On December 23, 2019, Lydian International Limited, Lydian Canada Ventures Corporation, Lydian U.K. Corporation Limited (together, the “Applicants”) applied for and were granted protection under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Court”) dated December 23, 2019 (the “Initial Order”), Alvarez & Marsal Canada Inc. was appointed monitor (the “Monitor”) of the Applicants in the CCAA proceedings. The Initial Order granted a stay of proceedings until January 2, 2020 (the “Stay Period”) as against the Applicants and provided that during the Stay Period, no proceedings may be commenced or continued against or in respect of Lydian Armenia CJSC, Lydian International Holdings Limited, Lydian Resources Armenia Limited and Lydian U.S. Corporation (collectively, the “Non-Applicant Stay Parties”).

On January 2, 2020, the Court issued an order, among other things, extending the Stay Period in favour of the Applicants and the Non-Applicant Stay Parties to January 23, 2020 and on January 23, 2020, the Court issued an order, among other things, further extending the Stay Period in favour of the Applicants and the Non-Applicant Stay Parties to March 2, 2020