Lidya Madencilik Sanayi ve Ticaret A.S.


30% NPI; 2.0% NSR

Acquisition Date

2016 / Jan / 19

The Hod Maden project is located in northeastern Turkey within the Eastern Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod Maden is multi-stage and includes massive sulphide mineralization and breccia hosted mineralization. The project has a Mineral Reserve from May 2018 of 9.1 million tonnes at an average grade of 8.9 g/t gold and 1.4% copper for 2.6 million ounces of gold and 129,000 tonnes of copper in the Proven and Probable (2.6 g/t AuEq cut-off).

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 dominantly in dacitic volcanic rocks and breccias. Pyrite is the dominant sulphide phase with relatively minor chalcopyrite.

A Pre-Feasibility Study was released in 2018 and considered an underground mine with a processing rate of 900,000 tonnes per annum. The base case has a mine life of 11 years with average annual production of 266,000 ounces of AuEq per year at an average head grade of 11.9 g/t AuEq. The average recovery is expected to be 77% for gold and 94% for copper.

Upfront capital expenditure is estimated at $272 million and once the mine is up and running the all-in sustaining costs are estimated to be $374 per ounce on a co-product basis. The post-tax NPV, using a 5% discount rate, is $1.1 billion with an internal rate of return of 50%.

With the release of the PFS, Hod Maden moves into the next stage of development. Lidya Madencilik has commenced the permitting process and is concurrently working on a gap analysis and trade-off studies.

A conference call was held on June 27, 2018 to further discuss the Hod Maden PFS results.
Play the Webcast


PFS Report (16MB)   PFS Presentation (2MB)


Recent Activities

July 2018
Recent exploration and infill drill results have been reported by Lidya Madencilik San. ve Tic. A.S. (“Lidya”), Sandstorm’s 70% partner at Hod Maden. As of mid-July 2018, a total of 7,069 metres in 19 drill holes had been completed in 2018 at the project. Highlights include:

  • HTD-182: 72.5 metres of 20.4 g/t gold and 4.9% copper from 66.5 metres, including 9.0 metres of 69.9 g/t gold and 7.0% copper from 109.0 metres; and
  • HTD-185: 18.5 metres of 17.6 g/t gold from 486.5 metres, including 3.2 metres of 59.7 g/t gold from 487.8 metres.

June 2018
Pre-Feasibility Study Results were published with a mine life of 11 years with average annual production of approximately 266,000 gold equivalent ounces (average head grade of 11.9 g/t AuEq).

Round Table Discussion


Frequently Asked Questions


Hod Maden Royalty Map
Hod Maden Royalty Map