Hod Maden

SSR Mining Inc.




2016 / 01 / 19


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

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 project has a Proven + Probable Mineral Reserve of 8.7 million tonnes at an average grade of 8.8 g/t gold and 1.5% copper for 2.45 million ounces of gold and 287 million pounds of copper based on a breakeven NSR cut-off value of $82/tonne with incremental NSR cut-off values of $63/tonne for stopes and $40/tonne for development (July 2020). 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.

Upfront capital expenditure is estimated at $309 million and once the mine is up and running 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%.

Recent Activity

    November 2023

    Recent infill drilling by SSR Mining has returned positive results, including a highlight intercept of 90.0 m at 16.5 g/t Au and 1.56% Cu. Highlights from drilling include:
    HTD-238: 26.0 m at 18.5 g/t Au and 3.24% Cu from 256.0 m, including:
    16.0 m at 27.0 g/t Au and 3.74% Cu from 259.0 m; and
    HTD-239: 90.0 m at 16.5 g/t Au and 1.56% Cu from 162.0 m, including:
    18.0 m at 63.0 g/t Au and 2.02% Cu from 162.0 m.
    Drilling intercepts reflect core length intersections; all results are uncut and reported at 1.0 g/t Au cut-off.

    August 2022

    All major permits required to begin project construction are now received, with the latest being the final permit from the Ministry of Forestry. Early works projects at site have commenced.

    November 2021

    The Hod Maden project achieved two major milestones—publication of a Feasibility Study and granting of Environmental Impact Assessment (EIA). The Feasibility Study reaffirms strong project economics for Hod Maden, demonstrating a $1.3 billion pre-tax net present value (5% discount rate) and an internal rate of return of 41%. The EIA approval from the Ministry of Environment and Urbanization of Türkiye ensures that the project can move into the next stage of development.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

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Annual Report

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Sustainability Report

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