Update on Company’s operations

We write to provide an update on the Company’s operations as under:
(1) Ganajur Gold Project – Issue of Letter of Intent (Lon I Grant Notification Letter by State
Government of Karnataka:
Since our update on January 13,2017, the Ganajur Mining Lease file has been processed by the Under
Secretary and is now under the consideration of Deputy Secretary, C & I. Post clearance at this level,
the file would be forwarded to the newly appointed Secretary, C & I and thereafter to the Mines
Minister for sign-off and issue of Lol / Grant Notification Letter.

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