~necessary.~~December ~~Effective~~15, ~~for~~2019. ~~public~~All ~~business~~other entities ~~that~~may ~~are~~apply athe ~~SEC~~guidance ~~filers~~earlier ~~for~~as of annual orreporting ~~any~~periods beginning after December 15, 2016, including interim ~~goodwill~~reporting ~~impairment~~periods ~~tests~~within inthat ~~fiscal~~reporting ~~years~~period. All other entities also may apply the guidance earlier as of annual reporting periods beginning after December 15, ~~2019.~~2016, ~~Early~~and ~~adoption~~interim isreporting ~~permitted~~periods ~~for~~within ~~interim~~annual orreporting ~~annual~~periods ~~goodwill~~beginning ~~impairment~~one ~~tests~~year ~~performed~~after onthe ~~testing~~annual ~~dates~~reporting ~~after~~period ~~January~~in 1,which ~~2017~~the entity first applies the guidance. ~~ASU~~An ~~2017-04~~entity ~~should~~is berequired ~~adopted~~to onapply athe ~~prospective~~amendments ~~basis.~~in ~~The~~this ~~Company~~Update ~~does~~at ~~not~~the ~~anticipate~~same time that it applies the ~~adoption~~amendments ofin ~~ASU~~Update ~~2017~~2014-0409. ~~will~~The ~~have~~Company ais ~~material~~currently evaluating the potential impact this standard may have on its ~~consolidated~~ financial ~~statements~~position and results of operations.

In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-0104, ~~Business~~“Intangibles ~~Combinations~~- Goodwill and Other (Topic ~~805~~350): ~~Clarifying~~Simplifying the ~~Definition~~Test offor aGoodwill ~~Business~~Impairment.” ~~This~~These ~~new~~amendments ~~standard~~eliminate ~~clarifies~~Step 2 from the ~~definition~~goodwill ofimpairment atest. ~~business~~The ~~and~~annual, ~~provides~~or ainterim, ~~screen~~goodwill toimpairment ~~determine~~test ~~when~~is anperformed ~~integrated~~by ~~set~~comparing the fair value of ~~assets~~a ~~and~~reporting ~~activities~~unit iswith ~~not~~its acarrying ~~business~~amount. ~~The~~An ~~screen~~impairment ~~requires~~charge ~~that~~should ~~when~~be ~~substantially~~recognized ~~all~~for ofthe amount by which the carrying amount exceeds the reporting unit’s fair value; ofhowever, the ~~gross~~loss ~~assets~~recognized ~~acquired~~should ~~(or~~not ~~disposed~~exceed the total amount of) isgoodwill ~~concentrated~~allocated into athat ~~single~~reporting ~~identifiable~~unit. ~~asset~~In oraddition, aincome ~~group~~tax effects from any tax deductible goodwill on the carrying amount of ~~similar~~the ~~identifiable~~reporting ~~assets~~unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the ~~set~~requirements isfor ~~not~~any reporting unit with a ~~business~~zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. ~~This~~An ~~new~~entity ~~standard~~still ~~will~~has bethe ~~effective~~option to perform the qualitative assessment for a reporting unit to determine if the ~~Company~~quantitative onimpairment ~~January~~test 1,is ~~2018,~~necessary. ~~however~~Effective for public business entities that are a SEC filers for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, ~~early~~2019. Early adoption is permitted ~~with~~for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective ~~application~~basis. toThe ~~any~~Company ~~business~~does ~~development~~not ~~transaction~~anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

~~Management~~In ~~does~~January ~~not~~2017, ~~believe~~the ~~that~~FASB ~~any~~issued ~~other~~ASU ~~recently~~No. ~~issued~~2017-01, ~~but~~Business ~~not~~Combinations ~~yet~~(Topic ~~effective,~~805): ~~accounting~~Clarifying ~~standards~~the ~~could~~Definition ~~have~~of a ~~material~~Business. ~~effect~~This onnew standard clarifies the ~~accompanying~~definition ~~unaudited~~of ~~condensed~~a ~~consolidated~~business ~~financial~~and ~~statements~~provides a screen to determine when an integrated set of assets and activities is not a business. AsThe ~~new~~screen ~~accounting~~requires ~~pronouncements~~that ~~are~~when ~~issued~~substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the ~~Company~~set ~~will~~is ~~adopt~~not ~~those~~a ~~that~~business. ~~are~~This ~~applicable~~new ~~under~~standard will be effective for the ~~circumstances~~Company on January 1, 2018, however, early adoption is permitted with prospective application to any business development transaction.

AManagement ~~variety~~does ofnot ~~proposed~~believe orthat ~~otherwise~~any ~~potential~~other ~~accounting~~recently ~~standards~~issued, ~~are~~but ~~currently~~not ~~under~~yet ~~study~~effective, byaccounting ~~standard~~standards ~~setting~~could ~~organizations~~have ~~and~~a ~~various~~material ~~regulatory~~effect ~~agencies.~~on ~~Due to~~ the ~~tentative~~accompanying ~~and~~unaudited ~~preliminary~~condensed ~~nature~~consolidated offinancial ~~those~~statements. ~~proposed~~As ~~standards,~~new ~~management~~accounting ~~has~~pronouncements ~~not~~are ~~determined~~issued, ~~whether~~the ~~implementation~~Company ofwill ~~such~~adopt ~~proposed~~those ~~standards~~that ~~would~~are beapplicable ~~material~~under tothe ~~our unaudited condensed consolidated financial statements~~circumstances.

12A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to our unaudited condensed consolidated financial statements.

~~3. PROPERTY, PLANT AND EQUIPMENT~~12

~~The~~3. ~~following table illustrates the capitalized cost less accumulated depreciation arriving at the net carrying value on our books at March 31~~PROPERTY, ~~2017~~PLANT ~~and~~AND ~~December 31, 2016.~~EQUIPMENT

	March 31, 2017			December 31, 2016
Plant	$	569,420		$	569,420
Construction in process		972,985			972,985
Machinery and equipment		2,589,772			2,464,894
Computer		116,071			116,071
Office equipment		20,739			20,739
Vehicles		163,899			163,899
Total	$	4,432,886		$	4,308,008
Less: accumulated depreciation		(3,110,336	)		(2,994,757	)
Property, plant and equipment, net	$	1,322,550		$	1,313,251

The following table illustrates the capitalized cost less accumulated depreciation arriving at the net carrying value on our books at June 30, 2017 and December 31, 2016.

The Company had depreciation expense for the three months ended March 31, 2017 and 2016 of $16,237 and $26,619, respectively.

	June 30, 2017			December 31, 2016

Plant	$	569,420		$	569,420
Construction in process		972,985			972,985
Machinery and equipment		2,625,318			2,464,894
Computer		116,071			116,071
Office equipment		20,739			20,739
Vehicles		163,899			163,899
Total	$	4,468,432		$	4,308,008
Less: accumulated depreciation		(3,149,763	)		(2,994,757	)
Property, plant and equipment, net	$	1,318,669		$	1,313,251

The Company ~~has~~had ~~requested~~depreciation ~~but~~expense ~~not received substantiation from Linne Mining~~ for ~~advances and amounts drawn down on~~ the ~~Mine~~six ~~Operator's~~months ~~Debt~~ended ~~Facility.~~June ~~Equipment~~30, 2017 and ~~assets~~2016 ~~for~~of ~~which title has transferred to the Company~~$27,214 and ~~have been received by the Company are recorded as the Company's property~~$53,700, ~~plant and equipment~~respectively. ~~Construction~~The ~~in process includes the~~ Company's ~~assets~~had ~~which~~depreciation ~~are~~expense ~~not~~for ~~yet~~the ~~completed~~three ~~and~~months ~~placed~~ended inJune ~~service~~30, ~~such~~2017 asand ~~the~~2016 ~~new plant at the Toukhmanuk property in Armenia (Pictures~~ of ~~construction~~$10,977 ~~progress~~and ~~are~~$27,081, ~~available on the Company’s website)~~respectively.

13The Company has requested but not received substantiation from Linne Mining for advances and amounts drawn down on the Mine Operator's Debt Facility. Equipment and assets for which title has transferred to the Company, and have been received by the Company are recorded as the Company's property, plant and equipment. Construction in process includes the Company's assets which are not yet completed and placed in service, such as the new plant at the Toukhmanuk property in Armenia (Pictures of construction progress are available on the Company’s website).

~~4. RECEIVABLE FROM SALE~~13

~~On June 26, 2014, the International Centre for Dispute Resolution delivered a Final Award in the matter of Global Gold Corporation vs~~4. ~~Amarant~~RECEIVABLE ~~Mining~~FROM LTD and Alluvia Mining, Ltd. awarding Global Gold $16,800,000 USD plus $68,570USD in interest, costs, and fees, with post-award interest on unpaid amounts accruing at 9%. This award emanates from Global Gold’s 2011 sale of Chilean gold mining assets and the buyers’ repeated failures to pay and misrepresentations as described in prior filings and summarized below. In addition, the Tribunal’s June 26, 2014 Award 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 5 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 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.”SALE

AsOn ofJune ~~March~~26, 312014, ~~2017~~the ~~and~~International ~~December~~Centre ~~31,~~for ~~2016,~~Dispute Resolution delivered a Final Award in the ~~Company~~matter ~~was~~of ~~owed~~Global ~~principal~~Gold ~~amounts~~Corporation ~~(excluding~~vs. ~~penalties~~Amarant Mining LTD and Alluvia Mining, Ltd. awarding Global Gold $16,800,000 USD plus $68,570USD in interest, costs, and ~~additional payments)~~fees, ofwith post-award interest on unpaid amounts accruing at 9%, which totaled $164,~~868~~575,~~570~~311 ~~from~~as ~~Amarant~~of June 30, 2017. This award emanates from ~~the~~Global Gold’s 2011 sale of ~~100%~~Chilean ofgold mining assets and the ~~Company~~buyers’s ~~interest~~repeated infailures ~~the~~to ~~Compania~~pay ~~Minera~~and ~~Global~~misrepresentations ~~Gold~~as ~~Valdivia~~described ~~S.C.M.~~in ~~company~~prior ~~(“GGV”)~~filings (and summarized below. In addition, the Tribunal’s June 26, 2014 ~~arbitral~~Award ~~final~~provided ~~award),~~the ~~which~~following ~~held~~injunctive ~~the~~relief: ~~Pureo~~“ ~~mining~~Per ~~assets~~my previous orders in ~~Chile~~this ~~and~~matter, ~~100%~~each ~~interest~~of inAmarant and Alluvia, including its ~~wholly~~officers ~~owned~~and ~~subsidiaries~~agents ~~Global~~individually ~~Oro~~(including ~~LLC~~without limitation Johan Ulander), is continued to be enjoined, directly and ~~Global~~indirectly, ~~Plata~~from ~~LLC~~alienating any assets, from transferring or consenting to the transfer of any shares, or performing or entering any transactions which ~~are~~would ~~each~~have ~~50%~~the ~~owners~~effect of ~~Minera~~alienating assets pending payment to Global ~~Chile~~Gold; ~~Limitada~~Each of Amarant and Alluvia, ~~all~~including asits ~~part~~officers ofand ~~the~~agents ~~amended~~(including ~~agreement~~without ~~closed~~limitation onJohan ~~December~~Ulander) 2,will ~~2011. The~~provide ~~Company~~within ~~wrote~~5 ~~down~~business ~~principal~~days ~~amounts~~all ofcontracts, ~~$16~~draft agreements,~~868~~ emails,~~570~~ asrecords of ~~March~~financial 31transactions, ~~2017~~financial statements, and ~~December~~all ~~31,~~other ~~2016,~~documents ~~respectively,~~in asconnection ~~impairment~~with astheir ~~Amarant has~~business ~~made~~affairs ~~partial~~for ~~payments~~purposes ~~but~~of ~~has~~determining ~~yet~~whether toRespondents ~~pay~~have complied with the ~~full~~July ~~principal~~29, ~~amounts~~2013 ~~due~~and insubsequent ~~full. Amarant~~orders, ~~has~~have ~~reportedly~~diverted ~~assigned~~funds ~~its~~which ~~interest~~could have been used to ~~Alluvia~~pay ~~Mining~~Global ~~Limited~~Gold, aand ~~public~~to ~~limited~~aid ~~liability~~Global ~~company~~Gold ~~incorporated~~in ~~under~~collection. Respondents ~~the~~shall ~~laws~~specifically ofprovide ~~Jersey~~all ~~(“Alluvia”),~~documents anrelated ~~assignment~~to ~~which~~Gulf Resource Capital, Amarant Finance, the ~~Company~~IGE ~~conditionally~~Resources ~~consented~~stock assale ofand ~~June~~related ~~15,~~transactions ~~2012,~~as ~~but~~well as ofdocuments ~~March~~related ~~31,~~to ~~2017~~the ~~and~~institutions ~~June~~from ~~10,~~which ~~2017,~~Respondents ~~the~~have ~~conditions~~represented ~~were~~payment ~~not~~would ~~been~~issue ~~met~~including bybut ~~any~~not oflimited ~~Conventus~~to: Mangold, ~~Amarant~~Swedebank, orJool ~~Mr.~~Capital, ~~Ulander.~~Skandinavska ~~Amarant~~Bank, ~~and~~Credit ~~Alluvia~~Suisse, ~~further~~HSBC, ~~entered~~Volksbank, ~~into~~Loyal ~~agreements~~Bank, ~~with~~Danskebank, ~~Gulf~~NSBO, ~~Resources~~the ~~Capital~~“offtaker,” and ~~other~~Clifford ~~parties~~Chance ~~which~~escrow ~~the~~account. ~~Company~~Respondents isshall ~~researching~~execute toany ~~determine~~documents ~~any~~reasonably ofnecessary ~~their~~or ~~liabilities. For~~required ~~details~~by ~~refer~~any institution to ~~Note~~give 13Claimant -access ~~Agreements~~to ~~and~~this ~~Commitments~~information ~~paragraph~~and ~~Conventus/Amarant Agreement~~documents.”

14As of June 30, 2017 and December 31, 2016, the Company was owed principal amounts (excluding penalties, interest, and additional payments) of $16,868,570 from Amarant from the sale of 100% of the Company’s interest in the Compania Minera Global Gold Valdivia S.C.M. company (“GGV”) (and the June 26, 2014 arbitral final award), which held the Pureo mining assets in Chile and 100% interest in its wholly owned subsidiaries Global Oro LLC and Global Plata LLC which are each 50% owners of Minera Global Chile Limitada, all as part of the amended agreement closed on December 2, 2011. The Company wrote down principal amounts of $16,868,570 as of June 30, 2017 and December 31, 2016, respectively, as impairment as Amarant has made partial payments but has yet to pay the full principal amounts due in full. Amarant has reportedly assigned its interest to Alluvia Mining Limited, a public limited liability company incorporated under the laws of Jersey (“Alluvia”), an assignment which the Company conditionally consented as of June 15, 2012, but as of June 30, 2017 and September 20, 2017, the conditions were not been met by any of Conventus, Amarant or Mr. Ulander. Amarant and Alluvia further entered into agreements with Gulf Resources Capital and other parties which the Company is researching to determine any of their liabilities. For details refer to Note 13 - Agreements and Commitments paragraph Conventus/Amarant Agreement.

5On April 3, 2017, the Swedish government in Stockholm indicted Fredrik Rodger in connection with the Contender Kapital (subsequently Intacta Kapital) $1 million guaranty of Amarant/Alluvia’s obligations to Global Gold Corporation. ~~ACCOUNTS~~The ~~PAYABLE~~indictment ~~AND~~identifies ~~ACCRUED~~Global ~~EXPENSES~~Gold as a victim.

AsOn ofApril ~~March 31~~5, 2017, ~~and~~Amarant ~~December~~provided ~~31,~~a ~~2016,~~public ~~the~~update ~~accounts~~that ~~payable~~it ~~and~~had ~~accrued~~commenced ~~expenses~~production ~~consisted~~at one of the ~~following:~~properties restricted by the 2014 international arbitral award in the Company’s favor and has raised capital in Sweden.

	March 31,		December 31,
	2017		2016
Drilling work payable	$	149,748	$	144,542
Accounts payable		4,740,728		4,601,938
Interest payable		2,745,599		2,554,312
Total accounts payable and accrued expenses	$	7,636,075	$	7,300,792

On May 15, 2017, Johan Ulander, Chairman of Amarant Mining, was arrested in Sweden on charges of fraud.

~~6. MINE OWNERS DEBT FACILITIES~~14

~~On July~~ 5, 2013, GGCRL, GGCR Mining, and Mego concluded a fifteen year mine operating agreement with 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~~ACCOUNTS ~~debt~~PAYABLE ~~facility~~AND ~~includes~~ACCRUED 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, granting share options for up to 10% in GGCRL or the subsidiary project company in Armenia to Jacero Holdings Limited, a limited liability company incorporated in the Republic of Cyprus (“Jacero”), and extending the existing offtake agreement with IM until the end of 2027. The loan may be pre-paid. GGCRL and GGC have signed as Guarantors on the debt facility agreement. The debt is secured by the Getik license as well as a subordinated security interest to ABB in Mego shares, the Toukhmanuk mining and exploration licenses, ore stockpile included in the Company’s Inventory and Mego property. The mine operator has procured a plant for expansion and reportedly began to restart production. Pictures of plant construction progress are on the Company’s website. While Linne procured and began assembling a new processing plant at Toukhmanuk, completion has been delayed, mining in accordance with relevant agreements and approved plans has not occurred, and Linne has asked to be relieved of its responsibilities but terms for accommodating that request have not been agreed to and Linne continues to be responsible. The Company is carrying this as a liability, though the Company reserves the right to contest this liability pending substantiation concerns and offsetting amounts caused by damage and non performance by Linne, as well as other reasons. The balance due on the debt facilities as of March 31, 2017 and December 31, 2016 was $4,104,577. As of March 31, 2017 and December 31, 2016, the Company has accrued interest of $1,708,160 and $1,566,444, respectively, on this debt facility based on calculations from Linne which the Company does not agree with or have support for. Refer to Note 13 – Agreements and Commitments.EXPENSES

7.As ~~CONVERTIBLE~~of ~~NOTE~~June ~~PAYABLE~~30, 2017 and December 31, 2016, the accounts payable and accrued expenses consisted of the following:

On December 29, 2011, the Company and CRA signed a Binding Term sheet for a convertible note facility for not less than $2,000,000 with a cash coupon of 3% per annum and a guaranteed minimum IRR of 15% at a “Liquidity Event” (the “Convertible Notes”). The Convertible Notes were guaranteed by GGC until the execution of the shares transfer agreements, which occurred on September 26, 2013. On January 17, 2012, the Company signed an “Instrument” covering the Convertible Notes supplementing the December 29, 2011 Binding Term sheet. The Instrument removed the 3% per annum cash coupon and provided that the Convertible Notes could be prepaid at any time prior to a liquidity event at par, defining a Liquidity Event as “an initial public offering of the Company’s ordinary shares on a stock exchange or a Change of Control of the Company or any of its subsidiaries. A Change of Control was defined as “a change of 50.1% or more of a beneficial ownership of the legal and beneficial ownership of the Company or the relevant subsidiary except in the case of an initial public offering.” On February 19, 2012, the Company, GGC, CRA and their respective subsidiaries signed a series of additional agreements which appointed GGM as the interim manager of the business and required reimbursement of its budgeted and other cost. In April and May 2012, notices of breach of those February 2012 agreements were issued and damages claims were asserted, then the outstanding issues were resolved in documents and resolutions executed on September 19, 2012. On September 19, 2012, repayment of the Convertible Notes was extended to the sooner of September 19, 2013, a Public Listing, or a financing of the Company with interest payable at 4% per annum. The joint venture was closed on October 26, 2012 with the registration of the Mego and Getik share transfer agreements. On November 22, 2013, the Company, GGC, CRA, and other parties agreed that all outstanding GGCRL group debt including the Convertible Notes will be audited and agreed then assumed by Signature Gold as part of the merger transaction. The November 22, 2013 agreement also provided that a repayment schedule of all debt will be determined once the audit is complete. The November 22, 2013 agreement did not trigger a 15% IRR provision because it does not constitute a Liquidity Event until the merged companies shares are publicly listed and is not a change of control since the beneficial ownership does not change by 50.1%.

	June 30,		December 31,
	2017		2016

Drilling work payable	$	151,028	$	144,542
Accounts payable		4,822,282		4,601,938
Interest payable		2,956,986		2,554,312
Total accounts payable and accrued expenses	$	7,930,296	$	7,300,792

156. MINE OWNERS DEBT FACILITIES

On ~~January~~July 205, ~~2012~~2013, ~~March 8~~GGCRL, ~~2012~~GGCR Mining, and ~~March~~Mego ~~28,~~concluded ~~2012,~~a ~~the~~fifteen ~~Company~~year ~~signed~~mine ~~and~~operating ~~approved~~agreement ~~Convertible~~with ~~Notes~~Linne ~~certificates~~as ~~each in~~ the ~~amount~~operator ofalong ~~$500,000~~with ~~and~~an ~~totaling~~ $18,~~500~~800,000 ~~and~~debt isfacilities ~~carrying~~agreement ~~this~~to asfund afuture ~~liability,~~production ~~though~~at the ~~Company~~central ~~does~~section ~~not~~of ~~accept~~the ~~this~~Toukhmanuk ~~liability~~gold-silver ~~for~~open ~~fraud,~~pit ~~contractual~~mine ~~terms,~~in ~~and~~Armenia. ~~offsetting~~The ~~amounts~~debt ~~caused~~facility byincludes ~~damage~~interest ~~and~~at ~~non~~LIBOR ~~performance~~plus as8%, ~~well~~and asthe ~~other~~operator, ~~reasons. The November 22~~Linne, ~~2013~~has ~~agreement~~an ~~which~~incentive ~~was~~based ~~signed~~compensation ~~both~~model, byto ~~CRA~~be ~~and~~paid ~~GGCRL~~approved ~~waives~~costs ~~any~~plus ~~demand~~10% ~~on GGCRL for repayment~~ of the ~~Convertible~~actual ~~Notes~~sales ~~other~~of ~~than~~gold, ~~through~~granting ~~the~~share ~~Signature~~options ~~transaction~~for ~~and~~up ~~audit~~to ~~process. In~~10% ~~addition,~~in GGCRL ~~and~~or the ~~Company~~subsidiary ~~have~~project ~~received~~company ~~contradictory~~in ~~representations~~Armenia as to ~~the~~Jacero ~~identity~~Holdings ofLimited, ~~the~~a ~~true~~limited ~~owner~~liability ofcompany ~~the~~incorporated ~~funds~~in ~~advanced~~the ~~from~~Republic ~~Messrs~~of ~~Borkowski~~Cyprus (“Jacero”), and ~~Premraj. The~~extending ~~Convertible~~the ~~Notes~~existing ~~themselves~~offtake ~~also~~agreement ~~provide~~with ~~for~~IM ~~equal~~until ~~treatment,~~the ~~“coinvestment”~~end of ~~funds~~2027. ~~paid~~The byloan ~~the~~may ~~Company~~be topre-paid. GGCRL ~~(Qualifying~~and ~~advances~~GGC ~~under~~have ~~the~~signed ~~Convertible~~as ~~Notes~~Guarantors ~~require~~on ~~approval by a 75% of~~ the ~~GGCRL~~debt ~~board~~facility agreement.) OnThe ~~September~~debt ~~19,~~is ~~2012,~~secured ~~the~~by ~~CRA representative to~~ the ~~GGCRL~~Getik ~~board~~license ~~consented~~as towell anas ~~extension~~a ~~for~~subordinated ~~the~~security ~~repayment~~interest ~~of any debt~~ to ~~CRA~~ABB ~~until~~in ~~the~~Mego ~~sooner of September 19~~shares, ~~2013,~~the aToukhmanuk ~~public~~mining ~~listing~~and ofexploration ~~GGCRL~~licenses, orore astockpile ~~financing~~included ofin ~~GGCRL. In April 2013,~~ the Company’s ~~had~~Inventory ~~indirectly~~and ~~received~~Mego anproperty. ~~informal~~The ~~notice~~mine ~~from~~operator procured a ~~purported representative~~plant ~~of CRA~~for ~~alleging~~expansion aand ~~default~~reportedly ~~under~~began ~~the~~to ~~Convertible~~restart ~~Notes~~production. On ~~June~~Pictures ~~18,~~of ~~2013,~~plant ~~GGC~~construction ~~and~~progress ~~GGCRL~~are ~~directly~~on ~~received a notice from~~ the ~~same~~Company’s ~~purported CRA representative, Joseph Borkowski~~website. OnWhile ~~June~~Linne ~~25,~~procured ~~2013,~~and ~~GGC,~~began inassembling a ~~written~~new ~~response~~processing ~~endorsed~~plant byat ~~Mr. Premraj~~Toukhmanuk, ~~refuted~~completion ~~(without~~has ~~dispute)~~been ~~the~~delayed, ~~notice~~mining ~~based~~in onaccordance ~~communications~~ with ~~CRA~~relevant ~~affiliated~~agreements ~~directors, lack of corporate authentication~~ and ~~contradictory~~approved ~~corporate~~plans ~~constitutional~~has ~~documentation~~not ~~which~~occurred, ~~would~~and ~~prohibit~~Linne ~~GGC~~has ~~from~~asked ~~recognizing~~to ~~Mr.~~be ~~Borkowski~~relieved orof ~~Rasia~~its ~~FZE~~responsibilities asbut interms ~~control~~for ofaccommodating ~~CRA.~~that Onrequest ~~July~~have 1,not ~~2013,~~been ~~GGC~~agreed ~~received~~to ~~written~~and ~~confirmation~~Linne ~~from~~continues ato ~~director~~be ofresponsible. ~~Consolidated~~The ~~Minerals~~Company ~~Pte.~~is ~~Ltd.~~carrying ~~confirming~~this ~~that~~as ~~Consolidated~~a ~~Minerals~~liability, ~~Pte.~~though ~~Ltd.~~the ~~had~~Company ~~funded~~reserves the ~~Convertible~~right ~~Notes~~ to ~~GGCRL,~~contest isthis ~~the~~liability ~~beneficial~~pending ~~owner~~substantiation ofconcerns ~~those~~and ~~Notes,~~offsetting ~~and~~amounts ~~reserves~~caused ~~all~~by ~~legal~~damage ~~rights~~and tonon ~~these~~performance ~~Convertible~~by ~~Notes~~Linne, ~~not~~as ~~CRA.~~well ~~The~~as ~~owner,~~other Mrreasons. The ~~Premraj,~~balance ~~and~~due on the ~~representative~~debt offacilities ~~CRA,~~as ~~Jeffrey~~of ~~Marvin~~June 30, ~~signed~~2017 ~~the~~and ~~November~~December 2231, ~~2013~~2016 ~~Merger~~was ~~Agreement~~$4,104,577. ~~with~~As ~~Signature~~of ~~Gold~~June ~~Limited~~30, ~~which~~2017 ~~provided~~and ~~that~~December ~~repayment~~31, of2016, the ~~Convertible~~Company ~~Notes~~has ~~and~~accrued ~~other~~interest ~~GGCRL~~of ~~debt~~$1,851,451 ~~“will be audited~~ and ~~agreed~~$1,566,444, ~~then~~respectively, ~~assumed~~on bythis ~~Signature~~debt ~~Gold~~facility asbased ~~part~~on ofcalculations ~~this~~from ~~merger~~Linne ~~transaction.~~which ~~CRA blocked~~ the ~~closing~~Company ofdoes ~~the~~not ~~Signature~~agree ~~transaction,~~with ~~but~~or ~~its~~have ~~contractual~~support ~~agreement~~for. Refer to beNote ~~paid~~13 ~~from~~– ~~that~~Agreements ~~transaction~~and ~~supersedes GGCRL’s~~Commitments.

Thus, while including certain amounts claimed to have been advanced in its financial statements to be conservative, the Company has taken the position that the claims to repayment of the Notes are without merit7. ~~Mr.~~CONVERTIBLE ~~Borkowski~~NOTE purportedly on behalf of CRA filed a lawsuit in the Royal Court of Jersey in attempt to enforce the Notes, but on June 18, 2014, the Royal Court of Jersey denied CRA’s claim for a default judgment on the Notes and held the matter over. Subsequently, the entire case was dismissed in favor of GGC. Refer to Legal Proceedings for the dispute related to outstanding amount payable on Convertible Notes and advance payable matters.PAYABLE

On ~~March~~December 2629, ~~2015~~2011, the ~~Court~~Company ofand ~~Appeals~~CRA signed a Binding Term sheet for a convertible note facility for not less than $2,000,000 with a cash coupon of ~~the~~3% ~~Island~~per annum and a guaranteed minimum IRR of ~~Jersey~~15% ~~ruled~~at ina “Liquidity Event” (the ~~Company’s~~“Convertible ~~favor~~Notes”). The inConvertible ~~staying~~Notes ~~all~~were ~~proceedings~~guaranteed ~~and~~by ~~referring~~GGC until the ~~claims~~execution ~~initiated~~of bythe ~~Joseph~~shares ~~Borkowski~~transfer agreements, ~~purportedly~~which occurred on ~~behalf~~September of26, ~~CRA~~2013. On toJanuary 17, 2012, the ~~contracted~~Company ~~dispute~~signed ~~resolution~~an ~~procedures~~“Instrument” incovering ~~New~~the ~~York~~Convertible ~~City.~~Notes Onsupplementing the ~~same~~December ~~day~~29, ~~the~~2011 ~~Court~~Binding ofTerm ~~Appeals~~sheet. The ~~also~~Instrument ~~granted~~removed the ~~Company~~3% ~~its~~per ~~costs~~annum cash coupon and ~~fees~~provided ~~for~~that the ~~entire~~Convertible ~~proceedings with~~Notes ~~CRA.~~could ~~Approximately~~be ~~$50,000~~prepaid ~~has~~at ~~already~~any ~~been~~time ~~awarded~~prior to a liquidity event at par, defining a Liquidity Event as “an initial public offering of the Company’s ~~against~~ordinary ~~CRA~~shares ~~(but~~on ~~not~~a ~~paid)~~stock ~~and~~exchange onor ~~November~~a 3,Change ~~2016~~of anControl ~~additional~~of ~~approximately~~the ~~$160,000~~Company or any of its subsidiaries. A Change of Control was ~~awarded~~defined toas ~~GGC~~“a ~~based~~change onof 50.1% or more of a beneficial ownership of the ~~Court~~legal and beneficial ownership of ~~Appeals~~the ~~award~~Company or the relevant subsidiary except in the case of an initial public offering.” On ~~May~~February 2719, ~~2015~~2012, the ~~Court~~Company, ofGGC, ~~Appeals~~CRA ofand ~~the~~their ~~Island~~respective subsidiaries signed a series of ~~Jersey~~additional ~~again~~agreements ~~ruled~~which inappointed GGM as the ~~Company’s~~interim ~~favor~~manager ~~refusing~~of ~~CRA’s~~the ~~request~~business ~~for~~and ~~leave~~required toreimbursement ~~appeal~~of toits ~~the~~budgeted ~~Queen’s~~and ~~Privy~~other ~~Council~~cost. In ~~CRA~~April ~~requested~~and ~~the~~May ~~Queen’s~~2012, ~~Privy~~notices ~~Council~~of ~~for~~breach ~~leave~~of tothose ~~appeal~~February ~~which~~2012 ~~was~~agreements ~~granted~~were issued and damages claims were asserted, ~~but~~then the outstanding issues were resolved in documents and resolutions executed on September 1319, ~~2016~~2012. On September 19, 2012, repayment of the ~~Privy~~Convertible ~~Council~~Notes ~~definitively~~was ~~dismissed~~extended ~~all~~to ~~CRA~~the ~~claims~~sooner inof ~~GGC’s~~September ~~favor~~19, ~~again~~2013, ~~awarding~~a ~~fees~~Public ~~and~~Listing, ~~costs.~~or Ata financing of the ~~same~~Company ~~time,~~with interest payable at 4% per annum. The joint venture was closed on ~~November~~October 1826, ~~2015,~~2012 with the ~~Royal~~registration ~~Court~~ of ~~Jersey~~the ~~ruled~~Mego inand ~~favor~~Getik ofshare ~~GGCRL~~transfer agreements. On November 22, 2013, the Company, GGC, CRA, and ~~Mr.~~other ~~Krikorian~~parties inagreed ~~lifting~~that all ~~remnants~~outstanding ofGGCRL group debt including the ~~injunction~~Convertible ~~issued~~Notes inwill ~~2014~~be ~~which~~audited ~~was~~and ~~not~~agreed ~~appealed,~~then ~~see~~assumed ~~exhibit~~by ~~10.76~~Signature ~~below~~Gold as part of the merger transaction. The ~~Company is~~November ~~pursuing~~22, ~~awards~~2013 agreement also provided that a repayment schedule of ~~costs~~ ~~and~~all ~~attorney~~debt ~~fees,~~will ~~which~~be itdetermined once the audit is ~~pursuing~~complete. The ~~CRA~~November ~~has~~22, 2013 agreement did not ~~complied~~trigger ~~with~~a ~~the~~15% ~~agreed~~IRR ~~dispute~~provision ~~resolution~~because ~~provisions~~it todoes ~~commence~~not inconstitute ~~New~~a ~~York,~~Liquidity ~~despite~~Event until the ~~Company’s~~merged ~~initiation~~companies shares are publicly listed and is not a change of control since the ~~agreed~~beneficial ~~mediation~~ownership ~~clause~~does not change by 50.1%.

1615

On January 20, 2012, March 8, 2012, and March 28, 2012, the Company signed and approved Convertible Notes certificates each in the amount of $500,000 and totaling $1,500,000 and is carrying this as a liability, though the Company does not accept this liability for fraud, contractual terms, and offsetting amounts caused by damage and non performance as well as other reasons. The ~~ADVANCES~~November ~~PAYABLE~~22, ~~CONSOLIDATED~~2013 ~~RESOURCES~~agreement which was signed both by CRA and GGCRL waives any demand on GGCRL for repayment of the Convertible Notes other than through the Signature transaction and audit process. In addition, GGCRL and the Company have received contradictory representations as to the identity of the true owner of the funds advanced from Messrs Borkowski and Premraj. The Convertible Notes themselves also provide for equal treatment, “coinvestment” of funds paid by the Company to GGCRL (Qualifying advances under the Convertible Notes require approval by a 75% of the GGCRL board.) On September 19, 2012, the CRA representative to the GGCRL board consented to an extension for the repayment of any debt to CRA until the sooner of September 19, 2013, a public listing of GGCRL, or a financing of GGCRL. In April 2013, the Company had indirectly received an informal notice from a purported representative of CRA alleging a default under the Convertible Notes. On June 18, 2013, GGC and GGCRL directly received a notice from the same purported CRA representative, Joseph Borkowski. On June 25, 2013, GGC, in a written response endorsed by Mr. Premraj, refuted (without dispute) the notice based on communications with CRA affiliated directors, lack of corporate authentication and contradictory corporate constitutional documentation which would prohibit GGC from recognizing Mr. Borkowski or Rasia FZE as in control of CRA. On July 1, 2013, GGC received written confirmation from a director of Consolidated Minerals Pte. Ltd. confirming that Consolidated Minerals Pte. Ltd. had funded the Convertible Notes to GGCRL, is the beneficial owner of those Notes, and reserves all legal rights to these Convertible Notes, not CRA. The owner, Mr. Premraj, and the representative of CRA, Jeffrey Marvin, signed the November 22, 2013 Merger Agreement with Signature Gold Limited which provided that repayment of the Convertible Notes and other GGCRL debt “will be audited and agreed then assumed by Signature Gold as part of this merger transaction. CRA blocked the closing of the Signature transaction, but its contractual agreement to be paid from that transaction supersedes GGCRL’s.

InThus, ~~addition~~while toincluding ~~the~~certain ~~$1,500,000~~amounts ~~received~~claimed ~~under~~to ~~the~~have ~~approved~~been ~~Convertible~~advanced ~~Notes,~~in asits ~~describe~~financial instatements ~~Note~~to 7be ~~above~~conservative, the Company ~~received~~has ~~additional~~taken ~~advances~~the position that the claims to repayment of ~~$394,244~~the ~~which~~Notes itare iswithout ~~carrying~~merit. ~~this~~Mr. asBorkowski apurportedly ~~liability,~~on ~~though~~behalf ~~the~~of ~~Company~~CRA ~~reserves~~filed ~~the~~a ~~right~~lawsuit toin ~~contest~~the ~~this~~Royal ~~liability~~Court ~~for~~of ~~fraud~~Jersey ~~and~~in ~~offsetting~~attempt ~~amounts~~to ~~caused~~enforce bythe ~~damage~~Notes, ~~and~~but ~~non~~on ~~performance~~June as18, ~~well~~2014, asthe ~~other~~Royal ~~reasons. There~~Court isof noJersey ~~written~~denied ~~agreement~~CRA’s onclaim ~~these~~for ~~Advances~~a ~~Payable~~default ~~Consolidated~~judgment ~~Resources~~on the Notes and held the ~~Company~~matter ~~has~~over. ~~not~~Subsequently, ~~accrued~~the ~~any~~entire ~~interest~~case onwas ~~them~~dismissed ~~accordingly~~in favor of GGC. Refer to ~~Note 14 -~~ Legal Proceedings for the dispute related to outstanding amount payable on ~~convertible~~Convertible ~~note~~Notes and advance payable ~~and Subsequent Events~~matters.

9On March 26, 2015, the Court of Appeals 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. ~~NONCONTROLLING~~On ~~INTEREST~~the INsame ~~JOINT~~day, ~~VENTURE~~the Court of Appeals also granted the Company its costs and fees for the entire proceedings with CRA. As of June 30, 2017, approximately $211,500 has been awarded to the Company against CRA (but not paid). 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, but on September 13, 2016 the Privy Council definitively dismissed all CRA claims in GGC’s favor, again awarding fees and costs. 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. The Company is pursuing collection of awards of costs and attorney fees. 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.

~~Formation of joint venture~~16

~~On April 27, 2011, the Company entered into a Joint Venture Agreement with CR~~8. ~~Pursuant~~ADVANCES toPAYABLE ~~the~~CONSOLIDATED agreement, the Company received $5,000,000 and agreed to transfer 100% interests in Mego and Getik Mining Company, LLC into the Joint Venture Company. The Company recorded this transaction in accordance with the provisions of ASC 810, “Consolidation.”RESOURCES

~~Transfer~~In addition to the $1,500,000 received under the approved Convertible Notes, as describe in Note 7 above, the Company received additional advances of $394,244 which it is carrying this as a liability, though the Company contests this liability for fraud and offsetting amounts caused by damage and non performance as well as other reasons. There is no written agreement on these Advances Payable, and the Company has not accrued any interest on them accordingly. Refer to Note 14 - Legal Proceedings for the dispute related to outstanding amount payable on convertible note and advance payable and Subsequent Events.

~~On September 26, 2012, the Company conditionally transferred 100% interests in Mego and Getik Mining Company, LLC at carrying value into the joint venture in accordance with ASC 805-50-30~~9. ~~According~~NONCONTROLLING toINTEREST ~~ASC~~IN ~~805-50-30,~~JOINT when accounting for a transfer of assets between entities under common control, the entity that receives the net assets shall initially measure assets and liabilities transferred at their carrying amounts at the date of transfer.VENTURE

~~Consolidation~~Formation of ~~Joint~~joint ~~Venture Company~~venture

~~The~~On ~~Company~~April ~~consolidates~~27, 2011, the Company entered into a Joint Venture Agreement with CR. Pursuant to the agreement, the Company inreceived ~~accordance~~$5,000,000 ~~with~~and ~~ASC~~agreed ~~810~~to ~~based~~transfer on100% ~~the~~interests ~~determination~~in ~~that~~Mego itand ~~controls~~Getik Mining Company, LLC into the Joint Venture Company. ~~due~~The toCompany ~~its~~recorded ~~51%~~this ~~ownership~~transaction ~~interest~~in ~~and~~accordance ~~including~~with the ~~following~~provisions ~~characteristics:~~of ASC 810, “Consolidation.”

●Transfer ~~The noncontrolling interest lacks participation rights in significant decisions made in the ordinary course~~ of ~~business; and~~interest

●On ~~The~~September ~~noncontrolling~~26, ~~interest~~2012, ~~does~~the ~~not~~Company ~~have~~conditionally transferred 100% interests in Mego and Getik Mining Company, LLC at carrying value into the ~~ability~~joint venture in accordance with ASC 805-50-30. According to ~~dissolve~~ASC 805-50-30, when accounting for a transfer of assets between entities under common control, the ~~Joint~~entity ~~Venture~~that ~~Company~~receives the net assets shall initially measure assets and liabilities transferred at their carrying amounts at the date of transfer.

~~Recognize~~Consolidation ~~and~~of ~~measure~~Joint ~~noncontrolling~~Venture ~~interest~~Company

~~Changes in a parent’s ownership interest while retaining its controlling financial interest are accounted for as an equity transaction.~~ The ~~carrying~~Company ~~amount~~consolidates of the ~~noncontrolling~~Joint ~~interest~~Venture isCompany ~~adjusted to reflect the change~~ in ~~its~~accordance ~~ownership~~with ~~interest~~ASC in810 ~~the~~based ~~subsidiary.~~on ~~The difference between~~ the ~~fair~~determination ~~value~~that ofit ~~the~~controls ~~consideration received and~~ the ~~amount~~Joint byVenture ~~which~~Company ~~the~~due ~~noncontrolling interest is adjusted is recognized as equity attributable~~ to ~~the~~its ~~parent.~~51% ~~Further, the carrying amount of the accumulated other comprehensive income is adjusted to reflect the change in the~~ ownership interest inand ~~the~~including ~~subsidiary through a corresponding charge to equity attributable to~~ the ~~parent.~~following characteristics:

● The ~~following~~noncontrolling ~~table~~interest ~~summarizes~~lacks ~~the~~participation ~~changes~~rights in ~~Non-Controlling~~significant ~~Interest~~decisions ~~for~~made in the ~~three~~ordinary ~~months~~course ~~ended~~of ~~March~~business; ~~31, 2017.~~and

Balance, December 31, 2016	$	(4,718,505	)
Net loss attributable to the non-controlling interest		(211,653	)
Foreign currency translation gain		48,044
Balance, March 31, 2017	$	(4,882,114	)

●

The noncontrolling interest does not have the ability to dissolve the Joint Venture Company

17Recognize and measure noncontrolling interest

10Changes in a parent’s ownership interest while retaining its controlling financial interest are accounted for as an equity transaction. ~~SEGMENT~~The ~~REPORTING~~carrying BYamount ~~GEOGRAPHIC~~of ~~AREA~~the noncontrolling interest is adjusted to reflect the change in its ownership interest in the subsidiary. The difference between the fair value of the consideration received and the amount by which the noncontrolling interest is adjusted is recognized as equity attributable to the parent. Further, the carrying amount of the accumulated other comprehensive income is adjusted to reflect the change in the ownership interest in the subsidiary through a corresponding charge to equity attributable to the parent.

The ~~Company~~following ~~sells~~table ~~its~~summarizes ~~products~~the ~~primarily~~changes ~~to one customer~~ in ~~Europe.~~Non-Controlling ~~The~~Interest ~~Company~~for ~~performs~~the ~~ongoing~~six ~~credit~~months ~~evaluations~~ended onJune ~~its customers and generally does not require collateral. The Company operates in a single industry segment~~30, ~~production of gold and other precious metals including royalties from other non-affiliated Companies production of gold and other precious metals~~2017.

For the three months ending March 31, 2017 and 2016, the Company did not have any revenue.

Balance, December 31, 2016	$	(4,718,505	)

Net loss attributable to the non-controlling interest		(411,684	)
Foreign currency translation gain		27,402
Balance, June 30, 2017	$	(5,102,787	)

~~The following summarizes identifiable assets by geographic area:~~17

	March 31,		December 31,
	2017		2016
Armenia	$	2,546,001	$	2,519,911
United States		19,860		24,088
	$	2,565,861	$	2,543,999

10. SEGMENT REPORTING BY GEOGRAPHIC AREA

The ~~following~~Company ~~summarizes~~sells ~~operating~~its ~~losses~~products ~~before~~primarily ~~provision~~to ~~for~~one ~~income~~customer ~~tax:~~in Europe. The Company performs ongoing credit evaluations on its customers and generally does not require collateral. The Company operates in a single industry segment, production of gold and other precious metals including royalties from other non-affiliated Companies production of gold and other precious metals.

Net Loss table:
	March 31, 2017		March 31, 2016
Armenia	$	334,647	$	222,181
United States		291,815		220,747
	$	626,462	$	442,928

For the three and six months ending June 30, 2017 and 2016, the Company did not have any revenue.

~~11.~~The ~~CONCENTRATION~~following ~~RISK~~summarizes identifiable assets by geographic area:

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions in the United States and Armenia. Bank deposits in the United States did not exceed federally insured limits as of March 31, 2017 and December 31, 2016. As of March 31, 2017 and December 31, 2016, the Company had $52,722 and $73,327, respectively, in Armenian bank deposits which may not be insured. The Company has not experienced any losses in such accounts through March 31, 2017 and as of the date of this filing.

	June 30,		December 31,
	2017		2016

Armenia	$	2,522,691	$	2,519,911
United States		30,505		24,088
	$	2,553,196	$	2,543,999

The ~~majority~~following ofsummarizes ~~the~~operating ~~Company's~~losses ~~present~~before ~~activities~~provision ~~are~~for inincome ~~Armenia. As with all types of international business operations, currency fluctuations, exchange controls, restrictions on foreign investment, changes to~~ tax ~~regimes, political action and political instability could impair the value of the Company's investments.~~:

Net Loss table:
	Six Months Ended June 30, 2017		Six Months Ended June 30, 2016		Three Months Ended June 30, 2017		Three Months Ended June 30, 2016
Armenia	$	626,707	$	455,585	$	303,060	$	233,404
United States		554,608		573,969		251,793		353,222
	$	1,181,315	$	1,029,554	$	554,853	$	586,626

1211. ~~CERTAIN~~CONCENTRATION ~~RELATIONSHIPS AND RELATED PARTY TRANSACTIONS~~RISK

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company ~~values~~places ~~shares~~its ~~issued~~cash towith ~~officers~~high ~~using~~credit quality financial institutions in the ~~fair~~United ~~value~~States and Armenia. Bank deposits in the United States did not exceed federally insured limits as of ~~common~~June ~~shares~~30, on2017 ~~grant~~and December 31, 2016. As of June 30, 2017 and December 31, 2016, the Company had $34,716 and $73,327, respectively, in Armenian bank deposits which may not be insured. The Company has not experienced any losses in such accounts through June 30, 2017 and as of the date of this filing.

~~Mr.~~The ~~Krikorian’s~~majority ~~employment~~of ~~agreement~~the ~~was~~Company's ~~extended~~present ~~for~~activities anare ~~additional~~in 3Armenia. ~~year~~As ~~term~~with ~~from~~all ~~July~~types 1,of ~~2009~~international ~~through~~business ~~June 30~~operations, ~~2012~~currency ~~with~~fluctuations, anexchange ~~annual salary of $225~~controls,~~000~~ ~~and~~restrictions ~~Mr.~~on ~~Krikorian~~foreign ~~was granted 1~~investment,~~050,000~~ ~~shares~~changes ofto ~~restricted~~tax ~~common~~regimes, ~~stock~~political ~~which~~action ~~will~~and ~~vest~~political ininstability ~~equal~~could ~~semi-annual~~impair ~~installments over~~ the ~~term~~value of ~~his~~the ~~employment~~Company's ~~agreement~~investments.

Mr. Boghossian’s employment agreement was extended for an additional 3 year term from July 1, 2009 through June 30, 2012 with an annual salary of $72,000 and Mr. Boghossian was granted 337,500 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement. 18

Mr12. ~~Dulman’s~~CERTAIN ~~employment~~RELATIONSHIPS ~~agreement~~AND ~~was~~RELATED ~~extended~~PARTY for an additional 3 year term from August 1, 2009 through July 31, 2012 with an annual salary of $150,000 and Mr. Dulman was granted 225,000 shares of restricted common stock which will vest in equal semi-annual installments over the term of his employment agreement. Mr. Dulman was also granted stock options to purchase 225,000 shares of common stock of the Company at $0.14 per share (based on the closing price at his renewal) vesting in equal quarterly installments over the term of his employment agreement. TRANSACTIONS

Effective July 1, 2012, the Company entered employment agreement extensions with Ashot Boghossian and Van Krikorian, and effective August 1, 2012, with Jan Dulman as recommended by the Company’s Compensation Committee and approved by the Board of Directors on June 15, 2012. The agreements are extended for an additional three years under the same terms except for Mr. Dulman who will receive an annual salary of $165,000, which constitutes a $15,000 raise per year, and an additional 25,000 restricted shares of the Company’s ~~Common~~values ~~Stock annually in lieu of the option grants in his prior contract beginning August 1, 2012 when the extension begins for Mr. Dulman. All~~ shares issued ~~under~~to ~~these~~officers ~~extensions~~using ~~will vest in equal semi-annual installments over~~ the ~~term of the employment agreements. All shares were issued at~~ fair ~~market~~ value ~~and are amortized over the term~~ of ~~the~~common ~~employment agreements. In July 2012, the Company issued 2,437,500~~ shares ofon ~~common~~grant ~~stock in connection with these extensions~~date.

OnMr. ~~July~~Krikorian’s 1,employment ~~2012~~agreement ~~the~~was ~~Company~~extended ~~granted~~for ~~performance~~an ~~and~~additional ~~retention~~3 ~~bonus~~year ~~awards~~term offrom ~~restricted~~July ~~shares~~1, of2009 ~~the~~through ~~Company’s~~June ~~Common~~30, ~~Stock~~2012 towith ~~Van~~an ~~Krikorian~~annual ~~(500,000~~salary ~~shares)~~of ~~and Jan Dulman (250~~$225,000 ~~shares) as recommended by the Company’s Compensation Committee~~ and ~~approved~~Mr. byKrikorian ~~the~~was ~~Board~~granted ~~of Directors on June 15~~1,050,000 ~~2012. All~~ shares ~~issued~~of ~~under~~restricted ~~this~~common ~~bonus~~stock ~~award~~which will vest in equal semi-annual installments over the ~~two~~term ~~years~~of ~~through~~his ~~June~~employment ~~30, 2014~~agreement. ~~All shares were issued at fair market value and are amortized in accordance with the vesting period.~~

OnMr. ~~May~~Boghossian’s ~~16,~~employment ~~2014,~~agreement ~~the~~was ~~Company~~extended ~~issued~~for asan ~~directors’~~additional ~~fees~~3 toyear ~~each~~term offrom ~~the~~July ~~six directors (Nicholas Aynilian~~1, ~~Drury~~2009 J.through ~~Gallagher,~~June ~~Harry Gilmore~~30, ~~Ian~~2012 ~~Hague,~~with ~~Lester~~an ~~Caesar~~annual ~~and~~salary ~~Van~~of ~~Z. Krikorian) 50~~$72,000 ~~restricted~~and ~~shares of the Company’s Common Stock at $0~~Mr.11 ~~per~~Boghossian ~~share~~was ~~for~~granted ~~a total value of $33~~337,~~000. The~~500 shares ~~were~~of ~~issued~~restricted ~~pursuant~~common tostock ~~the~~which ~~Board’s~~will ~~April~~vest ~~16,~~in ~~2014~~equal ~~decision~~semi-annual ~~from~~installments ~~which~~over ~~date~~ the ~~shares~~term ~~were~~of ~~valued~~his employment agreement.

OnMr. ~~May~~Dulman’s ~~16,~~employment ~~2014~~agreement was extended for an additional 3 year term from August 1, ~~the~~2009 ~~Company~~through ~~declared~~July a31, ~~stock~~2012 ~~bonus~~with toan ~~employees~~annual insalary ~~Armenia~~of ~~260~~$150,000 ~~restricted~~and Mr. Dulman was granted 225,000 shares of restricted common stock which will vest in equal semi-annual installments over the ~~Company’s~~term ~~Common~~of ~~Stock~~his atemployment $0agreement.11 Mr. ~~per~~Dulman ~~share~~was ~~for~~also agranted ~~total~~stock ~~value~~options to purchase 225,000 shares of common stock of the Company at $~~28,600~~0.14 ~~The~~per ~~shares~~share ~~were~~(based ~~issued~~on ~~pursuant~~the toclosing ~~the~~price ~~Board’s~~at ~~April~~his ~~16,~~renewal) ~~2014~~vesting ~~decision~~in ~~from~~equal ~~which~~quarterly ~~date~~installments over the ~~shares~~term ~~were~~of ~~valued~~his employment agreement.

OnEffective July ~~June~~1, 202012, ~~2014~~the Company entered employment agreement extensions with Ashot Boghossian and Van Krikorian, and effective August 1, 2012, with Jan Dulman all as recommended by the Company’s ~~declared~~Compensation aCommittee ~~stock~~and ~~bonus~~approved toby Drthe Board of Directors on June 15, 2012. The Wagreements are extended for an additional three years under the same terms except for Mr.~~E.S.~~ ~~Urquhart~~Dulman inwho ~~Chile~~will receive an annual salary of 50$165,000, which constitutes a $15,000 raise per year, and an additional 25,000 restricted shares of the Company’s Common Stock atannually ~~$0.10~~in ~~per~~lieu ~~share~~of ~~for~~the aoption ~~total~~grants ~~value~~in ofhis $5prior contract beginning August 1,~~000~~ 2012 when the extension begins for Mr. Dulman. All shares issued under these extensions will vest in equal ~~quarterly~~semi-annual installments over ~~two~~the ~~years~~term ~~through~~of ~~June~~the 30employment agreements. All shares were issued at fair market value and are amortized over the term of the employment agreements. In July 2012, ~~2016~~the Company issued 2,437,500 shares of common stock in connection with these extensions.

On ~~June~~July 201, ~~2014,~~2012 the Company’s ~~Compensation~~granted ~~Committee~~performance ~~granted~~and retention ~~bonuses~~bonus toawards ~~Mr.~~of ~~Krikorian~~restricted shares of ~~$55~~the Company’s Common Stock to Van Krikorian (500,000, ~~Mr.~~shares) ~~Dulman~~and ofJan ~~$45~~Dulman (250,000 shares) as recommended by the Company’s Compensation Committee and ~~Mr.~~approved ~~Boghossian~~by the Board of ~~$35~~Directors on June 15,~~000~~ to2012. All beshares ~~payable~~issued ~~upon~~under this bonus award will vest in equal semi-annual installments over the ~~receipt~~two ofyears ~~funding~~through ~~from~~June 30, 2014. All shares were issued at fair market value and are amortized in accordance with the ~~Chile~~vesting ~~sale~~period.

On ~~June~~May 2016, 2014, the Company’s ~~independent~~issued ~~compensation~~as ~~committee~~directors’ ~~and~~fees ~~the~~to ~~board~~each of the six directors ~~authorized~~(Nicholas ~~employment~~Aynilian, ~~amendments~~Drury ~~and~~J. ~~extensions~~Gallagher, toHarry ~~Messrs~~Gilmore, Ian Hague, Lester Caesar and Van Z. Krikorian,) ~~Boghossian~~50,000 ~~and~~restricted ~~Dulman~~shares ~~under~~of the ~~same~~Company’s ~~terms~~Common Stock at $0.11 per share for a total value of ~~their~~$33,000. The ~~prior~~shares ~~2012~~were ~~agreements~~issued pursuant to the Board’s April 16, 2014 decision from which date the shares were valued.

19On May 16, 2014, the Company declared a stock bonus to employees in Armenia 260,000 restricted shares of the Company’s Common Stock at $0.11 per share for a total value of $28,600. The shares were issued pursuant to the Board’s April 16, 2014 decision from which date the shares were valued.

On ~~May~~June 520, ~~2015~~2014, the Company ~~executed~~declared ~~employment~~a ~~agreement~~stock ~~extensions~~bonus ~~effective~~to ~~July~~Dr. 1,W.E.S. ~~2015,~~Urquhart ~~with~~in ~~Ashot~~Chile ~~Boghossian~~of ~~and Van Krikorian~~50,000 ~~and~~restricted ~~effective~~shares ~~August~~of ~~1, 2015, with Jan Dulman as recommended by~~ the Company’s ~~Compensation~~Common ~~Committee~~Stock ~~and~~at ~~approved by the Board of Directors on June 20, 2014~~$0. ~~The~~10 ~~agreements~~per ~~are~~share ~~extended~~ for ana ~~additional~~total ~~three~~value ~~years~~of ~~under the same terms~~$5,000. All shares issued ~~under these extensions~~ will vest in equal ~~semi-annual~~quarterly installments over ~~the~~two ~~term~~years ofthrough ~~the~~June ~~employment agreements. All shares were issued at fair market value and are amortized over the term of the employment agreements. On May 8~~30, ~~2015, the Company issued 1,687,500 shares of common stock in connection with these extensions~~2016.

~~The~~On ~~following~~June ~~table~~20, ~~illustrates~~2014, the Company'’s ~~compensation~~Compensation ~~commitments~~Committee ~~for~~granted ~~the~~retention ~~next~~bonuses 5to ~~years~~Mr. asKrikorian of ~~March~~$55,000, 31Mr. Dulman of $45,000 ~~2017~~and Mr. Boghossian of $35,000 to be payable upon the receipt of funding from the Chile sale.

Year	Amount
2017 – remaining period	$	292,500
2018		208,750
2019		-
2020		-
2021		-

On June 20, 2014, the Company’s independent compensation committee and the board of directors authorized employment amendments and extensions to Messrs. Krikorian, Boghossian, and Dulman under the same terms of their prior 2012 agreements.

~~Restricted Stock Units:~~19

On May 85, 2015, ~~in terms of a restricted stock award, 1,687,500 restricted shares were issued as per~~ the Company’s executed employment agreement extensions effective July 1, 2015, with Ashot Boghossian and Van Krikorian, and effective August 1, 2015, with Jan Dulman as recommended by the Company’s Compensation Committee and approved by the Board of Directors on June 20, 2014. The agreements are extended for an additional three years under the same terms. All shares issued under these extensions will vest in equal semi-annual installments over the term of the employment agreements. All shares were issued at fair market value and are amortized over the term of the employment agreements. On May 8, 2015, the Company issued 1,687,500 shares of common stock in connection with these extensions.

~~These~~The ~~shares~~following ~~will~~table beillustrates ~~vest~~the toCompany's ~~Ashot~~compensation ~~Boghossian~~commitments for ~~each~~the ~~six~~next ~~month~~5 ~~period,~~years ~~commencing on July 1, 2015, he shall become fully vested in 56,250 Shares granted hereunder. Thus, if he complete six, twelve, eighteen, twenty four, thirty and then thirty six months of service~~ as ~~provided hereunder, he shall be vested in 56,250, 112,500, 168,750, 225,000, 281,250, and then 337,500~~ of ~~the~~June ~~Shares granted hereunder~~30, ~~respectively~~2017.

These shares will be vest to Van Krikorian for the first six month period commencing July 1, 2015 within which he render the services provided herein, he shall become fully vested in one sixth of the total Shares granted hereunder. For the next six month periods thereafter commencing on January 1, 2016 through June 30, 2018, he shall become fully vested in an additional one sixth of the total Shares granted hereunder. Thus, if he complete six, twelve, eighteen, twenty four, thirty and then thirty six months of service as provided hereunder, he shall be vested in 175,000, 350,000, 525,000, 700,000, 875,000, and then 1,050,000 of the Shares granted hereunder, respectively.

Year	Amount

2017 – remaining period	$	195,000
2018		208,750
2019		-
2020		-
2021		-

~~These~~Restricted ~~shares~~Stock will be vested to Jan Dulman for the first six month period commencing August 1, 2015 within which he render the services provided herein, he shall become fully vested in one sixth of the total Shares granted hereunder. For the next six month periods thereafter commencing on February 1, 2016 through July 31, 2018, he shall become fully vested in an additional one sixth of the total Shares granted hereunder. Thus, if he complete six, twelve, eighteen, twenty four, thirty and then thirty six months of service as provided hereunder, he shall be vested in 50,000, 100,000, 150,000, 200,000, 250,000, and then 300,000 of the Shares granted hereunder, respectively.Units:

~~The~~On May 8, 2015, in terms of a restricted stock ~~outstanding~~award, 1,687,500 restricted shares were issued as per the Company’s executed employment agreement extensions effective July 1, 2015, with Ashot Boghossian and ~~exercisable~~Van atKrikorian, ~~March~~and 31effective August 1, ~~2017~~2015, iswith Jan Dulman as ~~follows:~~ recommended by the Company’s Compensation Committee and approved by the Board of Directors on June 20, 2014. The agreements are extended for an additional three years under the same terms.

		Restricted Stock Outstanding				Restricted Stock Vested
Grant date Price		NumberOutstanding		WeightedAverageGrantDatePrice		NumberVested		WeightedAverageGrantDatePrice
$	0.01		1,687,500	$	0.01		843,750	$	0.01

These shares will be vest to Ashot Boghossian for each six month period, commencing on July 1, 2015, he shall become fully vested in 56,250 Shares granted hereunder. Thus, if he complete six, twelve, eighteen, twenty four, thirty and then thirty six months of service as provided hereunder, he shall be vested in 56,250, 112,500, 168,750, 225,000, 281,250, and then 337,500 of the Shares granted hereunder, respectively.

20These shares will be vest to Van Krikorian for the first six month period commencing July 1, 2015 within which he render the services provided herein, he shall become fully vested in one sixth of the total Shares granted hereunder. For the next six month periods thereafter commencing on January 1, 2016 through June 30, 2018, he shall become fully vested in an additional one sixth of the total Shares granted hereunder. Thus, if he complete six, twelve, eighteen, twenty four, thirty and then thirty six months of service as provided hereunder, he shall be vested in 175,000, 350,000, 525,000, 700,000, 875,000, and then 1,050,000 of the Shares granted hereunder, respectively.

~~The~~These ~~Company~~shares ~~has~~will ~~recorded~~be anvested ~~expense~~to ofJan $Dulman for the first six month period commencing August 1,~~406~~ ~~and~~2015 $2within which he render the services provided herein,~~031~~ ~~for~~he shall become fully vested in one sixth of the ~~three~~total ~~months~~Shares ~~ended~~granted ~~March~~hereunder. ~~31,~~For ~~2017~~the ~~and~~next six month periods thereafter commencing on February 1, 2016 through July 31, ~~relating~~2018, tohe shall become fully vested in an additional one sixth of the ~~restricted~~total ~~stock~~Shares ~~award~~granted ~~and~~hereunder. aThus, ~~further~~if $7he complete six,~~116~~ ~~will~~twelve, beeighteen, ~~expensed~~twenty ~~over~~four, ~~the~~thirty ~~vesting~~and ~~period~~then thirty six months of ~~the~~service ~~stock~~as ~~which~~provided ~~takes~~hereunder, ~~place~~he ~~over~~shall be vested in 50,000, 100,000, 150,000, 200,000, 250,000, and then 300,000 of the ~~remaining~~Shares ~~two~~granted ~~years~~hereunder, respectively.

OnThe ~~May~~restricted 8,stock ~~2015,~~outstanding ~~the Company issued as directors’ fees to each of the six directors (Nicholas Aynilian, Drury J. Gallagher, Harry Gilmore, Ian Hague, Lester Caesar~~ and ~~Van~~exercisable ~~Z. Krikorian) 50,000 restricted shares of the Company’s Common Stock~~ at ~~$0.01~~June ~~per share for a total value of $3~~30,~~000. The~~ ~~shares~~2017 ~~were~~is ~~issued~~as ~~pursuant to the Board’s April 27, 2015 decision from which date the shares were valued.~~follows:

On May 8, 2015, the Company declared a stock bonus to employees in Armenia 260,000 restricted shares of the Company’s Common Stock at $0.01 per share for a total value of $2,600. The shares were issued pursuant to the Board’s April 27, 2015 decision from which date the shares were valued.

		Restricted Stock Outstanding				Restricted Stock Vested
Grant date Price		Number Outstanding		Weighted Average Grant Date Price		Number Vested		Weighted Average Grant Date Price
$	0.01		1,687,500	$	0.01		1,075,000	$	0.01

On April 25, 2016, the Company authorized as directors’ fees to each of the five directors 50,000 restricted shares (totaling 250,000 restricted shares) of the Company’s Common Stock at $0.02 per share for a total value of $5,000. The Company also authorized 320,000 restricted shares of the Company’s Common Stock at $0.02 per share for a total value of $6,400 to employees of the Corporations subsidiaries in Armenia. These shares, totaling 570,000 shares, were issued on December 6, 2016. Mr. Hague is not accepting director compensation for 2016; those shares will be donated to a charity.20

OnThe ~~May~~Company ~~31,~~has ~~2016,~~recorded ~~the~~an ~~Company~~expense ~~through~~of ~~board~~$2,812 ~~action~~and ~~agreed~~$4,062 relating to ~~allow~~these ~~the~~restricted ~~existing~~ stock ~~options~~awards ~~plan~~for tothe ~~terminate~~six tomonths ~~eliminate~~ended ~~all~~June ~~stock~~30, ~~options. Current~~2017 ~~employees~~ and ~~directors~~2016, ~~still~~respectively. ~~holding~~The ~~valid~~Company ~~stock~~has ~~options~~recorded ~~will~~an ~~receive~~expense ~~restricted~~of ~~shares~~$1,406 inand ~~the~~$2,031 ~~amount~~relating ofto ~~50%~~these ofrestricted ~~the~~ stock awards for ~~which~~ ~~they~~the ~~had~~three ~~valid~~months ~~options.~~ended ~~Pursuant~~June to30, ~~the~~2017 ~~option~~and ~~cancellation~~2016, ~~the Company~~respectively, ~~authorized~~relating to the ~~issuance of 1,277,084~~ restricted ~~shares~~stock ofaward ~~the~~and ~~Company’s~~a ~~Common~~further ~~Stock at~~ $~~0.01~~5,710 ~~per~~will ~~share~~be ~~for~~expensed aover ~~total~~the ~~value~~vesting period of ~~$15,325.~~the ~~These~~stock ~~shares~~which ~~were~~takes ~~issued~~place onover ~~December~~the 6,three ~~2016~~years.

~~The~~On ~~amount~~May of8, ~~total~~2015, ~~deferred~~the ~~compensation~~Company ~~amortized~~issued ~~for~~as directors’ fees to each of the ~~three~~six ~~months~~directors ~~ended~~(Nicholas ~~March~~Aynilian, 31Drury J. Gallagher, ~~2017~~Harry Gilmore, Ian Hague, Lester Caesar and ~~2016~~Van ~~was~~Z. $1Krikorian) 50,~~406~~000 ~~and~~restricted shares of the Company’s Common Stock at $20.01 per share for a total value of $3,~~031~~000. The shares were issued pursuant to the Board’s April 27, ~~respectively~~2015 decision from which date the shares were valued.

On ~~January~~May 228, ~~2014~~2015, the Company ~~received~~declared ~~loans~~a ~~from~~stock ~~Drury~~bonus ~~Gallagher~~to ~~and~~employees ~~Ian~~in ~~Hague~~Armenia 260,000 ~~Directors~~restricted shares of the Company,’s inCommon ~~the~~Stock ~~amounts~~at of $~~373,000~~0.01 ~~and~~per ~~$127,000,~~share ~~respectively,~~for ~~which~~a ~~carry~~total atvalue ~~an annual rate~~ of 9%$2,600. AsThe ofshares ~~March~~were ~~31,~~issued ~~2017,~~pursuant ~~these~~to ~~amounts~~the ~~remain~~Board’s ~~unpaid~~April ~~and~~27, ~~the~~2015 ~~Company~~decision ~~has~~from ~~accrued~~which ~~interest~~date ofthe ~~$143,507~~shares were valued.

AsOn ofApril ~~March~~25, 312016, ~~2017~~the ~~and~~Company ~~December~~authorized ~~31,~~as ~~2016,~~directors’ fees to each of the ~~Company~~five ~~owed~~directors ~~Drury~~50,000 ~~Gallagher~~restricted shares (totaling 250,000 restricted shares) of the Company’s ~~Director~~Common ~~and~~Stock ~~Treasurer,~~at $~~4,127~~0.02 per share for ~~expense~~a ~~reimbursement~~total ~~which~~value ~~bears~~of no$5,000. ~~interest~~The ~~and~~Company ~~which~~also ~~remain~~authorized ~~unpaid~~320,000 asrestricted shares of the ~~date~~Company’s Common Stock at $0.02 per share for a total value of ~~this~~$6,400 ~~filing~~to employees of the Corporations subsidiaries in Armenia. These shares, totaling 570,000 shares, were issued on December 6, 2016. Mr. Hague is not accepting director compensation for 2016; those shares will be donated to a charity.

AsOn ofMay ~~March~~ 31, ~~2017~~2016, the Company through board action agreed to allow the existing stock options plan to terminate to eliminate all stock options. Current employees and ~~December~~directors ~~31,~~still ~~2016,~~holding ~~one~~valid stock options will receive restricted shares in the amount of 50% of the ~~Company's~~stock ~~Directors,~~for which ~~Drury~~they ~~Gallagher,~~had ~~was~~valid ~~owed~~options. ~~$3,083,687~~Pursuant ~~and~~to ~~$3,021,187,~~the ~~respectively~~option cancellation, ~~from~~the Company ~~interest~~authorized ~~free~~the ~~loans~~issuance ~~which~~of ~~remain~~1,277,084 ~~unpaid~~restricted asshares of the ~~date~~Company’s Common Stock at $0.01 per share for a total value of ~~this~~$15,325. ~~filing~~These shares were issued on December 6, 2016.

AsOn ofApril ~~March 31~~28, 2017, ~~and~~the ~~December~~Company 31authorized as directors’ fees to each of the five directors 50,000 ~~2016~~restricted shares (totaling 250,000 ~~one~~restricted shares) of the Company'’s ~~Directors,~~Common ~~Nicholas~~Stock ~~Aynilian,~~at ~~was~~$0.019 ~~owed~~per share for a total value of $54,~~000~~750. ~~from~~Mr. ~~interest~~Hague ~~free~~is ~~loans~~not ~~which~~accepting ~~remain~~director ~~unpaid~~compensation asfor 2017; those shares will be donated to a charity designated by directors other than Mr. Hague. The Company also authorizes 280,000 restricted shares of the ~~date~~Company’s Common Stock at $0.019 per share for a total value of ~~this~~$5,320 ~~filing~~to employees of the Corporation’s subsidiaries in Armenia. These shares, totaling 530,000 shares, have not yet been issued.

AsThe amount of ~~March~~total ~~31,~~deferred ~~2017~~compensation ~~and~~amortized ~~December~~for ~~31, 2016,~~ the ~~Company~~six ~~owes~~months ~~unpaid~~ended ~~wages~~June ~~of approximately $2~~30,~~029,000~~ ~~and~~2017 ~~$1,932,000, respectively, to management including approximately $1,065,000~~ and ~~$1,009,000,~~2016 ~~respectively~~was ~~to Mr. Van Krikorian and~~ $~~789~~2,~~000~~812 and $~~739~~4,~~000~~062, respectively~~, to Mr~~. ~~Jan Dulman.~~ The ~~Company~~amount isof ~~accruing~~total ~~interest~~deferred atcompensation anamortized ~~annual~~for ~~rate of 9% on~~ the ~~net~~three ofmonths ~~taxes~~ended ~~wages~~June ~~owed to management. As of March 31~~30, 2017 and ~~December 31,~~ 2016, ~~the~~was ~~Company had accrued interest of approximately~~ $~~474~~1,~~000~~406 and $~~442~~2,~~000~~031, respectively. ~~The Company has also accrued the contingent bonus payable to the management for $270,000 as of March 31, 2017 and December 31, 2016.~~

AsOn ofJanuary ~~March~~22, 312014, ~~2017~~the ~~and~~Company ~~December~~received ~~31,~~loans ~~2016,~~from ~~the~~Drury ~~Company~~Gallagher ~~had~~and ~~interest~~Ian ~~free~~Hague, ~~loans~~Directors ~~due~~of tothe ~~employees~~Company, in ~~Armenia~~the ofamounts ~~approximately~~ of $~~118~~373,000 and $~~117~~127,000, respectively, which carry at an annual rate of 9%. As of June 30, 2017, these amounts remain unpaid and the Company has accrued interest of $154,726.

21As of June 30, 2017 and December 31, 2016, the Company owed Drury Gallagher, the Company’s Director and Treasurer, $4,127 for expense reimbursement which bears no interest and which remain unpaid as of the date of this filing.

~~13.~~As ~~AGREEMENTS~~of ~~AND~~June ~~COMMITMENTS~~30, 2017 and December 31, 2016, one of the Company's Directors, Drury Gallagher, was owed $3,205,687 and $3,021,187, respectively, from interest free loans which remain unpaid as of the date of this filing.

~~Industrial~~As ~~Minerals/Linne/Jacero~~of ~~Agreements~~June 30, 2017 and December 31, 2016, one of the Company's Directors, Nicholas Aynilian, was owed $5,000 from interest free loans which remain unpaid as of the date of this filing.

~~March~~As 24of June 30, ~~2009~~2017 and December 31, 2016, the Company ~~signed~~owes aunpaid ~~supply~~wages ~~contract~~of ~~agreement~~approximately ~~with~~$2,127,000 ~~Industrial~~and ~~Minerals~~$1,932,000, SArespectively, ~~(“IM”)~~to management including approximately $1,121,000 aand ~~Swiss~~$1,009,000, ~~Company~~respectively to Mr. Van Krikorian and $821,000 and $739,000, respectively, to Mr. Jan Dulman. The ~~agreement~~Company is ~~for~~accruing IMinterest toat ~~purchase~~an ~~all~~annual rate of 9% on the ~~gold~~net ~~and~~of ~~silver~~taxes ~~concentrate~~wages ~~produced~~owed atto management. As of June 30, 2017 and December 31, 2016, the Company's ~~Toukhmanuk~~had ~~facility~~accrued atinterest ~~85%~~ of ~~LBMA~~approximately ~~less~~$508,000 ~~certain~~and ~~treatment~~$442,000, respectively. The Company has also accrued the contingent bonus payable to the management for $270,000 as of June 30, 2017 and ~~refining~~December ~~charges~~31, 2016.

OnAs ~~February~~of ~~25,~~June ~~2010~~30, ~~the~~2017 ~~Company,~~and ~~through~~December ~~its~~31, ~~wholly~~2016, ~~owned~~the ~~subsidiary~~Company ~~Mego~~had ~~entered~~interest ~~into~~free anloans ~~agreement~~due ~~with IM~~ to ~~provide~~employees ~~Mego~~in ~~with~~Armenia ~~an advance~~ of approximately $~~450~~113,000 ~~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~~ $87117,~~020 from the Advance as of March 31~~000, ~~2017 and December 31, 2016~~respectively.

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 calculated 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.21

On 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 1013.62 ~~below,~~AGREEMENTS ~~with~~AND 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.COMMITMENTS

~~The existing offtake agreement with~~ Industrial 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 /Linne/Jacero ~~Holdings Limited, a limited liability company incorporated in the Republic of Cyprus (“Jacero”), all as further described in Exhibit 10.65 below.~~ Agreements

InMarch ~~January~~24, ~~2016 and since~~2009, the Company ~~has~~signed ~~been~~a ~~engaged~~supply ~~with~~contract ~~counsel~~agreement ~~and~~with ~~principals for Linne Mining and~~ Industrial Minerals toSA ~~disclose the substantiation for amounts drawn under the Debt Facilities Agreement~~(“IM”), 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 60 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~~Swiss ~~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 45 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~~agreement ~~million claim~~ is for ~~lost~~IM ~~profits based on the mine contractor’s 10% bonus payment which was~~ to bepurchase ~~earned~~all ~~from production but the contractor for its own reasons and in violation~~ of the ~~agreement~~gold ~~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~~silver usconcentrate ~~for~~produced ~~our~~at ~~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 39 million USD for damages and lost profit. Mego Gold has responded and appealed these claims, as Linne's ~~claim~~Toukhmanuk isfacility ~~entirely~~at ~~groundless,~~85% ~~violates the law~~ of ~~Republic~~LBMA ofless ~~Armenia,~~certain ~~Convention~~treatment ~~of the Recognition~~ and ~~Enforcement~~refining ~~of Foreign Arbitral Awards as well as the Operating Agreement signed between Mego and Linne on 05~~charges.07.2013, on the ground of which Linne claims 39 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 pay 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.

22On 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.

~~Viking~~Key ~~Investment~~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 calculated based on 85% of the London AM/~~CREO~~PM ~~Agreements~~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.

On July 5, 2013, ~~GGCRL,~~the ~~and~~Company through its ~~wholly~~majority owned ~~affiliates~~subsidiary ~~Mego,~~Global ~~and~~Gold ~~Getik~~Consolidated ~~Mining~~Resources ~~Company~~Limited, a Jersey Island private limited liability company ~~incorporated in the Republic of Armenia~~ (“~~Getik~~GGCRL”), ~~also~~and ~~finalized~~GGCRL anwholly ~~agreement~~owned ~~effective~~subsidiaries ~~June~~GGCR 20Mining, ~~2013 with Creo Design (Pty) Limited~~LLC, a ~~company~~Delaware ~~incorporated~~limited inliability ~~the~~company ~~Republic of South Africa~~ (“~~CREO~~GGCR Mining”), and ~~Viking~~Mego-Gold, ~~Investment Limited~~LLC, a limited liability company incorporated in the ~~Hong~~Republic ~~Kong~~of Armenia (“~~Viking~~Mego”)., ~~The~~concluded a fifteen year mine operating agreement, isall ~~for~~as ~~CREO~~further todescribed ~~manage~~in ~~the~~Exhibit ~~technical~~10.62 ~~work~~below, with ~~local~~Linne ~~employees~~Mining ~~and~~LLC, ~~contractors~~a ~~leading~~limited toliability ~~feasibility~~company ~~studies~~incorporated atin the ~~Getik~~Republic ~~property~~of in Armenia (“Linne”), as ~~well~~the asoperator atalong ~~the~~with 50an ~~plus~~$8,800,000 ~~square~~debt ~~kilometer~~facilities ~~exploration~~agreement ~~license~~to ~~area~~fund ~~surrounding~~future production at the central section of the Toukhmanuk ~~mine. The~~gold-silver ~~Armenian~~open ~~government~~pit ~~recently~~mine ~~extended~~in ~~this~~Armenia. ~~exploration~~The ~~license~~debt tofacility ~~July~~includes 2,interest ~~2016~~at ~~and~~LIBOR ~~the~~plus ~~English~~8%, and ~~Armenian of~~ the ~~current~~operator, ~~license~~Linne, ~~have~~has ~~been~~an ~~posted~~incentive onbased ~~the~~compensation ~~Global~~model, ~~Gold~~to ~~website.~~be ~~The~~paid ~~agreement~~approved ~~also~~costs ~~calls~~plus ~~for~~10% ~~Viking~~of ~~to finance~~ the ~~initial~~actual ~~budgeted~~sales ~~expenses~~of ~~until~~gold, ~~GGCRL~~all isas ~~publicly~~further ~~listed~~described atin aExhibit ~~charge~~10.63 ofbelow. ~~costs~~The ~~plus~~Company ~~10%,~~has ~~all~~signed as ~~further~~a ~~described~~Guarantor inon ~~Exhibit~~the ~~10.66~~debt ~~below~~facility agreement.

AsThe ofexisting ~~March~~offtake 31agreement with Industrial Minerals, ~~2017~~SA ~~and~~was asalso ofextended until the ~~date~~end of ~~this Report~~2027, ~~Viking~~all as further described in Exhibit 10.64 below, and ~~CREO~~share ~~have~~options ~~failed~~for up to ~~meet~~10% ~~their~~in ~~obligations~~GGCRL ~~and~~or ~~are~~the subsidiary project company in ~~material~~Armenia ~~breach~~were ofalso ~~the~~granted ~~contract.~~in ~~The~~related ~~Company~~agreements iswith ~~reviewing~~Jacero ~~its~~Holdings ~~options~~Limited, ~~with~~a ~~respect~~limited toliability company incorporated in the ~~breaches~~Republic of ~~contract~~Cyprus ~~and~~(“Jacero”), toall ~~preserve~~as ~~the~~further ~~Getik~~described ~~licenses~~in Exhibit 10.65 below.

~~Caldera~~In January 2016 and since, the Company has been engaged with counsel and principals for Linne Mining and Industrial Minerals 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 60 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 45 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 39 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

On 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 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 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 42 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 $5 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 1 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:22

1Operating Agreement signed between Mego and Linne on 05.07.2013, ~~turn~~on ~~over~~the ground of which Linne claims 39 million USD. This case is still under process and Mego Gold anticipates Linne's claim to ~~Global~~be rejected entirely. In 2016 Interkapal filed a claim against Mego Gold atand ~~its~~Linne ~~offices~~Mining incooperatively, ~~Rye~~to pay the remaining amount of approximately 41,380,000 ~~New~~AMD ~~York~~(not ~~all~~including ~~books~~state fees and penalties over 800,000 ~~records~~AMD) under the construction agreement signed between the parties. The court of first instance of Kentron and Nork-Marash administrative regions of Yerevan city, ~~contracts~~RA, ~~communications~~satisfied Interkapal's claim, ~~and~~thus ~~property~~obligating ~~related~~Mego inand ~~any~~Linne ~~way~~jointly to pay the ~~Marjan~~amount. ~~property~~Mego inand ~~Armenia~~Linne ~~and~~both appealed the ~~Marjan~~verdict ~~Mining~~of ~~Company,~~the ~~including~~court ~~specifically~~of first instance and the ~~Armenian~~Appellate ~~Marjan~~court ~~Mining~~of ~~Company~~RA ~~seal,~~rejected Mego's claim and ~~shall~~satisfied ~~pay~~Linne's ~~Global~~claim, ~~Gold~~thus ~~$50~~making Mego the only party obligated to pay 41,380,000 ~~plus~~AMD ~~$250~~to ~~per~~Interkapal. ~~day~~Mego ~~for~~appealed ~~every~~the ~~day~~ruling ~~following~~of ~~issuance~~the appellate court to the Cassation court of ~~this~~RA, ~~Final~~which ~~Award~~rejected ~~that~~the ~~such~~appeal. ~~materials~~The ~~are~~ruling ~~not~~of ~~delivered;~~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.

23Viking Investment/CREO Agreements

2.On ~~turn~~July ~~over~~5, to2013, ~~Global~~GGCRL, ~~Gold~~and at its ~~offices~~wholly inowned ~~Rye~~affiliates Mego, ~~New~~and ~~York~~Getik ~~communications~~Mining ~~Caldera~~Company, ~~and/or~~a ~~Mr.~~limited ~~Mavridis~~liability ~~has~~company ~~had~~incorporated ~~with~~in ~~third~~the ~~parties~~Republic ~~concerning~~of ~~Global~~Armenia ~~Gold~~(“Getik”), ~~its~~also ~~officers,~~finalized ~~agents,~~an ~~directors~~agreement ~~and~~effective ~~business…Without~~June ~~limitation~~20, ~~the~~2013 ~~following~~with ~~shall~~Creo ~~also~~Design be(Pty) ~~turned~~Limited, ~~over~~a tocompany ~~Global~~incorporated ~~Gold:~~in ~~all~~the ~~direct~~Republic ~~and~~of ~~indirect~~South Africa (~~for~~“CREO”), ~~example~~and ~~through~~Viking Investment Limited, a ~~translator~~company orincorporated ~~agent~~in the Hong Kong (“Viking”). ~~communications~~The ~~with~~agreement is for CREO to manage the ~~following~~technical ~~individuals~~work with local employees and ~~organizations:~~contractors ~~Azat~~leading ~~Vartanian,~~to ~~Petros~~feasibility ~~Vartanian,~~studies …,at ~~Joseph~~the ~~Borkowski,~~Getik ~~Jeffrey~~property ~~Marvin,…~~in ~~Prem~~Armenia ~~Premraj…,~~as ~~Rasia~~well ~~FZE,~~as ~~Johan~~at ~~Ulander,~~the ~~Ecolur,…~~50 ~~Tom~~plus ~~Prutzman,~~square …,kilometer ~~Stockhouse,~~exploration ~~Investor's~~license ~~Hub,~~area ~~shareholders~~surrounding the central section of ~~Global~~the ~~Gold,~~Toukhmanuk ~~and~~mine. The ~~any~~agreement ~~governmental~~also orcalls ~~regulatory~~for ~~authorities--~~Viking ~~Caldera~~to ~~shall~~finance ~~pay~~the ~~Global~~initial ~~Gold~~budgeted ~~$100~~expenses ~~per~~until ~~day~~GGCRL ~~for~~is ~~every~~publicly ~~day~~listed ~~following~~at ~~issuance~~a charge of ~~this~~costs ~~Final~~plus ~~Award~~10%, ~~that~~all ~~such~~as ~~materials~~further ~~are~~described ~~not~~in ~~delivered;~~Exhibit 10.66 below.

3.As ~~issue~~of aJune ~~press release correcting the April~~ 30, ~~2013~~2017 ~~Caldera~~and ~~release~~as ~~…stating~~of ~~that~~ the ~~original~~date ~~release~~of isthis ~~retracted~~Report, ~~with~~Viking ~~all property books~~ and ~~records~~CREO ~~(including~~have ~~all~~failed ~~exploration~~to ~~data)~~meet ~~related~~their toobligations ~~the~~and ~~Marjan~~are ~~property~~in ~~transferred~~material tobreach ~~Global~~of ~~Gold~~the ~~and~~contract. ~~that~~The ~~neither~~Company ~~Caldera~~is ~~nor~~reviewing its ~~successors~~options ~~retain~~with ~~rights~~respect to the ~~Marjan~~breaches ~~mine~~of incontract ~~Armenia~~ and ~~shall~~to ~~pay~~preserve ~~Global~~the ~~Gold~~Getik ~~$50,000 plus $100 per day for every day following issuance of this Final Award that such correcting release is not issued;~~licenses.

4. Caldera ~~did not spend the minimum $1 million threshold necessary to be eligible for an NSR Royalty interest and therefore Caldera has no NSR Royalty or any other interest in the Marjan property;~~Agreements

5.On 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 $~~150~~10,~~000~~844,413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 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 ~~paid~~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 42 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 ~~was~~despite ~~not~~having ~~pursuant~~raised almost $5 million, failed to issue stock due, misrepresented the JVapproval ~~Agreement~~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 ~~did~~it ~~not~~claimed ~~become~~was ~~effective)~~adjacent to Marjan but ~~pursuant~~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 ~~December~~signatures ~~2009~~or ~~Agreement~~authorization ~~therefore~~of Global Gold, isand ~~not~~a ~~obligated~~U.S. toFederal ~~make~~Court ~~any~~confirmed ~~payments~~the phase 1 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:

61. ~~pay~~turn over to Global Gold ~~$115~~at its offices in Rye,~~000~~ ~~for~~New ~~Caldera's~~York ~~refusal~~all books, records, contracts, communications, and property related in any way to ~~turn~~the ~~over~~Marjan ~~500~~property in Armenia and the Marjan Mining Company, including specifically the Armenian Marjan Mining Company seal, and shall pay Global Gold $50,000 ~~shares~~plus $250 per day for every day following issuance of ~~stock~~this inFinal ~~2010~~Award that such materials are not delivered;

~~7. pay Global Gold $3,174,209 for Caldera's failure to make agreed payments to Global Gold;~~23

82. ~~pay~~turn over to Global Gold ~~$577~~at its offices in Rye,~~174~~ ~~for~~New ~~legacy~~York ~~governmental~~communications ~~liabilities~~Caldera and/or Mr. Mavridis has had with third parties concerning ~~the~~Global ~~Marjan~~Gold ~~property~~its officers, agents, directors and business…Without limitation, the following shall ~~indemnify~~also ~~and~~be ~~hold~~turned over to Global Gold: ~~harmless~~all direct and indirect (~~including~~for ~~attorney~~example ~~fees~~through a translator or agent) ~~from~~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 ~~claims~~ or ~~liabilities~~regulatory ~~associated~~authorities-- ~~with~~Caldera ~~the~~shall ~~time~~pay ~~they~~Global ~~control~~Gold ~~the~~$100 ~~seal~~per day for every day following issuance of ~~the~~this ~~Marjan~~Final ~~Mining~~Award ~~Company~~that such materials are not delivered;

93. ~~pay~~issue ~~Global~~a ~~Gold~~press ~~$967~~release correcting the April 30,~~345~~ ~~for~~2013 ~~violating~~Caldera ~~Paragraph~~release ~~(1)~~…stating ofthat the ~~Final~~original ~~Partial~~release ~~Award~~is ~~requiring~~retracted ~~turnover~~with ofall property books and ~~[for]~~records ~~interference~~(including inall exploration data) related to the Marjan property transferred to Global Gold's ~~development~~and ofthat neither Caldera nor its successors retain rights to the Marjan mine in Armenia and shall ~~relinquish~~pay ~~the~~Global ~~portions~~Gold of$50,000 ~~the~~plus ~~Marjan~~$100 ~~West~~per ~~license~~day ~~which~~for ~~overlap~~every orday infollowing ~~any~~issuance ~~way~~of ~~impinge~~this onFinal ~~Marjan~~Award that such correcting release is not issued;

104. Caldera isdid ~~liable~~not ~~for~~spend ~~defamation~~the ~~and~~minimum ~~tortious interference with contractual and business relations with regard to Global Gold and its related personnel and so shall (i) pay Global Gold~~ $~~3 million in compensatory damages…, (ii) pay Global Gold $~~1 million inthreshold ~~punitive~~necessary orto ~~exemplary~~be ~~damages…,~~eligible ~~(iii)~~for ~~remove~~an ~~all~~NSR ~~the~~Royalty ~~materials~~interest and ~~websites~~therefore ~~controlled~~Caldera inhas ~~any~~no ~~way~~NSR byRoyalty ~~them~~or ~~which~~any ~~were admitted as exhibits on defamatory publications in this case from the internet and~~ other ~~locations,~~interest (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~~Marjan 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 defamatoryproperty;

115. ~~for~~ the ~~breaches of the Confidentiality Stipulations and Orders in this case~~$150,000 ~~…all~~which ~~publications~~Caldera ofpaid ~~"confidential"~~to ~~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~~was ~~its~~not ~~attorneys~~pursuant ~~[are~~to ~~granted]~~ the ~~authority~~JV toAgreement ~~contact internet service providers, search engine firms, social media sites, stock discussions board~~ (~~including~~which ~~but~~did not ~~limited~~become ~~to Google, Yahoo, Facebook, Twitter, Stockhouse, Investor's Hub and Bing~~effective) tobut ~~use~~pursuant ~~this Final Award~~ to ~~remove~~ the ~~material--~~December ~~Caldera~~2009 ~~shall~~Agreement ~~pay~~therefore Global Gold ~~for~~is ~~$100~~not ~~per~~obligated ~~day~~to ~~every~~make ~~day~~any ~~that~~payments ~~persons~~to ~~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;

126. pay Global Gold $1115,~~822,416~~000 for ~~attorney~~Caldera's ~~fees~~refusal ~~and~~to ~~costs~~turn over 500,000 shares of stock in 2010;

137. ~~reimburse~~pay Global Gold $883,~~269~~174,209 ~~paid~~for toCaldera's ~~the~~failure ~~arbitration~~to ~~association~~make ~~and~~agreed ~~for~~payments ~~the~~to ~~compensation~~Global ~~and expenses of the arbitrator.~~Gold;

248. 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 seal of the Marjan Mining Company;

~~The~~9. ~~Final~~pay ~~Award~~Global ~~was~~Gold ~~certified~~$967,345 for ~~purposes~~violating ofParagraph ~~Article~~(1) I of the ~~United~~Final ~~Nations~~Partial ~~New~~Award ~~York~~requiring ~~Convention~~turnover onof ~~the~~property ~~Recognition~~ and ~~Enforcement~~[for] ofinterference ~~Foreign~~in ~~Arbitral~~Global ~~Awards~~Gold's development of Marjan and ~~for~~shall ~~purposes~~relinquish the portions of the ~~Federal~~Marjan ~~Arbitration~~West ~~Act.~~license ~~Caldera~~which ~~has~~overlap ~~not~~or ~~complied~~in ~~with~~any ~~the~~way ~~Final~~impinge ~~Award.~~on Marjan;

~~See~~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 $3 million in compensatory damages…, (ii) pay Global Gold $1 million in punitive or exemplary damages…, (iii) remove all the ~~Company’~~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 ~~2016~~trading ~~Form~~symbol 10without permission; (v) not share those materials with others or arrange to have them posted anonymously or otherwise-K ~~for~~(vi) independently, … Global Gold and those who have been named by Caldera and Bill Mavridis in the ~~historical~~admitted ~~background~~exhibits ofon defamatory publications as well as their attorneys [are granted] the ~~agreements~~authority ~~related~~to contact internet service providers, search engine firms, social media sites, stock discussion boards (including but not limited to ~~the~~Google, ~~terminated~~Yahoo, ~~Marjan~~Facebook, JVTwitter, Stockhouse, Investor's Hub and ~~Caldera~~Bing) ~~Resources.~~to use this Final Award to remove the material as defamatory;

~~See~~11. ~~Note~~for 14the 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-- ~~Legal~~Caldera ~~Proceedings.~~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;

~~Consolidated~~12. ~~Resources~~pay ~~Agreement~~$1,822,416 for attorney fees and costs;

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”)13. ~~Upon~~ ~~payment~~reimburse ~~of the initial consideration as provided below,~~ Global Gold ~~and~~$88,269 ~~CRU~~paid ~~will work together for twelve months (the “12 Month Period”)~~ to ~~develop~~ the ~~Properties~~arbitration association and ~~cause~~for the ~~Properties~~compensation ~~to be contributed to a new joint venture company, whose identity~~ and ~~terms~~expenses ~~will~~of ~~be mutually agreed, (~~the ~~“JVC”)~~arbitrator. ~~Rasia, a Dubai-based principal advisory company, acted as sole advisor on the transaction.~~

Key terms include CRU paying initial consideration 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 30 days from the date of this Agreement; and $3,100,000 according to a separate schedule in advance and payable within 5 business days of the end of every calendar month as needed. 24

OnThe ~~April~~Final ~~27,~~Award ~~2011,~~was ~~the~~certified ~~Company~~for ~~entered~~purposes ~~into~~of anArticle ~~agreement~~I ~~with~~of ~~Consolidated~~the ~~Resources~~United ~~Armenia,~~Nations anNew ~~exempt~~York ~~non-resident~~Convention ~~Cayman~~on ~~Islands~~the ~~company~~Recognition ~~(“CRA”);~~ and ~~its~~Enforcement ~~affiliate~~of ~~CRU,~~Foreign ~~(hereinafter~~Arbitral ~~collectively~~Awards ~~referred to as “CR”), to fund development~~ and ~~form~~for apurposes ~~joint~~of ~~venture on~~ the ~~Properties~~Federal ~~(the~~Arbitration ~~“JV Agreement”)~~Act. ~~The~~ JVCaldera ~~Agreement~~has ~~was~~not ~~entered~~complied ~~pursuant~~with to the ~~Formation~~Final ~~Agreement~~Award.

CRSee ~~completed its due diligence with satisfaction, and as of~~ the ~~date~~Company’s of2016 ~~the~~Form JV10-K ~~Agreement~~for ~~completed~~ the ~~funding~~historical ofbackground ~~the required $500,000 Advance. Upon the terms and subject to the conditions~~ of ~~JV Agreement, CR will complete~~ the ~~funding~~agreements ~~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~~terminated ofMarjan ~~the~~JV ~~Agreement~~ and ~~the~~Caldera ~~remaining $3,100,000 payable over the next 12 months with payments occurring within 5 business days of the end of each calendar month as needed~~Resources. 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~~See toNote ~~the~~14 JV- ~~Agreement,~~Legal Global Gold and CR were working together for twelve months (the “12 Month Period”) from the date of the JV Agreement to develop the Properties, improve the financial performance and enhance shareholder valueProceedings. 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 no 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~~Consolidated ~~JVC~~Resources 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 no 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 30 (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.Agreement

25As 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.

OnKey ~~February~~terms 6,include ~~2012,~~CRU ~~the~~paying ~~Company~~initial ~~received~~consideration ~~consent from shareholders representing a majority over 65%~~ of ~~its outstanding Common Stock to transfer the 100% interests in Mego and Getik Mining Company~~$5, ~~LLC into GGCR Mining~~000,000 ~~LLC,~~as a ~~Delaware~~working ~~limited~~capital ~~liability~~commitment ~~company,~~to ~~owned by a joint venture company,~~ Global Gold ~~Consolidated~~payable ~~Resources~~by: ~~Limited,~~ a ~~Jersey~~$500,000 ~~Island~~advance ~~private~~immediately ~~limited~~following ~~company (“GGCR”), per~~ the ~~terms~~execution of the ~~April~~Formation ~~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"~~“Advance”),; ~~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~~1,400,000 ~~calculated~~payable ~~based on the volume weighted average price ("VWAP") of such shares over the first 30 (thirty) days of trading~~ following the ~~IPO,~~satisfactory ~~assuming~~completion ~~issuance~~ of ~~all~~due ~~shares~~diligence ~~issuable~~by inCRU ~~the IPO,~~ and ~~assuming issuance of all shares issuable as management shares and conversion of~~ the ~~Notes~~execution ~~issued under the Instrument (as defined) and all other convertible securities and exercise~~ of ~~any~~definitive ~~warrants~~documents ~~or other securities issued~~ in ~~connection~~30 ~~with~~days ~~the~~from ~~IPO, such that if following any reverse merger or IPO,~~ the ~~value~~date of ~~$40.0~~this ~~million~~Agreement; inand ~~newly issued shares based on VWAP of JVC shares is greater than the Global Gold's 51% equity ownership in JVC valued as above~~$3,100,000 ~~new~~according ~~shares in JVC will be issued~~ to ~~the~~a ~~Global~~separate ~~Gold~~schedule ~~such that the aggregate value of Global Gold's ownership~~ in ~~JVC~~advance ~~is shares having a value of $40.0 million based on VWAP,~~ and ~~the~~payable ~~Company~~within ~~shall~~5 ~~remain~~business indays ~~control~~ of the ~~JVC~~end ~~following~~of ~~the~~every ~~public~~calendar ~~listing, all~~month as ~~further described in exhibit 10~~needed.~~34 below. The Board of Directors of Global Gold Corporation previously approved the same transaction, discussed above, on January 5, 2012.~~

~~Based~~On onApril ~~the approval of the Board of Directors of Global Gold received on January 5~~27, ~~2012 and on receiving consent from its shareholders representing over a 65% majority of its outstanding Common Stock on February 6~~2011, ~~2012, to transfer~~ the ~~100%~~Company ~~interest~~entered ininto ~~Mego~~an ~~and~~agreement ~~Getik~~with ~~Mining~~Consolidated ~~Company,~~Resources ~~LLC into GGCR Mining~~Armenia, ~~LLC,~~an aexempt ~~Delaware~~non-resident ~~limited~~Cayman ~~liability~~Islands company (“~~GGCR Mining~~CRA”),; ~~owned~~and byits aaffiliate ~~joint venture company~~CRU, ~~Global~~(hereinafter ~~Gold~~collectively ~~Consolidated~~referred ~~Resources~~to ~~Limited,~~as ~~a Jersey Island private limited company (~~“~~GGCR~~CR”), ~~per~~to ~~the~~fund ~~terms~~development ofand ~~the~~form ~~April~~a ~~27,~~joint ~~2011~~venture ~~Joint~~on ~~Venture~~the ~~Agreement~~Properties ~~with Consolidated Resources Armenia, an exempt non-resident Cayman Islands company~~ (the “~~CRA~~JV Agreement”),. ~~the~~The ~~Company~~JV ~~entered~~Agreement ~~into~~was ~~the~~entered ~~following~~pursuant ~~agreements~~to ~~on or about February 19, 2012 updating previous agreements, all as further described in~~ the ~~exhibits~~Formation ~~attached, on the following dates:~~Agreement.

●CR ~~Shareholders~~completed ~~Agreement~~its ~~for~~due ~~GGCR~~diligence ~~dated~~with ~~February 18~~satisfaction, ~~2012~~and ~~(Exhibit~~as ~~10.36)~~of ●the ~~Supplemental~~date ~~Letter~~of ~~dated~~the ~~February~~JV ~~19,~~Agreement ~~2012~~completed ~~(Exhibit~~the ~~10.37)~~funding ●of ~~Getik~~the ~~Assignment~~required ~~and~~$500,000 ~~Assumption~~Advance. Upon ~~Agreement~~the ~~dated~~terms ~~February~~and ~~19,~~subject ~~2012~~to ~~(Exhibit~~the ~~10.38)~~conditions ●of MGJV ~~Assignment and Assumption~~ Agreement, ~~dated~~CR ~~February~~will ~~19,~~complete ~~2012~~the ~~(Exhibit~~funding ~~10.39)~~of ●the ~~Guaranty~~remaining ~~dated~~$4,500,000 ~~February~~of 19its $5,000,000 ~~2012~~working ~~(by~~capital ~~GGC~~commitment related to ~~CRA)~~Toukhmanuk ~~(Exhibit~~and ~~10.40)~~Getik ●according ~~Guaranty~~to ~~dated~~an ~~February 19~~agreed, ~~2012~~restricted ~~(by~~funding ~~GGCR~~schedule ~~Mining~~which toincludes ~~CRA)~~$1,400,000 ~~(Exhibit~~payable ~~10.41)~~following ●the ~~Security~~execution ~~Agreement~~of ~~dated~~the ~~February~~Agreement ~~19,~~and ~~2012~~the ~~(by~~remaining ~~GGCR~~$3,100,000 ~~and~~payable ~~GGCR~~over ~~Mining~~the tonext ~~CRA)~~12 ~~(Exhibit~~months ~~10.42)~~with ●payments ~~Action~~occurring bywithin ~~Written~~5 ~~Consent~~business days of the ~~Sole~~end ~~Member~~ of ~~GGCR~~each ~~Mining,~~calendar ~~LLC~~month ~~dated~~as ~~February~~needed. In 19addition, ~~2012 (Exhibit 10~~Mr.~~43)~~ ●Jeffrey ~~Certificate~~Marvin of ~~Global~~CR ~~Gold~~was ~~Corporation~~elected a ~~dated~~member ~~February~~of the ~~19, 2012 (Exhibit 10.44) ●~~ Global Gold ~~Consolidated~~Board ~~Resources~~of ~~Limited~~Directors ~~Registered~~and attended the Company's Noannual ~~109058~~meeting ~~Written~~on ~~resolutions~~June by10, ~~all~~2011. As of ~~the~~December ~~directors~~31, of2011, the Company ~~(Exhibit~~received ~~10.45)~~the ●full ~~Action~~$5,000,000 byfunding ~~Written~~from ~~Consent~~CR. Mr. ofMarvin resigned from the ~~Board~~Global ofGold ~~Managers~~board ofon ~~GGCR~~February ~~Mining~~24, ~~LLC~~2012 ~~(Exhibit~~for 10personal reasons.~~46)~~

~~Key~~Pursuant ~~terms~~to ~~included~~the ~~that~~JV Agreement, Global Gold ~~will~~ ~~retain~~and ~~51%~~CR ofwere ~~the~~working ~~shares~~together offor ~~GGCR,~~twelve ~~which~~months ~~will~~(the be“12 aMonth ~~subsidiary~~Period”) offrom the ~~Company,~~date ~~per~~of the ~~terms~~JV ofAgreement ~~the~~to ~~April~~develop 27the Properties, ~~2011~~improve ~~Joint~~the ~~Venture~~financial ~~Agreement~~performance ~~as approved~~ and ~~described~~enhance ~~above~~shareholder value. The ~~Board~~JV ofAgreement ~~Directors~~enables ofGlobal ~~GGCR~~Gold ~~Mining~~to ~~would~~complete beits ~~comprised~~current ofToukhmanuk ~~Van~~production ~~Krikorian,~~expansion ~~from~~to ~~GGC~~300, ~~Premraj,~~000 ~~from~~tonnes ~~CRA,~~per year and ~~three~~advance ~~non-executive~~exploration ~~independent~~in ~~directors~~Armenia. Global toGold beand ~~selected~~CR inagree ~~the~~to ~~future. Pending~~form ~~the~~a ~~closing,~~new ifJoint ~~any,~~Venture ~~GGM~~Company ~~was~~(“JVC”) ~~designated~~to asbe ~~the~~established ~~manager~~by ofCR, ~~the~~subject ~~Toukhmanuk~~to terms and ~~Getik~~conditions ~~properties,~~mutually ~~with~~and ~~reasonable~~reasonably ~~costs~~agreed ~~incurred by GGM~~ with ~~respect~~Global ~~thereto~~Gold, ~~being~~provided ~~passed~~that ~~through~~JVC toshall ~~GGCRL~~have ~~and~~no ~~GGCR Mining~~liabilities, ~~as applicable~~obligations, ~~for~~contingent ~~reimbursement. The~~or ~~April 26~~not, ~~2012~~or ~~deadline~~commitments, ~~set~~except inpursuant ~~the~~to ~~April~~a ~~2011~~shareholders’ JVagreement. Global ~~Agreement~~Gold toand ~~close~~CR ~~the~~intend ~~transaction~~to ~~passed~~integrate ~~without~~all aof ~~closing~~Global ~~for~~Gold’s ~~several~~Toukhmanuk ~~reasons,~~and asGetik ~~previously~~mining ~~reported,~~and ~~clarification~~exploration ~~and~~operations ~~settlement~~into ~~efforts~~the ~~followed~~JVC.

OnThe ~~September~~JVC 26will (i) own, ~~2012~~develop and operate Toukhmanuk and Getik, ~~GGM~~(ii) ~~entered~~be ~~into~~a ~~two~~company ~~Share~~listed ~~Transfer~~on ~~Agreements~~an ~~with~~exchange ~~GGCR~~fully ~~Mining~~admitted ~~covering~~to ~~the~~trading ~~transfer~~or ofbe ~~all~~in the ~~shares~~process of ~~the~~being ~~Armenian~~listed ~~companies~~on ~~Mego~~such exchange and ~~the~~(iii) ~~Getik~~have ~~Mining~~no ~~Company~~liabilities, ~~LLC~~obligations, ~~which~~contingent ~~respectively~~or ~~hold~~not, ~~the~~or ~~Toukhmanuk~~commitments ~~and~~except ~~Getik~~pursuant ~~mining~~to ~~properties~~the inshareholders ~~Armenia~~agreement. The ~~Share~~JVC ~~Transfer~~will ~~Agreements~~issue ~~were~~new ~~concluded~~shares into ~~accordance~~the ~~with~~Company ~~the~~such ~~previously~~that ~~disclosed~~following ~~agreements~~any ~~with~~reverse ~~Consolidated~~merger ~~Resources~~or ~~Armenia~~initial ~~and~~public ~~Consolidated~~offering ~~Resources~~of ~~USA,~~JVC's ~~LLC~~shares ("IPO"), aGlobal ~~Delaware~~Gold ~~limited~~shall ~~liability~~directly ~~company~~or toindirectly ~~fund~~hold ~~development~~the ~~and~~greater ~~form~~of (a) 51% ~~joint~~of ~~venture~~the onequity ~~the~~of ~~Company’s~~JVC, ~~Toukhmanuk~~or ~~and~~(b) ~~Getik~~$40.0 ~~properties~~million in ~~Armenia. GGCR~~newly ~~Mining~~issued ~~will~~stock ~~(i)~~of ~~own~~JVC, ~~develop~~calculated ~~and~~based ~~operate~~on ~~Toukhmanuk~~the ~~and~~volume ~~Getik~~weighted ~~gold~~average ~~mining properties,~~price ~~and~~("VWAP") beof asuch shares over the first 30 (iithirty) bedays aof ~~company~~trading ~~listed~~following onthe anIPO, ~~exchange~~assuming ~~fully~~issuance ~~admitted~~of toall ~~trading.~~shares Asissuable ofin ~~September~~the 19IPO, ~~2012,~~and ~~GGCRL~~assuming ~~resolved~~issuance ~~reported outstanding~~of ~~issues~~all ~~which~~shares ~~had~~issuable ~~blocked~~as ~~implementation~~management shares and conversion of the ~~joint~~Notes ~~venture~~issued ~~agreement~~under the Instrument (as defined) and ~~execution~~all other convertible securities and exercise of ~~the~~any ~~Share~~warrants ~~Transfer~~or ~~Agreements. Global~~other ~~Gold’s~~securities ~~ownership~~issued in ~~GGCRL~~connection iswith ~~and~~the ~~shall~~IPO, besuch ~~the~~that ~~greater~~if ~~value~~following ofany ~~either~~reverse ~~51%~~merger or IPO, the ~~pro forma~~ value of $40.0 million 30in ~~days~~newly ~~after~~issued ~~the~~shares ~~stock~~based on VWAP of JVC shares is ~~publicly~~greater ~~traded. The~~than ~~sole~~the ~~officers~~Global ofGold's ~~GGCRL~~51% asequity ofownership ~~September~~in 19JVC valued as above, ~~2012~~new ~~are:~~shares ~~Mr.~~in ~~Van~~JVC ~~Krikorian,~~will ~~Executive~~be ~~Chairman;~~issued ~~Mr.~~to ~~Jan~~the ~~Dulman,~~Global ~~Financial~~Gold ~~Controller/CFO/Treasurer;~~such ~~and Mr.~~that ~~Ashot~~the ~~Boghossian~~aggregate ~~Armenia~~value ~~Managing~~of ~~Director,~~Global ~~with~~Gold's ~~Ogier~~ownership ~~-Corporate~~in ~~Services~~JVC ~~(Jersey)~~is ~~Limited~~shares ~~continuing~~having asa ~~secretary~~value of $40.0 million based on VWAP, and the Company~~. See~~ ~~attached~~shall ~~Exhibits~~remain ~~10.58~~in ~~and~~control 10of the JVC following the public listing.~~59.~~

2625

On ~~October~~February 266, 2012, the ~~shares~~Company ofreceived ~~Mego~~consent ~~and~~from ~~Getik~~shareholders ~~were~~representing ~~registered,~~a ~~subject~~majority over 65% toof ~~terms~~its ~~and~~outstanding ~~conditions~~Common asStock ~~stated~~to ~~in the~~ transfer ~~documents, with~~ the ~~State~~100% ~~Registry~~interests ofin ~~the~~Mego ~~Republic~~and ofGetik ~~Armenia~~Mining Company, asLLC ~~being~~into ~~fully owned by~~ GGCR Mining~~. The~~, ~~registration~~LLC, ~~was~~a ~~completed~~Delaware ~~after~~limited ~~approval~~liability ~~was~~company, ~~given~~owned by ~~ABB~~a ~~which~~joint ~~required~~venture company, Global Gold toConsolidated ~~guaranty~~Resources ~~the~~Limited, ~~ABB~~a ~~line~~Jersey ofIsland ~~credit~~private ~~payable.~~limited ~~CRA~~company ~~failed~~(“GGCR”), toper ~~meet~~ the terms ~~and~~of ~~conditions.~~the ~~The~~April ~~terms~~27, ~~and~~2011 ~~conditions~~Joint ~~included,~~Venture ~~but~~Agreement ~~were~~with ~~not~~Consolidated ~~limited~~Resources toArmenia, ~~(a)~~an ~~funding~~exempt ~~the~~non-resident ~~one~~Cayman ~~year~~Islands ~~budget,~~company (b“CRA“). ~~funding~~The ~~the~~JVC ~~loan~~was ~~payments~~to ~~due~~issue new shares to ~~ABB~~the ~~bank~~Company insuch ~~Armenia,~~that ~~(c)~~following ~~performance~~any reverse merger or initial public offering of ~~employment~~JVC's ~~agreements,~~shares (d"IPO"), ~~the~~Global ~~plans~~Gold ~~for~~shall adirectly ~~public~~or ~~listing~~indirectly ofhold the ~~parent~~greater ~~company~~of (a) 51% of ~~GGCR~~the ~~Mining~~equity of JVC, or (~~“GGCRL”~~b) by$40.0 ~~June~~million ~~30,~~in ~~2013~~newly ~~(authorized~~issued asstock of JVC, calculated based on the ~~AIM~~volume ~~exchange~~weighted inaverage ~~London),~~price (e"VWAP") ~~reimbursement~~ of ~~Global~~such ~~Gold~~shares ~~Corporation~~over ~~for~~the ~~all~~first ~~payments~~30 ~~made~~(thirty) ondays ~~behalf~~of trading following the IPO, assuming issuance of ~~GGCR~~all ~~Mining~~shares ~~and~~issuable ~~related~~in ~~entities~~the asIPO, ~~well~~and asassuming ~~payment~~issuance of all ~~accrued~~shares ~~and~~issuable ~~unpaid~~as ~~obligations~~management shares toand ~~contractors,~~conversion ~~auditors,~~of ~~counsel~~the ~~and~~Notes ~~CSA,~~issued ~~and~~under the Instrument (fas defined) ~~that~~and inall ~~connection~~other ~~with~~convertible ~~the~~securities ~~public~~and ~~listing~~exercise of ~~GGCRL~~any bywarrants ~~June~~or ~~30,~~other ~~2013,~~securities ~~GGCRL~~issued ~~would~~in ~~issue~~connection towith ~~GGC~~the ~~additional~~IPO, ~~shares~~such inthat anif ~~amount~~following ~~equal~~any toreverse merger or IPO, the ~~greater~~value of ~~51%~~$40.0 ofmillion ~~the~~in newly issued ~~and~~shares ~~outstanding~~based ~~shares~~on VWAP of ~~the~~JVC ~~Company~~shares ~~upon~~is greater than the ~~financing~~Global orGold's ~~issuances~~51% ofequity ~~shares~~ownership in aJVC ~~public~~valued ~~listing~~as orabove, anew ~~reverse~~shares ~~merger~~in orJVC ~~additional~~will ~~shares~~be ~~and/or~~issued ~~after~~to ~~distributing~~the ~~shares~~Global orGold ~~options~~such tothat ~~employees~~the oraggregate ~~consultants,~~value soof ~~together~~Global ~~with~~Gold's ~~shares~~ownership ~~currently~~in ~~owned~~JVC byis ~~GGC,~~shares ~~thirty~~having ~~days~~a ~~after~~value ~~public trading~~ of ~~shares,~~$40.0 ~~shall~~million ~~equal~~ based ~~upon~~on ~~the~~VWAP, ~~average~~and ~~weighted~~the ~~value~~Company ~~thereof~~shall asremain ~~defined~~ in control of the JVJVC ~~Agreement~~following the ~~greater~~public oflisting, all ~~51%~~as orfurther ~~the~~described ~~value~~in ofexhibit ~~$40,000,000~~10.34 below. The ~~terms~~Board ~~and~~of ~~conditions~~Directors ~~were~~of ~~signed~~Global byGold ~~Caralapti~~Corporation ~~Premraj~~previously ~~who~~approved is the ~~representative~~same oftransaction, ~~Consolidated~~discussed ~~Resources~~above, on January 5, 2012.

~~Consolidated~~Based ~~Resources~~on ~~failed~~the toapproval ~~meet~~of ~~each~~the Board of ~~the~~Directors ~~terms~~of ~~and~~Global ~~conditions~~Gold ~~noted~~received ~~above.~~on ~~For~~January ~~example~~5, As2012 and on receiving consent from its shareholders representing over a 65% majority of ~~September~~its 30outstanding Common Stock on February 6, ~~2013~~2012, to transfer the ~~balance~~100% ~~due~~interest onin ~~advances~~Mego ~~from~~and Getik Mining Company, LLC into GGCR Mining, LLC, a Delaware limited liability company (“GGCR Mining”), owned by a joint venture company, Global Gold ~~Corporation~~Consolidated ~~was~~Resources $5Limited,~~244~~ a Jersey Island private limited company (“GGCR”),~~865~~ ~~plus~~per ~~accrued~~the ~~interest~~terms of ~~$164~~the April 27,~~224~~ 2011 Joint Venture Agreement with Consolidated Resources Armenia, ~~none~~an ofexempt ~~which~~non-resident ~~was~~Cayman ~~paid.~~Islands ~~Global~~company ~~Gold~~(“CRA”), the ~~had~~Company toentered ~~cover~~into the ~~ABB~~following ~~payments~~agreements on or about February 19, ~~and~~2012 ~~there~~updating ~~was~~previous ~~obviously~~agreements, noall ~~public~~as ~~listing~~further ondescribed ~~AIM~~in bythe ~~June~~exhibits 30attached, ~~2013.~~on the following dates:

~~Without~~● ~~waiving~~Shareholders ~~any~~Agreement offor ~~its~~GGCR ~~rights,~~dated ~~Global~~February ~~Gold~~18, ~~allowed~~2012 ~~Consolidated~~(Exhibit ~~Resouces~~10.36) to● ~~work~~Supplemental toLetter ~~cure~~dated ~~its~~February ~~failures~~19, in2012 ~~2013~~(Exhibit ~~and~~10.37) on● ~~November~~Getik ~~22,~~Assignment ~~2013~~and ~~the~~Assumption ~~parties~~Agreement ~~signed~~dated anFebruary ~~agreement~~19, ~~with~~2012 ~~Signature Gold~~ (~~also~~Exhibit ~~described in our SEC filings~~10.38) in● ~~which~~MG ~~Global~~Assignment ~~Gold~~and ~~would~~Assumption ~~have~~Agreement ~~been~~dated ~~paid~~February ~~and~~19, ~~waived~~2012 ~~the~~(Exhibit ~~multiple~~10.39) ~~breaches~~● byGuaranty ~~Consolidated~~dated ~~Resources;~~February ~~however~~19, ~~Consolidated~~2012 ~~Resources~~(by ~~frustrated~~GGC ~~the~~to ~~closing~~CRA) of(Exhibit ~~that~~10.40) ~~transaction~~● ~~and~~Guaranty ~~the~~dated ~~audit~~February ~~of GGCRL. In addition~~19, as2012 ~~described~~(by ~~elsewhere~~GGCR inMining ~~our~~to ~~SEC~~CRA) ~~filings,~~(Exhibit ~~the~~10.41) ~~Company~~● ~~has~~Security ~~discovered~~Agreement ~~that~~dated ~~Consolidated~~February ~~Resources~~19, ~~engaged~~2012 in(by aGGCR ~~pattern~~and ofGGCR ~~fraud.~~Mining ~~In addition~~ to ~~the~~CRA) ~~multiple~~(Exhibit ~~material~~10.42) ~~breaches~~● ofAction ~~terms~~by ~~and~~Written ~~conditions~~Consent ~~outlined~~of ~~above,~~ the ~~fraudulent~~Sole ~~acts~~Member ~~also~~of ~~vitiate~~GGCR ~~Global~~Mining, ~~Gold’s~~LLC ~~obligations~~dated toFebruary ~~Consolidated~~19, ~~Resources.~~2012 In(Exhibit ~~addition, Mr~~10.43) ~~Premraj~~● ~~has~~Certificate ~~abandoned~~of ~~his~~Global ~~duties~~Gold asCorporation adated ~~director~~February of19, ~~GGCRL~~2012 by(Exhibit ~~not~~10.44) ~~engaging~~● orGlobal ~~communicating~~Gold ~~with~~Consolidated ~~GGCRL,~~Resources ~~GGCRM,~~Limited orRegistered ~~Global~~Company ~~Gold~~No ~~since~~109058 ~~early~~Written ~~2014~~resolutions ~~when~~by heall ~~refused~~of ~~to attend~~ the directors ~~and~~of ~~shareholders’~~the ~~meetings~~Company to(Exhibit ~~consider~~10.45) ~~and~~● ~~approve~~Action ~~the~~by ~~audit~~Written ~~required~~Consent byof the ~~November~~Board ~~2013~~of ~~Signature~~Managers ~~Merger~~of ~~and~~GGCR ~~Sale~~Mining, ~~Agreement~~LLC (Exhibit 10.46)

AsKey terms included that Global Gold will retain 51% of ~~April~~the ~~11,~~shares ~~2015~~of GGCR, ~~ABB~~which ~~Bank~~will ~~has~~be ~~released~~a ~~all~~subsidiary of ~~its~~the ~~security~~Company, ~~interests~~per inthe terms of the ~~Company’s~~April ~~properties~~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 ~~Armenia~~the future. Pending Asthe aclosing, ~~result~~if any, ~~Linne~~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, ~~has~~as ~~moved~~applicable, upfor reimbursement. The April 26, 2012 deadline set in the April 2011 JV Agreement to close the ~~priority~~transaction ~~position~~passed aswithout a ~~secured~~closing ~~creditor~~for several reasons, as previously reported, clarification and settlement efforts followed.

~~See~~On ~~Note~~September 1426, -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 properties 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 ~~Legal~~outstanding ~~Proceedings~~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 30 days after the stock is publicly traded. The sole officers of GGCRL as of September 19, ~~below~~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.

~~Signature Gold~~26

On ~~September~~October 526, ~~2013~~2012, the ~~Company~~shares ~~through~~of ~~GGCRL~~Mego and Getik were registered, ~~concluded~~subject ato ~~Binding~~terms ~~Heads~~and ofconditions ~~Agreement~~as ~~contract~~stated in the transfer documents, with ~~Signature~~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 ~~Limited~~to guaranty the ABB line of ~~Sydney~~credit ~~Australia~~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 (“~~Signature~~GGCRL”) toby ~~merge~~June 30, 2013 (authorized as on the ~~Armenian~~AIM exchange in London), (e) reimbursement of Global Gold Corporation for all payments made on behalf of GGCR Mining and ~~Australian~~related ~~gold~~entities ~~projects~~as well as payment of all accrued and unpaid obligations to contractors, ~~into~~auditors, counsel and CSA, and (f) that in connection with the ~~renamed~~public ~~Global~~listing ~~Signature~~of ~~Gold~~GGCRL ~~entity~~by ~~planned~~June 30, 2013, GGCRL would issue to beGGC ~~listed~~additional onshares in an amount equal to the ~~Australian~~greater ~~Stock~~of ~~Exchange~~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.

OnConsolidated ~~January~~Resources ~~28,~~failed ~~2017,~~to ~~the~~meet ~~Company~~each ~~served~~of athe ~~demand~~terms ~~notice~~and onconditions ~~Signature~~noted ~~Gold Limited in connection with its role in misappropriating the Getik property~~above. ~~Signature~~For ~~Gold~~example, ~~acknowledged~~As ~~receipt~~ of ~~the~~September ~~notice. On February 2~~30, ~~2017~~2013, ~~Signature~~the ~~Gold~~balance ~~announced~~due ~~plans~~on toadvances ~~merge~~from ~~into~~Global ~~Stratmin~~ Gold ~~Resources,~~Corporation anwas ~~AIM listed company in which Mr. Caralapati Premraj’s Consolidated Resources is listed as the biggest shareholder~~$5, ~~his son David Premraj as well as Jeffrey Marvin served on the board~~244,865 ~~and~~plus ~~shares~~accrued ~~the~~interest ~~same~~of ~~CEO~~$164,224, ~~Brett~~none ~~Boynton~~of ~~with~~which ~~Signature~~was ~~Gold~~paid. OnGlobal ~~February 6, 2017, the Company delivered formal notice that the claim against Signature~~ Gold ~~would~~had ~~transfer~~ to ~~Stratmin~~cover ~~upon~~ the ~~merger.~~ABB ~~The~~payments, ~~Signature~~and ~~Gold~~there ~~Stratmin~~was ~~Global~~obviously ~~Resources~~no ~~merger~~public ~~has~~listing ~~not~~on ~~closed,~~AIM ~~and~~by ~~the~~June ~~Company~~30, ~~is preparing its legal options accordingly~~2013.

27Without 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.

~~Rent~~As ~~Agreements~~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.

OnSee ~~April~~Note 1,14 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 1, $64,212 in year 2, $65,380 in year 3, $66,547 in year 4, and $67,715 in year 5. As of November 1, 2015, the Company moved its offices from Suite C-~~208~~ Legal ~~to Suite C-305 at the same 555 Theodore Fremd Avenue~~Proceedings, ~~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~~below.~~75.~~

~~The~~Signature ~~following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2017:~~Gold

Year ending December 31:
2017 – remaining period	$	59,605
2018		81,924
2019		84,381
2020		94,172
2021 and thereafter		-
Total	$	320,082

On 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.

14On January 28, 2017, the Company served a demand notice on Signature Gold Limited in connection with its role in misappropriating the Getik property. ~~LEGAL~~Signature ~~PROCEEDINGS~~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.

~~CRA Related~~27

OnRent 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 at 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.” No 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.”Agreements

28On 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 1, $64,212 in year 2, $65,380 in year 3, $66,547 in year 4, and $67,715 in year 5. 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.

InThe ~~the~~following ~~Jersey~~is ~~legal~~a ~~action,~~schedule ~~Mr.~~by ~~Borkowski~~years ~~attempted~~of tofuture ~~obtain~~minimum ~~judgment~~rental onpayments ~~the~~required ~~Convertible~~under ~~Notes~~operating ~~claim~~leases ~~for~~that ~~CRA,~~have ~~but~~initial ~~the~~or ~~court~~remaining ~~denied~~non-cancelable ~~that~~lease ~~attempt~~terms ~~and~~in ~~held~~excess ~~the~~of ~~issue~~one ~~over~~year inas aof ~~judgment dated~~ June 1830, ~~2014; the court awarded the Company its costs in defending the attempt by Mr. Borkowski purportedly on behalf of CRA.~~2017:

On March 26, 2015, the Court of Appeals 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.

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

~~On April 22, 2015, the Victoria Legal Services Commission in Australia found that the attorney Mr~~14. ~~Premraj~~LEGAL ~~chose to represent GGCRL in the Signature Gold transaction, Charles Wantrup, who acted to the detriment of the Company, engaged in “unsatisfactory professional conduct.”~~PROCEEDINGS

~~On 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. Related

On ~~September~~January 136, ~~2016~~2014, the ~~United~~Company ~~Kingdom~~received ~~“Judicial~~notice ~~Committee~~from ofMr. Borkowski that the ~~Privy~~amount ~~Council”~~due to CRA in accordance with the Notes was $2,197,453 plus interest of $1,403,652 at 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 “~~JCPC~~uncertificated.”) ~~issued~~No anCompany ~~order~~approval or adequate substantiation for crediting the difference of $1,894,244 and ~~opinion~~$2,197,453 ~~dismissing~~as amount due under the ~~action~~Convertible Notes or as Advances has been provided. The Company and GGC have also raised fraud issues with CR which ~~Joseph~~have ~~Borkowski~~not ~~filed~~been resolved; if unresolved, the fraud issues would vitiate CR’s rights and ~~pursued~~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 inreceived ~~Island~~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 ~~Van~~received ~~Krikorian~~on an ex parte basis without giving any of the defendants notice or opportunity to be heard and based on incomplete and fraudulent representations. ~~(JCPC~~ #Neither ~~2015/0075)~~Mr. ~~The~~ ~~JCPC~~Premraj ~~dismissed~~who was consistently represented as the ~~Borkowski/~~owner of CRA ~~action~~or ~~with~~Mr. ~~prejudice~~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 ~~like~~misrepresentation ~~the~~as ~~lower~~well ~~courts~~as ~~granted~~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 Mrthe arbitration agreement has been upheld by the Jersey courts. ~~Krikorian~~The ~~their~~Jersey ~~costs~~legal action is considered to be a bad faith tactic, not based in law or fact, and designed only to extract extra legal ~~fees~~advantages against the Company. ~~This~~ ~~terminates~~On April 2, 2014, the ~~Jersey~~aspects ~~litigation~~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 ~~favor~~full), ofhas materially interfered in the Company’s contractual and business affairs and has been working with Mr. ~~Krikorian~~Mavridis and Caldera Resources in ~~favor~~issuing ofdefamatory material on the ~~New~~internet ~~York~~and ~~Dispute~~elsewhere ~~Resolution~~against ~~agreement~~the ~~which~~Company ~~CRA~~and its principals. The Company has ~~advised~~also received registry documents showing that in 2012 Mr. Borkowski established a company with Caldera's representative to Armenia named the ~~court~~"Aparan itMining isCompany." ~~not~~The ~~pursuing except~~Company ~~for~~has also received additional information on Mr. Borkowski’s activities relative to damaging the ~~calculation~~Company and ~~collection~~attempting ofto ~~costs~~misappropriate its assets in Armenia. The Company engaged in litigation in Armenia concerning the Getik license and ~~legal~~a ~~fees~~competing claim to that license advanced by a company affiliated with Mr. Borkowski’s attorney, “Mining Solutions, LLC.”

~~On December 1, 2016, the 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.~~ 28

~~The~~In ~~Company~~the ~~reengaged~~Jersey inlegal ~~settlement~~action, ~~discussions~~Mr. Borkowski attempted to ~~resolve~~obtain ~~disputes~~judgment ~~with~~on the ~~beneficial~~Convertible ~~owner~~Notes ofclaim for CRA, ~~Caralapati~~but ~~(Prem)~~the ~~Premraj~~court denied that attempt and ~~Jeffrey~~held ~~Marvin~~the issue over in a judgment dated June 18, ~~who~~2014; ~~signed~~the ~~all~~court ofawarded the ~~relevant~~Company ~~contracts~~its ~~with~~costs in defending the ~~Company~~attempt by Mr. Borkowski purportedly on behalf of CRA.

~~Amarant~~On March 26, 2015, the Court of Appeals of the Island of Jersey ruled in the Company’s favor in staying all proceedings and ~~Alluvia~~referring ~~Related~~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.

On ~~August~~April 622, ~~2013~~2015, the ~~American~~Victoria ~~Arbitration~~Legal ~~Association~~Services ~~International~~Commission ~~Centre for Dispute Resolution issued a Partial Final Award~~ in ~~favor~~Australia offound 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~~attorney ~~September in London and consists of three parts~~Mr. ~~The~~Premraj ~~first~~chose 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~~represent ~~the~~GGCRL ~~operations and settle off short term debts and obligations~~ in ~~Alluvia and Mineral Invest including, but not limited to, legal fees to~~ the ~~SOVR~~Signature ~~law firm, license fees, funds owed to Global~~ Gold ~~related to the purchase of the Valdevia~~transaction, ~~Chile~~Charles 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 AlluviaWantrup, ~~Mr.~~who ~~Thomas~~acted ~~Dalton, as the representative of the consortium, Gulf Resource Capital, referenced in the Amarant/Alluvia announcement~~ to ~~settle~~ the ~~arbitration~~detriment ~~award and despite the expectation~~ of ~~payments, no payments were made by December 31, 2013 and~~ the ~~parties have not reached a definitive agreement. There can be no assurance that Gulf Resource Capital will pay on behalf of Amarant and Alluvia~~Company, ~~Global~~engaged ~~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~~“unsatisfactory ~~ongoing~~professional ~~arbitration~~conduct.”

29On 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.

On ~~June~~September 2613, ~~2014~~2016, the ~~International~~United ~~Center~~Kingdom ~~for~~“Judicial ~~Dispute~~Committee ~~Resolution~~of ~~International Arbitration Tribunal delivered a Final Award in~~ the ~~matter~~Privy ofCouncil” ~~Global~~(“JCPC”) ~~Gold~~issued ~~Corporation~~an ~~vs.~~order ~~Amarant Mining LTD~~ and ~~Alluvia~~opinion ~~Mining,~~dismissing ~~Ltd.~~the ~~awarding~~action ~~Global~~which ~~Gold~~Joseph ~~$16,800,000~~Borkowski ~~USD~~filed ~~plus $68,570.25 USD in interest, costs,~~ and ~~fess,~~pursued ~~with~~purportedly ~~post-award interest~~ on ~~unpaid~~behalf ~~amounts~~of ~~accruing~~CRA ~~at 9%. In addition, the Tribunal provided the following injunctive relief: “ Per my previous orders~~ in ~~this~~Island ~~matter, each~~ of ~~Amarant~~Jersey ~~and~~against ~~Alluvia~~GGCRL, ~~including~~the ~~its~~Company, ~~officers~~ and ~~agents~~Van ~~individually~~ Krikorian. (~~including~~JCPC ~~without~~# ~~limitation Johan Ulander~~2015/0075),. The isJCPC ~~continued~~dismissed tothe beBorkowski/CRA ~~enjoined,~~action ~~directly~~with prejudice and ~~indirectly,~~like ~~from alienating any assets, from transferring or consenting to~~ the ~~transfer~~lower ofcourts ~~any~~granted ~~shares, or performing or entering any transactions which would have~~ the ~~effect~~Company ~~of alienating assets pending payment to Global Gold; each of Amarant~~ and ~~Alluvia,~~Mr. ~~including~~Krikorian ~~its~~their ~~officers~~costs and ~~agents~~legal ~~(including~~fees. This ~~without~~terminates ~~limitation~~the ~~Johan~~Jersey ~~Ulander)~~litigation ~~will provide within 5 business days all contracts, draft agreements, emails, records of financial transactions, financial statements, and all other documents~~ in ~~connection~~favor ~~with their business affairs for purposes~~ of ~~determining whether Respondents have complied with~~ the ~~July~~Company ~~29, 2013~~ and ~~subsequent~~Mr. ~~orders,~~Krikorian ~~have diverted funds which could have been used to pay Global Gold, and to aid Global Gold~~ in ~~collection.~~favor ~~Respondents shall specifically provide~~ of ~~all documents related to Gulf Resource Capital, Amarant Finance,~~ the ~~IGE~~New ~~Resources~~York ~~stock~~Dispute ~~sale~~Resolution ~~and~~agreement ~~related~~which ~~transactions~~CRA ashas ~~well~~advised ~~as documents related to~~ the ~~institutions~~court ~~from~~it ~~which~~is ~~Respondents have represented payment would issue including but~~ not ~~limited~~pursuing except ~~to:~~for ~~Mangold, Swedebank, Jool Capital, Skandinavska Bank, Credit Suisse, HSBC, Volksbank, Loyal Bank, Danskebank, NSBO,~~ the ~~“offtaker,”~~calculation and ~~Clifford~~collection ~~Chance~~of ~~escrow~~costs ~~account. Respondents shall execute any documents reasonably necessary or required by any institution to give Claimant access to this information~~ and ~~documents”~~legal ~~all as more particularly set out in Exhibit 10~~fees.~~68.~~

On ~~September~~December 101, ~~2015~~2016, the ~~Company~~Viscounts ~~notified~~Department ~~Intacta~~of ~~Kapital~~the ABIsland of ~~Stockholm~~Jersey arrested all of ~~its~~the ~~continuing~~CRA ~~obligation~~shares toin ~~pay~~GGCRL ~~Global~~in ~~Gold~~favor onof the ~~Contender~~Company pursuant ~~guaranty~~to ofa Royal Court judgement in the ~~Amarant~~Company’s ~~group~~favor.

The Company isreengaged ~~actively~~in ~~pursuing~~settlement ~~worldwide~~discussions ~~enforcement~~to ofresolve ~~the~~disputes ~~monetary~~with ~~award~~the ~~and~~beneficial ~~injunctive~~owner ~~relief~~of ~~granted~~CRA, asCaralapati ~~well~~(Prem) asPremraj ~~payment~~and onJeffrey ~~the~~Marvin, ~~Intacta/Contender~~who ~~guaranty. Intacta~~signed ~~has~~all ~~entered~~of ~~bankruptcy~~the ~~proceedings~~relevant incontracts ~~Sweden,~~with ~~and~~ the Company ison abehalf ~~creditor.~~of ~~See Subsequent Events~~CRA.

~~Hankavan~~Amarant and Alluvia Related

InOn ~~2006~~August 6, ~~GGH~~2013, ~~which was~~ the ~~license~~American ~~holder~~Arbitration ~~for~~Association ~~the~~International ~~Hankavan~~Centre ~~and~~for ~~Marjan~~Dispute ~~properties,~~Resolution ~~was~~issued ~~the~~a ~~subject~~Partial ofFinal ~~corrupt~~Award ~~and~~in ~~improper~~favor ~~demands~~of ~~and~~the ~~threats~~Company ~~from~~for ~~the~~$2,512,312 ~~now~~as ~~former~~a ~~Minister~~liquidated ofprincipal ~~the~~debt ~~Ministry~~plus of12% ~~Environment~~interest and ~~Natural~~excluding ~~Resources~~any ofadditional ~~Armenia~~damages, ~~Vardan~~attorney ~~Ayvazian.~~fees, ~~The~~or ~~Company~~costs ~~reported~~which ~~this~~will ~~situation~~be todiscussed ~~the~~at ~~appropriate~~a ~~authorities~~later ~~in Armenia and in the United States~~time. ~~Although~~Additionally, the ~~Minister~~American ~~took~~Arbitration ~~the~~Association ~~position~~enjoined ~~that~~Amarant ~~the licenses at Hankavan~~ and ~~Marjan~~Alluvia ~~were~~from ~~terminated,~~assigning ~~other~~or ~~Armenian~~alienating ~~governmental~~any ~~officials~~assets ~~assured~~or ~~the~~performing ~~Company~~or toentering ~~the~~transactions ~~contrary~~which ~~and~~would ~~Armenian~~have ~~public records confirmed~~ the ~~continuing~~effect ~~validity~~ of ~~the~~alienating ~~licenses.~~its ~~The~~respective ~~Company~~assets ~~received~~pending ~~independent~~payment ~~legal opinions that all~~ of ~~its licenses were valid and remained in full force and effect~~$2,512,312 ~~continued~~ to ~~work~~Global atGold. ~~those~~Amarant ~~properties,~~ and ~~engaged~~Alluvia ~~international~~have ~~and~~not ~~local~~complied ~~counsel~~with ~~to pursue prosecution of~~ the ~~illegal~~arbitral ~~and~~award ~~corrupt~~to ~~practices~~pay, ~~directed~~produce ~~against the subsidiary~~records, ~~including international arbitration. On November 7~~or, ~~2006~~apparently, ~~the~~enter ~~Company~~transactions ~~initiated~~pending ~~the~~payment ~~thirty-day~~in ~~good~~full ~~faith~~to ~~negotiating~~Global ~~period~~Gold. ~~(which~~Subsequent ~~is a prerequisite~~ to ~~filing for international arbitration under~~ the ~~2003~~arbitral ~~SHA~~award, ~~LLC~~Amarant ~~Share~~and ~~Purchase~~Alluvia ~~Agreement)~~announced ~~with~~on the ~~three~~Amarant ~~named~~website ~~shareholders~~in ~~and~~2013 ~~one~~that ~~previously~~“[t]he ~~undisclosed~~companies ~~principal,~~have ~~Mr.~~reached ~~Ayvazian. The~~an ~~Company~~agreement ~~filed~~with ~~for~~a ~~arbitration under~~UAE ~~the~~based ~~rules~~consortium ~~under~~to ~~the~~sell ~~International~~material ~~Chamber~~parts of ~~Commerce,~~their ~~headquartered~~assets. inThe ~~Paris,~~deal ~~France~~was ~~("ICC"),~~signed on ~~December~~the ~~29,~~30th ~~2006. On~~ September ~~25,~~in ~~2008,~~London ~~the~~and ~~Federal~~consists ~~District Court for the Southern District~~ of ~~New~~three ~~York ruled that Mr~~parts. ~~Ayvazian~~The ~~was~~first ~~required~~stage toconsists ~~appear~~of ~~as a respondent in~~ the ~~ICC~~sales ~~arbitration. On~~of ~~September 5, 2008,~~ the ~~ICC~~shares ~~International~~in ~~Court~~Mineral ofInvest ~~Arbitration~~and ~~ruled~~Alluvia that ~~Mr.~~are ~~Ayvazian~~pledged ~~shall~~as besecurity afor ~~party~~various inbridge ~~accordance~~financing ~~with~~solutions ~~the~~and ~~decision~~short ~~rendered~~term onfinancing. ~~September~~In ~~25,~~a ~~2008~~second bystage the ~~Federal~~consortium ~~District~~will ~~Court~~provide ~~for~~ the ~~Southern~~operational ~~District~~companies ofMII ~~New~~and ~~York. Subsequently,~~Alluvia inwith ~~December~~necessary ~~2011~~funding ~~the ICC Tribunal decided~~ to ~~proceed~~start ~~only with~~ the ~~three~~operations ~~named~~and ~~shareholders;~~settle inoff ~~March~~short ~~2012,~~term ~~GGM~~debts ~~filed~~and anobligations ~~action~~ in ~~Federal~~Alluvia ~~District~~and ~~Court~~Mineral ~~pursuant~~Invest toincluding, ~~that~~but ~~Court’s~~not ~~decisions~~limited ~~for damages against Ayvazian and/or~~ to, ~~conform~~legal ~~the~~fees ~~ICC Tribunal~~ to the ~~precedents,~~SOVR ~~and~~law ~~on July 11~~firm, ~~2012~~license ~~the Federal Court entered judgment in favor of the Company~~fees, ~~which~~funds ~~was~~owed ~~not~~to ~~appealed~~Global ~~and~~Gold ~~became~~related ~~final. Based~~to on the ~~evidence~~purchase of the ~~damages suffered as a result of Ayvazyan’s actions~~Valdevia, ~~the~~Chile ~~final~~property ~~$37,537,978.02~~and ~~federal~~remaining ~~court~~payments ~~judgment~~against inNSR ~~favor~~commitments ~~of GGM is comprised of $27,152,244.50~~ in ~~compensatory~~connection ~~damages~~with ~~plus~~the ~~$10,385,734.52~~Huakan ~~of interest at 9% from 2008~~deal. The ~~Company~~first ~~has~~two ~~notified~~stages ~~the~~are ~~ICC~~expected ~~that~~to ~~the~~be ~~pending~~completed ~~arbitration~~by ~~against~~ the ~~other~~end ~~three~~of ~~shareholders~~2013.” ~~should~~Global beGold ~~terminated~~was ascontacted ~~moot,~~by ~~considering the judgment against Ayvazian~~Mr. ~~The~~ ~~ICC~~Ulander ~~has~~and ~~complied~~separately ~~with~~by the ~~Company’s~~former ~~request~~Chairman ~~and~~of ~~terminated~~Alluvia, ~~that proceeding~~Mr. On ~~November~~Thomas 21Dalton, ~~2013,~~as the ~~Company~~representative ~~received from its attorneys the “without prejudice” ruling~~ of the ~~Judge~~consortium, J.Gulf ~~Paul~~Resource ~~Oetken~~Capital, ofreferenced ~~United~~in ~~States District Court for~~ the ~~Southern~~Amarant/Alluvia ~~District~~announcement ofto ~~New~~settle ~~York which vacated~~ the ~~$37.5~~arbitration ~~million~~award ~~default~~and ~~judgment~~despite ~~which~~ the ~~Company~~expectation ~~had obtained against former Armenian Minister~~ of ~~Environment~~payments, ~~Vartan~~no ~~Ayvazian~~payments ~~solely~~were onmade ~~jurisdictional~~by ~~grounds. The~~December ~~ruling~~31, is2013 ~~expressly~~and ~~“without prejudice” to Global Gold’s right to re-file or continue to pursue~~ the ~~case. The~~parties ~~court~~have ~~did~~ not ~~rule~~reached ona ~~the~~definitive ~~corruption~~agreement. ~~charges~~There orcan ~~damage~~be ~~amount~~no ~~caused~~assurance bythat ~~Ayvazian’s~~Gulf ~~actions,~~Resource ~~basing~~Capital ~~its~~will ~~findings~~pay on ~~Ayvazian’s~~behalf ~~general insufficient contacts with New York. One~~ of ~~the~~Amarant ~~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~~Alluvia, ~~the funds paid by~~ Global Gold. ~~The~~will ~~November~~continue ~~21,~~to ~~2013~~seek ~~court~~enforcement ~~ruling~~of ~~also~~the ~~did~~arbitral ~~not~~award ~~address~~to ~~those facts. This ruling has no effect on~~ the ~~Company’s~~full ~~financial~~extent ~~statements~~ as ~~this~~well ~~judgment~~as ~~was~~pursue ~~never~~its ~~recorded~~claims ~~on the Company’s books. The United States Court~~ of ~~Appeals~~additional ~~for~~damages ~~the Second Circuit~~ in ~~New York subsequently confirmed~~ the ~~dismissal~~ongoing ~~“without prejudice” to the Company, and the Company continues to consider its options~~arbitration.

3029

~~Based~~On onJune 26, 2014, the USInternational ~~Armenia~~Center ~~Bilateral~~for ~~Investment~~Dispute ~~Treaty,~~Resolution ~~GGM~~International ~~filed~~Arbitration aTribunal ~~request~~delivered ~~for~~a ~~arbitration~~Final ~~against~~Award in the ~~Republic~~matter of ~~Armenia~~Global ~~for~~Gold ~~the~~Corporation ~~actions~~vs. ofAmarant ~~the~~Mining ~~former~~LTD ~~Minister~~and ofAlluvia ~~Environment~~Mining, ~~and~~Ltd. ~~Natural~~awarding ~~Resources~~Global Gold $16,800,000 USD plus $68,570.25 USD in interest, costs, and fess, with ~~the~~post-award ~~International~~interest ~~Centre~~on ~~for~~unpaid ~~Settlement~~amounts ofaccruing ~~Investment~~at ~~Disputes~~9%, which istotaled a$4,575,311 ~~component~~as ~~agency~~ of June 30, 2017. In addition, the ~~World~~Tribunal ~~Bank~~provided the following injunctive relief: “ Per my previous orders in ~~Washington~~this matter, ~~D.C.~~each ~~("ICSID")~~of Amarant and Alluvia, onincluding ~~January~~its 29officers and agents individually (including without limitation Johan Ulander), ~~2007.~~is Oncontinued ~~August~~to 31be enjoined, ~~2007~~directly and indirectly, ~~the~~from ~~Government~~alienating ofany ~~Armenia~~assets, ~~and~~from ~~GGM~~transferring ~~jointly~~or ~~issued~~consenting to the ~~following~~transfer ~~statement~~of any shares, ~~"[they]~~or ~~jointly~~performing ~~announce~~or ~~that~~entering ~~they~~any ~~have~~transactions ~~suspended~~which would have the ~~ICSID~~effect ~~arbitration~~of alienating assets pending ~~conclusion~~payment to Global Gold; each of aAmarant ~~detailed~~and ~~settlement~~Alluvia, ~~agreement.~~including ~~The~~its ~~parties~~officers ~~have~~and ~~reached~~agents a(including ~~confidential~~without ~~agreement~~limitation inJohan ~~principle~~Ulander) will provide within 5 business days all contracts, ~~and~~draft ~~anticipate~~agreements, ~~that~~emails, ~~the~~records ~~final~~of ~~settlement~~financial ~~agreement~~transactions, ~~will~~financial bestatements, ~~reached~~and ~~within~~all 10other ~~days~~documents in connection with their business affairs for purposes of ~~this~~determining ~~announcement."~~whether ~~The~~Respondents ~~Company~~have ~~has~~complied ~~learned~~with ~~from~~the ~~public~~July ~~records~~29, ~~that~~2013 ~~GeoProMining~~and ~~Ltd.~~subsequent orders, ~~through~~have andiverted ~~affiliate~~funds which could have been used to pay Global Gold, ~~has~~and ~~become~~to ~~the~~aid ~~sole~~Global ~~shareholder~~Gold in collection. Respondents shall specifically provide of anall ~~Armenian~~documents ~~Company,~~related ~~Golden~~to ~~Ore~~Gulf Resource Capital, ~~LLC~~Amarant Finance, ~~which~~the ~~was~~IGE ~~granted~~Resources astock ~~license~~sale ~~for~~and ~~Hankavan.~~related ~~GeoProMining~~transactions ~~Ltd.~~as iswell ~~subject~~as documents related to the ~~20%~~institutions ~~obligations~~from aswhich ~~successor~~Respondents have represented payment would issue including but not limited to: ~~Sterlite~~Mangold, ~~Resources~~Swedebank, ~~Ltd. As~~Jool ofCapital, ~~February~~Skandinavska 25Bank, ~~2008~~Credit Suisse, ~~GGM~~HSBC, ~~entered~~Volksbank, ~~into~~Loyal aBank, ~~conditional~~Danskebank, ~~confidential~~NSBO, ~~settlement~~the ~~agreement~~“offtaker,” ~~with~~and ~~the~~Clifford ~~Government~~Chance ofescrow ~~the~~account. ~~Republic~~Respondents ofshall ~~Armenia~~execute any documents reasonably necessary or required by any institution to ~~discontinue~~give ~~the~~Claimant ~~ICSID~~access ~~arbitration~~to ~~proceedings,~~this ~~which~~information ~~were~~and ~~discontinued~~documents” all as ofmore ~~May~~particularly 2,set ~~2008~~out in Exhibit 10.68. ~~This~~Subsequently, ~~agreement~~Amarant ~~did~~also ~~not~~reorganized ~~affect~~itself ~~the~~as ~~ICC~~a ~~arbitration~~Swedish orcompany ~~litigation~~which ~~involving~~took ~~similar~~over ~~subject~~assets ~~matter~~in violation of the Final Award.

~~Marjan~~On ~~Related~~September 10, 2015, the Company notified Intacta Kapital AB of Stockholm of its continuing obligation to pay Global Gold on the Contender guaranty of the Amarant group.

~~Effective~~On ~~September~~April 73, ~~2016~~2017, the ~~Company~~Swedish ~~through~~government ~~its~~in ~~Marjan~~Stockholm ~~Mining~~indicted ~~Company~~Fredrik ~~subsidiary~~Rodger ~~and~~in ~~the~~connection ~~Armenian~~with ~~Government through its Ministry of Energy and Natural Resources concluded amendments to~~ the ~~Marjan~~Contender ~~mining~~Kapital ~~agreement~~(subsequently ~~which~~Intacta ~~among other things provides that the Company: (1~~Kapital) ~~has 3 years from September~~ $1, ~~2016~~million toguaranty ~~build the approved tailings dam and plan; (2) 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; (3) has 12 months to prepare and file for a report for recalculation of findings based on exploration results; and (4) has 12 months following the approval by the State Committee on Natural ResourcesAmarant/Alluvia’ ~~approval (which must be issued within 12 months of the Company’~~s ~~recalculation)~~obligations to ~~prepare~~Global ~~and~~Gold ~~file~~Corporation. anThe ~~updated~~indictment ~~mining~~indentifies ~~plan,~~Global ~~all~~Gold as ~~more~~a ~~particularly described in Exhibit 10~~victim.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 10-K with regard to the SEC and other standards for the term “reserve.”

~~Based~~On onApril ~~a false representation by Caldera~~5, ~~on June 17~~2017, ~~2010,~~Amarant ~~Global~~provided ~~Gold~~a ~~Corporation~~public ~~and~~update ~~its~~that ~~subsidiary,~~it ~~GGM,~~had ~~LLC~~commenced (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~~at ~~reported,~~one 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~~properties ofrestricted ~~work~~by at the ~~property~~2014 asinternational ~~submitted~~arbitral ~~and~~award ~~approved~~ in the ~~mining~~Company’s ~~plan,~~favor ~~which~~and ~~includes~~has ~~mining~~raised ofcapital ~~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~~Sweden. Caldera advised Global as well as governmental authorities that it would not be complying with the work requirements which prompted 90 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~~On ~~joint~~May ~~venture agreement provided that Caldera would be solely responsible for license compliance and conducting the approved mining plan~~15, ~~and that “[i]n the event that Caldera does not~~2017, orJohan ~~is otherwise unable to~~Ulander, ~~pursue~~Chairman ~~this project and pay to Global Gold the amounts provided for hereunder, Caldera’s rights to the Property and the shares~~ of ~~Marjan-Caldera~~Amarant 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~~arrested in ~~June~~Sweden ~~2010 and Caldera failed to deliver the shares. Subject to a 30 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~~charges ~~30,~~of 2010 and December 31, 2010; $250,000 on March 30, 2011, September 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, September 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012fraud. ~~Caldera raised sufficient funds, but did not make these payments.~~

The ~~agreement~~Company ~~was~~is ~~subject~~actively topursuing ~~approval~~worldwide byenforcement ~~the TSX Venture Exchange and the Board~~ of ~~Directors of~~ the ~~respective~~monetary ~~companies. Caldera~~award ~~further~~and ~~informed~~injunctive ~~the~~relief ~~Company~~granted 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~~payment ~~illegal~~on ~~registrations~~the inIntacta/Contender ~~Armenia and other actions~~guaranty. In Intacta ~~October~~has ~~2010,~~entered ~~Caldera~~bankruptcy ~~filed~~proceedings ~~for arbitration~~ in ~~New York City. In September 2010~~Sweden, ~~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~~is ~~the~~a ~~Company’s 100% ownership of Marjan~~creditor.

31Hankavan Related

In a2006, ~~final~~GGH, ~~non-appealable~~which ~~decision~~was ~~issued~~the license holder for the Hankavan and ~~effective~~Marjan ~~February~~properties, 8was the subject of corrupt and improper demands and threats from the now former Minister of the Ministry of Environment and Natural Resources of Armenia, ~~2012~~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 ~~Court~~public records confirmed the continuing validity of ~~Cassation~~the ~~affirmed~~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 ~~July~~illegal 29and corrupt practices directed against the subsidiary, ~~2011~~including ~~Armenian~~international ~~trial~~arbitration. ~~court~~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 1229, ~~2012~~2006. On September 25, 2008, the Federal District Court for the Southern District of ~~Appeals~~New ~~decisions~~York ~~which~~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 ~~Caldera'~~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 ~~registration~~decisions for damages against Ayvazian and/or ~~assumption~~to ofconform ~~control~~the ~~through~~ICC ~~unilateral~~Tribunal ~~charter~~to ~~changes~~the precedents, and on July 11, 2012 the Federal Court entered judgment in favor of the ~~Marjan~~Company, ~~Mine~~which was not appealed and ~~Marjan~~became ~~Mining~~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 9% from 2008. The Company has notified the ICC that the pending arbitration against the other three shareholders should be terminated as moot, ~~LLC~~considering ~~were~~the ~~illegal~~judgment against Ayvazian. The ICC has complied with the Company’s request and terminated that ~~ownership~~proceeding. On ~~rests~~November ~~fully~~21, ~~with~~2013, ~~GGM~~the Company received from its attorneys the “without prejudice” ruling of the Judge J. ~~The~~ ~~official~~Paul ~~versions~~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 ~~Court~~Minister ~~decisions~~of ~~are~~Environment ~~available~~Vartan ~~through~~Ayvazian ~~http://www~~solely on jurisdictional grounds.~~datalex~~ The ruling is expressly “without prejudice” to Global Gold’s right to re-file or continue to pursue the case.am 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 ~~English~~New ~~translations~~York. One ~~available~~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 no effect on the Company’s ~~website~~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.

On 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. 30

~~The~~Based ~~Partial~~on ~~Award~~the ~~states~~US ~~“By~~Armenia ~~misrepresenting~~Bilateral ~~its~~Investment ~~payment~~Treaty, ~~obligations~~GGM tofiled a request for arbitration against the ~~TSX-V~~Republic of Armenia for the actions of the former Minister of Environment and Natural Resources with the International Centre for Settlement of Investment Disputes, ~~Caldera~~which ~~painted~~is a ~~false~~component ~~financial~~agency ~~picture~~of tothe World Bank in Washington, D.C. ("ICSID"), on January 29, 2007. On August 31, 2007, the ~~TSX-V~~Government of Armenia and GGM jointly issued the ~~investing~~following ~~public~~statement, "[they] jointly announce that they have suspended the ICSID arbitration pending conclusion of a detailed settlement agreement.~~” In~~ ~~addition~~The parties have reached a confidential agreement in principle, and anticipate that the ~~arbitrator~~final ~~found~~settlement agreement will be reached within 10 days of this announcement." The Company has learned from public records that ~~had~~GeoProMining heLtd., ~~not~~through ~~come~~an toaffiliate, has become the ~~conclusions~~sole ~~above~~shareholder of an Armenian Company, ~~“Caldera~~Golden ~~and~~Ore, ~~its~~LLC, ~~officers~~which ~~effectively~~was ~~breached~~granted a license for Hankavan. GeoProMining Ltd. is subject to the JV20% ~~Agreement~~obligations ~~and~~as successor to Sterlite Resources, Ltd. As of February 25, 2008, GGM entered into a conditional, confidential settlement agreement with the ~~terms~~Government of the ~~Limited~~Republic ~~Liability~~of ~~Agreement”~~Armenia into ~~multiple~~discontinue ~~ways~~the ICSID arbitration proceedings, ~~including~~which ~~Caldera’s~~were ~~failure~~discontinued toas ~~make~~of ~~quarterly~~May ~~payments~~2, to2008. ~~Global~~This agreement did not affect the ICC arbitration or litigation involving similar subject matter.

~~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 $1 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 $1 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.Related

InEffective anSeptember ~~Opinion~~7, ~~and~~2016, ~~Order~~the ~~signed~~Company onthrough ~~April~~its ~~15,~~Marjan ~~2013~~Mining Company subsidiary and ~~released~~the onArmenian ~~April~~Government ~~17,~~through ~~2013,~~its ~~U.S.~~Ministry ~~Federal~~of ~~Judge~~Energy ~~Kenneth~~and M.Natural ~~Karas~~Resources ofconcluded amendments to the ~~Southern~~Marjan ~~District~~mining ofagreement ~~New~~which ~~York~~among ~~confirmed~~other things provides that the ~~March~~Company: 29(1) has 3 years from September 1, ~~2012~~2016 ~~American~~to ~~Arbitration~~build ~~Association~~the ~~arbitration~~approved ~~award~~tailings ~~issued~~dam byand ~~retired~~plan; ~~Justice~~(2) ~~Herman~~has ~~Cahn~~3.4 ~~which~~years following the completion of the tailings dam and plant to mine 160,000 ~~among~~tonnes ~~other~~of ~~things~~ore from the Marjan mine, ~~stated~~pursuant ~~that~~to ~~“[t]he~~the ~~property~~approved ~~should~~minng ~~revert~~plan; (3) has 12 months to ~~[Global~~prepare ~~Gold]~~and ~~within~~file ~~thirty~~for a report for recalculation of findings based on exploration results; and (304) ~~days~~has ~~from~~12 months following the ~~date~~approval [by the State Committee on Natural Resources’ approval (which must be issued within 12 months of the ~~arbitration~~Company’s ~~award~~recalculation) –to byprepare ~~April~~and ~~29,~~file ~~2012]. Obviously~~an updated mining plan, ~~[Global~~all ~~Gold]~~as ~~may~~more ~~cause~~particularly described in Exhibit 10.78. Any delays the ~~appropriate~~government ~~governmental~~takes ~~bodies~~shall inextend ~~Armenia~~the torelevant ~~register~~terms. This amendment also resolves the ~~property~~overlapping license issue caused by Caldera Resources and its Biomine subsidiary which was determined in ~~[Global~~the ~~Gold~~Company’s] ~~name~~favor by the New York ICDR arbitral award. Please see our “Cautionary Note to U.S. Investors” ~~All~~on asour ~~further~~website ~~described~~and inForm 10-K with regard to the ~~exhibit~~SEC ~~10.61~~and ~~below~~other standards for the term “reserve.”

~~The~~Based ~~Company~~on ~~has~~a ~~reestablished~~false ~~control~~representation ofby ~~Marjan~~Caldera, ~~Mining~~on ~~Company~~June ~~which~~17, is2010, ~~the~~Global ~~license~~Gold ~~holder~~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. A As ~~new~~previously reported, the property is held with a twenty-five year “special mining license,” ~~valid~~effective ~~until~~April 22, 2008, and expiring April 22, 2033, ~~has~~which ~~been~~expanded ~~issued~~the toprior license term and substantially increased the ~~Company~~license area. The ~~Company's~~license ~~control~~required ~~has~~payments ~~not~~of ~~been~~annual ~~established~~governmental ~~over certain~~fees ~~property,~~and ~~records,~~the ~~financial~~performance ~~and~~of ~~tax~~work ~~information,~~at orthe ~~other~~property ~~assets~~as ~~maintained~~submitted byand ~~Caldera~~approved ~~such~~in asthe ~~warehouse~~mining ~~and~~plan, ~~drill~~which ~~core~~includes asmining ~~Caldera~~of ~~has~~50,000 ~~failed~~tonnes toof ~~turn~~mineralized ~~over~~rock ~~such~~per ~~property~~year, ~~despite~~as ~~being~~well ~~ordered~~as toexploration dowork ~~so. The~~to ~~Company~~have isadditional ~~proceeding~~reserves ~~with~~approved ~~plans~~under toArmenian ~~mine~~Law in ~~compliance~~order ~~with~~to maintain the ~~mining~~licenses ~~license,~~in ~~and~~good ~~implement~~standing. Caldera ~~additional~~advised ~~exploration~~Global toas ~~the~~well ~~best~~as ofgovernmental ~~its~~authorities ~~ability. The~~that ~~Company~~it iswould ~~also~~not ~~taking~~be ~~legal~~complying ~~action~~with tothe ~~protect~~work ~~its~~requirements ~~rights~~which inprompted an90 ~~adjacent~~day ~~territory~~termination ~~identified~~notices asfrom ~~“Marjan~~the ~~West”~~government ~~for which~~and ~~Caldera~~the ~~has~~October ~~publicly~~7, ~~claimed~~2010 tojoint ~~have~~venture atermination ~~license but~~notice ~~according~~from ~~to public~~Global, ~~on-line~~which ~~government~~Global ~~records,~~had ~~the~~agreed ~~company~~to ~~holding~~keep the ~~license~~termination isnotice ~~100%~~confidential ~~owned~~until byOctober ~~another~~15, ~~person~~2010.

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. 31

32The joint venture 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 30 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 on March 30, 2011, September 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, September 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012. Caldera raised sufficient funds, but did not make these payments.

OnThe ~~November~~agreement ~~10,~~was ~~2014,~~subject ~~the~~to ~~International~~approval ~~Centre~~by ~~for~~the ~~Dispute~~TSX ~~Resolution~~Venture ~~Final~~Exchange ~~Award,~~and ~~with retired Justice Herman Cahn as~~ the ~~sole~~Board ~~arbitrator, ruled in favor~~ of ~~Global~~Directors ~~Gold on damages and a range~~ of ~~other~~the ~~outstanding~~respective ~~issues to finally resolve all outstanding issues~~companies. ~~The total damage award is $10,844,413 with interest at 9% and penalties continuing to accrue if~~ Caldera ~~does~~further ~~not~~informed ~~comply with~~ the ~~equitable~~Company ~~relief~~that ~~granted.~~it Ofreceived ~~the~~TSX ~~total~~Venture ~~damage~~Exchange ~~award,~~approval $3on ~~million is compensation and $1 million is punitive damages for~~ the ~~defamatory~~transaction, ~~publications~~which bysubsequently ~~Caldera's~~proved ~~principal~~to ~~Vasilios~~be ~~Bill Mavridis against Global Gold and its principals~~untrue. On ~~This~~October ~~Final~~7, ~~Award terminates the arbitration proceedings which Caldera instituted against Global Gold in~~ 2010., ~~Global Gold prevailed in~~ the ~~first,~~Company ~~liability~~terminated ~~phase of~~ the ~~arbitration~~Marjan ~~and~~JV ~~four~~for ~~prior~~Caldera’s ~~court~~non-payment ~~cases, as summarized~~ and ~~reported~~non-performance ~~in April 2013. A full copy of the 42 page Final Award~~ as well as ~~the~~Caldera’s ~~other~~illegal ~~rulings~~registrations ~~is available at the Global Gold website: www.globalgoldcorp.com. Previous rulings~~ in ~~this~~Armenia ~~matter included that Montreal based Caldera Resources, led by the brothers John Mavridis~~ and ~~Bill~~other ~~Mavridis,~~actions. In ~~failed~~October ~~to make agreed payments to Global Gold despite having raised almost $5 million~~2010, ~~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~~filed ~~its~~for ~~Biomine,~~arbitration ~~LLC subsidiary also acquired a "Marjan West" license area which it claimed was adjacent to Marjan but~~ in ~~fact~~New ~~overlapped~~York ~~with Marjan~~City. In ~~Armenian~~September ~~Courts~~2010, at ~~three levels found that~~ Caldera’s ~~had~~invitation, ~~deceptively and illegally registered full control over~~ the ~~Marjan Mining~~ Company filed to ~~itself~~reverse ~~without~~ the ~~signatures~~illegal orregistration ~~authorization~~in ofArmenia. That ~~Global~~litigation ~~Gold,~~ and ~~a U.S. Federal Court confirmed~~ the ~~phase~~New 1York arbitration ~~findings~~were ~~while~~subsequently ~~rejecting~~resolved ~~Caldera's~~in ~~arguments~~favor toof ~~vacate~~ the ~~award. The November 10~~Company, ~~2014~~restoring ~~Final Award resolved all other outstanding issues with~~ the ~~following~~Company’s ~~specific~~100% ~~findings~~ownership ~~and~~of ~~rulings requiring Caldera to:~~Marjan.

1.In ~~turn~~a ~~over~~final, tonon-appealable ~~Global~~decision ~~Gold~~issued atand ~~its~~effective ~~offices~~February in8, ~~Rye~~2012, ~~New~~the ~~York~~Armenian ~~all~~Court ~~books,~~of ~~records,~~Cassation ~~contracts,~~affirmed ~~communications~~the July 29, 2011 Armenian trial court and ~~property~~December ~~related~~12, in2012 ~~any~~Court ~~way~~of toAppeals ~~the~~decisions ~~Marjan~~which ~~property~~ruled inthat ~~Armenia~~Caldera's registration and ~~the~~assumption ~~Marjan~~of ~~Mining~~control ~~Company,~~through ~~including~~unilateral ~~specifically~~charter changes of the ~~Armenian~~Marjan Mine and Marjan Mining Company ~~seal~~, LLC were illegal and ~~shall~~that ~~pay~~ownership ~~Global~~rests ~~Gold~~fully ~~$50,000~~with ~~plus~~GGM. The ~~$250~~official ~~per~~versions ~~day~~of ~~for~~the ~~every~~Armenian ~~day~~Court ~~following~~decisions ~~issuance~~are ofavailable ~~this~~through ~~Final~~http://www.datalex.am ~~Award~~/ ~~that~~, ~~such~~with ~~materials~~English ~~are~~translations ~~not~~available ~~delivered;~~on the Company’s website.

2.On ~~turn~~March ~~over~~29, to2012, in the independent New York City arbitration case Global Gold atreceived ~~its~~a ~~offices~~favorable ruling in ~~Rye,~~its arbitration proceeding in New York ~~communications~~with Caldera ~~and/or~~which ~~Mr.~~is ~~Mavridis~~available ~~has~~on ~~had~~the ~~with~~Company's ~~third~~website, ~~parties~~see ~~concerning~~Exhibit ~~Global~~10.48. ~~Gold~~The ~~its~~arbitrator ~~officers,~~issued ~~agents,~~a ~~directors~~Partial ~~and~~Final ~~business…Without~~Award ~~limitation,~~which orders the ~~following~~Marjan ~~shall~~Property ~~also~~in beArmenia ~~turned~~to ~~over~~revert to ~~Global~~GGM ~~Gold:~~based ~~all~~on ~~direct~~the ~~and~~two ~~indirect~~failures ~~(for~~to ~~example~~meet ~~through~~conditions aprecedent ~~translator~~to orthe ~~agent)~~March ~~communications~~24, ~~with~~2010 ~~the~~agreement. First, ~~following~~Caldera ~~individuals~~failed and ~~organizations:~~refused ~~Azat~~to ~~Vartanian,~~deliver ~~Petros~~the ~~Vartanian~~500,000 …,shares ~~Joseph~~to ~~Borkowski,~~Global. ~~Jeffrey Marvin~~Second,… ~~Prem~~Caldera ~~Premraj…,~~did ~~Rasia~~not ~~FZE,~~submit ~~Johan~~the ~~Ulander,~~final ~~Ecolur,…~~joint ~~Tom~~venture ~~Prutzman,~~agreement …,to ~~Stockhouse,~~the ~~Investor's~~TSX-V ~~Hub,~~for ~~shareholders~~approval ofuntil ~~Global~~the ~~Gold,~~middle ~~and~~of ~~any~~the ~~governmental~~arbitration orproceedings, ~~regulatory~~instead ~~authorities--~~relying ~~Caldera~~on ~~shall~~superseded ~~pay~~versions ~~Global~~in ~~Gold~~its ~~$100~~regulatory ~~per~~submissions ~~day~~and ~~for~~submitting ~~every~~“Form ~~day~~5Cs” ~~following~~to ~~issuance~~the ofTSX-V ~~this~~which ~~Final~~were ~~Award~~false ~~that~~representations ~~such~~of ~~materials~~Caldera’s ~~are~~obligations ~~not~~to ~~delivered;~~Global.

3.The ~~issue~~Partial aAward ~~press~~states ~~release~~“By ~~correcting~~misrepresenting ~~the~~its ~~April~~payment ~~30,~~obligations ~~2013~~to ~~Caldera~~the ~~release~~TSX-V, ~~…stating~~Caldera ~~that~~painted ~~the~~a ~~original~~false ~~release~~financial ispicture ~~retracted~~to ~~with~~the ~~all~~TSX-V ~~property books~~ and ~~records~~the ~~(including~~investing ~~all~~public.” In ~~exploration~~addition, ~~data)~~the ~~related~~arbitrator tofound ~~the~~that ~~Marjan~~had ~~property~~he ~~transferred~~not come to ~~Global~~the ~~Gold~~conclusions ~~and~~above, ~~that neither~~ “Caldera ~~nor~~and its ~~successors~~officers ~~retain~~effectively ~~rights~~breached to the ~~Marjan~~JV ~~mine~~Agreement ~~in Armenia~~ and ~~shall~~the ~~pay~~terms ~~Global~~of ~~Gold~~the ~~$50,000~~Limited ~~plus~~Liability ~~$100~~Agreement” ~~per~~in ~~day~~multiple ~~for~~ways, ~~every~~including ~~day~~Caldera’s ~~following~~failure ~~issuance~~to ofmake ~~this~~quarterly ~~Final~~payments ~~Award~~to ~~that such correcting release is not issued;~~Global.

4.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 ~~spend~~go ~~the~~into ~~minimum~~effect, an Net Smelter Royalty to Caldera of 0.5% for each tranche of $1 million ~~threshold~~actually ~~necessary~~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 $1 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 ~~eligible~~final and non-appealable” and for anthe ~~NSR~~award ~~Royalty~~of ~~interest~~attorney fees, arbitrator’s fees, and ~~therefore~~other ~~Caldera~~costs. In accordance with the Arbitrator's order and the JV agreement, Global Gold has nofiled ~~NSR~~to ~~Royalty~~confirm orthe ~~any~~Partial ~~other~~Final ~~interest~~Award in Federal Court. Caldera is opposing the ~~Marjan~~confirmation. The ~~property;~~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.

5In an Opinion and Order signed on April 15, 2013 and released on April 17, 2013, U.S. Federal Judge Kenneth M. Karas of the ~~$150~~Southern District of New York confirmed the March 29,~~000~~ 2012 American Arbitration Association arbitration award issued by retired Justice Herman Cahn which, ~~Caldera~~among ~~paid~~other things, stated that “[t]he property should revert to [Global Gold] ~~was~~within ~~not~~thirty ~~pursuant~~(30) todays from the JVdate ~~Agreement~~[of ~~(which~~the ~~did~~arbitration ~~not~~award ~~become~~– ~~effective)~~by ~~but~~April ~~pursuant~~29, to2012]. Obviously, [Global Gold] may cause the ~~December~~appropriate ~~2009~~governmental ~~Agreement~~bodies ~~therefore~~in Armenia to register the property in [Global Gold’s] isname.” ~~not~~All ~~obligated~~as tofurther ~~make~~described ~~any~~in ~~payments~~the toexhibit ~~Caldera;~~10.61 below.

~~6. pay Global Gold $115,000 for Caldera's refusal to turn over 500,000 shares of stock in 2010;~~32

7The Company has reestablished control of Marjan Mining Company which is the license holder of the Marjan property. A ~~pay~~new ~~Global~~mining ~~Gold~~license, $3valid until April 22,~~174~~ 2033,~~209~~ ~~for~~has ~~Caldera~~been issued to the Company. The Company's ~~failure~~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 ~~make~~turn ~~agreed~~over ~~payments~~such property despite being ordered to ~~Global~~do ~~Gold;~~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.

8.Caldera ~~pay~~has ~~Global~~also ~~Gold~~publicly ~~$577,174~~claimed ~~for~~that ~~legacy~~it ~~governmental~~continues ~~liabilities~~to ~~concerning~~have rights to the Marjan property ~~and~~based ~~shall~~on ~~indemnify~~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 ~~hold~~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 ~~harmless~~favor ~~(including~~has ~~attorney~~not ~~fees)~~succeeded. Caldera ~~from~~and ~~any~~its ~~governmental~~officers ~~claims~~and oragents ~~liabilities~~have ~~associated~~also ~~with~~continued ~~the~~a ~~time~~defamatory ~~they~~campaign ~~control~~of ~~the~~harassment ~~seal~~and filing of false claims over the ~~Marjan~~internet ~~Mining~~and elsewhere against the Company; and its officials which may be pursued during the damages phase of the arbitration.

33On 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 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 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 42 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 $5 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 1 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:

91. ~~pay~~turn over to Global Gold ~~$967~~at its offices in Rye,~~345~~ ~~for~~New ~~violating~~York ~~Paragraph~~all ~~(1)~~books, ofrecords, ~~the~~contracts, ~~Final~~communications, ~~Partial~~and ~~Award~~property ~~requiring~~related ~~turnover~~in ofany way to the Marjan property in Armenia and ~~[for]~~the ~~interference~~Marjan inMining ~~Global~~Company, ~~Gold's~~including ~~development~~specifically ofthe Armenian Marjan Mining Company seal, and shall ~~relinquish~~pay ~~the~~Global ~~portions~~Gold of$50,000 ~~the~~plus ~~Marjan~~$250 ~~West~~per ~~license~~day ~~which~~for ~~overlap~~every orday infollowing ~~any~~issuance ~~way~~of ~~impinge~~this onFinal ~~Marjan~~Award that such materials are not delivered;

102. ~~Caldera~~turn isover ~~liable for defamation and tortious interference with contractual and business relations with regard~~ to Global Gold ~~and~~at its ~~related~~offices ~~personnel~~in ~~and~~Rye, soNew ~~shall~~York ~~(i)~~communications ~~pay~~Caldera ~~Global~~and/or ~~Gold~~Mr. $3Mavridis ~~million~~has inhad ~~compensatory~~with ~~damages…,~~third ~~(ii)~~parties ~~pay~~concerning Global Gold $1its ~~million~~officers, ~~in punitive or exemplary damages…~~agents, ~~(iii)~~directors ~~remove all the materials~~ and ~~websites~~business…Without ~~controlled~~limitation, ~~in any way by them which were admitted as exhibits on defamatory publications in this case from~~ the ~~internet~~following ~~and~~shall ~~other~~also ~~locations, (iv) remove and~~ be ~~permanently~~turned ~~enjoined~~over ~~from~~to ~~using~~ Global Gold's: ~~trading~~all ~~symbol~~direct ~~without~~and ~~permission;~~indirect (v)for ~~not~~example ~~share~~through ~~those~~a ~~materials~~translator ~~with others~~ or ~~arrange to have them posted anonymously or otherwise- (vi~~agent) ~~independently,~~communications …with ~~Global~~the ~~Gold~~following ~~and~~individuals ~~those who have been named by Caldera~~ and ~~Bill~~organizations: ~~Mavridis~~Azat inVartanian, ~~the~~Petros ~~admitted~~Vartanian, ~~exhibits~~…, onJoseph ~~defamatory~~Borkowski, ~~publications~~Jeffrey asMarvin,… ~~well~~Prem asPremraj…, ~~their~~Rasia ~~attorneys~~FZE, ~~[are~~Johan ~~granted]~~Ulander, ~~the~~Ecolur,… ~~authority~~Tom toPrutzman, ~~contact~~…, ~~internet service providers~~Stockhouse, ~~search~~Investor's ~~engine firms~~Hub, ~~social~~shareholders ~~media~~of ~~sites~~Global Gold, ~~stock~~and ~~discussion~~any ~~boards~~governmental ~~(including~~or ~~but~~regulatory ~~not~~authorities-- ~~limited~~Caldera toshall ~~Google,~~pay ~~Yahoo,~~Global ~~Facebook,~~Gold ~~Twitter,~~$100 ~~Stockhouse,~~per ~~Investor's~~day ~~Hub~~for ~~and~~every ~~Bing)~~day tofollowing ~~use~~issuance of this Final Award tothat ~~remove~~such ~~the~~materials ~~material~~are asnot ~~defamatory~~delivered;

113. ~~for~~issue ~~the~~a ~~breaches~~press ofrelease correcting the ~~Confidentiality~~April ~~Stipulations~~30, ~~and~~2013 ~~Orders~~Caldera inrelease ~~this case,~~ …~~all~~stating ~~publications~~that ofthe ~~"confidential"~~original orrelease ~~attorney~~is ~~eyes~~retracted ~~only~~with ~~material~~all ~~[shall]~~property bebooks ~~removed from the internet~~ and ~~any~~records ~~other~~(including ~~locations~~all ~~and~~exploration ~~that~~data) ~~their~~related ~~substance~~to ~~not~~the beMarjan ~~republished~~property ~~and~~transferred …to Global Gold and ~~its~~that ~~attorneys~~neither ~~[are~~Caldera ~~granted]~~nor ~~the~~its ~~authority~~successors toretain ~~contact~~rights ~~internet service providers, search engine firms, social media sites, stock discussions board (including but not limited~~ to ~~Google,~~the ~~Yahoo,~~Marjan ~~Facebook,~~mine ~~Twitter,~~in ~~Stockhouse,~~Armenia ~~Investor's Hub~~ and ~~Bing) to use this Final Award to remove the material-- Caldera~~ shall pay Global Gold ~~for~~$50,000 plus $100 per day for 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~~such ~~information~~correcting ~~was~~release ~~shared~~is ~~with~~not ~~or discussed~~issued;

~~12. pay $1,822,416 for attorney fees and costs;~~33

134. ~~reimburse~~Caldera ~~Global~~did ~~Gold~~not spend the minimum $~~88,269~~1 ~~paid~~million tothreshold ~~the~~necessary ~~arbitration~~to ~~association~~be ~~and~~eligible for ~~the~~an ~~compensation~~NSR Royalty interest and ~~expenses~~therefore ofCaldera has no NSR Royalty or any other interest in the ~~arbitrator.~~Marjan property;

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 Act5. ~~The Company is actively pursuing enforcement of~~ the ~~monetary~~$150,000 ~~damages~~which ~~and injunctive relief granted.~~ Caldera ~~and~~paid ~~its~~to ~~former~~Global ~~President~~Gold ~~Mavridis~~was ~~have~~ not ~~complied~~pursuant ~~with~~to the ~~Final~~JV ~~Award~~Agreement ~~and~~(which indid ~~conjunction~~not ~~with~~become ~~Joseph~~effective) ~~Borkowski~~but ~~have~~pursuant ~~continued~~ to ~~act~~the inDecember ~~contravention~~2009 toAgreement ~~the~~therefore ~~Final~~Global ~~Award~~Gold ~~including~~is ~~with~~not ~~respect~~obligated to ~~spreading~~make ~~defamatory~~any ~~information,~~payments ~~which the Company needs~~ to ~~address. The Biomine license for “Marjan West” was reportedly relinquished as of December 31, 2015.~~Caldera;

~~Armenian~~6. ~~Tax~~pay ~~Authority~~Global ~~Related~~Gold $115,000 for Caldera's refusal to turn over 500,000 shares of stock in 2010;

On7. ~~January~~pay ~~12,~~Global ~~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~~$3,174,209 ~~the~~for ~~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’~~Caldera's ~~favor~~failure ~~as well as based on claims initiated and related~~ to ~~Caldera~~make ~~Resources~~agreed ~~and~~payments 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 no liabilities in connection with allegations noted to ~~date,~~Global and in January 2015, the State Revenue concluded its investigation with no 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. Gold;

As8. apay ~~part~~Global ofGold ~~operating~~$577,174 infor ~~the~~legacy ~~country,~~governmental liabilities concerning the ~~Company~~Marjan ~~regularly~~property ~~has~~and toshall ~~deal~~indemnify ~~with~~and ~~tax~~hold ~~claims~~Global byGold ~~authorities,~~harmless ~~none~~(including ofattorney ~~which~~fees) ~~rise~~from toany governmental claims or liabilities associated with the ~~level~~time ofthey ~~materiality.~~control ~~This~~the ~~litigation~~seal isof ~~still~~the inMarjan ~~progress.~~Mining Company;

349. pay Global Gold $967,345 for violating Paragraph (1) 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;

~~The~~10. ~~Company~~Caldera ~~also~~is ~~learned~~liable ~~that~~for ~~Mr.~~defamation ~~Borkowski~~and ~~purportedly~~tortious ofinterference ~~CRA~~with ~~met~~contractual and business relations with ~~Armenian~~regard ~~tax~~to ~~officials~~Global inGold ~~the~~and ~~fall~~its ofrelated ~~2012~~personnel and ~~worked~~so ~~with~~shall ~~Caldera~~(i) ~~Resources~~pay ~~and~~Global ~~its~~Gold ~~President~~$3 ~~Bill~~million ~~Mavridis~~in tocompensatory ~~give~~damages…, ~~defamatory~~(ii) ~~testimony~~pay ~~and~~Global ~~other~~Gold ~~defamatory~~$1 ~~materials~~million in ~~attempt~~punitive toor ~~bring~~exemplary ~~criminal~~damages…, ~~charges~~(iii) ~~against~~remove all the ~~Company~~materials and ~~its~~websites ~~officers~~controlled in ~~attempt~~any toway ~~gain~~by ~~leverage~~them ~~for~~which ~~his~~were ~~claims~~admitted ~~against~~as exhibits on defamatory publications in this case from the ~~Company.~~internet ~~The~~and ~~Company~~other ~~refuted~~locations, ~~all~~(iv) ~~charges~~remove and ~~the~~be ~~independent~~permanently ~~investigation~~enjoined ~~confirmed~~from ~~that~~using ~~contractors~~Global ~~were~~Gold's ~~paid~~trading assymbol ~~reported~~without ~~and~~permission; ~~agreed,~~(v) not share those materials with noothers ~~tax~~or ~~consequence~~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 ~~Company~~admitted exhibits on defamatory publications as well as ~~exoneration~~their ~~for~~attorneys [are granted] the ~~false~~authority ~~charges~~to ~~concluded~~contact ininternet ~~January~~service ~~2015.~~ 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;

On11. ~~March~~for ~~16,~~the ~~2016,~~breaches of the ~~State~~Confidentiality ~~Revenue~~Stipulations ~~Committee~~and Orders in this case, …all publications of ~~Armenia~~"confidential" ~~reduced~~or ~~its~~attorney ~~tax~~eyes ~~claim~~only ~~against~~material ~~GGH~~[shall] be removed from ~~over~~the ~~200~~internet ~~million~~and ~~AMD~~any other locations and that their substance not be republished and …Global Gold and its attorneys [are granted] the authority to ~~approximately~~contact 23internet ~~million~~service ~~AMD.~~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;

On12. ~~February~~pay 20$1, ~~2017~~822,416 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 award in the Company’s favor for ~~$577,174~~attorney infees ~~Armenia~~and ~~related liabilities.~~costs;

~~General~~13. reimburse Global Gold $88,269 paid to the arbitration association and for the compensation and expenses of the arbitrator.

The ~~Company~~Final isAward ~~subject~~was tocertified ~~various~~for ~~legal~~purposes ~~proceedings and claims that arise in the ordinary course~~ of ~~business~~Article orI ~~which constitute nuisance claims. In the opinion~~ of ~~management,~~ the ~~amount~~United ofNations ~~any~~New ~~ultimate~~York ~~liability~~Convention ~~with~~on ~~respect to these actions will not materially affect~~ the ~~Company’s~~Recognition ~~consolidated~~and ~~financial~~Enforcement ~~statements or results~~ of ~~operations. The~~Foreign ~~Company~~Arbitral ~~has~~Awards ~~been brought to court by several disgruntled former employees~~ and ~~contractors~~ for ~~unpaid~~purposes ~~salaries~~of ~~and invoices, respectively, as well as some penalties for nonpayment which totals approximately $540,000 including~~ the ~~Interkapal~~Federal ~~matter~~Arbitration ~~described above~~Act. ~~Some~~ ~~employees~~The ~~and~~Company ~~creditors~~is ~~have~~actively ~~petitioned~~pursuing ~~for~~enforcement aof ~~bankruptcy proceeding against~~ the ~~Company’s~~monetary ~~Mego~~damages ~~Gold, GGM, GGH~~ and ~~Marjan~~injunctive ~~subsidiaries~~relief ~~in an effort to leverage higher payments~~granted. Caldera ~~Local~~and ~~counsel~~its ~~has~~former ~~advised~~President ~~that~~Mavridis ~~this~~have ~~effort is~~ not ~~ground~~complied inwith ~~law,~~the ~~should~~Final ~~not~~Award ~~be upheld,~~ and ifin itconjunction iswith ~~upheld~~Joseph inBorkowski ~~Armenia~~have ~~there~~continued ~~will~~to beact ~~relief~~ in ~~international~~contravention ~~arbitration pursuant~~ to the ~~U.S.~~Final ~~Armenia~~Award ~~Bilateral~~including ~~Investment Treaty and the Company’s 2008 settlement agreement~~ with ~~the~~respect ~~Government of Armenia. The Company has recorded a liability for the actual unpaid amounts due~~ to ~~these~~spreading ~~individuals~~defamatory ~~of approximately $158~~information,~~000~~ aswhich ~~of March 31, 2017 and~~ the Company ~~has~~needs ~~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~~address. The ~~Company~~Biomine islicense ~~also~~for ~~negotiating~~“Marjan ~~directly~~West” ~~with~~was ~~these~~reportedly ~~individuals~~relinquished ~~outside~~as of ~~the~~December ~~courts~~31, ~~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~~2015.

~~15.~~Armenian ~~SUBSEQUENT~~Tax ~~EVENTS~~Authority Related

InOn ~~accordance~~January ~~with~~12, ~~ASC 855~~2012, ~~“Subsequent~~the ~~Events~~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 ~~evaluated~~based ~~subsequent~~on ~~events~~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 ~~balance~~Company ~~sheet~~prevailed against Caldera. Independent legal counsel was engaged on these matters, the Company considered that it has no liabilities in connection with allegations noted to date, ofand ~~March~~in 31January 2015, ~~2017~~the ~~through~~State Revenue concluded its investigation with no tax or other consequence to the ~~date~~Company ofas well as exoneration for the ~~unaudited~~false ~~condensed~~claims. The ~~consolidated~~Company ~~financial~~has ~~statements~~alerted ~~were~~Armenian ~~available~~authorities to bethe ~~issued~~evidence of corruption in connection with the purported investigation and the role of Caldera and its agents.

On April 3, 2017, the Swedish government in Stockholm indicted Fredrik Rodger in connection with the Contender Kapital (subsequently Intacta Kapital) $1 million guaranty of Amarant/Alluvia’s obligations to Global Gold Corporation.34

OnAs ~~April~~a 5,part ~~2017,~~of ~~Amarant~~operating ~~provided~~in athe ~~public~~country, ~~update~~the ~~that~~Company itregularly ~~had~~has ~~commenced~~to ~~production~~deal atwith ~~one~~tax ofclaims ~~the properties restricted~~ by ~~the~~authorities, ~~2014~~none ~~international~~of ~~arbitral~~which ~~award~~rise into the ~~Company’s~~level ~~favor~~of ~~and~~materiality. ~~has~~This ~~raised~~litigation ~~capital~~is still in ~~Sweden~~progress.

OnThe ~~April~~Company ~~28,~~also ~~2017,~~learned ~~the~~that ~~Company~~Mr. ~~authorized~~Borkowski aspurportedly ~~directors’~~of ~~fees~~CRA tomet ~~each~~with ofArmenian tax officials in the ~~five~~fall ~~directors~~of ~~50,000~~2012 ~~restricted~~and ~~shares~~worked ~~(totaling~~with ~~250,000~~Caldera ~~restricted~~Resources ~~shares)~~and ofits ~~the~~President ~~Company’s~~Bill ~~Common~~Mavridis ~~Stock.~~to ~~Mr.~~give ~~Hague~~defamatory istestimony ~~not~~and ~~accepting~~other ~~director~~defamatory ~~compensation~~materials ~~for~~in ~~2017;~~attempt ~~those~~to ~~shares~~bring ~~will~~criminal becharges ~~donated~~against the Company and its officers in attempt to again ~~charity~~leverage ~~designated~~for byhis ~~directors~~claims ~~other~~against ~~than~~the MrCompany. ~~Hague.~~ The Company ~~also~~refuted ~~authorizes~~all ~~280,000~~charges ~~restricted~~and ~~shares~~the ofindependent ~~the~~investigation ~~Company’s~~confirmed ~~Common~~that ~~Stock~~contractors towere ~~employees~~paid ofas ~~the~~reported ~~Corporation’s~~and ~~subsidiaries~~agreed, inwith ~~Armenia.~~no ~~These~~tax ~~shares,~~consequence ~~totaling~~to ~~530,000~~the ~~shares,~~Company ~~have~~as ~~not~~well ~~yet~~as ~~been~~exoneration ~~issued~~for the false charges concluded in January 2015.

On ~~May~~March 1516, ~~2017~~2016, ~~Johan~~the ~~Ulander,~~State ~~Chairman~~Revenue Committee of ~~Amarant~~Armenia ~~Mining,~~reduced ~~was~~its ~~arrested~~tax inclaim ~~Sweden~~against onGGH ~~charges~~from ofover ~~fraud~~200 million AMD to approximately 23 million AMD.

35On 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 award in the Company’s favor for $577,174 in Armenia related liabilities.

~~ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.~~General

~~FORWARD~~The ~~LOOKING~~Company ~~STATEMENTS~~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 materially 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.

~~This quarterly report on Form 10-Q and other reports filed by Global Gold Corp~~15. ~~(“we,”~~SUBSEQUENT “us,” “our,” or the “Company”) from time to time with the SEC contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.EVENTS

~~Although~~In ~~the~~accordance ~~Company~~with ~~believes~~ASC ~~that~~855, ~~the~~“Subsequent ~~expectations reflected in the forward-looking statements are reasonable~~Events,” the Company ~~cannot~~evaluated ~~guarantee~~subsequent ~~future~~events ~~results,~~after ~~levels~~the ofbalance ~~activity,~~sheet ~~performance,~~date orof ~~achievements.~~June ~~Except as required by applicable law~~30, ~~including~~2017 ~~the~~through ~~securities laws of~~ the ~~United~~date ~~States, the Company does not intend to update any~~ of the ~~forward-looking statements to conform these statements to actual results. Our~~ unaudited condensed consolidated financial statements ~~are~~were ~~prepared~~available into ~~accordance~~be ~~with accounting principles generally accepted in the United States (“GAAP”)~~issued.

~~These~~Pursuant ~~accounting~~to ~~principles~~a ~~require~~board usresolution toand ~~make~~effective ~~certain~~July ~~estimates~~1, ~~judgments~~2017, ~~and assumptions. We believe that~~ the ~~estimates,~~Company ~~judgments~~entered ~~and~~into ~~assumptions~~promissory ~~upon~~notes ~~which~~with weits ~~rely~~directors ~~are~~and ~~reasonable~~officers ~~based upon information available~~ to uswhom at the ~~time~~Company ~~that~~had ~~these~~debt ~~estimates,~~for ~~judgments,~~salaries and ~~assumptions~~advances ~~are~~to ~~made.~~provide ~~These~~uniform ~~estimates,~~treatment ~~judgments,~~ and ~~assumptions~~memorialize ~~can~~terms ~~affect~~and ~~the~~amounts ~~reported~~due. The ~~amounts~~notes ofhave ~~assets~~been ~~and~~executed ~~liabilities~~with asand ofin the ~~date~~principal ofamounts ~~the~~for ~~unaudited~~Messrs. ~~condensed~~Gallagher ~~financial~~$3,932,433.25, ~~statements~~Krikorian as$1,344,454.25, ~~well~~Hague as$166,300.41, ~~the~~Aynilian ~~reported~~$5,000, ~~amounts~~Caesar of$22,500, ~~revenues~~ and ~~expenses~~Dulman ~~during the periods presented~~$992,567.53 ~~Our~~and ~~unaudited~~provide ~~condensed~~for ~~financial~~interest ~~statements~~at ~~would~~5%, beare ~~affected~~due toafter ~~the~~September ~~extent~~1, ~~there~~2017, ~~are~~and ~~material~~provide ~~differences~~that ~~between~~any ~~these~~exercise ~~estimates.~~of ~~This~~security ~~discussion~~or ~~and~~related ~~analysis~~interest ~~should~~must be ~~read~~pari inpassu ~~conjunction~~ with the ~~Company’s~~other ~~unaudited~~note ~~condensed~~holders, ~~financial~~all ~~statements~~as ~~and~~more ~~accompanying~~particularly ~~notes~~described toin ~~the unaudited condensed financial statements for the three months ended March 31, 2017~~Exhibit 10.79.

~~When~~On ~~used~~July in12, ~~this discussion~~2017, the ~~words~~Armenian ~~"expect(s)",~~Court ~~"feel(s)",~~of ~~"believe(s)",~~Appeals ~~"will",~~affirmed ~~"may",~~the ~~"anticipate(s)"~~February ~~and~~20, ~~similar~~2017 ~~expressions~~Court ~~are~~of ~~intended~~First toInstance ~~identify~~ruling ~~forward-looking~~in ~~statements.~~favor ~~Such~~of ~~statements~~the ~~are~~Company ~~subject~~in tothe ~~certain~~Marjan ~~risks~~Mining ~~and~~Company ~~uncertainties~~bankruptcy case, ~~which~~dismissing ~~could~~the ~~cause actual results to differ materially from those projected~~case. On ~~Readers~~August ~~are~~14, ~~cautioned not to place undue reliance on these forward-looking statements~~2017, ~~and~~the ~~are~~time ~~urged~~period to ~~carefully~~appeal ~~review~~the ~~and~~rulings ~~consider~~in the ~~various~~Company’s ~~disclosures~~favor ~~elsewhere~~ in ~~this Form 10-Q. The provision of Section 27A of~~ the ~~Securities~~Marjan ~~Act~~Mining ofCompany ~~1933~~bankruptcy ~~and~~case ~~Section~~expired 21marking of the ~~Securities~~judgment ~~and~~against ~~Exchange~~bankruptcy ~~Act of 1934 shall apply to any forward looking information in this Form 10-Q~~final.

36On September 15, 2017, the Royal Court of Jersey awarded Global Gold an additional approximately $21,000 in attorney fees and costs against CRA, bring the total to approximately $232,500.

~~RESULTS OF OPERATIONS~~35

~~THREE~~ITEM ~~MONTHS~~2. ~~ENDED~~MANAGEMENT'S ~~MARCH~~DISCUSSION ~~31,~~AND ~~2017~~ANALYSIS ~~AND~~OR ~~2016~~PLAN OF OPERATION.

~~During~~FORWARD ~~the~~LOOKING three month period ended March 31, 2017 and 2016, the Company did not have any revenue. The lack of revenue is attributable to no sales of gold concentrate from the Toukhmanuk property because of operational funding delays, needing a new tailings damn, the status and funding of the Consolidated Resources joint venture, and Linne Mining’s performance issues. While Linne procured and began assembling a new processing plant at Toukhmanuk, completion has been delayed, mining in accordance with relevant agreements and approved plans has not occurred.STATEMENTS

~~During~~This quarterly report on Form 10-Q and other reports filed by Global Gold Corp. (“we,” “us,” “our,” or the ~~three~~“Company”) ~~month~~from ~~period~~time ~~ended~~to ~~March~~time 31with the SEC contain or may contain forward-looking statements and information that are based upon beliefs of, ~~2017~~and information currently available to, the Company'’s ~~administrative~~management as well as estimates and ~~other~~assumptions ~~expenses~~made ~~were~~by ~~$400~~Company’s management. Readers are cautioned not to place undue reliance on these forward looking statements,~~352~~ which ~~represented~~are anonly ~~increase~~predictions and speak only as of ~~$139~~the date hereof. When used in the filings,~~190~~ ~~from~~the ~~$261~~words “anticipate,~~162~~” in“believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the ~~same~~negative ~~period~~of ~~last~~these ~~year~~terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. ~~The~~Such ~~expense~~statements ~~increase~~reflect ~~was~~the ~~primarily~~current ~~attributable~~view of the Company with respect to ~~increased~~future ~~accounting~~events ~~fees~~and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of ~~$80~~these risks or uncertainties materialize,~~000~~ or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

~~During~~Although the ~~three~~Company ~~month~~believes ~~period~~that ~~ended~~the ~~March~~expectations 31reflected in the forward-looking statements are reasonable, ~~2017~~the ~~and~~Company ~~2016~~cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company ~~did~~does not ~~have~~intend to update any ~~mine~~of ~~exploration~~the ~~costs~~forward-looking statements to conform these statements to actual results. Our unaudited condensed financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

~~During~~These ~~the~~accounting ~~three~~principles ~~month~~require ~~period~~us ~~ended~~to ~~March~~make 31certain estimates, ~~2017~~judgments, and assumptions. We believe that the ~~Company's~~estimates, ~~amortization~~judgments and ~~depreciation~~assumptions ~~expenses~~upon ~~were~~which ~~$16,237~~we ~~which~~rely ~~represented~~are areasonable ~~decrease~~based ofupon ~~$10~~information available to us at the time that these estimates,~~382~~ ~~from~~judgments, ~~$26~~and assumptions are made. These estimates,~~619~~ injudgments, and assumptions can affect the ~~same~~reported ~~period~~amounts ~~last~~of ~~year~~assets and liabilities as of the date of the unaudited condensed financial statements as well as the reported amounts of revenues and expenses during the periods presented. ~~The~~Our ~~expense~~unaudited ~~decrease~~condensed ~~was~~financial ~~attributable~~statements would be affected to athe ~~decrease~~extent ~~depreciation~~there ~~expense~~are ofmaterial ~~$10~~differences between these estimates. This discussion and analysis should be read in conjunction with the Company’s unaudited condensed financial statements and accompanying notes to the unaudited condensed financial statements for the six months ended June 30,~~382~~ 2017.

~~During~~When ~~the~~used ~~three~~in ~~month~~this ~~period~~discussion, ~~ended~~the ~~March~~words 31"expect(s)", ~~2017~~"feel(s)", ~~the~~"believe(s)", ~~Company~~"will", ~~had~~"may", ~~interest~~"anticipate(s)" ~~expense~~and ofsimilar ~~$209~~expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties,~~873~~ which ~~represented~~could ancause ~~increase~~actual ofresults ~~$54,726~~to differ materially from ~~$155~~those projected. Readers are cautioned not to place undue reliance on these forward-looking statements,~~147~~ inand are urged to carefully review and consider the ~~same~~various ~~period~~disclosures ~~last~~elsewhere ~~year~~in this Form 10-Q. The ~~expense~~provision ~~increase~~of ~~was~~Section ~~primarily~~27A ~~attributable~~of tothe anSecurities ~~increase~~Act of ~~$49,195~~1933 onand ~~mine~~Section ~~owners~~21 ~~debt~~of ~~facilities,~~the Securities and anExchange ~~increase~~Act of ~~interest~~1934 ~~expense~~shall ofapply ~~$6,052~~to onany ~~wages~~forward ~~payable~~looking information in this Form 10-Q.

Current liabilities increased by $548,869 as of March 31, 2017 due to increases in accounts payable of $335,283, wages payable of $149,808, employee loans of $1,278 and note payable to director of $62,500. 36

37RESULTS OF OPERATIONS

~~LIQUIDITY~~THREE AND ~~CAPITAL~~SIX ~~RESOURCES~~MONTHS ENDED JUNE 30, 2017 AND 2016

~~The~~During the three and six month period ended June 30, 2017 and 2016, the Company ~~continues~~did not have any revenue. The lack of revenue is attributable to ~~experience~~no ~~liquidity~~sales ~~challenges~~of gold concentrate from the Toukhmanuk property because of operational funding delays, needing a new tailings damn, the status and funding of the Consolidated Resources joint venture, and Linne Mining’s performance issues. While Linne procured and began assembling a new processing plant at Toukhmanuk, completion has been delayed, mining in accordance with relevant agreements and approved plans has not occurred.

AsDuring ofthe ~~March~~six 31month period ended June 30, 2017, the Company's ~~total~~administrative ~~assets~~and other expenses were $2730,~~565,861,~~909 of which ~~$54,164~~represented ~~consisted~~an increase of ~~cash~~$66,771 orfrom ~~cash equivalents. The Company’s current assets were approximately~~ $~~755~~664,~~000,~~138 ~~current~~in ~~liabilities~~the ~~were~~same ~~approximately~~period ~~$20,351,000,~~last ~~and~~year. ~~had~~The ~~working~~expense ~~capital~~increase ~~deficit~~was ~~(current~~primarily ~~liabilities~~attributable ~~exceed~~to ~~current~~increased ~~assets)~~wages of ~~approximately~~ $1994,~~596~~686,~~000.~~ ~~The~~offset ~~Company~~by ~~did~~a ~~not~~decrease ~~have~~in ~~any~~stock ~~long~~compensation ~~term debt as~~ of ~~March 31~~$17, ~~2017~~905.

~~The~~During the three month period ended June 30, 2017, the Company's ~~expected~~administrative ~~plan~~and other expenses were $330,557 which represented a decrease of ~~operation~~$72,419 ~~for~~from $402,976 in the ~~calendar~~same period last year. ~~2017~~The ~~is:~~expense decrease was primarily attributable to decreased legal expenses of $43,883, and stock compensation of $17,280.

~~(a)~~During ~~To complete~~ the ~~construction~~three ~~of the new plant (pictures are available on the Company’s website)~~ and tosix ~~implement~~month ~~the~~period ~~mining~~ended ~~plan~~June ~~and to recommence operating expanded mining operations at Toukhmanuk in accordance with the approved plan (approximate cost of $3~~30,~~250,000),~~ as2017 ~~well as to continue to explore this property to confirm~~ and ~~develop historical reports (approximate cost of $2~~2016,~~300,000),~~ ~~either~~the ~~through~~Company ~~Linne’s~~did ~~performance,~~not ahave ~~new~~any mine ~~contractor,~~exploration ~~or the Company’s re-assuming operations;~~costs.

~~(b) To~~During ~~mine~~the six month period ended June 30, ~~develop~~2017, the Company's amortization and ~~explore~~depreciation atexpenses ~~the~~were ~~Marjan~~$27,214 ~~property~~which represented a decrease of $26,486 from $53,700 in ~~Armenia~~the ~~(approximate~~same ~~initial~~period ~~cost~~last year. The expense decrease was attributable primarily to a decrease in depreciation expense of $526,~~000,000);~~486.

~~(c)~~During Tothe ~~pursue~~three ~~enforcement~~month ofperiod ~~the~~ended ~~International~~June ~~Arbitration~~30, ~~awards~~2017, the Company's amortization and ~~court~~depreciation ~~judgments~~expenses ~~against~~were ~~CRA~~$10,977 ~~Caldera~~which ~~Resources~~represented a decrease of $16,104 ~~and~~from ~~Conventus/Alluvia/Amarant~~$27,081 ~~(cost~~in isthe ~~undetermined~~same atperiod ~~this~~last ~~time);~~year. The expense decrease was attributable primarily to a decrease in depreciation expense of $16,104.

~~(d)~~During Tothe ~~review~~six ~~and~~month ~~acquire~~period ~~additional~~ended ~~mineral~~June ~~bearing~~30, ~~properties~~2017, inthe ~~Chile~~Company had interest expense of $423,192 ~~Armenia~~which represented an increase of $111,476 ~~and~~from ~~other~~$311,716 ~~countries~~in ~~(no~~the ~~additional~~same ~~costs~~period ~~projected~~last ~~unless~~year. The ~~any~~expense ~~acquisitions~~increase ~~are~~was ~~made);~~attributable to an increase of $87,050 on mine owners debt facilities and an increase of interest expense of $11,660 on wages payable.

~~(e)~~During ~~Pursue~~the ~~additional~~three ~~financing~~month ~~through~~period ~~private~~ended ~~placements~~June 30, 2017, the Company had interest expense of $213,319 which represented an increase of $56,750 from $156,569 in the same period last year. The expense increase was attributable to an increase of $42,851 on mine owners debt facilities and~~/or~~ ~~joint~~an ~~ventures~~increase ~~(no~~of ~~additional~~interest ~~costs~~expense toof ~~pursue~~$5,608 ~~additional~~on ~~funding)~~wages payable.

OnDuring ~~July 5, 2013,~~ the ~~Company~~six ~~concluded~~month aperiod ~~fifteen~~ended ~~year operating agreement with Linne Mining, LLC (“Linne”) as the operator along with an $8,800,000 debt facilities agreement to fund future production at Toukhmanuk. On~~ June 30, ~~2014~~2017, the ~~Armenian government issued the tailings dam permit (available on the~~ Company’s ~~website)~~had ~~for the Toukhmanuk property to which the Company was entitled and was~~ a ~~prerequisite~~net toloss ~~processing ore. Equipment for the plant upgrades has been delivered to the mine site for assembly and operation. In light~~ of ~~Linne~~$1,181,315 ~~Mining’s~~which ~~request~~represented toan beincrease ~~relieved~~ of ~~its responsibilities and other acts and omissions~~$151,761 itfrom ~~is not expected that the new tailings dam (approximate cost of~~ $1,~~000~~029,~~000),~~554 ~~and~~in the ~~design~~same ~~and~~period ~~construction~~last ~~of a new upgraded plant (approximate cost of $3,000,000)~~year. The ~~Company~~increase iswas ~~exploring~~attributable ~~options and companies~~ to ~~help get~~ the ~~plant~~reasons ~~completed~~specified ~~and operational for production in 2017~~above.

InDuring ~~2016~~the three month period ended June 30, 2017, the Company ~~stopped~~had ~~working~~a atnet ~~the~~loss ~~Getik~~of ~~property~~$554,853 inwhich ~~Armenia~~represented ~~because~~a decrease of ~~legal~~$31,773 ~~issues~~from ~~connected~~$586,626 toin the ~~competing~~same ~~license~~period ~~and~~last ~~CRA/Signature~~year. ~~Gold~~The decrease was attributable to the reasons specified above.

~~The~~Current ~~Company~~liabilities ~~may~~increased ~~engage~~by in$1,114,907 ~~research~~as ~~and~~of ~~development~~June ~~related~~30, 2017 due to ~~exploration~~increases ~~and~~in ~~processing~~accounts ~~during~~payable ~~2017~~of $629,504, ~~and~~wages ~~may~~payable ~~purchase~~of ~~additional~~$304,630, ~~equipment~~ and ~~mining~~note ~~assets~~payable to ~~expand~~director ~~production~~of $184,500 offset by a decrease in employee loans of $3,727.

The Company has received a going concern opinion from its independent public accounting firm. This means that our auditors believe that there is doubt that we can continue as an on-going business for the next twelve months unless we raise additional capital to pay our bills. This is because the Company has not generated any substantial revenues. The Company has been able to continue based upon its receipt of funds from the issuance of equity securities and by acquiring assets or paying expenses by issuing stock, debt, or sale of assets. The Company's continued existence is dependent upon its continued ability to raise funds through the issuance of securities. Management's plans in this regard are to obtain other financing until profitable operation and positive cash flow are achieved and maintained.37

~~Besides~~LIQUIDITY ~~the~~AND ~~funding~~CAPITAL from agreements with Linne (which are under review for non-performance), there are no firm commitments from third parties to provide additional financing, and the Company needs additional funds in order to conduct any active mining development and production operations in the foreseeable future. The Company is in discussion to acquire additional financing, but there can be no assurance that any financing for current operations, acquisitions or future projects will be available for such purposes or that such financing, if available, would be on terms favorable or acceptable to the Company.RESOURCES

The Company ~~does~~continues ~~not currently intend~~ to ~~define~~experience ~~proven~~liquidity ~~or probable reserves, in accordance with SEC Industry Guide 7 prior to extracting mineralized materials~~challenges.

38As of June 30, 2017, the Company's total assets were $2,553,196, of which $40,591 consisted of cash or cash equivalents. The Company’s current assets were approximately $751,000, current liabilities were approximately $20,917,000, and had working capital deficit (current liabilities exceed current assets) of approximately $20,116,000. The Company did not have any long term debt as of June 30, 2017.

~~Net~~The ~~Cash~~Company's ~~Used~~expected inplan ~~Operating~~of ~~Activities~~operation for the calendar year 2017 is:

~~During~~(a) ~~the~~To ~~three~~complete ~~months~~the ~~ended~~construction ~~March~~of ~~31,~~the ~~2017~~new ~~cash~~plant ~~used~~(pictures inare ~~operating~~available ~~activities~~on ~~increased~~the byCompany’s ~~$109,763~~website) toand ~~$159,259 compared~~ to ~~$49,496~~implement ~~for~~ the ~~three~~mining ~~months~~plan ~~ended~~and ~~March~~to recommence ~~31,~~operating ~~2016,~~expanded ~~primarily~~mining ~~due~~operations toat anToukhmanuk ~~increase~~ in ~~net~~accordance ~~loss~~with ofthe ~~$183,534,~~approved aplan ~~decrease~~(approximate incost ~~amortization and depreciation expense~~ of $103,~~382~~250, ~~a decrease in stock compensation expense of $625~~000), aas ~~decrease~~well inas ~~expenses~~to ~~incurred~~continue byto ~~note~~explore ~~payable~~this property to ~~Directors~~confirm ~~of $5,687~~ and andevelop ~~increase~~historical inreports ~~other~~(approximate ~~current~~cost ~~and non-current assets~~ of $462,~~244~~300,000), ~~offset~~either bythrough anLinne’s ~~increase in accounts payable and accrued expenses of $109~~performance,~~737,~~ ana ~~increase~~new ~~in increase~~mine ~~in accrued interest of $24~~contractor,~~060,~~ ~~and~~or anthe ~~increase~~Company’s inre-assuming ~~wages payable of $2,912.~~operations;

~~Net~~(b) To ~~Cash~~mine, ~~Used~~develop, and explore at the Marjan property in ~~Investing~~Armenia ~~Activities~~(approximate initial cost of $5,000,000);

~~Net~~(c) ~~cash~~To ~~used~~pursue inenforcement ~~investing~~of ~~activities~~the ~~was~~International $0Arbitration ~~for~~awards ~~the~~and ~~three~~court ~~months~~judgments ~~ended~~against ~~March 31~~CRA, ~~2017~~Caldera Resources, and ~~2016.~~Conventus/Alluvia/Amarant (cost is undetermined at this time);

~~Net~~(d) ~~Cash~~To ~~Provided~~review byand ~~Financing~~acquire ~~Activities~~additional mineral bearing properties in Chile, Armenia, and other countries (no additional costs projected unless any acquisitions are made); and

~~During~~(e) ~~the~~Pursue ~~three~~additional ~~months ended March 31, 2017 cash provided by~~ financing ~~activities~~through ~~decreased~~private ~~by $72~~placements,~~500~~ todebt ~~$62,500~~and/or ~~compared~~joint toventures ~~$135,000~~(no ~~for~~additional ~~the~~costs ~~three months ended March 31, 2016, primarily due~~ to apursue ~~decrease~~additional ~~in the proceeds from notes payable to Directors of $72,500~~funding).

~~Off-Balance~~On ~~Sheet~~July ~~Arrangements~~5, 2013, the Company concluded a fifteen year operating agreement with Linne Mining, LLC (“Linne”) as the operator along with an $8,800,000 debt facilities agreement to fund future production at Toukhmanuk. On June 30, 2014, the Armenian government issued the tailings dam permit (available on the Company’s website) for the Toukhmanuk property to which the Company was entitled and was a prerequisite to processing ore. Equipment for the plant upgrades has been delivered to the mine site for assembly and operation. In light of Linne Mining’s request to be relieved of its responsibilities and other acts and omissions, it is not expected that the new tailings dam (approximate cost of $1,000,000), and the design and construction of a new upgraded plant (approximate cost of $3,000,000). The Company is exploring options and companies to help get the plant completed and operational for production in 2017-2018.

WeIn ~~do not have any off-balance sheet arrangements that have~~2016, orthe ~~are~~Company ~~reasonably~~stopped ~~likely~~working toat ~~have,~~the aGetik ~~current~~property orin ~~future~~Armenia ~~effect~~because onof ~~our~~legal ~~financial~~issues ~~condition,~~connected ~~changes~~to inthe ~~financial~~competing ~~condition,~~license ~~revenues~~and orCRA/Signature ~~expenses~~Gold, ~~results~~and orthe ~~operations,~~Getik ~~liquidity,~~Mining ~~capital~~Company ~~expenditures~~is orin ~~capital~~the ~~resources~~process ~~that~~of ~~is material to investors~~dissolution.

~~Critical~~The ~~Accounting~~Company ~~Policies~~may engage in research and ~~Estimates~~development related to exploration and processing during 2017, and may purchase additional equipment and mining assets to expand production.

~~There~~The ~~have~~Company ~~been~~has noreceived ~~material~~a ~~changes~~going concern opinion from its independent public accounting firm. This means that our auditors believe that there is doubt that we can continue as an on-going business for the next twelve months unless we raise additional capital to pay our ~~critical~~bills. This ~~accounting~~is ~~policies~~because ~~and~~the ~~estimates~~Company has not generated any substantial revenues. The Company has been able to continue based upon its receipt of funds from the ~~information~~issuance ~~provided~~of inequity ~~Item~~securities 7and by acquiring assets or paying expenses by issuing stock, ~~"Management~~debt, or sale of assets. The Company's ~~Discussion~~continued ~~and~~existence ~~Analysis~~is ofdependent ~~Financial~~upon ~~Condition~~its ~~and~~continued ~~Results~~ability to raise funds through the issuance of ~~Operations",~~securities. ~~included~~Management's plans in ~~our~~this ~~Annual~~regard ~~Report~~are onto ~~Form~~obtain ~~10-K~~other ~~for~~financing ~~the~~until ~~fiscal~~profitable ~~year~~operation ~~ended~~and ~~December~~positive ~~31,~~cash ~~2016~~flow are achieved and maintained.

~~Recent~~Besides ~~Accounting~~the ~~Pronouncements~~funding from agreements with Linne (which are under review for non-performance), there are no firm commitments from third parties to provide additional financing, and the Company needs additional funds in order to conduct any active mining development and production operations in the foreseeable future. The Company is in discussion to acquire additional financing, but there can be no assurance that any financing for current operations, acquisitions or future projects will be available for such purposes or that such financing, if available, would be on terms favorable or acceptable to the Company.

~~Please~~The ~~see~~Company ~~Note~~does 2not ofcurrently ~~the~~intend ~~Notes~~ to ~~Unaudited~~define ~~Condensed~~proven ~~Consolidated~~or ~~Financial~~probable ~~Statements~~reserves, in ~~this~~accordance ~~quarterly~~with ~~report~~SEC ~~concerning~~Industry ~~new~~Guide ~~accounting~~7 ~~standards~~prior to extracting mineralized materials.

~~Inflation~~38

WeNet ~~believe~~Cash ~~that~~Used ~~inflation~~in ~~has~~Operating ~~not had, and is not expected to have, a material effect on our operations.~~Activities

~~Climate~~During ~~Change~~the six months ended June 30, 2017 cash used in operating activities decreased by $116,294 to $245,610 compared to $361,904 for the six months ended June 30, 2016, primarily due to an increase in accounts payable and accrued expenses of $159,075, an increase in accrued interest of $111,583, and an increase in wages payable of $101,027, offset by an increase in net loss of $151,761, a decrease in stock compensation expense of $1,250, a decrease in amortization and depreciation expense of $26,486, a decrease in stock based compensation expense of $16,655, a decrease in expenses incurred by note payable to Directors of $5,687, and an increase in other current and non-current assets of $53,552.

WeNet ~~believe~~Cash ~~that~~Used ~~neither~~in ~~climate~~Investing ~~change, nor governmental regulations related to climate change, have had, or are expected to have, any material effect on our operations.~~Activities

39Net cash used in investing activities was $0 for the six months ended June 30, 2017 and 2016.

~~Item~~Net 3.Cash ~~Quantitative~~Provided ~~and~~by ~~Qualitative~~Financing ~~Disclosures About Market Risk.~~Activities

~~The~~During ~~Company~~the ~~does~~six ~~not~~months ~~hold~~ended ~~any~~June ~~market~~30, ~~risk~~2017 ~~sensitive~~cash ~~instruments~~provided ~~nor~~by ~~does~~financing itactivities ~~have~~decreased ~~any~~by ~~foreign currency exchange agreements. The Company maintains an inventory of unprocessed ore and gold concentrate which are carried on the balance sheet at~~ $~~462~~140,~~911~~500 asto ~~of March 31~~$184,500 ~~2017~~compared ~~and~~to ~~December 31~~$325,000 ~~2016 with~~for ~~our Armenian subsidiary Mego-Gold LLC. The Company carries and values its unprocessed ore and gold concentrate inventory at~~ the ~~lower~~six ofmonths ~~cost~~ended orJune ~~market. Periodically~~30, ~~and no less than on an annual basis~~2016, ~~the~~primarily ~~Company~~due ~~compares the carrying value of its inventory~~ to ~~current~~a ~~market~~decrease ~~prices~~in ~~to determine if its carrying value should be adjusted. The Company is currently reporting its inventory at cost which is still less than~~ the ~~current~~proceeds ~~market~~from ~~value~~notes sopayable ~~recent~~to ~~fluctuations~~Directors ~~in gold prices have no effect on our carrying value~~ of ~~inventory~~$140,500. ~~The Company does not maintain any commodity hedges or futures arrangements with respect to this unprocessed ore.~~

~~Financial~~Off-Balance ~~instruments~~Sheet which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions in the United States and Armenia. Bank deposits in the United States did not exceed federally insured limits as of March 31, 2017 and December 31, 2016. As of March 31, 2017 and December 31, 2016, the Company had approximately $52,700 and $73,300, respectively, in Armenian bank deposits which may not be insured. The Company has not experienced any losses in such accounts through March 31, 2017 and as of the date of this filing.Arrangements

~~The~~We ~~majority~~do ofnot ~~the~~have ~~Company's~~any ~~present~~off-balance ~~activities~~sheet ~~are~~arrangements inthat ~~Armenia.~~have, Asor ~~with~~are ~~all~~reasonably ~~types~~likely ofto ~~international business operations~~have, ~~currency~~a ~~fluctuations,~~current ~~exchange~~or ~~controls,~~future ~~restrictions~~effect on ~~foreign~~our ~~investment~~financial condition, changes toin ~~tax~~financial ~~regimes~~condition, ~~political~~revenues ~~action~~or ~~and~~expenses, ~~political~~results ~~instability~~or ~~could~~operations, ~~impair~~liquidity, ~~the~~capital ~~value~~expenditures ofor ~~the~~capital ~~Company's~~resources ~~investments~~that is material to investors.

~~Item~~Critical 4.Accounting ~~Controls~~Policies and ~~Procedures.~~Estimates

~~Evaluation~~There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, "Management's Discussion and Analysis of ~~Disclosure~~Financial ~~Controls~~Condition and ~~Procedures~~Results of Operations", included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

~~Under~~Recent ~~the~~Accounting supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of March 31, 2017. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that our disclosure and controls are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.Pronouncements

~~Management's~~Please ~~internal~~see ~~control~~Note ~~report~~2 ~~over~~of ~~financial reporting was not subject to attestation by~~ the ~~Company's~~Notes ~~independent registered public accounting firm pursuant~~ to ~~temporary~~Unaudited ~~rules~~Condensed ofConsolidated ~~the~~Financial ~~Securities~~Statements ~~and~~in ~~Exchange~~this ~~Commission~~quarterly ~~that~~report ~~permit~~concerning ~~the~~new ~~Company~~accounting ~~to provide only management's report~~standards.

~~Changes in Internal Control over Financial Reporting~~Inflation

~~There~~We ~~were~~believe ~~no changes in our internal control over financial reporting~~ that ~~occurred~~inflation ~~during our most recently completed fiscal quarter that~~ has ~~materially~~not ~~affected~~had, orand is ~~reasonably~~not ~~likely~~expected to ~~materially affect~~have, ~~our~~a ~~internal control over financial reporting except raw~~ material ~~and~~effect ~~work~~on inour ~~process physical inventories are being performed at the end of each quarter~~operations.

40Climate Change

~~PART~~We IIbelieve -that ~~OTHER~~neither ~~INFORMATION~~climate change, nor governmental regulations related to climate change, have had, or are expected to have, any material effect on our operations.

~~Item 1. Legal Proceedings.~~39

~~CRA~~Item ~~Related~~3. Quantitative and Qualitative Disclosures About Market Risk.

OnThe ~~January 6, 2014, the~~ Company ~~received~~does ~~notice~~not ~~from~~hold ~~Mr.~~any ~~Borkowski~~market ~~that~~risk ~~the~~sensitive ~~amount~~instruments ~~due~~nor todoes ~~CRA~~it inhave ~~accordance~~any ~~with~~foreign ~~the~~currency ~~Notes~~exchange ~~was~~agreements. The ~~$2,197,453~~Company ~~plus~~maintains ~~interest~~an ofinventory ~~$1,403,652 at 15% (updated interest amount as~~ of ~~December~~unprocessed ~~31,~~ore ~~2015~~and ~~per~~gold ~~Mr.~~concentrate ~~Borkowski correspondence) neither of~~ which ~~the~~are ~~Company~~carried ~~believes~~on ~~is valid and is only carrying~~ the ~~$1,500,000~~balance insheet ~~Notes~~at ~~plus the~~ $~~394~~462,~~244~~911 ofas ~~Advances payable plus accrued interest~~ of ~~approximately~~June ~~$197~~30,~~000~~ as2017 ofand December 31, ~~2015. The~~2016 with ~~January~~our 6,Armenian ~~2014~~subsidiary ~~notice~~Mego-Gold ~~from Mr~~LLC. Borkowski acknowledges that amounts above $1,500,000 are “uncertificated.” No 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~~carries ~~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~~values ~~liabilities. A draft audit report was prepared, but both CRA and~~ its ~~director~~unprocessed ~~Mr.~~ore ~~Premraj each failed to attend two shareholder~~ and ~~board~~gold ~~meetings~~concentrate toinventory ~~consider~~at the ~~draft~~lower ~~report.~~of ~~The~~cost ~~February~~or 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 reportmarket. ~~On March 10~~Periodically, ~~2014, Mr. Borkowski purportedly on behalf of CRA received an “Order of Justice”~~ and ~~injunction~~no ~~from~~less ~~the~~than ~~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 exannual ~~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~~compares ~~triggered~~ the ~~dispute~~carrying ~~resolution~~value ~~provisions~~ of ~~the~~its ~~2011~~inventory ~~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 becurrent amarket ~~bad~~prices ~~faith tactic, not based in law or fact, and designed only~~ to ~~extract~~determine ~~extra~~if ~~legal~~its ~~advantages~~carrying ~~against~~value ~~the~~should ~~Company.~~be ~~On April 2, 2014, the aspects of the ex parte injunction affecting operations were lifted~~adjusted. The Company is ~~still~~currently ~~considering~~reporting its ~~legal~~inventory ~~options~~at ~~with~~cost ~~respect~~which 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~~still ~~aware~~less ~~that~~than ~~Mr. Borkowski has attempted to buy~~ the ~~Mego~~current ~~Gold~~market ~~ABB~~value ~~loan~~so ~~from~~recent ~~the~~fluctuations ~~ABB bank (since repaid~~ in ~~full),~~gold ~~has~~prices ~~materially~~have ~~interfered~~no ineffect ~~the Company’s contractual and business affairs and has been working with Mr. Mavridis and Caldera Resources in issuing defamatory material~~ on ~~the~~our ~~internet~~carrying ~~and~~value ~~elsewhere~~of ~~against the Company and its principals~~inventory. The Company ~~has~~does ~~also~~not ~~received~~maintain ~~registry~~any ~~documents~~commodity ~~showing~~hedges ~~that~~or infutures ~~2012~~arrangements ~~Mr. Borkowski established a company~~ with ~~Caldera's~~respect ~~representative~~ to ~~Armenia~~this ~~named~~unprocessed ~~the "Aparan Mining Company~~ore." 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 is 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.”

InFinancial instruments which potentially subject the ~~Jersey~~Company ~~legal~~to ~~action,~~concentrations Mrof credit risk consist principally of cash. ~~Borkowski~~The ~~attempted~~Company toplaces ~~obtain~~its ~~judgment~~cash onwith high credit quality financial institutions in the ~~Convertible~~United ~~Notes~~States ~~claim~~and ~~for~~Armenia. Bank ~~CRA,~~deposits ~~but~~in the ~~court~~United ~~denied~~States ~~that~~did ~~attempt~~not ~~and~~exceed ~~held~~federally ~~the~~insured ~~issue~~limits ~~over~~as inof aJune ~~judgment~~30, ~~dated~~2017 and December 31, 2016. As of June 1830, ~~2014;~~2017 ~~the~~and ~~court~~December ~~awarded~~31, 2016, the Company ~~its~~had ~~costs~~approximately $34,700 and $73,300, respectively, in ~~defending~~Armenian ~~the~~bank ~~attempt~~deposits bywhich Mrmay not be insured. ~~Borkowski~~The ~~purportedly~~Company onhas ~~behalf~~not experienced any losses in such accounts through June 30, 2017 and as of ~~CRA~~the date of this filing.

OnThe ~~March~~majority ~~26, 2015, the Court~~ of ~~Appeals of~~ the ~~Island~~Company's ofpresent ~~Jersey~~activities ~~ruled~~are in ~~the~~Armenia. ~~Company’s~~As ~~favor~~with ~~in staying~~ all ~~proceedings~~types ~~and~~of ~~referring~~international ~~the~~business ~~claims~~operations, ~~initiated~~currency byfluctuations, ~~Joseph~~exchange ~~Borkowski~~controls, ~~purportedly~~restrictions on ~~behalf~~foreign ofinvestment, ~~CRA~~changes to ~~the~~tax ~~contracted~~regimes, ~~dispute~~political ~~resolution~~action ~~procedures~~and inpolitical ~~New~~instability ~~York~~could ~~City.~~impair On the ~~same~~value ~~day, the Court~~ of ~~Appeals also granted~~ the Company's 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.investments

OnItem ~~April 22, 2015, the Victoria Legal Services Commission in Australia found that the attorney Mr~~4. ~~Premraj~~Controls ~~chose~~and ~~to represent GGCRL in the Signature Gold transaction, Charles Wantrup, who acted to the detriment of the Company, engaged in “unsatisfactory professional conduct~~Procedures.”

41Evaluation of Disclosure Controls and Procedures

OnUnder ~~May 27, 2015,~~ the ~~Court~~supervision ofand ~~Appeals~~with of the ~~Island~~participation of ~~Jersey~~our ~~again~~management, ~~ruled~~including inour ~~the~~principal ~~Company’s~~executive ~~favor~~officer ~~refusing~~and ~~CRA’s~~principal ~~request~~financial ~~for~~officer, ~~leave~~we toconducted ~~appeal~~an toevaluation ~~the~~of ~~Queen’s~~our ~~Privy~~disclosure ~~Council.~~controls ~~CRA~~and ~~requested~~procedures, ~~the~~as ~~Queen’s~~such ~~Privy~~term ~~Council~~is ~~for~~defined ~~leave~~under toRule ~~appeal~~13a-15(e) ~~which~~and ~~was~~Rule ~~granted.~~15d-15(e) Onpromulgated ~~July~~under ~~20,~~the ~~2015,~~Securities inExchange ~~accordance~~Act ~~with~~of ~~the~~1934, ~~CRA~~as ~~Agreements~~amended ~~and~~("Exchange ~~the~~Act"), ~~Jersey~~as ~~Court~~ of ~~Appeals~~June ~~decisions~~30, ~~the~~2017. ~~Company~~Based ~~instituted~~on athis ~~mediation~~evaluation, ~~process~~our ~~with~~principal ~~CRA~~executive atofficer ~~the~~and ~~American~~principal ~~Arbitration~~financial ~~Association~~officer inhave ~~New~~concluded ~~York~~that ~~City.~~our Indisclosure acontrols ~~further~~and ~~material~~procedures ~~breach~~are ofeffective ~~the~~to ~~CRA~~ensure ~~Agreements,~~that ~~CRA~~information ~~refused~~required to ~~participate~~be indisclosed ~~the~~by ~~mediation.~~us Atin the ~~same~~reports ~~time,~~we Onfile ~~November~~or ~~18,~~submit ~~2015,~~under the ~~Royal~~Exchange ~~Court~~Act ofis ~~Jersey~~recorded, ~~ruled in favor of GGCRL~~processed, ~~the Company~~summarized, and ~~Mr.~~reported ~~Krikorian~~within inthe ~~lifting~~time ~~all~~periods ~~remnants~~specified ofin the ~~injunction~~Securities ~~issued~~and inExchange ~~2014~~Commission's ~~which~~rules ~~was~~and ~~not~~forms ~~appealed,~~and ~~see~~that ~~exhibit~~our ~~10.76~~disclosure ~~below.~~and Incontrols ~~lifting~~are ~~the~~designed ~~remnants~~to ofensure ~~the~~that ~~injunctions,~~information ~~the~~required ~~Royal~~to ~~Court~~be ~~gave~~disclosed ~~Mr.~~by ~~Borkowski~~us ~~and~~in ~~CRA~~the ~~thirty~~reports ~~days~~that towe file ~~for~~or ~~relief~~submit inunder the ~~agreed~~Exchange ~~New~~Act ~~York~~is ~~arbitration~~accumulated ~~forum~~and ~~prior~~communicated to ~~lifting~~our ~~all~~management, ~~the~~including ~~restraints;~~our ~~neither~~principal ~~Mr.~~executive ~~Borkowski~~officer ~~nor~~and ~~CRA~~principal ~~made~~financial ~~such~~officer, aor ~~filing.~~persons ~~The~~performing ~~Company~~similar ~~has been awarded its costs and attorney fees~~functions, ~~which~~as itappropriate ~~is pursuing. CRA has not complied with the agreed dispute resolution provisions~~ to ~~commence~~allow intimely ~~New~~decisions ~~York,~~regarding ~~despite~~required ~~the Company’s initiation of the agreed mediation clause~~disclosure.

OnManagement's ~~September~~internal ~~13,~~control ~~2016,~~report ~~the~~over ~~United~~financial ~~Kingdom~~reporting ~~“Judicial~~was ~~Committee~~not ofsubject ~~the~~to ~~Privy~~attestation ~~Council”~~by ~~(“JCPC”) issued an order and opinion dismissing~~ the ~~action~~Company's ~~which~~independent ~~Joseph~~registered ~~Borkowski~~public ~~filed~~accounting ~~and~~firm ~~pursued~~pursuant ~~purportedly~~to ontemporary ~~behalf~~rules of ~~CRA in Island of Jersey against GGCRL,~~ the ~~Company,~~Securities and ~~Van~~Exchange ~~Krikorian. (JCPC~~Commission #that ~~2015/0075). The~~permit ~~JCPC dismissed~~ the ~~Borkowski/CRA action with prejudice and like the lower courts granted the~~ Company ~~and~~to ~~Mr.~~provide ~~Krikorian~~only ~~their~~management's ~~costs and legal fees~~report. ~~This terminates the Jersey litigation in favor of the Company and Mr. Krikorian, as stated, except for the calculation and collection of costs and legal fees.~~

OnChanges ~~December 1, 2016, the Viscounts Department of the Island of Jersey arrested all of the CRA shares~~ in ~~GGCRL~~Internal inControl ~~favor~~over ofFinancial ~~the Company pursuant to a Royal Court judgement in the Company’s favor.~~ Reporting

~~The~~There ~~Company~~were ~~reengaged~~no changes in ~~settlement~~our ~~discussions~~internal tocontrol ~~resolve~~over ~~disputes~~financial ~~with~~reporting ~~the~~that ~~beneficial~~occurred ~~owner~~during ofour ~~CRA~~most recently completed fiscal quarter that has materially affected, ~~Caralapati~~or ~~(Prem)~~is ~~Premraj~~reasonably ~~and~~likely ~~Jeffrey~~to ~~Marvin~~materially affect, ~~who~~our ~~signed~~internal ~~all~~control ofover ~~the~~financial ~~relevant~~reporting ~~contracts~~except ~~with~~raw ~~the~~material ~~Company~~and onwork ~~behalf~~in process physical inventories are being performed at the end of ~~CRA~~each quarter.

~~Amarant and Alluvia Related~~40

OnPART ~~August~~II 6,- ~~2013,~~OTHER 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, no payments were made by December 31, 2013 and the parties have not reached a definitive agreement. There can be no 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.INFORMATION

OnItem ~~June 26, 2014, the International Center for Dispute Resolution International Arbitration Tribunal delivered a Final Award in the matter of Global Gold Corporation vs~~1. ~~Amarant~~Legal ~~Mining LTD and Alluvia Mining, Ltd~~Proceedings. 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%. 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 5 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.

42CRA Related

On ~~September~~January 106, 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 at 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.” No Company ~~notified~~approval ~~Intacta~~or ~~Kapital~~adequate ABsubstantiation for crediting the difference of ~~Stockholm~~$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 ~~continuing~~legal ~~obligation~~options with respect to ~~pay~~CRA ~~Global~~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 ~~Contender~~internet ~~guaranty~~and ofelsewhere against the ~~Amarant~~Company ~~group~~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.”

~~The~~In ~~Company~~the isJersey ~~actively~~legal ~~pursuing~~action, ~~worldwide~~Mr. ~~enforcement~~Borkowski ofattempted to obtain judgment on the ~~monetary~~Convertible ~~award~~Notes ~~and~~claim ~~injunctive~~for ~~relief~~CRA, ~~granted~~but asthe ~~well~~court asdenied ~~payment~~that onattempt and held the ~~Intacta/Contender~~issue ~~guaranty. Intacta~~over ~~has~~in ~~entered~~a ~~bankruptcy~~judgment ~~proceedings~~dated inJune ~~Sweden~~18, ~~and~~2014; the court awarded the Company isits acosts ~~creditor~~in defending the attempt by Mr. ~~See~~Borkowski ~~Subsequent~~purportedly ~~Events~~on behalf of CRA.

~~Hankavan~~On ~~Related~~March 26, 2015, the Court of Appeals 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.

In 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~~April 722, ~~2006~~2015, the ~~Company~~Victoria ~~initiated~~Legal ~~the~~Services ~~thirty-day~~Commission 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,~~Australia ~~France~~found ~~("ICC"), on December 29, 2006. On 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~~attorney ~~arbitration. On September 5, 2008, the ICC International Court of Arbitration ruled that~~ Mr. ~~Ayvazian~~Premraj ~~shall~~chose 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~~represent ~~only~~GGCRL ~~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~~Signature ~~Tribunal~~Gold ~~to the precedents~~transaction, ~~and~~Charles ~~on July 11~~Wantrup, ~~2012~~who ~~the~~acted 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 9% 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~~detriment ~~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~~engaged court ruling also did not address those facts. This ruling has no 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~~unsatisfactory ~~prejudice”~~professional ~~to the Company, and the Company continues to consider its options~~conduct.”

~~Based~~On onMay ~~the~~27, US2015, ~~Armenia~~the ~~Bilateral~~Court ~~Investment~~of ~~Treaty,~~Appeals ~~GGM~~of ~~filed~~the aIsland ~~request~~of ~~for~~Jersey ~~arbitration~~again ~~against~~ruled in the ~~Republic~~Company’s offavor ~~Armenia~~refusing ~~for~~CRA’s ~~the~~request ~~actions~~for ofleave ~~the~~to ~~former~~appeal ~~Minister~~to ofthe ~~Environment~~Queen’s ~~and~~Privy ~~Natural~~Council. ~~Resources~~CRA ~~with~~requested the ~~International~~Queen’s ~~Centre~~Privy Council for ~~Settlement~~leave ofto ~~Investment~~appeal ~~Disputes,~~ which iswas agranted. ~~component~~On ~~agency~~July of20, ~~the~~2015, ~~World~~in ~~Bank~~accordance inwith ~~Washington,~~the ~~D.C.~~CRA ~~("ICSID"),~~Agreements onand ~~January~~the ~~29,~~Jersey ~~2007.~~Court Onof ~~August~~Appeals 31decisions, ~~2007,~~ the ~~Government~~Company ofinstituted ~~Armenia~~a ~~and~~mediation ~~GGM~~process ~~jointly~~with ~~issued~~CRA at the ~~following~~American ~~statement,~~Arbitration ~~"[they]~~Association ~~jointly~~in ~~announce~~New ~~that~~York ~~they~~City. ~~have~~In ~~suspended~~a ~~the~~further ~~ICSID~~material ~~arbitration~~breach ~~pending conclusion~~ of athe ~~detailed~~CRA ~~settlement~~Agreements, ~~agreement.~~CRA ~~The~~refused ~~parties~~to ~~have~~participate ~~reached~~in athe ~~confidential~~mediation. ~~agreement~~At inthe ~~principle~~same time, ~~and~~On ~~anticipate~~November ~~that~~18, 2015, the ~~final~~Royal ~~settlement~~Court ~~agreement~~of ~~will~~Jersey beruled ~~reached~~in ~~within~~favor 10of ~~days~~GGCRL, ofthe ~~this~~Company, ~~announcement~~and Mr." ~~The~~Krikorian ~~Company~~in ~~has~~lifting ~~learned~~all ~~from~~remnants ~~public~~of ~~records~~the ~~that~~injunction ~~GeoProMining~~issued ~~Ltd.,~~in ~~through~~2014 anwhich ~~affiliate~~was not appealed, ~~has~~see ~~become~~exhibit ~~the~~10.76 ~~sole~~below. ~~shareholder~~In oflifting anthe ~~Armenian~~remnants ~~Company,~~of ~~Golden~~the ~~Ore~~injunctions, ~~LLC,~~the ~~which~~Royal ~~was~~Court ~~granted~~gave aMr. ~~license~~Borkowski ~~for~~and ~~Hankavan.~~CRA ~~GeoProMining~~thirty ~~Ltd.~~days isto ~~subject~~file tofor relief in the ~~20%~~agreed ~~obligations~~New asYork ~~successor~~arbitration forum prior to ~~Sterlite~~lifting ~~Resources,~~all ~~Ltd. As~~the ofrestraints; ~~February~~neither ~~25,~~Mr. ~~2008,~~Borkowski ~~GGM~~nor ~~entered~~CRA ~~into~~made such a ~~conditional,~~filing. ~~confidential~~The ~~settlement~~Company ~~agreement~~has ~~with~~been ~~the~~awarded ~~Government~~its ofcosts ~~the~~and ~~Republic~~attorney offees, ~~Armenia~~which toit ~~discontinue~~is ~~the~~pursuing. ~~ICSID~~CRA ~~arbitration~~has ~~proceedings,~~not ~~which~~complied ~~were~~with ~~discontinued~~the asagreed ofdispute ~~May~~resolution 2,provisions ~~2008.~~to ~~This~~commence ~~agreement~~in ~~did~~New ~~not~~York, ~~affect~~despite the ~~ICC~~Company’s ~~arbitration~~initiation orof ~~litigation~~the ~~involving~~agreed ~~similar~~mediation ~~subject matter~~clause.

4341

~~Marjan~~On ~~Related~~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, as stated, except for the calculation and collection of costs and legal fees.

~~Effective~~On ~~September~~December 71, 2016, the ~~Company~~Viscounts ~~through~~Department ~~its~~of ~~Marjan Mining Company subsidiary and~~ the ~~Armenian~~Island ~~Government through its Ministry~~ of ~~Energy~~Jersey ~~and~~arrested ~~Natural~~all Resources concluded amendments to the Marjan mining agreement which among other things provides that the Company: (1) has 3 years from September 1, 2016 to build the approved tailings dam and plan; (2) has 3.4 years following the completion of the ~~tailings~~CRA ~~dam~~shares ~~and~~in ~~plant~~GGCRL toin ~~mine~~favor ~~160,000 tonnes~~ of ~~ore from~~ the ~~Marjan mine,~~ Company pursuant to ~~the approved minng plan; (3) has 12 months to prepare and file for~~ a ~~report~~Royal ~~for~~Court ~~recalculation~~judgement of findings based on exploration results; and (4) has 12 months following the approval by the State Committee on Natural Resources’ approval (which must be issued within 12 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 10-K with regard to the SEC and other standards for the term “reserve.”~~

~~Based~~The onCompany areengaged ~~false~~in ~~representation~~settlement bydiscussions 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~~resolve ~~and~~disputes ~~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~~beneficial ~~license~~owner ~~term and substantially increased the license area. The license required payments~~ of ~~annual~~CRA, ~~governmental~~Caralapati ~~fees~~(Prem) ~~and~~Premraj ~~the performance of work at the property as submitted~~ and ~~approved~~Jeffrey ~~in the mining plan~~Marvin, ~~which~~who ~~includes~~signed ~~mining~~all 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~~relevant incontracts ~~good standing. Caldera advised Global as well as governmental authorities that it would not be complying~~ with the ~~work~~Company ~~requirements~~on ~~which~~behalf ~~prompted~~of 90 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, 2010CRA.

~~The~~Amarant ~~joint venture agreement provided that Caldera would be solely responsible for license compliance~~ and ~~conducting~~Alluvia 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 30 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 on March 30, 2011, September 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, September 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012. Caldera raised sufficient funds, but did not make these payments.Related

~~The~~On ~~agreement~~August ~~was~~6, ~~subject~~2013, tothe ~~approval~~American byArbitration Association International Centre for Dispute Resolution issued a Partial Final Award in favor of the ~~TSX~~Company ~~Venture~~for ~~Exchange~~$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 ~~Board~~American ofArbitration ~~Directors~~Association ofenjoined Amarant and Alluvia from assigning or alienating any assets or performing or entering transactions which would have the effect of alienating its respective ~~companies~~assets pending payment of $2,512,312 to Global Gold. ~~Caldera~~ ~~further~~Amarant ~~informed~~and Alluvia have not complied with the ~~Company~~arbitral ~~that~~award itto ~~received~~pay, ~~TSX~~produce ~~Venture~~records, ~~Exchange~~or, ~~approval~~apparently, onenter transactions pending payment in full to Global Gold. Subsequent to the ~~transaction~~arbitral award, ~~which~~Amarant ~~subsequently~~and ~~proved~~Alluvia announced on the Amarant website in 2013 that “[t]he companies have reached an agreement with a UAE based consortium to besell ~~untrue~~material parts of their assets. On ~~October~~The 7,deal ~~2010,~~was signed on the ~~Company~~30th ~~terminated~~September in London and consists of three parts. The first stage consists of the ~~Marjan~~sales JVof ~~for~~the ~~Caldera’s~~shares ~~non-payment~~in Mineral Invest and ~~non-performance~~Alluvia asthat ~~well~~are pledged as ~~Caldera’s~~security ~~illegal~~for ~~registrations~~various inbridge ~~Armenia~~financing solutions and ~~other~~short ~~actions~~term financing. In ~~October~~a ~~2010,~~second ~~Caldera~~stage ~~filed~~the ~~for~~consortium ~~arbitration~~will provide the operational companies MII and Alluvia with necessary funding to start the operations and settle off short term debts and obligations in ~~New~~Alluvia ~~York~~and ~~City. In~~Mineral ~~September~~Invest ~~2010~~including, atbut ~~Caldera’s~~not ~~invitation~~limited to, legal fees to the ~~Company~~SOVR ~~filed~~law firm, license fees, funds owed to ~~reverse~~Global Gold related to the ~~illegal~~purchase ~~registration~~of the Valdevia, Chile property and remaining payments against NSR commitments in ~~Armenia~~connection with the Huakan deal. ~~That~~ ~~litigation~~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 ~~New~~former ~~York~~Chairman ~~arbitration~~of ~~were~~Alluvia, ~~subsequently~~Mr. ~~resolved~~Thomas Dalton, as the representative of the consortium, Gulf Resource Capital, referenced in ~~favor~~the Amarant/Alluvia announcement to settle the arbitration award and despite the expectation of payments, no payments were made by December 31, 2013 and the ~~Company~~parties have not reached a definitive agreement. There can be no assurance that Gulf Resource Capital will pay on behalf of Amarant and Alluvia, ~~restoring~~Global Gold will continue to seek enforcement of the ~~Company’s~~arbitral ~~100%~~award ~~ownership~~to the full extent as well as pursue its claims of ~~Marjan~~additional damages in the ongoing arbitration.

InOn aJune ~~final~~26, ~~non-appealable~~2014, ~~decision~~the ~~issued~~International Center for Dispute Resolution International Arbitration Tribunal delivered a Final Award in the matter of Global Gold Corporation vs. Amarant Mining LTD and ~~effective~~Alluvia ~~February~~Mining, 8Ltd. awarding Global Gold $16,800,000 ~~2012~~USD plus $68,570.25 USD in interest, costs, and fess, with post-award interest on unpaid amounts accruing at 9%. In addition, the ~~Armenian~~Tribunal ~~Court~~provided the following injunctive relief: “ Per my previous orders in this matter, each of ~~Cassation~~Amarant ~~affirmed~~and ~~the~~Alluvia, ~~July~~including 29its officers and agents individually (including without limitation Johan Ulander), ~~2011~~is ~~Armenian~~continued ~~trial~~to ~~court~~be enjoined, directly and ~~December~~indirectly, 12from alienating any assets, ~~2012~~from ~~Court~~transferring or consenting to the transfer of ~~Appeals~~any ~~decisions~~shares, or performing or entering any transactions which ~~ruled~~would ~~that~~have ~~Caldera's~~the ~~registration~~effect of alienating assets pending payment to Global Gold; each of Amarant and ~~assumption~~Alluvia, including its officers and agents (including without limitation Johan Ulander) will provide within 5 business days all contracts, draft agreements, emails, records of ~~control~~financial ~~through~~transactions, ~~unilateral~~financial ~~charter~~statements, ~~changes~~and all other documents in connection with their business affairs for purposes of determining whether Respondents have complied with the ~~Marjan~~July ~~Mine~~29, 2013 and ~~Marjan~~subsequent ~~Mining Company~~orders, ~~LLC~~have ~~were~~diverted ~~illegal~~funds which could have been used to pay Global Gold, and ~~that~~to ~~ownership~~aid ~~rests~~Global ~~fully~~Gold ~~with~~in ~~GGM~~collection. ~~The~~ ~~official~~Respondents ~~versions~~shall specifically provide of all documents related to Gulf Resource Capital, Amarant Finance, the ~~Armenian~~IGE ~~Court~~Resources ~~decisions~~stock ~~are~~sale ~~available~~and ~~through~~related ~~http~~transactions as well as documents related to the institutions from which Respondents have represented payment would issue including but not limited to:~~//www.datalex.am~~ /Mangold, Swedebank, ~~with~~Jool ~~English~~Capital, ~~translations~~Skandinavska ~~available~~Bank, onCredit Suisse, HSBC, Volksbank, Loyal Bank, Danskebank, NSBO, the ~~Company’s~~“offtaker,” ~~website~~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.

44On September 10, 2015, the Company notified Intacta Kapital AB of Stockholm of its continuing obligation to pay Global Gold on the Contender guaranty of the Amarant group.

The ~~Partial~~Company ~~Award~~is ~~states~~actively ~~“By~~pursuing ~~misrepresenting~~worldwide ~~its~~enforcement ~~payment~~of ~~obligations to~~ the ~~TSX-V,~~monetary ~~Caldera~~award ~~painted~~and ainjunctive ~~false~~relief ~~financial~~granted ~~picture~~as towell ~~the~~as ~~TSX-V~~payment ~~and~~on the ~~investing~~Intacta/Contender ~~public~~guaranty.” InIntacta ~~addition,~~has ~~the~~entered ~~arbitrator~~bankruptcy ~~found~~proceedings ~~that~~in ~~had he not come to the conclusions above~~Sweden, ~~“Caldera~~ and ~~its officers effectively breached~~ the JVCompany ~~Agreement~~is ~~and~~a ~~the~~creditor. ~~terms~~See ofSubsequent ~~the Limited Liability Agreement” in multiple ways, including Caldera’s failure to make quarterly payments to Global~~Events.

~~The~~Hankavan 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 $1 million actually spent on the property, and further proceedings on Global’s claims for damages with additional hearings currentlyRelated set to begin July 11, 2012. As previously reported, Global’s records establish that Caldera did not spend $1 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 an2006, ~~Opinion~~GGH, which was the license holder for the Hankavan and ~~Order~~Marjan ~~signed~~properties, onwas ~~April~~the 15subject of corrupt and improper demands and threats from the now former Minister of the Ministry of Environment and Natural Resources of Armenia, ~~2013~~Vardan Ayvazian. The Company reported this situation to the appropriate authorities in Armenia and ~~released~~in onthe ~~April~~United 17States. Although the Minister took the position that the licenses at Hankavan and Marjan were terminated, ~~2013~~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, Ucontinued 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.S. ~~Federal~~On ~~Judge~~November ~~Kenneth~~7, M2006, 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. ~~Karas~~Ayvazian. The Company filed for arbitration under the rules under the International Chamber of Commerce, headquartered in Paris, France ("ICC"), on December 29, 2006. On September 25, 2008, the Federal District Court for the Southern District of New York ~~confirmed~~ruled that Mr. Ayvazian was required to appear as a respondent in the ~~March~~ICC 29arbitration. On September 5, ~~2012~~2008, ~~American~~the ICC International Court of Arbitration ~~Association~~ruled ~~arbitration~~that ~~award~~Mr. ~~issued~~Ayvazian shall be a party in accordance with the decision rendered on September 25, 2008 by ~~retired~~the ~~Justice~~Federal ~~Herman~~District ~~Cahn~~Court ~~which~~for the Southern District of New York. Subsequently, ~~among~~in ~~other~~December ~~things~~2011 the ICC Tribunal decided to proceed only with the three named shareholders; in March 2012, ~~stated~~GGM filed an action in Federal District Court pursuant to that ~~“[t]he~~Court’s ~~property~~decisions ~~should~~for ~~revert~~damages against Ayvazian and/or to ~~[Global~~conform ~~Gold]~~the ~~within~~ICC ~~thirty~~Tribunal ~~(30)~~to ~~days~~the ~~from~~precedents, and on July 11, 2012 the ~~date~~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 9% from 2008. The Company has notified the ICC that the pending arbitration ~~award~~against –the byother ~~April~~three 29shareholders should be terminated as moot, ~~2012]~~considering the judgment against Ayvazian. ~~Obviously~~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 ~~may~~right ~~cause~~to re-file or continue to pursue the ~~appropriate~~case. The ~~governmental~~court ~~bodies~~did innot ~~Armenia~~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 ~~register~~the agreement under which the ~~property~~Company inbrought [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 no effect on the Company’s] ~~name.”~~financial ~~All~~statements as ~~further~~this ~~described~~judgment inwas never recorded on the ~~exhibit~~Company’s 10books.61 The ~~below~~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.

~~The~~Based ~~Company~~on ~~has~~the ~~reestablished~~US ~~control~~Armenia ofBilateral ~~Marjan~~Investment ~~Mining~~Treaty, ~~Company~~GGM ~~which~~filed isa request for arbitration against the ~~license~~Republic ~~holder~~of Armenia for the actions of the ~~Marjan~~former ~~property. A~~Minister ~~new~~of ~~mining~~Environment ~~license,~~and ~~valid~~Natural ~~until~~Resources ~~April~~with ~~22,~~the ~~2033~~International Centre for Settlement of Investment Disputes, ~~has~~which ~~been~~is ~~issued~~a tocomponent agency of the ~~Company. The~~World ~~Company's~~Bank ~~control~~in ~~has~~Washington, ~~not~~D.C. ~~been~~("ICSID"), ~~established~~on ~~over certain~~January ~~property~~29, ~~records,~~2007. ~~financial~~On ~~and~~August ~~tax~~31, ~~information~~2007, orthe ~~other~~Government ~~assets~~of ~~maintained~~Armenia byand ~~Caldera~~GGM ~~such~~jointly asissued ~~warehouse~~the ~~and~~following ~~drill~~statement, ~~core~~"[they] asjointly ~~Caldera~~announce ~~has~~that ~~failed~~they tohave ~~turn~~suspended ~~over~~the ~~such~~ICSID ~~property~~arbitration ~~despite~~pending ~~being~~conclusion ~~ordered~~of toa dodetailed sosettlement agreement. The ~~Company~~parties ishave ~~proceeding~~reached ~~with~~a ~~plans~~confidential toagreement ~~mine~~ in ~~compliance~~principle, ~~with~~and anticipate that the ~~mining~~final ~~license,~~settlement ~~and~~agreement ~~implement~~will ~~additional~~be ~~exploration~~reached towithin ~~the~~10 ~~best~~days of ~~its~~this ~~ability~~announcement. " The Company ishas ~~also~~learned ~~taking~~from ~~legal~~public ~~action~~records tothat ~~protect~~GeoProMining ~~its~~Ltd., ~~rights~~through inan affiliate, has become the sole shareholder of an ~~adjacent~~Armenian ~~territory~~Company, ~~identified~~Golden asOre, ~~“Marjan~~LLC, ~~West”~~which was granted a license for ~~which~~ ~~Caldera~~Hankavan. ~~has~~GeoProMining ~~publicly~~Ltd. ~~claimed~~is subject to ~~have~~the a20% ~~license but~~obligations ~~according~~as successor to ~~public~~Sterlite Resources, ~~on-line~~Ltd. As ~~government~~of ~~records~~February 25, 2008, GGM entered into a conditional, confidential settlement agreement with the ~~company~~Government ~~holding~~of the ~~license~~Republic isof ~~100%~~Armenia ~~owned~~to bydiscontinue ~~another~~the ~~person~~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.

On 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 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 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 42 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 $5 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 1 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:Related

1.Effective ~~turn~~September ~~over~~7, to2016, ~~Global~~the ~~Gold~~Company atthrough its ~~offices~~Marjan inMining ~~Rye,~~Company ~~New~~subsidiary ~~York~~and ~~all~~the ~~books,~~Armenian ~~records,~~Government ~~contracts,~~through ~~communications,~~its ~~and~~Ministry ~~property~~of ~~related~~Energy inand ~~any~~Natural ~~way~~Resources concluded amendments to the Marjan ~~property~~mining inagreement ~~Armenia~~which ~~and~~among ~~the~~other ~~Marjan~~things ~~Mining~~provides that the Company: (1) has 3 years from September 1, ~~including~~2016 ~~specifically~~to build the ~~Armenian~~approved ~~Marjan~~tailings ~~Mining~~dam ~~Company~~and ~~seal,~~plan; ~~and~~(2) ~~shall~~has ~~pay~~3.4 ~~Global~~years ~~Gold~~following ~~$50~~the completion of the tailings dam and plant to mine 160,000 ~~plus~~tonnes ~~$250~~of ~~per~~ore ~~day~~from the Marjan mine, pursuant to the approved minng plan; (3) has 12 months to prepare and file for ~~every~~a ~~day~~report for recalculation of findings based on exploration results; and (4) has 12 months following ~~issuance~~the approval by the State Committee on Natural Resources’ approval (which must be issued within 12 months of ~~this~~the ~~Final~~Company’s ~~Award~~recalculation) ~~that~~to ~~such~~prepare ~~materials~~and ~~are~~file ~~not~~an ~~delivered;~~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 10-K with regard to the SEC and other standards for the term “reserve.”

2.Based ~~turn~~on ~~over~~a tofalse representation by Caldera, on June 17, 2010, Global Gold atCorporation and its ~~offices~~subsidiary, ~~in Rye~~GGM, ~~New~~LLC ~~York~~(collectively ~~communications~~“Global”) and Caldera Resources, Inc. (“Caldera”) announced TSX-V approval of their March 24, 2010 joint venture agreement to explore and~~/or~~ Mrbring the Marjan property into commercial production. As ~~Mavridis~~previously ~~has~~reported, ~~had~~the property is held with ~~third~~a ~~parties~~twenty-five ~~concerning~~year ~~Global~~“special ~~Gold~~mining ~~its~~license,” ~~officers~~effective April 22, ~~agents~~2008, ~~directors~~ and ~~business…Without~~expiring ~~limitation~~April 22, 2033, which expanded the ~~following~~prior ~~shall~~license ~~also~~term beand ~~turned~~substantially ~~over~~increased tothe ~~Global~~license ~~Gold:~~area. The ~~all~~license ~~direct~~required ~~and~~payments ~~indirect~~of ~~(for~~annual ~~example~~governmental ~~through~~fees aand ~~translator~~the orperformance ~~agent)~~of ~~communications~~work ~~with~~at the ~~following~~property ~~individuals~~as submitted and ~~organizations:~~approved ~~Azat~~in ~~Vartanian,~~the ~~Petros~~mining ~~Vartanian~~plan, …,which ~~Joseph~~includes ~~Borkowski,~~mining ~~Jeffrey~~of ~~Marvin~~50,…000 ~~Prem~~tonnes ~~Premraj…,~~of ~~Rasia~~mineralized ~~FZE,~~rock ~~Johan~~per ~~Ulander~~year, ~~Ecolur,…~~as ~~Tom~~well ~~Prutzman,~~as …,exploration ~~Stockhouse,~~work ~~Investor's~~to ~~Hub,~~have ~~shareholders~~additional ofreserves approved under Armenian Law in order to maintain the licenses in good standing. Caldera advised Global ~~Gold,~~as ~~and~~well ~~any~~as governmental orauthorities ~~regulatory~~that ~~authorities--~~it ~~Caldera~~would ~~shall~~not ~~pay~~be ~~Global~~complying ~~Gold~~with ~~$100~~the ~~per~~work ~~day~~requirements ~~for~~which ~~every~~prompted 90 day ~~following~~termination ~~issuance~~notices offrom ~~this~~the ~~Final~~government ~~Award~~and ~~that~~the ~~such~~October ~~materials~~7, ~~are~~2010 ~~not~~joint ~~delivered;~~venture termination notice from Global, which Global had agreed to keep the termination notice confidential until October 15, 2010.

45The joint venture 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 30 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 on March 30, 2011, September 30, 2011, September 30, 2011, December 30, 2011, March 30, 2012, September 30, 2012, and September 30, 2012; and $500,000 on December 31, 2012. Caldera raised sufficient funds, but did not make these payments.

3.The ~~issue~~agreement awas ~~press~~subject ~~release~~to ~~correcting~~approval by the ~~April~~TSX ~~30,~~Venture ~~2013~~Exchange ~~Caldera~~and ~~release~~the ~~…stating~~Board ~~that~~of ~~the~~Directors ~~original~~of ~~release~~the isrespective ~~retracted~~companies. Caldera ~~with~~further ~~all~~informed ~~property~~the ~~books~~Company ~~and~~that ~~records~~it ~~(including~~received ~~all~~TSX ~~exploration~~Venture ~~data)~~Exchange ~~related~~approval toon the ~~Marjan~~transaction, ~~property~~which ~~transferred~~subsequently proved to ~~Global~~be ~~Gold~~untrue. On ~~and~~October ~~that~~7, ~~neither~~2010, the Company terminated the Marjan JV for Caldera’s ~~nor~~non-payment ~~its~~and ~~successors~~non-performance ~~retain~~as ~~rights~~well toas ~~the~~Caldera’s ~~Marjan~~illegal ~~mine~~registrations in Armenia and ~~shall~~other ~~pay~~actions. In ~~Global~~October ~~Gold~~2010, ~~$50~~Caldera filed for arbitration in New York City. In September 2010,~~000~~ ~~plus~~at ~~$100~~Caldera’s ~~per~~invitation, ~~day~~the ~~for~~Company ~~every~~filed ~~day~~to ~~following~~reverse ~~issuance~~the ofillegal ~~this~~registration ~~Final~~in ~~Award~~Armenia. That ~~that~~litigation ~~such~~and ~~correcting~~the ~~release~~New isYork ~~not~~arbitration ~~issued;~~were subsequently resolved in favor of the Company, restoring the Company’s 100% ownership of Marjan.

4.In ~~Caldera~~a ~~did~~final, ~~not~~non-appealable ~~spend~~decision ~~the~~issued ~~minimum~~and $1effective ~~million~~February ~~threshold~~8, ~~necessary~~2012, tothe beArmenian ~~eligible~~Court ~~for~~of anCassation ~~NSR~~affirmed ~~Royalty~~the ~~interest~~July 29, 2011 Armenian trial court and ~~therefore~~December 12, 2012 Court of Appeals decisions which ruled that Caldera's ~~has~~registration noand ~~NSR~~assumption ~~Royalty~~of orcontrol ~~any~~through ~~other~~unilateral ~~interest~~charter inchanges of the Marjan ~~property;~~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.

5.On ~~the~~March ~~$150~~29,~~000~~ ~~which~~2012, ~~Caldera~~in ~~paid~~the toindependent New York City arbitration case Global Gold ~~was~~received ~~not~~a ~~pursuant~~favorable toruling in its arbitration proceeding in New York with Caldera which is available on the JVCompany's ~~Agreement~~website, (see Exhibit 10.48. The arbitrator issued a Partial Final Award which ~~did~~orders ~~not~~the ~~become~~Marjan ~~effective)~~Property ~~but~~in ~~pursuant~~Armenia to revert to GGM based on the ~~December~~two ~~2009~~failures ~~Agreement~~to ~~therefore~~meet conditions precedent to the March 24, 2010 agreement. First, Caldera failed and refused to deliver the 500,000 shares to Global. ~~Gold~~Second, isCaldera did not ~~obligated~~submit the final joint venture agreement to ~~make~~the ~~any~~TSX-V ~~payments~~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.

~~6. pay Global Gold $115,000 for Caldera's refusal to turn over 500,000 shares of stock in 2010;~~44

7The 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 ~~pay~~addition, ~~Global~~the ~~Gold~~arbitrator $3found that had he not come to the conclusions above,~~174~~ “Caldera and its officers effectively breached the JV Agreement and the terms of the Limited Liability Agreement” in multiple ways,~~209~~ ~~for~~including Caldera'’s failure to make ~~agreed~~quarterly payments to Global ~~Gold;~~.

8.The ~~pay~~Partial Award orders reversion of the Marjan property to Global, ~~Gold~~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 $~~577~~1 million actually spent on the property,~~174~~ and further proceedings on Global’s claims for ~~legacy~~damages ~~governmental~~with ~~liabilities~~additional ~~concerning~~hearings currently set to begin July 11, 2012. As previously reported, Global’s records establish that Caldera did not spend $1 million on the Marjan property. Additionally, ~~and~~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 ~~indemnify~~be final and ~~hold~~non-appealable” ~~Global~~and ~~Gold~~for ~~harmless~~the ~~(including~~award of attorney fees), ~~from~~arbitrator’s ~~any~~fees, ~~governmental~~and ~~claims~~other orcosts. In ~~liabilities~~accordance ~~associated~~ with the ~~time~~Arbitrator's ~~they~~order ~~control~~and the ~~seal~~JV ofagreement, Global Gold has filed to confirm the ~~Marjan~~Partial ~~Mining~~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.

9.In ~~pay~~an ~~Global~~Opinion ~~Gold~~and ~~$967~~Order signed on April 15,~~345~~ ~~for~~2013 ~~violating~~and ~~Paragraph~~released ~~(1)~~on April 17, 2013, U.S. Federal Judge Kenneth M. Karas of the ~~Final~~Southern ~~Partial~~District ~~Award~~of ~~requiring~~New ~~turnover~~York ofconfirmed ~~property~~the ~~and~~March 29, 2012 American Arbitration Association arbitration award issued by retired Justice Herman Cahn which, among other things, stated that “[~~for~~t]he ~~interference~~property inshould revert to [Global Gold's] ~~development~~within ofthirty ~~Marjan~~(30) ~~and~~days ~~shall~~from ~~relinquish~~ the ~~portions~~date [of the ~~Marjan~~arbitration ~~West~~award ~~license~~– ~~which~~by ~~overlap~~April or29, 2012]. Obviously, [Global Gold] may cause the appropriate governmental bodies in ~~any~~Armenia ~~way~~to ~~impinge~~register onthe ~~Marjan;~~property in [Global Gold’s] name.” All as further described in the exhibit 10.61 below.

~~10.~~The ~~Caldera~~Company ishas ~~liable~~reestablished ~~for~~control ~~defamation~~of ~~and~~Marjan ~~tortious~~Mining ~~interference~~Company ~~with~~which ~~contractual~~is ~~and~~the ~~business~~license ~~relations~~holder ~~with~~of ~~regard~~the toMarjan ~~Global~~property. A ~~Gold~~new ~~and~~mining ~~its~~license, ~~related~~valid ~~personnel~~until ~~and~~April so22, ~~shall~~2033, ~~(i)~~has ~~pay~~been ~~Global~~issued ~~Gold~~to $3the ~~million~~Company. The inCompany's ~~compensatory~~control ~~damages…,~~has ~~(ii)~~not ~~pay~~been ~~Global~~established ~~Gold~~over certain $1property, ~~million in punitive or exemplary damages…~~records, ~~(iii)~~financial ~~remove all the materials~~ and ~~websites~~tax ~~controlled~~information, inor ~~any~~other ~~way~~assets maintained by ~~them~~Caldera ~~which~~such ~~were admitted~~ as ~~exhibits~~warehouse ~~on defamatory publications in this case from the internet~~ and ~~other~~drill ~~locations,~~core ~~(iv)~~as ~~remove~~Caldera ~~and~~has befailed ~~permanently~~to ~~enjoined~~turn ~~from~~over ~~using~~such ~~Global~~property ~~Gold's~~despite ~~trading~~being ~~symbol~~ordered ~~without~~to ~~permission;~~do ~~(v)~~so. The ~~not~~Company ~~share~~is ~~those~~proceeding ~~materials~~ with ~~others~~plans ~~or arrange~~ to ~~have~~mine ~~them~~in ~~posted~~compliance ~~anonymously~~with orthe ~~otherwise-~~mining ~~(vi) independently~~license, ~~… Global Gold~~ and ~~those~~implement ~~who~~additional ~~have~~exploration ~~been~~to ~~named by Caldera and Bill Mavridis in~~ the ~~admitted~~best ~~exhibits~~of onits ~~defamatory~~ability. The ~~publications~~Company asis ~~well~~also astaking ~~their~~legal ~~attorneys~~action ~~[are~~to ~~granted]~~protect ~~the~~its ~~authority~~rights toin ~~contact~~an ~~internet~~adjacent ~~service~~territory ~~providers,~~identified ~~search~~as ~~engine~~“Marjan ~~firms,~~West” ~~social~~for which ~~media~~Caldera ~~sites,~~has ~~stock~~publicly ~~discussion~~claimed ~~boards~~to ~~(including~~have a license but ~~not~~according ~~limited~~ to ~~Google~~public, ~~Yahoo,~~on-line ~~Facebook,~~government ~~Twitter~~records, ~~Stockhouse,~~the ~~Investor's~~company ~~Hub~~holding ~~and~~the ~~Bing)~~license tois ~~use~~100% ~~this~~owned ~~Final~~by ~~Award~~another ~~to remove the material as defamatory;~~person.

46Caldera 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.

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;45

12On 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. ~~pay~~The total damage award is $110,~~822~~844,~~416~~413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 million is punitive damages for ~~attorney~~the ~~fees~~defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and ~~costs;~~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 42 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 $5 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 1 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:

131. ~~reimburse~~turn over to Global Gold ~~$88~~at its offices in Rye,~~269~~ ~~paid~~New York all books, records, contracts, communications, and property related in any way to the ~~arbitration~~Marjan ~~association~~property in Armenia and ~~for~~the Marjan Mining Company, including specifically the ~~compensation~~Armenian Marjan Mining Company seal, and ~~expenses~~shall pay Global Gold $50,000 plus $250 per day for every day following issuance of ~~the~~this ~~arbitrator.~~Final Award that such materials are not delivered;

~~The~~2. ~~Final~~turn ~~Award~~over ~~was~~to ~~certified~~Global ~~for~~Gold ~~purposes~~at ofits ~~Article~~offices Iin ofRye, ~~the United Nations~~ New York ~~Convention~~communications onCaldera ~~the~~and/or ~~Recognition~~Mr. ~~and~~Mavridis ~~Enforcement~~has ofhad ~~Foreign~~with ~~Arbitral~~third ~~Awards~~parties ~~and~~concerning ~~for~~Global ~~purposes~~Gold ofits ~~the~~officers, ~~Federal~~agents, ~~Arbitration~~directors ~~Act.~~and ~~The~~business…Without ~~Company~~limitation, isthe ~~actively~~following ~~pursuing~~shall ~~enforcement~~also ofbe ~~the~~turned ~~monetary~~over ~~damages~~to ~~and~~Global ~~injunctive~~Gold: ~~relief~~all ~~granted. Caldera~~direct and ~~its~~indirect ~~former~~(for ~~President~~example ~~Mavridis~~through ~~have~~a ~~not~~translator ~~complied~~or agent) communications with the ~~Final~~following ~~Award~~individuals and inorganizations: ~~conjunction~~Azat ~~with~~Vartanian, Petros Vartanian, …, Joseph Borkowski, ~~have~~Jeffrey ~~continued~~Marvin,… toPrem ~~act~~Premraj…, inRasia ~~contravention~~FZE, toJohan ~~the~~Ulander, ~~Final~~Ecolur,… ~~Award~~Tom ~~including~~Prutzman, ~~with~~…, ~~respect~~Stockhouse, toInvestor's ~~spreading~~Hub, ~~defamatory~~shareholders ~~information~~of Global Gold, ~~which~~and ~~the~~any ~~Company~~governmental ~~needs~~or toregulatory ~~address.~~authorities-- ~~The~~Caldera ~~Biomine~~shall ~~license~~pay ~~for~~Global ~~“Marjan~~Gold ~~West”~~$100 ~~was~~per ~~reportedly~~day ~~relinquished~~for asevery day following issuance of ~~December~~this ~~31,~~Final ~~2015.~~Award that such materials are not delivered;

~~Armenian~~3. ~~Tax~~issue ~~Authority~~a ~~Related~~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;

On4. ~~January~~Caldera ~~12,~~did ~~2012,~~not ~~the~~spend ~~Armenian Court of Cassation confirmed prior trial and appellate court rulings rejecting a proposed tax assessment against~~ the ~~Company’s~~minimum ~~Mego-Gold~~$1 ~~subsidiary~~million bythreshold ~~the~~necessary ~~Armenian~~to ~~State~~be ~~Revenue~~eligible ~~Agency~~for ~~related to~~ an ~~incorrect~~NSR ~~claim~~Royalty ~~concerning~~interest ~~gold production at Toukhmanuk as well as incorrect applications of relevant law. Subsequently, the State Revenue agency continued investigations~~ and ~~intimated~~therefore ~~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 no ~~liabilities~~NSR inRoyalty ~~connection with allegations noted to date, and in January 2015, the State Revenue concluded its investigation with no tax~~ or any other ~~consequence~~interest ~~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~~Marjan ~~investigation and the role of Caldera and its agents.~~ property;

As5. athe ~~part~~$150,000 ofwhich ~~operating~~Caldera inpaid ~~the~~to ~~country,~~Global ~~the~~Gold ~~Company~~was ~~regularly~~not ~~has~~pursuant to ~~deal~~the ~~with~~JV ~~tax~~Agreement ~~claims~~(which bydid ~~authorities,~~not ~~none~~become ofeffective) ~~which~~but ~~rise~~pursuant to the ~~level~~December of2009 ~~materiality.~~Agreement ~~This~~therefore ~~litigation~~Global Gold is ~~still~~not inobligated ~~progress.~~to make any payments to Caldera;

~~The Company also learned that Mr~~6. ~~Borkowski~~pay ~~purportedly~~Global ofGold ~~CRA~~$115,000 ~~met~~for ~~with Armenian tax officials in the fall of 2012 and worked with~~ Caldera's ~~Resources~~refusal ~~and its President Bill Mavridis~~ to ~~give~~turn ~~defamatory~~over 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 agreed500,000 ~~with~~shares noof ~~tax~~stock ~~consequence to the Company as well as exoneration for the false charges concluded~~ in ~~January 2015.~~ 2010;

On7. ~~March~~pay ~~16,~~Global ~~2016~~Gold $3,174,209 ~~the~~for ~~State~~Caldera's ~~Revenue~~failure ~~Committee~~to ofmake ~~Armenia~~agreed ~~reduced~~payments ~~its tax claim against GGH from over 200 million AMD~~ to ~~approximately~~Global ~~23 million AMD.~~Gold;

On8. ~~February~~pay ~~20,~~Global ~~2017~~Gold $577,174 ~~the~~for ~~bankruptcy~~legacy ~~court~~governmental ~~rejected~~liabilities aconcerning ~~bankruptcy~~the ~~petition against~~ Marjan ~~Mining~~property ~~Company~~and ~~based~~shall onindemnify ~~liabilities~~and ~~related~~hold toGlobal ~~Caldera~~Gold ~~was~~harmless ~~rejected~~(including byattorney afees) ~~court~~from ofany ~~first~~governmental ~~instance~~claims inor ~~Armenia,~~liabilities ~~recognizing~~associated ~~the~~with ~~validity of~~ the ~~international~~time ~~arbitral~~they ~~award~~control in the ~~Company’s~~seal ~~favor~~of ~~for~~the ~~$577,174~~Marjan inMining ~~Armenia related liabilities.~~Company;

479. pay Global Gold $967,345 for violating Paragraph (1) 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;

~~General~~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 $3 million in compensatory damages…, (ii) pay Global Gold $1 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;

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 materially 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. 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. An initial bankruptcy finding against GGM in 2015 was overturned in 2016. Contrary to its obligation to arbitrate any disputes, Linne Mining has joined the bankruptcy case against Mego Gold to also seek leverage against the Company. Armenian Courts have respected the Untited Nations New Convention on Arbitration which mandates referral to arbitration, and the Company expects the Armenian courts to mandate such referral. The Company has also made clear that its claims against Linne Mining including for admitted non-performance substantially exceed Linne Mining’s claims. The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $158,000 as of March 31, 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.46

~~Item 1A~~11. ~~Risk~~for ~~Factors.~~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;

~~Not~~12. ~~Applicable~~pay $1,822,416 for attorney fees and costs;

~~Item 2~~13. ~~Unregistered~~reimburse ~~Sales~~Global ofGold ~~Equity~~$88,269 ~~Securities~~paid to the arbitration association and ~~Use~~for the compensation and expenses of ~~Proceeds~~the arbitrator.

~~None~~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. 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.

~~Item~~Armenian 3.Tax ~~Defaults~~Authority ~~Upon Senior Securities.~~Related

~~None~~On 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 no liabilities in connection with allegations noted to date, and in January 2015, the State Revenue concluded its investigation with no 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.

~~Item~~As 4a 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. ~~Mine~~This ~~Safety~~litigation ~~Disclosures~~is still in progress.

~~Not~~The ~~Applicable~~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 no tax consequence to the Company as well as exoneration for the false charges concluded in January 2015.

~~Item~~On 5.March ~~Other~~16, ~~Information~~2016, the State Revenue Committee of Armenia reduced its tax claim against GGH from over 200 million AMD to approximately 23 million AMD.

~~None~~On 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 award in the Company’s favor for $577,174 in Armenia related liabilities.

4847

~~Item 6. Exhibits.~~General

The ~~following~~Company ~~documents~~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 materially 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. Findings that a bankruptcy proceeding is in order against Mego Gold are ~~filed~~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. An initial bankruptcy finding against GGM in 2015 was overturned in 2016. Contrary to its obligation to arbitrate any disputes, Linne Mining has joined the bankruptcy case against Mego Gold to also seek leverage against the Company. Armenian Courts have respected the Untited Nations New Convention on Arbitration which mandates referral to arbitration, and the Company expects the Armenian courts to mandate such referral. The Company has also made clear that its claims against Linne Mining including for admitted non-performance substantially exceed Linne Mining’s claims. The Company has recorded a liability for the actual unpaid amounts due to these individuals of approximately $158,000 as ~~part~~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 ~~this~~the ~~report:~~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.

~~Unaudited~~Item ~~Condensed~~1A. ~~Consolidated~~Risk Financial Statements of the Company, including Balance Sheets as of March 31, 2017 and as of December 31, 2016; Statements of Operations and Comprehensive Loss for the three months ended March 31, 2017 and 2016, and Statements of Cash Flows for the three months ended March 31, 2017 and 2016, and the Exhibits which are listed on the Exhibit Index Factors.

~~Exhibit~~Not ~~3.1 Amended and Restated Certificate of Incorporation of the Company, effective November 20, 2003. (1)~~Applicable

~~Exhibit~~Item 3.2. ~~Amended~~Unregistered ~~and~~Sales ~~Restated Bylaws~~ of ~~the~~Equity ~~Company,~~Securities ~~effective~~and ~~November~~Use ~~20,~~of ~~2003~~Proceeds. ~~(2)~~

~~Exhibit 10.3 Agreement to Acquire Option on Cochrane Pond Property dated April 12, 2007. (3)~~None

~~Exhibit~~Item 103.4 ~~First~~Defaults ~~Amendment~~Upon ofSenior ~~the January 23, 2006 Share Purchase Agreement (Athelea Investments), dated as of May 30, 2007~~Securities. ~~(4)~~

~~Exhibit 10.8 Nominating and Governance Charter dated June 15, 2007. (5)~~None

~~Exhibit~~Item 104.10 ~~Commitment~~Mine toSafety ~~Contribute Mining Concession to a Contractual Mining Company (Unofficial English Translation) dated as of August 19, 2007~~Disclosures. ~~(6)~~

~~Exhibit~~Not ~~10.11 Contractual Mining Company Agreement (Unofficial English Translation) dated as of October 29, 2007. (7)~~Applicable

~~Exhibit~~Item 105.14 ~~Royalty~~Other ~~Agreement on Cochrane Pond Property, Newfoundland dated as of October 17, 2008~~Information. ~~(8)~~

~~Exhibit 10.15 Private Placement Agreement, dated December 8, 2008. (9)~~None

~~Exhibit 10.16 Material Contract – Amendment of Global Gold Valdivia Joint Venture Terms, Separation of Properties and Royalty Agreement (10)~~48

~~Exhibit~~Item 106.17 ~~Employment Agreement, dated as of August 11, 2009, by and between Global Gold Corporation and Van Krikorian~~Exhibits. ~~(11)~~

~~Exhibit~~The ~~10.18~~following ~~Employment~~documents ~~Agreement,~~are ~~dated~~filed as part of ~~August~~this ~~11, 2009, by and between GGM, LLC and Ashot Boghossian. (12)~~report:

~~Exhibit~~Unaudited ~~10.19~~Condensed ~~Employment~~Consolidated ~~Agreement~~Financial Statements of the Company, ~~dated~~including Balance Sheets as of June ~~August~~30, 112017 and as of December 31, ~~2009~~2016; Statements of Operations and Comprehensive Loss for the three and six months ended June 30, by2017 and ~~between~~2016, ~~Global~~and ~~Gold~~Statements ~~Corporation~~of Cash Flows for the six months ended June 30, 2017 and ~~Jan~~2016, ~~Dulman.~~and ~~(13)~~the Exhibits which are listed on the Exhibit Index

Exhibit 103.201 ~~Employment~~Amended ~~Agreement,~~and ~~dated~~Restated asCertificate of ~~August~~Incorporation ~~11,~~of ~~2009~~the Company, byeffective ~~and~~November ~~between~~20, ~~Global Gold Corporation and Lester Caesar~~2003. (141)

Exhibit 103.212 ~~Armenian~~Amended ~~State~~and ~~Natural~~Restated ~~Resources~~Bylaws ~~Agency~~of ~~Decision N234 on~~ the ~~Recalculation of Reserves for Toukhmanuk – delivered Friday~~Company, effective November 1320, ~~2009 – Partial Unofficial Translation~~ 2003. (152)

Exhibit 10.223 ~~Material~~Agreement ~~Contract~~to –Acquire ~~Marjan~~Option ~~Joint~~on ~~Venture~~Cochrane ~~Agreement~~Pond Property dated asApril ~~of December 18~~12, ~~2009~~2007. (163)

Exhibit 10.234 ~~Material~~First ~~Contract~~Amendment –of ~~Mego~~the ~~Gold~~January 23, ~~LLC~~2006 ~~Gold~~Share ~~Concentrate~~Purchase ~~Supply~~Agreement ~~Contract~~(Athelea ~~with~~Investments), ~~Industrial Minerals SA~~ dated as of ~~February~~May 2530, ~~2010~~2007. (174)

49Exhibit 10.8 Nominating and Governance Charter dated June 15, 2007. (5)

Exhibit 10.2410 ~~Material~~Commitment ~~Contract~~to –Contribute ~~Mego~~Mining ~~Gold,~~Concession ~~LLC~~to ~~Security~~a ~~Agreement~~Contractual ~~with~~Mining ~~Industrial~~Company ~~Minerals~~(Unofficial SAEnglish Translation) dated as of ~~February~~August 2519, ~~2010~~2007. (186)

Exhibit 10.2511 ~~Material~~Contractual ~~Contract~~Mining –Company ~~Global~~Agreement ~~Gold~~(Unofficial ~~Corporation~~English ~~Guarantee~~Translation) ~~to Industrial Minerals SA~~ dated as of ~~February~~October 2529, ~~2010~~2007. (197)

Exhibit 10.2614 ~~Material~~Royalty ~~Contract~~Agreement –on ~~Marjan~~Cochrane ~~Joint~~Pond ~~Venture~~Property, ~~Agreement~~Newfoundland dated as of ~~March~~October 2417, ~~2010~~2008. (208)

Exhibit 10.2715 ~~Material~~Private ~~Contract~~Placement ~~– (Unofficial English Translation) Mego Gold~~Agreement, ~~LLC~~dated ~~non~~December ~~revolving credit line from Armbusinessbank signed March 26~~8, ~~2010~~2008. (219)

Exhibit 10.2816 ~~Employment~~Material ~~Agreement,~~Contract ~~dated~~– asAmendment of ~~August~~Global ~~19,~~Gold ~~2010,~~Valdivia byJoint ~~and~~Venture ~~between~~Terms, ~~Global~~Separation ~~Gold~~of ~~Corporation~~Properties and ~~Drury~~Royalty ~~Gallagher.~~Agreement (2210)

Exhibit 10.2917 ~~Material~~Employment Agreement, –dated ~~Debt~~as ~~cancellation~~of August 11, 2009, by and ~~restructuring~~between ~~with~~Global ~~conversion~~Gold ~~rights~~Corporation and Van Krikorian. (2311)

Exhibit 10.3018 ~~Material~~Employment Agreement ~~– October 27~~, ~~2010~~dated ~~signed~~as ~~agreement for the sale~~ of ~~Compania~~August ~~Minera~~11, ~~Global~~2009, ~~Gold~~by ~~Valdivia~~and ~~S.C.M.~~between ~~company~~GGM, toLLC ~~Conventus~~and ~~Ltd~~Ashot Boghossian. (2412)

Exhibit 10.3119 ~~Material~~Employment ~~Contract~~Agreement, –dated ~~Global~~as ~~Gold~~of ~~Corporation~~August ~~and~~11, ~~Consolidated Resources USA~~2009, ~~LLC~~by ~~Joint~~and ~~Venture~~between ~~Agreement~~Global ~~dated~~Gold asCorporation ofand ~~March~~Jan ~~17,~~Dulman. ~~2011~~ (2513)

Exhibit 10.3220 ~~Material~~Employment ~~Contract~~Agreement, –dated ~~Global~~as ~~Gold~~of ~~Corporation~~August ~~and~~11, ~~Consolidated~~2009, ~~Resources~~by ~~Joint~~and ~~Venture~~between ~~Agreement~~Global ~~dated~~Gold asCorporation ofand ~~April~~Lester ~~27, 2011~~Caesar. (2614)

Exhibit 10.3321 ~~Material~~Armenian ~~Contract~~State –Natural ~~December~~Resources 2,Agency ~~2011~~Decision ~~signed~~N234 ~~agreement~~on ~~for~~ the ~~sale~~Recalculation of ~~Compania~~Reserves ~~Minera~~for ~~Global~~Toukhmanuk ~~Gold~~– ~~Valdivia~~delivered ~~S.C.M.~~Friday, ~~company~~November to13, ~~Conventus~~2009 ~~Ltd.~~– ~~and~~Partial ~~Amarant~~Unofficial ~~Mining~~Translation ~~Ltd~~. (2715)

Exhibit 10.3422 ~~Written~~Material ~~Consent~~Contract of– ~~Shareholders~~Marjan inJoint ~~Lieu~~Venture ofAgreement ~~Meeting~~dated ~~Pursuant~~as ~~to Section 228(a)~~ of ~~the~~December ~~General~~18, ~~Corporation Laws of the State of Delaware~~2009. (2816)

Exhibit 10.3523 Material ~~Agreement~~Contract – ~~Binding~~Mego ~~Term~~Gold, ~~Sheet~~LLC –Gold ~~Convertible~~Concentrate ~~Note~~Supply ~~between~~Contract ~~Global~~with ~~Gold~~Industrial ~~Consolidated~~Minerals ~~Resources~~SA ~~Limited~~dated ~~and~~as ~~Consolidated~~of ~~Resources~~February ~~Armenia and affiliates~~25, ~~Global Gold Corporation guarantor~~2010. (2917)

~~Exhibit 10.36 Material Agreement – Shareholders Agreement for GGCR dated February 18, 2012. (30)~~49

Exhibit 10.3724 Material ~~Agreement~~Contract – ~~Supplemental~~Mego ~~Letter~~Gold, LLC Security Agreement with Industrial Minerals SA dated as of February 1925, ~~2012~~2010. (3118)

Exhibit 10.3825 Material ~~Agreement~~Contract – ~~Getik~~Global ~~Assignment~~Gold ~~and~~Corporation ~~Assumption~~Guarantee ~~Agreement~~to Industrial Minerals SA dated as of February 1925, ~~2012~~2010. (3219)

Exhibit 10.3926 Material ~~Agreement~~Contract – MGMarjan ~~Assignment~~Joint ~~and~~Venture ~~Assumption~~ Agreement dated ~~February~~as 19of March 24, ~~2012~~2010. (3320)

Exhibit 10.4027 Material ~~Agreement~~Contract – ~~Guaranty~~(Unofficial ~~dated~~English ~~February~~Translation) 19Mego Gold, ~~2012~~LLC ~~(by~~non ~~GGC~~revolving tocredit ~~CRA)~~line from Armbusinessbank signed March 26, 2010. (3421)

Exhibit 10.4128 ~~Material~~Employment Agreement, –dated ~~Guaranty~~as ~~dated~~of ~~February~~August 19, ~~2012~~2010, (by ~~GGCR~~and ~~Mining~~between toGlobal ~~CRA)~~Gold Corporation and Drury Gallagher. (3522)

Exhibit 10.4229 Material Agreement – ~~Security~~Debt ~~Agreement~~cancellation ~~dated February 19, 2012 (by GGCR~~ and ~~GGCR~~restructuring ~~Mining~~with toconversion ~~CRA)~~rights. (3623)

50Exhibit 10.30 Material Agreement – October 27, 2010 signed agreement for the sale of Compania Minera Global Gold Valdivia S.C.M. company to Conventus Ltd. (24)

Exhibit 10.4331 Material ~~Agreement~~Contract – ~~Action~~Global byGold ~~Written~~Corporation ~~Consent~~and ofConsolidated ~~the~~Resources ~~Sole~~USA, ~~Member~~LLC ofJoint ~~GGCR~~Venture ~~Mining,~~Agreement ~~LLC~~ dated ~~February~~as 19of March 17, ~~2012.~~2011 (3725)

Exhibit 10.4432 Material ~~Agreement~~Contract – ~~Certificate of~~ Global Gold Corporation and Consolidated Resources Joint Venture Agreement dated ~~February~~as 19of April 27, ~~2012~~2011. (3826)

Exhibit 10.4533 ~~Global~~Material ~~Gold~~Contract ~~Consolidated~~– ~~Resources~~December ~~Limited~~2, ~~Registered~~2011 ~~Company~~signed Noagreement ~~109058~~for ~~Written~~the ~~resolutions~~sale byof ~~all~~Compania ofMinera ~~the~~Global ~~directors~~Gold ofValdivia ~~the~~S.C.M. ~~Company~~company to Conventus Ltd. and Amarant Mining Ltd. (3927)

Exhibit 10.4634 ~~Action by~~ Written Consent of ~~the~~Shareholders ~~Board~~in Lieu of ~~Managers~~Meeting Pursuant to Section 228(a) of ~~GGCR~~the ~~Mining,~~General ~~LLC~~Corporation Laws of the State of Delaware. (4028)

Exhibit 10.4735 ~~March~~Material 2,Agreement ~~2012~~– ~~Order~~Binding ofTerm ~~the~~Sheet ~~Arbitrator~~– Convertible Note between Global Gold Consolidated Resources Limited and Consolidated Resources Armenia and affiliates, Global Gold Corporation guarantor. (4129)

Exhibit 10.4836 ~~Partial~~Material ~~Final~~Agreement ~~Award~~– ~~issued~~Shareholders byAgreement ~~the~~for ~~arbitrator~~GGCR ondated ~~March~~February 2918, 2012 ~~in arbitration between Global Gold Corporation and Caldera Resources, Inc~~. (4230)

Exhibit 10.4937 Material Agreement – ~~Amended~~Supplemental ~~Joint~~Letter ~~Membership~~dated ~~Interest~~February ~~Purchase~~19, ~~Agreement with Amarant Mining Ltd~~2012. (4331)

Exhibit 10.5038 ~~Guarantee~~Material ~~Letter~~Agreement ~~from~~– ~~Contender~~Getik ~~Kapital~~Assignment ~~AB,~~and Assumption Agreement dated ~~April~~February 1319, 2012. (4432)

Exhibit 10.5139 ~~Accountants’~~Material ~~Letter~~Agreement – MG Assignment and Assumption Agreement dated February 19, 2012. (4533)

Exhibit 10.5240 ~~Amended~~Material ~~and~~Agreement ~~Extended~~– ~~Employment~~Guaranty ~~Agreement,~~dated ~~effective~~February ~~July 1~~19, 2012, (by ~~and~~GGC ~~between~~to ~~Global Gold Corporation and Van Krikorian~~CRA). (4634)

Exhibit 10.5341 ~~Amended~~Material ~~and~~Agreement ~~Extended~~– ~~Employment~~Guaranty ~~Agreement,~~dated ~~effective~~February ~~July 1~~19, 2012, (by ~~and~~GGCR ~~between~~Mining ~~GGM,~~to ~~LLC and Ashot Boghossian~~CRA). (4735)

Exhibit 10.5442 ~~Amended~~Material ~~and~~Agreement ~~Extended~~– ~~Employment~~Security Agreement, ~~effective~~dated ~~August~~February 119, 2012, (by GGCR and ~~between~~GGCR ~~Global~~Mining ~~Gold~~to ~~Corporation and Jan Dulman~~CRA). (4836)

~~Exhibit 10.55 Restricted Stock bonus award effective July 1, 2012 to Van Krikorian. (49)~~50

Exhibit 10.5643 ~~Restricted~~Material ~~Stock~~Agreement ~~bonus~~– ~~award~~Action ~~effective~~by ~~July~~Written 1Consent of the Sole Member of GGCR Mining, ~~2012~~LLC todated ~~Jan~~February ~~Dulman~~19, 2012. (5037)

Exhibit 10.5744 ~~September~~Material 5,Agreement ~~2012~~– ~~Writ~~Certificate of ~~Execution~~Global Gold Corporation dated February 19, 2012. (5138)

Exhibit 10.5845 ~~Material~~Global ~~Contract~~Gold -Consolidated ~~Getik~~Resources ~~Mining~~Limited Registered Company, ~~LLC~~No -109058 ~~Share~~Written ~~Transfer~~resolutions ~~Agreement~~by ~~dated~~all ~~September~~of ~~26,~~the ~~2012~~directors of the Company. (5239)

Exhibit 10.5946 ~~Material~~Action ~~Contract~~by -Written ~~Mego-Gold,~~Consent ~~LLC~~of -the ~~Share~~Board ~~Transfer~~of ~~Agreement~~Managers ~~dated~~of ~~September~~GGCR 26Mining, ~~2012~~LLC. (5340)

Exhibit 10.6047 ~~Material~~March ~~Agreement - November 28~~2, 2012 ~~Amended~~Order ~~Joint~~of ~~Membership~~the ~~Interest Purchases Agreement with Amarant Mining Ltd~~Arbitrator. (5441)

Exhibit 10.6148 USPartial ~~Federal~~Final ~~Court~~Award ~~Decision~~issued by the arbitrator on ~~April~~March 1529, ~~2013~~2012 in ~~Favor~~arbitration ofbetween Global Gold Corporation ~~against~~and Caldera Resources, ~~Regarding~~Inc. ~~Marjan Property~~ (5542)

Exhibit 10.6249 Material Agreement -– ~~Mine~~Amended ~~Operating~~Joint Membership Interest Purchase Agreement with ~~Linne~~Amarant Mining ~~LLC~~Ltd. ~~dated July 5, 2013~~ (5643)

51Exhibit 10.50 Guarantee Letter from Contender Kapital AB, dated April 13, 2012. (44)

Exhibit 10.6351 ~~Material~~Accountants’ ~~Agreement - $8~~Letter.8 ~~Million Debt Facility Agreement with Linne Mining LLC dated July 5, 2013~~ (5745)

Exhibit 10.6452 ~~Material~~Amended ~~Agreement~~and –Extended ~~Addendum~~Employment NoAgreement, effective July 1, to2012, ~~the~~by ~~Gold~~and ~~Concentrate~~between ~~Supply~~Global ~~Contract~~Gold ~~with~~Corporation ~~Industrial~~and ~~Minerals,~~Van SAKrikorian. (5846)

Exhibit 10.6553 ~~Material~~Amended ~~Agreement~~and -Extended ~~Option~~Employment ~~Deed~~Agreement, ~~with~~effective ~~Jacero~~July ~~Holdings~~1, ~~Limited~~2012, ~~dated~~by ~~July~~and 5between GGM, ~~2013~~LLC and Ashot Boghossian. (5947)

Exhibit 10.6654 ~~Material~~Amended ~~Agreement~~and –Extended ~~Contractors~~Employment Agreement, ~~with~~effective ~~Creo~~August ~~Design~~1, ~~(Pty)~~2012, ~~Limited~~by and ~~Viking~~between ~~Investment~~Global ~~Limited~~Gold ~~dated~~Corporation ~~July~~and 5,Jan ~~2013~~Dulman. (6048)

Exhibit 10.6755 ~~Material~~Restricted ~~Agreement~~Stock –bonus ~~Heads~~award ofeffective ~~Agreement~~July ~~contract~~1, 2012 to ~~merge~~Van ~~Global~~Krikorian. ~~Gold Consolidated Resources Limited and Signature Gold Limited~~ (6149)

Exhibit 10.6856 ~~Final~~Restricted ~~Award~~Stock ~~issued~~bonus byaward ~~the~~effective ~~arbitrator~~July ~~on June 26~~1, ~~2014~~2012 into ~~arbitration~~Jan ~~between~~Dulman. ~~Global Gold Corporation and Amarant Mining Ltd and Alluvia Mining, Ltd~~ (6250)

Exhibit 10.6957 ~~International~~September ~~Center for Investment Dispute Resolution Final Award on November 10~~5, ~~2014~~2012 inWrit ~~Favor~~ of ~~Global~~Execution. ~~Gold Corporation against Caldera Resources Regarding Marjan Property~~ (6351)

Exhibit 10.7058 ~~Amended~~Material ~~and~~Contract ~~Extended~~- ~~Employment~~Getik ~~Agreement,~~Mining ~~effective July 1~~Company, ~~2015,~~LLC by- ~~and~~Share ~~between~~Transfer ~~Global~~Agreement ~~Gold~~dated ~~Corporation~~September ~~and~~26, ~~Van Krikorian~~2012. (6452)

Exhibit 10.7159 ~~Amended~~Material ~~and~~Contract ~~Extended~~- ~~Employment Agreement~~Mego-Gold, ~~effective~~LLC ~~July~~- 1,Share ~~2015,~~Transfer byAgreement ~~and~~dated ~~between~~September ~~GGM~~26, ~~LLC and Ashot Boghossian~~2012. (6553)

Exhibit 10.7260 ~~Amended~~Material ~~and Extended Employment~~ Agreement, ~~effective~~- ~~August~~November 128, ~~2015,~~2012 byAmended ~~and~~Joint ~~between~~Membership ~~Global~~Interest ~~Gold~~Purchases ~~Corporation~~Agreement ~~and~~with ~~Jan~~Amarant ~~Dulman~~Mining Ltd. (6654)

Exhibit 10.7361 ~~March~~US ~~27,~~Federal ~~2015~~ Court ofDecision ~~Appeals~~on ofApril ~~the~~15, ~~Island~~2013 ~~of Jersey ruling~~ in Favor of Global Gold Corporation against ~~Consolidated~~Caldera Resources ~~Armenia.~~Regarding Marjan Property (6755)

Exhibit 10.7462 Material Agreement –- ~~January~~Mine ~~17,~~Operating ~~2012~~Agreement ~~Instrument~~with ~~for~~Linne ~~$2,000,000~~Mining ~~Convertible~~LLC ~~Notes~~dated ~~and~~July ~~related~~5, ~~documents.~~2013 (6856)

~~Exhibit 10.75 Material Agreement – Amended and extended 5 year Office Lease effective November 1, 2015. (69)~~51

Exhibit 10.7663 ~~Jersey~~Material ~~Island~~Agreement ~~Dispute~~- ~~Resolution~~$8.8 ~~Final~~Million ~~Award~~Debt onFacility ~~November~~Agreement ~~18,~~with ~~2015~~Linne inMining ~~Favor~~LLC ofdated ~~Global~~July ~~Gold~~5, ~~Corporation~~2013 ~~against Consolidated Resources~~ (7057)

Exhibit 10.7764 ~~August~~Material ~~24, 2015 Armenian Government new Mining~~ Agreement ~~and~~– ~~Extension,~~Addendum ~~new~~No ~~Mining~~1 ~~Act~~to ~~Allocation,~~the ~~new~~Gold ~~Mining~~Concentrate ~~Permit~~Supply ~~and~~Contract ~~Extension~~with ~~(license)~~Industrial Minerals, ~~and~~SA ~~new Order on Mining Rights~~ (7158)

Exhibit 10.7865 ~~September~~Material 7,Agreement ~~2016~~- ~~Armenian~~Option ~~Government~~Deed ~~(Unofficial~~with ~~English~~Jacero ~~Translation)~~Holdings ~~new~~Limited ~~Marjan~~dated ~~Mining~~July ~~license~~5, ~~amendment.~~2013 (7259)

Exhibit 3110.166 ~~Certification~~Material ofAgreement ~~Chief~~– ~~Executive~~Contractors ~~Officer~~Agreement ~~Pursuant~~with toCreo ~~Rule~~Design ~~13a-14~~ (aPty) ofLimited ~~the~~and ~~Sarbanes-Oxley~~Viking ~~Act~~Investment ofLimited ~~2002.~~dated July 5, 2013 (60)

Exhibit 3110.267 ~~Certification~~Material ofAgreement ~~Chief~~– ~~Financial~~Heads ~~Officer~~of ~~Pursuant~~Agreement contract to ~~Rule~~merge ~~13a-14~~Global ~~(a)~~Gold ofConsolidated ~~the~~Resources ~~Sarbanes-Oxley~~Limited ~~Act~~and ofSignature ~~2002.~~Gold Limited (61)

Exhibit 3210.168 ~~Certification~~Final ofAward ~~the~~issued ~~Chief~~by ~~Executive~~the ~~Officer~~arbitrator ~~and~~on ~~Chief~~June ~~Financial~~26, ~~Officer~~2014 ~~Pursuant~~in toarbitration 18between ~~U.S.C.~~Global ~~Section~~Gold ~~1350,~~Corporation asand ~~Adopted~~Amarant ~~Pursuant~~Mining toLtd ~~Section~~and ~~906~~Alluvia ofMining, ~~the~~Ltd ~~Sarbanes-Oxley Act of 2002.~~(62)

52Exhibit 10.69 International Center for Investment Dispute Resolution Final Award on November 10, 2014 in Favor of Global Gold Corporation against Caldera Resources Regarding Marjan Property (63)

Exhibit ~~101~~10.INS*70 ~~XBRL~~Amended ~~Instance~~and Extended Employment Agreement, effective July 1, 2015, by and between Global Gold Corporation and Van Krikorian. (64)

Exhibit ~~101~~10.SCH*71 ~~XBRL~~Amended ~~Taxonomy~~and ~~Extension~~Extended ~~Schema~~Employment Agreement, effective July 1, 2015, by and between GGM, LLC and Ashot Boghossian. (65)

Exhibit ~~101~~10.CAL*72 ~~XBRL~~Amended ~~Taxonomy~~and ~~Extension~~Extended ~~Calculation~~Employment Agreement, effective August 1, 2015, by and between Global Gold Corporation and Jan Dulman. (66)

Exhibit ~~101~~10.DEF*73 ~~XBRL~~March ~~Taxonomy~~27, ~~Extension~~2015 ~~Definition~~Court of Appeals of the Island of Jersey ruling in Favor of Global Gold Corporation against Consolidated Resources Armenia. (67)

Exhibit ~~101~~10.LAB*74 ~~XBRL~~Material ~~Taxonomy~~Agreement ~~Extension~~– ~~Labels~~January 17, 2012 Instrument for $2,000,000 Convertible Notes and related documents. (68)

Exhibit ~~101~~10.PRE*75 ~~XBRL~~Material ~~Taxonomy~~Agreement ~~Extension~~– ~~Presentation~~Amended and extended 5 year Office Lease effective November 1, 2015. (69)

~~(1) Incorporated herein by reference to~~ Exhibit 310.176 toJersey ~~the~~Island ~~Company's~~Dispute ~~annual~~Resolution ~~report~~Final Award on ~~10-KSB~~November ~~for~~18, ~~the~~2015 ~~year~~in ~~ended~~Favor ~~December~~of ~~31,~~Global ~~2007~~Gold ~~filed~~Corporation ~~with~~against ~~the~~Consolidated ~~SEC~~Resources ~~on March 31, 2008.~~(70)

~~(2)~~Exhibit ~~Incorporated~~10.77 ~~herein~~August by24, ~~reference~~2015 toArmenian ~~Exhibit~~Government ~~3.2~~new toMining ~~the~~Agreement ~~Company's~~and ~~annual~~Extension, ~~report~~new onMining ~~10-KSB~~Act ~~for~~Allocation, ~~the~~new ~~year ended~~Mining ~~December~~Permit ~~31,~~and ~~2007~~Extension ~~filed~~(license), ~~with~~and ~~the~~new ~~SEC~~Order on ~~March~~Mining ~~31,~~Rights ~~2008.~~(71)

~~(3) Incorporated herein by reference to~~ Exhibit 10.378 toSeptember ~~the~~7, ~~Company's~~2016 ~~current~~Armenian ~~report~~Government on(Unofficial ~~Form~~English ~~8-K~~Translation) ~~filed~~new ~~with~~Marjan ~~the~~Mining ~~SEC~~license ~~on April 13, 2007~~amendment. (72)

~~(4)~~Exhibit ~~Incorporated~~10.79 ~~herein~~Material byAgreement ~~reference~~– toJuly ~~Exhibit~~1, ~~10.3~~2017 toConsolidating Promissory Notes with the Company'’s ~~current~~Directors ~~report~~and onOfficers ~~Form~~(Messrs. ~~8-K~~Gallagher, ~~filed~~Krikorian, ~~with~~Hague, ~~the~~Aynilian, ~~SEC~~Caesar onand ~~May 31, 2007.~~Dulman)

~~(5) Incorporated herein by reference to~~ Exhibit 331.1 toCertification ~~the~~of ~~Company's~~Chief ~~current~~Executive ~~report~~Officer onPursuant ~~Form~~to 8Rule 13a-K14 ~~filed~~(a) ~~with~~of the ~~SEC~~Sarbanes-Oxley onAct ~~June~~of ~~20, 2007~~2002.

~~(6) Incorporated herein by reference to~~ Exhibit 1031.42 toCertification ~~the~~of ~~Company's~~Chief ~~current~~Financial ~~report~~Officer onPursuant ~~Form~~to 8Rule 13a-K14 ~~filed~~(a) ~~with~~of the ~~SEC~~Sarbanes-Oxley onAct ~~September~~of ~~7, 2007~~2002.

~~(7)~~Exhibit ~~Incorporated~~32.1 ~~herein~~Certification byof ~~reference~~the toChief ~~Exhibit~~Executive ~~10.4~~Officer and Chief Financial Officer Pursuant to ~~the~~18 ~~Company's~~U.S.C. ~~current~~Section ~~report~~1350, onas ~~Form~~Adopted ~~8-K~~Pursuant ~~filed~~to ~~with~~Section ~~the~~906 ~~SEC~~of onthe ~~November~~Sarbanes-Oxley 1,Act ~~2007~~of 2002.

~~(8) Incorporated herein by reference to Exhibit 10.3 to the Company's current report on Form 8-K filed with the SEC on October 22, 2008.~~52

~~(9) Incorporated herein by reference to~~ Exhibit 10101.15INS* toXBRL ~~the Company’s annual report on Form 10-K filed with the SEC on April 15, 2009.~~Instance

~~(10) Incorporated herein by reference to~~ Exhibit 10101.5SCH* toXBRL ~~the~~Taxonomy ~~Company’s~~Extension ~~current report on Form 8-K filed with the SEC on July 29, 2009.~~Schema

~~(11) Incorporated herein by reference to~~ Exhibit 10101.10CAL* toXBRL ~~the~~Taxonomy ~~quarterly~~Extension ~~report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.~~Calculation

~~(12) Incorporated herein by reference to~~ Exhibit 10101.11DEF* toXBRL ~~the~~Taxonomy ~~quarterly~~Extension ~~report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.~~Definition

~~(13) Incorporated herein by reference to~~ Exhibit 10101.12LAB* toXBRL ~~the~~Taxonomy ~~quarterly~~Extension ~~report on 10-Q for the second quarter ended June 30, 2009, filed with the SEC on August 14, 2009.~~Labels

53Exhibit 101.PRE* XBRL Taxonomy Extension Presentation

(141) Incorporated herein by reference to Exhibit 103.131 to the ~~quarterly~~Company's annual report on 10-QKSB for the ~~second~~year ~~quarter~~ ended ~~June~~December 3031, ~~2009,~~2007 filed with the SEC on ~~August~~March 1431, ~~2009~~2008.

(152) Incorporated herein by reference to Exhibit ~~10.~~3.2 to the Company’'s ~~current~~annual report on ~~Form 8~~10-KKSB for the year ended December 31, 2007 filed with the SEC on ~~November~~March 1931, ~~2009~~2008.

(163) Incorporated herein by reference to Exhibit 10.3 to the Company’'s current report on Form 8-K filed with the SEC on ~~December~~April 2213, ~~2009~~2007.

(174) Incorporated herein by reference to Exhibit 10.3 to the Company’'s current report on Form 8-K filed with the SEC on ~~March~~May 231, ~~2010~~2007.

(185) Incorporated herein by reference to Exhibit 103.41 to the Company’'s current report on Form 8-K filed with the SEC on ~~March~~June 220, ~~2010~~2007.

(196) Incorporated herein by reference to Exhibit 10.54 to the Company’'s current report on Form 8-K filed with the SEC on ~~March~~September 27, ~~2010~~2007.

(207) Incorporated herein by reference to Exhibit 10.4 to the Company’'s current report on Form 8-K filed with the SEC on ~~March~~November 251, ~~2010~~2007.

(218) Incorporated herein by reference to Exhibit 10.3 to the Company’'s current report on Form 8-K filed with the SEC on ~~March~~October 3022, ~~2010~~2008.

(229) Incorporated herein by reference to Exhibit 10.1615 to the ~~quarterly~~Company’s annual report on Form 10-QK ~~for the second quarter ended June 30, 2010,~~ filed with the SEC on ~~August~~April 2315, ~~2010~~2009.

(2310) Incorporated herein by reference to Exhibit 10.35 to the Company’s current report on Form 8-K filed with the SEC on ~~October~~July 2229, ~~2010~~2009.

(2411) Incorporated herein by reference to Exhibit 10.310 to the ~~Company’s~~quarterly ~~current~~ report on ~~Form 8~~10-KQ for the second quarter ended June 30, 2009, filed with the SEC on ~~November~~August 114, ~~2010~~2009.

(2512) Incorporated herein by reference to Exhibit 10.311 to the ~~Company’s~~quarterly ~~current~~ report on ~~Form 8~~10-KQ for the second quarter ended June 30, 2009, filed with the SEC on ~~March~~August 2114, ~~2011~~2009.

(2613) Incorporated herein by reference to Exhibit 10.412 to the ~~Company's~~quarterly <

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