TSX: LYD

Amulsar Gold Project October 2017 CAUTIONARY STATEMENTS Forward Looking Information & Estimates of Reserves and Resources

Certain information contained in this presentation, including any information relating to Amulsar's expected future performance, is "forward looking". All statements in this presentation, other than statements of historical fact, that address events, results, outcomes or developments that the Corporation expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", “targets”, "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this presentation relate primarily to the results of the Amulsar value engineering and optimization study entitled the ‘‘NI 43-101 Technical Report, Amulsar Updated Resources and Reserves, ”, dated March 30, 2017 and prepared by Samuel Engineering, Inc., and include, among others, statements with respect to: the economic and resource potential of Amulsar; the general development of Amulsar (including, but not limited to, infrastructure, mine operations, systems, facilities, plants, equipment and employment); the economic and feasibility parameters of Amulsar; the nature, cost and timing of development of the Amulsar project; expected capital costs, sustaining capital costs, production, cash costs and all-in sustaining costs; the timing and amount of funding under the Corporation’s project finance agreements and equipment financing agreements; inferred resources; environmental and social initiatives; growth strategies; workforce strategy and challenges; the expected timing to begin repayments of debt under the project finance agreements and equipment financing agreements; the expected timing of achievement of net profit and positive cash flow results for the Amulsar project; the expected mine life, scale, mining methods and plan, processing methods and rates, grades, recovery rates, stripping ratio, production and other attributes of Amulsar; the tonnages and grades of mineral reserves and resources and the estimation of mineral reserves and resources; the realization of mineral resource estimates and the timing of development and construction of the Amulsar project, including the expected start date of production; the expected timing of deliveries of major equipment purchases; results of future exploration and drilling; the potential extension of the Amulsar project mine life through the evaluation of currently defined inferred resources and from open extensions at depth; the commitment to and implementation of good international industry practices; the timing for receipt of permits and approvals; the expected pre-tax and after-tax NPV, IRR and payback period associated with Amulsar; the support of the Armenian government and local communities; and the expected economic impact of the Amulsar project on the Armenian economy. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: significant capital requirements and availability of capital resources to fund such requirements; failure to satisfy conditions to draw down advances under the project finance agreements and equipment financing agreements; fluctuations in international currency markets; price volatility in the spot and forward markets for commodities; tax rates or royalties being greater than assumed; discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Armenia; changes to the Corporation’s mine plan or profitability or to the Corporation’s asset profile that might alter the allocation of tax attributes to the Amulsar project; controls, regulations and political or economic developments in Jersey, Canada or Armenia; the speculative nature of mineral exploration and development; risks associated with obtaining and maintaining the necessary licenses and permits and complying with permitting requirements; failure to extend the mine life of the Amulsar project through the evaluation of defined inferred resources and from open extensions at depth; and uncertainties inherent to mining economic studies such as the Amulsar value engineering and optimization study, including the risk that the assumptions underlying such study and its economic parameters will not be realized. Additional risk factors are discussed under “Risk Factors” in the Corporation’s most recently filed Annual Information Form and also see “Risk Factors” in the Corporation’s most recently filed Annual Management’s Discussion and Analysis. Although the forward-looking statements contained in this presentation are based upon what management believes to be reasonable assumptions, these risks, uncertainties, assumptions and other factors could cause actual results, performance and achievements to differ materially from the expectations, future results, performances or achievements expressed or implied by the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation does not undertake any obligation to publicly update or revise any forward- looking statements except as expressly required by applicable securities laws.

Information concerning estimates of minerals reserves and resources This presentations uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with National Instrument 43-101 – Standard of Disclosure for Mineral Projects, which establishes Canadian standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission (“SEC”), and mineral resource information contained herein may not be comparable to similar information disclosed by U.S. companies. This presentation uses the terms “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” to comply with reporting standards in Canada. We advise U.S. investors that while such terms are recognized and required by Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into mineral reserves under SEC definitions. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” exist. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of pre-feasibility or other economic studies. It cannot be assumed that all or any part of the “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” will ever be upgraded to a higher category. Where we say "we", "us", "our", the "Corporation", or "Lydian" in this presentation, we mean Lydian International Limited and/or one or more or all of its subsidiaries, as may be applicable. All dollar 2 amount references in this presentation, unless otherwise indicated, are expressed in United States dollars. TSX: LYD YOUR SAFETY

3 Health & Safety Safety Share

• Unfamiliar environments o City – traffic and walkway hazards o Site – active construction environment o Fatigue factor • Open for discussion

4 TSX: LYD Safety Highlights Please have a Safe and Informative Site Tour

• All visitors must complete the Amulsar safety induction – This will be completed prior to accessing active construction areas at Amulsar

• Always – o Stay with your guide o Follow instructions o Wear your PPE . Hard hat . Safety glasses . Steel toed boots o Ask questions • Be prepared for changing weather conditions • Emergency contact: +374 436 34047

5 TSX: LYD INTRODUCTIONS AND OVERVIEW

6 Health & Safety Targets: Zero LTI and Continuous Improvement in Safety Culture

• Organizational priority o International standards framework o Board-level oversight through Sustainability Committee o Occupational Health and Safety Policy adopted • Comprehensive company-wide H&S plan o Risk assessments made for generic and specific driving/work activities o SOPs in place for control of Amulsar workforce and contractors o H&S training requirements identified o Formal training schedules underway • Formal accident reporting and investigation system implemented • Workforce safety reps appointed and encouragement of workforce involvement

• Drug and alcohol policy enforced

7 TSX: LYD Health & Safety Safety Statistics: Through August 2017

8 TSX: LYD Amulsar Gold Project Compelling Development Asset Under Construction

Re-Rating Opportunity as Construction Milestones De-risk Project

Large Scale Operation Low Cost, High Cashflow Average Annual Production All-in Sustaining Costs 225,000 Gold Ozs $579/oz

100% Owned Upside Potential Financed and Permitted From Current Resources & Development Project Open Extensions

Emerging Gold Producer One of the Largest Emerging Gold Producers Mid-2018

9 TSX: LYD Lydian International Trading and Capital Structure

Capital Structure

Ordinary Shares LYD Trading Symbols Publicly-traded Warrants LYD.WT

Ordinary Shares 699,449,253 Shares Publicly-traded Warrants 99,187,500 Outstanding Unlisted Warrants 5,000,000 Market C$245 Million Capitalization

Recent Share Price C$0.35 Share Price 52-week High/Low C$0.45/C$0.28

Cash at 6/30/17 $77 MM Equity $118 Million Project Term Loans $250 Million Financing Capped Stream $60 Million In Place Cost Overrun Facility $14 Million Total $442 Million Primary crusher apron feeder. 10 TSX: LYD Lydian International Strong Financial Backing and Analyst Support

Key Shareholders Analyst Coverage

Resource Capital Fund BMO Andrew Breichmanas Orion Mine Finance Management I Limited GMP David Stewart European Bank for Reconstruction & Development National Bank Shane Nagle Franklin Resources, Inc. Scotiabank Trevor Turnbull Donald Smith Value Fund LP Amber Capital UK LLP RBC Asset Management ASA Gold & Precious Metals Fund

Lenders Orion / RCF / Osisko Gold ING / Cat Financial / Ameriabank Four CAT 789D haul trucks are in country and scheduled for delivery to site in September. 11 TSX: LYD Amulsar: Site Plan Conventional Open-Pit Mining & Heap Leach Processing

Truck Shop Mine Pits Crushing Up to 2,975m Overland Conveyor 2,600m Truck Loadout 1,850m

ADR Plant 1,630m Access Road

12 TSX: LYD Amulsar: Project Profile Quick Reference Guide

Technical Report Highlights1

Initial Mine Life 10 Years Annual Tonnes Processed 10.2 MTPA Waste : Ore Ratio 2.2 : 1.0 Gold Grade 0.79 g/t Gold Recovery 87% Annual Gold Production Years 1 - 5 260,000 Ozs Average 225,000 Ozs All-in Sustaining Costs ($/oz) $579 Initial Capex Gold Resources & Reserves Technical Report $370 million Tonnes Gold Grade Contained Gold 1 Source: Technical Report dated March 30, 2017. (000s) (g/t) (000s) Gold Resources Measured and Indicated 142,200 0.76 3,470 Inferred 72,200 0.55 1,280 Gold Reserves Proven and Probable 102,653 0.79 2,606

13 See Appendix for details and notes to Mineral Resources and Mineral Reserves. TSX: LYD Amulsar: Financing Plan Quick Reference Guide

Project & Corporate Funding Sources Equity RCF/Orion $80 Million Public Offering $29 Million EBRD $9 Million $118 Million Term Loans Orion/RCF $160 Million Equipment Financing, from $90 Million ING Caterpillar Ameriabank $250 Million Capped Stream Orion (now Osisko)/RCF $60 Million $60 Million Cost Overrun Facility Orion/RCF $14 Million $14 Million Total In-Place Financing $442 Million

Warrant Potential on Full Exercise $28.5 Million

14 TSX: LYD Amulsar: Economic Profile Powerful Economics from Initial 10-Year Life; Open Potential

Low-Cost Drivers Economics at $1,250 Gold Efficiencies from Large Scale Operations Initial Capex 1 $370 Million All Oxides Produce 87% Gold Recovery All-in Sustaining Costs 1 $579 / Gold Oz Conventional Mining & Processing 10-year Post-debt Cashflows $850 Million Low Waste : Ore Ratio at 2.2 NPV Accretion Drives Re-rating Downhill Ore Route Upside Potential to Increase / Extend Valuation Leveraged After-tax Amulsar NPV ($1,250 and $1,350 Gold, 5% Discount) $800,000

$750,000 $1,350 Gold $700,000

$650,000 $1,250 Gold $600,000

$550,000

$500,000

$450,000 Year -2 Year -1 First Gold Year 1 Year 2 15 1 Source: Q1 2017 Technical Report TSX: LYD Corporate Strategy for Growth Potential from Existing Resources & Future Exploration

Gold Mineral Resources Outside Current 10-Year Mine Plan Tonnes Gold Grade Contained (000s) (g/t) Gold (Koz) Measured and Indicated 39,549 0.68 864 Inferred 72,200 0.55 1,280 Target 48 Mt at Reserve Grade Adds 1,000,000 Recoverable Gold Ounces

350,000

300,000

250,000 Exploration Potential 200,000 beyond Resources

150,000

100,000

50,000

- Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

Current Mine Plan Strategy for Growth from Existing Resources 16 TSX: LYD SUSTAINABILITY

17 Sustainability Philosophy and Framework

• International standards drive organizational performance o EBRD performance requirements o IFC performance standards • Volunteer initiatives o International cyanide management code o Volunteer Principles on Security and Human Rights • Strong leadership and independent oversight o Board-level oversight through Sustainability Committee o Environmental & Social Policies adopted o Independent advisory panel established o Independent Environmental and Social Consultant (“IESC”) reviews • Strong Leadership in Armenia o International Standard ESIA o Sustainability Report 2016

18 TSX: LYD Sustainability Environmental and Social

• Environmental studies conducted since 2008

• More than USD 6 million has been spent so far also engaging Armenian and international organizations

• For example: RA NAS Institute of Botany, RA NAS Scientific Center of Zoology and Hydro- ecology, Wardell Armstrong International, Golder Associates, TEC, • Shared Resources, ERM , etc.

• Through supervision visits at least once a year and regular reporting on performance EBRD review compliance with environmental and social standards

19 TSX: LYD Sustainability Impact Assessment

• Environmental Impact • Environmental and Social Impact Assessment (“EIA”) – Armenia Assessment (“ESIA”) – o Initial approval – November International 2014 o Prepared by independent o Updated – May 2016 international consultants 15 public hearings o o Approved and disclosed – 2016 o Over 20 public discussions EIA ESIA Environmental Environmental and Social Impact Assessment Impact Assessment

20 TSX: LYD Sustainability Biodiversity Management

BIODIVERSITY MANAGEMENT IS PERFORMED ON NO NET LOSS or NET GAIN BASIS

• Avoidance

• Mitigation (translocation, restoration)

• Offset

21 TSX: LYD Sustainability Biodiversity Management

• The Company discovered Potentilla porphyantha on Amulsar in 2012

• Listed in the Armenian Red Book, although Amulsar is not mentioned as a habitat

• Program includes translocation o One part to another region of Amulsar o The other part to Sevan Botanical Garden of RA NAS Institute of Botany • Ultimate plan to demonstrate ability to repropagate to natural habitats

• Program conducted through o Coordination with RA NAS IoB o Sponsorship of two Cambridge PhD theses

22 TSX: LYD Sustainability Biodiversity Management

• Establishment of Jermuk National Park has been stipulated by the Republic of Armenia Government Strategy for Development of Specially Protected Nature Areas

• Duration of the Project – 2017-2021

• Government Decree on biodiversity strategy

• MoU signed with the Ministry of Nature Protection

23 TSX: LYD Sustainability Security

• Developed a Security Management Plan o Incorporate all Security Standard Operating Procedures o Include gold room and operational security risks • Commitment to follow: o Volunteer Principles on Security and Human Rights o IFC PS4 • Extensive trainings o Covered 9 modules (introduction of Private Security, labor relations, patrol duties and responsibilities, Fire Detection-Prevention and Safety and etc)

24 TSX: LYD Sustainability Independent Advisory Panel

John Harker (Chair) Hayk Akarmazian • Former President of Cape Breton University; • Dean of Faculty of International Students, former Chair of the Cerrejon coal project review State Engineering University of Armenia panel (Anglo American, BHP Billiton, Xstrata) Elisa Tonda Haroutune Armenian • Head of the Responsible Industry and Value • Professor in Residence of epidemiology at UCLA; Chain Unit, United Nations Environment Professor Emeritus at Johns Hopkins University; Program; ICMC board member President Emeritus American University of Armenia (AUA) Anahit Simonyan Jon Hobbs • Head of the UNIDO office in Armenia • Former Director Extractives Sector, WWF International Luc Zandvliet • An expert in socio-economic development, author of Getting it Right – CSR-required reading; previous experience includes Newmont and Statoil

25 TSX: LYD Sustainability Extractive Industries Transparency Initiative

• In 2015, announcement was made by the Prime Minister • National Champion appointed – Minister of Justice • In 2016 Multi Stakeholder Group (“MSG”) Formed o Government – 6 representatives o Civil Society Organizations – 5 representatives o Industry – 4 representatives - Lydian is represented in the MSG • In 2016 respective application documentation finalized and submitted

• Armenia’s Candidacy Accepted – March 2017

• First Report to be Published in September 2018

• Validation process to become full member state is expected by end of 2019 or early 2020

26 TSX: LYD Sustainability Social Programs – More than 90 Community Programs

• Benefitting regional communities of Jermuk, Gndevaz, Gorayk, and Seravan o Started in 2007 – focus to secure social license o Invested $3 million to date o 2016 strategy going forward – switching from what’s good for community to what’s mutually beneficial

• Notable programs in social infrastructure include: o Construction of gas pipeline in Saravan o Construction of irrigation channel in Gorayk and Gndevaz o Renovation of Gorayk school, library and medical post o Reconstruction of Gndevaz kindergarten and school o Reconstruction of a kindergarten and art school in Jermuk o Reconstruction of Kechut Music School o Renovation of Kechut drinking water system o Financing of the university tuition fees for students

27 TSX: LYD Sustainability Local Employment Plan & Local Procurement Plan

• LEP Local employment averages 44% from October o Monthly Job Statistics 2016 – August 2017 1318 Over 1,300 total employed in August 2017 1119 o 940 728 575 389 363 457 • LPP 325 306 255 o Local procurement procedures & SOP’s developed – introduced in communities o Community education & awareness on “how to do business with Lydian” Contractor proportion of local employment: o Expressions of Interest released locally Feb-July 2017 . Camp shop . Transportation Apra Sevan: ave 24% Renco: ave 50% . Signage preparation Master Catering: ave 73% Turis: ave 100% . Paper/plastic waste collection Chanaparh: ave 1% . Inventory of equipment 200% o Local transportation service – selection in 100% process 0% 0 1 2 3 4 5 6 7 o Local stationary supply – in process 28 o Monthly local procurement – about $75-80K TSX: LYD Sustainability Livelihood Restoration Plan

• Progress to date o Land acquisition completed, with no expropriation o A 3-year commitment for LRP programs (2016-2019) o LRP will be monitored annually: budget tracked separately from social programs o M&E Report on LRP for 2016/17 compiled in April • LRP activities o Gndevaz irrigation canal repair: over 150 ha of land (+10M litres/day) o Orchard development support: 5,000 fruit trees prepared for next spring o Cattle breeding & livestock development: 80% success rate in Year 1 & 2 o Improved livelihoods through horticulture development, income generation o Food processing expansion through sun-drying facility : run by local Cooperative, (with no support from Lydian) o Social enterprise development to run local businesses: new Cooperative o SME Development: 14 women-led businesses in 2016, additional 7-8 in 2017 29 TSX: LYD ARMENIA OVERVIEW

30 Armenia: Geography & People Small, Inland Nation with Well-Educated Society

Area 29,743 sq km Geographic Coordinates 40 00 N, 45 00 E Elevation - Armenia Low 400 m High 4,090 m Mean 1,792 m Elevation - Amulsar Low 1,630 m High 2,980 m Population 3.0 million Median Age 34.6 years Literacy Rate 99.7% Official Language Armenian Other Languages English Russian

31 TSX: LYD Armenia: Climate Jermuk: Moderate Temperatures and Precipitation

25 120

105 20

90 15

75 10

60

5 45

0 30

-5 15

-10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Precip. mm Poly. (Average Temp. C°)

32 TSX: LYD Armenia: Economy Stable-Trending Indicators

2014 2015 2016 Gross Domestic Product USD Billions $ 11.60 $ 10.50 $ 10.60 Foreign Direct Investment USD Billions $ 0.40 $ 0.18 $ 0.34 Foreign Currency USD:AMD 415.92 477.92 480.49 Inflation Percent 3.0% 3.7% -1.3% Unemployment Percent 17.6% 17.0% 16.8%

GDP by Sector Exports 2015 ($1.66 Billion) Agriculture Other $194 Mineral 19.6% Products Textiles $112 $474

Services 51.3% Metals $260

Industry 29.1% Precious Foodstuffs Metals $311 $309 33 TSX: LYD Armenia: Government Structure 2015 Referendum Revised to Parliamentary Republic

Authority Position Incumbent Since Next Election Head of State President Apr-08 Feb-18 Head of Government Prime Minister Sep-16 N/A Legislative Power National Assembly 131 Deputies May-17 May-22 Judicial Power Constitutional Court Court of Appeals Review Courts Courts of First Instance Others Independent Agencies Central Electoral Commission Human Rights Defender Central Bank General Prosecutor's Office Control Chamber

34 TSX: LYD Armenia: Government Structure Ministries Reflect Traditional Roles and Government Priorities

Minister Minister Int'l Economic Integration and Reforms (and Vice PM) Finance Vardan Aramyan Agriculture Ignati Araqelyan Foreign Affairs Edward Nalbandian Culture Armen Amiryan Healthcare Levon Altunyan Defence Justice Davit Harutyunyan Diaspora Labor and Social Affairs Economic Development and Investments Suren Karayan Nature Protection Artsvik Minasyan Education and Science Levon Mkrtchyan Sport and Youth Affairs Hrachya Rostomyan Emergency Situations Davit Tonoyan Territorial Administration and Development Davit Lokyan Energy Infrastructures and Natural Resources Ashot Manukyan Transport, Communication and Information Technologies Vahan Martirosyan

35 TSX: LYD Armenia: International Participant Initiating Reform by Aligning with Best International Practices

Participation Comments Representative Democracy - Since 1991 Adopted upon independence in 1991; a 2015 referendum modified from a presidential system to a parliamentary system. Mining Code Revised - 2012 World Bank guided revisions to modernize and reflect best international practices. Armenia continues to improve to meet align with international practicies.

Extractive Industry Transparency Initiative EITI is a global standard to promote the open and accountable management of oil, gas and mineral resources.

Broad International Participation and Engagement: United Nations World Bank World Trade Organization International Monetary Fund Council of Europe Organization for Security and Co-operation in Europe Organisation for Economic Cooperation and Development Eurasian Economic Union

36 TSX: LYD Armenia: Mining Mining in Armenia

Base Metals (Metric Tonnes)

80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 2012 2013 2014 Copper Molybdenum Zinc

Precious Metals (Ounces) 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 - 2012 2013 2014

Gold Silver

37 Source: USGS 2014 Minerals Yearbook, Armenia TSX: LYD Armenia: Mining Amulsar & Other Mining Investment Viewed as Positive

Amulsar Gold Mine Other Mining Developments • Job Creation • Teghout Copper & Moly mine o Construction – 1,300 direct jobs o Owned by Vallex Group o Operations – 700 direct jobs o $320 million investment in 2014 • Foreign Direct Investment & • Kajaran Copper & Moly Mine Trade o Owned by Cronimet Mining AG o Among largest FDI since 1991 o Zangezur copper moly combine o Annual exports – $280 million • Kapan • Revenue Base o Recently Acquired by Polymetal o Among largest taxpayers o Annual contribution – ±$50 • Global Gold Corp million o Toukhmanuk in operations Advancing two others • New Approach to Mining o Amulsar to be largest gold mine o • Other explorers active o First heap leach project 38 o Best practices TSX: LYD Armenia: Fiscal Regime Royalties and Profits Tax

• Royalties Example Two components o Gross revenue $ 1,250 . 4% on revenue . Costs 12.5% on pre-tax profit (similar Operating costs (500) to EBIT) Depreciation (100) Other (100) Profit before tax 550 • Profits tax Armenian Royalties o 20% on taxable income, after Royalty 1 (50) 4% of gross revenue deductions for Royalty 2 (69) 12.5% of profits before tax . Other deductions (25) Generally finance costs Royalties Taxable income 406 . Finance costs (81) 20% of taxable income Net income after tax $ 325 o 5-Year Loss Carryforward o Non-resident withholding taxes Total royalties & taxes $ 200 (certain treaty exclusions) Profit before tax $ 550 Effective tax rate 36% . Freight and insurance – 5% . Interest, dividends, etc – 10% . Other – 20%

39 TSX: LYD Armenia: Fiscal Regime Value Added Tax

• Generally 20%, subject to o Refundable upon export of doré o General VAT deferrals on imported goods . 1-year: goods less than AMD 70 million . 2-years: goods greater than AMD 70 million . 3-years: goods greater than AMD 300 million o Investment projects receive up to 3-year VAT deferrals on imported goods

40 TSX: LYD GEOLOGY & EXPLORATION

41 Regional Geology Tethyan Belt: Prominent Geologic Structure in Armenia

• Armenia lies along the central segment of the Tethyan Metallogenic Belt

• Major deposit characteristics of this region include: o Porphyry copper and copper-gold deposits o Epithermal gold-silver type deposits

42 TSX: LYD Regional Geology Amulsar Location

• Upper Eocene – Lower Oligocene calc-alkaline magmatic arc system extending NW through Georgia/Turkey and SE into Iran

43 TSX: LYD Amulsar Geology Deposit Type and Mineralization

• Host sequence o Eocene-Oligocene volcanic and volcano-sediments o Basaltic and dacitic composition • Rock units o Upper Volcanics (“UV”) . Silicified – Mineralization hosted in hematite coated fractures o Lower Volcanics (“LV”) . Argillic porphyritic Andesite

• HS epithermal gold-silver deposit o Mineralization: Hydrothermal and phreatic breccias; andesite sill trapped mineralized fluids causing ponding at/beneath contact o Alteration: Acid leaching resulted 44 in silicification and vuggy quartz 3D view of Amulsar, looking northwest. TSX: LYD Amulsar Geology Surface Geology Map

45 TSX: LYD Amulsar Geology Cross Section through Erato-Tigranes and Artavazdes-Arshak

A – A’ Cross section through Erato-Tigranes

B – B’ Cross section through Artavazdes-Arshak

46 TSX: LYD Amulsar Geology Types of Structures

• Structural formation o Central, high-complexity within a regionally simple structure o Different sets of structures produce final geometry – shears, folds, and faults o Main post-mineralization structures are NE-trending faults o High mineralization is controlled by NE and NW trending faults and fractures o Low mineralization has fractural and lithological control o Small plutons and subvolcanic intrusives occur around mineralized zones Lower Volcanics Upper Volcanics Pit Outline 47 TSX: LYD Amulsar Exploration Lydian Discovery: 127,000 Metres Drilled since 2007

Diamond RC Totals Drilling Holes 494 597 1,091 total holes Metres 2007 593 - 2008 2,680 10,363 2009 1,090 12,446 2010 7,887 17,036 2011 15,028 23,099 2012 13,838 6,720 2013 1,754 5,258 2014 - - 2015 - - 2016 3,217 6,162 46,087 81,084 127,171 total metres Trench sampling 171 samples Channel sampling 1,337 samples Soil sampling 3,105 samples IP lines 54.6 line km

Ground magnetometer 152 line km (18 km2)

Spectrometer 10 line km (10 km2) 48 TSX: LYD Amulsar Exploration Consistently Increasing M+I; Large Inferred Conversion Potential

• Current Mineral Resources and Mineral Reserves

Contained Tonnes Grade Gold Ozs (millions) (g/t) (millions) Mineral Resources Measured + Indicated 142.2 0.76 3.5 Inferred 72.2 0.55 1.3

Mineral Reserves (P+P) 102.65 0.79 2.61

Amulsar Gold Resources (Millions of Gold Ounces) 5.00 4.50 4.00 2.01 1.28 3.50 1.73 3.00 2.50 1.07 2.00 1.40 3.47 1.50 3.03 1.00 2.15 2.38 0.50 1.10 - 2011 2012 2013 2014 2017

Measured + Indicated Inferred 49 TSX: LYD Strategy for Growth Current Resources Limited by Drilling – Open at Depth/Laterally

Drilling Outside Current 10-Year Pit Boundaries

Mineral Resources Outside Current 10-Year Pit Boundaries

RED Measured + Indicated BLUE Inferred 50 TSX: LYD Strategy for Growth Erato Illustrative Cross-section

51 TSX: LYD Strategy for Growth Tigranes Illustrative Cross-section

52 TSX: LYD Strategy for Growth Extended Upside through Exploration at Depth & Laterally

0 500m Resistivity Red – High Blue - Low

53 TSX: LYD AMULSAR MINING

54 Amulsar Mining Conventional Mining Method and Equipment

• Open pit mining o 10 metre benches; variable pit slopes o Drill and blast Initial Sustaining o Caterpillar fleet Shovels: Cat 6040 1 1 Loaders: Cat 994 1 1* Haul trucks: Cat 789D 12 7 Cat 6040 Shovel – 22 m3 bucket * Rent during peak mining period

o Self-mining . Cat dealer maintenance support . Simulator purchased for 6040 and 789D training

• Downhill loaded haulage o Ore to Crushers Waste to BRSF, ultimately add o Cat 789D – 190 tonne capacity capacity and/or backfill pits 55 TSX: LYD Amulsar Mining Preproduction Activities

• Main Haul Road o From pits to ROM stockpile and BRSF 3 o 1.4 million m cut, mostly usable for construction fill

• Tigranes-Artavazdes Temp Haul Road o Initial mining access to T-A pits 3 o 0.5 million m cut • BRSF initial phase

• Mine Facilities o Truck shop and warehouse o Fuel and explosives storage o Mine offices • Preproduction mining Provide access for larger equipment 56 o TSX: LYD Amulsar Mining Delivers Higher Grade Ore for Processing in Years 1 – 5

• Minimal pre-production mining o 3-months prior to operations o 1.3 million tonnes . Ore – 420,000 tonnes . Waste – 849,000 tonnes Mine Production Schedule (000s Tonnes) • Average 10.2 MTPA 30,000 • Stockpile early lower grades; 25,000 process in later years 20,000 Stockpile 0.24–0.30 g/t 15,000 o 10,000 Send for processing in years 8–10 o 5,000 Reserve additions will push out o - lower grade processing (5,000) Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Ore Waste Net Stockpile Movement Average Ore Mined

57 TSX: LYD Amulsar Mining ADR Management: PAG LV Encapsulated within NAG UV

58 TSX: LYD AMULSAR PROCESSING

59 Amulsar Processing Conventional Processes and Equipment

Barren Rock Storage Open-Pit Mining • 2.2 Waste : Ore Ratio • Initial 10-Year Mine Life • Seek expansion from existing add’l resources • Open at depth/laterally Crushing & Screening • 2-Stage crushing • Nominal 10.4 MTPA

Overland Conveyor • Up to 3 MW generation

ADR Plant • 0.79 gpt gold grade • 87.2% gold recovery • Dore output • 225,000 oz/yr

Heap Leach Facility • Initial 108 Mt • Expansion to 150 Mt

60 TSX: LYD Source: Q1 2017 Technical Report Amulsar Processing Ore Characteristics

• Crushing properties o Crushing Work Index (kW- hr/tonne) . Tigranes/Artavazdes: 8.3 . Erato 13.2 o Abrasion Index (overall average) . 0.35

• Low fines and clay content in ore

• Low toxic metals content

• Low cyanide and lime consumption o Cyanide: 0.10 kg/t o Lime: 2.0 kg/t

61 TSX: LYD Amulsar Processing Excellent Leach Recoveries

Cold Climate Column Leach Testing • High recovery and rapid leaching 100% Column tests consistently average 90% o 80% > 90% recovery 70% 3°C column test Averaged 75% in 10 days 60% o 50% 40% Modeling assumptions 30% • 20% o Crush size: 19mm 10% Leach time: 60 days 0% o 0 10 20 30 40 50 60 70 80 o Recovery: 87% Days of Leach

• Climate considerations Avg Gold Extraction o HLF at 1,630m Sample ID 19.0 mm 12.5 mm o Cold temperature column test Composite-06 90.8% 91.1% . Ambient: Finished leaching in 45 Composite-07 86.4% 87.1% to 52 days Composite-10 94.4% 95.2% . Still leaching at 73 days; recovery Composite-11 93.5% 92.9% at +90% Composite-12 85.5% 86.7% Composite-13 97.9% 98.4% 62 • Opportunity to increase crush size TSX: LYD Amulsar Processing Simple Metallurgical Process

63 TSX: LYD Amulsar Processing Conventional Sandvik 2-Stage Crushing & Screening Plant

Primary Stockpile

Primary Crusher

Secondary Crusher

Overland Drive Station

Screen House

64 TSX: LYD Amulsar Processing Sandvik Overland Conveyor System

Overland Conveyor

Fine Ore Stockpile

65 TSX: LYD Amulsar Processing Loadout Area for Truck Stacking

66 TSX: LYD Amulsar Processing Dual Bins to Meet Stacking Rate

Shuttle

Stockpile Conveyor

Bins/Clamshells

Trucks to Heap Leach

67 TSX: LYD Amulsar Processing Valley Fill Heap Leach

68 TSX: LYD Amulsar Processing ADR Plant Uses Proven Recovery Principles

ADR Building Laboratory

Cyanide Mixing Refinery/Gold Room

Warehouse

69 TSX: LYD TSX: LYD

THANK YOU

70 APPENDIX

71 BOARD OF DIRECTORS Development Oriented – Independent, Diverse Experience

Gordon Wylie, Non-Executive Director & Chair 32 years mining experience; AngloGold-Ashanti Global, Exploration manager

Howard Stevenson, President & CEO 25 years global mining experience; former President & COO of Alacer Gold; previously with Meridian & Gold Fields

Bill Abel, Non-Executive Director 40 years professional mining engineer; Global Assurance Mining; project management experience

Tim Read, Non-Executive Director 40 years banking and mining experience; MD/Co-head Mining & Minerals at Merrill Lynch; Adastra CEO

72 TSX: LYD BOARD OF DIRECTORS (continued) Development Oriented – Independent, Diverse Experience

Steve Altmann, Non-Executive Director Managing Director at Morrison Park; former Head of Mining at Desjardins; banking and corporate experience

Josh Parrill, Non-Executive Director Resource Capital Funds; formerly with Le Farge North America

John Stubbs, Non-Executive Director 40 years professional mining experience; McKinsey & Co. and BHP Billiton

Gillian Davidson, Non-Executive Director Former Head of Mining and Metals, World Economic Forum; Global experience in sustainable development

73 TSX: LYD MANAGEMENT Experienced, Committed to Construction Excellence

Howard Stevenson, Hayk Aloyan, M.D. – Lydian Armenia President & CEO • 20 years mineral exploration and • 25 years global mining management experience experience • Armenian metallogenesis and • Alacer Gold President & COO resource specialist • Meridian & Gold Fields • In-country leadership and government relations

Douglas Tobler, CFO Robert Carreau, • 35 years finance, accounting V.P. Sustainability and mining experience • 35 years mining and sustainability • Alacer Gold CFO experience • PwC, plus equity and debt • Senior leadership roles covering markets environmental social and safety • IAM Gold and others

Andrew Kaczmarek, COO John Naisbitt, • 40 years technical and global V.P. Project Development operations experience • 40 years international project • Project Director for Alacer development experience Gold and Midway Gold • Project leadership and technical specialization • AngloGold Ashanti, Lumina 74 Copper, Gold Fields and other TSX: LYD LARGE SCALE OXIDE DEPOSIT Upside Potential from Inferred Resources

Mineral Resource Statement AMC Consultants (UK) Limited - February 27, 2017 Quantity Gold Contained Silver Contained Classification Tonnes Grade Gold Grade Silver (000s) (g/t) (Koz) (g/t) (Koz)

Measured 51,500 0.83 1,370 4.7 7,700

Indicated 90,700 0.73 2,130 3.4 9,800

Total Measured & Indicated 142,200 0.76 3,470 3.8 17,500

Total Inferred 72,200 0.55 1,280 3.3 7,600

Notes to Mineral Resources: 1. The effective date of this mineral reserve estimate is 5. Mineral Reserves are reported inclusive of Mineral February 27, 2017. Resources. 2. A cut‐off grade of 0.24 g/t gold for this Project based on an 6. Mineral Resources in this statement are not Mineral optimized open‐pit shell based on a gold price of US$1,500 Reserves and do not have demonstrated economic viability. per ounce of gold and assuming an open‐pit mining scenario. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, 3. Figures have been rounded to the appropriate level of socio‐political, marketing, or other relevant issues. Mineral precision for the reporting of Indicated and Inferred Reserves have been previously reported for this Project Resources in the upper and lower volcanic units. using a prior Mineral Resource Statement. 4. Due to rounding, some columns or rows may not compute 7. The resource is appropriate for a mining selectivity of exactly as shown. 10 m x 10 m x 10 m blocks only. 75 TSX: LYD LARGE SCALE OXIDE DEPOSIT Initial 10-Year Mine Plan from 2.6 MM Oz P+P Reserves

Mineral Reserve Statement (0.24 g/t gold cutoff) Mine Development Associates, February 27, 2017 Quantity Gold Contained Silver Contained Classification Tonnes Grade Gold Grade Silver (000s) (g/t) (Koz) (g/t) (Koz)

Proven Reserves 44,709 0.84 1,202 4.58 6,587

Probable Reserves 57,944 0.75 1,404 3.29 6,132

Total Proven & Probable Reserves 102,653 0.79 2,606 3.85 12,719

Waste 223,553

Notes to Mineral Reserves: 1. The effective date of this mineral reserve estimate is 3. The economic evaluations were based on a gold price of February 27, 2017. $1150/oz and a silver price of $16.00/oz. 2. The pit design for this mineral reserve estimate was the 4. A diluted gold cut-off grade of 0.24 g/t was used for same as the pit design used for the MDA mineral reserve processing. statement dated October 23, 2015, which was based on an optimization shell generated on gold only at a gold price of $912/oz.

76 TSX: LYD