On November 30, 2017, Golden Energy and Resources Limited (“GEAR”), Company’s direct subsidiary, has entered into a share subscription agreement with Westgold, a company engaged in gold mining and listed on the Australian Stock Exchange. The purchase of up to 36,000,000 new shares in Westgold (equivalent to approximately 10% ownership) with a total value of AUD 66.96 million will be made in 3 tranches until the end of January 2018, upon the fulfillment of terms and condition of the agreement.

The investment will be funded by GEAR’s existing loan facility and internal funds.