Acquisition:
2016 / 01 / 19
Agreement:
Stream, Royalty
Stream Terms:
20% Au @ 50% of spot until 405 kozs are delivered; then
12% Au @ 60% of spot
Royalty Terms:
2.0% NSR
Development Highlights
The Hod Maden project is located in northeastern Türkiye within the Eastern Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod Maden occurs as semi-massive to massive sulphides and multi-phase quartz-sulfide breccia-hosted mineralization.
The Southern Zone was discovered in 2016 and is located approximately 300 metres south of the Main Zone. The Southern Zone gold-copper mineralization is hosted in dacitic volcanic rocks and breccias. Pyrite is the dominant sulphide phase with relatively minor chalcopyrite.
A Feasibility Study was released in 2021 which considered an underground mine with a processing rate of 800,000 tonnes per annum. The base case has a mine life of 13 years with average annual production of 195,000 ounces of AuEq per year at an average head grade of 11.1 g/t AuEq. The average recovery is expected to be 85% for gold and 93% for copper.
Based on the 2021 Feasibility Study, the all-in sustaining costs are estimated to be $334 per ounce gold on a by-product basis and $595 per ounce gold on a co-product basis. The pre-tax NPV, using a 5% discount rate, is $1.3 billion with an internal rate of return of 41%.
Site preparation activities and engineering studies at the Hod Maden project continued in the second half of 2024 with SSR Mining investing approximately $42 million in 2024.
Royalty Ounces
Attributable to Sandstorm
| P&P | M&I1 | Inferred | |
|---|---|---|---|
| Hod Maden GEOs | 463 koz | 39 koz | 28 koz |
1. Measured and Indicated Mineral Resources are Exclusive of Mineral Reserves.
For notes to Royalty Ounces see page 109 to page 112 of our Asset Handbook.
Reserves and Resources
On a 100% Basis
| Tonnage | Grade | Contained | ||
|---|---|---|---|---|
| Proven & Probable | ||||
| Gold |  | 8.7 Mt | 8.80 g/t | 2,452 koz |
| Copper |  | 8.7 Mt | 1.50% | 287 mlbs |
| Measured & Indicated1 | ||||
| Gold | | 8.1 Mt | 10.60 g/t | 2,768 koz |
| Copper | | 8.1 Mt | 1.80% | 330 mlbs |
| Inferred | ||||
| Gold | | 1.3 Mt | 5.40 g/t | 232 koz |
| Copper | | 1.3 Mt | 0.70% | 21 mlbs |
1. Measured and Indicated Mineral Resources are Inclusive of Mineral Reserves.
For notes to Mineral Reserves and Mineral Resources see page 118 of our Asset Handbook.
