Aldridge Mineral Madencilik A.Ş. (“Aldridge”) was established in 2005 as the Turkish subsidiary of the Canada-based Aldridge Minerals Inc. under the name Aldridge Mineral Madencilik Ltd. Şti. In 2022, following a change in its legal structure, the company’s title was changed to Aldridge Mineral Madencilik A.Ş.
Aldridge Minerals Inc., the founder of Aldridge, was acquired in 2018 by Virtus Mining Ltd. (“Virtus”), a company registered in the Netherlands. After the share transfer process was completed, the shares of Aldridge, its Turkish subsidiary, were transferred to Virtus in 2019. In 2024, CVK Madencilik purchased 70% of Virtus’s shares. Through this acquisition, the management and control of Virtus—and consequently Aldridge—were transferred to CVK Madencilik.
Originally headquartered in Ankara, Aldridge is known in the mining sector for the Yenipazar Project, located within the town of Yenipazar in Boğazlıyan district of Yozgat province. To date, exploration and drilling activities within Aldridge have been primarily focused on the Yenipazar Project. Following the agreement for CVK Madencilik’s acquisition of the majority shares of Virtus, Aldridge’s headquarters were relocated to Istanbul, and discussions have been initiated with domestic and international financial institutions to finance the establishment of a production facility for the Yenipazar Project.
Following the share transfer process of Virtus, an additional protocol was signed between the parties to ensure the prompt commencement of site installation and investment activities in the Yenipazar Project, contingent upon CVK Madencilik’s support for land payments due in 2025. Subsequently, a significant portion of these land payments related to the Yenipazar Project has been completed.
The Yenipazar Project, a polymetallic project, includes one licensed site classified as Group IV. According to the “Resource Report with UMREK-2023 Code” dated 24.04.2024, prepared by the National Mineral Resources and Reserves Reporting Commission (UMREK), the project area contains 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. The total gold equivalent of these mineral resources is approximately 3,465,066 ounces. The mineral resources stated in the Resource Estimation Report were identified from exploration activities conducted on roughly 10% of the licensed area, which covers 9,239.15 hectares. An Environmental Impact Assessment (EIA) report has been obtained for a 966.29-hectare portion of the licensed reserve area.
