Acquisition Process of Orta Truva Mining, Owner of the Global-Scale TV Tower Project, Completed by CVK Mining
In line with the long-term investment plans and growth targets of CVK Maden İşletmeleri San. ve Tic. A.Ş., the acquisition process of Orta Truva Madencilik San. Tic. A.Ş., owner of the global-scale TV Tower Project in the mining sector, has been completed.
Pursuant to the decision taken by the CVK Mining Board of Directors on 10.06.2024, it was shared with the public via the Public Disclosure Platform (KAP) disclosure regarding Financial Fixed Asset Acquisition that an agreement was reached with shareholders Pilot Investment Inc. and Teck Madencilik San. Tic. A.Ş. to acquire 100% of the shares of Orta Truva Madencilik San. Tic. A.Ş., owner of the polymetallic mining sites known as the "TV Tower Project" located in Çanakkale province.
In accordance with the agreement, share transfer transactions were completed as of 04.10.2024, and the initial installment of 5,000,000 US Dollars out of the total 11,500,000 US Dollars to be paid to the shareholders under the agreement was paid to the shareholders in proportion to their shares. In return for the remaining deferred balance of 6,500,000 US Dollars, bank letters of guarantee maturing on the respective due dates were delivered to the shareholders in proportion to their shares.
The relevant share transfer transactions were registered by the Republic of Turkey Ankara Trade Registry Directorate on 08.10.2024 and published in the Turkish Trade Registry Gazette dated 08.10.2024 and numbered 11181, thereby completing the acquisition process of Orta Truva Madencilik San. Tic. A.Ş. by our company, CVK Maden İşletmeleri San. ve Tic. A.Ş.
Respectfully announced to the public and our investors.
About the "TV Tower Project"
Under the TV Tower Project owned by Orta Truva Madencilik San. Tic. A.Ş., there are 4 Group IV Operating Licensed areas. According to the "Resource Estimation Report Coded UMREK-2023" dated 15.05.2024 prepared by National Mineral Resource and Reserve Reporting Committee (UMREK) officials, the sites within the scope of the project contain:
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2.23 million ounces of Gold,
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36.3 million ounces of Silver,
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764.94 million pounds of Copper resources.
The total Gold equivalent of the mineral ores specified in this Resource Estimation Report is 4.58 million ounces, with the current value of the mineral resource estimated at approximately 12 billion US Dollars.
The mineral resources specified in this Resource Estimation Report were derived from exploration activities conducted in approximately 10% of the 8,625.88-hectare license areas included within the project.