LYDIAN PROVIDES UPDATE ON RESTRUCTURING PROCEEDINGS UNDER THE COMPANIES' CREDITORS ARRANGEMENT ACT

TORONTO, March 11, 2020 (GLOBE NEWSWIRE) -- Lydian International Limited ("Lydian" or the "Company") announced today that the Company's and its direct and indirect wholly owned subsidiaries', Lydian Canada Ventures Corporation ("Lydian Canada") and Lydian U.K. Corporation Limited ("Lydian UK"), have been granted an extension of protection under the Companies' Creditors Arrangement Act (the "CCAA") until April 30, 2020. While under CCAA protection, creditors and others are stayed from enforcing any rights against the Company, Lydian Canada, Lydian UK and a number of their direct subsidiaries including Lydian Armenia CJSC.

The court has also authorized the Company and its subsidiaries to obtain debtor?in?possession financing from the Company's existing senior secured lenders: Orion CO IV (ED) Limited, Resource Capital Fund VI L.P. and Osisko Bermuda Limited (the "DIP Lenders"). The DIP Lenders have agreed to provide the Company and its subsidiaries with a financing facility (the "DIP Facility") under the Company's existing Term B Facility in order to continue operations through the extension to April 30, 2020. Advances under the DIP Facility are subject to the satisfaction of certain conditions and the DIP Facility is secured by a super?priority charge in favour of the DIP Lenders.

All inquiries regarding the CCAA proceedings should be directed to the court-appointed monitor, Alvarez & Marsal Canada Inc. (email: [email protected] or telephone: +1 416-847-5158). Information about the Company's CCAA proceedings, including all court orders made and the monitor's reports, are available on the monitor's website, at: http://www.alvarezandmarsal.com/Lydian.

For further information regarding the Company, please contact: [email protected].

Caution regarding forward-looking information

Certain information contained in this news release is "forward looking". All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "will", "would", "should", or "occur" or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the CCAA proceedings and creditor protection and the restructuring process, including the outcome; the expectation that the CCAA process will preserve value for some stakeholders, of which there can be no assurances; the availability of the DIP Facility to the Company and its subsidiaries, of which there can be no assurances; and the ability to satisfy certain conditions in connection with advances under the DIP Facility.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: changes in gold and silver prices; adverse general economic, political, market or business conditions; failure to achieve the objectives of the future exploration and drilling programs; the speculative nature of mineral exploration and development; risks associated with obtaining and maintaining the necessary licenses and permits and complying with permitting requirements, including, without limitation, approval of the Armenian government and receipt of all related permits, authorizations or other rights, regulatory changes; risks associated with in the Company's ongoing CCAA proceeding; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.