WE WILL POST OUR FIRST GOLD INGOT AT THE END OF 2022

Before the mine site visit, Gübretaş Maden Yatırımları General Manager Mr. Halit Semih DEMİRCAN made a detailed presentation to the press members regarding the 1^st, 2^nd and 3^rd phase works in Akbaştepe and Korudanlık regions. DEMİRCAN stated, “We aim to complete the first phase of the investment in 2022” and he cited that the production will reach full capacity in 2024.

“WE AIM TO REALIZE THE PRODUCTION OF GOLD BY THE END OF 2022”

POYRAZ and DEMIRCAN and the business managers with them made examinations at the mine site. Gübretaş Maden Yatırımları A.Ş. General Manager Halit Semih DEMIRCAN, made a statement to the press members in the field and said, “We aim to produce gold by the end of 2022.” The rest of the statement is as follows:

“Our current location is the region where the Akbaştepe and Korudanlık mine fields are located in our Söğüt Gold Mine project, this area is the region where the mineral processing plant and mine operation area will be located. After completing our EIA positive process and other permit processes for our project in a short time, we aim to start the construction activities of the facility and realize gold production until the end of 2022. Our teams are rapidly executing engineering and equipment procurement.”

“SÖĞÜT GOLD MINE WILL BE A SIGNIFICANT ELEVATOR FOR US IN THE COMING PERIOD”

Gübretaş Maden Yatırımları A.Ş Chairman of the Board of Directors, Mr. Fahrettin Poyraz said that the works will accelerate after the approval of the EIA report, and stated “We want to pour our first gold bar by the end of 2022, and bring it to the Turkish economy.”

Poyraz said: “We are currently in the gold mine license area of Gübretaş Maden Yatırımları. Here we are doing several works at the same time. As stated, project design studies were carried out and completed meanwhile. Hopefully, we will accelerate our work in the next few weeks after the approval of the EIA report. As you know, an urgent expropriation decision was made with the signature of our President last week, and the transfer of ownership of the lands here to the Treasury began. After completing these processes in a few weeks, our estimation is that we will quickly start our work here in the next month, both regarding mining and facility establishment. Our goal is to continue the establishment of the facility, while carrying out mineral processing works on the other. Some of the machinery and equipment orders have already been placed in the first phase of the establishment of this facility, which we have divided into three phases. I hope that all the machinery equipment of the first phase will arrive and construction activities will begin by the end of the year. After completing the installation of the first phase facility in 2022, we want to carry out mineral processing studies and produce our first gold by the end of 2022 and bring it to the Turkish economy.”