In the announcement made by CVK Maden İşletmeleri Sanayi ve Ticaret A.Ş. to the Public Disclosure Platform (KAP), it was stated that the total purchase amount was 159 thousand dollars.
According to the statement, it was emphasized that the company embraces the deep-rooted values of our Republic, attaches importance to the understanding of domestic and national production, and continues its investments on a global scale in order to contribute to the country's economy and employment. In line with the decision taken by the Company's Board of Directors at its meeting dated 17.05.2024 and numbered 2024/11, Aldridge Mineral Madencilik A.Ş. established in Turkey. (“Aldridge”) is owned entirely by the Netherlands-based Virtus Mining Ltd. It was stated that an agreement was reached with Metallurgium Investment Limited (“Metallurgium”) for the purchase of 70% of (“Virtus”) shares.
The statements used in the announcement made by CVK Maden were as follows:
“Our company continues its investments on a global scale, adopting the deep-rooted values of our Republic as a principle, observing the understanding of domestic and national production, and with the motivation of contributing to the country's economy and employment.
In accordance with the decision taken at the meeting of our Company's Board of Directors dated 17.05.2024 and numbered 2024/11, Aldridge Mineral Madencilik A.Ş. established in Turkey. (“Aldridge”) is owned entirely by the Netherlands-based Virtus Mining Ltd. An agreement has been reached with Metallurgium Investment Limited (“Metallurgium”) for the purchase of 70% of (“Virtus”) shares.
All shares of Aldridge, which owns the 9,239 hectare mining area with license number 72474, located in Yenipazar, Yozgat province, which is Turkey's largest and one of the largest in the world in terms of polymetallic mineral deposits, belong to Virtus, and with this acquisition, Aldridge shares are controlled. and its management is transferred to our Company.
Yenipazar Mine Site, which is a polymetallic project, contains Gold, Silver, Copper, Lead and Zinc ores. According to the "Resource Report" prepared in 2024 by the officials of the National Mineral Resource and Reserve Reporting Commission ("UMREK") in the Yenipazar Mine Site; There are 1,211,084 ounces of Gold, 40,017,230 ounces of Silver, 123,156 tons of Copper, 401,833 tons of Lead and 585,694 tons of Zinc resources. The total Gold equivalent of the ores specified in this Resource Report is 3,465,066 ounces. (The mineral resources stated in the Resource Report are limited to approximately 10% of the license area and were obtained from exploration in this area.)
Within the scope of the purchase, apart from the purchase price of 159,000,000 USD, Aldridge granted Metallurgium a 3% NSR Share and 10,000 ounces each from the revenues to be obtained from its activities in 2031, 2032 and 2033, depending on the start of production activities of the Yenipazar Polymetallic Mine Project. 1000 ounces of Gold will be paid in exchange for 3,000 ounces of Gold in 2034 (33,000 ounces in total). Our company will also ensure that the loan of approximately 40,000,000 USD previously used by Virtus for its current investments in the Yenipazar Mine Site is paid by Virtus according to its maturity. (Relevant financial debt, NSR Share and ounce payments were taken into account in the company valuation for Virtus.)
"Following the completion of the necessary financing efforts, our company aims to start investment activities in the Yenipazar Mine Site in a rapid and planned manner."
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