INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2025

Table of contents	Pages
Condensed statement of financial position 1-2

Condensed statement of profit or loss and other comprehensive income 3
Condensed statement of changes in equity 4
Condensed cash flow statement 5
Explanatory notes to the condensed financial statements 6-48

Condensed statement of financial position as of March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

	Notes	Not Reviewed March 31, 2025	Audited December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3	1.732.559	118.169
Financial investments	4	12.211.222	12.123.262
Trade receivables
- Due from third parties		2.133	3.449
Other receivables
- Due from third parties		259.296	5.253
Inventories	5	1.597.359	3.045.010
Prepaid expenses	6	127.685	151.561
Assets related to current period tax		19.936	280.787
Other current assets	7	1.495	1.204
Subtotal		15.951.685	15.728.695
Assets held for sale		1.005.974	-

TOTAL CURRENT ASSETS		16.957.659	15.728.695
NON-CURRENT ASSETS
Financial investments	4	2.976.316	3.038.268
Other receivables
- Due from related parties	19	50.564	48.177
- Due from third parties		3.202	4.496
Right-of-use assets		6.432	8.637
Investment properties	8	521.611	1.530.258
Property, plant and equipment	9	12.071.780	11.269.098
Intangible assets
- Other intangible assets	10	36.907	42.368
Prepaid expenses	6	1.369.781	1.686.814
Deferred tax assets	17	1.391.133	1.324.486
Other non-current assets	7	1.083.535	991.660
TOTAL NON-CURRENT ASSETS		19.511.261	19.944.262
TOTAL ASSETS		36.468.920	35.672.957

Condensed statement of financial position as of March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

	Notes	Not Reviewed March 31, 2025	Audited December 31, 2024
LIABILITIES
CURRENT LIABILITIES
Short-term lease liabilities
- Lease liabilities		3.227	5.405
Trade payables
- Due to third parties		271.036	219.119
Payables related to employee benefits Other payables		150.224	168.930
- Due to related parties	19	5.124	116.331
- Due to third parties		70.885	51.157
Deferred revenues (Excluding liabilities arising
from customer agreements)		208	229
Current income tax liabilities		15.293	-
Short-term provisions
- Provisions for employee benefits	11	43.877	48.292
- Other short-term provisions	11	1.520.333	1.272.964
Other current liabilities		20.942	50.464
TOTAL CURRENT LIABILITIES		2.101.149	1.932.891

NON-CURRENT LIABILITIES
Long-term lease liabilities
- Lease liabilities		1.339	1.473
Other payables
- Due to third parties		207.379	212.882
Long-term provisions
- Provisions for employee benefits	11	236.919	227.540
- Other long-term provisions	11	904.098	750.654
TOTAL NON-CURRENT LIABILITIES		1.349.735	1.192.549
EQUITY		33.018.036	32.547.517
Paid-in share capital	12	3.202.500	3.202.500
Adjustment to share capital	12	7.021.268	7.021.268
Withdrawn shares (-)	12	(3.056.333)	(3.056.333)
Other comprehensive income / expense not to be reclassified to profit or loss
- Actuarial gain / (loss) fund for employee benefits		(354.823)	(319.196)
Restricted reserves	12	3.467.461	3.467.461
Reserves for withdrawn shares	12	3.056.333	3.056.333
Retained earnings		19.175.484	18.510.716
Net profit for the period		506.146	664.768
TOTAL LIABILITES AND EQUITY		36.468.920	35.672.957

Condensed statement of profit or loss and other comprehensive income

for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

	Notes	Not Reviewed January 1 – March 31, 2025	Not Reviewed January 1 – March 31, 2024
Revenue Cost of sales (-)	13 13	4.220.352 (3.017.145)	4.045.714 (2.729.124)
GROSS PROFIT		1.203.207	1.316.590
Research and development expenses (-) Marketing, sales and distribution expenses (-) General administrative expenses (-) Other operating income Other operating expenses (-)		(357.084) (31.339) (339.928) 32.212 (104.963)	(392.625) (3.923) (322.140) 55.164 (222.750)
OPERATING PROFIT		402.105	430.316
Income from investing activities Expenses from investment activities	14 15	567.378 (96)	1.646.422 -
OPERATING PROFIT BEFORE FINANCIAL INCOME		969.387	2.076.738
Financial expenses (-) Monetary loss (-)	16	- (502.719)	(5.802) (1.575.792)
PROFIT BEFORE TAX FROM CONTINUED OPERATIONS		466.668	495.144
- Current tax expense (-) - Deferred tax income / (expense) (-)	17 17	(15.293) 54.771	(315.174) (432.457)
NET PROFIT FOR THE PERIOD		506.146	(252.487)
Other comprehensive expense		(35.627)	(57.139)
Total other comprehensive income not to be classified to profit or loss in subsequent years
Gains / (losses) on remeasurements of defined benefit plans	11	(47.503)	(76.184)
Gains / (losses) on remeasurements of defined benefit plans, tax effect	17	11.876	19.045
TOTAL COMPREHENSIVE INCOME		470.519	(309.626)
Earnings per 100 share - common stock (TL)	18	0,0160	(0,008)
Earnings per 100 shares from total comprehensive income - common stock (TL)	18	0,015	(0,010)

Condensed statement of changes in equity for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

				Other comprehensive income/expense not to be reclassified to profit or loss		Retained earnings
	Paid in capital	Adjustment to capital	Treasury Shares(*)	Actuarial (loss) / gain fund for employment termination benefit	Restricted reserves	Retained earnings	Net profit / (loss) for the period	Total equity
Balance as of January 1, 2024	3.202.500	7.021.268	(2.298.400)	(193.895)	5.765.862	18.623.341	645.307	32.765.983
Net loss for the period Other comprehensive loss	- -	- -	- -	- (57.139)	- -	- -	(252.487) -	(252.487) (57.139)
Total comprehensive loss	-	-	-	(57.139)	-	-	(252.487)	(309.626)
Increase (Decrease) through Treasury Share Transactions Transfers	- -	- -	(509.361) -	- -	509.361 -	(509.361) 645.307	- (645.307)	(509.361) -
Balance as of March 31, 2024	3.202.500	7.021.268	(2.807.761)	(251.034)	6.275.223	18.759.287	(252.487)	31.946.996
Balance as of January 1, 2025	3.202.500	7.021.268	(3.056.333)	(319.196)	6.523.794	18.510.716	664.768	32.547.517
Net profit for the period Other comprehensive loss	- -	- -	- -	- (35.627)	- -	- -	506.146 -	506.146 (35.627)
Total comprehensive income/ (loss)	-	-	-	(35.627)	-	-	506.146	470.519
Transfers	-	-	-	-	-	664.768	(664.768)	-
Balance as of March 31, 2025	3.202.500	7.021.268	(3.056.333)	(354.823)	6.523.794	19.175.484	506.146	33.018.036

(*) It is related to the repurchased shares of the Company within the scope of share purchase and sale transactions initiated by the decision of the Company's Board of Directors. As of March 31, 2025, a total 75,000,000 shares were bought for Thousand TL 3,056,333.

Condensed statement of cash flows for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

	Notes	Not Reviewed January 1 – March 31, 2025	Not Reviewed January 1 – March 31, 2024
A. Cash flows from operating activities		4.185.613	5.230.877
Profit for the period from the continuing operations		506.146	(252.487)
Adjustments to reconcile profit for the period
Adjustments to depreciation and amortization Adjustments for fair value (gains) of financial assets Adjustments for provisions	14	175.423 (343.555)	492.768 (1.349.828)
- Adjustments for sectoral provisions - Adjustments for debt provisions - Adjustments for provisions for employee benefits	11 11	615.063 9.145 4.823	613.906 (14.998) 22.034
Adjustments for tax expense Adjustments for interest expenses Adjustments for interest income	17	(39.478) 14.246 (188.818)	747.631 60.883 (293.187)
Adjustments for gains arising from disposal of tangible assets Adjustments related to the impairment of receivables Adjustments for monetary loss	9	(32.415) - 1.084.424	(3.407) 244 1.688.861
Total adjustments		1.298.858	1.964.907
Increase/ (decrease) in trade receivables Decrease / (increase) in other receivables Increase in other payables		7.493 (252.749) (97.003)	7.535 137.122 431.899
Increase in inventories Decrease/ (increase) in prepaid expenses Decrease in trade payables (Decrease) /increase in other receivables from related parties related to activities	5	1.447.651 1.164.745 51.917 (2.387)	255.582 2.963.625 32.956 (70.880)
(Decrease) / increase in payables related to employee benefits (Increase) / decrease in other assets related to activities Increase in other liabilities related to activities		(18.706) (92.165) (29.520)	9.877 (77.570) (15.697)
Payments of employee retirement benefits Payments related to other provisions Taxes paid	11 11	(36.175) (38.636) 276.144	(23.614) (94.977) (37.401)
Net cash from operating activities		2.380.609	3.518.457
B. Cash flows from investing activities		(2.387.312)	(3.399.118)
Cash outflows from purchase of tangible assets Cash outflows from purchase of intangible assets Cash advances and debts given (-)	9 10	(969.094) (1.261) (823.836)	(847.462) (62) (2.702.195)
Cash inflows related to sale of tangible assets Interest received Cash flows related to financial investments, net	9	35.005 162.725 (790.851)	13.221 291.108 (153.728)
C. Net cash from financing activities		(1.897)	(1.053.769)
Cash outflows related to withdrawn transactions (-) Cash outflows related to lease liabilities (-) Cash outflows due to borrowing		- (1.897) -	(509.361) (15.006) (529.402)
D. Monetary loss on cash and cash equivalents		(208.107)	(80.972)
Net increase in cash and cash equivalents (A+B+C+D)		1.588.297	697.018
E. Cash and cash equivalents at the beginning of the year	3	117.623	410.962
F. Cash and cash equivalents at the end of the year (A+B+C+D+E)	3	1.705.920	1.107.980

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

1. Company's organization and nature of the operations

Koza Altın İşletmeleri A.Ş. ("Koza Altın" or the "Company") was established on September 6, 1989 under the name of Eurogold Madencilik A.Ş. for the operation of the gold mine in Ovacık-Bergama, İzmir. Its name was changed to Normandy Madencilik A.Ş. ("Normandy Madencilik") with regard to the purchase of all shares of Eurogold Madencilik A.Ş. by Normandy Mining Ltd. The name of the Company was registered as Koza Altın İşletmeleri A.Ş. on August 29, 2005 after ATP İnşaat ve Ticaret A.Ş. (current company name TR Anadolu İnşaat ve Ticaret A.Ş.*), a subsidiary of Koza İpek Holding A.Ş. (current company name Türk Altın Holding A.Ş.*) acquired all shares of Normandy Madencilik from Autin Investment on March 3, 2005. (*Türk Altın Holding A.Ş. and TR Anadolu İnşaat ve Ticaret A.Ş. title changes were registered February 25, 2025 and February 24, 2025 respectively.)

As of March 31, 2025, including the stocks traded in Borsa Istanbul ("BIST"), 48.01% of the Company's shares owned by TR Anadolu İnşaat ve Ticaret A.Ş. and 21.99% owned by Türk Altın Holding A.Ş. (December 31, 2024: 45.01% owned by TR Anadolu İnşaat ve Ticaret A.Ş. and 24.99% by Türk Altın Holding A.Ş.) and as of March 31, 2025, shares corresponding to 30% of the Company's shares (December 31, 2024: 30%) are traded on BIST.

The Company management was transferred to the Board of Trustees, pursuant to the decision of Ankara 5th Criminal Court of Peace, dated October 26, 2015, and subsequently transferred to the Savings Deposit Insurance Fund ("SDIF") on September 22, 2016. As of this date, all the authories of the management have been transferred to the trustees appointed to the management of Koza Altın İşletmeleri A.Ş. and it has been decided to establish new management by these trustees. With the Decree Law No. 674 on Making Some Regulations under the State of Emergency ("Decree") published on September 1, 2016, it was decided to transfer all the powers previously given to the trustees assigned to companies by the courts to the Savings Deposit Insurance Fund ("SDIF").

In accordance with the "reservation of the rights of bona fide shareholders and third parties" stipulated in the decision of the 3rd Criminal Chamber of the Supreme Court of Appeals dated April 14, 2023, numbered 2022/18087 Principles, Decision no. 2023/2215, the Company and other Koza İpek Group companies are in a way that protects the rights of bona fide shareholders and third parties, the parent company-subsidiary structure in group companies continues as it is, and the rights of investors in companies traded on BIST are protected, and the registration and announcement of the shares of real persons other than these on behalf of the Treasury are carried out by the Trade Registry Office. It was held in July 2023.

By preserving the parent partnership-subsidiary structures, the transfer of the company's shares belonging to the Treasury to the Türkiye Wealth Fund was published in the Official Gazette dated August 20, 2024 and numbered 32638, by Presidential decision numbered 8857. Taking into account the strategic importance of the sectors in which the Company and all group companies operate for the country's economy, the partnership structure and group company integrity will be ensured, without disrupting the parent company-subsidiary relations, and by protecting the rights of bona fide beneficiaries and stock market investors, it is decided to transfer of the company's shares belonging to the Treasury to the Türkiye Wealth Fund. With the decision of the Savings Deposit Insurance Fund (TMSF) Fund Board dated September 12, 2024 and numbered 2024/406 and the decision of the Board of Directors dated September 12, 2024, the transfer of the shares of the companies belonging to the Treasury to the Türkiye Wealth Fund was recorded in the share ledger. The transfer of the Company's shares belonging to the treasury to the Türkiye Wealth Fund was registered on October 18, 2024 and was published in the Trade Registry Gazette dated October 22, 2024 and numbered 11191.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

1. Company's organization and nature of the operations (continued)

The main activities of the Company are operating seven mines in five regions which are Ovacık-Bergama-İzmir, Çukuralan-İzmir, Kaymaz-Eskişehir, Mastra-Gümüşhane and Himmetdede-Kayseri, searching for gold mines generally in different regions of Türkiye and improving the mine fields of on going projects.

The Company sells its dore bars of gold to a domestic bank on consignment to be sold to the Central Bank of the Republic of Türkiye which has pre-emptive rights, and silver to a domestic refinery again on consignment. Due to the fact that the sales are made on demand and the customer is corporate, the Company effectively manages the receivable risk, taking into account the past experiences.

The Company has established UK based Koza Ltd., which owns 100%, in order to establsihabroad mining ventures on March 31, 2014. The control of Koza Ltd, which the Company was consolidated until September 11, 2015, was lost as a result of the General Assembly held on September 11, 2015. The legal process initiated by the CMB regarding loss of control pursuant to decision dated February 4, 2016 continues as of the date of this financial statements. Under financial statements, the Company has presented Koza Ltd. under the "Financial Investments" account with a cost value amounting to 2,719,797 thousand TL (December 31, 2024: 2,719,797 thousand TL).

As of March 31, 2025, the number of employees is 2.052 people (December 31, 2024: 2.058).

The registered address of the Company is below:

Uğur Mumcu Mahallesi, Fatih Sultan Mehmet Bulvarı, İstanbul Yolu 10. Km, No: 310, 06370, Yenimahalle-Ankara, Türkiye.

2. Basis of presentation of financial statements

2.1 Basis of presentation

Financial reporting standards

The Company and its subsidiaries established in Türkiye, prepare its financial statements in accordance with the Turkish Commercial Code (TCC) numbered 6102, tax legislation and the Uniform Chart of Accounts published by the Ministry of Finance.

The accompanying financial statements are prepared in accordance with the requirements of Capital Markets Board ("CMB") Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets", which were published in the Resmi Gazete No:28676 on June 13, 2013. The accompanying financial statements are prepared based on the Turkish Financial Reporting Standards and Interpretations ("TAS/TFRS") that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA").

The financial statements and notes are presented in accordance with the "2024 TAS Taxonomy" announced by the POA with the principle decision dated July 3, 2024. The financial statements are based on legal records and expressed in TL, and have been prepared by subjecting to some corrections and classification changes in order to present the Company's status according to TAS and TFRS.

Foreign currency

Functional and reporting currency

Financial statements are presented in TL, which is the functional and presentation currency of the Company.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Foreign currency (continued)

Foreign currency transactions and balances

Foreign currency transactions have been converted over the exchange rates valid on the dates of the transaction. Monetary assets and liabilities based on foreign currency are converted using the exchange rates valid on the date of the statement of financial position. Exchange difference income or expense arising from foreign currency-based operational transactions (trade receivables and debts) is presented under the "other income / expenses from operating activities", while the exchange difference income or expense arising from the translation of other foreign currency based monetary assets and liabilities is presented under "finance income / expenses" in the statement of profit or loss.

Adjustment of Financial Statements in High Inflation Periods

In accordance with the decision of the CMB dated December 28, 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023. Based on the aforementioned CMB decision, the announcement made by the KGK on November 23, 2023 and the "Implementation Guide on Financial Reporting in Hyperinflationary Economies" published, the Company has prepared its financial statements for the period and ending on the same date as of March 31, 2025 by applying the TAS 29 "Financial Reporting in Hyperinflationary Economies" Standard. According to this standard, financial statements prepared based on the currency of an economy with high inflation should be prepared in the purchasing power of this currency at the balance sheet date and the financial statements of previous periods should be restated in terms of the current measurement unit at the end of the reporting period. For this reason, the Company has presented its financial statements as of December 31, 2024 on the basis of purchasing power as of March 31, 2025. Except for financial investments, assets and liabilities are prepared on the basis of historical cost.

The re-arrangements made in accordance with TAS 29 were made using the correction coefficient obtained from the Consumer Price Index ("CPI") in Türkiye published by the Turkish Statistical Institute ("TÜİK"). As of March 31, 2025, the indexes and correction coefficients for the current and comparative periods used in the correction of the financial statements are as follows:

Period end	Index	Index, %	Three-year cumulative inflation rates

March 31, 2025	2.954,69	1,00000	250%
December 31, 2024	2.684,55	1,10063	291%
March 31, 2024	2.139,47	1,38104	309%

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Adjustment of Financial Statements in High Inflation Periods (continued)

Assets and liabilities were separated into those that were monetary and non–monetary, with non–monetary items were further divided into those measured on either a current or historical basis to perform the required restatement of financial statements under TAS 29. Monetary items (other than index -linked monetary items) and non-monetary items carried at amounts current at the end of the reporting period were not restated because they are already expressed in terms of measuring unit as of March 31, 2025. Non-monetary items which are not expressed in terms of measuring unit as of March 31, 2025 were restated by applying the conversion factors. The restated amount of a non-monetary item was reduced, in accordance with appropriate TFRSs, in cases where it exceeds its recoverable amount or net realizable value. Components of shareholders' equity in the statement of financial position and all items in the statement of profit or loss and other comprehensive income have also been restated by applying the conversion factors.

Non-monetary items measured at historical cost that were acquired or assumed and components of shareholders' equity that were contributed or arose before the time when the Turkish lira previously ceased to be considered currency of hyperinflationary economy, i.e before January 1, 2005, were restated by applying the change in the CPI from January 1, 2005 to March 31, 2025.

The application of TAS 29 results in an adjustment for the loss of purchasing power of the Turkish lira presented in Net Monetary Position Gains (Losses) item in the profit or loss section of the statement of profit or loss and comprehensive income. In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. This gain or loss on the net monetary position is derived as the difference resulting from the restatement of non-monetary items, owners' equity and items in the statement of profit or loss and other comprehensive income and the adjustment of index linked assets and liabilities. In addition, in the reporting period in which IAS 29 was first applied, the provisions of the Standard were applied assuming that there was always high inflation in the relevant economy. Therefore, the statement of financial position as of January 1, 2022, the beginning of the earliest comparative period, has been adjusted for inflation in order to form the basis for subsequent reporting periods. The inflation-adjusted amount of the retained earnings/losses item in the financial position statement dated January 1, 2022 was obtained from the balance sheet balance that should have occurred after adjusting the other items of the said table for inflation.

Going concern

The Company has prepared its financial statements according to the going concern principle.

Declaration of conformity to TFRS

The Company has prepared its financial statements for the period ending on March 31, 2025, in accordance with the CMB's Communiqué Serial: II-14.1 and its announcements clarifying this communiqué. The financial statements and notes are presented in accordance with the formats recommended by CMB and including the required information.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.2 Accounting policies, changes in accounting estimates and errors

Accounting policy changes arising from the implementation of a new TAS / TFRS for the first time are applied retrospectively or prospectively in accordance with the transition provisions of the TAS / TFRS, if any. If there is no transition requirement, significant optional changes in accounting policies or detected accounting errors are applied retrospectively and the financial statements of the previous period are restated. Changes in accounting estimates are applied in the current period when the change is made if they are related to only one period, and if they are related to future periods, they are applied both in the period of change and prospectively.

2.3 The new standards, amendments and interpretations

The accounting policies adopted in preparation of the financial statements as of March 31, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2025 and thereafter. The effects of these standards and interpretations on the Company's financial position and performance have been disclosed in the related paragraphs.

i) The new standards, amendments and interpretations which are effective as of January 1, 2025 are as follows:

Amendments to IAS 21 - Lack of exchangeability

The amendments did not have a significant impact on the financial position or performance of the Company.

ii) Standards issued but not yet effective and not early adopted

Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the financial statements are as follows. The Company will make the necessary changes if not indicated otherwise, which will be affecting the financial statements and disclosures, when the new standards and interpretations become effective.

Amendments to TFRS 10 and TAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
TFRS 17 The new Standard for insurance contracts

Overall, the Company expects no significant impact on its balance sheet and equity.

iii) The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by Public Oversight Authority (POA)

The following amendments to IAS 21 and IFRS 18 are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Company will make the necessary changes to its financial statements after the amendments and new Standard are issued and become effective under TFRS.

Amendments to IFRS 9 and IFRS 7 Classification and measurement of financial instruments
Annual Improvements to IFRS Accounting Standards Volume 11
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
IFRS 18 The new Standard for Presentation and Disclosure in Financial Statements
IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS 19 is not valid for the Company and the effects of other Standards and amendments on the Company's financial position and performance are being evaluated.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2.4 Summary of significant accounting policies

Financial statements for the period ending on March 31, 2025 have been prepared by applying accounting policies consistent with the accounting policies applied during the preparation of the financial statements for the year ended on December 31, 2024. Therefore, these financial statements should be evaluated together with the financial statements for the year ended December 31, 2024.

2.5 Significant accounting judgments estimates and assumptions

In the preparation of financial statements, the Company management requires the use of estimates and assumptions that may affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the amounts of income and expenses reported during the accounting period. Accounting judgments, estimates and assumptions are continuously evaluated by considering past experience, other factors and reasonable expectations about future events under current conditions. Necessary corrections are made and presented in the profit or loss statement in the period when it realized. Although these estimates and assumptions are based on management's best knowledge of current events and transactions, actual results may differ from their assumptions.

a) Mining assets consists of mine site development costs, mining rights, mining lands, deferred stripping costs and discounted costs associated with the improvement, rehabilitation and closure of mine sites. Mining assets are accounted in the consolidated financial statements with their net book value after deducting the accumulated depreciation and permanent impairment, if any, from their acquisition costs. Mining assets start to be amortized on a production basis according to producible ore reserve with the commencement of production. The depreciation expenses of the mining assets are associated with the production costs on the basis of the relevant mining sites.

Within the scope of long-term plan studies, which are regularly updated, the Company conducts studies to determine the remaining reserves of mining assets, production-based depreciation calculations, and rehabilitation provisions within this scope.

The Company management reviews the estimates made in relation to the visible and probable mineral reserves in each balance sheet period. In certain periods, the Company management has independent professional valuation companies make valuation studies in accordance with the Australian Exploration Results, Mineral Resources and Gold Reserves 2012 Standards ("JORC") to determine the amount of visible, possible and probable mineral reserves and It is updated by or under the supervision of persons who have the competencies specified in. The reserves and resource amounts in question have been audited and approved by the independent professional valuation company "SRK Consulting" in line with the "JORC" standards as of December 31, 2023. Inspection of reserves and resources according to UMREK standards has been completed and approved as of December 31, 2024.

Within the scope of these studies, the assumptions and methods used in determining the mineral reserves contain some uncertainties (such as gold prices, exchange rates, geographic and statistical variables), and the assumptions and methods developed in relation to the mineral reserve may change significantly depending on the availability of new information. The cost and depreciation of mining assets are adjusted prospectively based on these updates.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.5 Significant accounting judgments estimates and assumptions (continued)

b) Mining assets are amortized using the "production" method and the visible and possible gold reserve amount is used to calculate the depreciation rate. Other tangible assets, both movable and fixed, other than mining assets are depreciated using the straight-line method over their useful lives, limited with lifetime of the mines they are related to. The depreciation amounts calculated on the basis of the visible and possible gold reserves and using the production units method may vary between periods and for some mining assets, the depreciation may be affected by the deviation between the actual and estimated production amounts. These differences arise from the variables or assumptions stated below;
- Changes in the amount of visible and possible gold reserves as a result of the work done,
- The reserve's tenor ("grade") ratio, which can vary significantly from time to time, actual gold price and the estimated gold price taken into account in reserve valuation and tenor determination studies,
- Other matters that may occur in the mine sites and cannot be predicted in advance and may affect the activities,
- Unpredictable changes in mining, processing and rehabilitation costs, discount rates, exchange rate changes,
- The effects of changes in mineral life on the useful life of tangible assets depreciated with the straightline method and whose useful life are limited to the mine life.

The impairment tests performed by the Company management depend on the management's estimates about the future gold prices, current market conditions, exchange rates and pre-tax discount rate together with the relevant project risk. The recoverable value of the cash-generating units is determined as the higher one from the use value of the relevant cash-generating unit or its fair value after deducting sales costs. These calculations require the use of some assumptions and estimates. Changes in assumptions and estimates based on gold prices may affect the useful life of mines, and conditions may arise that may require adjustment on the carrying values of both goodwill and related assets.

Assets are grouped as independent and smallest cash generating units. If an impairment indicator is determined, estimates and assumptions are established for the cash flows to be obtained from each cashgenerating unit determined. Impairment tests of both tangible assets and goodwill contain a certain amount of uncertainty due to the estimates and assumptions used. This uncertainty arises from the amount of visible and possible workable gold reserves used, current and future predicted gold prices, discount rates, exchange rates and estimated production costs.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.5 Significant accounting judgments estimates and assumptions (continued)

c) Amount of provisions reflected in consolidated financial statements regarding environmental rehabilitation, improvement of mine sites and closure of mine sites is based on the plans of the Company management and the requirements of the relevant legal regulations. Changes in the aforementioned plans and legal regulations, up-to-date market data and prices, discount rates used, changes in estimates based on mineral resources and reserves may affect provisions.

As of March 31, 2025, the Company reassessed the provision amounts due to changes in discount rates, costs, production areas subject to rehabilitation and reserve lifetimes. The Company evaluates the mine rehabilitation provision annually. Significant estimates and assumptions are made in determining the provision for mine rehabilitation due to the large number of factors that may affect the final liability to be paid. These factors include estimates of the scope and cost of rehabilitation activities, technological changes, changes in regulations, cost increases proportional to inflation rates and changes in net discount rates (March 31, 2025: 4.32%, December 31, 2024: 4.33%). These uncertainties may cause future expenditures to differ from the amounts estimated today.

The provision amount at the reporting date represents the best estimate of the present value of future rehabilitation costs. Changes in estimated future costs are accounted in the balance sheet by increasing or decreasing the rehabilitation obligation or asset if the initial estimate was initially recognized as part of an asset measured in accordance with TAS 16 Property, plant and equipment. Any reduction in the rehabilitation obligation and hence any reduction in the rehabilitation asset cannot exceed the carried value of that asset. In case of excess, the amount exceeding the carried value is immediately taken to profit or loss.

d) As the Company operates in the mining industry, it is exposed to many risks arising from laws and regulations. As of the balance sheet date, The results of current or future legal practices can be estimated within a certain ratio, based on the past experiences of the Company management and as a result of the legal consultancy received. Negative effects of a decision or application that may be taken against the Company may significantly affect the activities of the Company. As of March 31, 2025, there is no legal risk expected to significantly affect the activities of the Company.
e) At the stage of determining the amount of the provision for the lawsuits, the management consider the possibility of the ongoing lawsuits to be concluded against the Company and the legal advisors' evaluation of the consequences that may arise in case these lawsuits are concluded against the Company. The Company management makes the best estimate based on the information provided.
f) The gold in circuit inventory amount, which is followed as a semi-finished product and has not yet turned into finished gold during the production process, is evaluated separately for each production facility by making technical production calculations and estimations. The gold in circuit process, which is common for both tank leaching and heap leach production plants, ends after finished gold is obtained. Since the production processes of tank leaching and heap leaching facilities are different from each other, the amount of gold stock in the circuit differs on the basis of facilities, and the estimated amount of gold that can be obtained from the gold in circuit stocks of each facility at the end of the production process and the life of mine is analyzed based on technical calculations.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

3. Cash and cash equivalents

	March 31, 2025	December 31, 2024
Cash	57	19
Banks
- Demand deposits	30.838	37.708
- Time deposits	1.701.664	80.442
Total	1.732.559	118.169
Less: Interest accruals	(26.639)	(546)
Cash and cash equivalents presented in the cash flow statement	1.705.920	117.623

The details of the Company's time deposits as of March 31, 2025 are as follows;

Currency	Interest rate	Maturity	Currency amount	TL Equivalent
TL	%40,50 - %47,00	1-30 Days	1.701.664	1.701.664
Total				1.701.664

The details of the Company's time deposits as of December 31, 2024 are as follows;

Currency	Interest rate	Maturity	Currency amount	TL Equivalent
TL	%46,00 - %50,00	1-30 Days	80.442	80.442
Total				80.442

The Company's blocked deposits of 24,612 Thousands TL have been presented under financial investments account (December 31, 2024: 27,089 Thousands TL).

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

4. Financial investments

i- Short term financial investments

The short term financial investments of the Company as of March 31, 2025 and December 31, 2024 are as follows;

	March 31, 2025	December 31, 2024
Financial assets accounted at fair value under profit or loss (*) Currency protected time deposits ()	9.423.261 2.787.961	9.278.422 2.844.840
Total	12.211.222	12.123.262

ii- Long term financial investments

The long term financial investments of the Company as of March 31, 2025 and December 31, 2024 are as follows;

	March 31, 2025	December 31, 2024
Shares in subsidiaries (*) Blocked deposits	2.731.704 244.612	2.725.258 313.010
Total	2.976.316	3.038.268

(*) With the decisions taken at the General Assembly meeting held on September 11, 2015 and the amendment of the articles of association on the same date of Koza Ltd. which is the subsidiary of the Company with 100% share, two A Group shares each worth 1 GBP ("GBP") and the control has transferred to A Group shareholders. Pursuant to the amendment to the articles of association made as of September 11, 2015, savings regarding all operational and managerial activities of Koza Ltd., decision and approval of the articles of association, approval of liquidation transactions and share transfer transactions, etc. rights are given to directors. As a result of the mentioned changes, the Company has lost the control over Koza Ltd. and Koza Ltd. was excluded from the scope of consolidation. It has been accounted in the financial statements at cost since the date the control has ended.

As of the report date, fair value measurement could not be calculated due to uncertainties arising from the ongoing legal processes about Koza Ltd.

A legal process has been initiated by the CMB with the decision dated February 4, 2016 regarding the General Assembly and the resolutions taken, in cases where the final judicial decisions regarding this decision differ from the initially recorded amounts, these differences will be accounted in the period determined.

(**) Currency protected time deposits are accounted as financial assets at fair value under profit or loss. The Company has converted foreign exchange deposit accounts amounting to 63,824 Thousand USD into ''Currency protected time deposits accounts''. The maturity of currency protected time deposits is between 90 and 365 days. The Company's blocked deposits in the 'Currency protected time deposits accounts' of 220,000 Thousands TL have been presented under financial investments account (December 31, 2024: 285,922 Thousands TL).
(***) The Company has 2,807,733,694 investment fund participation certificates worth 7,548,322 thousand TL in total, 24,486,605 shares worth 1,874,938 thousand TL worth private sector bonds and the fair value of the financial investments is are accounted for as financial assets recognized in profit or loss.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

5. Inventories

The inventories of the Company as of March 31, 2025 and 2024 are as follows;

	March 31, 2025	December 31, 2024
Ready to be processed and mined ore clusters Gold and silver in the production process and gold and silver bars Chemicals and operating materials	769.775 554.865 272.719	903.524 1.815.402 326.084
Total	1.597.359	3.045.010

6. Prepaid expenses

The prepaid expenses of the Company as of March 31, 2025 and December 31, 2024 are as follows;

i- Short-term prepaid expenses

	March 31, 2025	December 31, 2024
Costs for the future months (*)	95.259	120.370
Advances given	32.426	31.191
Total	127.685	151.561
ii- Long-term prepaid expenses
	March 31, 2025	December 31, 2024
Advances given (**)	1.364.573	1.682.308
Costs for the coming years (*)	5.208	4.506
Total	1.369.781	1.686.814

(*) The company's expenses consist of rental fees and insurance costs for the coming years.

(**) Of the advances given, TL 823,836 thousand relates to advance payments made within the scope of the Company's ongoing Ağrı province Mollakara Gold Mine Project.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

7. Other current and non-current assets

i- Other current assets

The other current assets of the Company as of March 31, 2025 and December 31, 2024 are as follows;

	March 31, 2025	December 31, 2024
Job advances given Advances given to personnel	1.155 340	358 846
Total	1.495	1.204

ii- Other non-current assets

The other non-current assets of the Company as of March 31, 2025 and December 31, 2024 are as follows;

	March 31, 2025	December 31, 2024
Spare parts and other materials (*)	1.083.535	991.660
Total	1.083.535	991.660

(*) It consists of spare parts, materials and operating materials that are generally consumed over a period of more than one year.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

8. Investment properties

The investment properties of the Company as of March 31, 2025 and 2024 are as follows;

	January 1, 2025	Addition	Disposals	Transfers	March 31, 2025
Cost
Buildings	1.530.258	-	-	(1.005.974)	524.284
Total	1.530.258	-	-	(1.005.974)	524.284
Accumulated amortization
Buildings	-	2.673	-	-	2.673
Total	-	2.673	-	-	2.673
Net book value	1.530.258				521.611
	January 1, 2024	Addition	Disposals	Transfers	March 31, 2024
Cost
Buildings	-	-	-	-	-
Total	-	-	-	-	-
Accumulated amortization
Buildings	-	-	-	-	-
Total	-	-	-	-	-
Net book value	-	-	-	-	-

(*) As of March 31, 2025, real estates with a cost of 1,005,974 thousand TL has been transferred to assets held for sale.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

9. Property, plant and equipment

The property, plant and equipment of the Company as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024
Mining assets Other tangible assets	2.561.032 9.510.748	2.507.653 8.761.445
Total	12.071.780	11.269.098

a) Mining assets

As of March 31, 2025 and December 31, 2024, mining assets consists of mining rights, mine site development costs, deferred stripping costs, mining sites, and closing and rehabilitation of mines, and the net book values of these mining assets are as follows.

	March 31, 2025	December 31, 2024

Mining sites	216.050	216.050
Mine site development cost	1.802.275	1.750.044
Deferred stripping costs	-	-
Rehabilitation of mining facility	-	-
Mining rights	542.707	541.559
Total	2.561.032	2.507.653

The movements of mining assets are as follows;

	January 1,			Inflation	March 31,
	2025	Addition	Disposals	effect (*)	2025
Cost
Mining sites	886.138	-	-	-	886.138
Mine site development costs	7.928.928	68.573	-	-	7.997.501
Deferred stripping costs	2.826.988	-	-	-	2.826.988
Rehabilitation of mining facility	675.053	-	-	(61.718)	613.335
Mining rights	761.626	1.159	-	-	762.785
Total	13.078.733	69.732	-	(61.718)	13.086.747
Accumulated depreciation
Mining sites	670.088	-	-	-	670.088
Mine site development costs	6.178.884	16.342	-	-	6.195.226
Deferred stripping costs	2.826.988	-	-	-	2.826.988
Rehabilitation of mining facility	675.053	-	-	(61.718)	613.335
Mining rights	220.067	11	-	-	220.078
Total	10.571.080	16.353	-	(61.718)	10.525.715
Net book value	2.507.653				2.561.032

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

a) Mining assets (continued)

	January 1, 2024	Addition	Disposals	Inflation effect (*)	March 31, 2024
Cost
Mining sites	810.035	19.009	(1.997)	-	827.047
Mine site development costs	7.657.328	83.717	-	-	7.741.045
Deferred stripping costs	2.826.988	-	-	-	2.826.988
Rehabilitation of mining facility	697.333	103.442	-	(91.292)	709.483
Mining rights	655.049	99.465	-	-	754.514
Total	12.646.733	305.633	(1.997)	(91.292)	12.859.077
Accumulated depreciation
Mining sites	652.335	8.876	-	-	661.211
Mine site development costs	6.054.285	54.376	-	-	6.108.661
Deferred stripping costs	2.669.624	78.682	-	-	2.748.306
Rehabilitation of mining facility	577.976	103.353	-	(75.666)	605.663
Mining rights	219.746	285	-	-	220.031
Total	10.173.966	245.572	-	(75.666)	10.343.872
Net book value	2.472.767				2.515.205

(*) The reclamation, rehabilitation and closure costs of the mine sites resulting from open pit mining site development activities and open pit production, according to their current conditions, are not indexed and are evaluated in US Dollar values.

All depreciation expenses are included in the cost of goods produced.

There isn't any mortgage on mining assets as of March 31, 2025 (December 31, 2024: None).

The costs of the mine sites, mining rights and mine site development costs of the Company, which have been fully depreciated as of March 31, 2025, but are in use, are amounting to thousand TL 4,564,981. (March 31, 2024: TL 3,822,033).

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

b) Other tangible assets

Movements of other tangible assets during the period as of March 31, 2025 and 2024 are as follows;

	January 1, 2025	Addition	Disposals	Transfers	March 31, 2025
Cost
Land, buildings and land improvements	4.451.665	4.660	-	-	4.456.325
Machinery and equipment	10.883.346	21.777	(13.762)	-	10.891.361
Motor vehicles	1.997.938	11.399	(38.092)	-	1.971.245
Furnitures and fixtures	818.281	4.013	(19)	-	822.275
Construction in progress(*)	4.211.992	857.513	-	-	5.069.505
Total	22.363.222	899.362	(51.873)	-	23.210.711
Accumulated depreciation
Buildings and land improvements	2.720.600	27.638	-	-	2.748.238
Machinery and equipment	8.883.135	46.972	(13.593)	-	8.916.514
Motor vehicles	1.317.497	61.875	(35.690)	-	1.343.682
Furnitures and fixtures	680.545	10.984	-	-	691.529
Total	13.601.777	147.469	(49.283)	-	13.699.963
Net book value	8.761.445				9.510.748

There isn't any mortgage on other tangible assets as of March 31, 2025 (December 31, 2024: None).

There are annotations on the Gümüşhane dormitory building (net value of 128,168 Thousand TL as of March 31, 2025) by the General Directorate of National Real Estate.

As of March 31, 2025, the insurance paid on the tangible assets of the Company is thousand TL 7,686 (December 31, 2024: thousand TL 4,176).

The cost of other tangible assets of the Company, which have been fully depreciated as of March 31, 2025, but are in use, is amounting to thousand TL 10,601,560 (December 31, 2024: TL 6,711,453).

Except for the ongoing fixed expenses related to the Mastra field, the operations of which have been discontinued, depreciation expenses are included in the cost of goods produced and general administrative expenses. There is no capitalized financing expense in tangible fixed assets.

(*) The company has made an investment decision for Mollakara Project for gold and silver production within the scope of Mollakara Gold Mine Project in Diyadin District of Ağrı Province. The construction in progress made during the year are mostly related to the this Project.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

b) Other tangible assets (continued)

	January 1, 2024	Addition	Disposals	Transfers	March 31, 2024

Cost
Land, buildings and land improvements	4.282.046	79.041	(3.228)	64.852	4.422.711
Machinery and equipment	10.593.294	157.252	(263)	5.717	10.756.000
Motor vehicles	1.995.926	171.130	(154)	-	2.166.902
Furnitures and fixtures	795.899	3.294	(363)	2.342	801.172
Construction in progress	670.529	239.111	-	(154.176)	755.464
Total	18.337.694	649.828	(4.008)	(81.265)	18.902.249
Accumulated depreciation
Buildings and land improvements	2.572.284	80.049	-	-	2.652.333
Machinery and equipment	8.725.924	54.575	(232)	-	8.780.267
Motor vehicles	1.179.059	78.590	(154)	-	1.257.495
Furnitures and fixtures	623.671	13.615	(363)	-	636.923
Total	13.100.938	226.829	(749)	-	13.327.018
Net book value	5.236.756				5.575.231

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

10. Intangible assets

a) Other intangible assets

The details of the Company's other intangible assets as of March 31, 2025 and 2024 are as follows:

	January 1, 2025	Additions	Disposals	Transfers	March 31, 2025
Costs
Rights	246.234	1.261	-	-	247.495
Total	246.234	1.261	-	-	247.495
Accumulated depreciation
Rights	203.866	6.722	-	-	210.588
Total	203.866	6.722	-	-	210.588
Net book value	42.368				36.907
	January 1, 2024	Additions	Disposals	Transfers	March 31, 2024
Costs
Rights	164.646	62	(103)	81.265	245.870
Total	164.646	62	(103)	81.265	245.870
Accumulated depreciation
Rights	145.261	7.472	(103)	-	152.630
Total	145.261	7.472	(103)	-	152.630
Net book value	19.385				93.240

Depreciation expenses are included in the cost of goods produced and general administrative expenses

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities

As of March 31, 2025 and 2024, the details of the Company's provisions, contingent assets and liabilities are as follows:

a) Short-term provisions

	March 31, 2025	December 31, 2024

State right expense provision	1.175.055	802.569
Provisions for lawsuit	329.610	362.777
Environmental rehabilitation, rehabilitation of mining sites
and mine closure provision	3.735	104.830
Other provisions	11.933	2.788
Total	1.520.333	1.272.964

b) Long-term provisions

	March 31, 2025	December 31, 2024
Environmental rehabilitation, rehabilitation of mining sites and mine closure provision	904.098	750.654
Total	904.098	750.654

The movement table for environmental rehabilitation, rehabilitation of mining sites and provision for mine closure is as follows;

	2025	2024
January 1	855.484	719.972
Paid during the period	(38.636)	(94.977)
Discount effect	46.502	21.809
Effect of changes in estimates and assumptions	122.698	311.459
Monetary gain	(78.215)	(91.471)
March 31 (*)	907.833	866.792

(*) The amount of provisions reflected to the financial statements for environmental rehabilitation, reclamation and closure of mine sites is based on the plans of the Company management and the requirements of the relevant legal regulations, changes in the plan and legal regulations, current market data and prices, discount rates used, mineral resources and regulations. Changes in estimates based on reserves may affect provisions. Rehabilitation provision amounts are determined in US Dollars.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

c) Provisions for employee benefits

i- Short-term provisions for employee benefits

	March 31, 2025	December 31, 2024
Provision for unused vacation	43.877	48.292
Total	43.877	48.292
The movement of provision for unused vacation is as follows;
	2025	2024
January 1	48.292	41.841
Additions / (cancellations), net Monetary gain	- (4.415)	25.675 (5.478)
March 31	43.877	62.038

ii- Long-term provisions for employee benefits

	March 31, 2025	December 31, 2024
Provision for employee termination benefits	236.919	227.540
Total	236.919	227.540

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

c) Provisions for employee benefits (continued)

Under the Turkish Labour Law, the Company is required to pay employment termination benefits to each employee who has qualified for such benefits as the employment ended. Also, employees who are entitled to a retirement are required to be paid retirement pay in accordance with Law No: 2422 dated March 6, 1981 and No: 4447 dated August 25, 1999 and the amended Article 60 of the existing Social Insurance Code No: 506. Some transition provisions related to the pre-retirement service term were excluded from the law since the related law was changed as of May 23, 2002.

The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Thus, the discount rate applied represents the real rate net of expected effects of inflation. The severance pay ceiling is revised in every six months, and the ceiling amount of TL 46,655.43 (2024: TL 41,828.42) was taken into consideration in the calculation of the provision for severance pay. TFRS requires actuarial valuation methods to be developed to estimate the provision for severance pay. Accordingly, the following actuarial assumptions were used in the calculation of the total liability:

	March 31, 2025	December 31, 2024

Net discount rate	3,35%	2,00%
Probability of qualifying for seniority	95,03%	94,41%

The movements of the provision for severance pay within the accounting periods of March 31, 2025 and 2024 are as follows:

	2025	2024
January 1	227.540	220.698
Interest cost	14.032	48.047
Service cost	4.823	1.836
Severance paid	(36.175)	(23.614)
Actuarial loss	47.503	76.184
Monetary gain	(20.804)	(29.014)
March 31	236.919	294.137

(*) The regulation that lifts the retirement age requirement for employees who started work before September 8, 1999 was published in the Official Gazette on March 3, 2023. Accordingly, those employees who have completed the number of premium days and insurance period are entitled to retire. The amount in question is the past service cost of the personnel who are considered to be at retirement age due to the regulation considered as a plan change.

Severance pay liability is not legally subject to any funding. Provision for severance pay is calculated by estimating the present value of the future probable obligation of the Group arising from the retirement of the employees. TAS 19 ("Employee Benefits") stipulates the development of Group's liabilities within the scope of defined benefit plans by using actuarial valuation methods. The sensitivity analysis of the important assumptions used in the calculation of the provision for employee termination benefits as of March 31, 2025 and 2024 is as follows:

	Discount rate		Rate of retirement
	0,50% increase	0,50% decrease	0,50% increase	0,50% decrease
March 31, 2025	(33.083)	40.924	9.697	(8.890)
	Discount rate		Rate of retirement
	0,50% increase	0,50% decrease	0,50% increase	0,50% decrease
March 31, 2024	(39.850)	48.923	11.376	(19.924)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases

i- Lawsuits related to mines

These lawsuits are related to the expansion of the activities in some licensed fields and / or the permits and licenses of the new areas to be operated.

Lawsuits related to Çukuralan mine:

A lawsuit numbered 2017/1656 E. was filed against the Ministry of Environment and Urbanization at the İzmir 6th Administrative Court for the cancellation of the positive EIA report given for the Çukuralan Operation 3rd Capacity Increase Project, and the Company intervened in the lawsuit. The court decided to cancel the transaction in question, and as a result of the appeal review, the Council of State found the decision of the local court to be incorrect and overturned the decision in favor of the Company. While the trial is continuing at the İzmir 6th Administrative Court on the basis of case number 2019/574, the court decided to cancel the said transaction with its decision dated February 23, 2021. The decision has been appealed. A lawsuit numbered 2019/1120 E. was filed at the İzmir 6th Administrative Court for the stay of execution and cancellation of the positive Environmental Impact Assessment (EIA) Decision given by the Ministry of Environment and Urbanization regarding the Çukuralan Gold Mine Operation 3rd capacity increase 2009/7 project. The company has intervened in the relevant case alongside the defendant Ministry. The previous main file number and court of the relevant case is İzmir 3rd Administrative Court 2019/171 E. and due to the connection with the relevant case Çukuralan 3rd Capacity Increase file, the main file record was closed by the decision of İzmir Regional Administrative Court 4th Administrative Litigation Department and due to the connection, İzmir 3rd Administrative Court decided to send it to İzmir 6th Administrative Court. While the relevant case continues with İzmir 6th Administrative Court number 2019/1120 E., according to the decision given by the court, the positive EIA decision in question was annulled and an appeal was filed. At this point, according to the Council of State decision, for the file 2019/574 E., it was concluded that due to the fact that a second positive EIA decision was given regarding the project in question, it was not possible to apply two different positive EIA decisions regarding the same project together, that the defendant Ministry should accept that the EIA positive decision in question was implicitly withdrawn, and that the subject of the ongoing case was no longer a subject, therefore, it was definitely decided that the decision numbered 2019/574 E. of the İzmir 6th Administrative Court should be overturned and that there was no need to give a decision; and for the file 2019/1120 E., it was definitely decided that there was no legal error in the part of the decision of the İzmir 6th Administrative Court regarding the cancellation of the transaction in question, and that the appeal requests of the defendant Ministry and the intervening company as well as the defendant Ministry should be rejected.

In addition, the company intervened in the lawsuit filed by some plaintiffs against the Governorship of Izmir for the annulment of the Environmental Impact Assessment Not Required decision given for the Çukuralan Gold Mine Crushing and Screening Facility Project planned to be built by the company in the Izmir 6th Administrative Court file numbered 2020/1479 E., and it was decided to partially accept and partially reject the appeal requests of the intervening company.

The company intervened in the relevant case alongside the defendant ministry in both files, and in both files, the court ruled to reject the case on the grounds that the EIA positive decision was in accordance with the law. The decision given in the file numbered 2021/1407 E. of the Izmir 4th Administrative Court and the file numbered 2021/1013 E. of the Izmir 4th Administrative Court was appealed by the plaintiffs, and as a result of the appeal trial, the plaintiffs' appeal request was accepted, and since a more detailed examination was required procedurally, the first instance court decision was overturned by a majority vote against the company, and the file was sent to the first instance court for a more detailed examination. The file numbered 2021/1407 E. of the Izmir 4th Administrative Court has received the number 2023/1278 E. of the Izmir 4th Administrative Court, and the file numbered 2021/1013 E. of the Izmir 4th Administrative Court has received the number 2023/1294 E. of the Izmir 4th Administrative Court.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

i- Lawsuits related to mines (continued)

In both files, the court decided to cancel the transaction in question. The defendant administration and the company appealed the decision given in file numbered 2023/1294 E. of the İzmir 4th Administrative Court. The file is being viewed through the Council of State 4th Chamber Presidency file numbered 2024/1085 E. The defendant administration and the company requested a stay of execution during the appeal period, and the request for a stay of execution was rejected by the Council of State 4th Chamber Presidency with its decision dated March 28, 2024. The appeal hearing is ongoing. The decision given in file numbered 2023/1278 E. of the İzmir 4th Administrative Court was notified to the parties and the company applied for an appeal. The file is being viewed through the Council of State 4th Chamber Presidency file numbered 2024/1769 E. The defendant administration and the company requested a stay of execution during the appeal period, and the request for a stay of execution was rejected by the 4th Chamber of the Council of State with its decision dated May 16, 2024. The company objected to the decision in question with a petition dated 16 June 2024, and the objection to the decision of the Council of State 4th Chamber Presidency regarding the rejection of the request for a stay of execution dated 4 July 2024 was rejected without examination.

As a result of the appeal trial held by the 4th Chamber of the Council of State with the files numbered 2024/1769 and 2024/1085; with the decision numbered 2024/1085 E., 2024/5582 K. of the 4th Chamber of the Council of State; it was decided to accept the appeal request, to overturn the decision numbered 2023/1294 E., 2024/267 K. given by the İzmir 4th Administrative Court dated 14 February 2024, and to reject the case.

Again, with the decision numbered 2024/1769 E., 2024/5583 K. of the Council of State 4th Chamber; it was decided to accept the appeal request, to overturn the decision numbered 2023/1278 E., 2024/520 K. dated 27 March 2024 given by the Izmir 4th Administrative Court, and to reject the case.

ii- Lawsuits regarding the Company's subsidiary abroad

Legal proceedings have been initiated against the amendment of the articles of association, establishment of privileged shares and change of board of directors of Koza Ltd., headquartered in London, in which the Company has 100% shares, and the legal proceedings are ongoing in the London courts. In the decision taken on January 23, 2019 in the file numbered 2017/349 E. of the Ankara 10th Commercial Court of First Instance, it was decided that 60,000,000 British Pounds Sterling be collected from the defendants and paid to Koza Altın İşletmeleri A.Ş. together with the interest accrued as of September 1, 2015 in accordance with Article 4/a of Law No. 3095, with the right to appeal within two weeks from the notification of the decision. Against this decision, the defendants appealed, and the Ankara Regional Court of Justice 21st Civil Chamber ruled with its decision numbered 2019/699 E. and 2019/1189 K. that the defendants' appeal application should be deemed not to have been made due to procedural reasons. The defendants appealed against this decision. The Supreme Court of Appeals ruled to quash the file due to procedural reasons. The Ankara 10th Commercial Court of First Instance ruled with its additional decision that the defendants' appeal application should be deemed not to have been made. The defendants appealed the decision. The Ankara Regional Court of Justice 21st Civil Chamber ruled to reject the appeal application made by the defendants in the file numbered 2022/727 E. on the merits. The defendants appealed against the relevant decision. In response to the appeal petition submitted by the defendants, Koza Altın İşletmeleri A.Ş. submitted a response petition to the appeal. It was decided to approve the decision of the Regional Court of Justice by the decision of the 11th Civil Chamber of the Supreme Court of Appeals, numbered 2024/2772, Decision numbered 2024/3573, dated May 6, 2024.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

iii- Liability lawsuits filed against former managers

As a result of the evaluations made by the CMB after the decision to appoint a trustee, the Company was instructed to file a liability lawsuit against previous board members for various reasons, and various liability lawsuits were filed against former managers on behalf of Ankara Commercial Courts, and the lawsuits are still pending. Lawsuits that may affect the activities of the Company are announced on the public disclosure platform in legal periods.

iv- Other legal processes

Based on the decision of the Ankara 5th Criminal Court of Peace dated October 26, 2015, the management of the Company was transferred to the Board of Trustees, and subsequently to the Savings Deposit Insurance Fund ("SDIF") on September 22, 2016. The indictment prepared by the Ankara Chief Public Prosecutor's Office regarding the events that led to the appointment of a trustee was accepted by the Ankara 24th High Criminal Court and their trial began with the file numbered 2017/44 E. and the case was concluded by the first instance court. In the decision of the first instance court; it was decided to confiscate the company shares belonging to the previous board members who were on trial. It was decided that the above-mentioned measure of appointing a trustee would continue until the decision was finalized. The appeal review of the Ankara 24th High Criminal Court regarding the file numbered 2017/44 E. has been completed and the decision of the appeal court has been announced on the Public Disclosure Platform. Following the decision of the Court of Cassation, the transfer and registration procedures of all Koza Group companies to the Ministry of Treasury and Finance have been carried out. Upon the objection made in the file in question, the Office of the Chief Public Prosecutor of the Court of Cassation has conducted an examination and as a result of the examination, no objection was filed as there was no material or legal reason requiring an objection.

With the Presidential Decree No. 8857 published in the Official Gazette dated August 20, 2024 and numbered 32638, it was decided that all of the shares belonging to the Treasury in the capitals of the Koza Group companies mentioned in the confiscation decision would be transferred to the Türkiye Wealth Fund as a whole, while preserving the parent company-subsidiary relations. Following the relevant Presidential decision, transfer and registration procedures for all Koza Group companies were carried out with the Türkiye Wealth Fund.

In the Ankara 24th High Criminal Court case numbered 2017/44 E., it was also decided that the files of the previous board members, whose trials could not be held because they did not come to court, be separated and recorded on a new basis, the trials continue on this file, and the measure of appointing a trustee, as explained above, be continued until the end of the trial. The separated file received the Ankara 24th High Criminal Court number 2020/20 E. and the trial continues on the relevant file.

In the file numbered 2017/44 E. of the Ankara 24th High Criminal Court, the defense counsel of Cafer Tekin İpek requested the court to retry the trial with a petition dated September 23, 2024. The request for a new trial was rejected by the court with an additional decision dated September 26, 2024 on the grounds that the issues put forward as reasons for a new trial were not new events or new evidence, no legal reason was given and no evidence was disclosed to confirm them, and the issues listed in the law regarding the retrial did not occur. With the petition submitted by Ebru Şedele Tınmaz's defense, the court was requested to lift the measure imposed on Ebru Şedele Tınmaz's assets. The request was rejected by the court with an additional decision dated September 30, 2024 on the grounds that the relevant injunction decision was given by the Ministry of Treasury and Finance and that there was no action to be taken by the court. The defense counsel of Ebru Şedele Tınmaz appealed against the additional decision, and the Ankara 25th High Criminal Court ruled to reject the objection with the decision dated October 15, 2024 in the file number 2024/735 D. İş.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

iv- Other legal processes (continued)

In the case where the defendants Cafer Tekin İpek and Özlem Özdemir are tried, which is a case file numbered 2021/157 E. of the Ankara 24th High Criminal Court, it was decided that the defendants would be punished with the appeal being open, and as a result of the appeal trial, the file was partially returned (overturned) by the appeal and it was decided that the file be sent to the first instance court, where the verdict was overturned, to be reexamined and ruled on behalf of the defendant Cafer Tekin İpek. The trial process continued with the defendant Cafer Tekin İpek with the file number 2022/193 E. of the Ankara 24th High Criminal Court. The relevant file was decided on January 10, 2024, and the case was rejected based on the prosecutor's opinion; because the same defendant was sentenced for the same crimes in the file number 2022/133 E. of the Ankara 24th High Criminal Court. The company and the Revenue Administration Presidency appealed against this decision. With the decision numbered 2024/464 E., 2024/464 K. of the Ankara Regional Court of Justice, 4th Criminal Chamber, dated May 28, 2024, it was decided to reject our appeal on the merits. An objection was filed against this decision on June 14, 2024, and the Ankara Regional Court of Justice 4th Criminal Chamber decided that there was no need to correct the decision and that the file be sent to the Ankara Regional Court of Justice 5th Criminal Chamber for evaluation. The Ankara Regional Court of Justice 5th Criminal Chamber's decision dated July 3, 2024 definitively ruled to reject the objection.

The file numbered 2022/133 E. heard at the Ankara 24th High Criminal Court is the file that was separated from the main file numbered 2017/44 E. heard at the Ankara 24th High Criminal Court in terms of the crime of contravention of the Tax Procedure Law against the defendants Ali Serdar Hasırcıoğlu, Orhan Selçuk Hasırcıoğlu, Şaban Aksöyek and Cafer Tekin İpek. In the relevant file, a decision was made regarding the punishment of all defendants, including the defendant Cafer Tekin İpek, and the relevant decision was annulled by the decision numbered 2024/26 D.İş of the Ankara 25th High Criminal Court dated February 5, 2024, as a result of the objections made by the defendants and the participating Revenue Administration Presidency. Following the aforementioned annulment decision, the file was sent back to the Ankara 24th High Criminal Court and received the number 2024/115 E. and the trial continues on the relevant file. In the relevant file, a reversal in the interest of law was sought regarding the decision numbered 2024/26 D.İş of the Ankara 25th High Criminal Court dated February 5, 2024, and at the hearing dated May 14, 2024, it was decided to await the result of the relevant reversal in the interest of law and to postpone the next hearing to September 10, 2024.

It was reported by the Ankara Chief Public Prosecutor's Office Legal Remedies Bureau that no reversal was sought in the interest of the law because the problem could be resolved through judicial channels. At the hearing held on September 10, 2024, it was decided that a warrant be written to the penal institution so that Cafer Tekin İpek would be present at the next hearing and that the next hearing would be postponed to October 16, 2024. At the hearing dated October 16, 2024, the prosecution requested that the defendants be punished. Due to the change of the panel, the court decided to review the file for a verdict and the next hearing was postponed to December 10, 2024. At the hearing dated December 10, 2024; it was decided that the defendants Cafer Tekin İpek, Ali Serdar Hasırcıoğlu, Şaban Aksöyek, Orhan Selçuk Hasırcıoğlu would be penalized for their violation of the Tax Procedure Law. The reasoned decision regarding the punishment has been notified to the parties; the defendants and the participating Revenue Administration have filed an objection against the decision numbered 2024/469, case numbered 2024/115, dated 10 December 2024, of the Ankara 24th High Criminal Court. The file was sent to the Ankara 25th High Criminal Court for the examination of the objection on January 14, 2025, and the relevant objections are being examined by the Ankara 25th High Criminal Court.

vi- Employee lawsuits and cases of contract receivables

As of March 31, 2025, the provision amount accounted for ongoing employee and other lawsuits against the Company is amounting to TL 329,610 Thousand (March 31, 2024: TL 192,653 Thousand)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

e) Commitments and contingent liabilities

i- Letter of guarantees given

The details of the letter of guarantees given by the Company as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024

A. CPM's given on behalf of own legal entity	235.794	232.615
- Guarantee	235.794	232.615
- Mortgage	-	-
B. CPM's given in favor of partnerships which are fully consolidated	-	-
C. CPM's given for assurance of third parties debts in order to conduct
usual business activities	-	-
D. Total amount of other CPM's given	-	-
i. Total amount of CPM's given in favor of the parent company	-	-
ii. Total amount of CPM's given in favor of other group companies
which are not in scope of B and C	-	-
iii. Total amount of CPM's given on behalf of
third parties which are not in scope of C	-	-
Total	235.794	232.615

ii- Letter of guarantees received

The details of the Company's letter of guarantees received as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024
Guarantee letters	2.536.923	2.604.296
Guarantee cheques	2.443.164	2.705.985
Security bonds	127	140
Total	4.980.214	5.310.421

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

e) Commitments and contingent liabilities (continued)

iii- Government grants

6% of the income tax calculated on the Employer's Insurance Premium Share for the employees of the Company's mining processing facility in Mastra-Gümüşhane is covered by the Treasury within the scope of the "Regional Insurance Premium Incentive" numbered 56486. The company also benefits from the 5% employer's insurance premium incentive within the scope of the "Social Insurance and General Health Insurance Law" No. 5510 in all workplaces.

The company benefits from investment incentives in İzmir Çukuralan, Kayseri-Himmetdede, Eskişehir-Kaymaz, Ağrı-Mollakara enterprises and Ankara Central Solar Power Plant (Electricity Generation, Transmission and Distribution). Within the scope of the investment incentive certificates in question, the Company's contribution to investment rate is 40% in İzmir Çukuralan, Kayseri-Himmetdede, Eskişehir-Kaymaz enterprises and 80% as corporate tax reduction rate, 50% as contribution to investment rate in Ağrı-Mollakara and 50% as corporate tax reduction rate. 90%, Ankara Central Solar Power Plant (Electricity Generation, Transmission and Distribution investment incentive Contribution to Investment rate is 30% and corporate tax reduction rate is 70%.

Within the scope of the incentive used in the İzmir Çukuralan region, on March 27, 2018, within the scope of the incentive used for the Himmetdede region, on December 21, 2017, within the scope of the incentive used in the Ağrı-Mollakara region, on October 06, 2022, within the scope of the incentive used in the Kaymaz region, on May 08, 2023, within the scope of the incentive used in the Ankara Central Solar Power Plant. Within the scope of the incentive, investment started on March 17, 2023.

12. Equity

As of March 31, 2025, the Company's paid-in capital is amounting to TL 3,202,500 Thousand (December 31, 2024: TL 3,202,500 Thousand) and consists of 320,250,000,000 shares with a nominal share value of 1 Kuruş (December 31, 2024: 320,250,000,000 units).

It has been decided to increase the Company's issued capital, which is TL 152,500,000 (One Hundred Fifty Two Million Five Hundred Thousand Turkish Liras), within the registered capital ceiling of TL 5,000,000,000 (Five Billion Turkish Lira), to TL 3,202,500,000 (Three Billion Two Hundred Two Million Five Hundred Thousand Turkish Liras), by an increase of TL 3,050,000,000 (Three Billion Fifty Million Turkish Liras) and 2000%, by being covered by internal resources. The permission and approval for the amendment of Article 6, titled "Type of Capital and Shares", was given by the Capital Markets Board on February 02, 2023, registered on February 15, 2023 and announced in the Trade Registry Gazette dated February 15, 2023 and numbered 10770. The transfer of the company's shares belonging to the treasury to the Türkiye Wealth Fund was registered on October 18, 2024 and was published in the Trade Registry Gazette dated October 22, 2024 number 11191. The Company's main parent is the Türkiye Wealth Fund.

	March 31, 2025		December 31, 2024
	Share	Share	Share	Share	Share
Equity	Group	Rate	Amount	Rate	Amount

ATP İnşaat ve Ticaret A.Ş.	A, B	48,01	1.537.417	45,01	1.441.343
Koza İpek Holding A.Ş.	A, B	21,99	704.333	24,99	800.407
Other	B	30,00	960.750	30,00	960.750
Paid-in capital		100	3.202.500	100	3.202.500
Capital adjustment differences			7.021.268		7.021.268
Total			10.223.768		10.223.768

(*The title changes of Koza İpek Holding A.Ş. to Türk Altın Holding A.Ş. and ATP İnşaat ve Ticaret A.Ş. to TR Anadolu İnşaat ve Ticaret A.Ş. were registered on February 25, 2025 and February 24, 2025 respectively.)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

12. Equity (continued)

The company's board of directors consists of six people, and four of these six members are elected by the general assembly among the candidates nominated by the (A) group registered shareholders, and two independent members are among the candidates nominated at the general assembly. The Board of Directors elects the chairman and vice chairman among the members representing the (A) group registered shareholders at each ordinary general assembly meeting or after each general assembly where the members are elected. Apart from this, Group (A) shares do not have any other privileges. A trustee has been appointed to the Company pursuant to the decision of Ankara 5th Criminal Court of Peace dated October 26, 2015, and with the Decree Law No. 674 on President decision published in the Official Gazette dated August 15, 2016, the powers of trustees working in companies that have been decided to appoint trustees have been determined. A regulation has been introduced regarding the transfer of funds to the SDIF by a judge or court. Ankara 4th Criminal Judgeship dated September 6, 2016 and 2016/4628 D. Job. With the Decision No., it has been decided that the duties of trustees will end on the day when the procedures of trusteeship powers are completed. With the SDIF Board's decision dated September 22, 2016 and numbered 2016/206, a board of directors was established by the SDIF. For this reason, the privileges of (A) share groups cannot be used.

Capital adjustment differences amounting to TL 7,021,268 Thousand (December 31, 2024: TL 7,021,268 Thousand), the remaining amount after the deduction of accumulated losses realized in 2006 from the difference between the inflation-adjusted total amount of the Company's capital and the capital amount before the inflation adjustment and the transfer to the paid-in capital means. Publicly traded companies make their dividend distributions in accordance with the CMB's "Dividend Communiqué No. II19.1", which came into effect as of February 1, 2014.

Unless the reserves that should be set aside according to the TCC and the dividend determined for the shareholders in the articles of association or in the profit distribution policy are reserved; it cannot be decided to allocate other reserves, to transfer profits to the next year, and to distribute dividends to dividend owners, members of the board of directors, company employees and persons other than shareholders, and no dividends can be distributed to these persons unless the dividend determined for shareholders is paid in cash.

Within the scope of the share buyback transactions initiated with the decision of the Company's Board of Directors, 75,000,000 shares were repurchased for TL 3,056,333 thousand until March 31, 2025.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

12. Equity (continued)

The Company's restricted reserves as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024
Restricted reserves	3.467.461	3.467.461
Reserves for withdrawn shares	3.056.333	3.056.333
Total	6.523.794	6.523.794

According to the Turkish Commercial Code, legal reserves consist of first and second legal reserves. The TCC stipulates that the first legal reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the Company's paid-in share capital. The second legal reserve is 10% of the distributed profit in excess of 5% of the paid-in share capital. According to the Turkish Commercial Code, as long as the legal reserves do not exceed 50% of the paid-in capital, they can only be used to offset the losses, it is not possible to use them in any other way.

According to the Turkish Commercial Code, the Company allocates reserves for its own shares acquired in an amount that meets the acquisition value. These reserves can be dissolved in an amount that meets their acquisition value if the aforementioned shares are transferred or destroyed. In accordance with the legislation related to the revaluation fund, other funds in the liabilities can be dissolved if they are converted into capital and the reassessed assets are amortized or transferred.

It was published in the Official Gazette dated December 30, 2023 and numbered 32415 (Second Extraordinary) pursuant to the Tax Procedure Law. According to the relevant Communiqué, the balance sheet dated December 31, 2023, prepared in accordance with the Tax Procedure Law, has been corrected by using the Producer Prices General Indices (PPI) published by the Turkish Statistical Institute within the scope of inflation accounting application. The attached financial statements have been subjected to inflation adjustment using the Consumer Price Indices (CPI) published by the Turkish Statistical Institute in accordance with TAS 29, and ultimately the amounts for the current and previous reporting period are expressed in terms of purchasing power as of December 31, 2024. Due to the use of distinct indices in the Tax Procedural Law and TAS 29 inflation accounting differences have emerged between The amounts included in the balance sheet prepared in accordance with the Tax Procedure Law regarding the items "Inflation Adjustment on Capital" and " Restricted reserves appropriated from profits" the amounts included in the financial statements prepared in accordance with TAS / TFRS.

These differences are accounted in the "Retained Earnings or Losses" item in the TAS/TFRS financial statements, and these differences are given in detail below:

		March 31, 2025
	Adjustment to	Restricted
	capital	reserve
To TAS/TFRS Financial Reports	7.021.268	6.523.794
To Tax Procedure Law	6.315.727	3.697.510
Differences	705.541	2.826.284

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

13. Revenue and cost of sales

The details of the Company's revenue and cost of sales as of January 1 – March 31, 2025 and 2024 are as follows:

	January 1 – March 31, 2025	January 1 – March 31, 2024
Domestic sales	4.220.352	4.045.714
Total sales	4.220.352	4.045.714
Cost of sales	(3.017.145)	(2.729.124)
Gross profit	1.203.207	1.316.590

The distribution of the Company's revenues by product type as of January 1 – March 31, 2025 and 2024 are as follows:

	January 1 – March 31, 2025	January 1 – March 31, 2024
Sales of gold bars Sales of silver bars	4.197.216 23.136	4.034.469 11.245
Total	4.220.352	4.045.714

14. Income from investing activities

The details of the Company's income from investing activities as of January 1 – March 31, 2025 and 2024 are as follows:

	January 1 –	January 1 –
	March 31, 2025	March 31, 2024

Interest income (*)	188.818	293.187
Currency-protected deposit fair value increases	170.333	607.379
Investment fund and stock fair value increases	173.222	742.449
Income from fixed asset sales	32.511	3.407
Other	2.494	-
Total	567.378	1.646.422

(*) It consists of interest income obtained from time deposits and currency protected time deposit accounts.

15. Expense from investing activities

The details of the Company's expense from investing activities as of January 1 – March 31, 2025 and 2024 are as follows:

	January 1 – March 31, 2025	January 1 – March 31, 2024
Loss from fixed asset sales	96	-
Total	96	-

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

16. Explanations on net monetary position gains/(losses)

	January 1 –
Non-monetary items	March 31, 2025
Statement of financial position items
Inventories	162.171
Prepaid expenses	(11.551)
Financial investments	249.161
Tangible assets	818.513
Intangible assets	1.762
Mining assets	229.297
Investment properties	139.908
Adjustment to share capital	(934.734)
Restricted reserves	(2.179.427)
Retained earnings	(165.290)
Reserves for withdrawn shares	279.433
Other comprehensive income/expense not to be reclassified to profit/loss	29.183
Deferred tax	121.095
Statement of profit/loss items
Revenue	(111.975)
Cost of sales	52.963
Marketing, sales and distribution expenses	108
General administrative expenses	6.205
Other operating income	(1.014)
Other operating expense	481
Income from investing activities	810.992
Net monetary loss	(502.719)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

17. Income tax

Current income tax

Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, dividend income from domestic companies, other exempt income and investment incentives utilized.

As of March 31, 2025, the effective tax rate applied is 25% (December 31, 2024: 25%).

In Türkiye, advance tax is calculated and accrued on a three-month basis. The provisional tax rate to be calculated on corporate earnings during the taxation of 2025 corporate earnings as of the provisional tax periods is 25%. Losses can be carried forward for a maximum of 5 years to be deducted from taxable profits in future years. However, losses incurred cannot be deducted retroactively from profits in previous years.

Income Withholding Tax

In addition to corporate tax, income tax withholding must be calculated separately on dividends, excluding those distributed to full-fledged corporations and foreign companies' branches in Türkiye, which receive dividends in case of distribution and declare these dividends by including them in corporate income. Income tax withholding was applied as 10% in all companies between April 24, 2003 and July 22, 2006. As of December 22, 2021, this rate is applied as 10% with the President's decision numbered 4936. Dividends that are not distributed and added to the capital are not subject to income tax withholding.

Corporate tax liabilities / (assets) recognized in the balance sheet as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024
Current tax expense Prepaid taxes (-)	15.293 (19.936)	- (280.787)
Current income tax liability	(4.643)	(280.787)

Tax expense details recognized in the income statement as of March 31, 2025 and 2024 are as follows:

	March 31, 2025	December 31, 2024
Current tax expense Deferred tax expense / (income)	(15.293) 54.771	(315.174) (432.457)
Total tax expense	39.478	(747.631)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

17. Income tax (continued)

Deferred taxes

The Company recognizes deferred tax assets and liabilities for temporary differences arising from differences between its tax base legal financial statements and its financial statements prepared in accordance with TMS / TFRS. The aforementioned differences are generally due to the fact that some income and expense items are included in different periods in the financial statements subject to tax and the financial statements prepared in accordance with TMS / TFRS, and these differences are stated below. In the calculation of deferred tax assets and liabilities, the tax rates expected to be applied in the periods when assets are converted into income or debts are paid are taken into account.

The breakdown of cumulative temporary differences and the resulting deferred tax assets/(liabilities) at March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025		December 31, 2024
	Cumulative		Cumulative
	temporary		temporary	Deferred
	differences	Deferred tax	differences	tax

Inventories	417.404	(104.351)	413.890	(103.472)
Investment properties	115.548	(28.887)	(23.869)	5.967
Tangible and intangible assets	8.658	(2.165)	118.611	(29.653)
Leasing transactions	1.866	(467)	1.759	(440)
Mining assets	(3.759.240)	939.810	(3.723.301)	930.825
State right provision	(1.175.055)	293.764	(802.569)	200.642
Financial investments	(556.846)	139.211	(635.211)	158.803
Lawsuit provision	(324.159)	81.040	(356.778)	89.194
Employee termination benefit	(236.919)	59.230	(227.540)	56.885
Provision for unused vacation	(43.877)	10.969	(48.292)	12.073
Investment properties	(5.049)	1.262	(5.593)	1.398
Provisions for doubtful receivables	(59)	15	(65)	16
IFRS 9 provision	(6.803)	1.702	(8.986)	2.248
Other
Deferred tax assets, net		1.391.133		1.324.486
Movement of deferred tax is as follows:
			2025	2024
January 1			1.324.486	1.611.320
Deferred tax recognized in profit or loss			54.771	(432.457)
Deferred tax recognized in equity			11.876	19.045
March 31			1.391.133	1.197.908

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

18. Earnings per share

Earnings per share is calculated by dividing the current year net profit of the parent company by the weighted average number of shares traded throughout the year. Companies in Türkiye have right to increase its capital through the distribution of bonus shares to be met from the re-valuation fund or accumulated profits. During the calculation of earnings per share, these increases are accepted as shares distributed as dividends. Dividend distributions added to the capital are also evaluated in the same way. Therefore, while calculating the average number of shares, it is assumed that such shares are in circulation throughout the year. For this reason, the weighted average of the number of shares used in calculating the earnings per share is determined by considering the retroactive effects.

The earnings per share of the Company as of March 31, 2025 and 2024 are as follows:

	January 1 – March 31, 2025	January 1 – March 31, 2024
Net profit / loss attributable to the owners of the Company Weighted average number of share certificates (*)	506.146 320.195.152.239	(252.487) 320.209.662.697
Earnings per 100 share	0,0160	(0,008)
Total comprehensive income attributable to the owners of the Company	470.519	(309.626)
Earnings per 100 shares from total comprehensive income	0,015	(0,010)

(*) If the number of ordinary or potential ordinary shares outstanding increases as a result of capitalization, bonus issue or share split, or decreases as a result of a share merger, the calculation of basic and diluted earnings per share for all periods presented is adjusted retrospectively. If these changes occur after the reporting period but before the financial statements are approved for issue, the calculations per share in the financial statements of the current period and prior periods presented are based on the number of new shares outstanding. It is disclosed to the public that the calculations per share reflect the changes in the number of shares. In addition, for all periods presented, basic and diluted earnings per share figures are adjusted for the effects of retrospectively corrected errors and changes in accounting policies. The average number of shares in the current period was determined by calculating on a daily basis according to the repurchased shares.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

19. Related party disclosures

The other trade payables and other receivables of the Group consist of the payables and receivables given and received in order to meet the financing needs of the Group and its related parties during the year. Other payables and other receivables do not have a certain maturity, and the Group accrues interest on the related payables and receivables at the end of the period, using the current interest rate determined monthly, taking into account the evaluations made by the Group management and the developments in the markets. In this context, the current interest for March 2025 was applied as %51,92 per year (December 31, 2024: 55,56%).

Transactions with related parties are classified according to the following groups and include all related party disclosures in this note:

(1) Main shareholders
(2) Subsidiaries of other company of the main shareholders
(3) Other

The details of the transactions between the Company and other related parties are explained as below.

a) Related party balances

Other long term receivables of the Company from related parties as of March 31, 2025 and December 31, 2024 are as follows:

	March 31,	December 31,
	2025	2024

Konaklı Metal Madencilik San. Tic. A.Ş. (2) (*)	21.792	23.797
Türk Altın Holding A.Ş. (1)	3.602	-
ATP Koza Gıda Tarım Hay. A.Ş. (2)	986	266
TR Anadolu İnşaat ve Ticaret A.Ş. (1)	168	196
TR Havacılık Ticaret A.Ş. (2)	38	51
Other (3)	23.978	23.867
Total	50.564	48.177

(*) A large part of the related amount consists of personnel and consultancy services given to the company.

Other payables of the Company to related parties as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025	December 31, 2024
TR Anadolu Sigorta Aracılık Hizmetleri A.Ş. Türk Altın Holding A.Ş (1) (**) Other	4.812 - 312	11.115 105.009 207
Total	5.124	116.331

(**) It consists of debts related to the purchase of real estates located in Istanbul Province Beşiktaş District Bebek Neighborhood, island 1259, parcel 132 and 133 and in Ankara Province Çankaya District, island 28371, parcel 1 from Türk Altın Holding A.Ş./

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

19. Related party disclosures (continued)

b) Transactions with related parties

The purchases of the Company from related parties between January 1 – March 31, 2025 and 2024 are as follows;

	January 1 – March 31, 2025			January 1 – March 31, 2024
	Rent	Service	Other	Rent	Service	Other
İpek Doğal Enerji Kaynakları Araştırma
ve Üretim A.Ş. (2)	6.482	-	-	5.758	-	-
Türk Altın Holding A.Ş. (1)	-	-	6.167	-	-	1.440
ATP Koza Gıda Tarım Hay. A.Ş.	-	-	3.810	-	-	3.799
Türk Telekomünikasyon A.Ş (3)	-	-	278	-	-	-
Other (3)	-	-	1.919	-	-	921
Total	6.482	-	12.174	5.758	-	6.160

Sales of the Company to related parties between January 1 – December 31, 2024 and 2023 are as follows;

	January 1 – March 31, 2025			January 1 – March 31, 2024
	Interest	Service	Other	Interest	Service	Other
Türk Altın Holding A.Ş. (1)	-	-	992	156.017	-	1.755
Özdemir Antimuan Madenleri A.Ş.(2)	-	-	1.908	-	-	-
ATP Koza Gıda Tarım Hay. A.Ş. (2)	-	-	1.241	-	-	923
TR Otelcilik Turizm Seyahat ve Ticaret A.Ş. (2)	-	-	354	-	-	-
Koza Anadolu Metal Maden İşletmeleri A.Ş.	-	-	1.251	-	-	-
T.C. Ziraat Bankası A.Ş. (3) (*)	-	-	4.154	-	-	-
Diğer (3)	354	-	1.657		-	7.332
Total	354	-	11.557	156.017	-	10.010

(*) The Company sells its dore bars of gold to T.C. Ziraat Bankası A.Ş. on consignment to be sold to the Central Bank of the Republic of Türkiye which has pre-emptive rights.

c) Compensations provided to key management; The Company's key management consist of the general manager and assistant general managers. Compensations provided to senior management include benefits such as wages and bonuses. Total amount of wages and similar benefits paid to key management between January 1 – March 31, 2025 is amounting to TL 16,111 thousand. The entire amount consists of the wages. (January 1 – March 31, 2024: TL 15,565 thousand)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

20. Nature and level of risks arising from financial instruments

The Company's main financial instruments consist of cash, short-term deposits, currency protected deposits and funds. The main purpose of financial instruments is to finance the activities of the Company. Apart from these, the Company has financial instruments such as trade receivables and payables that arise as a result of its activities.

The Company is exposed to market risk, which consists of currency, cash flow and interest rate risks, capital risk, credit risk and liquidity risk, due to operations. Risk management policy is to focus on unexpected changes in the financial markets.

The management policy of financial risks should be made by the Company's senior management and commercial and financial affairs department in line with the policies and strategies approved by the Board of Directors. The Board of Directors should prepare general principles and policies for the management of currency, interest and capital risks, and closely monitor financial and operational risks (especially arising from fluctuations in gold prices). The Company does not have an Early Risk Detection Committee.

The purpose that the Company should set to manage financial risks can be summarized as follows:

Ensuring the continuity of the cash flow obtained from the activities and main assets of the Company, taking into account the exchange rate and interest risks,
Keeping a sufficient amount of credit resources available to be used effectively and efficiently under the most appropriate conditions in terms of type and maturity,
Keeping the risks arising from the counterparty at a minimum level and following them effectively.

The main risks arising from the financial instruments of the Company are interest rate risk, foreign currency risk, credit risk and liquidity risk. The policies of the management regarding to manage these risks are summarized below.

a) Credit risk:

The risk of financial loss of the Company due to the failure of one of the parties to the financial instrument to fulfill its contractual obligation is defined as credit risk. Financial instruments of the Company that may cause a significant concentration of credit risk mainly consist of cash and cash equivalents and trade receivables. The maximum credit risk that the Company may be exposed to is up to the amounts reflected in the financial statements.

The Company has cash and cash equivalents in various financial institutions.

The Company sells its dore bars of gold to a domestic bank on consignment to be sold to the Central Bank of the Republic of Türkiye which has pre-emptive rights, and silver to a domestic refinery again on consignment. Due to the fact that the sales are made on demand and the customer is corporate, the Company considers that there is no significant risk of receivables.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

20. Nature and level of risks arising from financial instruments (continued)

a) Credit risk (continued)

The analysis of the Company's credit risk as of March 31, 2025 and December 31, 2024 are as follows:

				Cash and cash equivalents
	Trade receivables		Other receivables
March 31, 2025	Related party		Third party Related party	Third party	Deposits in banks
Maximum credit risk exposure as of the reporting date
(A+B+C+D+E) *	-	2.133	50.564	262.498	1.732.502
Portion of the maximum risk that is guaranteed
with a collateral, etc	-	-	-	-	-
A. Net book value of financial assets that are
not overdue or not impaired	-	2.133	50.564	262.498	1.732.502
B. The book value of financial assets whose conditions have been renegotiated or that would be deemed overdue or impaired	-	-	-	-	-
C. Net book value of assets that are overdue but not impaired	-	-	-	-	-
D. Net book values of impaired assets	-	-	-	-	-
Overdue (gross book value)	-	61.248	-	-	-
Impairment (-) The part of net value under	-	(61.248)	-	-	-
guarantee with collateral, etc	-	-	-	-	-
Not due (gross book value)	-	-	-	-	-
Impairment (-)	-	-	-	-	-
The part of net value under
guarantee with collateral, etc	-	-	-	-	-
E. Off-balance sheet items with credit risk	-	-	-	-	-

				Cash and cash
	Trade receivables		Other receivables		equivalents
December 31, 2024	Related party	Third party	Related party	Other party	Related party
Maximum credit risk exposure as of the reporting date (A+B+C+D+E) * Portion of the maximum risk that is guaranteed with a collateral, etc	- -	3.449 -	48.177 -	9.749 -	118.150 -
A. Net book value of financial assets that are not
overdue or not impaired	-	3.449	48.177	9.749	118.150
B. The book value of financial assets whose conditions have been renegotiated or that would be deemed overdue or impaired	-	-	-	-	-
C. Net book value of assets that are overdue but not impaired	-	-	-	-	-
D. Net book values of impaired assets	-	-	-	-	-
Overdue (gross book value)	-	67.565	-	-	-
Impairment (-)	-	(67.565)	-	-	-
The part of net value under
guarantee with collateral, etc	-	-	-	-	-
Not due (gross book value)	-	-	-	-	-
Impairment (-)	-	-	-	-	-
The part of net value under
guarantee with collateral, etc	-	-	-	-	-
E. Off-balance sheet items with credit risk	-	-	-	-	-

(*) In determining the amount, factors that increase credit reliability, such as guarantees received, have not been taken into account.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

20. Nature and level of risks arising from financial instruments (continued)

b) Market risk

Due to operations, the Company is exposed to financial risks related to changes in exchange rates and interest rates. Market risks encountered by the Company are measured on the basis of sensitivity analysis. In the current year, there isn't any change in the market risk that the Company is exposed to, or the method of handling the encountered risks or the method used to measure these risks, compared to the previous year.

Transactions in foreign currency cause exchange risk. The Company controls this risk through a natural precaution that occurs by netting foreign currency assets and liabilities.

The distribution of the monetary and non-monetary assets and monetary and non-monetary liabilities of the Company in foreign currency as of the date of financial position is as follows:

	Foreign exchange position table TL equivalent
	(functional
March 31, 2025	currency)	Usd	Euro	Gbp
Cash and cash equivalents	13.764	361	2	1
Other receivables	9.349	31	135	55
Current assets	23.113	392	137	56
Total assets	23.113	392	137	56
Trade payables	192.110	2.625	1.975	258
Other payables	207.371	5.491	-	-
Current liabilities	399.481	8.116	1.975	258
Total liabilities	399.481	8.116	1.975	258
Net foreign currency position	(376.368)	(7.724)	(1.838)	(202)

As of March 31, 2025, the Company has foreign currency protected deposits amounting to thousand TL 2,787,961.

		Foreign exchange
	Foreign exchange	position table
	position table	TL equivalent
	TL equivalent	(functional currency)
December 31, 2024	(Functional currency)	(Historical values)	Usd	Euro	Gbp
Cash and cash equivalents	89	81	-	1	1
Other receivables	3.833	3.482	30	1	54
Current assets	3.922	3.563	30	2	55
Total assets	3.922	3.563	30	2	55

Trade payables	141.928	128.952	2.219	1.106	227
Other payables	213.218	193.724	5.491	-	-
Current liabilities	355.146	322.676	7.710	1.106	227
Total liabilities	355.146	322.676	7.710	1.106	227
Net foreign currency position	(351.224)	(319.113)	(7.680)	(1.104)	(172)

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

20. Nature and level of risks arising from financial instruments (continued)

b) Market risk (continued)

Sensitivity analysis;

The Company is exposed to currency risk mainly in US Dollars, Euro and GBP.

The table below shows the sensitivity of the Company to 10% increase and decrease in US Dollar, Euro and GBP exchange rates. The sensitivity analysis includes only open monetary items in foreign currency at the end of the period and shows the effects of the 10% exchange rate change at the end of the year. Positive value indicates an increase in profit / loss and other equity items.

March 31, 2025		Profit / Loss		Equity
	Appreciation of	Depreciation of	Appreciation of
	foreign	foreign	foreign	Depreciation of
	currency	currency	currency	foreign currency
	In case of 10% appreciation / depreciation of USD against TL
1- USD net asset/liability	(29.171)	29.171	(29.171)	29.171
2- Portion protected from USD risk (-)	-	-	-	-
3- USD net effect (1+2)	(29.171)	29.171	(29.171)	29.171
	In case of 10% appreciation / depreciation of EUR against TL
4- EUR net asset/liability 5- Portion protected from EUR risk (-)	(7.481) -	7.481 -	(7.481) -	7.481 -
6-EUR net effect (4+5)	(7.481)	7.481	(7.481)	7.481
	In case of 10% appreciation / depreciation of GBP against TL
7-GBP net asset/liability	(986)	986	(986)	986
8- Portion protected from GBP risk (-)	-	-	-	-
9-GBP Net effect (7+8)	(986)	986	(986)	986
Total (3+6+9)	(37.638)	37.638	(37.638)	37.638

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

20. Nature and level of risks arising from financial instruments (continued)

b) Market risk (continued)

December 31, 2024	Profit / Loss		Equity
	Appreciation of foreign currency	Depreciation of foreign currency	Appreciation of foreign currency	Depreciation of foreign currency
	In case of 10% appreciation / depreciation of USD against TL
1- USD net asset/liability 2- Portion protected from USD risk (-)	(29.822) -	29.822 -	(29.822) -	29.822 -
3- USD net effect (1+2)	(29.822)	29.822	(29.822)	29.822
	In case of 10% appreciation / depreciation of EUR against TL
4- EUR net asset/liability 5- Portion protected from EUR risk (-)	(4.464) -	4.464 -	(4.464) -	4.464 -
6-EUR net effect (4+5)	(4.464)	4.464	(4.464)	4.464
	In case of 10% appreciation / depreciation of GBP against TL
7-GBP net asset/liability 8- Portion protected from GBP risk (-)	(837) -	837 -	(837) -	837 -
9-GBP Net effect (7+8)	(837)	837	(837)	837
Total (3+6+9)	(35.123)	35.123	(35.123)	35.123

Price risk

The most important operational risk of the Company is the gold price risk.

The operational profitability of the Company and the cash flows it provides from its operations are affected by the changes in gold and silver prices in the markets. If the gold prices decrease comparing under the cash-based operational production costs of the Company and continue in this way for a certain period, the operational profitability of the Company may decrease.

The Company does not expect any change in gold prices to drop significantly in the near future. Accordingly, the Company has not used any derivative instruments to hedge the risk of falling gold prices and has not made a similar agreement.

c) Capital risk management:

While managing the capital, the Company's objectives are to maintain the most appropriate capital structure in order to benefit its shareholders and reduce the cost of capital and to ensure the continuity of the Company's activities.

In order to return capital to shareholders, the Company could maintain or reorganize its capital structure, issue new shares, and sell assets to reduce borrowing.

The Company uses the net financial debt / equity ratio to monitor the capital structure. Net debt is calculated by deducting cash and cash equivalents from the total debt amount (including loans and other payables to related parties as shown in the balance sheet). Company management should follow the net debt / equity ratio regularly and update it when necessary. The Company does not have an Early Detection of Risk Committee.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

21. Financial instruments (fair value disclosures and disclosures within the framework of hedge accounting)

Fair value of the financial instruments

The Company classifies the fair value measurements of the financial instruments measured at their fair values in the financial statements according to the source of the inputs of each financial instrument class, using a three-level hierarchy as follows.

First level: Quotation prices (unadjusted prices) in active markets for identical assets and liabilities that the entity can reach at the measurement date.
Second level: These are directly or indirectly observable inputs for the asset or liability and other than quoted prices within Level 1.
Third level: These are unobservable inputs to the asset or liability.

Level classifications of financial assets measured at their fair values:

March 31, 2025	Level 1	Level 2	Level 3	Total
Assets: Financial investments	9.423.261	2.787.961	-	12.211.222
Total	9.423.261	2.787.961	-	12.211.222
December 31, 2024	Level 1	Level 2	Level 3	Total
Assets: Financial investments	9.278.422	2.844.840	-	12.123.262
Total	9.278.422	2.844.840	-	12.123.262

22. Subsequent events after balance sheet date

- Regarding the "Çukuralan Gold Mine Crushing-Screening Facility Project" planned to be built by the company, it was announced on the Public Disclosure Platform (KAP) on February 25, 2025, that the Ministry of Environment, Urbanization and Climate Change had given a "Positive EIA" decision for the EIA process and final EIA report carried out in accordance with the legislation. However, regarding the Çukuralan Gold Mine Operation 3rd Capacity Increase Project, a lawsuit was filed with the İzmir 2nd Administrative Court with the file number 2025/594 E., requesting the cancellation of the positive Environmental Impact Assessment (EIA) decision given by the Ministry of Environment and Urbanization by the İzmir Metropolitan Municipality and a stay of execution was requested. In the case in question, the court has made an interim decision to notify the company about the relevant case, and since there is no final decision yet, the company continues its mining production activities within the scope of the "Çukuralan Gold Mine Crushing-Screening Facility Project" in accordance with the relevant legislation.
On November 28, 2024, the company announced on the Public Disclosure Platform that the case numbered 2020/20 E. of the Ankara 24th High Criminal Court was postponed to May 15, 2025. As a result of the hearing held regarding the relevant case, Ankara 24th High Criminal Court decided to continue the arrest and detention orders in absentia against the defendants and to wait for their execution, and to postpone the hearing to October 23, 2025.

Notes to the condensed financial statements for the period ended March 31, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of March 31, 2025, unless otherwise stated.)

23. Other matters that significantly affect the financial statements or are required to be disclosed for the financial statements to be clear, interpretable and understandable

The Company's financial statements for the years ended December 31, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024 have been approved by the Board of Directors with the board decisions dated April 24, 2018, April 30, 2018, February 28, 2019, February 27, 2020, March 1, 2021, March 1, 2022, March 1, 2023, May 9, 2024 and March 14, 2025 respectively, and published by excluding the possible cumulative effects of the works and transactions belonging to the previous financial periods, whose judgment process continues, in accordance with the provisions of Article 401/4 of the Turkish Commercial Code No. 6102 ("TCC"). The audited financial statements for the year ended December 31, 2015 were not approved by the Board of Directors in accordance with the provisions of Article 401/4 of the TCC. Subsequently, with the decision of the Board of Directors of the Company, the phrase "excluding the possible cumulative effects of the transactions and operations from previous financial periods on the statements in accordance with the provisions of Article 401/4 of the Turkish Commercial Code No. 6102 ("TCC")" has been removed from the decisions regarding the approval of the financial statements for December 31, 2023. The ordinary general assembly meetings of the Company for the years 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024 could not be submitted to the approval of the General Assembly. Following the decision of the Ankara 5th Criminal Court of Peace dated October 26, 2015, the management of the Company was transferred to the trustee committee, and subsequently, with the Law No. 674 published on September 1, 2016, regarding certain regulations within the scope of the state of emergency, all powers of the Company were transferred to the Savings Deposit Insurance Fund ("TMSF") on September 22, 2016. With the decision of the TMSF Fund Board dated September 12, 2024, numbered 2024/406, and the decision of the Board of Directors dated September 12, 2024, the transfer of the Company's shares belonging to the treasury to the Türkiye Wealth Fund has been registered in the share register. The transfer of the Company's shares belonging to the treasury to the Türkiye Wealth Fund was registered on October 18, 2024, and published in the Trade Registry Gazette dated October 22, 2024, numbered 11191. As of the report date, the ordinary general assembly meetings for the relevant years and the financial statements for the relevant periods could not be submitted for approval to the General Assembly.

AI Terminal

KOZA ALTIN İŞLETMELERİ A.Ş.

5937_rns_2025-05-22_96f5c28b-122c-4da7-a3c3-114f5f4a2333.pdf

Condensed statement of financial position as of March 31, 2025

Condensed statement of financial position as of March 31, 2025

Condensed statement of profit or loss and other comprehensive income

for the period ended March 31, 2025

Condensed statement of changes in equity for the period ended March 31, 2025

Condensed statement of cash flows for the period ended March 31, 2025

Notes to the condensed financial statements for the period ended March 31, 2025

1. Company's organization and nature of the operations

Notes to the condensed financial statements for the period ended March 31, 2025

1. Company's organization and nature of the operations (continued)

2. Basis of presentation of financial statements

2.1 Basis of presentation

Financial reporting standards

Foreign currency

Functional and reporting currency

Notes to the condensed financial statements for the period ended March 31, 2025

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Foreign currency (continued)

Foreign currency transactions and balances

Adjustment of Financial Statements in High Inflation Periods

Notes to the condensed financial statements for the period ended March 31, 2025

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Adjustment of Financial Statements in High Inflation Periods (continued)

Going concern

Declaration of conformity to TFRS

Notes to the condensed financial statements for the period ended March 31, 2025

2. Basis of presentation of financial statements (continued)

2.2 Accounting policies, changes in accounting estimates and errors

2.3 The new standards, amendments and interpretations

i) The new standards, amendments and interpretations which are effective as of January 1, 2025 are as follows:

ii) Standards issued but not yet effective and not early adopted

iii) The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by Public Oversight Authority (POA)

Notes to the condensed financial statements for the period ended March 31, 2025

2.4 Summary of significant accounting policies

2.5 Significant accounting judgments estimates and assumptions

Notes to the condensed financial statements for the period ended March 31, 2025

2. Basis of presentation of financial statements (continued)

2.5 Significant accounting judgments estimates and assumptions (continued)

Notes to the condensed financial statements for the period ended March 31, 2025

2. Basis of presentation of financial statements (continued)

2.5 Significant accounting judgments estimates and assumptions (continued)

Notes to the condensed financial statements for the period ended March 31, 2025

3. Cash and cash equivalents

Notes to the condensed financial statements for the period ended March 31, 2025

4. Financial investments

i- Short term financial investments

ii- Long term financial investments

Notes to the condensed financial statements for the period ended March 31, 2025

5. Inventories

6. Prepaid expenses

i- Short-term prepaid expenses

Notes to the condensed financial statements for the period ended March 31, 2025

7. Other current and non-current assets

i- Other current assets

ii- Other non-current assets

Notes to the condensed financial statements for the period ended March 31, 2025

8. Investment properties

Notes to the condensed financial statements for the period ended March 31, 2025

9. Property, plant and equipment

a) Mining assets

Notes to the condensed financial statements for the period ended March 31, 2025

9. Property, plant and equipment (continued)

a) Mining assets (continued)

Notes to the condensed financial statements for the period ended March 31, 2025

9. Property, plant and equipment (continued)

b) Other tangible assets

Notes to the condensed financial statements for the period ended March 31, 2025

9. Property, plant and equipment (continued)

b) Other tangible assets (continued)

Notes to the condensed financial statements for the period ended March 31, 2025

10. Intangible assets

a) Other intangible assets

Notes to the condensed financial statements for the period ended March 31, 2025

11. Provisions, contingent assets and liabilities

a) Short-term provisions