The following discussion and analysis of the results of operations and financial position of Levon Resources Ltd.
(the “Company” or “Levon”) should be read in conjunction with the Company’s unaudited interim financial
statements for the three months ended June 30, 2010 and the audited financial statements for the year ended
March 31, 2010 and the notes thereto.
This Management Discussion and Analysis (“MD&A”) is dated August 20, 2010 and discloses specified
information up to that date. Levon is classified as a “venture issuer” for the purposes of National Instrument 51-
102. The Company’s financial statements are prepared in accordance with generally accepted accounting
principles in Canada. Unless otherwise cited, references to dollar amounts are Canadian dollars.
Throughout this report we refer to “Levon”, the “Company”, “we”, “us”, “our” or “its”. All these terms are used
in respect of Levon Resources Ltd. We recommend that readers consult the “Cautionary Statement” on
the last page of this report. Additional information relating to the Company is available on SEDAR at
Levon is an exploration stage public company listed on the TSX Venture Exchange under the symbol LVN and
on the Frankfurt Stock Exchange under the symbol L09. The Company is a reporting issuer in British Columbia,
Alberta and Ontario and its international ISIN number is CA 5279011020. The Company’s principal business
activities are the exploration and development of natural resource properties.
At this time, the Company has no operating revenues, and does not anticipate any operating revenues until the
Company is able to find, acquire, place in production and operate a mine. Historically, the Company has raised
funds through equity financing and the exercise of options and warrants to fund its operations.
As at June 30, 2010, the Company had working capital of $658,146 as compared to working capital of
$1,864,226 at March 31, 2010. Th