Ereğli Iron and Steel Factories, 46.49 percent of which are publicly traded and majority shares of which are held by the Army Solidarity Corps (OYAK), announced that a gold reserve exceeding the market value of 1.7 billion dollars was discovered during the work carried out in the Kangal District of Sivas.
In the announcement made by the company to the Public Disclosure Platform (KAP), the following statements were made:
“In the special situation statements made by our company on 19.07.2024 and 11.06.2025, the developments regarding the reserve determination study were shared with the public.
In this regard, Erdemir Madençilik Sanayi ve Ticaret A.Ş., a subsidiary of Ereğli Demir ve Çelik Fabrikaları TAŞ. Within the scope of the exploration activities carried out by (Ermaden) in the Alacahan Village location of Kangal district of Sivas province, gold mineralization at the “Possible Resource” level, prepared in accordance with UMREK (National Mineral Resource and Reserve Reporting Commission) and JORC (Australasian Joint Ore Reserves Committee) standards, was detected.
The size of the license area is 5,804.08 hectares and work has been carried out in an area of 45 hectares so far. A total of 360 core drillings were carried out, and the total length of the drillings reached 56,649 meters. 96,533 analysis results were obtained from these drillings.
The Possible Mineral Resource Estimate obtained as a result of models complying with UMREK and JORC standards is as follows:
Category Tonnage (Mt) Grade (g/t Au) Metal Content (oz Au)
Possible Source 14.9 0.89 424,000
Calculations were made based on a threshold grade of 0.5 g/t gold, and approximately 424,000 ounces of gold content was determined in 14.9 million tons of ore with an average gold grade of 0.89 g/t. The average density value was taken as 2.53 g/cm³, and quality assurance and control (QA/QC) processes were carried out according to international standards. All analyzes were carried out at Bureau Veritas Ankara Laboratory.
While drilling activities continue throughout the field, exploration activities continue in potential areas that have not yet been drilled. The current modeling for the specified mineralized region has been prepared in areas where drilling data are concentrated, and additional drilling activities are planned in order to bring the section in question to a higher level of reliability as a basis for reserve calculation. In addition, core drilling activities for exploration and identification of other mineralized areas in the region are continuing.
These studies aim to determine higher resource potential according to UMREK 2023 and JORC 2012 codes and to include them in mineral resource estimation studies in the future.
This study was prepared and approved by Competent Persons Ruth Woodcock (UMREK N 252, EurGeol N 1715) and Joe Poh (EurGeol N 1728), within the framework of UMREK 2023 and JORC 2012 codes, in line with the principles of accuracy and reliability.
The term “Possible Resource” mentioned in this statement does not constitute an economically exploitable reserve. As a result of the drillings and ongoing resource increase studies, it is planned to develop resource classification and start feasibility studies for reserve calculations in the future.
It is announced to the public with respect.”
