About Armenia

Stable Jurisdiction

• Multi-party democratic republic with a parliamentary system of government
• Western-looking government with strong ties to Europe
• Actively seeking Western investment
• Strong economic growth
  • 12.6% GDP growth in 2022
• Member of OSCE, Council of Europe, IMP, World Bank and EBRD
• Safe, low-crime, friendly-to-foreigners

Mining Focus

• Modern, established Mining Law (2003) and Mining Code (2011)
• Transparent exploration permitting process
• Exploration Licences granted for an initial three year term with three, two-year extensions permitted
• EITI member since 2017^[1]
• The metals and mining sector plays an important role in Armenia’s economy
  • Contributed 6.8% of GDP in 2022 and
  • 30% of 2018 to 2022 export revenue from copper, molybdenum and gold ^[2]
• Top 10 molybdenum producer, accounting for 4% of global molybdenum supply in 2021^[3]
• 12 major operating mines, with production primarily centred around copper, molybdenum and gold
• New western-owned major gold mine in construction
• Good infrastructure and relatively low operating costs

The Right Geology – the Tethyan Metallogenic Belt (TMB)

• Armenia is underlain by the TMB - the world’s longest and one of the major metal producing belts
• The TMB in Armenia hosts several major precious and critical metal mines and deposits, including:
  • the >4 Moz Sotk gold mine, in production for almost 50 years
  • the Amulsar gold deposit, with first gold pour scheduled for late 2024 (overall resource base of 4.8 Moz of gold and 25.1 Moz of silver)
• The TMB in Armenia is prospective for epithermal gold and porphyry copper-gold deposits
• The TMB in Armenia is vastly underexplored and ripe for discovery
• Fremont has used its first mover advantage to assemble a highly prospective project portfolio and is actively reviewing advanced stage assets to add to the portfolio