Koza Gold found new reserves worth $1.2 billion

Koza Altın AŞ, managed by the Savings Deposit Insurance Fund (TMSF), has reached new gold reserves worth 1.2 billion dollars as a result of its gold exploration activities. According to the statement made by Koza Altın AŞ, Koza Altın AŞ, which is traded on Borsa İstanbul, shared the article regarding the new gold reserves it reached as a result of its gold exploration activities on the Public Disclosure Platform (KAP). In the 2022 National Mineral Resource and Reserve Reporting Commission (UMREK) report in the KAP statement made by Koza Altın on March 31, 2023, it was announced to the public that although 206 thousand ounces of gold were produced during the year, the current reserve increased by 154 thousand ounces. In addition, as a result of the ongoing work at the Kayseri Kaşköy project, 614 thousand ounces of gold potential was expressed as a new discovery resource in the UMREK report dated March 31, 2023. It is estimated that this resource will increase with the ongoing work and its market value will reach approximately 1.2 billion dollars. The discovery is expected to start production in 2024 and contribute to the balance sheet. After the gold reserve is extracted from underground, it will be processed at the Himmetdede facility in Kayseri. In addition to these developments, Koza Gold Operations continues its drilling and research activities in nearly 200 licensed and purchased mining areas in order to add new ones to its existing reserves.