Astur Gold September 2016 Letter to Shareholders - Seite 3

As part of the process of re-engaging with stakeholders, we have identified various options for the process plant and mine that we believe will address the concerns of the stakeholders. Over the following weeks we intend to further develop and expand on these options in conjunction with the relevant authorities and communities.

Recapitalise the Company

As part of entering into the Services Agreement, incoming management raised seed working capital from our investors to ensure the Company was sufficiently capitalised to carry out the initial stages of the Company's refresh. To complete the process and progress towards the exercise of the option ('Option' as announced July 12, 2016) and the completion of the feasibility study, a second tranche of funds will be raised ('Second Tranche') by Lionsbridge. The Second Tranche will ensure the Company is sufficiently capitalised to reach project financing and complete all those items that require funding in the interim. The Second Tranche is expected to be finalized shortly.

The Option is a significant opportunity for the Company to resolve the balance sheet issues which have been restraining its ability to make progress on the ground in Spain. We are pleased to have received the support of RMBAH, who have provided significant support to the project over an extended period of time. We look forward to working with them to exercise the Option as soon as practicable.

Complete the Feasibility Study

Significant work has been completed towards the production of a bankable feasibility study. We will prioritise, working closely with TetraTech to collate and update the feasibility data base, produce reports still required and draft the final feasibility study for publishing as soon as practicable. We expect the feasibility study can be completed within 6 months.

About Lionsbridge and Westech

Lionsbridge is a global firm offering its clients a full suite of both financial and corporate solutions, servicing the natural resources and energy sectors exclusively. Lionsbridge offers its clients services ranging from brand promotion and financing to the full suite of corporate management including C-suite management, legal and regulatory management and technical management on both a corporate and project level. Our core business is taking on significant undervalued assets and deploying our experience and expertise to resolve the issues so as to unlock the value of the underlying assets.