Exporation
District and Turkey - August 2019

Exploration Overview

The Corporation holds a significant portfolio of highly prospective exploration land holdings across Turkey (totaling approximately 107,000 hectares), some of which are progressively advancing to prospective projects. The Corporation continues to explore and expand its development pipeline, looking for both near-mine projects that can leverage the existing Çöpler infrastructure and new standalone projects.

Engineering studies have identified low-cost options for a large (~20 million tonnes) expansion to the Çöpler heap leach pad that will be executed in two phases. Engineering for phase one will be completed in Q3 2019 for the first ~6 million tonnes of capacity. The existing EIA allows for phase one to be constructed and site works are targeted to be completed in 2020. This ensures that there is no short to medium-term restriction to oxide plant production. Detailed engineering and permitting for the second phase is progressing in parallel.

Following the successful commencement of mining at Çakmaktepe, the Ardich gold prospect represents the next phase of the Corporation’s execution of the Çöpler near-mine development strategy and, together with Çakmaktepe, advances the objective of becoming a sustainable multi-mine producer. The results of Alacer’s exploration program and the current portfolio, especially near-mine Çöpler, has significantly increased the confidence that these deposits and prospects will add to the Corporation’s portfolio of operating assets both in the near and medium term.

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