HISTORY

2006

Central Asia Gold AB (CAG) acquires OOO Kopylovsky and the Kopylovskoye license.

2007

Kopylovskoye AB is founded as a subsidiary to CAG and becomes the owner of OOO Kopylovsky.

2008

Acquisition of the Prodolny and Kavkaz licenses. Kopylovskoye is distributed to CAG’s shareholders and becomes an independent company.

2009

Exploration and development work is initiated after positive results from an evaluation made by SRK Consulting.

2010

Acquistion of the Krasny, Pravovesenny and Vostochnaya licenses. The company is listed on Nasdaq First North Stockholm.

2011

Acquisition of the Takhtykan license. The company changes name to Kopy Goldfields AB. The company publishes its first international mineral resource report in accordance with JORC for the Kopylovskoye deposit. Eldorado Gold Corp becomes a major shareholder in Kopy Goldfields after investing 29 MSEK in the company. The Krasny license shows substantial gold contents and grades.

2012

Acquisition of the Purpolskaya and Verkhnyaya Orlovka licenses as well as six licenses in the Maly-Patom area of Lena Goldfields, covering a total area of 1,852 km2 (i.e. the ”Northern Territories”). The company reports an international mineral resource report according to JORC for Krasny.

2013

Updated JORC report for Krasny. A scoping study for Krasny indicates favourable conditions for open pit mining of 60koz gold/year during 18 years. Two licenses, Kavkaz and Prodolny, are sold for 50 MRUB in cash, confirming the possibilities to commercialise the licences, as well as the ability to repatriate cash from Russia. A letter of intent is signed with the Russian gold producer GV Gold regarding the Krasny license.

2014

Two licenses, Purpolskaya and Verkhnyaya Orlovka, are returned to the Russian state as they are considered as being too early in the exploration stage. A joint venture is formed with GV Gold to take Krasny to production. According to the agreement, GV Gold invests 9 MUSD for 51 per cent of the licenses. A new, joint exploration program is initiated.

2015

Step 2 of the joint exploration program for Krasny. The drilling is performed June-September 2015. The results from step 1 and 2 are used for mineral resource reports according to GKZ and JORC, as well as for production planning. Decision to initiate Feasibility studies. Test results from metallurgical processing tests indicate that the same technology can be used for both the oxidised ore and the primary ore with an estimated gold recovery of 90 % for the primary ore and 78-79 % for the oxidised ore.

2016

In February a substantial gold mineralization in the lower structure is confirmed. The GKZ authorities in Irkutsk formally approve a GKZ report, confirming gold reserves of 9.7 tons (314 koz) in the C2 category. The Company receives an additional consideration of 2 MUSD according to the agreement with GV Gold. In May, an updated JORC report is issued, based on the exploration data acquired until January 2016, covering both upper and lower mineralization of Krasny. It shows 288,000 oz of Indicated mineral resources and 667,000 oz of Inferred mineral resources within an economically mineable open pit. The same month, a scoping study performed by the Irgiredmet engineering consultancy group is issued, confirming feasibility in the Krasny mine development. Feasibility studies are commenced and a new exploration program, Step 3, targeting the Lower structure, starts.