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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(Mark One)

         /X/  15, ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
              EXCHANGE ACT OF 1934 [No Fee Required] For the fiscal year ended
              December 31, 1998

         / /  15, TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]

    For the transition period from ________________ to _________________

                            Commission file 02-69494

                             GLOBAL GOLD CORPORATION
                             -----------------------
                 (Name of small business issuer in its charter)

              Delaware                           13-3025550
--------------------------------------------------------------------------------
   (State or other jurisdiction of             (I.R.S. Employer
    incorporation or organization)            Identification No.)


       734 Franklin Street, Suite 383, Garden City, New York 11530-4525
           ---------------------------------------------------------
            (Address of principal executive offices)      (Zip Code)

Issuer's telephone number (516) 294-7946

Securities registered under Section 12(b) of the Exchange Act:

      Title of each class           (Name of each exchange on which registered)
      -------------------           -------------------------------------------

      None
      -------------------           -------------------------------------------


Securities registered under Section 12(g) of the Exchange Act:

                                     None
                  ------------------------------------------
                               (Title of Class)

                  ------------------------------------------
                               (Title of Class)


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         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes |X| No
/_/.

         Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained in this form, and no disclosure will be
contained, to be best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [X]

         The issuer's revenues for its most recent fiscal year ending December
31, 1998 were $-0-.

         The aggregate market value of the voting stock held by non-affiliates
of the Company computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock, as of a specified date within



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the past 60 days was $123,966(1)

         As of December 31, 1998 there were 4,348,114 Shares of the registrant's
Common Stock outstanding.(2)

----------
         (1) The Company's Common Stock is not publicly traded. However, the
Board of Directors of the Company determined that fair market value of the
Common Stock was $0.10 per share.

         (2) This number is computed after taking into account the 1 for 10
reverse split of the shares of Common Stock of the Company, effective as of
December 31, 1996 (the "Reverse Split").


ITEM 1.       DESCRIPTION OF BUSINESS

(A)      General Overview

         The Company now holds only special warrants to purchase 4,000,000
shares of common stock of First Dynasty Mines, Ltd., a publicly-traded Canadian
corporation. The Company previously engaged in the development of a gold mining
project in Armenia, a member of the Commonwealth of Independent States. The
Company is currently in the pre-development stage and has not received any
revenues from mining activities as of December 31, 1998, other than such shares
of stock and cash previously paid by First Dynasty Mines, Ltd. Prior thereto,
the Company did not engage in any substantial business activities, except as
described in the section 1(D) entitled "Prior History of the Company" in the
annual reports previously filed by the Company with the Securities and Exchange
Commission ("SEC")

(B)      Armenian Mining Project

         (a)  Armenian Joint Venture Agreement

         In 1996, the Company acquired rights under a Joint Venture Agreement
with the Ministry of Industry of Armenia and Armgold, S.F., the Armenian state
enterprises, to provide capital and financing multistage financing of the
Armenian gold industry, which rights were finalized under the Second Armenian
Gold Recovery Company Joint Venture Agreement dated as of September 30, 1997.

         (b)  Financing of the Armenian Mining Project - First Dynasty Mines
Ltd.

         Throughout 1996 and into January, 1997, the Company had discussions 
with many unrelated parties in connection with arranging for the financing of 
the tailings project at the Ararat processing plant (the "Tailings Project"). 
As of January 31, 1997, the Company and Global Gold Armenia Limited ("GGA") 
reached an agreement with First Dynasty Mines Ltd. ("First Dynasty"), a 
Canadian public company whose shares are traded on the Toronto Stock Exchange 
and on NASDAQ. Under such preliminary agreement, First Dynasty acquired the 
right, subject to certain conditions, to advance funds in stages necessary 
for the implementation of the tailings project and the preparation of 
engineering and business plan materials for the remaining Armenian mining 
projects.

         The Company, GGA and First Dynasty entered into a definitive agreement
dated May 13, 1997 reflecting the final agreement of the parties with respect to
the above projects (the "FDM Agreement"). The parties thereafter amended the FDM
Agreement on July 24, 1998.

         Under the FDM Agreement, as amended, First Dynasty provided 
financing of approximately $24,600,000 towards the Armenian mining projects, 
and ultimately acquired 100% of the Company's stock ownership in GGA, a 
Caymans Island subsidiary, which held rights to the Armenian mining joint 
venture.

         In connection with the First Dynasty's purchase of the Company's
remaining 20% interest in GGA, the Company received a certificate representing
special warrants to purchase 4,000,000 shares of First Dynasty common stock,
exercisable, at the Company's option, without any payment therefor. Pursuant to

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the existing terms of the FDM Agreement, First Dynasty agreed to use its best
efforts for a period of one year from August 31, 1998 to cause the shares of
First Dynasty common stock subject to such warrants to become freely tradable
shares.

         Also, the delivery by First Dynasty to the Company of the certificate
for the 4,000,000 special warrants of First Dynasty fully satisfied First
Dynasty's obligations under the payment section of the FDM Agreement, subject to
First Dynasty's continuing best efforts obligations described above.

         In addition to the Company's ownership of the 4,000,000 special
warrants to purchase First Dynasty common stock, the Company still retains the
right to elect to participate in any exploration project undertaken in Armenia
by First Dynasty or any of its affiliates, including GGA, to a level of a 20%
interest in any such project, pursuant to the terms of a mutually acceptable
participation agreement with respect to any such project.

         Also, First Dynasty fully satisfied its obligations to Robert A.
Garrison, the Company's President, under his consulting agreement with GGA on
August 31, 1998 by paying him $62,500 and delivering to him special warrants to
purchase 500,000 shares of First Dynasty common stock, exercisable, at his
option, without any payment therefor, subject to First Dynasty's registration
obligations to use its best efforts to make such shares freely tradable.

         For a further description of the background concerning the Armenian
mining project, an interested person can review the quarterly and annual reports
previously filed by the Company with the SEC.

(C)      Georgian Mining Project

         As of December 31, 1997, the Company abandoned its pursuit of any
mining project in Georgia.

         For a further description of the background concerning the Georgian
mining project, an interested person can review the quarterly and annual reports
previously filed by the Company with the SEC.

(D)      Recent Activities

         (a)  Investment in Jet-Line Environmental Services, Inc.

         On April 21, 1993, the Company loaned $300,000 to Jet-Line, which it
treated as worthless as of December 31, 1997.

         For a further description of the Company's investment in Jet-Line and
its attempts to recover such loan, an interested person can review the quarterly
and annual reports previously filed by the Company with the SEC.

         (b)  Offering of Convertible Notes of the Company

         Pursuant to the Confidential Private Offering Memorandum dated May 17,
1995, as amended, the Company sold the maximum of $500,000 principal amount of
its 10% Convertible Notes, which had a maturity date of September 30, 1996 (the
"Offering"). The Offering of Convertible Notes, Warrants and Common Stock was
offered pursuant to the Memorandum solely to persons who are "accredited
investors" as defined in Regulation D promulgated under the Securities Act of
1933, as amended (the "Securities Act"), in a transaction exempt from
registration thereunder. The final date of the closing of the Offering was
December 31, 1995.

         The Company undertook the Offering in order to raise additional funds
for the Company to enable it to engage in the development and commercial
exploitation of the Armenian and Georgian mining projects, in an attempt to
generate a potential and substantial asset base and potential future
profitability for the Company as part of the Company's long-term strategy to
develop profitable mining operations abroad.

         All of the $500,000 principal amount of Convertible Notes was
automatically converted pursuant to their terms into an aggregate of 2,000,000
shares of Common Stock (prior to the Reverse Split) and warrants to purchase


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4,000,000 shares of the Company's Common Stock (prior to the Reverse Split), at
an exercise price of $0.50 per share (the "Warrants"). As of December 31, 1998,
there were Warrants to purchase 400,000 shares of the Company's Common Stock
issued and outstanding. As to the Warrants, each Warrant now has an exercise
price of $.125 per share and expires on December 31, 1999 pursuant to several
amendments made thereto, including the one made in December, 1998 extending the
expiration date as shown above.

         Since all of the automatic conversion conditions were satisfied in
1995, there were no Convertible Notes of the Company outstanding as of December
31, 1995 or thereafter.

         (c)  Reverse Split

         Various prospective investment banking firms and potential investors
who expressed an interest in providing funding for the Company's projects in
1996 requested that the Company undertake a reverse split of its Common Stock to
decrease the number of shares outstanding and thereby facilitate possible future
financings. Accordingly, the Company effected a 1 for 10 reverse split of its
Common Stock effective as of December 31, 1996. Such step was taken by the
written consent of the holders of a majority of the Company's issued and
outstanding shares of Common Stock. By virtue of the Reverse Split, each
stockholder's number of shares of Common Stock became 1/10th of the number
previously held. The Company filed its Certificate of Amendment to the
Certificate of Corporation with respect to the reverse split with the Delaware
Secretary of State on December 31, 1996.

         (d)  Employees.

         As of December 31, 1998, the Company had one employee, who was in
charge of the overall business of the Company on a part-time basis, and one
consultant who is principally involved in overseeing the Company's proposed
mining activities on a part-time basis, and one independent contractor who
provides administrative and clerical services on a part-time basis.

(E)      Special Considerations

         The following risk factors should be considered in connection with an
evaluation of the business of the Company:

No Prior Operating History; Failure to File Reports with the SEC

         The Company was incorporated on February 21, 1980, and closed a public
offering of the Common Stock in January, 1981. Several months after the closing
of such offering, the Company withdrew the listing of the Common Stock for
trading on NASDAQ because of the theft of substantially all of the cash funds of
the Company derived from the proceeds of the public offering by its then
president, Samuel McNell in July, 1981. After the consummation of the public
offering, the Company failed to file any further annual or periodic reports
required under the Exchange Act. While the Company filed its Form 10-KSB for the
calendar years 1994 and 1995 and its Form 10-QSB commencing with the quarter
ended March 31, 1995 and each quarter thereafter through and including September
30, 1998 and filed audited financial statements with the Form 10-KSB for
calendar year 1994 covering calendar years 1987, 1988, 1989, 1990, 1992, 1993
and 1994, and covering calendar years 1995, 1996 and 1997 with the Form 10-KSB
filed for each such year, there can be no assurance that the SEC might not
assert claims against the Company and its present and former directors and
officers, which actions might adversely affect the future conduct of the
Company's business or prevent the future trading of the Company's stock on
public markets. Furthermore, the Company's past failure to file reports with the
SEC may have an adverse impact on the Company's ability to have the shares of
Common Stock listed for trading on NASDAQ in the event that the Company is
otherwise able to meet the NASDAQ Stock Market listing standards in the future.

Development Stage Company

         Since the Company never engaged in the active conduct of a trade or
business, it has not generated any revenues to date, with the exception of
interest income on the funds recovered by the Company in the lawsuits prosecuted
by it as a result of the theft of the Company's funds and the special

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warrants to purchase 4,000,000 shares of First Dynasty common stock and cash
received from such source under the FDM Agreement, as amended. The Company may
encounter problems, delays, expenses and difficulties typically encountered in
the development stage, many of which may be outside of the Company's control.
These include, without limitation, unanticipated problems and additional cost
relating to development, production, marketing, and competition. The Company
expects to incur operating losses for the near term future and, in any event,
until such time as it derives substantial revenues from the sale of its
investments in the common stock of First Dynasty (after the special warrants to
acquire such shares are exercised) if any. There can be no assurance that the
Company will develop successful operations.

Need for Additional Cash

         The Company needs additional funds if it is to conduct any operations
in the foreseeable future, none of which is contemplated at present. Moreover,
there can be no assurance that any financing for any future projects will be
available for such purposes or that such financing, if available, would be on
terms favorable or acceptable to the Company.

Holding Company Structure

         The Company is a holding company which will conduct its business
through subsidiaries. As a result, the Company's cash flow and consequent
ability to make dividend payments and meet its debt obligations are primarily
dependent upon the earnings of its subsidiaries and on dividends and other
payments therefrom. Any right of the Company to participate in any distribution
of the assets of its subsidiaries upon the liquidation, reorganization or
insolvency of such subsidiaries would, with certain exceptions, be subject to
the claims of the creditors (including trade creditors) and preferred
stockholders, if any, of such subsidiaries, or may otherwise be restricted by
virtue of a stockholder agreement with respect thereto.

Competition

         There is intense competition in the mining industry. If the Company
does engage in any future mining activities, it will be competing with larger
mining companies, many of which have substantially greater financial strength,
capital, marketing and personnel resources than those possessed by the Company.

Need for Key Personnel

         The Company presently only has one officer intimately familiar with the
operation of mining projects or the development of such projects. While the
Company does not believe the loss of its president or any other director or
officer of the Company will materially and adversely affect its long-term
business prospects, the loss of any of the Company's senior personnel might
potentially adversely affect the Company until a suitable replacement could be
found. While the Company has an employment agreement with one of its officers,
Drury J. Gallagher, such agreement is for only a three-year term which expires
on June 30, 2000 and Mr. Gallagher's salary has been eliminated as of September
30, 1998 because the Company is no longer conducting any active business
activities. There can be no assurance that such agreement will be renewed or, if
renewed, will be on terms mutually acceptable to all parties.

Failure to Satisfy NASDAQ Listing Rules

         Effective in August, 1991, the SEC approved the adoption by the NASDAQ
Stock Market of new maintenance standards for companies whose securities are
traded on NASDAQ. Under these new standards, among other things, a corporation
must have $4 million in total assets and $2 million in capital and surplus and a
minimum bid price of $3.00 per share in order to be eligible for a Nasdaq
listing. At December 31, 1998, the Company had total assets of approximately
$314,124 and stockholders' equity of $140,800. Without increases in assets and
capital surplus, the Company may not be able to be eligible to have its
securities traded on NASDAQ. Moreover, regulations issued by NASDAQ have
increased the thresholds that have to be met in order for a security to be
traded initially on the NASDAQ Small Cap and National Markets, which may
adversely affect the Company's ability to have its Common Stock traded on the
NASDAQ Small Cap or National Markets. Furthermore, the Company could experience


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difficulties in commencing the trading of its securities on NASDAQ. If the
Company is unable to have its securities traded on NASDAQ, its securities will
continue to be eligible for trading on the NASDAQ bulletin board, although the
market for shares of the Company's Common Stock may be reduced and, hence, the
liquidity of the shares of Common Stock and/or the Warrants may be reduced.
However, recent regulations adopted for the trading of securities may adversely
affect the eligibility of the Company's Common Stock for trading on the NASDAQ
electronic bulletin board.

Restrictions on Transfer

         Pursuant to the Stockholders Agreement, the then current five principal
holders of the Company's Common Stock, Messrs. Gallagher, Hayman, Hayman, and
Ryan and the Seitz Family Limited Partnership agreed not to sell the shares of
Common Stock owned by them for a period of 24 months following the date of the
final closing of the Offering (i.e., until December 31, 1997), except they each
have the right to pledge a portion of their shares and to make transfers within
their family or to certain family-controlled entities. In addition, Eyre and the
Parry-Beaumont Trust also agreed not to sell, pursuant to the Stockholders
Agreements, the 600,000 and 400,000 shares of the Company's Common Stock owned
by them (after implementation of the Initial Restructuring Agreement) for a
period of 24 months from the date of the final closing of the Offering (i.e.,
until December 31, 1997), except that they each have the right to sell 150,000
shares to non-United States persons (as defined under the Act) (all of which
numbers have been computed after the Reverse Split). Moreover, each purchaser of
Convertible Notes pursuant to the Offering also agreed not to sell the Common
Stock issuable upon the conversion of the Convertible Notes or upon the exercise
of the Warrants issued pursuant to such conversion for a period of 24 months
from the date of the final closing of the Offering (i.e., until December 31,
1997). Upon the expiration of such agreements, which occurred, up to 367,048
shares of Common Stock held by the five major existing shareholders, 600,000
shares of Common Stock held by the purchasers of the Convertible Notes (assuming
all the Warrants issued upon the prior automatic conversion thereof are
exercised in full) and 1,000,000 shares issued to Eyre and the Parry-Beaumont
Trust or a total of 1,967,048 (all computed after the Reverse Split), may
potentially be available for sale under Rule 144, subject in some cases to a
certain volume limitation. No prediction can be made as to the effect, if any,
that future sales of Common Stock or the availability of such shares for sale
will have on the market price of the Common Stock or the Warrants prevailing
from time to time. Sales of substantial shares of the Common Stock or the
Warrants, or the perception that such sales might occur, could adversely affect
the prevailing market price of the Common Stock or the Warrants.

No Dividends

         The Company currently anticipates that it will retain all of its future
earnings, if any, for use in its operations and does not anticipate paying any
cash dividends in the near term future. There can be no assurance that the
Company will pay cash dividends at any time, or that the failure to pay
dividends for periods of time will not adversely affect the market price for the
Company's Common Stock.

Control of the Company

         Drury J. Gallagher, the Chairman and Chief Executive Officer, and
Robert A. Garrison, the President and Chief Operating Officer, currently own
1,108,451 and 1,000,000 shares, respectively, or a total of 2,108,451 shares of
the Company's Common Stock issued and outstanding as of December 31, 1998. In
addition, Eyre and the Parry-Beaumont Trust own 600,000 and 400,000 shares of
Common Stock, respectively, as of such date. If Messrs. Gallagher and Garrison
act in concert they only control 49% of the issued and outstanding Common Stock
of the Company. However, if they act in concert together with the owner or
owners holding slightly more than 1% in total of the Company's Common Stock
issued and outstanding, they will be able to effectively determine the vote on
any matter being voted on by the Company's stockholders, including the election
of directors and any merger, sale of assets or other change in control of the
Company. In such case, such group would own more than 2,174,057 of the 4,348,114
shares of Common Stock outstanding as of December 31, 1998, or more than 50% of
the issued and outstanding shares of the Company's Common Stock. The same result
would follow if Messrs. Gallagher and Garrison acted in concert with


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Eyre and the Parry-Beaumont Trust.

Disagreement Among Significant Shareholders - Litigation

         In February, March and April, 1997, Eyre and the Parry-Beaumont Trust
questioned the validity of the issuance by the Company of 1,000,000 shares of
its Common Stock to each of Messrs. Drury J. Gallagher and Robert A. Garrison.
In addition, in February, March and April, 1997, Eyre and the Parry-Beaumont
Trust questioned the validity of the Second Restructuring Agreement (as defined
in Item 12(B)), including, without limitation, the waiver of their Acquisition
Warrants to purchase 400,000 shares of the Company's Common Stock (computed
after the Reverse Split). For a further description of the Second Restructuring
Agreement and such transfers, see Item 12(B) hereof.

         In January, 1998, the Company brought an action against Eyre, the
Parry-Beaumont Trust and Kevin Parry, individually, in the United States
District Court for the Southern District of New York, bearing Docket No. 98 Civ.
0009, seeking damages in excess of $81,000,000 arising out of the alleged fraud
committed by the defendants.

         The defendants denied such claims and asserted counterclaims against
the Company seeking damages in an undetermined amount against the Company and
seeking a declaratory judgment voiding the Second Restructuring Agreement (as
defined herein in Section 12(A)). In addition, Eyre and the Parry-Beaumont Trust
brought a third-party complaint against Drury J. Gallagher and Robert A.,
Garrison, individually, seeking, among other things, damages in excess of
$75,000 and directing Messrs. Gallagher and Garrison to return the 2,000,000
shares of the Company's Common Stock issued to them by the Company in January,
1997.

         The Company believes that the Company properly issued the shares of its
Common Stock to Messrs. Gallagher and Garrison in exchange for valuable
consideration and that the claim of invalidity of such action has no merit.
Furthermore, the Company believes that the Second Restructuring Agreement is
valid, that Eyre and the Parry-Beaumont Trust waived their rights covered
thereby and that any claim of invalidity with respect thereto has no merit. The
Company intends to prosecute such litigation to completion. However, while the
Company believes it will be successful in the assertion of its claims and
Messrs. Gallagher and Garrison will be successful in the defense of the claims
made against them in such litigation, there can be no assurance as to the
outcome of the above litigation between the parties.

Ownership of Special Warrants to Purchase First Dynasty Common Stock

         The Company's principal asset at present consists of special warrants
to purchase 4,000,000 shares of common stock of First Dynasty, the common stock
of which is traded on the Toronto Stock Exchange and NASDAQ. The closing price
of a share of such common stock on March 18, 1999 was U.S. $0.13. However, the
special warrants and the 4,000,000 shares of First Dynasty into which they are
exercisable are an illiquid investment, and are subject to Canadian securities
laws restrictions, and, hence, not freely tradable. Moreover, as of December 31,
1998, First Dynasty had 112,403,797 share of common stock issued and
outstanding, and warrants, options and convertible notes to purchase 36,100,000
shares of common stock outstanding on such date. Since there are outstanding
special warrants to purchase 31,600,000 shares of First Dynasty at prices
ranging from $0.29 to $0.42 over the period ending January 31, 2002, the shares
purchasable thereunder will, in the Company's view, pose an overhang on the
trading market and adversely affect any upward price movement in the shares of
common stock of First Dynasty.


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United States Income Tax Consequences Arising Out of the Asset Purchase
Agreement with Eyre.

         The Company neither received a tax opinion nor sought a private letter
ruling from the Internal Revenue Service (the "Service") regarding the United
States income tax consequences arising out of the closing under the Asset
Purchase Agreement between the Company and Eyre on December 1, 1995 (see Item
12(B)). It is possible that the Service may contend that the Company and/or its
subsidiaries recognized substantial gain in such transaction, and there can be
no assurance of the outcome of such challenge. If the Service successfully
asserted such result, the amount due could have a material adverse impact on the
Company's business, assets and financial position.

         While the Company had a net operating loss carry forward as of December
31, 1994 of approximately $2,500,000 which expired in 1996, the closing of the
transaction under the Agreement and the Offering eliminated almost the entire
amount thereof as of December 31, 1995. Thus, if a substantial amount of gain
arose upon the closing under the Agreement, the Company's net operating loss
carry forward would not be available, in all likelihood, to offset such gain in
a material way.


ITEM 2.       DESCRIPTION OF PROPERTIES

         The Company formerly leased office space of approximately 1,000 square
feet, in New York, on premises owned by Penn-Med Consultants, Inc., whose sole
stockholders are the three largest stockholders of the Company, other than Eyre,
the Parry-Beaumont Trust and Robert A. Garrison. The Company accrued rental
payments of $3,000 a month, commencing as of January 1, 1996, for lease of space
at the premises and the provision of various administrative services, including
telephone, fax and xerox. There is no written agreement covering such
arrangement. The lease was terminated on December 31, 1997.


ITEM 3.       LEGAL PROCEEDINGS

         In January, 1998, the Company brought an action against Eyre, the
Parry-Beaumont Trust and Kevin Parry, individually, in the United States
District Court for the Southern District of New York, bearing Docket No. 98 Civ.
0009, seeking damages in excess of $81,000,000 arising out of the alleged fraud
committed by the defendants.

         The defendants denied such claims and asserted counterclaims against
the Company seeking damages in an underdetermined amount against the Company and
seeking a declaratory judgment voiding the Second Restructuring Agreement (as
defined herein in Section 12(A)). In addition, Eyre and the Parry-Beaumont Trust
brought a third-party complaint against Drury J. Gallagher and Robert A.,
Garrison, individually, seeking, among other things, damages in excess of
$75,000 and directing Mr. Gallagher and Mr. Garrison to return the 2,000,000
shares of the Company's common stock issued to them by the Company in January,
1997.

         The respective parties have served notices to take the deposition of
the other parties in the action and made requests for the production of
documents. The parties have scheduled the taking of depositions commencing on
May 17, 1999.

         The Company intends to prosecute the litigation to completion and
believes that it claims against the plaintiffs will be successfully contested
and that the defendants' claims asserted against the Company and Messrs.
Gallagher and Garrison are without merit, although there can be no assurance as
to the outcome thereof.

         The Company has also received requests from Panquest Lte. and from Eyre
relating to amounts alleged to be due to Panquest Lte. relating to the Company's


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acquisition of rights from Eyre relating to the Armenian and Georgian projects.
No evidence has yet been supplied to the Company in this regard.


ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not applicable.


                                    PART II.


ITEM 5.       MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
               MATTER

         (a) The Company's Common Stock is not publicly traded on any market.

         (b) As of December 31, 1998, there were approximately 1,100 holders of
record of the Company's Common Stock.

         (c) The Company did not pay or declare any cash dividends on its Common
Stock during its last two fiscal years ended December 31, 1997 and December 31,
1998.

         (d) As of December 31, 1998, the Company was not prohibited from paying
any dividends on its Common Stock.

         (e) The Company's transfer agent is American Registrar and Transfer
Company, with offices at 10 Exchange Place, Salt Lake City, Utah 84111.

ITEM 6.       MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         As at December 31, 1998, the Company had net assets of $314,124, of
which $58,124 consisted of cash or cash equivalents, and had current liabilities
of $173,324. Thus, the Company's current liabilities exceeded its current
liabilities as of such date.

         The Company's plan of operation for calendar year 1999 is:

         (a) to exercise the special warrants to purchase 4,000,000 shares of
First Dynasty common stock, at no cost, and hold such stock for investment
purposes thereafter; and

         (b) to prosecute the litigation against Mr. Parry, Eyre and the
Parry-Beaumont Trust to completion.

         The Company needs financing to meet its anticipated monthly
administrative expenses of $5,000 (exclusive of accrued officers' compensation),
plus additional amounts for legal and accounting costs. Prior to the
commencement of the litigation described in Item 3 hereof, the Company
anticipated that it might obtain additional financing in 1999 from the holders
of its Warrants. Pursuant to the Offering of $500,000 principal amount of the
Convertible Notes of the Company, the Company issued Warrants to purchase
4,000,000 shares of its Common Stock at an exercise price of $0.50 per share. By
virtue of the Reverse Split, the Warrants were converted into Warrants to
purchase 400,000 shares of the Company's Common Stock at an exercise price of $5
per share. On January 23, 1997, the Company amended the Warrants to reduce the
exercise price to $1 per share and to extend the expiration date until December
31, 1997. Again, on December 1, 1997, the Company amended the Warrants to reduce
the exercise price to $0.125 per share and to extend the expiration date until
December 31, 1998, and recently extended the expiration date until December 31,
1999. If the Warrants were exercised in full, the Company would receive $50,000
in gross proceeds. However, the Company does not believe that the Warrants will
be exercised under existing circumstances, and thus does not anticipate that any
amount thereof will be exercised, although there can be no assurance of such
result.

         In the event that no contemplated financing is obtained through the
exercise of the Warrants (which the Company considers highly remote), the
Company does not have sufficient financial resources to meet its obligations as
of June 30, 1999.

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<PAGE>

         Accordingly, based on the Company's needs for additional financing of
its operations, Messrs. Gallagher and Garrison agreed to continue to advance
funds to the Company for such purpose through December 31, 1999 if the Company
also agreed not to encumber the special warrants to purchase First Dynasty
common stock (and the shares issuable thereunder once received), which the
Company agreed to do.

         The Company does not intend to engage in any project research and
development during 1999 and does not expect to purchase or sell any plant or
significant equipment.

         The Company does not expect to hire any additional full-time employees
in 1999.


ITEM 7.       FINANCIAL STATEMENTS

         The audited financial statements, notes thereto and reports of
independent certified public accountants thereon for the fiscal years of the
Company ended December 31, 1998 and December 31, 1997 (by Marks Shron & Company,
LLP) are attached hereto as part of, and at the end of, this report.


ITEM 8.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
              FINANCIAL DISCLOSURE

         Not applicable.


                                    PART III.


ITEM 9.       DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
              COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

         The directors and executive officers of the Company are as follows:

<TABLE>
<CAPTION>

   Name                          Age         Officer
   ----                          ---         -------
<S>                             <C>          <C>
   Drury J. Gallagher            60          Chairman, Chief Executive Officer,
                                             Treasurer and Director

   Robert A. Garrison            58          President, Chief Operating Officer,
                                             Secretary and Director

</TABLE>


         Each Director is elected for a period of one year at the Company's
annual meeting of stockholders and serves until his successor is duly elected
and qualified. Each director who is not a full time employee of the Company
receives no remuneration for his services as a director. Officers are appointed
by the Board of Directors.

         The Board of Directors has not appointed any audit, compensation or any
other committee. Instead, the Board acts as a whole in all matters.

         Mr. Gallagher has served as a director since 1981 and as Chairman,
President and Treasurer of the Company from 1982 until February 1, 1997 and as
Chairman, Chief Executive Officer and Treasurer since that date. Mr. Gallagher
is the general partner, owner and operator of 20 nursing homes in Pennsylvania,
and has served as Executive Vice President and Treasurer of Penn-Med
Consultants, Inc., which is engaged in the business of providing long-term
health care management, since 1992. From 1986 to 1991, he served as Vice
President of Pennsylvania Health and Nursing Care Corporation. He also served as
a member of the Board of Directors of Power Spectra, Inc., a public company
specializing in commercial and defense electronics from April, 1990 through
July, 1996.

         Mr. Garrison has served as a director and Vice President of the Company
from June 26, 1995 until February 1, 1997, and became the President and Chief
Operating Officer on February 1, 1997 and was appointed its Secretary on

                                       10

<PAGE>

February 1, 1996. Mr. Garrison is co-founder, owner and President of INFISCO,
Inc., a financial advisory corporation that structures financings, including
project financing principally in foreign countries, since 1992. He was also the
President of AEGIS Commodities Corporation, a packager of commodity export
supported financing programs, serving as such from 1990 to 1992. He also served
as a Director and President and Chief Executive Officer of Sogam Holdings Inc.,
one of the world's largest mining corporations, and a business of Societe
General de Belgique, since 1985. Prior thereto, Mr. Garrison was the Vice
President and Treasurer of Pechiney Trading International Division of Pechiney
Engine Khulman, in Paris, France, and had been employed by AMAX, Inc., a major
mining enterprise, in various financial capacities. Mr. Garrison has also
written articles on financing in the mining industry and has structured foreign
asset-based financings.


ITEM 10.      EXECUTIVE COMPENSATION

         (a) The summary compensation table below indicates the cash or accrued
compensation paid by the Company as well as other compensation paid or accrued
to the Chairman and Chief Executive Officer (the Company's chief executive
officer) and the next highest compensated executive officer at December 31, 1998
for services rendered in all capacities during calendar years 1998, 1997 and
1996:

                           SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>

         Annual Compensation                                      Long Term Compensation Awards
-------------------------------------------------------   -------------------------------------------------------------
Name and                                              Other Annual  Restricted      Underlying       LTIP    All Other
Principal Position        Year     Salary      Bonus  Compensation  Stock Awards  Options/SARs(#)   Payout Compensation
------------------        ----     ------      -----  ------------  ------------  --------------    ------- -----------
<S>                       <C>     <C>          <C>      <C>            <C>            <C>            <C>       <C>
Drury J. Gallagher,       1998    $112,500      -0-      -0-(2)         -0-            -0-            -0-       -0-
Chairman, Chief           1997    $125,000(1)   -0-      -0-(2)         -0-            -0-            -0-       -0-
Executive Officer         1996    $100,000(1)   -0-      -0-(2)         -0-        250,000 shares     -0-       -0-
and Treasurer
(the Company's Chief
Executive Officer)

Robert A. Garrison,       1998    $     -0-     -0-      -0-(2)         -0-            -0-            -0-       -0-
President, Chief          1997    $ 13,333(1)   -0-      -0-(2)         -0-            -0-            -0-       -0-
Operating Officer         1996    $100,000(1)   -0-      -0-(2)         -0-        250,000 shares     -0-       -0-
and Secretary
and Secretary

</TABLE>

----------
         (1) Under the Company's employment agreements with Mr. Gallagher dated
as of July 1, 1995, and with Mr. Garrison dated as of July 1, 1995 (as amended
as of April 12, 1996), such officers were to be paid an annual salary of
$100,000, in equal monthly installments, commencing as of July 1, 1995. However,
since the Company was unable to pay any of such salaries in 1995 and 1996, all
such amounts accrued, which totalled $150,000 per person, or an aggregate of
$300,000 as of December 31, 1996. Initially, the Company and the officers orally
agreed in July, 1995 to postpone the payment of such accrued salaries and any
additional amounts due under the employment agreements until the Company
received additional funding of at least $2,000,000. As reflected in Item 12(A)
hereof, the Company canceled $100,000 of such accrued compensation and all of
the stock options and stock appreciation rights of each officer as of January 3,
1997, in exchange for 1,000,000 shares of the Company's Common Stock which were
transferred to each of them. In addition, Mr. Gallagher's compensation for 1997
was $125,000, of which $50,000 was accrued, together with the accrual of Mr.
Garrison's compensation of $13,333 for 1997. In addition, Mr. Gallagher accrued
$112,500 of his compensation for 1998. All compensation numbers reflect the
compensation payable for the period from January 1, 1996 to December 31, 1998.

         Mr. Gallagher entered into a three-year employment agreement with the
Company as of July 1, 1995. Under such agreement, Mr. Gallagher agreed to spend
up to one-half of his business time as President and be in charge of the
Company's day-to-day operations at an annual salary of $100,000. The agreement
also provided for the reimbursement of expenses incurred by him in the
performance of his duties. Such agreement was amended and restated as of July 1,

                                       11

<PAGE>


1997 to increase Mr. Gallagher's base compensation to $150,000 as of such date
and to extend the term thereof until June 30, 2000. Mr. Gallagher's salary under
such agreement ceased after September 30, 1998 because the Company had become
dormant by that date.

         The Company entered into a three-year employment agreement with Mr.
Garrison dated as July 1, 1995 under which he was to receive a salary from the
Company totalling $85,000 and be entitled to the stock options and stock
appreciation rights as described in Item 12(A). Under the agreement, Mr.
Garrison agreed to spend up to one-half of his business time as Vice President
and be in charge of the Company's day-to-day mining and project financing
operations. The agreement also provided for the reimbursement of expenses
incurred by him in connection with the performance of his duties thereunder.

         Mr. Garrison also entered into a substantially identical employment 
agreement with Autosport under which he was to be paid an annual salary of 
$15,000. However, since Autosport (as defined in Item 12(B) in the prior 
10-KSBs filed by the Company with the SEC) terminated its Mining Management 
Agreement with the Company pursuant to the Initial Restructuring Agreement 
(as defined in Item 12(B)), Mr. Garrison's employment with Autosport was also 
terminated. Thereafter, on April 12, 1996 the Board of Directors decided to 
amend Mr. Garrison's employment agreement with the Company to increase his 
annual salary thereunder from $85,000 to $100,000. Pursuant to such Board 
action, the parties executed and delivered an amendment to Mr. Garrison's 
employment agreement with the Company to such effect.

         Mr. Garrison's employment agreement with the Company, as amended,
terminated as of January 31, 1997 when he became entitled to receive consulting
fees from GGA for services rendered on behalf of the Company pursuant to the
consulting agreement dated as of May 13, 1997. Mr. Garrison received $62,500 in
cash and special warrants to purchase 500,000 shares of First Dynasty common
stock on August 31, 1998 in full satisfaction of all of First Dynasty's payment
obligations to him under such consulting agreement, subject to First Dynasty's
continuing obligations to arrange for the free trading of such securities.

         Mr. Gallagher and Mr. Garrison received $4,982 and $5,752,
respectively, in partial payment of their accrued salaries in January, 1998,
from the $200,000 cash payments made by First Dynasty to the Company in 1998.

         (2) Perquisites and other personal benefits paid or accrued to each of
the above-named officers were less than 10% of the total of their respective
annual salaries in 1998 and all previous years, and the same was true in 1995 in
the case of Mr. Gallagher. Mr. Garrison first joined the Company as of July 1,
1995.

         (b) Stock Options and Awards

         The Company has no options or awards outstanding under the 1995 Stock
Option Plan, and the Company made no grants or awards thereunder during the year
ended December 31, 1998.(1)

         (c) 1995 Stock Option Plan

         The Company adopted the 1995 Stock Option Plan under which a maximum of
500,000 shares of Common Stock may be issued (subject to adjustment for stock
splits, dividends and the like).

         For a description of the terms of the 1995 Stock Option Plan, and the
tax consequences thereunder, an interested person can review the annual reports
previously filed by the Company with the SEC.


ITEM 11.      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         (a) Set forth below is information as of December 31, 1998 pertaining
to ownership of the Company's Common Stock, determined in accordance with Rule
13(d)(3) under the Securities and Exchange Act of 1934, by persons known to the
Company who own more than 5% of the Company's Common Stock:

                                       12

<PAGE>

<TABLE>
<CAPTION>

Title of Class    Beneficial Owner               Shares(1)     Percent of Class
--------------    -------------------            ---------     -----------------
                                                 Common
                                                 ------
<S>               <C>                            <C>                    <C> 
Common Stock      Drury J. Gallagher             1,132,451(2)           26.0
                  c/o Global Gold Corporation
                  734 Franklin Avenue
                  Suite 303
                  Garden City, NY 11530

Common Stock      Robert A. Garrison             1,000,000(3)           23.0
                  44 Lords Highway East
                  Weston, Connecticut  06883

Common Stock      Eyre Resource N.L.               600,000(4)           13.8
                  Crest House - Suite 5
                  7 Havelock Street
                  West Perth WA 6005
                  Australia

Common Stock      Jeffrey Beaumont, Trustee
                  of the Parry-Beaumont Trust      400,000(4)            9.2
                  18, Pioneer Sector 1
                  Jurong, Singapore 2262

</TABLE>

----------
         (1) For purposes of this table, a person or group is deemed to have
beneficial ownership of any shares which such person has the right to acquire
within 60 days after December 31, 1998. For purposes of calculating the
percentage of outstanding shares held by each person named herein, any shares
which such person has the right to acquire within 60 days after December 31,
1998 are deemed to be outstanding, but not for the purpose of calculating the
percentage ownership of any other person.

         (2) This amount includes 24,000 shares of Common Stock issuable upon
the exercise of the Warrants acquired by Mr. Gallagher pursuant to the Offering.
See Item 12(A) hereof for a description pertaining to the acquisition of
1,000,000 shares of the Company's Common Stock by Mr. Gallagher. The validity of
such acquisition is being contested by Eyre and the Parry-Beaumont Trust in the
lawsuit described in Item 3 hereof.

         Mr. Gallagher disclaims any beneficial interest in the 20,000 shares of
the Company's Common Stock and 40,000 shares of Common Stock issuable upon the
exercise of the Warrants acquired by Francis L. Gallagher, Jr. (Mr. Gallagher's
brother), as trustee of the Drury J. Gallagher Trust F/B/O Children dated March
1, 1985.

         (3) See Item 12(A) hereof for a description pertaining to the
acquisition of 1,000,000 shares of the Company's Common Stock by Mr. Garrison.
The validity of such acquisition is being contested by Eyre and the
Parry-Beaumont Trust in the lawsuit described in Item 3 hereof.

         (4) The shares owned by each of Eyre and the Parry-Beaumont Trust
reflects the surrender of 6,000,000 and 4,000,000 shares of the Company's Common
Stock, respectively (prior to the 1 for 10 reverse split of such common stock
effective as of December 31, 1996), and the surrender of Acquisition Warrants to
purchase 3,600,000 (prior to the Reverse Split) and 2,400,000 (prior to the
Reverse Split) shares of Common Stock, respectively, as well as the surrender by
Autosport of its options to purchase 2,000,000 shares of the Company's Common
Stock (prior to the Reverse Split), all pursuant to the Initial Restructuring
Agreement. Under the Second Restructuring Agreement, Eyre and the Parry-Beaumont
Trust surrendered their Acquisition Warrants to acquire 2,400,000 (prior to the
Reverse Split) and 1,600,000 shares (prior to the Reverse Split)of the Company's
Common Stock, respectively. The validity of such surrender of Acquisition
Warrants, among other things, is being contested by Eyre and the Parry-Beaumont
Trust in the lawsuit
described in Item 3 hereof.

      (b) Set forth below is information as of December 31, 1998 pertaining to
ownership of the Company's Common Stock by all directors and executive officers
of the Company:

                                       13

<PAGE>

<TABLE>
<CAPTION>

                  Name and Address of            Number of
Title of Class    Beneficial Owner               Shares(1)      Percent of Class
--------------    --------------------           -----------    ----------------
<S>               <C>                            <C>                 <C>
Common            Drury J. Gallagher             1,132,451(2)        26.0(2)
                  c/o Global Gold Corporation
                  734 Franklin Avenue
                  Suite 303
                  Garden City, NY 11530

Common            Robert A. Garrison             1,000,000(3)        23.0(3)
                  44 Lords Highway East
                  Weston, Connecticut  06883
                                                 ------------      ---------
                                    Total        2,132,451           49.0

</TABLE>


         (c) As of December 31, 1998, except as described in Item 12 hereof,
there were no arrangements in effect which may result in a change of control of
the Company, after taking into account the effects of the Restructuring
Agreements discussed above.

----------
         (1) For purposes of this table, a person or group is deemed to have
beneficial ownership of any shares which such person has the right to acquire
within 60 days after December 31, 1998. For purposes of calculating the
percentage of outstanding shares held by each person named herein, any shares
which such person has the right to acquire within 60 days after December 31,
1998 are deemed to be outstanding, but not for the purpose of calculating the
percentage ownership of any other person.

         (2) This amount includes 24,000 shares of Common Stock issuable upon
the exercise of the Warrants acquired by Mr. Gallagher pursuant to the Offering.
See Item 12(A) hereof for a description pertaining to the acquisition of
1,000,000 shares of the Company's Common Stock by Mr. Gallagher. The validity of
such acquisition is being contested by Eyre and the Parry-Beaumont Trust in the
lawsuit described in Item 3 hereof.

         Mr. Gallagher disclaims any beneficial interest in the 20,000 shares of
the Company's Common Stock and 40,000 shares of Common Stock issuable upon the
exercise of the Warrants acquired by Francis L. Gallagher, Jr. (Mr. Gallagher's
brother) as trustee of the Drury J. Gallagher Trust F/B/O Children dated March
1, 1985.

         (3) See Item 12(A) hereof for a description pertaining to the
acquisition of 1,000,000 shares of the Company's Common Stock by Mr. Garrison.
The validity of such acquisition is being contested by Eyre and the
Parry-Beaumont Trust in the lawsuit described in Item 3 hereof.


ITEM 12.      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

(A)      Transactions with Officers

         As described in Item 6 hereof in the Form 10-KSB filed by the Company
for the period ended December 31, 1996, Mr. Gallagher agreed to advance funds to
the Company to cover its administrative expenses and legal and accounting
expenses through June 30, 1997, if he was paid in full by such date or earlier
out of the proceeds of any financing received by the Company in excess of
$500,000 and provided that the Company also secured his loan with the Jet-Line
Note, which the Company agreed to do.

         Pursuant to such agreement, Mr. Gallagher loaned $192,000 to the
Company, which loan was evidenced by a new consolidated note which the Company
issued to him as of such date and cancelled the earlier consolidated note dated
November 12, 1996. The Company discharged its loan Mr. Gallagher in full on May
19, 1997 by paying him such amount plus interest thereon of $14,058.49 on such
date.

         On January 3, 1997, the Board of Directors of the Company approved the
transfer of 1,000,000 shares of its Common Stock (computed after the Reverse
Split) to each of Messrs. Gallagher and Garrison in exchange for, (a) in Mr.
Gallagher's case, the cancellation of $100,000 of accrued salary, and the
cancellations of his options to acquire 175,000 shares of the Common Stock of


                                       14

<PAGE>

the Company (computed after the Reverse Split) and the cancellation of his stock
appreciation rights (the "SARs") which, under certain circumstances, could have
resulted in the issuance to him of up to 37,500 shares of the Company's Common
Stock (computed after the Reverse Split)1 and (b) in Mr. Garrison's case, the
cancellation of $100,000 of accrued salary, the cancellation of his options to
buy 75,000 shares of the Company's Common Stock and the cancellation of his
SARs. The Company made such transfer to reward each of them for their efforts to
secure financing for the Company and/or the Armenian mining project, for
maintaining the Company's existence in the face of the Company's potential
insolvency, and to increase their proprietary stake as the day-to-day management
of the Company at the request of prospective investment banking firms and
potential investors with whom the Company was then seeking to obtain funding.

         Since July, 1995, Messrs. Gallagher and Garrison had deferred the
payment of their salaries due them under their employment agreements and
continued such deferral from July 1, 1996 through December 31, 1996. Since July,
1996, they undertook to keep the Company alive financially, by Mr. Gallagher's
further advances to the Company of $192,000, by Mr. Garrison's payment of his
own travel and travel-related expenses totally over $50,000, by their
undertaking joint and several guarantees of $500,000 to London and International
Mercantile Limited, a financial institution organized under the laws of England
and Wales, and their constant fund-raising activities including frequent trips
to London, Toronto, Vancouver and various places in the United States for such
purpose. Without such efforts, the Company's activities would have ceased in
substantially all respects. No financial assistance of this type, or any
guaranty, was provided by Eyre or its officers, directors or shareholders or by
the Parry-Beaumont Trust (except for $100), despite the Company's written
requests to them for such assistance. Furthermore, when the holders of the
Warrants acquired in the Offering were asked to exercise them at the reduced
exercise price of $0.25 per share during the 30-day period ended December 15,
1996, none of the holders exercised them (except for one holder, Mr. Ian
Darragh, an Eyre director, who purchased 400 shares for a total of $100,
computed prior to the Reverse Split).

         As a result of such transfers of Common Stock to Messrs. Gallagher and
Garrison, Mr. Gallagher increased his beneficial ownership of Common Stock to
26.0% and Mr. Garrison became the beneficial owner of 23.0% of the Common Stock,
at such time and, taken together as a group, they now own 49% of the issued and
outstanding shares of the Company's Common Stock (excluding the Warrants owned
by Mr. Gallagher). Consequently, if Messrs. Gallagher and Garrison act in
concert, they, together with any one or more stockholders owning in total
slightly more than 1% of the shares of the Company's Common Stock issued and
outstanding, will be able to effectively determine the vote on any matter voted
by the Company's stockholders, including the election of directors and any
merger, sale of assets or other significant corporate action.

----------
         (1) The Board of Directors granted each of Messrs. Gallagher and
Garrison a SAR for 500,000 units of the Company's Common Stock, with the base
price thereof of $0.20 per share (the "Base Price") on the date of grant, July
21, 1995 (based on the Board's determination of the fair market value of the
Company's Common Stock on that date). If the value of the units increases over
the Base Price during the period of six years after the grant, and if the market
capitalization of the Company (determined by multiplying the number of shares of
Common Stock outstanding over the mean of the publicly-traded fair market value
of the Common Stock in the over-the-counter market, NASDAQ or elsewhere) exceeds
the formula price as set forth below for a consecutive period of three months,
the holder of the SAR shall be entitled to be paid such excess by the Company in
cash, or shares of Common Stock, or a combination thereof, in one or more annual
installments over a period not in excess of three years, as the Board of
Directors determines in its sole discretion, but such payment shall cause the
holder of the SAR to forfeit options to purchase 12,500 shares of the Company's
Common Stock under the option described in (1)(iii) and (2)(ii) above. The
formula price is set forth below:

<TABLE>
<CAPTION>

                                    Percentage of Excess of Value of Award
Market Capitalization           over Base Price to which Recipient is Entitled
---------------------           ----------------------------------------------
<S>                                            <C>
   $100,000,000                                  50%
   $200,000,000                                  66 2/3%

</TABLE>


                                       15

<PAGE>

<TABLE>

<S>                                              <C>
   $300,000,000                                  75%

</TABLE>


Thus, each holder became potentially entitled to receive a maximum of 375,000
shares of the Company's Common Stock payable under the SARs awarded to him
computed prior to the Reverse Split).

(B)      Relationship with Eyre Resources N.L. and the Parry-Beaumont Trust

         In January, 1995 the Company entered into a letter of intent with Eyre
Resources N.L., an Australian corporation ("Eyre"), with respect to certain
foreign mining projects. Thereafter, the Company entered into a definitive Asset
Purchase Agreement with Eyre, dated as of June 30, 1995 (the "Agreement"), with
respect to certain Armenian, Georgian and Australian mining projects, and closed
the transactions contemplated thereunder on December 1, 1995.

         For a description of such transaction, the Initial Restructuring
Agreement, the Second Restructuring Agreement and information with respect to
Eyre, the Parry-Beaumont Trust, and the loan transaction between the Company and
Eyre, an interested person can review the annual reports previously filed by the
Company with the SEC.


ITEM 13.      EXHIBITS AND REPORTS ON FORM 8-K.

         1. The following documents are filed as part of this report: Financial
Statements of the Company, including reports of independent certified public
accountants, Balance Sheets, Statements of Income, Statements of Stockholders
Equity, Statements of Cash Flow and Notes to Financial Statements: as at and for
the periods ended December 31, 1998 and December 31, 1997.

         2. The Exhibits which are listed on the Exhibit Index attached hereto.

         3. No reports on Form 8-K were filed by the registrant during the last
quarter of the period covered by this report.

                                       SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.


                                       GLOBAL GOLD CORPORATION
                                       (Registrant)


                                       By: /s/ Drury J. Gallagher
                                           ----------------------------------
                                           Drury J. Gallagher, Chairman, Chief
                                           Executive Officer and Treasurer


Dated: April 14, 1999

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

        Name                        Title                           Date
        ----                        -----                           ----
/s/ Drury J. Gallagher   Chairman, Chief Executive Officer,    April 14, 1999
----------------------   Treasurer and Director (Principal
    Drury J. Gallagher   Executive and Financial Officer)


/s/ Robert A. Garrison    President, Chief Operating
----------------------    Officer, Secretary and Director      April 14, 1999
    Robert A. Garrison


                                       16

<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)


                              Financial Statements



                                December 31, 1998












                                       17
<PAGE>


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)

                              Financial Statements


                                December 31, 1998

<TABLE>
<CAPTION>

  Exhibit                                                                             Page
  -------                                                                             ----
<S>                                                                                 <C>
              Independent Auditors= Report                                              1

     A        Balance Sheets - as of December 31, 1998                                  2

     B        Statements of Income and (Loss) - for the years
              ended December 31, 1998 and 1997 and the
              development stage period
              January 1, 1995 through December 31, 1998                                 3

     C        Statement of Changes in Stockholders= Equity - for
              the years ended December 31, 1998 and 1997 and the
              development stage period January 1, 1995 through
              December 31,1998                                                      4a/4b

     D        Statement of Cash Flow - for the years ended December 31, 1998
              and 1997 and the development stage period January 1, 1995 through
              December 31, 1998                                                         5

              Notes to Financial Statements                                            15

</TABLE>

















                                       18
<PAGE>


                                                                      Page 2
                                                                   Exhibit A


                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                                  Balance Sheet
                                December 31, 1998


                                     ASSETS

<TABLE>
<S>                                                            <C>         
CURRENT

 Cash                                                          $    24,623.

 Refundable Deposit                                                 33,347.
                                                               ------------
                                                                    57,970.

OTHER ASSETS

 Special Warrants - First Dynasty Mines Ltd.                       256,000.
                                                               ------------
TOTAL ASSETS                                                   $   313,970.
                                                               ------------
                                                               ------------

                      LIABILITIES AND STOCKHOLDERS- EQUITY

CURRENT LIABILITIES

 Accounts payable and accrued expenses                         $   173,170.
                                                               ------------


STOCKHOLDERS- EQUITY - Exhibit C

 Common stock $0.001 par, 100,000,000 shares authorized
  4,348,114 shares issued and outstanding                            4,348.

 Paid Capital-dormant period                                     3,236,602.

 Paid Capital-development stage                                  1,493,223.

 Retained earnings-dormant period                               (2,907,648)

 Retained earnings-development stage                            (1,685,725)
                                                               ------------

                                                                   140,800.
                                                               ------------

TOTAL LIABILITIES AND STOCKHOLDERS- EQUITY                     $   313,970.
                                                               ------------
                                                               ------------

</TABLE>

See Independent Auditors' Report and Notes to the Financial Statements.

                                       19
<PAGE>


                                                                     Page 3
                                                                  Exhibit B

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                         Statement of Income and (Loss)

<TABLE>
<CAPTION>

                                             For the                  For the           January 1, 1995
                                             Year Ended               Year Ended        (development stage
                                             December 31,             December 31,      through
                                             1998                     1997              December 31, 1998
                                             ------------             ------------      ------------------
<S>                                          <C>                      <C>                  <C>       
REVENUE                                      $      --                $      --            $       --
                                             ----------               ----------           ----------
EXPENSES
 Officers' compensation                        112,500.                 138,334.              550,834.

 Legal                                          73,761.                 145,020.              542,110.

 Accounting and auditing                        22,500.                  30,100.              123,448.

 Transfer agent and securities fees                 --                    1,534.               12,446.

 Proxy costs                                        --                       --                26,555.

 Rent                                         (18,000)                   36,000.               54,000.

 Office expense                                29,758.                   62,621.              122,990.

 Travel                                            92.                      193.               43,234.
                                             ----------               ----------           ----------

OPERATING (LOSS)                             (220,611)                 (413,802)           (1,475,617)

OTHER INCOME (EXPENSES)

 Interest and royalty income                      817.                    3,693.                5,379.

 Organization costs                                --                       --                 (4,800)

 Interest expense                                (601)                   (7,090)              (15,422)

 Provision for bad debts                           --                  (150,000)             (325,000)

 Write-off investment in Georgia mining
  interests                                        --                  (135,723)             (135,723)

 Gain on sale of interest in Global Gold
   Armenia                                    255,999.                   12,875.              268,874.
                                             ----------               ----------           ----------

INCOME/(LOSS) BEFORE INCOME TAXES              35,604.                 (690,047)           (1,682,309)

 Income taxes                                    (660)                     (700)               (3,416)
                                             ----------               ----------           ----------

NET INCOME/(LOSS)                           $  34,944.                $(690,747)          $(1,685,725)
                                             ----------               ----------           ----------
                                             ----------               ----------           ----------
NET INCOME/(LOSS) PER SHARE                 $    .008                 $  (.1589)
                                             ----------               ----------
                                             ----------               ----------

</TABLE>


See Independent Auditors' Report and Notes to the Financial Statements.

                                       20
<PAGE>


                                                                     Page 4a
                                                                   Exhibit C

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company
                  Statements of Changes in Stockholders' Equity

<TABLE>
<CAPTION>


                                                            Paid-in        Retained       Retained        Paid-in
                               Issued and                   Capital        Earnings       Earnings        Capital
                               Outstanding     Common      (Dormant        (Dormant       (Development    (Development
                               Shares          Stock        Period)        Period)        Stage)          Stage)           Total
                               -----------  ----------    ----------     -------------  --------------   -------------  -----------
<S>                             <C>         <C>           <C>            <C>            <C>              <C>            <C>       
Stockholders' equity
 December 31, 1994              898,074.    $  89,807.    $3,147,693.    $(2,907,648.)  $         --     $      --     $  329,852.

Net Loss January 1-
 December 31, 1995                                --              --                        (361,345.)                   (361,345.)

Adjustment re: restatement
 of par value                                (88,909.)        88,909.             --              --            --             --

Eyre acquisition              1,000,000.       1,000.             --              --              --       849,000.       850,000.

Proceeds through private
 offering                       200,000.         200.             --              --              --       421,373.       421,573.
                              ----------    ---------     -----------    -------------   ------------    ----------     ----------
Stockholders' equity
 December 31, 1995            2,098,074.       2,098.      3,236,602.     (2,907,648.)      (361,345.)   1,270,373.     1,240,080.

Net Loss January 1-
 December 31, 1996                   --           --              --              --        (668,577.)          --       (668,577)

Warrants exercised                   40.          --              --              --              --           100.           100.
                              ----------    ---------     -----------    -------------   ------------    ----------     ----------

Stockholders' Equity
 December 31,1996             2,098,114     $  2,098      $3,236,602.    $(2,907,648.)   $(1,029,922.)  $1,270,473.     $ 571,603.
                              ----------    ---------     -----------    -------------   ------------    ----------     ----------
                              ----------    ---------     -----------    -------------   ------------    ----------     ----------

</TABLE>


See Independent Auditors' Report and Notes to the Financial Statements.







                                       21

<PAGE>


                                                                     Page 4b
                                                                   Exhibit C

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company
                  Statements of Changes in Stockholders' Equity

<TABLE>
<CAPTION>


                                                            Paid-in        Retained       Retained        Paid-in
                               Issued and                   Capital        Earnings       Earnings        Capital
                               Outstanding     Common      (Dormant        (Dormant       (Development    (Development
                               Shares          Stock        Period)        Period)        Stage)          Stage)           Total
                               -----------  ----------    ----------     -------------  --------------   -------------  -----------
<S>                             <C>         <C>           <C>            <C>            <C>              <C>            <C>       
Stockholders' equity
 December 31, 1996              2,098,114.    $2,098.     $3,236,602.    $(2,907,648.)   $(1,029,922).    $1,270,473.    $ 571,603.

Net Loss January 1 -
 December 31, 1997                     --         --              --         (690,747)            --              --      (690,747.)


Issuance of Common Stock        2,250,000      2,250.             --               --             --         222,750.      225,000.

Shareholders' Equity
 December 31, 1997              4,348,114.    $4,348.      $3,236,602.   $(2,907,648.)   $(1,720,669.)    $1,493,223.     $105,856.
                                ----------    -------      -----------   -------------   -------------    -----------     ---------
                                ----------    -------      -----------   -------------   -------------    -----------     ---------
Net Income January 1-
 December 31, 1998                     --         --               --             --          34,944.             --        34,944.

Stockholders' equity
 December 31, 1998              4,348,114     $4,348.      $3,236,602.   $(2,907,648.)   $(1,685,725.)    $1,493,223.     $140,800.
                                ----------    -------      -----------   -------------   -------------    -----------     ---------
                                ----------    -------      -----------   -------------   -------------    -----------     ---------

</TABLE>


In 1997 the company issued 2,000,000 common shares in exchange for $200,000 
in accrued salaries and additional consideration. Also, 250,000 common shares 
were issued as a finders fee in connection with the First Dynasty financing.

See Independent Auditors- Report and Notes to the Financial Statements.






                                       22
<PAGE>


                                                                    Page 5
                                                                 Exhibit D

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                             Statement of Cash Flow


<TABLE>
<CAPTION>

                                                      For the             For the           January 1, 1995
                                                      Year Ended          Year Ended        (development
                                                      December 31,        December 31,      stage through
                                                      1998                1997              December 31, 1998
                                                      -------------     --------------      -----------------
<S>                                                   <C>               <C>                   <C>         
CASH FLOW FROM DEVELOPMENT
STAGE ACTIVITIES:

 Net Income/(Loss)                                    $  34,944         $  (690,747)          $(1,685,725)

 Adjustments to reconcile net income/(loss) to
 net cash provided by operating activities:

  Increase (decrease) in:

  Provision for bad debt included in net loss                --             150,000.              325,000.

  Write-off of mining investment in Georgia                  --             135,723.              135,723.

  Organization costs                                         --                  --                (9,601)

  Gain on sale of Armenia mining interests             (255,999)           ( 12,875)             (268,874)
 
  Accounts receivable and deposits                      (33,501)                 --               (33,501)

  Accounts payable, accrued expenses
   and miscellaneous                                     12,835          (1,016,281)              269,773.
                                                       ---------        ------------          ------------
Net cash (used) by Development Stage Activities        (241,721)         (1,434,180)           (1,267,205)
                                                       ---------        ------------          ------------

CASH FLOW FROM INVESTING ACTIVITIES:

 Proceeds from sale of Armenia mining
    interests (net of Note Receivable)                       --           1,691,155.            1,691,155.

 Collection of Note Receivables                         200,000                  --               200,000
                                                       ---------        ------------          ------------

 Investment in certain mining interests
    - net of financing                                       --                  --              (153,494)

 Deferred - mining interests                                 --                  --              (878,858)

Net cash provided by Investing Activities               200,000.          1,691,155.              858,803.
                                                       ---------        ------------          ------------

CASH FLOW FROM FINANCING ACTIVITIES:

 Net proceeds from private placement offering                --                  --               421,573.

 Note Payable - officer (net)                                --            (191,000)                   --

 Warrants exercised                                          --                  --                   100.
                                                       ---------        ------------          ------------

Net cash provided (used) by Financing Activities             --            (191,000)              421,673.
                                                       ---------        ------------          ------------

NET INCREASE (DECREASE) IN CASH                         (41,721)             65,975.               13,271.

CASH - beginning                                         66,344.                369.               11,352.
                                                       ---------        ------------          ------------

CASH - end                                            $  24,623.        $    66,344.            $  24,623.
                                                       ---------        ------------          ------------
                                                       ---------        ------------          ------------

SUPPLEMENTAL CASH FLOW INFORMATION

 Income taxes paid                                    $     660.        $       700.            $   2,008.
                                                       ---------        ------------          ------------
                                                       ---------        ------------          ------------

 Interest Paid                                        $     601.        $     7,090.            $  15,422.
                                                       ---------        ------------          ------------
                                                       ---------        ------------          ------------

</TABLE>


In 1995 the Company issued one million shares of common stock for certain 
mining interests, with an estimated value of $850,000 (Note 5). In 1997 the 
Company issued 2,000,000 common shares in exchange for $200,000 in accrued 
salaries and additional consideration. Also, 250,000 common shares were 
issued as a finders fee in connection with the First Dynasty financing.

In 1998 the Company exchanged its interest in Global Gold Armenia Limited for
4,000,000 First Dynasty Mines Ltd. Special Warrants exchangeable at no cost into
4,000,000 shares of common stock of First Dynasty Mines Ltd. (Note 17)




                                       23

<PAGE>


                                                                     Page 7

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998


NOTE 1:  ORGANIZATION (AS A DEVELOPMENT STAGE COMPANY) AND ACCOUNTING POLICIES

         Global Gold Corporation (the "Company") was incorporated as Triad
         Energy Corporation in the State of Delaware on February 21, 1980 and,
         as further described hereafter, had no operating or development stage
         history from its inception until January 1, 1995. Accordingly, the
         Company had been dormant until 1995. During 1995 the Company changed
         its name from Triad Energy Corporation to Global Gold Corporation. An
         Australian corporation, Eyre Resources N.L. and an affiliate (hereafter
         "Eyre"), presented to management an opportunity to develop certain gold
         and copper mining rights in the former Soviet Republics of Armenia and
         Georgia. As part of the plan to acquire the mining interests and raise
         venture capital, the Company increased the number of shares authorized
         to be issued from ten million to one hundred million.

         The Company had offices in New York City which it leased from Penn-Med
         Consultants, Inc., which was charging rent in the amount of $3,000 per
         month to the Company commencing January 1, 1996 through December 31,
         1997 for use of the premises, office equipment, facilities, etc. The
         lease was terminated on December 31, 1997 and Penn-Med canceled $18,000
         in accrued rent payable.

         During 1995 the Company formed certain wholly-owned foreign
         subsidiaries. Any reference in these statements to the Company may also
         include one, some or all of the subsidiaries. All intercompany
         transactions were eliminated.

         As a result of ownership changes, the Company will not be able to
         benefit from all of its net operating loss carryforwards. (Income Tax
         Matters - see Note 14.)



NOTE 2:  USE OF ESTIMATES

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         balance sheet date, and also the reported amounts of revenues and
         expenses during the reporting period. Actual results could differ from
         those estimates.


NOTE 3:  COMPANY HISTORY AND REPORTS WITH THE SECURITIES AND EXCHANGE COMMISSION

         The Company was incorporated as Triad Energy Corporation on February
         21, 1980, and closed a public offering of its common stock in January
         1981. Several months after the closing of such public offering, the
         Company withdrew the listing of the common stock for trading on NASDAQ
         because of the theft of substantially all of the cash funds of the
         Company derived from the proceeds of the public offering by its then
         president, Samuel McNell, in July 1981. The case has long since gone
         through the judicial system and Samuel McNell is no longer an officer,
         director, employee or in any other fashion doing business with the
         Company. After the consummation of the public offering, the Company
         failed to file any further annual or periodic reports required under
         the Exchange Act. The Company filed its Form 10-KSB for the calendar
         years 1994, 1995, 1996 and 1997, its Form 10-Q for all quarters in 1995
         and thereafter, and also filed audited financial statements covering
         the calendar years 1987, 1988, 1989, 1990, 1992, 1993, 1994, 1995, 1996
         and 1997. There can be no assurance that the SEC might not assert
         claims against the Company and its present and former directors and
         officers, which actions

                                       24
<PAGE>


                                                                     Page 8

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998



NOTE 3:  COMPANY HISTORY AND REPORTS WITH THE SECURITIES AND EXCHANGE
         COMMISSION (continued)

         might adversely affect the future conduct of the Company's business or
         be detrimental to future trading of the Company's stock in the public
         markets.


NOTE 4:  DEVELOPMENT STAGE COMPANY

         The Company may encounter problems, delays, expenses and difficulties
         typically encountered in the development stage, many of which may be
         outside of the Company's control. Management must also be successful in
         securing additional investor and/or lender financing. The Company
         expects to incur operating losses for the near term and, in any event,
         until such time as it derives substantial revenues from its investment
         in First Dynasty Mines Ltd. or other future projects.



NOTE 5:  ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE

         Pursuant to the Asset Purchase Agreement dated June 1995, the Company
         acquired from Eyre, an Australian corporation, all of its potential
         interest in its Armenian gold mining project and all of Eyre's
         potential interest in its Georgia gold and copper mining project (Note
         8).

         The Company paid Eyre for the Armenian and Georgian interests as
         follows:

<TABLE>

<S>                                          <C>     
               Cash                          $153,494
               Note payable                   100,000
               Note payable                    46,506
                                             --------
                                             $300,000

</TABLE>

         The Asset Purchase Agreement also provided for the Company to cause the
         delivery to Eyre and the Parry Beaumont Trust, a Singapore Trust, two
         million shares of stock, with an estimated value of $850,000, and
         warrants to acquire an additional one million shares. The Asset
         Purchase Agreement left Eyre and the Parry Beaumont Trust with two out
         of five seats on the Board of Directors.

         As of December 1, 1995, the Company and Eyre and the Parry Beaumont
         Trust entered into a Restructuring Agreement pursuant to which Eyre
         surrendered 600,000 shares of common stock and acquisition warrants to
         purchase 360,000 shares of common stock, the Parry Beaumont Trust
         surrendered 400,000 shares of common stock and warrants to purchase
         240,000 shares of common stock, and Eyre acquired a 2% overriding
         production royalty.

         Various prospective investment banking firms and potential investors
         who expressed an interest in providing funding for the Company's
         projects in the Fall of 1996, requested that the Company undertake a
         reverse split of its common stock (Note 16) to decrease the number of
         shares outstanding in order to facilitate possible future financing and
         to reduce the equity stake of certain shareholders who received shares
         pursuant to the Restructuring Agreement essentially in their capacity
         as finders. In response thereto, by letter dated December 4, 1996, Eyre
         and the Parry-Beaumont Trust surrendered their acquisition warrants to
         purchase 240,000 and 160,000 shares, respectively, of the Company's
         common stock (a total of 400,000 shares), and surrendered their right
         to designate two

                                       25
<PAGE>


                                                                     Page 9

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998


NOTE 5:  ACQUISITION OF ARMENIAN MINING INTEREST FROM EYRE (continued)

         members of the Board of Directors of the Company. In addition, Eyre
         agreed to waive its overriding royalties in the Armenian projects and
         to waive the approximately $146,000 due it under the promissory notes
         received at the closing of the Second Restructuring Agreement.

         In January, 1998, the Company brought an action against Eyre, the
         Parry-Beaumont Trust and Kevin Parry, individually, in the United
         States District Court for the Southern District of New York, seeking
         damages in excess of $81,000,000 arising out of the alleged fraud
         committed by the defendants.

         The defendants denied such claims and asserted counterclaims against
         the Company seeking damages in an underdetermined amount against the
         Company and seeking a declaratory judgment voiding the Second
         Restructuring Agreement. In addition, Eyre and the Parry-Beaumont Trust
         brought a third-party complaint against Drury J. Gallagher and Robert
         A., Garrison, individually, seeking, among other things, damages in
         excess of $75,000 and directing Mr. Gallagher and Mr. Garrison to
         return the 2,000,000 shares of the Company=s Common Stock issued to
         them by the Company in January, 1997.

         The respective parties have served notices to take the deposition of
         the other parties in the action and made requests for the production of
         documents. The parties have scheduled the taking of depositions
         commencing on May 17, 1999.

         The Company intends to prosecute the litigation to completion and
         believes that its claims against the plaintiffs will be successfully
         contested and that the defendants' claims asserted against the Company
         and Messrs. Gallagher and Garrison are without merit, although there
         can be no assurance as to the outcome thereof.

         The Company funded the litigation with $50,000 in a refundable deposit
         account which had a balance of $33,347 on December 31, 1998.

NOTE 6:  PATTERSON, BELKNAP, WEBB & TYLER, L.L.P.

         The Company retained the law firm of Patterson, Belknap, Webb & Tyler,
         L.L.P. (PBW&T) to represent the Company in its dealings with the
         Armenian and Georgian Republics. PBW&T has an international law
         practice involving commercial, nonprofit and humanitarian issues, and
         has offices in Moscow.

         In connection with preparation and negotiation of the Armenian Joint
         Venture Agreement and associated documents, as well as corporate, tax,
         strategic, regulatory, financing, political risk insurance and other
         miscellaneous matters, PBW&T agreed to be compensated $930,000 plus
         expenses ratably over the period May 1, 1995 through May 1, 1999, with
         minimum quarterly payments of $25,000.


         As of May 13, 1997, unbilled contingent project charges in excess of
         the minimum $25,000 per quarter were assumed by First Dynasty Mines
         Ltd. ("First Dynasty"), payable upon receipt of an executed agreement
         assigning the rights to the Zod Mine to the Armenian Gold Recovery
         Company ("AGRC"). Global Gold reversed fees accrued of $76,000 as of
         that date. Unbilled fees and expenses through September 30, 1998 total
         approximately $300,000, which will be finalized with First Dynasty.

                                       26
<PAGE>


                                                                     Page 10

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998



NOTE 6:  PATTERSON, BELKNAP, WEBB & TYLER, L.L.P. (Continued)

         PBW&T also represented the Company in preparation and negotiation with
         the Georgian government of a revised Joint Venture Agreement and
         associated documents, and other related matters similar to the
         aforementioned Armenian retainer agreement. The contemplated Georgian
         fee was $180,000 for the period July 1, 1995 to July 1, 1999, and the
         minimum quarterly payment was $10,000. The quarterly billing was
         discontinued as of June 30, 1997, and the accumulated investment
         written-off as of December 1997.

         The PBW&T arrangement was terminated on March 1, 1998.



NOTE 7:  THE ARMENIAN JOINT VENTURE AGREEMENT

         On February 2, 1996, the Company and Armgold, a division of the
         Ministry of Industry of the Government of the Republic of Armenia,
         initialed a Joint Venture Agreement (the "Venture") entitled the
         Armenian Gold Recovery Company. The Venture was modified on May 1,
         1996. On June 29, 1996, the Republic of Armenia issued a parliamentary
         decree authorizing Armgold's joint venture with the Company.

         The Venture called for processing talings at the Ararat plant site and
         for reconditioning and restarting operations at the Zod and Meghradzor
         Mine sites.

         On October 7, 1996, the Armenian government issued a license for a
         five-year period of implementation of the development plan at Ararat,
         effective after the registration of the Venture with the appropriate
         Armenian governmental authorities, in accordance with the applicable
         Armenian law. The registration of the Venture occurred on November 8,
         1996.

         Pursuant to the decree issued in connection with the Venture, Global
         Gold Armenia Limited ("GGA") was required to invest $5,000,000 in the
         Tailings Project on or before February 1, 1997. Such requirement was
         deemed satisfied by the parties.

         The Tailings Project began operations at an official dedication
         ceremony on February 25, 1998.

         An agreement to contribute the Zod and Meghradzor mines to the Venture
         was signed on September 30, 1997, and approved by the Armenian
         government on June 25, 1998 based on a feasibility study prepared by a
         joint venture between Kilborn-SNC Lavalin and CMPS&F, and submitted on
         June 8, 1998.


NOTE 8:  THE GEORGIAN AGREEMENT

         The Company also acquired from Eyre rights under a Foundation Agreement
         dated April 22, 1995 (including a Charter for a joint venture company)
         with R.C.P.A. Madneuli, a Georgian state enterprise, in connection with
         carrying out certain mining of the Madneuli deposit. The Company was
         subsequently advised that the application for the license required to
         be filed with the Georgian government had not been filed, and it had no
         definitive agreement granting it fixed rights to mining production or
         processing in Georgia.

                                       27
<PAGE>


                                                                     Page 11

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998


NOTE 8:  THE GEORGIAN AGREEMENT (continued)

         The Company thereafter learned that the Georgian government was
         planning to privatize the development of the Madneuli mine through a
         public bidding process which was slated to end on April 15, 1997. Since
         the structure of the Madneuli mining project under the public tender
         differed markedly from that contemplated under the Asset Purchase
         Agreement between the Company and Eyre dated as of June 30, 1995, the
         Company decided not to submit a bid for the development of the Madneuli
         mining project. As of December 31, 1997, the Company wrote-off its
         investment in the Georgian mining property resulting in a loss of
         $135,723.


NOTE 9:  NOTES RECEIVABLE

         The Company holds a note receivable from Jet-Line Environmental
         Services Inc. for $300,000 bearing interest at prime plus 2.0%.

         The Jet-Line Note, as more fully described in the documents, is
         convertible into at least 20% of Jet-Line's common stock. Jet-Line has
         defaulted on prior balloon payment obligations and is in default of its
         current interest requirements. The Note was understood to be secured by
         U.C.C.'s on certain equipment; however, there were no filings located.

         Jet-Line advised the Company in early March 1997 that it received a
         notice of the revocation of its license to do business in Massachusetts
         and a fine of $100,000 from the Massachusetts environmental
         authorities. Jet-Line contested such revocation and fine in the
         Massachusetts state courts unsuccessfully. As a result, Jet-Line has
         been requested by such authorities to sell its facility in
         Massachusetts, and Jet-Line was unable to sell the facility. The
         Company sent Jet-Line a written notice of default and demand for
         payment on March 14, 1997, and further demand letters on April 2, 1997
         and November 10, 1997. The Company has been notified by the Business
         Loan Center who made a U.S. Small Business Administration guaranteed
         loan to Jet-Line of $550,000 in 1994, that it would liquidate the
         Jet-Line assets, as to which it held a senior security interest. The
         Company thereafter unsuccessfully disputed the Business Loan Center's
         position as a senior secured creditor in late 1997. After determining
         that, among other things, the value of the assets held by it as
         collateral was negligible, the Company decided to write off the
         Jet-Line loan as worthless as of December 31, 1997.


NOTE 10: NOTES PAYABLE

         Drury Gallagher loaned the Company $192,000. The Note evidencing the
         loan bore interest at 10% per annum and was due on or before June 30,
         1997, together with accrued and unpaid interest. The Note was repaid in
         full together with interest thereon. The officers loaned the Company
         $20,000 at an interest rate of 10% per annum due on or before December
         31, 1998. The loans were repaid in full together with interest thereon.


NOTE 11: CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM

         Pursuant to a Private Placement Offering (the "Offering") dated May 17,
         1995, as amended, the Company issued $500,000 of 10% Convertible Notes
         due December 31, 1996. Expenses in connection with the Offering were
         $78,427. Each $1,000 Convertible Note entitled the holder to 400

                                       28
<PAGE>


                                                                     Page 12

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998




NOTE 11: CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (continued)

         shares of common stock and warrants to purchase 800 shares of common
         stock at an adjusted exercise price of $.50 per share at any time
         before December 31, 1998. The exercise price was subsequently reduced
         to $.125 per share to reflect the current market valuation as
         determined by management and the exercise date was extended to December
         31, 1999.

         In accordance with the Offering, interest was not payable on the
         Convertible Notes so long as they were converted to equity within a
         specified time frame. After the December 1, 1995 Eyre closing, the
         entire $500,000 of Convertible Notes were exchanged for 200,000 shares
         of common stock.


NOTE 12: WARRANTS OUTSTANDING

         The Company had warrants outstanding as follows:

<TABLE>
<CAPTION>

                                      # Shares Right      Price/Share     Expiration
         Warrant Holder(s)             to Purchase      Exercisable at       Date          
         -----------------            --------------    --------------    ----------
<S>                                   <C>               <C>               <C>
         Stockholders through Note

         Conversion (Note 5)            400,000           $  .125         12/31/99

</TABLE>


NOTE 13: OFFICERS' COMPENSATION, INCENTIVE STOCK OPTIONS AND STOCK
          APPRECIATION RIGHTS

         Management presently consists of Mr. Drury J. Gallagher and Mr. Robert
         A. Garrison. Mr. Gallagher had been President of the Company and a
         stockholder since 1981; he is currently Chairman of the Company. Mr.
         Garrison was subsequently hired to oversee mining and related financing
         activities, and is currently President. Messrs. Gallagher and Garrison
         entered into employment agreements with the Company effective July 1,
         1995. Each was entitled to receive a base salary of $100,000 per year
         for 50% of their time for a three-year term. The employment agreements
         called for automatic annual increases as defined. The Board of
         Directors of the Company may award bonuses up to 50% of base
         compensation. On February 1, 1997 Mr. Garrison's employment agreement
         was canceled and replaced with a GGA consulting contract. Mr.
         Gallagher's base salary was increased to $150,000 per year on July 1,
         1997.

         As of December 31, 1998 accrued salary of $162,500 was due to Mr.
         Gallagher.

         On January 3, 1997, the Board of Directors of the Company approved the
         issuance of 1,000,000 shares of its common stock to each of Messrs.
         Gallagher and Garrison in exchange for $100,000 in accrued salary each
         plus cancellations of stock options and stock appreciation rights (the
         SARs) and personal guarantees up to $500,000. In 1997, Eyre
         questioned the validity of the issuance by the Company of 1,000,000
         shares of its common stock to each of Messrs. Gallagher and Garrison
         and asserted a counterclaim against Messrs. Gallagher and Garrison
         individually, directing Mr. Gallagher and Mr. Garrison to return the
         2,000,000 shares of the company's common stock.

                                       29
<PAGE>


                                                                     Page 13

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998


NOTE 13: OFFICERS' COMPENSATION, INCENTIVE STOCK OPTIONS AND STOCK
          APPRECIATION RIGHTS (continued)

         GGA agreed to retain Robert A. Garrison as a consultant for a
         three-year period commencing February 1, 1997 for $150,000 per annum
         pursuant to the terms of the consulting agreement entered into between
         such parties. The consulting agreement was terminated on August 31,
         1998 with the payment of consulting fees through that date and the
         issuance of 500,000 special warrants of First Dynasty convertible into
         common shares at no cost and which become fully tradable within one
         year or with the public offering of common shares, whichever comes
         first.


NOTE 14: NON-UNITED STATES WHOLLY-OWNED SUBSIDIARIES / INCOME TAX MATTERS

         On November 29, 1995, the Company formed Global Gold Armenia Limited
         and Global Gold Georgia Limited, which were respectively assigned the
         Armenian and Georgian mining rights from Eyre at the closing on
         December 1, 1995 (Note 5). The two subsidiaries are Cayman Island
         entities which were granted a twenty-year tax exemption from any law of
         that jurisdiction which hereafter imposes any tax to be levied on
         profits, income, gains or appreciation, commencing December 19, 1995.

         The Company experienced net operating losses for each of the years
         ended December 31, 1996 and 1997. The Company has elected to
         carryforward such losses for federal income tax purposes and offset
         future taxable earnings. However, since the Company is a development
         stage company and its ability to obtain future earnings is uncertain,
         no deferred tax asset has been recorded. Inasmuch as management valued
         the shares of stock distributed to Eyre in exchange for acquiring the
         aforementioned mining interests at $.085 per share (such interests,
         described herein, were not substantially perfected at the time of the
         transaction), it is management's position that even if the Internal
         Revenue Service deemed the transaction to be a taxable event, there
         would nevertheless be insignificant income tax consequences. However,
         there can be no such assurance. Furthermore, the Company will have to
         determine that the structure will not in any way be a deterrent from
         obtaining future financing or political risk insurance. Management will
         consider future structural changes, if necessary.

         For 1998 the Company's tax provision reflects the utilization of a net
         operating loss of $34,944.


NOTE 15: INCOME/(LOSS) PER SHARE

         Net income/(loss) per share is computed using the weighted average
         number of shares outstanding during the period. Common stock
         equivalents have not been included since the effect would be
         antidilutive.


NOTE 16: REVERSE STOCK SPLIT

         Various prospective investment banking firms and potential investors
         who expressed an interest in providing funding for the Company's
         projects in 1996 requested that the Company undertake a reverse split
         of its common stock to decrease the number of shares outstanding and
         thereby facilitate possible future financings. Accordingly, the Company
         effected a 1 for 10 reverse split of its common stock

                                       30
<PAGE>


                                                                     Page 14

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998


NOTE 16: REVERSE STOCK SPLIT (continued)

         effective as of December 31, 1996. Such step was taken by the written
         consent of the holders of a majority of the Company's issued and
         outstanding shares of common stock. By virtue of the reverse split,
         each stockholder's number of shares of common stock became one-tenth of
         the number previously held. The Company filed its Certificate of
         Amendment to the Certificate of Incorporation with respect to the
         reverse split with the Delaware Secretary of State on December 31,1996.

         All share and per share data in this report have been restated to
         reflect the reverse stock split, unless otherwise noted.


NOTE 17: FIRST DYNASTY MINES LTD.

         The Company, GGA and First Dynasty, a Canadian public company, entered
         into a preliminary agreement dated January 27, 1997, whereby First
         Dynasty agreed to advance funds in stages necessary for the development
         of the Armenian mining projects.

         The Company and First Dynasty entered into a definitive agreement dated
         May 13, 1997, reflecting the final agreement of the parties with
         respect to the Armenian mining projects (the "FDM Agreement"). The
         principal terms of the FDM Agreement are outlined as follows:


         First Dynasty agreed to advance a maximum of $24,510,000 under the FDM
         Agreement. All funds advanced by First Dynasty were advanced to GGA as
         debt, which was convertible into stock of GGA at First Dynasty's
         option, or was automatically converted into such stock under certain
         circumstances, as follows:

         a.   The first $6,490,000 of debt was convertible into 25% of the
              capital stock of GGA.

         b.   The next $3,520,000 of debt together with the advance described
              above was convertible into 51% of the capital stock of GGA.

         c.   For every additional $.5 million advanced in respect of the
              development of the Zod and Meghradzor mines (excluding the
              $10,010,000 Tailings Project expenditure) as a loan to GGA, such
              debt was convertible into an additional 1% of the capital stock of
              GGA, up to a maximum of 80% of the issued and outstanding shares
              of capital stock of GGA.

         Upon obtaining 80% of the capital stock of GGA, or upon making
         aggregate advances of $24,510,000, First Dynasty would be entitled to
         acquire the remaining 20% of the outstanding capital stock of GGA
         within 18 months after making such total advances, by issuance of
         4,000,000 shares of its common stock.

         First Dynasty carried out certain initial commitments in February 1997.
         They loaned GGA $675,000 to pay outstanding payables, agreed to fund
         the $640,000 Tailings Dam Construction Contract and agreed to guarantee
         or co-sign up to $3,500,000 of the equipment purchase contract and up
         to $1,000,000 of the Engineering, Procurement and Construction
         Management Services Contract between the Venture and a Canadian
         engineering firm. First Dynasty further agreed to loan the Company an
         additional $675,000 to cover the balance of the outstanding payables.

                                       31
<PAGE>


                                                                     Page 15

                             GLOBAL GOLD CORPORATION
                          (A Development Stage Company)
                          Notes to Financial Statements
                                December 31, 1998



NOTE 17: FIRST DYNASTY MINES LTD. (continued)

         In addition, First Dynasty agreed to pay the Company $400,000 to defray
         its expenses in participating in the negotiation of the second Armenian
         Joint Venture Agreement, of which $200,000 was paid upon the execution
         and the delivery of the FDM Agreement, and the balance of $200,000 was
         due on June 30, 1998. This amount was paid $50,000 on July 28, 1998 and
         $150,000 on September 1, 1998. Although not reflected in the FDM
         Agreement, First Dynasty also paid the Company $141,155 on May 15, 1997
         to defray the expenses incurred by GGA during the three-month period
         ending March 31, 1997. The total cash and notes received of $1,891,155
         from First Dynasty was offset against the investment in Armenia mining
         interests of $944,465, deferred costs as of December 31, 1997 as
         adjusted of $929,015 and organization costs of $4,800, resulting in a
         profit of $12,875.

         The Company and GGA, in conjunction with First Dynasty, negotiated for
         AGRC to develop the Zod and Meghradzor mines and concluded the amended
         Armenian Joint Venture Agreement on September 30, 1997, subject to the
         passage of a parliamentary decree approving it. The Armenian government
         passed a governmental decree on June 25, 1998. On July 24, 1998 First
         Dynasty and the Company entered into an agreement to accelerate the
         issuance of 4,000,000 special warrants exchangeable into an equal
         amount of First Dynasty common shares. The warrants were distributed on
         August 31, 1998. The 4,000,000 special warrants are exchangeable into
         4,000,000 common shares of First Dynasty Mines Ltd. at no cost and
         become freely tradable within one year or with the public offering of
         common shares, whichever comes first. The common shares were valued at
         13/64 on the Toronto Stock Exchange or US$.128 on August 31, 1998. For
         reporting purposes, the shares were discounted 50% for absence of a
         market for the warrants, presence of Canadian securities law
         restrictions on resale thereof, lack of trading volume and future
         dilution. As of December 31, 1998, there was no market for the special
         warrants. The common shares were valued at C$.15 per share on the
         Toronto Stock Exchange and US$.10 on the NASDAQ Bulletin Board. It is
         anticipated that the special warrants will be exchanged for common
         shares and the common shares will have a market value, although there
         can be no assurance of such result. The Company will retain the right
         until December 31, 2009 to elect to participate at a level of up to
         twenty percent with First Dynasty or any of its affiliates in any
         exploration project undertaken in Armenia.

         In connection with the First Dynasty financing, the Company paid a
         finders fee of 125,000 shares of its common stock to each of Walker
         Investments Ltd. and Alpine Holdings Ltd. at $.10 per share which
         approximated fair market value as determined by management.

                                       32



<PAGE>


                                  EXHIBIT INDEX

<TABLE>
<CAPTION>

EXHIBIT NO.               DESCRIPTION OF EXHIBIT
-----------               ----------------------
<S>                       <C>
    1                     Certificate of Incorporation, as amended.(1)

    2                     By-laws(1)

    3                     Certificate of Merger between the Registrant
                          and Everest Petroleum Inc.(1)

    4                     Agreement of Merger between the
                          Registrant and Everest Petroleum Inc.(1)

    5                     Asset Purchase Agreement between the
                          Registrant and Eyre Resources N.L. dated as
                          of June 30, 1995(1)

    6                     Form of 1995 Stock Option Plan+(1)

    7                     Letter Agreement between Registrant, Eyre
                          Resources N.L. and Robert A. Garrison+(1)

    8                     Employment Agreement between the
                          Registrant and Drury J. Gallagher dated as of
                          July 1, 1995+(2)

    9                     Employment Agreement between the
                          Registrant and Robert A. Garrison dated as
                          of July 1, 1995+(2)

    10                    Employment Agreement between Autosport
                          (Asia) Pte. Ltd. and Robert A. Garrison
                          dated as of July 1, 1996+(2)

</TABLE>








                                      33
<PAGE>


<TABLE>

<S>                       <C>
    11                    Stock Option Agreement between the
                          Registrant and Drury J. Gallagher dated as of
                          July 1, 1995 with respect to the grant of
                          1,000,000 shares of the Company's Common
                          Stock+(2)

    12                    Stock Option Agreement between the
                          Registrant and Drury J. Gallagher dated as of
                          July 1, 1995 with respect to the grant of
                          487,500 shares of the Company's Common
                          Stock+(2)

    13                    Stock Option Agreement between the
                          Registrant and Drury J. Gallagher dated as of
                          July 1, 1995 with respect to the grant of
                          12,500 shares of the Company's Common
                          Stock+(2)

    14                    Stock Option Agreement between the
                          Registrant and Robert A. Garrison dated as
                          of July 1, 1995 with respect to the grant of
                          487,500 shares of the Company's Common
                          Stock+(2)

    15                    Stock Option Agreement between the
                          Registrant and Robert A. Garrison dated as
                          of July 1, 1995 with respect to the grant of
                          12,500 shares of  the Company's Common
                          Stock+(2)

    16                    Stock Appreciation Rights Agreement
                          between the Registrant and Drury J.
                          Gallagher dated July 21, 1995+(2)

    17                    Stock Appreciation Rights Agreement
                          between the Registrant and Robert A.
                          Garrison dated July 21, 1995+(2)

    18                    Assignment and Assumption Agreement
                          between Eyre Resources N.L. and Global
                          Gold Armenia Limited dated December 1,
                          1995(2)

</TABLE>







                                      34
<PAGE>


<TABLE>
<S>                       <C>
    19                    Assignment and Assumption Agreement
                          between Eyre Resources N.L. and Global
                          Gold Georgia Limited dated December 1,
                          1995(2)

    20                    Assignment and Assumption Agreement
                          between Eyre Resources N.L. and Global
                          Gold Australia Limited dated December 1,
                          1995(2)

    21                    Promissory Note of the Registrant dated December 1,
                          1995 in the principal amount of
                          $100,000(2)

    22                    Promissory Note of the Registrant dated as
                          of December 1, 1995 in the principal amount
                          of  $100,000(2)

    23                    Stockholders Agreement by and among the
                          Registrant, Eyre Resources N.L., the Parry-
                          Beaumont Trust, Drury J. Gallagher, Francis
                          A. Hayman, John Hayman. Howard G. Seitz
                          and George L. Ryan dated December 1,
                          1995(2)

    24                    Guarantee and Indemnification Agreement of the
                          Registrant dated December 1, 1995(2)

    25                    Warrant Agreement to purchase 20,000
                          shares of the Registrant's Common Stock
                          dated December 1, 1995 issued to David
                          Steadly(2)

    26                    Warrant Agreement to purchase 20,000
                          shares of the Registrant's Common Stock
                          dated December 1, 1995 issued to Karekin
                          Arzoomanian(2)

    27                    Form of Warrant Agreement issued to 20
                          purchasers of the Registrant's 10%
                          Convertible Notes pursuant to the
                          Confidential Private Placement Memorandum
                          dated May 17, 1995, as amended(2)


   27.1                   Financial Data Schedule*


</TABLE>





                                      35
<PAGE>


<TABLE>
<S>                       <C>
    28                    Restructuring Agreement dated as of
                          December 1, 1995 by and among the
                          Registrant, Global Gold Armenia Ltd.,
                          Global Gold Georgia Ltd., Global Gold
                          Australia Ltd., Eyre Resources N.L., and the
                          Parry-Beaumont Trust (2)

    29                    Promissory Note of Global Gold Armenia
                          Limited dated as of December 1, 1995 in the
                          principal amount of $802,740(2)

    30                    Promissory Note of Global Gold Georgia
                          Limited dated as of December 1, 1995 in the
                          principal amount of $47,260(2)

    31                    Amended Employment Agreement between
                          the Registrant and Robert A. Garrison dated
                          as of April 11, 1996+(2)

    32                    Agreement No. 1 by and between the
                          Registrant, London & International
                          Mercantile Limited and HCL
                          Communications Ltd.(3)

    33                    Agreement No. 2 by and between the
                          Registrant, London & International
                          Mercantile Limited and HCL
                          Communications Ltd.(3)

    34                    Warrant Agreements to purchase 2,000,000
                          shares of the Registrant's Common Stock
                          issued to London & International Mercantile
                          Limited and HCL Communications Ltd.
                          under Agreement No. 1 with such party. (3)

    35                    Warrant Agreements to purchase 2,000,000
                          shares of the Registrant's Common Stock
                          issued to London & International Mercantile
                          Limited and HCL Communications Ltd.
                          under Agreement No. 2 with such party. (3)

    36                    Assignment and Assumption Agreement
                          between the Registrant and Global Gold
                          Armenia Limited dated as of July 30, 1996. (3)

    37                    Stock Option Agreement between the
                          Registrant and Drury J. Gallagher dated as
                          of July 19, 1996, as amended on
                          November 4, 1996+ (3)

</TABLE>




                                      36
<PAGE>


<TABLE>

<S>                       <C>
    38                    Stock Option Agreement between the
                          Registrant and Robert A. Garrison dated as
                          of July 19, 1996, as amended on
                          November 4, 1996+ (3)

    39                    Restructuring Agreement dated December
                          4, 1996 by and among the Registrant,
                          Eyre Resources N.L. and the
                          Parry-Beaumont Trust (3)

    40                    Certificate of Amendment to the Certificate
                          of Incorporation of the Registrant filed
                          with the Delaware Secretary of State on
                          December 31, 1996 (3)

    41                    Unanimous Written Consent of the Board
                          of Directors of the Registrant dated as of
                          January 3, 1997, approving the transfer of
                          1,000,000 shares of the Registrant's
                          Common Stock to each of Drury J.
                          Gallagher and Robert A. Garrison.+ (3)

    42                   Letter Agreement by and among the
                         Registrant, Global Gold Armenia Limited
                         and First Dynasty Mines Ltd. (3)

    43                   Debenture of Global Gold Armenia Limited
                         issued to First Dynasty Mines Ltd. dated
                         February 3, 1997, including Guarantee
                         thereof by the Registrant (3)

    44                   Global Gold Armenia Limited Charge Over
                         Shares issued to First Dynasty Mines Ltd.
                         dated February 3, 1997 (3)


    45                   Form of Amendments No. 2, 3 and 4 to
                         Warrant Agreement issued to the purchasers
                         of the Registrant's 10% Convertible Notes
                         pursuant to the Confidential Private
                         Placement Memorandum dated May 17, 1995,
                         as amended (3)

    46                   Definitive Agreement by and among the
                         Registrant, Global Gold Armenia Limited
                         and First Dynasty Mines Ltd. dated as of
                         May 13, 1997(4)

    47                   First Amendment to the Definitive
                         Agreement by and among the Registrant,
                         Global Gold Armenia Limited and First
                         Dynasty Mines Ltd. dated as of October 10,
                         1997(4)

    48                   Restated Employment Agreement between the
                         Registrant and Drury J. Gallagher dated as
                         of July 1, 1997+(4)

    49                   Restated Debenture of Global Gold Armenia
                         Limited issued to First Dynasty Mines Ltd.
                         dated October 3, 1997, including Guarantee
                         thereof issued by the Registrant(4)

    50                   Form of Amendment No. 5 to Warrant
                         Agreement issued to the purchasers of the
                         Registrant's 10% Convertible Notes
                         pursuant to the Confidential Private
                         Placement Memorandum dated May 17, 1995,
                         as amended(4)

    51                   Letter Agreement dated July 24, 1998
                         between Global Gold Corporation, First
                         Dynasty Mines Ltd. and Global Gold Armenia
                         Ltd. and Robert A. Garrison.+*

    52                   Release dated as of August 31, 1998 given to
                         Global Gold Corporation

</TABLE>
                                      37
<PAGE>


<TABLE>

<S>                       <C>
                         with respect to its guaranty of Debenture of
                         Global Gold Armenia Limited and the Change
                         Over Shares issued to First Dynasty Mines
                         Ltd.*

         53              Share Transfer Certificate with respect
                         to the transfer of shares of shares of
                         First Dynasty Mines Armenia Limited
                         (formerly known as Global Gold Armenia
                         Limited) to First Dynasty Mines (USA)
                         LLC dated August 31, 1998*

         54              Joint Acknowledgement by First
                         Dynasty Mines Armenia Limited and
                         Robert A. Garrison dated August 31,
                         1998+*

         55              Joint Acknowledgement between First
                         Dynasty Mines Ltd., First Dynasty
                         Mines Armenia Limited and First
                         Dynasty Mines (USA) LLC and the
                         Registrant dated August 31, 1998
                         terminating all rights under the
                         Shareholders Agreement between the
                         parties*

         56              Special Warrants to purchase
                         4,000,000 shares of common stock of
                         First Dynasty Mines Ltd. issued to
                         the Registrant*

         57              Special Warrants to purchase 500,000
                         shares of common stock of First
                         Dynasty Mines Ltd. issued to Robert
                         A. Garrison+*

         58              Special Trust Indenture dated as of
                         August 31, 1998 between First
                         Dynasty Mines Ltd. and CIBC Mellon
                         Trust Company providing for the
                         issue of special warrants to
                         purchase common stock of First
                         Dynasty Mines Ltd. issued to the Registrant
                         and Robert A. Garrison+*


         59              Form of Amendment No. 6 to Warrant 
                         Agreement issued to the purchasers
                         of the Registrant's 10% Convertible 
                         Notes pursuant to the Confidential 
                         Private Placement Memorandum dated 
                         May 17, 1995, as amended*

----------
*    Filed herewith.

+    Management contract or compensatory plan or arrangement.

(1)  Filed with 10-KSB for period ended December 31, 1994.

(2)  Filed with 10-KSB for period ended December 31, 1995.

(3)  Filed with 10-KSB for period ended December 31, 1996.

(4)  Filed with 10-KSB for period ended December 31, 1997.

</TABLE>

                                      38