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

                                  FORM 10-KSB
(Mark One)

[X]      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, 2005

[ ]      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 number: 02-69494

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

                     Delaware                          13-03025550
         (State or other jurisdiction of              (IRS Employer
          incorporation or organization)            Identification No.)

                    45 East Putnam Avenue, Greenwich, CT 06830
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number (203) 422-2300

       Securities registered under Section 12(b) of the Exchange Act: None
   Securities registered under Section 12(g) of the Exchange Act: Common Stock

Check whether the issuer (l) 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
the 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

                  Yes: ____                 No: ____

The issuer's revenues for its most recent fiscal year ending December 31, 2005
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 March 23, 2006, was
$15,525,702.

As of March 23, 2006 there were 18,270,301 shares of the registrant's Common
Stock outstanding.

(1) As of December 31, 2005, the Company's  Common Stock was publicly  traded on
the OTCBB. The Board of Directors of the Company determined that the fair market
value of the Common  Stock  based on the share  price of the most recent sale of
common stock as of December 31, 2005 was $1.50 per share.

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
Yes ____                   No  __X__


When  used in this  report,  the  words  "expect(s)",  "feel(s)",  "believe(s)",
"will", "may",  "anticipate(s)" and similar expressions are intended to identify
forward-looking  statements.  Such  statements  are subject to certain risks and
uncertainties,  which could cause actual results to differ materially from those
projected.   Readers  are  cautioned  not  to  place  undue  reliance  on  these
forward-looking  statements,  and are urged to carefully review and consider the
various disclosures elsewhere in this Form 10-KSB.

                                        1

<PAGE>

ITEM 1.  DESCRIPTION OF BUSINESS

(1) GENERAL OVERVIEW

Global Gold  Corporation  (the  "Company" or "Global  Gold") is currently in the
development stage. It is engaged in exploration, development, and mining of gold
and other minerals in Armenia and in Chile,  mining in Armenia,  and the holding
of a royalty interest in Chile. The Company's headquarters are in Greenwich,  CT
and its  subsidiaries  maintain  offices  and  staff  in  Yerevan,  Armenia  and
Santiago, Chile. The Company was incorporated as Triad Energy Corporation in the
State of  Delaware on February  21,  1980 and, as further  described  hereafter,
conducted  other  business prior to its re-entry into the  development  stage of
mineral  exploration  and mining on January 1, 1995.  During  1995,  the Company
changed its name from Triad Energy  Corporation  to Global Gold  Corporation  to
pursue  certain gold and copper mining rights in the former Soviet  Republics of
Armenia and Georgia.  In September 2002, the Company entered into negotiation to
acquire a mining property in Chile.  The Company,  on January 15, 2003,  entered
into an option/purchase/lease agreement with Alfredo Soto Torino and Adrian Soto
Torino for the purchase of copper gold properties in Chanaral District III Chile
(the  Candelaria  1 to 3, the Santa  Candelaria  1 to 8 and the  Torino I mining
claims 1 through  7 and  Torino II  mining  claims 1 through  11) (the  "Chilean
Agreement").  The Company currently refers to all of the properties  acquired by
the Chilean Agreement as "Santa  Candelaria." The Agreement was converted into a
purchase Agreement on February 4, 2004.

On January 24, 2003,  the Company formed Global Oro LLC and Global Plata LLC, as
wholly owned subsidiaries,  in the State of Delaware.  The companies were formed
to be equal joint owners of a Chilean Limited Liability  Company,  Minera Global
Chile Limitada ("Minera  Global"),  formed as of May 6, 2003, for the purpose of
conducting business operations in Chile.

After certain  exploration  activities,  including limited drilling in 2005, the
Company  determined that it should  discontinue  its  exploration  operations at
Santa Candelaria,  and wrote down its investment.  Further, on January 13, 2006,
the Company sold its interest in Santa  Candelaria in exchange for a royalty and
the right to reacquire the property; all as further described in the "subsequent
events" notes. The Company maintains its Santiago office and is engaged in other
development activities in Chile

In 2003,  the Company  entered into two  agreements in Armenia,  a member of the
Commonwealth of Independent States. These agreements were for the acquisition of
the  Hankavan  and  Marjan  mines,  and an  agreement  for the  purchase  of the
Lichkvadz-Tei and Terterasar gold properties in southern Armenia.

On August 18, 2003,  the Company  formed  Global Gold Armenia LLC ("GGA"),  as a
wholly owned  subsidiary,  which in turn formed  Global Gold Mining LLC ("Global
Gold Mining"), as wholly owned subsidiary, both in the State of Delaware. Global
Gold Mining LLC was  qualified  to do business as a branch  operation in Armenia
and owns assets and shares of operating  companies  in Armenia.  On December 21,
2003, Global Gold Mining acquired 100% of the Armenian limited liability company
SHA, LLC which held the license to the Hankavan and Marjan properties.

On January 25, 2005, SHA, LLC submitted  applications to the Armenian Government
for exploration licenses for five additional mineral bearing properties in North
Central Armenia, all proximate to Hankavan.

On August 1, 2005, Global Gold Mining entered into a share purchase agreement to
acquire the  Armenian  limited  liability  company  Mego-Gold,  LLC which is the
licensee for the Tukhmanuk  mining  property and seven  surrounding  exploration
sites as well as a plant and other assets, all as described below. The Tukhmanuk
property is adjacent to the Hankavan  property in central  Armenia,  between the
Aragatsotn  and Kotayk  provinces.  In  addition  to the  central  property  the
acquisition  includes a 200,000  tonne per year  capacity  plant and the Damlik,
Mirak,  Grebnevaya,  Ozyornaya,  Emin Yourt,  Voskedzor,  and Dalma  exploration
sites.

As of August 15, 2005, Global Gold Mining entered into a joint venture agreement
with Caucusus Resources Pty Ltd. an Australian company (which is a subsidiary of
Iberian  Resources  Limited  also an  Australian  company)  ("CR")  to form  the
Aigedzor Mining Company,  LLC ("AMC") on an 80% CR, 20% Global Gold Mining basis



                                        2

<PAGE>

in  anticipation of jointly  acquiring and developing (a) for the  Lichkvadz-Tei
and Terterasar  mining  properties as well as the associated plant and assets in
southern  Armenia through the Armenian  limited  liability  company Sipan 1, LLC
which is the  licensee  ("Sipan  1");  and (b) mineral  exploration  and related
properties  within  a 20  kilometer  radius  of the  southern  Armenian  town of
Aigedzor

Pursuant to the option  initially  held by Global Gold, on October 27, 2005, AMC
entered into a share  purchase  agreement  (the " Sipan 1 SPA") with Mr.  Albert
Sakhkalian,  and acquired 100% of the shares of Sipan 1. Sipan 1 is the licensee
for the  Lichkvadz-Tei  and Terterasar mining properties as well as the owner of
the associated plant and assets in southern Armenia.

As of  October  28,  2005,  Global  Gold  Mining  entered  into a joint  venture
agreement with Caucasus  Resources Pty Ltd. to form the "Marjan Mining  Company,
LLC  ("Marjan  Mining") to explore  and  develop the Marjan Gold  Project in the
south east of Armenia,  close to the  Armenia-Nakhichevan  border. This property
was previously  explored  during the Soviet era, and Global Gold Mining acquired
SHA LLC, the Armenian company which held the license to the property in December
2003.  SHA  transfered  all of its  interest  in the Marjan  property  to Marjan
Mining. CR initially will own 40% of Marjan Mining,  and will be responsible for
all  expenses   associated  with  developing  and  bringing  the  property  into
production.

Upon spending $500,000,  pursuant to a mutually agreed budget,  CR's interest in
Marjan Mining will increase to 51%, and upon the commencement of production, has
the right to earn in up to 80% of Marjan  Mining,  and Global  Gold  Mining will
retain the 20% interest.

On January 31, 2006, Global Gold Mining closed the transaction  agreed to by the
share purchase agreement dated as of January 23, 2006 with Athelea  Investments,
CJSC ("AI") and Messrs. Simon Cleghorn,  Sergio DiGiovani,  Armen Ghazarian, and
Frank  Pastorino  (the  "Sellers") to transfer 80% of the shares of AI to Global
Gold Mining in exchange for 100,000  shares of the Company's  common stock.  All
assets (including the "Athelea" name) not related to the approximately 27 square
kilometer  Getik  gold/uranium   exploration   license  area  in  the  northeast
Geghargunik  province of Armenia will be transferred  back to the Sellers and AI
shall be renamed the "Getik  Mining  Company."  The Company has  approved and is
implementing a three year exploration program at the Getik property.


(2) INITIAL ARMENIAN MINING PROJECT

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,  formed to provide capital and 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.

As of January  31,  1997,  the  Company and Global  Gold  Armenia  Limited,  the
Company's  wholly-owned Cayman Islands subsidiary ("GGA"),  reached an agreement
with First Dynasty Mines, Ltd., whose name changed to Sterlite Gold Ltd. on July
5, 2002  ("Sterlite"),  a Canadian public company whose shares are traded on the
Toronto Stock  Exchange.  Under such agreement,  Sterlite  acquired the right to
acquire all of the stock of GGA,  subject to certain  conditions,  by  advancing
funds in stages necessary for the  implementation of the tailing project and the
preparation  of  engineering  and  business  plan  materials  for the  remaining
Armenian mining projects and delivering 4,000,000 shares of First Dynasty (later
Sterlite) Common Stock.

The Company,  GGA and Sterlite entered into a definitive agreement dated May 13,
1997  reflecting  the final  agreement  of the parties with respect to the above
project (the "FDM Agreement").  The parties thereafter amended the FDM Agreement
on July 24, 1998.  Pursuant to the FDM Agreement,  the Company retains the right
until  December  31, 2009 to elect to  participate  at a level of up to 20% with
Sterlite, or any of its affiliates or successors in interest, in any exploration
project undertaken by them in Armenia.


In connection with Sterlite'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. In September 1999, the
warrants were exchanged for 4,000,000  shares of First Dynasty common stock.  As
of December  31,  2004,  the  Company did not own any shares of Sterlite  common
stock.


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


                                        3

<PAGE>

(3) PRIOR GEORGIAN MINING PROJECT

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

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


(4) RECENT ACTIVITIES

On March 23, 2005,  Minera Global entered a contract with Adrian  Soto-Torino to
mine the vein structure  historically  mined at Santa  Canadalaria,  and began a
drilling  program in the second quarter of 2005 to further explore the property.
The results of both of these activities did not meet the Company's expectations,
and further mining and exploration were discontinued.

As of January 13,  2006,  Minera  Global  entered into a purchase,  option,  and
royalty  agreement  with Mr.  Adrian Soto Torino,  a citizen of Chile ("AST") to
transfer  the mining  concessions  Candelaria  1, 2, and 3 in Comuna de Diego de
Almagro,  Region  III of Chile to AST to mine the gold  property  and pay Minera
Global a net  smelter  royalty of 10% until such time as Minera  Global has been
paid  $75,000 and  thereafter  a net  smelter  royalty of 2% for the life of the
mine.  All   liabilities   and  fees   associated  with  the  property  are  the
responsibility  of AST, and Minera  Global  retains the option to reacquire  the
mining  concession  upon 60 days notice and payment of 1,000,000  Chilean  pesos
(approximately  $1,883 USD).  Minera Global maintains its office in Santiago and
is evaluating other exploration and mining opportunities in Chile.

On October 28, 2003,  the Company  entered  into an  agreement  Sipan I, LLC, an
Armenian  company,   for  the  purchase  of  the  Lichkvadz-Tei  and  Terterasar
gold/silver properties and the Aigedzor Processing Plant in southern Armenia.

As of August 15, 2005, Global Gold Mining entered into a joint venture agreement
with Caucusus  Resources Pty Ltd.  ("CR") to form the "Aigedzor  Mining Company,
LLC on an 80% CR,  20%  Global  Gold  Mining  basis in  anticipation  of jointly
acquiring and developing  (a)the Armenian limited liability company Sipan 1, LLC
which is the licensee for the  Lichkvadz-Tei and Terterasar mining properties as
well as the  associated  plant and assets in southern  Armenia;  and (b) mineral
exploration and related  properties within a 20 kilometer radius of the southern
Armenian town of Aigedzor

Pursuant to the option initially held by Global Gold Corporation, on October 27,
2005, the Aigedzor  Mining  Company,  LLC ("AMC")  entered into a share purchase
agreement (the " Sipan 1 SPA") with Mr. Albert Sakhkalian,  the sole shareholder
of the Armenian  company  Sipan 1, LLC ("Sipan 1") to acquire 100% of the shares
of Sipan 1. Sipan 1 is the licensee for the  Lichkvadz-Tei and Terterasar mining
properties as well as the owner of the  associated  plant and assets in southern
Armenia.  AMC is a joint venture  formed as of August 15, 2005,  between  Global
Gold Mining and Caucasus  Resources Pty Ltd. an Australian  ("CR").  Global Gold
Mining contributed $260,000 in addition to all of its other costs related to the
Sipan 1  acquisition,  and CR is  contributing  all other  costs  related to the
acquisition  and  development  of the  properties  until  production  commences,
whereupon the parties will finance  further  development  in proportion to their
interests.

Key terms of the Sipan 1 SPA include a total purchase price of $4,550,000,  with
$3,500,000  payable at the closing  through an escrow  account being held at the
HSBC bank in  Yerevan,  a credit to the buyer for the  $50,000  deposit  paid by
Global Gold Mining pursuant to the January 20, 2004 Purchase  Deposit  Agreement
through which Global Gold Miningacquired the option to purchase Sipan 1, and the
remaining $1,000,000 payable within three years of the closing subject to offset
for any  liabilities  related to events  preexisting  the  closing.  AMC is also
providing a company  guarantee and a mutually  acceptable  bank guarantee of its
performance for the $1,000,000 payment due in three years.

On December 21, 2003,  the Company  exercised  its option to purchase all of the
ownership  shares of SHA, LLC holding title to the Hankavan and Marjan mines for
a total  payment of U.S.  $15,000 and a Royalty  Agreement to pay one dollar per
ounce of gold  produced at Hankavan up to $160,000.  The Company  also  advanced
U.S. $1,500 for exploration costs and licensing fees.

The Hankavan  mine deposit is located in central  Armenia  between  Vanadzor and
Meghradzor  north of the Marmarik River. The Marjan property is located in south
east Armenia and is a polymetallic,  gold, silver, lead, and zinc, ore body. The


                                        4

<PAGE>

Company has not yet developed a feasibility  report for the development of these
properties, and has not yet determined the amount of proven or probable reserves
of gold,  copper and other  minerals on the  property,  if any. At  Hankavan,  a
program to reopen  the  previously  constructed  exploration  tunnels  surveying
geological mapping,  sampling and chemical analyses has been developed and began
in the fourth quarter of 2004 and in 2005. In 2005,  SHA  substituted a drilling
program for the process of reopening all of the adits.

On January 25, 2005, the Company's subsidiary SHA, LLC submitted applications to
the Armenian  Government for exploration  licenses for five  additional  mineral
bearing properties in North Central Armenia, all proximate to Hankavan.

As of  October  28,  2005,  Global  Gold  Mining  entered  into a joint  venture
agreement  with Caucasus  Resources  Pty Ltd. an Australian  company to form the
"Marjan Mining Company,  LLC ("Marjan Mining") to explore and develop the Marjan
Gold  Project in the south  east of  Armenia,  close to the  Armenia-Nakhichevan
border.  This property was previously explored during the Soviet era, and Global
Gold  Mining  acquired  the  Armenian  company  which  held the  license  to the
property,  SHA, LLC in December 2003. SHA is transferring all of its interest in
the  Marjan  property  to Marjan  Mining.  CR  initially  will own 40% of Marjan
Mining, and will be responsible for all expenses  associated with developing and
bringing the property into production.

Upon spending $500,000,  pursuant to a mutually agreed budget,  CR's interest in
Marjan Mining will increase to 51%, and upon the commencement of production, has
the right to earn in up to 80% of Marjan  Mining,  and Global  Gold  Mining will
retain the 20% interest.

On August 1, 2005, Global Gold Mining entered into a share purchase agreement to
acquire the  Armenian  limited  liability  company  Mego-Gold,  LLC which is the
licensee for the Tukhmanuk mining property and surrounding  exploration sites as
well as a plant and other assets, all as described below. The Tukhmanuk property
is adjacent to Global Gold's Hankavan  property in central Armenia,  between the
Aragatsotn  and Kotayk  provinces.  In  addition  to the  central  property  the
acquisition  includes a 200,000  tonne per year  capacity  plant and the Damlik,
Mirak,  Grebnevaya,  Ozyornaya,  Emin Yourt,  Voskedzor,  and Dalma  exploration
sites.  The property is held by the Armenian company  Mego-Gold,  LLC, for which
Global Gold's  subsidiary  Global Gold Mining agreed to pay  $3,500,000.  Global
Gold Mining is initially  paying  $1,500,000 for 51% of Mego-Gold and paying the
balance of the purchase price for the remaining 49% within two years.  Mego Gold
produced gold  concentrate  in the past,  and in November and December 2005, the
plant at  Tukhmanuk  was tested and was capable of  producing  concentrate.  The
plant is also being upgraded and mining plans call for production in 2006.

On January 31, 2006, Global Gold Mining closed the transaction  agreed to by the
share purchase agreement dated as of January 23, 2006 with Athelea  Investments,
CJSC ("AI") and Messrs. Simon Cleghorn,  Sergio DiGiovani,  Armen Ghazarian, and
Frank  Pastorino  (the  "Sellers") to transfer 80% of the shares of AI to Global
Gold Mining in exchange for 100,000  shares of the Company's  common stock.  All
assets (including the "Athelea" name) not related to the approximately 27 square
kilometer  Getik  gold/uranium   exploration   license  area  in  the  northeast
Geghargunik  province of Armenia will be transferred  back to the Sellers and AI
shall be renamed the "Getik Mining Company."

On March 10, 2006, the Company executed a Private Placement Management Agreement
with Aton  Securities to raise on a "best  efforts" basis between $5 million and
$10 million by issuing  shares of common stock and warrants of the Company.  The
minimum and maximum  amounts to be raised may be amended by the company's  board
of directors.

The Company and its subsidiaries have fifty eight employees.

>>   The  Company's  policy  on  environmental  matters  is stated in it code of
     Business Conduct and and Ethics, and requires  compliance with all relevant
     laws  and  regulations.  Specifically,  t  he  Company's  legal  compliance
     requires  that  the  Company  conduct  its  business  in a  manner  that is
     compatible  with  the  balanced  environmental  and  economic  needs of the
     communities  in which it operates.  The Company is committed to  continuous
     efforts to improve  environmental  performance  throughout its  operations.
     Accordingly,   the  Company's  policy  is  to:  comply  with  international
     standards  as  developed  by the World  Bank;  comply  with all  applicable
     environmental  laws and regulations and apply  responsible  standards where
     laws and regulations do not exist; assess all projects which will include a
     review of the  environmental  issues  associated with project  development.
     This  assessment  will  be made  available  to the  appropriate  government
     agencies  for review and  approval;  encourage  concern and respect for the
     environment,  emphasize every  employee's  responsibility  in environmental
     performance,  and foster  appropriate  operating  practices  and  training;
     manage  its  business  with  the  goal  of  preventing   incidents  and  of
     controlling emissions and wastes to below harmful levels; design,  operate,
     and maintain  facilities to this end;  respond  quickly and  effectively to
     incidents  resulting  from its  operations,  in  cooperation  with industry
     organizations and authorized government agencies; and undertake appropriate
     reviews and evaluations of its operations to measure progress and to foster
     compliance with this policy.  The Company has budgeted and made payments to
     for envirometnal compliance.

(5) RISK FACTORS

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

DEVELOPMENT STAGE COMPANY

Since the Company did not engage in the active  conduct of a trade or  business,
it has not generated any revenues to date, with the exception of interest income
and the shares of Sterlite 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.




                                        5

<PAGE>

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  strengths,
capital, marketing and personnel resources than those possessed by the Company.

NEED FOR KEY PERSONNEL

The  Company  presently  has one  officer  and one  director,  as well as  three
operation managers, intimately familiar with the operation of mining projects or
the development of such projects and with experience in former soviet countries.
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.  The Company  continues to employ  independent  consultants  and
engineers,  and employs through subsidiaries personnel with mining, geology, and
related backgrounds in Armenia and in Chile.

TRADING MARKET

The Company's Common Stock is currently  traded.  The Company's Common Stock was
declared  eligible for trading on the OTC Bulletin  Board,  effective  March 30,
2004.

LACK OF INSURANCE PROTECTION

The  Company may not be able to obtain  adequate  insurance  protection  for its
potential  investments  in the Chilean  exploration  and mining  project and any
Armenian  exploration  and mining  project.  However,  the Company has  provided
reserves in excess of statutory requirements in Armenia.

FLUCTUATION IN MINERAL PRICES

The prices of gold and other minerals historically fluctuate and are affected by
numerous factors beyond the Company's control and no assurance can be given that
any reserves proved or estimated will actually be produced.

MINING RISKS

The  Company's  proposed  mining  operations  will be  subject  to a variety  of
potential  engineering,  seismic  and  other  risks,  some of  which  cannot  be
predicted and which may not be covered by insurance.

There are risks  inherent  in the  exploration  for and  development  of mineral
deposits.  The business of mining by its nature involves  significant  risks and
hazards, including environmental hazards,  industrial incidents, labor disputes,
discharge of toxic chemicals, fire, drought, flooding and other acts of God.

The  occurrence  of  any  of  these  can  delay  or  interrupt  exploration  and
production, increase exploration and production costs and result in liability to
the owner or operator of the mine. The Group may become subject to liability for
pollution or other hazards  against  which it has not insured or cannot  insure,
including  those in  respect  of past  mining  activities  for  which it was not
responsible.

MINING CONCESSIONS, PERMITS AND LICENSES

The Group's  mining and  processing  activities  are dependant upon the grant of
appropriate licenses, concessions, leases, permits and regulatory consents which
may be withdrawn or made subject to limitations.  Although the Company  believes
that the licenses,  concessions,  leases,  permits and consents it holds will be
renewed, if required, when they expire, according to the current laws applicable
in the respective countries, there can be no assurance that they will be renewed
or as to the terms of any such renewal.  Mineral  rights within the countries in
which the Group is currently operating are state-owned.

EXPLORATION RISKS

Minerals  exploration  is  speculative  in  nature,   involves  many  risks  and
frequently is  unsuccessful.  There can be no assurance that any  mineralization
discovered will result in an increase in the proven and probable reserves of the
Company.  If  reserves  are  developed,  it can take a number of years  from the



                                        6

<PAGE>

initial phases of drilling and identification of mineralization until production
is possible,  during  which time the  economic  feasibility  of  production  may
change.  Substantial expenditures are required to establish ore reserves through
drilling, to determine  metallurgical  processes to extract metals from ore and,
in the cases of new properties,  to construct mining and processing  facilities.
As a  result  of  these  uncertainties,  no  assurance  can be  given  that  the
exploration  programs  undertaken by the Group will result in any new commercial
mining operations being brought into operation.

FOREIGN RISKS

The value of the  Company's  assets  may be  adversely  affected  by  political,
exchange  rate,  economic and other  factors in Chile and Armenia.  Armenia is a
former  Soviet  Country  in  transition,  and  presents  concomitant  risks.  In
particular,  the Company has experienced delays in the bureaucratic  process and
has experienced  dealings with corrupt  officials at the Ministry of Environment
and  Natural  Resources.  The  Company  practices  a zero  tolerance  program on
corruption,  has  brought  its  experiences  to the  attention  of the  relevant
government  authorities,  and  anticipates  that the government will enforce the
applicable laws.

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 Van Z.
Krikorian, President, General Counsel and Director, own 2,328,453, and 1,600,000
shares  respectively,  or a total of  3,978,453  shares,  out of the  17,896,301
shares of the Company's  Common Stock issued and  outstanding as of December 31,
2005. The two Company officers,  director Nick Aynilian who owns 100,000 and NJA
Investments  which is  controlled  by Nick  Aynilian,  owns of 1,400,000  common
shares,  of the issued  and  outstanding  shares,  entered  into a  shareholders
agreement dated January 1, 2004,  that provides for each of the  shareholders in
the agreement to vote for the others as directors.

Firebird Management, LLC owns a total of 5,873,167 shares, out of the 17,896,301
shares of the Company's  Common Stock issued and  outstanding as of December 31,
2005.

The Company is a reporting company and is therefore subject to the informational
requirements  of the  Securities  and  Exchange  Act of 1934,  as  amended  (the
"Exchange Act"), and accordingly files its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Definitive Proxy Statements,  Current Reports on Form 8-K,
and other  information with the Securities and Exchange  Commission (the "SEC").
The  public  may read and copy any  materials  filed  with the SEC at the  SEC's
Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549. Please call
the SEC at (800) SEC-0330 for further  information on the Public Reference Room.
As an electronic filer, the Company's public filings are maintained on the SEC's
Internet site that contains reports, proxy and information statements, and other
information regarding issuers that file electronically with the SEC. The address
of that website is http://www.sec.gov.

The  Company  makes its Annual  Report on Form 10-K,  Quarterly  Reports on Form
10-Q, Definitive Proxy Statements, Current Reports on Form 8-K and amendments to
those  reports  filed or  furnished  pursuant  to Section  13(a) or 15(d) of the
Exchange Act accessible free of charge through the Company's Internet site after
the Company has electronically filed such material with, or furnished it to, the
SEC.  The address of that  website is http://  www.globalgoldcorp.com.  However,
such reports may not be accessible  through the Company's website as promptly as
they are accessible on the SEC's website.


ITEM 2.  DESCRIPTION OF PROPERTIES

The Company  rented  office  space in a  commercial  building at 104 Field Point
Road,  Greenwich,  CT on a month to month  basis at a rental  cost of $2,100 per
month through  February 28, 2006. On March 1, 2006, the Company moved its office
to 45 East  Putnam  Avenue,  Greenwich,  CT where it signed a 5 year  lease at a
starting annual rental cost of $44,200.

For a description of the mining properties in which the Company has an interest,
see "Description of Business."

ITEM 3.  LEGAL PROCEEDINGS

None

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

On July 13, 2005, the Company held its annual stockholders' meeting. As of close
of  business,  there  were  13,461,301  shares  of common  stock of the  Company
outstanding  that were entitled to vote. The Company voted for the  continuation
of the Board of Directors and the approval of the current auditor.


                                        7

<PAGE>

                                     PART II

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

     (a) Shares of the Company's Common Stock were authorized for trading on the
OTC Bulletin Board on March 30, 2004, and have been traded there since under the
symbol  "GBGD." The high and low per share prices and  dividends  that were paid
therefore for 2004 and 2005 were as follows:

                             2004                                   2005
                             ----                                   ----
Quarter                High*  Low*   Dividend              High  Low   Dividend
-------                ----   ---   --------               ----  ---   --------
1st                     -      -    $  0                   0.50  0.20  $  0
2nd                    0.03   0.01     0                   0.75  0.35     0
3rd                    1.01   0.03     0                   1.35  0.55     0
4th                    0.30   0.25     0                   1.50  0.60     0

* The shares of the Company's common stock were not publicly traded from 1995
until March 31, 2004.

     (b)  As  of  March  23,  2006,  the  Company  had  18,270,301   issued  and
outstanding shares of its Common Stock.

     (c) As of March 23, 2006, there were approximately  1,200 holders of record
of shares of the Company's Common Stock.

     (d) The Company did not pay or declare any cash  dividends on its shares of
Common  Stock  during its last two fiscal  years  ended  December  31,  2004 and
December 31, 2005.

     (e) The  Company's  transfer  agent  is  American  Registrar  and  Transfer
Company,  with offices at 342 E. 900 South, Salt Lake City, Utah 84111, having a
telephone number of (801) 363-9065.

Sales of Securities.  (a) On January 11, 2005 the Company resolved to compensate
each Director of the Company with 50,000  shares of the  Company's  common stock
for their services.  An aggregate of 250,000 shares with a stated value of $0.50
per share were issued to the directors in February 2005. The Company issued such
securities  in reliance  upon Section  4(2) of the  Securities  Act of 1933,  as
amended (the "Act");  (b) On January 11, 2005 the directors agreed to extend Mr.
Krikorian's  contract to June 30, 2008 and to maintain the stock award component
of his  base  compensation  at  300,000  shares  for  each  year of the two year
extension.  The Company issued such  securities in reliance upon Section 4(2) of
the Act; (c) On March 10, 2005,  Robert Garrison,  the former president and CFO,
sold  1,423,167  shares of the  Company's  common  stock at a price of $0.25 per
share, of which 335,000 shares (120,256 restricted) were sold to Firebird Avrora
Fund, Ltd,  200,000 shares (121,384  restricted) to Firebird Global Master Fund,
Ltd., and 338,167 shares (71,771  restricted) to Firebird  Republics  Fund, Ltd.
The balance of the shares sold by Mr. Garrison was to  unaffiliated  parties and
of the total 1,423,167 shares sold,  1,109,755 were  unrestricted.  Mr. Garrison
did not exercise his  warrants for 150,000  shares which  expired on October 31,
2005; (d) On July 29, 2005,  the Company sold  1,000,000,  500,000,  and 500,000
shares at a purchase price of $0.75 per share to each of Firebird  Global Master
Fund,  Ltd.,  Firebird  Republics Fund,  Ltd., and Firebird  Avrora Fund,  Ltd.,
respectively,  together with warrants to purchase 500,000,  250,000, and 250,000
shares of the  Company's  common stock at an exercise  price of $1.50 per share,
respectively,  expiring on July 31, 2007. The Company  believes each such person
is an  accredited  investor  under the meaning of  Regulation D issued under the
Act. The Company  issued such  securities  in reliance  upon Section 4(2) of the
Act. For a description  of other sales of securities by the Company during 2005,
see Item 6,  Management's  Discussion and Analysis or Plan of Operation.  All of
the sales of securities were accomplished as private  placements exempt from the
registration requirements of the federal securities laws; (e) On August 1, 2005,
the  Company's  subsidiary  Global Gold  Mining  entered  three-year  employment
agreements  in Armenia  with Messrs.  Simon  Cleghorn  and Frank  Pastorino,  as
Director  of  Mining  and  Exploration  and  Director  of  Business  Operations,
respectively.  The terms of both contracts are identical, and include restricted
stock awards of the Company's  shares of 45,000 each vesting at a rate of 15,000
shares per year.  The Company  issued such  securities  in reliance upon Section
4(2) of the Act; (f) On August 1, 2005, the Company entered two-year  employment
agreements with Messrs. Lester S. Caesar, CPA as the Chief Financial Officer and
Jan Dulman as the Controller.  Both contracts are identical in that they include
restricted  stock awards of the Company's  shares of 40,000 vesting at a rate of
10,000  shares per six months.  The Company  issued such  securities in reliance
upon Section 4(2) of the Act;

                                        8

<PAGE>

(g) On October 31, 2005, the Company sold $55,000 in common shares,  pursuant to
exemptions from registration requirements of the Securities Act. The transaction
involved the  exercise of warrants  originally  issued on October 31, 2000.  The
transaction involved the issuance of 220,000 shares of common stock at $0.25 per
share in accordance  with the warrants.  The Company  issued such  securities in
reliance  upon  Section  4(2)  of the  Act;  (h)  During  December  2005,  Drury
Gallagher,  the  Company's  Chairman and CEO,  sold  150,000  shares in the open
market at a price of $0.828 per share.

On March 10, 2006 the Company  entered  into an agreement  with Aton  Securities
Inc.  The Company  proposes  to raise an  additional  $10,000,000  via a private
placement offering.  That amount may be amended.  Upon receipt of any financing,
the Company will pay Aton Securities Inc. a fee of 6% of the amount of financing
and  warrants to purchase the the  Company's  stock in the amount of ten percent
(10%) of the shares sold in the offering.


ITEM 6.  SELECTED FINANCIAL DATA

Information  related  to  selected  financial  data  can be  found  in  item  7,
Management's   Discussion  and  Analysis  or  Plan  of  Operation,   or  in  the
accompanying financial statements.


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

When  used in this  report,  the  words  "expect(s)",  "feel(s)",  "believe(s)",
"will", "may",  "anticipate(s)" and similar expressions are intended to identify
forward-looking  statements.  Such  statements  are subject to certain risks and
uncertainties,  which could cause actual results to differ materially from those
projected.   Readers  are  cautioned  not  to  place  undue  reliance  on  these
forward-looking  statements,  and are urged to carefully review and consider the
various disclosures elsewhere in this Form 10-KSB.

RESULTS OF OPERATIONS

TWELVE-MONTHS ENDED DECEMBER 31, 2005 AND TWELVE-MONTHS ENDED DECEMBER 31, 2004

During  the   twelve-month   period  ended  December  31,  2005,  the  Company's
administrative  and other expenses were $1,454,282 which represented an increase
of $718,476 from $735,806 in the same period last year. The expense increase was
primarily attributable to foreign subsidiary activity and to higher compensation
expense of  $246,516,  legal fees of $41,802,  filing fees of $38,546 and higher
travel  expenses of $22,944 due to  increased  activity  resulting  from project
development in Armenia and Chile. The Company had no revenues in 2005.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2005, the Company's  total assets were  $4,312,933,  of which
$546,912 consisted of cash or cash equivalents.

The Company's plan of operation for the calendar year 2006 is:

(a) To develop the Tukhmanuk,  Getik,  Hankavan,  Marjan and Sipan 1, LLC mining
properties in Armenia and to engage in further exploration in Armenia;

(b) To review and possibly acquire additional mineral bearing properties; and

(c) Pursue additional financing through private placements or joint ventures.

The Company retains the right until December 31, 2009 to elect to participate at
a level of up to twenty percent with Sterlite Gold Ltd. or any of its affiliates
in any exploration project undertaken in Armenia.

The Company  anticipates  in 2006 spending  approximately  $200,000 per month to
finance  Tukhmanuk  operations  which  are  anticipated  to  earn  approximately
$400,000 per month  starting in May. The Company  further  anticipates  spending
approximately $4,000,000 on exploration at Tukhmanuk.

The Company also  anticipates  spending  additional funds in Armenia for further
exploration  and  development of its other  properties as well as acquisition of
properties. The Company anticipates that it will issue additional equity or debt
to finance its planned activities.  The Company anticipates that it might obtain
additional  financing  from the holders of its  Warrants  to purchase  3,000,000
million  shares of Common Stock of the Company at an exercise price of $0.75 per
share,  which expire on December 1, 2006. If these  Warrants  were  exercised in
full, the Company would receive $2,250,000 in gross proceeds.  In addition,  the


                                        9

<PAGE>

Company  anticipates that it might obtain additional  financing from the holders
of its  Warrants to purchase  2,000,000  million  shares of Common  Stock of the
Company at an exercise price of $1.50 per share,  which expire on July 31, 2007.
If these Warrants were  exercised in full, the Company would receive  $3,000,000
in gross proceeds.

The Company  does not intend to engage in any research  and  development  during
2006 and does not  expect to sell any plant or  significant  equipment;  it does
anticipate purchasing processing plant and equipment assets.

The Company  has been able to continue  based upon its receipt of funds from the
issuance of equity securities and shareholder  loans, and by acquiring assets or
paying expenses by issuing stock. The Company's continued existence is dependent
upon its continued  ability to raise funds through the issuance of securities or
borrowings.  Management's  plans in this  regard  are to obtain  other  debt and
equity financing until profitable  operation and positive cash flow are achieved
and  maintained.  Although  management  believes  that it will be able to secure
suitable  additional  financing  for the Company's  operations,  there can be no
guarantee that such financing will continue to be available on reasonable terms,
or at all.

ITEM 8.  FINANCIAL STATEMENTS

The audited  financial  statements of the Company,  notes thereto and reports of
Independent  Certified Public  Accountants  thereon for the years ended December
31, 2005 and 2004 by Allen G. Roth,  P.A., are attached hereto as a part of, and
at the end of, this report.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

Not Applicable

ITEM 9A. CONTROLS AND PROCEDURES

As of December 31, 2005, the last day of the fiscal year covered by this report,
an evaluation was carried out under the supervision  and with the  participation
of the Company's  Chief  Executive  Officer and Chief  Financial  Officer of the
effectiveness  of our  disclosure  controls  and  procedures  (as defined in the
Securities  and Exchange  Act of 1934 Rules  13a-14 and  15d-14).  Based on that
evaluation,  the Chief  Executive  Officer  and  Chief  Financial  Officer  have
concluded that, as of December 31, 2005, the Company's  disclosure  controls and
procedures were effective to ensure that information required to be disclosed by
the time periods  specified in  Securities  and  Exchange  Commission  rules and
forms.  Subsequent to December 31, 2005,  there were no changes in the Company's
internal control over financial  reporting that have materially  affected or are
likely to  materially  affect the  Company's  internal  control  over  financial
reporting.


                                    PART III

ITEM 10.  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:

 Name                      Age      Office or Position with the Company
 ----                      ---      -----------------------------------

 Drury J. Gallagher        67       Chairman, Chief Executive Officer,
                                    Treasurer and Director

 Van Z. Krikorian          46       President and General Counsel and
                                    Director

 Lester Caesar             50       Chief Financial Officer

 Jan Dulman                32       Controller

 Dr. W.E.S. Urquhart       55       Vice President

 Nicholas J. Aynilian      42       Director

 Michael T. Mason          60       Director

 Ian C. Hague              44       Director

                                       10

<PAGE>

Each director is elected for a period of one year and serves until his successor
is duly elected and  qualified.  Each  director  receives  50,000  shares of the
Company's  common  stock per year for his  services  as a  Director.  The shares
payable for services for the year 2005 were issued on January 11, 2005. Officers
are appointed by the Board of Directors.  On January 1, 2004, Van K.  Krikorian,
Nicholas  J.  Aynilian  and  Michael T. Mason were  appointed  Directors  of the
Company. On January 11, 2005, Ian Hague was appointed as Director.

The Board of Directors  has appointed an audit  committee  consisting of Messrs.
Aynilian  and  Mason,  but has  not  appointed  any  compensation  or any  other
committee. Instead, the Board acts as a whole in other 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.  Krikorian  has served as Vice  President  and General  Counsel from June 1,
2003, and as director from January 1, 2004, and as President and General Counsel
since  October 1, 2004.  Mr.  Krikorian  is an Adjunct  Professor of Law at Pace
University  Law  School  and  is on the  International  Council  of  the  George
Washington  University  Elliott  School.  Prior  to  joining  the  Company,  Mr.
Krikorian  was a partner  in the New York  office of  Vedder,  Price,  Kaufman &
Kammholz LLP from 1998 to 2003 and practiced law with Patterson, Belknap, Webb &
Tyler from 1993 to 1998.  He  represented  the Company as outside  counsel since
1995. In 1992, Mr Krikorian was Armenia's Counselor and Deputy Representative to
the United Nations.

Mr. Caesar has been the Company's Chief  Financial  Officer since August 1, 2005
and was the Company's  Chief  Accounting  Officer prior to that. Mr. Caesar is a
certified public accountant licensed to practice in New York and a member of the
AICPA &  NYSSCPA.  He is the  principal  of a medium  sized CPA firm,  Lester S.
Caesar & Company, in New York City from 1997 to present.

Mr. Dulman has been the Company's Controller since August 1, 2005. Mr. Dulman is
a certified public accountant  licensed in the State of Connecticut.  Mr. Dulman
is a financial consultant for AXA Advisors, LLC.

Mr. Aynilian is Vice-President,  Secretary and Treasurer of N.Y. Aynilian & Co.,
Inc.  from  1982  to  present.  He was the  founder,  President,  Secretary  and
Treasurer of Vanick Properties  Incorporated from 1987 to present,  and also the
founder, President, Secretary and Treasurer of Aynilian Funding Corporation from
1992 to present as well as the founder and Sole Proprietor of N.J.A. Investments
from 1986 to present.

Mr. Mason,  a director since January 1, 2004, is President,  Managing  Director,
Director,  Managing  Partner and Principal of MBMI Resources  Inc., from 1997 to
present.  He is also the Managing  Partner of Mineral Services LLC. from 1999 to
present.  In addition,  he is the Managing Director and Principal of Tradellion,
Inc. from 1997 to present.

Mr.  Hague,  a director  since  January  11,  2005,  is a co founder of Firebird
Management,  LLC which  manages over $2 billion in seven  funds.  He is the lead
manager of Firebird Fund, Firebird New Russia Fund, Firebird Republics Fund. Mr.
Hague serves as a member of the Supervisory  Board of the Bank of Georgia and is
on the Board of Directors of Amber Trust, a private equity fund  specializing in
companies in the Baltic States.

Dr. W.E.S.  Urquhart is Vice President in charge of the Company's  operations in
South  America  and also  consults  with the Company on its  Armenian  and other
operations.  He  has a  Ph.D.  in  geology  and  over  30  years  experience  in
geophysics.  Dr.  Urquhart was an owner and President of High Sense  Geophysics,
Ltd.  until it was sold to Fugro N.V. in 2000.  He was a director  and past Vice
President of the Prospectors and Developers Association of Canada.

The Company has adopted a code of business conduct and ethics within the meaning
of Item 406 of Regulation S-B on May 4, 2005. The Company has adopted an insider
trading policy on December 15, 2005.


To our  knowledge,  based  solely  on a review  of the  copies  of such  reports
furnished  to us and on  written  representations  that no  other  reports  were
required,  during the fiscal  year  ended  December  31,  2005,  the  Section 16
reporting persons complied with all Section 16(a) filing requirements applicable
to them,  except  that  reports by  directors  and  officers as set forth in the
company's  definitive  proxy satemetn for its 2006 annual meeting were not filed
in a timely  manner.  Since  December  31,  2005  based  solely  on a review  of
subsequent filings, the other Section 16(a) reporting persons have complied with
the Section 16(a) filing requirements  through the date of this Annual Report on
Form 10-K.  Global  Gold's  periodic  reports  filed during the period  included
information with respect to the ownership of Common Stock by such persons.


                                       11

<PAGE>

ITEM 11. EXECUTIVE COMPENSATION

(a) The summary  compensation  table shown 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 other  executive  officers at December  31, 2005 for  services
rendered in all capacities during calendar years 2005, 2004 and 2003.


                                 SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>

                                                                Securities
                                                                Underlying
      Name and                                    Restricted   Options/SARs    All Other
 Principal Position    Year     Salary     Bonus    Awards          (#)     Compensation
 ------------------    ----    --------    -----    -------    ------------    ---------

<S>                    <C>     <C>        <C>          <C>            <C>            <C>
 Drury J. Gallagher    2005    $100,000   $20,000     -0-            -0-            -0-
 Chairman, Chief       2004    $100,000     -0-       -0-            -0-            -0-
 Executive Officer     2003    $ 45,000     -0-     900,000          -0-      $50,000(i)
 and Treasurer
 (the Company's
 Chief Executive
 Officer)

 Robert A. Garrison    2005     -0-         -0-       -0-            -0-            -0-
 President, Chief      2004    $ 50,000     -0-       -0-            -0-      $50,000(i)
 Operating Officer,    2003    $ 45,000     -0-     900,000          -0-      $50,000(i)
 Chief Financial
 Officer and
 Secretary (the
 Company's Chief
 Financial Officer until June 30, 2004)

 Van Z. Krikorian      2005    $180,000  $36,000    600,000          -0-            -0-
 President and         2004    $100,000     -0-        -0-           -0-            -0-
 General Counsel       2003    $103,333     -0-     900,000          -0-            -0-

 Lester Caesar         2005    $ 20,000     -0-      40,000          -0-            -0-
 Chief Financial
 Officer

 Jan Dulman            2005    $  5,000     -0-      40,000          -0-            -0-
 Controller

 Frank Pastorino       2005    $ 41,667     -0-      55,000          -0-            -0-
 Director of
 Business Operations

 Simon Cleghorn        2005    $ 41,667     -0-      55,000          -0-            -0-
 Director of
 Mining and Exploration

 Dr. Wes Urquhart      2005    $ 24,000     -0-      24,000          -0-            -0-
 Vice President        2004    $    -0-     -0-      40,000          -0-            -0-
</TABLE>

 ---------
 (i) Deferred Compensation.

         (b) Stock Options and Awards

     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).  In July 2002, the Company  granted options to
buy 150,000 shares of common stock,  at $0.11 per share, to each of the Chairman
and President of the Company. Of these options issued,  75,000 vest on the first
anniversary of the date of issuance, and the remaining 75,000 vest on the second
anniversary  of the date of  issuance.  A total of 200,000  shares  remain to be
issued under the 1995 Stock Option Plan as of March 31, 2006.



                                       12

<PAGE>

     On June 30,  2004,  the  former  President  and  Chief  Financial  Officer,
resigned  his offices and thereby  forfeited  his right to stock  options in the
amount of 150,000 shares.



       AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND OPTIONS VALUES

<TABLE>
<CAPTION>

                                                                                      Value of In-
                                                                                       The-Money
                                        Value      Number of Options and              Options\SARs
                          Shares      Realized    Underlying Securities                at Fiscal
                         Acquired      ($) from           Year End                     Year End
                            on         Exercise    ------------------------    ------------------------
 Name                   Exercise(#)    Options     Unexercised    Exercised    Unexercised    Exercised
 ----                   -----------    --------    -----------    ---------    -----------    ---------
<S>                          <C>           <C>       <C>              <C>            <C>          <C>
 Drury J. Gallagher,         -             -         150,000          -              -            -
 Chairman, Chief
 Executive
 Officer

</TABLE>




ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a) Set forth below is  information  as of December 31, 2005  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 (i) each person who
is known to the Company to own more than 5% of the Company's Common Stock,  (ii)
each director of the Company and (iii) all  directors and executive  officers of
the Company as a group:

<TABLE>
<CAPTION>

 Title of      Name and Address of                   Number of
  Class        Beneficial Owner                      Shares (1)     Percent of Class
 --------      ----------------                      ------------    ----------------

(i)      More than 5% Beneficial Owners


<S>                                                   <C>                  <C>   <C>
 Common        Firebird Global Master Fund, LTD       4,700,000            20.39 (2)
               c/o Citco Fund Services (Cayman) Ltd
               Regatta Office Park, West Bay Park
               PO Box 31106, SMB
               Grand Cayman, Cayman Islands

 Common        Firebird Republic Fund, LTD            2,588,167            11.23 (3)
               c/o Trident Trust Co. (Cayman) Ltd
               1 Capital Place, Box 847
               Grand Cayman, Cayman Islands

 Common        Firebird Avrora Fund, LTD              2,585,000            11.22 (4)
               c/o Trident Trust Co. (Cayman) Ltd
               1 Capital Place, Box 847
               Grand Cayman, Cayman Islands


 (ii) Directors and Executive Officers

 Common        Drury J. Gallagher                     2,478,453            10.75 (5)
               107 Eakins Road
               Manhasset, NY 11030

 Common        Van Z. Krikorian                       1,600,000             6.94 (6)
               5 Frederick Court
               Harrison, NY 10528

 Common        Nicholas J. Aynilian                   1,500,000             6.51 (7)
               P.O. Box 1963
               Canal Street Station
               New York, NY  10013

 Common           Ian Hague
                  152 West 57th Street                 100,000              0.43
                  New York, NY 10019


                                       13
<PAGE>


 Common        Lester Caesar                            40,000              0.17
               8 Elizabeth Court
               Briarcliff Manor, NY 10510

 Common        Jan Dulman                               40,000              0.17
               55 Davey Drive
               West Orange, NJ 07052

 Common        Michael T. Mason                        100,000              0.43
               142 Stratford Avenue
               Garden City, NY 11530

 Common        Dr. W.E.S. Urquhart                      40,000              0.17
               San Juan de la Cruz 13631
                  Las Condes
               Santiage, Chile
                                                     ---------             -----
               Total:                                5,798,453             26.42
</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, 2005.  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,  2005 are
deemed to be outstanding,  but not for the purpose of calculating the percentage
ownership of any other person.

(2) This amount  includes  1,500,000  shares of Common Stock  issuable  upon the
exercise of the Warrants  acquired by Firebird Global Master Fund, Ltd under the
Stock  Subscription  and  Stockholders  Agreement  dated November 4, 2004.  This
amount also includes  500,000  shares of Common Stock issuable upon the exercise
of the Warrants  acquired by Firebird  Global  Master Fund,  Ltd under the Stock
Subscription and Stockholders Agreement dated July 29, 2005.

(3) This  amount  includes  750,000  shares of Common  Stock  issuable  upon the
exercise of the  Warrants  acquired by Firebird  Republics  Fund,  Ltd under the
Stock  Subscription  and  Stockholders  Agreement  dated November 4, 2004.  This
amount also includes  250,000  shares of Common Stock issuable upon the exercise
of the  Warrants  acquired  by  Firebird  Republics  Fund,  Ltd  under the Stock
Subscription and Stockholders Agreement dated July 29, 2005.

(4) This  amount  includes  750,000  shares of Common  Stock  issuable  upon the
exercise of the Warrants  acquired by Firebird  Avrora Fund, Ltd under the Stock
Subscription and Stockholders Agreement dated November 4, 2004. This amount also
includes  250,000  shares of Common  Stock  issuable  upon the  exercise  of the
Warrants acquired by Firebird Avrora Fund, Ltd under the Stock  Subscription and
Stockholders Agreement dated July 29, 2005.

(5) This  amount  includes  150,000  shares of common  stock  issuable  upon the
exercise of the option granted to Mr.  Gallagher on July,  2002 expiring in June
2007 at a price of $0.11 per share and 900,000 shares of common stock as a stock
award under the terms of the  February 1, 2003  amended and  restated  four-year
employment agreement.

(6) This amount  includes  900,000 shares of Common Stock as a stock award under
his June 8, 2003  employment  agreement and 600,000  shares of Common Stock as a
stock award under his January 11, 2005 employment agreement extension.

(7) This amount includes  1,400,000 shares owned by NJA  Investments,  Inc as to
which Mr. Aynilian has the sole voting power and the sole investment power.

     (b) As of December 31, 2005, there were no arrangements in effect which may
result in a change of control of the Company.






                                       14

<PAGE>

EQUITY COMPENSATION PLAN INFORMATION TABLE

     The following table provides  information  about shares of our common stock
that may be issued upon the exercise of options and rights under existing equity
compensation plans as of December 31, 2005.

<TABLE>
<CAPTION>

                                                                                       Number of securities
                                                                                       Remaining available for
                                Number of Securities to   Weighed average exercise      issuance under equity
                                 be issued upon exercise    price of outstanding         compensation plans
                                of outstanding options,    options, warrants and       (excluding securities
                                   warrants and rights             rights               reflected in column (a))
     Plan Category                       (a) (#)                   (b)($)                          (c) (#)
     -------------               -----------------------  -------------------------  ----------------------------
<S>                                      <C>                        <C>                            <C>
Equity compensation plans
approved by security holders(1)          150,000                    $0.17                         200,000

Equity compensation plans not
approved by security holders                   0                       0                                0
                                         -------                                                   -------

Total:                                   150,000                                                   200,000

</TABLE>



ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

TRANSACTIONS WITH OFFICERS

The Company  entered into four-year  Employment  Agreements with each of Messrs.
Gallagher (its Chairman and Chief Executive Officer) and Garrison (its President
and Chief Financial  Officer) as of July 1, 2002.  Pursuant to these agreements,
the Company  agreed to deliver to each of these  officers  100,000 shares of its
Common  Stock as base  compensation  for each year  during the  four-year  term,
subject to an adjustment  each year, as determined by the Board of Directors (i)
in an amount equal to the increase in the consumer price index or (ii) up to 10%
of the then base compensation.  In addition, each officer was entitled to annual
bonus compensation under any bonus plan as determined by the Board of Directors.
On October 31, 2002,  the Company  issued  100,000 shares of its Common Stock as
compensation  to each officer for the year ended  December 31, 2002. The Company
entered into Amended and Restated Employment  Agreements with Messrs.  Gallagher
and Garrison  dated as of February 1, 2003 that modified the existing  four-year
Employment  Agreements and entered into an initial employment  contract with Mr.
Krikorian  (its  Vice  President  and  General  Counsel)  as  of  June  1,  2003
terminating  on June 30, 2006.  Each Amended and Restated  Employment  Agreement
provides for base  compensation of $100,000 per year (subject to payment as cash
flow permits),  and the granting of 900,000 shares as a stock award subject to a
substantial  risk of forfeiture if either  terminates  his  employment  with the
Company (other than by death or disability) over the term of the agreement,  and
which is to be earned,  and vest  ratably,  during such  period,  plus any bonus
determined in accordance with any bonus plan approved by the Board of Directors.
The Employment  Agreement with Garrison terminated as of June 30, 2004 by mutual
agreement.  As of January 11,  2005,  the Company  amended and  extended for two
years the Employment Agreement with Krikorian,  who became President and General
Counsel as of October  1, 2004.  The  amended  compensation  terms  included  an
increase  in base  compensation  to  $180,000  per year and the  granting  of an
additional  600,000  shares as a stock award subject to a  substantial  risks of
forfeiture on the same terms as provided in the original Employment Agreement.

On March 10, 2005, Robert Garrison, the former president,  sold 1,423,167 shares
of the Company's common stock, of which 335,000 shares (120,256 restricted) were
sold to Firebird  Avrora Fund,  Ltd,  200,000  shares  (121,384  restricted)  to
Firebird  Global Master Fund,  Ltd., and 338,167  shares (71,771  restricted) to
Firebird  Republics  Fund,  Ltd. The balance of the shares sold by Mr.  Garrison
were to unaffiliated  parties and of the total 1,423,167 shares sold,  1,109,755
were unrestricted.

On  August  1,  2005,  the  Company's  subsidiary  Global  Gold  Mining  entered
three-year  employment  agreements  in Armenia with Messrs.  Simon  Cleghorn and
Frank Pastorino,  as Director of Mining and Exploration and Director of Business
Operations,  respectively.  The  terms of both  contracts  are  identical,  with
compensation  at $100,000 per year and restricted  stock awards of the Company's
shares of 45,000 each vesting at a rate of 15,000 shares per year. Each contract
is for three  years and  provides  that each  employee  shall  devote 80% of his
available time to his duties. Mr. Cleghorn received his Bachelor of Engineering


                                       15

<PAGE>

in Mineral Exploration and Mining Geology with honors from the Western Australia
School of Mines in 1989 and has  worked in Armenia  since  1997.  Mr.  Pastorino
received  his  Bachelor  of  Science  degree  in 1999 and  Masters  of  Business
Administration  degree in 1999 both from the  University of  Louisville  and has
worked in Armenia since 2002, starting as a US Peace Corps volunteer.

On August 1, 2005,  the Company  entered  two-year  employment  agreements  with
Messrs.  Lester S. Caesar,  CPA as the Chief Financial Officer and Jan Dulman as
the  Controller.  Mr.  Caesar will receive  $48,000 per year and Mr. Dulman will
receive  $12,000 per year.  Both  contracts  are  identical in that they include
restricted  stock awards of the Company's  shares of 40,000 vesting at a rate of
10,000 shares per six months.  On February 6, 2006,  the  employment  agreements
were amended,  retroactively to January 1, 2006, restating compensation where as
Mr. Caesar will receive $42,000 per year and Mr. Dulman will receive $24,000 per
year.

The Company issued the 50,000 shares to each of the five Directors as of January
11, 2005 at the fair market value of $0.50 per share, as determined by the Board
of Directors.  Such amounts have been reflected as unearned compensation and are
being amortized into compensation expense on a straight-line basis over the term
of the agreements.  Compensation expense for the year ended December 31, 2005 is
$793,272.

The amount of total unearned compensation  amortized for the year ended December
31, 2005 is $292,994.


                                             16

<PAGE>

ITEM 14. EXHIBITS AND REPORTS ON FORM 8-K

(a) Financial Statements.

     The  following  documents  are  filed  as part of  this  report:  Financial
Statements of the Company,  including  reports of Independent  Certified  Public
Accountants,   Balance   Sheet,   Statements   of   Operations,   Statements  of
Stockholders'  Equity (Deficit) and Comprehensive  Income (Loss),  Statements of
Cash  Flow and Notes to  Financial  Statements:  as of and for the  years  ended
December 31, 2005 and December 31, 2004.

2. Exhibits.


10.10     March 23, 2005 Contract to mine Santa Candelaria (1)

10.15     July 29, 2005 Stock Subscription and Stockholders Agreement (2)

10.20     July 29, 2005 Registration Rights Agreement (2)

10.25     July 29, 2005 Common Stock Purchase Warrants - (a) Firebird Global
          Master Fund, Ltd.; (2)

10.30     July 29, 2005 Common Stock Purchase Warrants - (b) Firebird Republics
          Fund, Ltd.; (2)

10.35     July 29, 2005 Common Stock Purchase Warrants - (c) Firebird Avrora
          Fund, Ltd. (2)

10.40     August 1, 2005 Employment Contracts for Simon Cleghorn and Frank
          Pastorino  (3)

10.45     August 1, 2005 Employment Contracts for Lester Caesar and Jan Dulman
          (3)

10.50     August 1, 2005 Contract to acquire Mego Gold LLC (5)

10.55     August 15, 2005 Joint Venture to form Aigedzor Mining LLC (4)

10.60     October 28, 2005 Joint Venture Agreement to acquire Marjan Mining LLC
          (6)

10.65     January 13, 2006 Sale of Santa Candelaria (7)

10.70     January 31, 2006 Purchase Agreement for Athelea Investments (8)

10.75     February 10, 2006 Common Stock Issuance Dr. Urquhart (9)

10.80     February 22, 2006 Issuance of Shares to Board of Directors (10)

31.10     Certification of Chief Executive Officer pursuant to
          Section 302 of the Sarbanes-Oxley Act of 2002

31.20     Certification of Chief Financial Officer pursuant to
          Section 302 of the Sarbanes-Oxley Act of 2002

32.10     Certification of Chief Executive Officer pursuant to
          Section 906 of the Sarbanes-Oxley Act of 2002

32.20     Certification of Chief Financial Officer pursuant to
          Section 906 of the Sarbanes-Oxley Act of 2002


(1)       Filed as an exhibit to Form 8K on July 15, 2005 and incorporated
          herein by reference.
(2)       Filed as an exhibit to Form SC 13/D on August 15, 2005 and
          incorporated herein by reference.
(3)       Filed as an exhibit to Form 10 QBS on November 11, 2005 and
          incorporated herein by reference.
(4)       Filed as an exhibit to Form 8K on August 3, 2005 and incorporated
          herein by reference.
(5)       Filed as an exhibit to Form 8K on December 16, 2005 and incorporated
          herein by reference.
(6)       Filed as an exhibit to Form 8K on August 15, 2005 and incorporated
          herein by reference.


                                             17

<PAGE>

(7)       Filed as an exhibit to Form 8K on October 28, 2005 and incorporated
          herein by reference.
(8)       Filed as an exhibit to Form 8K on February 1, 2006 and incorporated
          herein by reference.
(9)       Filed as an exhibit to Form 4, on March 21, 2006 and incorporated
          herein by reference.
(10)      Filed as an exhibit to Form 4, on March 21, 2006 and incorporated
          herein by reference.

            ITEM 15. PRINCIPAL ACCOUNTANT FEES AND SERVICES

     The Company's principal independent accountants for the year ended December
31,  2005 and 2004 was Allen G.  Roth,  P.A.  Fees paid to this firm in 2005 and
2004 were as follows:


                                              2005           2004
                                              ----           ----

         Audit Fees ....................   $  25,000       $ 24,000

         Audit-related .................       6,000          6,000

         Tax fees ......................           0              0

         All other fees ................   $       0      $       0
                                           ---------      ---------
         Total .........................   $  31,000      $  30,000


The  Company's  Audit  Committee  consists of Messrs.  Aynilain  and Mason.  The
engagement of Allen G. Roth, P.A. was approved by the Board.




                                       18

<PAGE>

                                 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)




Dated:   March 28, 2006                 By: /s/ Drury J. Gallagher
                                            ----------------------
                                            Drury J. Gallagher,
                                            Chairman, Chief Executive Officer
                                            and Treasurer

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,     March 28, 2006
 ---------------------     TREASURER AND DIRECTOR (PRINCIPAL
 DRURY J. GALLAGHER        EXECUTIVE AND FINANCIAL OFFICER)


 /s/Lester S. Caesar       CHIEF FINANCIAL OFFICER                March 28, 2006
 -------------------
 LESTER S. CAESAR, CPA






                                       19

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)
                              FINANCIAL STATEMENTS

                               Table of Contents
                                                                           Page

Independent Registered Auditors' Report - for the Years Ended
December 31, 2005 and 2004 .................................................F-1

Independent Auditor's Reports for the Year Ended December 31, 2005...F-2 to F-4

Consolidated Balance Sheet - as of December 31, 2005 .......................F-5

Consolidated Statements of Operations - for the years ended
December 31, 2005 and 2004 and the development
stage period January 1, 1995 through December 31, 2005 .....................F-6

Consolidated Statements of Changes in Stockholders' Equity (Deficit)
- for the years ended December 31, 2005 and 2004 and the development
stage period January 1, 1995 through December 31, 2005...............F-7 to F-9

Consolidated Statements of Cash Flows - for the years ended
December 31, 2005 and 2004 and the development stage
period January 1, 1995 through December 31, 2005...........................F-10

Notes to Financial Statements......................................F-11 to F-19

<PAGE>

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Global Gold Corporation and
Subsidiaries

I have  audited  the  accompanying  consolidated  balance  sheet of Global  Gold
Corporation and  Subsidiaries  (a development  stage company) as of December 31,
2005  and  the  related  consolidated  statements  of  operations,   changes  in
stockholders' equity (deficit),  and cash flows for the years ended December 31,
2005 and  December  31,  2004 and for the period  from  January 1, 1995  through
December 31, 2005.  These  financial  statements are the  responsibility  of the
Company's  management.  My  responsibility  is to  express  an  opinion on these
financial statements based on my audit. I did not audit the financial statements
of the three operating  subsidiaries in Armenia which  statements  reflect total
assets  aggregating 14.42 percent of the total  consolidated  assets at December
31, 2005 and reflect no revenues in each of the periods ended  December 31, 2005
and 2004.  Those  statements  were audited by other  auditors whose reports have
been  furnished  to me, and my  opinion,  insofar  as it relates to the  amounts
included in the  aforementioned  subsidiaries  is based solely on the reports of
the other auditors.

I conducted my audit in  accordance  with the  standards  of the Public  Company
Accounting Oversight Board (United States).  Those standards require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial statement presentation.  I believe that my audit provides a reasonable
basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material   respects,   the  consolidated   financial  position  of  Global  Gold
Corporation  and  Subsidiaries  as of  December  31,  2005 and the  consolidated
results of their  operations  and their cash flows for the years ended  December
31, 2005 and 2004 and for the period from January 1, 1995  through  December 31,
2005 in conformity with accounting  principles  generally accepted in the United
States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue as a going  concern.  As  discussed  in Note 2(a) to the
financial  statements,   the  Company  has  incurred  significant  losses  since
inception. This raised substantial doubt about the Company's ability to continue
as a going  concern.  Management's  plans with respect to these matters are also
described in Note 2(a) to the financial statements.  The financial statements do
not include any  adjustments  that might result  should the Company be unable to
continue as a going concern.


/s/ Allen G. Roth, P.A.

March 28, 2006
New York, New York


                                       F-1

<PAGE>

Independent auditor's report

Armenia Representative Office of Global Gold Mining LLC
Financial statements as of and for the year ended December 31, 2005

To the shareholders of Armenia Representative Office of Global Gold Mining LLC

We have audited the accompanying balance sheet of Armenia  Representative Office
of Global Gold Mining LLC (the  Company) as of December 31, 2005 and the related
statement of income,  cash flows and changes in equity for the year then.  These
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We  conducted  our  audit in  accordance  with the  International  Standards  on
Auditing.  Those standards  require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining,  on test basis,  evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing of the accounting  principles used and  significant  estimates made by
management, as well as evaluating the overall financial statement presentation.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Armenia  Representative Office
of Global  Gold  Mining LLC as of  December  31,  2005,  and the  results of its
operations,  cash  flows  and  changes  in  equity  for the year  then  ended in
conformity  with the  accounting  principles  generally  accepted  in the United
States of America.





Armand Pinarbasi                                              Armen Galstyan

/s/ Grant Thornton Amyot LLC
March 7, 2006















                                       F-2

<PAGE>

Independent auditor's report

Mego Gold LLC
Financial statements as of and for the year ended December 31, 2005

To the shareholders of Mego Gold LLC

We have audited the accompanying balance sheet of Mego Gold LLC (the Company) as
of December 31, 2005 and the related statement of income, cash flows and changes
in  equity  for  the  year  then  ended.  These  financial  statements  are  the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audit.

We  conducted  our  audit in  accordance  with the  International  Standards  on
Auditing.  Those standards  require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining,  on test basis,  evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing of the accounting  principles used and  significant  estimates made by
management, as well as evaluating the overall financial statement presentation.

1.   The Company has not maintained an appropriate analytical accounting for its
     fixed assets.  The list of fixed assets  acquired  prior to August 1, 2005,
     furnished to us, is not complete and there is a  possibility  that items of
     fixed assets that  actually  belong to the Company are not included in that
     list.  Owing to the nature of the  Company's  accounting  records,  we were
     unable to satisfy ourselves as to the completeness of fixed assets by other
     audit procedures

2.   The  Company  has failed to  maintain  sufficient  documentary  evidence to
     support increase of fixed assets' values  resulting from their  revaluation
     conducted  in  2003,  when  such  revaluation  is  not  encouraged  by  the
     accounting  principles  generally accepted in the United States of America.
     We were  unable to obtain  sufficient  appropriate  audit  evidence  on the
     valuation of this item through application of alternative audit procedures.

In our  opinion,  except  for  such  adjustments,  if any,  as might  have  been
determined  to be  necessary  had we been able to  satisfy  ourselves  as to the
limitations  described in the preceding  paragraphs,  the  financial  statements
referred to above  present  fairly,  in all  material  respects,  the  financial
position  of "Mego  Gold" LLC as of  December  31,  2005 and the  results of its
operations  and its cash flows for the year then ended,  in conformity  with the
accounting principles generally accepted in the United States of America.



March 15, 2006
/s/ Grant Thornton Amyot LLC

                                       F-3

<PAGE>

Independent auditor's report

SHA LLC
Financial statements as of and for the year ended December 31, 2005

To the shareholders of SHA LLC

We have audited the  accompanying  balance  sheet of SHA LLC (the Company) as of
December 31, 2005 and the related statement of income, cash flows and changes in
equity for the year then. These financial  statements are the  responsibility of
the Company's  management.  Our responsibility is to express an opinion on these
financial statements based on our audit.

We  conducted  our  audit in  accordance  with the  International  Standards  on
Auditing.  Those standards  require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining,  on test basis,  evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing of the accounting  principles used and  significant  estimates made by
management, as well as evaluating the overall financial statement presentation.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position of SHA LLC as of December 31,
2005, and of the results of its operations, and its cash flows for the year then
ended in conformity  with the accounting  principles  generally  accepted in the
United States of America.









Armand Pinarbasi                                          Armen Galstyan
Managing partner                                          Audit director



/s/ Grant Thornton Amyot LLC

Yerevan, March 7, 2006.












                                       F-4

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                           CONSOLIDATED BALANCE SHEET

                                DECEMBER 31, 2005



                                     ASSETS
                                     ------

CURRENT ASSETS:
            Cash....................................................$   546,912
            Inventories.............................................     18,339
            Tax refunds receivable..................................     60,868
            Other current assets....................................     51,767
                                                                    -----------
      TOTAL CURRENT ASSETS.......................................       677,886

LICENSES.........................................................     2,891,427
INVESTMENT IN JOINT VENTURES.....................................       395,269
PROPERTY, PLANT AND EQUIPMENT....................................       348,351
                                                                    -----------

                                                                    $ 4,312,933
                                                                    ===========


                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

CURRENT LIABILITIES:Accounts payable and accrued expenses .......   $   113,658

NOTE PAYABLE, due July 2007 .....................................     1,779,942
                                                                    -----------
      TOTAL LIABILITIES..........................................     1,893,600

STOCKHOLDERS' EQUITY:
  Common stock $0.001 par value, 100,000,000 shares authorized;
    17,896,301 shares issued and outstanding.....................        17,896
  Additional paid-in capital ....................................    11,439,219
  Deferred compensation..........................................      (577,740)
  Accumulated deficit............................................    (2,907,648)
  Deficit accumulated during the development stage...............    (5,513,883)
  Foreign currency translation adjustment........................       (38,511)
                                                                    -----------
      TOTAL STOCKHOLDERS' EQUITY.................................     2,419,333
                                                                    -----------

                                                                    $ 4,312,933
                                                                    ===========

                 The accompanying notes are an integral part of
                    these consolidated financial statements.

                                       F-5

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)

                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                                           Cumulative Amount
                                                                                                        from the Inception of
                                                                         For the year ended                Development Stage
                                                                             December 31,                  (January 1, 1995)
                                                                   ------------------------------               through
                                                                      2005                 2004            December 31, 2005
                                                                   ---------            ---------       ---------------------

<S>                                                                <C>                  <C>             <C>
REVENUES                                                           $       -            $       -       $                  -

EXPENSES:
  General and administrative.................................      1,454,282              735,806                  4,722,027
  Mine exploration costs.....................................        120,848               33,635                    233,573
  Amortization and depreciation..............................        177,239                    -                    177,239
  Write-off of investment....................................              -                    -                    135,723
  Gain on sale of investment.................................              -               (8,748)                  (319,641)
  Loss from investment in joint ventures.....................         12,000                    -                     12,000
  Interest expense...........................................         53,942                    -                     53,942
  Miscellaneous other .......................................              -             (110,423)                  (110,423)
  Interest income............................................        (14,778)                   -                    (14,778)
                                                                   ---------            ---------       ---------------------

      TOTAL EXPENSES ........................................      1,803,533              650,270                  4,889,662
                                                                   ---------            ---------       ---------------------

Loss from Continuing Operations..............................     (1,803,533)            (650,270)                (4,889,662)

Discontinued Operations:
  Loss from discontinued operations .........................        267,846               37,769                    386,413
  Loss on disposal of discontinued operations ...............        237,808                    -                    237,808
                                                                   ---------            ---------       ---------------------

Net Loss Applicable to Common Shareholders...................     (2,309,187)            (688,039)                (5,513,883)

  Loss on foreign exchange...................................          9,547                    -                     38,511
                                                                   ---------            ---------       ---------------------

Comprehensive Net Loss.......................................    $(2,318,734)           $(688,039)      $         (5,552,394)
                                                                   =========            =========       =====================

NET LOSS PER SHARE  - BASIC AND DILUTED .....................      $   (0.15)           $   (0.07)
                                                                   =========            =========

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED .....      15,217,863           10,214,607
                                                                   ==========            =========
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       F-6

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

       CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)


<TABLE>
<CAPTION>

                                                                     Deficit                            Other
                                                                   Accumulated                         Compreh-
                                                      Additional   during the             Deferred      ensive
                                  Common Stock         Paid-in     Development   Treasury   Compen-     Income
                                Share      Amount      Capital        Stage       Stock     sation      (Loss)
                              ----------  --------   -----------   -----------   --------  ---------  ---------
<S>    <C>                      <C>      <C>        <C>           <C>           <C>       <C>        <C>
Balance from February 21,
 1980 to December 31, 1994
 (Note 1) ...................    898,074  $ 89,807   $ 3,147,693   $(2,907,648)  $      -  $       -  $       -

  Adjustment for the
   restatement of par value .          -   (88,909)       88,909             -          -          -          -
  Issuance of stock for
   acquisition of Eyre
   Resources, N.L ...........  1,000,000     1,000       849,000             -          -          -          -
  Proceeds received from
   private placement ........    200,000       200       421,373             -          -          -          -
  Net loss ..................          -         -            -       (361,345)         -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 1995   2,098,074     2,098     4,506,975    (3,268,993)         -          -          -

  Warrants exercised ........         40         -           100             -          -          -          -
  Net loss ..................          -         -             -      (668,577)         -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 1996   2,098,114     2,098     4,507,075    (3,937,570)         -          -          -

  Issuance of common stock ..  2,250,000     2,250       222,750             -          -          -          -
  Net loss ..................          -         -            -       (690,747)         -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 1997   4,348,114     4,348     4,729,825    (4,628,317)         -          -          -

  Net income ................          -         -             -        34,944          -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 1998   4,348,114     4,348     4,729,825    (4,593,373)         -          -          -

  Purchase of treasury stock           -         -             -             -    (60,000)         -          -
  Unrealized loss on
   investment ...............          -         -             -             -          -          -    (16,000)
  Net income ................          -         -             -       (93,826)         -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 1999   4,348,114     4,348     4,729,825    (4,687,199)   (60,000)         -    (16,000)

  Issuance of common stock in
   connection with settlement     20,000        20         1,980             -          -          -          -
  Cancellation of treasury
   stock .................... (1,000,000)   (1,000)      (59,000)            -     60,000          -          -
  Settlement of accrued
   salary ...................  1,000,000     1,000       161,500             -          -          -          -
  Sale of warrants ..........          -         -           650             -          -          -          -
  Unrealized loss on
   investment ...............          -         -             -             -          -          -    (90,000)
  Net loss ..................          -         -             -       (33,341)         -          -          -
                              ----------  --------   -----------   -----------   --------  ---------  ---------

Balance at December 31, 2000   4,368,114     4,368     4,834,955    (4,720,540)         -          -   (106,000)



 The accompanying notes are an integral part of these consolidated financial
statements.

                                       F-7
</TABLE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

       CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)


<TABLE>
<CAPTION>

                                                                   Deficit                           Other
                                                                 Accumulated                        Compreh-
                                                     Additional  during the             Deferred     ensive
                                  Common Stock        Paid-in    Development  Treasury   Compen-     Income
                                Share      Amount     Capital       Stage      Stock     sation      (Loss)
                              ----------  --------  -----------  -----------  --------  ---------  ---------

<S>                 <C> <C>    <C>           <C>      <C>         <C>                               <C>
Balance at December 31, 2000   4,368,114     4,368    4,834,955   (4,720,540)       -         -     (106,000)
Net loss ....................          -         -            -      (26,832)       -         -      (26,832)
Unrealized gain on investment          -         -            -            -        -         -      (15,000)
                               ---------   -------   ----------  -----------  --------  -------     --------

Balance at December 31, 2001   4,368,114     4,368    4,834,955   (4,747,372)       -         -     (121,000)

Issuance of common stock for
compensation ................    200,000       200        9,800            -        -         -            -
Net loss ....................          -         -            -      (60,113)       -         -            -
Unrealized gain on investment          -         -            -            -        -         -      247,406
                               ---------   -------   ----------  -----------  --------  -------     --------

Balance at December 31, 2002   4,568,114     4,568    4,844,755   (4,807,485)       -         -      126,406

Issuance of common stock for
 Cash:
  at $0.25 per share, January    350,000       350       87,150            -        -         -            -
  at $0.25 per share, July ..  1,000,000     1,000      231,500            -        -         -            -
  at $0.50 per share, October    100,000       100       46,400            -        -         -            -
  at 0.50 per share, October     400,000       400      185,600            -        -         -            -
Issuance of common stock for
 compensation:
  at $0.25 per share,
   February .................  1,800,000     1,800      448,200            -        -  (450,000)           -
  at $0.25 per share, June ..    900,000       900      224,100            -        -  (225,000)           -
  at $0.25 per share,
   December .................     90,000        90       22,410            -        -   (22,500)           -
Amortization of deferred
 compensation ...............          -         -            -            -        -   165,802            -
Issuance of common stock for
 services:
  at $0.25 per share, January    500,000       500      124,500            -        -  (100,000)           -
  at $0.25 per share, April      250,000       250       62,250            -        -         -            -
  Shares cancelled in
   September, which were
   issued in January ........   (500,000)     (500)    (124,500)           -        -   100,000            -
Shares issued at $0.25 per
 share for accounts payable
 in April ...................    100,000       100       24,900            -        -         -            -
Fractional share adjustment .         20         -            -            -        -         -            -
Unrealized gain on investment          -         -            -            -        -         -      (95,278)
Net Loss ....................          -         -            -     (616,820)       -         -            -
                               ---------   -------   ----------  -----------   -------  -------     --------

Balance at December 31, 2003   9,558,134     9,558    6,177,265   (5,424,305)       -  (531,698)      31,128

Issuance of common stock for
  Compensation at $0.50
  in January:                    250,000       250      124,750            -        -  (125,000)           -
Forfeiture of common stock for
  Compensation at $0.25
  in June:                     (526,833)     (527)     (131,181)           -        -   131,708            -
Issuance of common stock for
 payables:
  at $0.50 per share, October    200,000       200       99,800            -        -         -            -
  at $0.34 per share, November    40,000        40       13,460            -        -         -            -
Issuance of common stock for
  Cash at $0.50 in November,
  less $15,000 closing fee..   3,000,000     3,000    1,482,000            -        -         -            -
Issuance of common stock for
  Closing fees at $0.50
  in October:                    90,000         90          (90)           -        -         -            -
Amortization of unearned comp         -          -            -            -        -   316,756            -
Unrealized loss on investment         -          -            -            -        -         -      (31,128)
Net Loss ....................         -          -            -     (688,039)       -         -            -
                              ---------    -------   ----------  -----------  -------   -------     --------

Balance at December 31, 2004  12,611,301  $12,611    $7,766,004  $(6,112,344) $     -  $(208,234)    $      -

</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                       F-8

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

       CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT)


<TABLE>
<CAPTION>


                                                                   Deficit                           Other
                                                                 Accumulated                        Compreh-
                                                     Additional  during the             Deferred     ensive
                                  Common Stock        Paid-in    Development  Treasury   Compen-     Income
                                Share      Amount     Capital       Stage      Stock     sation      (Loss)
                              ----------  --------  -----------  -----------  --------  ---------  ---------

<S>                 <C> <C>   <C>          <C>       <C>         <C>          <C>       <C>        <C>
Balance at December 31, 2004  12,611,301   $12,611   $7,766,004  $(6,112,344) $     -   $(208,234) $      -

Issuance of common stock for
  Compensation:
  at $0.50 per share, January    850,000       850      424,150            -        -    (425,000)         -
  at $1.00 per share, June       170,000       170      169,830            -        -    (170,000)         -
  at $1.50 per share, December    45,000        45       67,455            -        -    ( 67,500)         -
Issuance of common stock for
  Cash at $0.75 in June,
  less $39,000 closing fee..   4,000,000     4,000    2,957,000            -        -           -          -
Warrants exercised.........      220,000       220       54,780            -        -           -          -
Amortization of unearned comp          -         -            -            -        -     292,994          -
Foreign currency translation
adjustments                            -         -            -            -        -           -    (38,511)
Net Loss ....................          -         -            -   (2,309,187)       -           -          -
                               ---------   -------   ----------  -----------  -------     -------   --------

Balance at December 31, 2005 17,896,301   $17,896  $11,439,219  $(8,421,531) $     -     $(577,740) $(38,511)

</TABLE>

 The accompanying notes are an integral part of these consolidated financial
statements.

                                       F-9

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                                                           Cumulative Amount
                                                                                                        from the Inception of
                                                                         For the year ended               Development Stage
                                                                             December 31,                  (January 1, 1995)
                                                                   ------------------------------               through
                                                                      2005                 2004            December 31, 2005
                                                                   ---------            ---------       ---------------------

OPERATING ACTIVITIES:
<S>                                                              <C>                    <C>                   <C>
Net Loss ....................................................    $(2,318,734)           $(688,039)            $(5,513,883)
Adjustments to reconcile net loss to net cash used in
 operating activities:
  Amortization of deferred compensation .....................        292,994              316,756                 775,552
  Amortization of licenses...................................        156,865                   --                 156,865
  Depreciation expense.......................................         24,701                   --                  24,701
  Equity in loss on joint venture............................         12,000                   --                  12,000
  Gain on extinguishment of debt ............................             --             (110,423)               (110,423)
  Gain on sale of investments................................             --               (8,748)               (319,641)
  Write-off of investment....................................             --                   --                 135,723
  Loss on disposal of discontinued operations................        237,808                   --                 237,808
  Non-cash expenses..........................................             --                   --                 174,500
Changes in assets and liabilities:
  Other current and non-current assets.......................       (207,243)                  --                 108,002
  Accounts payable and accrued expenses .....................        107,217               54,827                 454,276
                                                                   ---------             --------             -----------
NET CASH USED IN OPERATING ACTIVITIES .......................     (1,694,392)            (435,627)             (3,864,520)
                                                                   ---------             --------             -----------
INVESTING ACTIVITIES:
  Proceeds from sale of Armenia mining interests ............             --                   --               1,891,155
  Proceeds from sale of investment in Sterlite Gold Ltd.
     Common stock ...........................................             --               34,880                 246,767
  Investment in joint ventures...............................       (260,000)                  --                (260,000)
  Investment in mining licenses..............................     (1,500,000)             (77,437)             (2,892,936)
                                                                   ---------             --------             -----------

NET CASH USED IN INVESTING ACTIVITIES .......................     (1,760,000)             (42,557)             (1,015,014)
                                                                   ---------             --------             -----------
FINANCING ACTIVITIES:
  Net proceeds from private placement offering ..............      2,961,000            1,485,000               5,445,073
  Repurchase of common stock ................................             --                   --                 (25,000)
  Due to related parties ....................................             --             (139,795)                (22,218)
  Warrants exercised ........................................         55,000                   --                  55,750
                                                                   ---------             --------             -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES ...................      3,016,000            1,345,205               5,453,605
                                                                   ---------             --------             -----------

EFFECT OF EXCHANGE RATE ON CASH..............................        (28,964)                  --                 (38,511)
                                                                   ---------             --------             -----------

NET INCREASE (DECREASE) IN CASH .............................       (467,356)             867,021                 535,560
CASH AND CASH EQUIVALENTS - beginning of period .............      1,014,268              147,247                  11,352
                                                                   ---------             --------             -----------
CASH AND CASH EQUIVALENTS - end of period ...................      $ 546,912           $1,014,268             $   546,912
                                                                   =========             ========             ===========
SUPPLEMENTAL CASH FLOW INFORMATION
  Income taxes paid .........................................      $      --             $     --             $     2,683
                                                                   =========             ========             ===========
  Interest paid .............................................      $      --             $  1,080             $    15,422
                                                                   =========             ========             ===========
Noncash Transactions
  Stock issued for deferred compensation ....................      $ 662,500            $ 125,000             $   822,500
                                                                   =========             ========             ===========
  Stock forfeited for deferred compensation .................      $      --            $(131,708)            $  (131,708)
                                                                   =========             ========             ===========
  Stock issued in exchange for services......................      $      --            $  45,000             $        --
                                                                   =========             ========             ===========
  Stock issued in exchange for accounts payable..............      $      --            $ 113,500             $    25,000
                                                                   =========             ========             ===========
</TABLE>



 The accompanying notes are an integral part of these consolidated financial
statements.

                                      F-10

<PAGE>

                    GLOBAL GOLD CORPORATION AND SUBSIDIARIES
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS

                               DECEMBER 31, 2005

1. ORGANIZATION AND BUSINESS

     Global Gold  Corporation  (the "Company") was  incorporated as Triad Energy
     Corporation  in the State of Delaware on  February  21, 1980 and  conducted
     other business prior to its re-entry into the development  stage on January
     1, 1995.  During  1995,  the  Company  changed  its name from Triad  Energy
     Corporation to Global Gold  Corporation to acquire  certain gold and copper
     mining rights in the former Soviet Republics of Armenia and Georgia.

     On January 24,  2003,  the Company  formed  Global Oro LLC and Global Plata
     LLC, as wholly owned subsidiaries,  in the State of Delaware. The companies
     were  formed to be joint  owners of a Chilean  Limited  Liability  Company,
     Minera Global Chile Limitada,  formed as of May 6, 2003, for the purpose of
     owning and which  currently owns the mining rights to the Santa  Candelaria
     Project.

     On August 18, 2003,  the Company  incorporated  Global Gold Armenia LLC and
     Global  Gold  Mining LLC,  as wholly  owned  subsidiaries,  in the State of
     Delaware. Global Gold Armenia LLC was formed to own Global Gold Mining LLC,
     which is registered to do business in Armenia and which acquired all of the
     shares of the Armenian limited  liability  company,  SHA, LLC which in turn
     held and  continues to hold the licenses to the Hankavan and Marjan  mining
     properties in Armenia.

     The accompanying  financial  statements  present the available  development
     stage  activities  information  of the Company  from  January 1, 1995,  the
     period  commencing the Company's  operations as Global Gold Corporation and
     Subsidiaries, through December 31, 2005.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a.   Basis for  Presentation  - The financial  statements  for December 31,
          2005,  and the year then ended was prepared  assuming that the Company
          would continue as a going concern. Since its inception, the Company, a
          developing stage enterprise,  had yet to generate revenues (other than
          interest  income and the  proceeds  from the sale of an interest in an
          Armenian  mining  venture,  and the sale of common stock of marketable
          securities  received  as  consideration,  therewith)  while  incurring
          losses  in  excess  of  $5,500,000.   Management   pursued  additional
          investors  and  lending  institutions   interested  in  financing  the
          Company's projects.  However,  there was no assurance that the Company
          would  obtain  the  financing   that  it  required  or  would  achieve
          profitable operations. The Company expected to incur additional losses
          for the near  term  until  such  time as it would  derive  substantial
          revenues from the Armenian  mining  interests  acquired by it or other
          future  projects.  These matters  raised  substantial  doubt about the
          Company's  ability to continue as a going  concern.  The  accompanying
          financial  statements  were prepared on a going concern  basis,  which
          contemplated the realization of assets and satisfaction of liabilities
          in  the  normal  course  of  business.   The  accompanying   financial
          statements  for  December 31, 2005 and for the year then ended did not
          include any adjustments  that might be necessary should the Company be
          unable to continue as a going concern.

     b.   Use  of  Estimates  -  The  preparation  of  financial  statements  in
          conformity with accounting principles generally accepted in the United
          States  of  America   requires   management  to  make   estimates  and
          assumptions that affect the reported amounts of assets and liabilities
          at the date of the financial  statements  and the reported  amounts of
          revenues and expenses  during the  reporting  period.  Actual  results
          could differ from those estimates.


     c.   Cash and Cash Equivalents - Cash and cash  equivalents  consist of all
          cash balances and highly liquid  investments with a remaining maturity
          of three months or less when purchased and are carried at fair value.

     d.   Fair  Value  of  Financial   Instruments  -  The  Company's  financial
          instruments  includes cash,  receivables,  and accounts  payable.  The
          Company  believes  that the  carrying  amounts of these  accounts  are
          reasonable  estimates  of their fair value  because of the  short-term
          nature of such instruments.



                                      F-11

<PAGE>

     e.   Reclassifications - Certain  reclassifications  of prior year balances
          have been made to conform to the current year presentation,  including
          the  reclassification  of deferred mine acquisition  costs to licenses
          and investments in joint ventures. This reclassification has no impact
          on previously  reported total current  assets,  total assets,  working
          capital  provision  or  results  of  operations,  and does not  affect
          previously reported cash flows from operating or financing activities.

     f.   Net Loss Per Share - Basic net loss per share is based on the weighted
          average  number of common and common  equivalent  shares  outstanding.
          Potential common shares includable in the computation of fully diluted
          per share  results are not  presented in the  financial  statements as
          their effect  would be  anti-dilutive.  As of December  31, 2005,  the
          Company's outstanding options and warrants were 150,000 and 5,000,000,
          respectively.

     g.   Stock Based  Compensation  - At December 31, 2005, the Company had two
          stock-based  employee  compensation plans. As permitted under SFAS No.
          148,   "Accounting   for  Stock-Based   Compensation--Transition   and
          Disclosure",  which amended SFAS No. 123 ("SFAS 123"), "Accounting for
          Stock-Based  Compensation",  the  Company  has  elected to continue to
          follow the intrinsic  value method in accounting  for its  stock-based
          employee compensation arrangements as defined by Accounting Principles
          Board  Opinion  ("APB")  No.  25,  "Accounting  for  Stock  Issued  to
          Employees", and related interpretations including Financial Accounting
          Standards  Board   Interpretation  No.  44,  "Accounting  for  Certain
          Transactions  Involving Stock Compensation",  an interpretation of APB
          No. 25. No stock-based employee  compensation cost is reflected in net
          loss, as all options  granted under those plans had an exercise  price
          equal to the market value of the  underlying  common stock on the date
          of grant.  The following table  illustrates the effect on net loss and
          earnings  per  share  if  the  Company  had  applied  the  fair  value
          recognition   provisions   of  SFAS   123  to   stock-based   employee
          compensation:

                                                   For the years ended
                                                       December 31,
                                                   -------------------
                                                   2005           2004
                                                   ----           ----

      Net loss as reported ...................  $(2,309,187)  $  (688,039)
      Add: Total stock-based compensation
       expense determined under fair
       value-based method for all
       awards, net of related tax effect .....        3,478         6,545
                                                -----------   -----------
      Pro forma net loss .....................  $(2,312,665)  $  (694,584)
                                                ===========   ===========
      Basic and diluted net loss per share
       as reported ...........................  $     (0.15)  $     (0.07)
                                                ===========   ===========
      Basic and diluted pro forma net loss
       per share .............................  $     (0.15)  $     (0.07)
                                                ===========   ===========
      Weighted average shares outstanding        15,217,863    10,214,607
                                                ===========   ===========



      The fair value of options at date of grant was estimated using the
Black-Scholes fair value based method with the following weighted average
assumptions:



         Expected Life (Years) .................       3
         Interest Rate .........................     5.70%
         Annual Rate of Dividends ..............       0%
         Volatility ............................     100%

     h.   Comprehensive  Income - The Company has adopted Statement of Financial
          Accounting  Standards  No. 130 ("SFAS 130")  "Reporting  Comprehensive
          Income".  Comprehensive  income is comprised of net income  (loss) and
          all changes to  stockholders'  equity  (deficit),  except those due to
          investments   by   stockholders,   changes  in  paid-in   capital  and
          distribution to owners.

          The following table  summarizes the  computations  reconciling  net
          loss to  comprehensive  income (loss) for the years ended December 31,
          2005 and 2004.





                                      F-12

<PAGE>
<TABLE>
<CAPTION>

                                                                     Year Ending December 31,
                                                      ------------------------------------------------------
                                                                2005                         2004
                                                      --------------------------   -------------------------

<S>                                                   <C>                          <C>
      Net loss ....................................   $              (2,309,187)   $               (688,039)

      Unrealized loss arising
        during the year ...........................   $                  (9,547)   $                (31,128)
                                                      --------------------------   -------------------------

      Comprehensive loss...........................   $              (2,318,734)   $               (719,167)
                                                      ==========================   =========================
</TABLE>

     i.   Income Taxes - The Company  accounts for income taxes under  Statement
          of  Financial  Accounting  Standards  No.109,  "Accounting  for Income
          Taxes" (SFAS No.109").  Pursuant to SFAS No.109,  the Company accounts
          for income  taxes  under the  liability  method.  Under the  liability
          method, a deferred tax asset or liability is determined based upon the
          tax effect of the differences  between the financial statement and tax
          basis of assets and  liabilities as measured by the enacted rates that
          will be in effect when these differences reverse.

     j.   Exploration  Costs - The Company  expenses  all  exploration  costs as
          incurred.

     k.   Foreign Currency  Translation - The assets and liabilities of non-U.S.
          subsidiaries  are translated  into U.S.  Dollars at year-end  exchange
          rates.  Income and expense items are  translated  at average  exchange
          rates during the year. Cumulative translation adjustments are shown as
          a separate component of stockholders' equity.

     l.   Principles of  Consolidation - Our consolidated  financial  statements
          have been prepared in accordance with accounting  principles generally
          accepted in the United  States of America,  and include our  accounts,
          our wholly owned  subsidiaries'  accounts and a proportionate share of
          the  accounts  of the  joint  ventures  in which we  participate.  All
          significant   intercompany   balances  and   transactions   have  been
          eliminated in consolidation.

     m.   Depreciation,  Depletion  and  Amortization  -  Capitalized  costs are
          depreciated   or   depleted   using   the   straight-line   method  or
          units-of-production  method at rates  sufficient  to  depreciate  such
          costs  over  the  shorter  of  estimated   productive  lives  of  such
          facilities  or the useful life of the  individual  assets.  Productive
          lives  range from 2 to 10 years,  but do not exceed the useful life of
          the  individual  asset.  Determination  of expected  useful  lives for
          amortization  calculations  are  made  on  a  property-by-property  or
          asset-by-asset basis at least annually.

          Undeveloped  mineral interests are amortized on a straight-line  basis
          over their estimated useful lives taking into account residual values.
          At such time as an undeveloped mineral interest is converted to proven
          and probable reserves, the remaining unamortized basis is amortized on
          a unit-of-production basis as described above.

     n.   Impairment of Long-Lived Assets - Management reviews and evaluates the
          net carrying value of all facilities,  including idle facilities,  for
          impairment at least  annually,  or upon the occurrence of other events
          or changes in  circumstances  that indicate that the related  carrying
          amounts may not be recoverable.  We estimate the net realizable  value
          of each property based on the estimated undiscounted future cash flows
          that will be generated from operations at each property, the estimated
          salvage  value  of the  surface  plant  and  equipment  and the  value
          associated with property interests. All assets at an operating segment
          are evaluated together for purposes of estimating future cash flows.

     o.   Licenses - Licenses  are  capitalized  at cost and are  amortized on a
          straight-line  basis on a range from 2 to 10 years,  but do not exceed
          the useful life of the individual license.

     p.   Investment  in Joint  Venture - The  investments  are  carried  on the
          equity method.

     q.   Reclamation and Remediation Costs (Asset Retirement  Obligations) - In
          January 2005, we adopted SFAS No. 143 "Accounting for Asset Retirement
          Obligations," which requires that the fair value of a liability for an
          asset retirement obligation be recognized in the period in which it is
          incurred.  SFAS No.  143  requires  us to record a  liability  for the
          present value of our estimated environmental remediation costs and the
          related asset created with it. The liability  will be accreted and the
          assets  will be  depreciated  over  the  life of the  related  assets.
          Adjustments for changes resulting from the passage of time and changes
          to either the timing or amount of the original  present value estimate
          underlying the obligation will be made.



                                      F-13

<PAGE>

          Costs of future  expenditures  for  environmental  remediation are not
          discounted to their present  value unless  subject to a  contractually
          obligated fixed payment schedule. Such costs are based on management's
          current  estimate of amounts to be incurred when the remediation  work
          is performed,  within current laws and  regulations.  Accordingly,  no
          such costs were accrued at December 31, 2005.

          It is possible that, due to uncertainties associated with defining the
          nature and extent of environmental  contamination  and the application
          of laws and  regulations  by  regulatory  authorities  and  changes in
          reclamation   or   remediation   technology,   the  ultimate  cost  of
          reclamation and remediation could change in the future.

   r. New Accounting Standards:

          In  December  2004,  the FASB  revised  SFAS No. 123  (revised  2004),
          Share-Based  Payments.  SFAS 123(R)  eliminates the alternative to use
          APB Opinion  25's  intrinsic  value  method of  accounting  (generally
          resulting in recognition of no compensation cost) and instead requires
          a  company  to  recognize  in its  financial  statements  the  cost of
          employee services received in exchange for valuable equity instruments
          issued, and liabilities  incurred, to employees in share-based payment
          transactions  (e.g.,  stock  options).  The cost  will be based on the
          grant-date  fair  value of the award and will be  recognized  over the
          period  for which an  employee  is  required  to  provide  service  in
          exchange  for the  award.  For  public  entities  that  file as  small
          business  issuers,  the provisions of the revised  statement are to be
          applied  prospectively  for  awards  that are  granted,  modified,  or
          settled in the first interim or annual period beginning after December
          15, 2005.  Additionally,  public entities would recognize compensation
          cost for any portion of awards  granted or modified after December 15,
          1995,  that is not yet  vested at the date the  standard  is  adopted,
          based on the grant-date  fair value of those awards  calculated  under
          SFAS 123 as  originally  issued) for either  recognition  or pro forma
          disclosures.  Management believes that adopting the new statement will
          have no  significant  impact on the  financial  position and operating
          results of the company.

          In March 2005, the FASB issued FASB  Interpretation No. 47 "Accounting
          for Conditional  Asset Retirement  Obligations - an  Interpretation of
          SFAS  No.  143."  FIN  No.  47  provides  clarification  of  the  term
          conditional  asset  retirement  obligation as used in paragraph A23 of
          SFAS No. 143, "Accounting for Asset Retirement  Obligations." SFAS No.
          143 applies to legal  obligations  associated with the retirement of a
          tangible  long-lived  asset, and states that an entity shall recognize
          the fair value of a liability  for an asset  retirement  obligation in
          the period in which it is  incurred if a  reasonable  estimate of fair
          value can be made. The term "conditional asset retirement  obligation"
          refers to a legal obligation to perform an asset  retirement  activity
          in which the timing and/or method of settlement  are  conditional on a
          future  event that my or may not be within the  control of the entity.
          The   obligation   to  perform  the  asset   retirement   activity  is
          unconditional  even though  uncertainty exists about the timing and/or
          method of settlement. Thus, the timing and/or method of settlement may
          be conditional on a future event.  Accordingly,  an entity is required
          to  recognize a liability  for the fair value of a  conditional  asset
          retirement  obligation  if the  fair  value  of the  liability  can be
          reasonably  estimated.  FIN No. 47 became effective for us in December
          2005,  and  its  adoption  did  not  have  a  material  effect  on our
          consolidated financial statement.

          In June 2005,  the FASB issued SFAS No. 154,  "Accounting  Changes and
          Error  Corrections." SFAS No. 154 changes the accounting and reporting
          for voluntary  changes in accounting  principles,  whereby the effects
          will be reported  as if the newly  adopted  principle  has always been
          used.  SFAS  No.  154  also  includes  minor  changes  concerning  the
          accounting for changes in estimates,  correction of errors and changes
          in  reporting  entities.  SFAS No.  154 is  effective  for  accounting
          changes and error  corrections  made in fiscal years  beginning  after
          December 15, 2005.


3. PROPERTY, PLANT AND EQUIPMENT

          The following table  illustrates the capitalized cost less accumulated
          depreciation  arriving  at the net  carrying  value  on our  books  at
          December 31, 2005.

            Property, plant and equipment.................      $ 373,052
            Less accumulated depreciation.................        (24,701)
                                                                  --------
                                                                $ 348,351
                                                                  ========

4. CONCENTRATION OF CREDIT RISK

          The Company  periodically  maintains  cash  balances on deposit with a
          U.S. bank in excess of government insurance.


                                      F-14

5. OFFICERS' COMPENSATION

     The  Company,  on  February 1, 2003,  entered  into  Amended  and  Restated
     Employment  Agreements  with both the Chairman and President  that modified
     the pre-existing  Employment  Agreements.  Each Agreement provided for base
     compensation  of  $100,000  per year and the grant of  900,000  shares as a
     stock  award  subject  to  a  substantial  risk  of  forfeiture  if  either
     terminates  their  employment  with  the  Company  (other  than by death or
     disability)  over the term of the agreement.  The Company,  on June 1, 2003
     entered  into an  Employment  Agreement  with the then Vice  President  and
     general  counsel which provided for base  compensation of $100,000 per year
     and the grant of 900,000  shares as a stock  award  subject to  substantial
     risk of forfeiture if he terminates his employment  with the Company (other
     than by death or disability)  over the term of the Agreement.  These shares
     are to be earned,  and vest  ratably,  during such  period,  plus any bonus
     determined  in  accordance  with any bonus  plan  approved  by the Board of
     Directors.  Such amounts have been reflected as unearned  compensation  and
     are being amortized as compensation  expense on a straight-line  basis over
     the term of the agreements.  On June 30, 2004 the former president tendered
     his  resignation  and  accordingly   forfeited  526,833  shares  valued  at
     $131,708.

     On August 1, 2005, the Company entered two-year employment  agreements with
     Messrs. Lester S. Caesar, CPA as the Chief Financial Officer and Jan Dulman
     as the Controller.  Mr. Caesar will receive $48,000 per year and Mr. Dulman
     will receive  $12,000 per year.  Both  contracts are identical in that they
     include  restricted  stock awards of the Company's shares of 40,000 vesting
     at a rate of 10,000  shares  per six  months.  On  February  6,  2006,  the
     employment  agreements  were  amended,  retroactively  to  January 1, 2006,
     restating  compensation  where as Mr. Caesar will receive  $42,000 per year
     and Mr. Dulman will receive $24,000 per year.

     The  Company has  declared  cash  bonuses to  officers  of $56,000  that is
     included in  officers'  compensation  and in  accounts  payable and accrued
     expenses.

     The Company has declared a stock bonus to Dr.  Urquhart of 24,000 shares of
     common  stock at $1.50 per share for a total value of $36,000.  The $36,000
     is included in officers'  compensation  and in accounts payable and accrued
     expenses.

     Compensation  expense  for the years ended  December  31, 2005 and 2004 was
     $793,272 and $546,756.  The amount of total deferred compensation amortized
     for the years ended December 31, 2005 and 2004 was $292,944 and $316,756.


6.  INCOME TAXES

     The  Company  accounts  for  income  taxes  under  Statement  of  Financial
     Accounting Standards No. 109, Accounting for Income Taxes ("SFAS No. 109").
     SFAS  No.  109  requires  the   recognition  of  deferred  tax  assets  and
     liabilities  for  both the  expected  impact  of  differences  between  the
     financial  statements and tax basis of assets and liabilities,  and for the
     expected  future tax  benefit  to be  derived  from tax loss and tax credit
     carry forwards.  SFAS No. 109 additionally  requires the establishment of a
     valuation  allowance to reflect the  likelihood of  realization of deferred
     tax assets.  At December 31, 2005,  the Company had net deferred tax assets
     of  $5,500,000.  The Company  has  provided a  valuation  allowance,  which
     increased during 2005 by $890,000,  against the full amount of its deferred
     tax asset, since the likelihood of realization cannot be determined.

     The following table illustrates the source and status of the Company's
     major deferred tax assets as of December 31, 2005.

         Net operating loss carryforward ..............      $ 5,500,000
         Valuation allowance ..........................       (5,500,000)
                                                               ---------
         Net deferred tax asset recorded ..............      $       -
                                                               =========

     The  provision  for income taxes for year ended  December 31, 2005 and 2004
     differs from the amount  computed by applying the statutory  federal income
     tax rate to income before income taxes as follows:

                                                          2005        2004
                                                        ---------   --------

         Income tax benefit computed at statutory rate  $ 890,000  $ 240,000
         Increase in valuation allowance .............    890,000    240,000
                                                        ---------   --------
         Provision for income taxes ..................  $       -   $      -
                                                        =========   ========
                                  F-15

<PAGE>

     The Company  had net  operating  loss carry  forwards  for tax  purposes of
     approximately  $5,500,000  at December 31, 2005  expiring at various  dates
     from 2012 to 2025.  A  significant  portion  of these  carry  forwards  are
     subject to  limitations  on annual  utilization  due to  "equity  structure
     shifts" or "owner shifts" involving "5 percent stockholders" (as defined in
     the Internal Revenue Code of 1986, as amended), which resulted in more than
     a 50 percent change in ownership.

7.  COMMON STOCK

     In July 2005,  the  Company  sold  4,000,000  units at $0.75 per share in a
     private placement. The units included 4,000,000 common shares and 2,000,000
     warrants  exercisable  at $1.50 per share  per share and  expire  after two
     years. A finder's fee of $39,000 was made to  consultants  and was included
     in additional paid-in capital.

     On January 11, 2005 the Company  appointed one (1)  additional  Director to
     the Board of Directors;  Ian Hague.  Each Director of the Company  receives
     50,000 shares of the Company's  common stock per year for their services as
     a Director.  An aggregate of 250,000 shares were issued to the directors in
     February 2005.


8.  WARRANTS AND OPTIONS

     -    On December 15, 2003, the Company granted  warrants to purchase 15,000
          shares of the common  stock of the Company to Analytix  Capital,  as a
          part of its payment  for  advisory  services  at an exercise  price of
          $0.10 per share,  expiring on December 15, 2005.  In November 2004 the
          Company redeemed these warrants for $15,000.

     -    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).  In July 2002, the Company
          granted  options to buy 150,000 shares of common stock, at an exercise
          price of $0.11 per share, to each of the Chairman and President of the
          Company. Of these options issued, 75,000 vest on the first anniversary
          of the date of issuance,  and the remaining  75,000 vest on the second
          anniversary  of the date of issuance.  These options expire five years
          from the date of issuance. As of December 31, 2005, there were 200,000
          stock awards available under the Plan for future issuance. On June 30,
          2004, the former  President and CFO, Mr. Robert Garrison  resigned his
          office and thereby forfeited his options.

     -    On October 31, 2005,  the Company issued 220,000 shares to satisfy the
          exercise of warrants  held.  The warrants were  exercised at $0.25 per
          share for a total of $55,000.


     The following  tables  illustrates  the Company's  stock warrant and option
     issuances  and  balances  outstanding  as of, and  during  the years  ended
     December 31, 2005 and December 31, 2004, respectively.

<TABLE>
<CAPTION>

                                                     WARRANTS                              OPTIONS
                                         ----------------------------------    ---------------------------------
                                              Shares            Weighted           Shares           Weighted
                                            Underlying          Average          Underlying         Average
                                             Warrants        Exercise Price       Options       Exercise Price
                                         ----------------    --------------    ---------------    --------------

<S>                    <C>                    <C>               <C>                 <C>                <C>
Outstanding at January 1, 2004...........     345,000           $   0.25            300,000            $ 0.11
   Granted ..............................           -                  -                  -                 -
   Canceled .............................     (15,000)              0.10                  -                 -
   Exercised ............................           -                  -                  -                 -
   Sold in units........................   3,000,000               0.75                  -                 -
                                         ----------------    --------------    ---------------    --------------
Outstanding at December 31, 2004            3,330,000           $   0.70            300,000            $ 0.11
   Granted ..............................           -                  -                  -                 -
   Canceled .............................    (110,000)              0.10           (150,000)             0.11
   Exercised ............................    (220,000)              0.25                  -                 -
   Sold in units.........................   2,000,000               1.50                  -                 -
                                         ----------------    --------------    ---------------    --------------
Outstanding at December 31, 2005            5,000,000           $   1.05            150,000            $ 0.11
                                        ================    ==============    ===============    ==============
</TABLE>









                                       F-16

<PAGE>

The following is additional information with respect to the Company's options
and warrants as of December 31, 2005.

<TABLE>
<CAPTION>

                                                                                               WARRANTS
                             WARRANTS OUTSTANDING                                              EXERCISABLE
 ------------------------------------------------------------------------------    ------------------------------------
                          Number of           Weighted                                Number of
                         Outstanding           Average            Weighted           Exercisable          Weighted
                           Shares             Remaining            Average             Shares              Average
      Exercise           Underlying          Contractual          Exercise           Underlying           Exercise
       Price              Warrants              Life                Price             Warrants              Price
 -------------------   ----------------    ----------------    ----------------    ----------------    ----------------

<S>     <C>              <C>                  <C>                   <C>              <C>                    <C>
        $ 0.75           3,000,000            0.92 years            $ 0.75           3,000,000              $ 0.75
        $ 1.50           2,000,000            1.58 years            $ 1.50           2,000,000              $ 1.50



                                                                                                 OPTIONS
                              OPTIONS OUTSTANDING                                              EXERCISABLE
 ------------------------------------------------------------------------------    ------------------------------------
                          Number of           Weighted                                Number of
                         Outstanding           Average            Weighted           Exercisable          Weighted
                           Shares             Remaining            Average             Shares              Average
      Exercise           Underlying          Contractual          Exercise           Underlying           Exercise
       Price               Options              Life                Price              Options              Price
 -------------------   ----------------    ----------------    ----------------    ----------------    ----------------

        $ 0.11            150,000            1.49 years            $ 0.11              150,000              $ 0.11
</TABLE>


The Company has elected to follow  Accounting  Principles  Board Opinion No. 25,
"Accounting for Stock Issued to Employees."  Pro-forma information regarding net
loss and net loss per share is presented  below as if the Company had  accounted
for its employee  stock  options  under the fair value method using SFAS No. 123
revised;  such pro-forma  information is not necessarily  representative  of the
effects on reported  net loss for future years due  primarily to option  vesting
periods and to the fair value of additional options in future years.


9.      AGREEMENTS


     a.   On January 11,  2005 the  directors  agreed to extend Mr.  Krikorian's
          contract to June 30, 2008 and to maintain the stock award component of
          his base  compensation at 300,000 shares for each year of the two-year
          extension.

     b.   On March 23,  2005,  Minera  Global  entered a  contract  with  Adrian
          Soto-Torino  to mine the vein  structure  historically  mined at Santa
          Candelaria, and began a drilling program in the second quarter of 2005
          to  further  explore  the  property.  The  results  of both  of  these
          activities did not meet the Company's expectations, and further mining
          and exploration were discontinued.

     c.   On August 1, 2005,  the Company's  subsidiary  GGM entered  three-year
          employment agreements in Armenia with Messrs. Simon Cleghorn and Frank
          Pastorino,  as  Director  of Mining and  Exploration  and  Director of
          Business  Operations,  respectively.  The terms of both  contracts are
          identical, and include restricted stock awards of the Company's shares
          of 45,000 each vesting at a rate of 15,000 shares per year.

     d.   On August 1,  2005,  the  Company  entered  into  two-year  employment
          agreements with Messrs.  Lester S. Caesar,  CPA as the Chief Financial
          Officer and Jan Dulman as the Controller. Both contracts are identical
          in that they include  restricted  stock awards of the Company's shares
          of 40,000 vesting at a rate of 10,000 shares per six months.

     e.   On August 1, 2005,  Global Gold mining  entered into a share  purchase
          agreement to acquire the Armenian limited liability company Mego-Gold,
          LLC  that  is the  licensee  for the  Tukhmanuk  mining  property  and
          surrounding exploration sites as well as a plant and other assets, all
          as  described  below.  The  Tukhmanuk  property  is adjacent to Global
          Gold's Hankavan  property in central  Armenia,  between the Aragatsotn
          and  Kotayk  provinces.  In  addition  to  the  central  property  the
          acquisition  includes a 200,000 tonne per year capacity  plant and the
          Damlik, Mirak, Grebnevaya, Ozyornaya, Emin Yourt, Voskedzor, and Dalma
          exploration  sites.  The  property  is  held by the  Armenian  company
          Mego-Gold, LLC, for which Global Gold's subsidiary Global Gold Mining,
          LLC ("GGM") agreed to pay  $3,500,000.  GGM initially paid  $1,500,000
          for 51% of Mego-Gold and will pay the balance of the purchase price of
          $2,000,000  for  the  remaining  49% in  July  2007.  Such  amount  is
          reflected  in the balance  sheet net of imputed  interest of $220,058,
          compounded  semi-annually  with 7.5%  interest  per  annum.  Such note
          includes accrued interest of $53,942 at December 31, 2005.

                                      F-17

<PAGE>

     f.   On August 15, 2005,  Global Gold Mining  entered into a joint  venture
          agreement  with  Caucusus  Resources  Pty  Ltd.  ("CR")  to  form  the
          "Aigedzor  Mining  Company,  LLC  on an  80%  CR,  20%  GGM  basis  in
          anticipation  of jointly  acquiring  and  developing  (a)the  Armenian
          limited  liability  company Sipan 1, LLC which is the licensee for the
          Lichkvadz-Tei   and  Terterasar  mining  properties  as  well  as  the
          associated  plant and  assets in  southern  Armenia;  and (b)  mineral
          exploration and related properties within a 20 kilometer radius of the
          southern Armenian town of Aigedzor

          Pursuant to the option initially held by Global Gold  Corporation,  on
          October 27, 2005, the Aigedzor  Mining  Company,  LLC ("AMC")  entered
          into a share  purchase  agreement (the " Sipan 1 SPA") with Mr. Albert
          Sakhkalian,  the sole shareholder of the Armenian company Sipan 1, LLC
          ("Sipan  1") to acquire  100% of the shares of Sipan 1. Sipan 1 is the
          licensee for the  Lichkvadz-Tei  and Terterasar  mining  properties as
          well as the  owner of the  associated  plant and  assets  in  southern
          Armenia.  AMC is a joint venture formed as of August 15, 2005, between
          Global Gold  Mining,  LLC ("GGM") and Caucasus  Resources  Pty Ltd. an
          Australian ("CR"). GGM contributed  $260,000 in addition to all of its
          other  costs  related  to the Sipan 1  acquisition,  and CR intends to
          assume all other costs related to the  acquisition  and development of
          the properties until production commences,  whereupon the parties will
          finance further development in proportion to their interests.

          Key terms of the Sipan 1 SPA agreement  include a total purchase price
          of  $4,550,000,  which is payable  $3,500,000  at the  closing,  and a
          credit to the buyer for the  $50,000,  and the  balance of  $1,000,000
          payable  within three years from the closing.  AMC is also providing a
          company  guarantee  and a mutually  acceptable  bank  guarantee of its
          performance for the $1,000,000 payment due in three years.

     g.   As of October  28,  2005,  Global  Gold  Mining  entered  into a joint
          venture  agreement  with  Caucasus  Resources  Pty Ltd. an  Australian
          company to form the "Marjan Mining Company,  LLC ("Marjan  Mining") to
          explore  and  develop  the  Marjan  Gold  Project in the south east of
          Armenia,  close to the  Armenia-Nakhichevan  border. This property was
          previously  explored  during  the Soviet  era,  and GGM  acquired  the
          Armenian  company that held the license to the  property,  SHA, LLC in
          December 2003. SHA is  transferring  all of its interest in the Marjan
          property to Marjan Mining. CR initially will own 40% of Marjan Mining,
          and will be responsible  for all expenses  associated  with developing
          and bringing the property into production.

          Upon spending  $500,000,  pursuant to a mutually  agreed budget,  CR's
          interest  in  Marjan  Mining  will  increase  to  51%,  and  upon  the
          commencement  of  production,  has the  right  to earn in up to 80% of
          Marjan Mining, and GGM will retain the 20% interest.


10. SUBSEQUENT EVENTS

     a.   As of January 13, 2006, Minera Global entered into a purchase, option,
          and royalty  agreement with Mr. Adrian Soto Torino, a citizen of Chile
          ("AST") to transfer the mining  concessions  Candelaria 1, 2, and 3 in
          Comuna  de Diego de  Almagro,  Region  III of Chile to AST to mine the
          gold property and pay Minera Global a net smelter royalty of 10% until
          such time as Minera Global has been paid $75,000 and  thereafter a net
          smelter  royalty of 2% for the life of the mine. All  liabilities  and
          fees associated with the property are the  responsibility  of AST, and
          Minera Global  retains the option to reacquire  the mining  concession
          upon  60  days  notice  and  payment  of   1,000,000   Chilean   pesos
          (approximately $1,883 USD).

     b.   On January 30,  2006,  the Company  entered into a five year lease for
          their administrative  facilities. The lease commences on March 1, 2006
          and runs though February 28, 2011. The Company is obligated for annual
          payments of $44,200 in year one,  $45,240 in year two, $46,800 in year
          three, $48,360 in year four, $49,920 in year five.

     c.   On January 31, 2006, Global Gold Mining closed the transaction  agreed
          to by the share purchase  agreement  dated as of January 23, 2006 with
          Athelea Investments,  CJSC ("AI") and Messrs.  Simon Cleghorn,  Sergio
          DiGiovani,  Armen  Ghazarian,  and Frank  Pastorino (the "Sellers") to
          transfer 80% of the shares of AI to GGM in exchange for 100,000 shares
          of GGC common stock.  All assets  (including  the "Athelea"  name) not
          related to the  approximately 27 square  kilometer Getik  gold/uranium
          exploration  license  area in the  northeast  Geghargunik  province of
          Armenia  will be  transferred  back to the  Sellers  and AI  shall  be
          renamed the "Getik Mining Company."

     d.   On February 10, 2006, the Company issued 24,000 shares of common stock
          with a stated value of $36,000 to Dr.  Urquhart for services  provided
          in 2005.  Such  amount is  included  in  accounts  payable and accrued
          expenses at December 31, 2005.

     e.   On  February  22,  2006,  the  Company  issued  50,000  shares to each
          Director,  for a total of 250,000 shares,  for services to be rendered
          in 2006.

                                      F-18

<PAGE>

     f.   On March 10,  2006,  the  Company  entered  into a  Private  Placement
          Management  Agreement  with Aton  Securities  Inc. to raise on a "best
          efforts"  basis between $5 million and $10 million by issuing units of
          common stock and warrants at $1.25 per unit.































































                                      F-19

<PAGE>

                             Global Gold Corporation
                                   Form 10-KSB
                                 December 31, 2005

                                  Exhibit Index


10.11     March 23, 2005 Contract to mine Santa Candelaria (1)

10.15     July 29, 2005 Stock Subscription and Stockholders Agreement (2)

10.20     July 29, 2005 Registration Rights Agreement (2)

10.25     July 29, 2005 Common Stock Purchase Warrants - (a) Firebird Global
          Master Fund, Ltd.; (2)

10.30     July 29, 2005 Common Stock Purchase Warrants - (b) Firebird Republics
          Fund, Ltd.; (2)

10.35     July 29, 2005 Common Stock Purchase Warrants - (c) Firebird Avrora
          Fund, Ltd. (2)

10.40     August 1, 2005 Employment Contracts for Simon Cleghorn and Frank
          Pastorino  (3)

10.45     August 1, 2005 Employment Contracts for Lester Caesar and Jan Dulman
          (3)

10.50     August 1, 2005 Contract to acquire Mego Gold LLC (5)

10.55     August 15, 2005 Joint Venture to form Aigedzor Mining LLC (4)

10.60     October 28, 2005 Joint Venture Agreement to acquire Marjan Mining LLC
          (6)

10.65     January 13, 2006 Sale of Santa Candelaria (7)

10.70     January 31, 2006 Purchase Agreement for Athelea Investments (8)

10.75     February 10, 2006 Common Stock Issuance Dr. Urquhart (9)

10.80     February 22, 2006 Issuance of Shares to Board of Directors (10)

31.10     Certification of Chief Executive Officer pursuant to
          Section 302 of the Sarbanes-Oxley Act of 2002

31.20     Certification of Chief Financial Officer pursuant to
          Section 302 of the Sarbanes-Oxley Act of 2002


32.10     Certification of Chief Executive Officer pursuant to
          Section 906 of the Sarbanes-Oxley Act of 2002

32.20     Certification of Chief Financial Officer pursuant to
          Section 906 of the Sarbanes-Oxley Act of 2002


(10)     Filed as an exhibit to Form 8K on July 15, 2005 and incorporated herein
         by reference.
(11)     Filed as an exhibit to Form SC 13/D on August 15, 2005 and incorporated
         herein by reference.
(12)     Filed as an exhibit to Form 10 QBS on November 11, 2005 and
         incorporated herein by reference.
(13)     Filed as an exhibit to Form 8K on August 3, 2005 and incorporated
         herein by reference.
(14)     Filed as an exhibit to Form 8K on December 16, 2005 and incorporated
         herein by reference.
(15)     Filed as an exhibit to Form 8K on August 15, 2005 and incorporated
         herein by reference.
(16)     Filed as an exhibit to Form 8K on October 28, 2005 and incorporated
         herein by reference.
(17)     Filed as an exhibit to Form 8K on February 1, 2006 and incorporated
         herein by reference.
(18)     Filed as an exhibit to Form 4, on March 21, 2006 and incorporated
         herein by reference.
(10)     Filed as an exhibit to Form 4, on March 21, 2006 and incorporated
         herein by reference.