Name of the Project
Hod Maden gold/copper project.

Location
North-eastern Türkey’s Artvin mineral district, within the Eastern Pontides metallogenic belt. 

Project Owner/s
SSR Mining announced on May 18, 2026, that it had entered into a definitive agreement to sell its 20% ownership interest and operatorship position in Hod Maden to Lidya Mines. The consideration is an uncapped 4% net smelter return royalty over 100% of the project. 

Under the same transaction structure, Royal Gold will sell a 15% ownership interest in Hod Maden to Lidya Mines in exchange for an uncapped 2.5% net smelter return royalty over 100% of the project. On completion, Lidya Mines will own 85% of Hod Maden and Royal Gold will own 15%, while SSR Mining will retain the 4% royalty interest. 

Project Description
The 2021 feasibility study envisaged an underground mine divided into two mining zones. The upper mine area would use a modified drift-and-fill mining method, while the lower mine area would use longhole stoping. The upper mine would be accessed through two shallow shafts north and south of the mineralisation. 

The project was expected to produce 2.02-million ounces of gold and 255-million pounds of copper over a 13-year mine life. Average yearly production was estimated at 156 000 oz of gold and 19.6-million pounds of copper, based on an 800 000 t/y mill design capacity. Average recoveries were estimated at 85% for gold and 93% for copper. 

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The 2021 feasibility study estimated a pretax net present value, at a 5% discount rate, of $1.3-billion and an internal rate of return of 41%. The after-tax payback period was estimated at two years from the start of production. 

Capital Expenditure
Upfront capital expenditure was previously estimated at $309-million. 

Planned Start/End Date
Not stated. 

Latest Developments
SSR Mining has invested about $243-million in Hod Maden, including the upfront acquisition cost, earn-in payments and capital expenditure to date. The company has said the sale of its 20% ownership interest and operatorship position in Hod Maden, together with its previously announced sale of the Çöpler mine in Türkiye, and acquisition of the Cripple Creek & Victor mine, in the US, completes its strategic refocus on an Americas platform. 

Key Contracts, Suppliers and Consultants
GR Engineering Services, AMC Consultants and Hacettepe Mineral Teknolojileri were involved in the feasibility study. No new project contracts, suppliers or consultants were disclosed in SSR Mining’s May 2026 transaction announcement. 

Contact Details for Project Information
Lidya Mines, tel +90 212 306 52 46 or email info@lidyamadencilik.com.