The Gold Report

Lydian International Ltd. TICKER: LYD:TSX Visit Company Website Lydian International Ltd. is a mineral exploration and development company with a proven track record and expertise in discovering and developing new gold projects in unfamiliar and frontier settings. The company's Amulsar gold project in Armenia, discovered in 2006, currently hosts a global resource of 2.5 Moz. and remains open in all directions. Lydian is advancing Amulsar towards bankable feasibility with production planned in H114. The company is also actively exploring elsewhere in Armenia and in other prospective regions of Eastern Europe, where it is building and maintaining a promising portfolio of early-stage pipeline projects.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Leily Omoumi, Scotia Capital (2/14/12) "We have initiated coverage on the common shares of Lydian International Ltd. with a Sector Outperform rating. . .the company is advancing its open-pit gold project, Amulsar, in Armenia toward production, and we believe the project's amenability to off-the-shelf processing technology and its modest initial capital requirement, in conjunction with its location and good road and power access, make it an attractive story. . .we believe Amulsar's relatively low initial capital requirement sets it apart from other similar development projects."

Morning Coffee (2/7/12) "Lydian International Ltd. recently reported an updated resource estimate for its 95%-owned Amulsar gold project, which included upgraded resources from infill drilling, as well as resource expansion compared to the previous April 2011 estimate; the project now contains Indicated resources of 68.2 Mt (+111% over the April 2011 estimate) grading 0.98 g/t gold and 3.84 g/t silver, for 2.15 Moz gold (+95%), and 8.4 Moz silver contained. The Amulsar gold project is a high-sulphidation gold discovery in Armenia."

Mike Kozak, Cormark Securities (1/24/12) "Lydian International Ltd. is advancing its Amulsar project in Armenia through resource expansion, feasibility and eventual development and construction; the 3.2 Moz Au at-surface project is technically low-risk in our view and has all the hallmarks of an economically robust open-pit heap leach operation. Over the short term, exploration will continue to be a key value driver for Lydian shareholders, and we see ultimate resource upside to ~5.0 Moz; the company will be completing a bankable feasibility study in H112, with initial production potentially achievable in H213."

Tara Hassan, National Bank Financial (1/24/12) "Lydian International Ltd. issued an updated resource estimate for its flagship Amulsar project (Armenia), posting a notable increase in total resource size on the back of substantial growth in the Indicated category. . .Amulsar's resource increased approximately 26% to 3.2 Moz from 2.5 Moz. We are very encouraged by the resource update, given that it topped our expectations while resulting in only a moderate impact on average grades; most importantly, the update reaffirms our view that Amulsar stands out amongst peers given its high ranks on resource size and grade, throughput and recoveries. . .Lydian could be a takeover candidate for companies looking to grow production in the midterm."

Tara Hassan, National Bank Financial (1/24/12) "Lydian International Ltd. issued an updated resource estimate for its flagship Amulsar project (Armenia), posting a notable increase in total resource size on the back of substantial growth in the Indicated category. . .Amulsar's resource increased approximately 26% to 3.2 Moz from 2.5 Moz. We are very encouraged by the resource update, given that it topped our expectations while resulting in only a moderate impact on average grades; most importantly, the update reaffirms our view that Amulsar stands out amongst peers given its high ranks on resource size and grade, throughput and recoveries. . .Lydian could be a takeover candidate for companies looking to grow production in the midterm."

• Corporate Presentation (10/17/11)
• Corporate Fact Sheet (10/11/11)
• Corporate Update (10/7/11)

• Click Here to View the January 2012 Resource Update

(2/16/12) LYD: The Gold Standard

(11/28/11) LYD: Path to Production

(8/31/11) LYD Corporate Video

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