(Convenience translation of the limited review report and financial statements originally issued in Turkish)

KOZA ALTIN İŞLETMELERİ A.Ş.

INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2025 TOGETHER WITH LIMITED REVIEW REPORT

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 6-49

Condensed statement of financial position as of June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

	Notes	Current period Reviewed June 30, 2025	Prior period Audited December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3	4.016.981	125.267
Financial investments	4	10.880.436	13.183.284
Trade receivables
- Due from third parties		2.458	3.656
Other receivables
- Due from third parties		206.874	5.568
Inventories	5	1.867.796	3.227.915
Prepaid expenses	6	129.922	160.665
Assets related to current period tax		-	297.653
Other current assets	7	14.450	1.277
Subtotal		17.118.917	17.005.285
Assets held for sale	8	1.066.400	-

TOTAL CURRENT ASSETS		18.185.317	17.005.285
NON-CURRENT ASSETS
Financial investments	4	2.895.789	2.888.956
Other receivables
- Due from related parties	20	29.753	51.071
- Due from third parties		3.408	4.766
Right-of-use assets		3.130	9.155
Investment properties	8	550.109	1.622.176
Property, plant and equipment	9	14.280.557	11.946.001
Intangible assets
- Other intangible assets	10	32.322	44.913
Prepaid expenses	6	1.042.036	1.788.136
Deferred tax assets	18	1.606.638	1.404.044
Other non-current assets	7	1.175.751	1.051.226
TOTAL NON-CURRENT ASSETS		21.619.493	20.810.444
TOTAL ASSETS		39.804.810	37.815.729

Condensed statement of financial position as of June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

	Notes	Current period Reviewed June 30, 2025	Prior period Audited December 31, 2024
LIABILITIES
CURRENT LIABILITIES
Short-term lease liabilities
- Lease liabilities		1.953	5.729
Trade payables
- Due to third parties Payables related to employee benefits		725.724	232.281
Other payables		168.664	179.077
- Due to related parties	20	123.890	123.319
- Due to third parties		183.564	54.230
Deferred revenues (Excluding liabilities arising
from customer agreements)		180	243
Current income tax liabilities		53.798	-
Short-term provisions
- Provisions for employee benefits	11	34.449	51.193
- Other short-term provisions	11	908.788	1.349.428
Other current liabilities		24.115	53.488
TOTAL CURRENT LIABILITIES		2.225.125	2.048.988
NON-CURRENT LIABILITIES
Long-term lease liabilities
- Lease liabilities		859	1.562
Long-term provisions
- Provisions for employee benefits	11	245.480	241.208
- Other long-term provisions	11	1.165.578	1.021.413

TOTAL NON-CURRENT LIABILITIES		1.411.917	1.264.183
EQUITY		36.167.768	34.502.558
Paid-in share capital	12	3.202.500	3.202.500
Adjustment to share capital	12	7.635.382	7.635.382
Withdrawn shares (-)	12	(3.239.918)	(3.239.918)
Other comprehensive income / expense not to be reclassified to profit or loss
- Actuarial gain / (loss) fund for employee benefits Restricted reserves		(349.381)	(338.369)
- Legal reserves	12	3.675.743	3.675.743
- Reserves for withdrawn shares	12	3.239.918	3.239.918
Retained earnings		20.327.302	19.622.603
Net profit for the period		1.676.222	704.699
TOTAL LIABILITES AND EQUITY		39.804.810	37.815.729

Condensed statement of profit or loss and other comprehensive income

for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

	Notes	Reviewed January 1 – June 30, 2025	Reviewed January 1 – June 30, 2024	Not reviewed April 1 – June 30, 2025	Not reviewed April 1 – June 30, 2024
Revenue Cost of sales (-)	13 13	7.225.652 (4.570.115)	7.107.823 (4.835.882)	2.751.795 (1.371.739)	2.819.094 (1.942.827)
GROSS PROFIT		2.655.537	2.271.941	1.380.056	876.267
Research and development expenses (-) Marketing, sales and distribution expenses (-) General administrative expenses (-) Other operating income Other operating expenses (-)	16 16	(717.264) (141.492) (708.420) 217.285 (195.636)	(647.830) (113.533) (657.880) 127.153 (568.476)	(338.731) (108.271) (348.074) 183.138 (84.368)	(231.621) (109.374) (316.390) 68.675 (332.346)
OPERATING PROFIT / (LOSS)		1.110.010	411.375	683.750	(44.789)
Income from investing activities Expense from investing activities (-)	14 15	1.880.245 (102)	2.859.137 -	1.278.786 -	1.113.819 -
OPERATING PROFIT BEFORE FINANCIAL INCOME		2.990.153	3.270.512	1.962.536	1.069.030
Financial expense (-) Net monetary position losses (-)	17	(162) (1.352.154)	(6.151) (3.974.911)	(162) (819.239)	- (2.304.466)
PROFIT/LOSS BEFORE TAX FROM CONTINUED OPERATIONS		1.637.837	(710.550)	1.143.135	(1.235.436)
- Current tax expense (-) - Deferred tax income	18 18	(160.538) 198.923	- 389.676	(144.326) 140.862	334.105 848.110
NET PROFIT / (LOSS) FOR THE PERIOD		1.676.222	(320.874)	1.139.671	(53.221)
Other comprehensive (expense)/ income Total other comprehensive income not to be classified to profit		(11.012)	(107.422)	26.755	(46.852)
or loss in subsequent years - Gains / (losses) on remeasurements of defined benefit plans - Gains / (losses) on remeasurements of		(14.683)	(143.229)	35.673	(62.469)
defined benefit plans, tax effect	18	3.671	35.807	(8.918)	15.617
TOTAL COMPREHENSIVE INCOME / (EXPENSE)		1.665.210	(428.296)	1.166.426	(100.073)
Earnings per 100 share from profit for period common stock (TL)	19	0,052	(0,010)	0,036	(0,002)
Earnings per 100 share from total income common stock (TL)	19	0,052	(0,013)	0,036	(0,003)

Condensed statement of changes in equity for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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	7.635.382	(2.436.459)	(205.541)	6.112.201	19.741.993	684.069	34.734.145
Net loss for the period Other comprehensive loss	- -	- -	- -	- (107.422)	- -	- -	(320.874) -	(320.874) (107.422)
Total comprehensive loss	-	-	-	(107.422)	-	-	(320.874)	(428.296)
Transfers	-	-	-	-	-	684.069	(684.069)	-
Increase (Decrease) through Treasury Share Transactions	-	-	(691.215)	-	691.215	(691.215)	-	(691.215)
Balance as of June 30, 2024	3.202.500	7.635.382	(3.127.674)	(312.963)	6.803.416	19.734.847	(320.874)	33.614.634
Balance as of January 1, 2025	3.202.500	7.635.382	(3.239.918)	(338.369)	6.915.661	19.622.603	704.699	34.502.558
Net profit for the period Other comprehensive loss	- -	- -	- -	- (11.012)	- -	- -	1.676.222 -	1.676.222 (11.012)
Total comprehensive income/ (loss)	-	-	-	(11.012)	-	-	1.676.222	1.665.210
Transfers	-	-	-	-	-	704.699	(704.699)	-
Balance as of June 30, 2025	3.202.500	7.635.382	(3.239.918)	(349.381)	6.915.661	20.327.302	1.676.222	36.167.768

Condensed statement of cash flows for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

	Notes	Current period Reviewed January 1 – June 30, 2025	Prior period Reviewed January 1 – June 30, 2024
A. Cash flows from operating activities		3.315.128	4.760.912
Profit for the period from the continuing operations		1.676.222	(320.874)
Adjustments to reconcile profit for the period
Adjustments to depreciation and amortization Adjustments for fair value (gains) of financial assets Adjustments for provisions	14	399.870 (1.112.937)	1.105.392 (2.199.606)
- Adjustments for provisions for lawsuits - Adjustments for sectoral provisions - Adjustments for debt provisions	16	(152.732) 960.285 5.962	145.180 1.172.283 (16.865)
- Adjustments for provisions for employee benefits Adjustments for tax expense Adjustments for interest expenses	11 18	10.518 (38.385) 29.277	50.275 (389.676) 30.424
Adjustments for interest income Adjustments for gains arising from disposal of tangible assets Adjustments related to the impairment of receivables	14 14,15	(709.790) (53.539) 733	(659.523) (8) -
Adjustments for monetary loss Total adjustments		1.735.234 1.074.496	2.890.795 2.128.671
Increase/ (decrease) in trade receivables Decrease / (increase) in other receivables Increase in other payables		10.701 97.705 129.841	(2.816) 186.639 49.753
Decrease in inventories Decrease/ (increase) in prepaid expenses Increase in trade payables	5	1.360.119 70.844 (22.789)	389.574 3.275.054 (238.901)
Decrease/ (increase) in other receivables from related parties related to activities (Decrease) / increase in payables related to employee benefits (Increase) / decrease in other assets related to activities Decrease in other liabilities related to activities		21.318 (10.413) (137.698) (29.373)	192.068 (39.483) 109.728 11.479
Payments of employee retirement benefits Payments related to other provisions Taxes paid	11	(24.143) (796.408) (105.294)	(126.279) (274.109) (579.592)
Net cash from operating activities B. Cash flows from investing activities		564.410	2.953.115
Cash outflows from purchase of tangible assets Cash outflows from purchase of intangible assets	10	694.122 (1.511.142) (1.689)	(2.239.113) (2.778.558) (2.032)
Cash advances and debts given (-) Cash inflows related to sale of tangible assets Interest received	9	- 78.459 556.151	(1.815.039) 26.391 650.740
Cash flows related to financial investments, net C. Net cash from financing activities		1.572.343 (3.807)	1.679.385 (1.345.989)
Cash outflows related to withdrawn transactions (-)		-	(691.215)
Cash outflows related to lease liabilities (-) Cash outflows due to borrowing		(3.807) -	(9.036) (645.738)
D. Monetary loss on cash and cash equivalents		(267.369)	(205.924)
Net increase in cash and cash equivalents (A+B+C+D)		3.738.074	969.886
E. Cash and cash equivalents at the beginning of the year	3	124.689	435.802
F. Cash and cash equivalents at the end of the year (A+B+C+D+E)	3	3.862.763	1.405.688

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 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 June 30, 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 2,883,168 thousand TL (December 31, 2024: 2,883,168 thousand TL).

As of June 30, 2025, the number of employees is 2.045 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.

Approval of the consolidated financial statements

The condensed financial statements dated June 30, 2025 were approved by the Board of Directors and authorized to be published on August 11, 2025.

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 condensed 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 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 June 30, 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 June 30, 2025, the indexes and correction coefficients for the current and comparative periods used in the correction of the financial statements are as follows:

			Three-year cumulative
Period end	Index	Index, %	inflation rates
June 30, 2025	3.132,17	1,00000	220%
December 31, 2024	2.684,55	1,16674	291%
June 30, 2024	2.319,29	1,35049	324%

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 2025. Non-monetary items which are not expressed in terms of measuring unit as of June 30, 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 June 30, 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's condensed financial statements have been prepared in accordance with the provisions of the CMB's Communiqué No. II, No. 14.1, "Principles Regarding Financial Reporting in Capital Markets" ("Communiqué"), published in the Official Gazette No. 28676 dated June 13, 2013, and based on the Turkish Financial Reporting Standards ("TFRS") and related annexes and interpretations in accordance with international standards published by the Public Oversight Accounting and Auditing Standards Authority ("KGK"). TFRS is updated through communiqués to ensure parallelism with changes in International Financial Reporting Standards ("IFRS").

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Comparative Information and Reclassification of Prior Period Financial Statements

In order to enable the identification of financial position and performance trends, the Company's interim condensed financial statements are prepared on a comparative basis with the prior period. Accordingly, the statement of financial position as of 30 June 2025 is presented together with the statement of financial position as of 31 December 2024, and the statement of profit or loss, statement of other comprehensive income, statement of cash flows, and statement of changes in equity for the period 1 January – 30 June 2025 are presented comparatively with the corresponding statements for the period 1 January – 30 June 2024.

The Company has reclassified the balance of TL 225,669 thousand previously presented under other non-current liabilities as of 31 December 2024, to non-current provisions.

Additionally, time deposits with foreign currency protection and blocked term deposits amounting to TL 331,812 thousand, which were previously classified under non-current financial investments as of 31 December 2024, have been reclassified to current financial investments.

2.2 Accounting policies, changes in accounting estimates and errors

If a change in accounting estimates affects only the current period, it is applied prospectively in the period of the change. If it affects both the current and future periods, it is applied prospectively in both the period of the change and future periods.The significant estimates used in the preparation of the condensed financial statements for the period ended 30 June 2025 are consistent with those applied in the preparation of the financial statements for the year ended 31 December 2024.

2.3 The new standards, amendments and interpretations

The accounting policies adopted in preparation of the financial statements as of June 30, 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
Amendments to TFRS 9 and TFRS 7 Classification and measurement of financial instruments
Amendments to TFRS 9 and TFRS 7 Contracts Referencing Nature-dependent Electricity
TFRS 18 Presentation and Disclosures in Financial Statements
TFRS 19 Subsidiaries without Public Accountability: Disclosures

TFRS 19 is not applicable for the Company, the Company is in the process of assessing the impact of the other amendments and standarts on financial position and performance.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

2. Basis of presentation of financial statements (continued)

2.3 The new standards, amendments and interpretations (continued)

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.

Annual Improvements to IFRS Accounting Standards – Volume 11

The Company expects no significant impact on its balance sheet and equity.

2.4 Summary of significant accounting policies

Interim financial statements for the period ending on June 30, 2025 have been prepared in accordance with the TAS 34 standard for the preparation of interim summary condensed financial statements of TAS / TFRS.

The condensed interim financial statements for the period ending on June 30, 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 measured and probable mineral reserves at each balance sheet date. In order to determine the quantity of measured, indicated and inferred mineral reserves, the 2024 UMREK Report, prepared in accordance with the National Mineral Resource and Reserve Reporting Committee (UMREK) reporting code, was completed and approved in line with UMREK standards as of April 7, 2025.

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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 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 (June 30, 2025: 4.17%, 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 June 30, 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

3. Cash and cash equivalents

	June 30, 2025	December 31, 2024
Cash	88	21
Banks
- Demand deposits	46.508	39.973
- Time deposits	3.970.385	85.273
Total	4.016.981	125.267
Less: Interest accruals	(154.218)	(578)
Cash and cash equivalents presented in the cash flow statement	3.862.763	124.689

The details of the Company's time deposits as of June 30, 2025 are as follows;

Currency	Interest rate	Maturity	Currency amount	TL Equivalent
TL	%45,50 - %50,00	1-30 Days	3.970.385	3.970.385
Total				3.970.385

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	85.273	85.273
Total				85.273

The Company's blocked deposits of 24,162 Thousands TL have been presented under financial investments account (December 31, 2024: 28,716 Thousands TL).

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

4. Financial investments

i- Short term financial investments

The short term financial investments of the Company as of June 30, 2025 and December 31, 2024 are as follows;

	June 30, 2025	December 31, 2024
Financial assets accounted at fair value under profit or loss
-Shares and investment funds (***)	10.248.383	9.835.751
-Currency protected time deposits (**)	607.891	3.318.817
Blocked deposits	24.162	28.716
Total	10.880.436	13.183.284

ii- Long term financial investments

The long term financial investments of the Company as of June 30, 2025 and December 31, 2024 are as follows;

	June 30, 2025	December 31, 2024
Shares in subsidiaries (*)	2.895.789	2.888.956
Total	2.895.789	2.888.956

(*) 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 deposit accounts are accounted for as financial assets measured at fair value through profit or loss. The Company has converted its foreign currency deposit account amounting to USD 13,605 thousand into "Currency Protected TL Time Deposit Accounts. The Company's blocked deposits amounting to 220,000 Thousand TL in the currency protected time deposit accounts have been presented under the financial investments account (December 31, 2024: 303,096 Thousand TL).
(***) The Company has 2,807,733,694 investment fund participation certificates worth 8,445,775 thousand TL in total, 24,486,605 shares worth 1,802,608 thousand TL worth private sector bonds and the fair value of the financial investments is accounted for as financial assets recognized in profit or loss (December 31, 2024: The Company has 2,807,733,694 investment fund participation certificates worth 7,985,461 thousand TL in total, 24,486,605 shares worth 1,850,290 thousand TL worth private sector bonds and the fair value of the financial investments is accounted for as financial assets recognized in profit or loss

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

5. Inventories

The inventories of the Company as of June 30, 2025 and 2024 are as follows;

	June 30, 2025	December 31, 2024

Gold and silver in the production process and gold and silver bars	816.868	1.924.449
Ready to be processed and mined ore clusters	753.684	957.796
Chemicals and operating materials	297.244	345.670
Total	1.867.796	3.227.915

6. Prepaid expenses

The prepaid expenses of the Company as of June 30, 2025 and December 31, 2024 are as follows;

i- Short-term prepaid expenses

	June 30, 2025	December 31, 2024
Costs for the future months (*) Advances given	77.369 52.553	127.600 33.065
Total	129.922	160.665

ii- Long-term prepaid expenses

	June 30, 2025	December 31, 2024
Advances given (*) Costs for the coming years ()	1.028.640 13.396	1.783.360 4.776
Total	1.042.036	1.788.136

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

(**) Of the advances given, TL 598,891 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

7. Other current and non-current assets

i- Other current assets

The other current assets of the Company as of June 30, 2025 and December 31, 2024 are as follows;

	June 30, 2025	December 31, 2024
Advances given to suppliers Advances given to personnel	11.166 3.284	379 898
Total	14.450	1.277

ii- Other non-current assets

The other non-current assets of the Company as of June 30, 2025 and December 31, 2024 are as follows;

	June 30, 2025	December 31, 2024
Spare parts and other materials (*)	1.175.751	1.051.226
Total	1.175.751	1.051.226

(*) 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

8. Investment properties

The investment properties of the Company as of June 30, 2025 and 2024 are as follows;

	January 1, 2025	Addition	Disposals	Transfers (*)	June 30, 2025
Cost
Buildings	1.622.176	-	-	(1.066.400)	555.776
Total	1.622.176	-	-	(1.066.400)	555.776
Accumulated amortization
Buildings	-	5.667	-	-	5.667
Total	-	5.667	-	-	5.667
Net book value	1.622.176				550.109

The comparative information for the investment properties is not presented for the previous period as the acquisition occurred after June 30, 2024.

(*) As of June 30, 2025, real estates with a cost of 1,066,400 thousand TL has been transferred to assets held for sale.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

9. Property, plant and equipment

The property, plant and equipment of the Company as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024
Mining assets Other tangible assets	2.716.484 11.564.073	2.658.281 9.287.720
Total	14.280.557	11.946.001

a) Mining assets

As of June 30, 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.

	June 30, 2025	December 31, 2024
Mine site development cost Mining rights	1.930.246 554.891	1.855.164 574.090
Mining sites	231.347	229.027
Total	2.716.484	2.658.281

The movements of mining assets are as follows;

	January 1,			Inflation	June 30,
	2025	Addition	Disposals	effect (*)	2025
Cost
Mining sites	939.365	2.320	-	-	941.685
Mine site development costs	8.405.196	126.590	(923)	-	8.530.863
Deferred stripping costs	2.996.797	-	-	-	2.996.797
Rehabilitation of mining facility	715.601	-	-	(102.267)	613.334
Mining rights	807.375	1.229	(21.755)	-	786.849
Total	13.864.334	130.139	(22.678)	(102.267)	13.869.528
Accumulated depreciation
Mining sites	710.338	-	-	-	710.338
Mine site development costs	6.550.032	51.508	(923)	-	6.600.617
Deferred stripping costs	2.996.797	-	-	-	2.996.797
Rehabilitation of mining facility	715.601	-	-	(102.267)	613.334
Mining rights	233.285	35	(1.362)	-	231.958
Total	11.206.053	51.543	(2.285)	(102.267)	11.153.044
Net book value	2.658.281				2.716.484

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

a) Mining assets (continued)

	January 1, 2024	Addition	Disposals	Inflation effect (*)	June 30, 2024

Cost
Mining sites	858.691	82.791	(2.117)	-	939.365
Mine site development costs	8.117.283	174.701	-	-	8.291.984
Deferred stripping costs	2.996.797	-	-	-	2.996.797
Rehabilitation of mining facility	739.219	257.071	-	(146.586)	849.704
Mining rights	694.396	106.751	-	-	801.147
Total	13.406.386	621.314	(2.117)	(146.586)	13.878.997
Accumulated depreciation
Mining sites	691.519	18.819	-	-	710.338
Mine site development costs	6.417.949	95.904	-	-	6.513.853
Deferred stripping costs	2.829.981	166.816	-	-	2.996.797
Rehabilitation of mining facility	612.693	358.507	-	(121.496)	849.704
Mining rights	232.946	315	-	-	233.261
Total	10.785.088	640.361	-	(121.496)	11.303.953
Net book value	2.621.298				2.575.044

(*) 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 June 30, 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 June 30, 2025, but are in use, are amounting to thousand TL 4,837,396 (June 30, 2024: 4,839,289 Thousand TL).

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

b) Other tangible assets

Movements of other tangible assets during the period as of June 30, 2025 and 2024 are as follows;

	January 1, 2025	Addition	Disposals	Transfers	June 30, 2025
Cost
Land, buildings and land
improvements	4.719.064	8.625	-	844.719	5.572.408
Machinery and equipment	11.537.079	114.605	(41.873)	-	11.609.811
Motor vehicles	2.117.949	224.795	(56.118)	-	2.286.626
Furnitures and fixtures	867.433	7.380	(117)	-	874.696
Construction in progress(*)	4.464.995	2.247.829	-	(844.719)	5.868.105
Total	23.706.520	2.603.234	(98.108)	-	26.211.646
Accumulated depreciation
Buildings and land improvements	2.884.019	56.989	-	-	2.941.008
Machinery and equipment	9.416.720	98.466	(39.915)	-	9.475.271
Motor vehicles	1.396.636	143.312	(53.572)	-	1.486.376
Furnitures and fixtures	721.425	23.587	(94)	-	744.918
Total	14.418.800	322.354	(93.581)	-	14.647.573
Net book value	9.287.720				11.564.073

There isn't any mortgage on other tangible assets as of June 30, 2025 (December 31, 2024: None).

There are annotations on the Company's real estate property, which is a dormitory building located in Gümüşhane, with a net book value of 135,867 Thousand TL, by the General Directorate of National Real Estate. As of June 30, 2025, the total insurance coverage on the Company's fixed assets amounts to 12,725 Thousand TL (June 30, 2024: 8,058 Thousand TL).

The cost of other tangible assets of the Company, which have been fully depreciated as of June 30, 2025, but are in use, is amounting to thousand TL 11,198,022 (December 31, 2024: 11,150,766 Thousand TL).

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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

9. Property, plant and equipment (continued)

b) Other tangible assets (continued)

	January 1, 2024	Addition	Disposals	Transfers (*)	June 30, 2024
Cost
Land, buildings and land improvements	4.539.257	88.528	(3.422)	68.747	4.693.110
Machinery and equipment	11.229.604	306.307	(47.033)	6.325	11.495.203
Motor vehicles	2.115.816	182.442	(2.185)	(204.553)	2.091.520
Furnitures and fixtures	843.707	6.924	(385)	3.072	853.318
Construction in progress	710.806	1.830.114	(4.830)	(164.291)	2.371.799
Total	19.439.190	2.414.315	(57.855)	(290.700)	21.504.950
Accumulated depreciation
Buildings and land improvements	2.726.794	109.964	-	-	2.836.758
Machinery and equipment	9.250.066	120.666	(32.042)	-	9.338.690
Motor vehicles	1.249.882	172.992	(1.162)	(204.553)	1.217.159
Furnitures and fixtures	661.133	29.339	(385)	-	690.087
Total	13.887.875	432.961	(33.589)	(204.553)	14.082.694
Net book value	5.551.315				7.422.256

(*) As of June 30, 2024, capitalized license software expenses amounting to TL 86,147 thousand were reclassified to other intangible assets, while vehicles with a cost of TL 204,553 thousand and a net book value of zero were transferred to non-current assets held for sale.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

10. Intangible assets

a) Other intangible assets

The details of the Company's other intangible assets as of June 30, 2025 and 2024 are as follows:

	January 1, 2025	Additions	Disposals	Transfers	June 30, 2025
Costs
Rights	261.025	1.689	-	-	262.714
Total	261.025	1.689	-	-	262.714
Accumulated depreciation
Rights	216.112	14.280	-	-	230.392
Total	216.112	14.280	-	-	230.392
Net book value	44.913				32.322
	January 1, 2024	Additions	Disposals	Transfers	June 30, 2024
Costs
Rights	174.536	2.032	(109)	86.147	262.606
Total	174.536	2.032	(109)	86.147	262.606
Accumulated depreciation
Rights	153.987	26.290	(109)	-	180.168
Total	153.987	26.290	(109)	-	180.168
Net book value	20.549				82.438

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

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities

As of June 30, 2025 and December 31, 2024, the details of the Company's provisions, contingent assets and liabilities are as follows:

a) Short-term provisions

	June 30, 2025	December 31, 2024

State right expense provision	719.444	850.778
Provisions for lawsuit	176.878	384.568
Environmental rehabilitation, rehabilitation of mining sites
and mine closure provision	3.549	111.127
Other provisions	8.917	2.955
Total	908.788	1.349.428

b) Long-term provisions

	June 30, 2025	December 31, 2024
Environmental rehabilitation, rehabilitation of mining sites and mine closure provision Other provisions	947.344 218.234	795.744 225.669
Total	1.165.578	1.021.413

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

	2025	2024

January 1	906.871	763.218
Paid during the period	(67.529)	(260.352)
Discount effect	50.908	29.221
Effect of changes in estimates and assumptions	190.246	715.980
Monetary gain	(129.603)	(170.055)
June 30 (*)	950.893	1.078.012

(*) 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

c) Provisions for employee benefits

i- Short-term provisions for employee benefits

	June 30, 2025	December 31, 2024
Provision for unused vacation	34.449	51.193
Total	34.449	51.193
The movement of provision for unused vacation is as follows;
	2025	2024
January 1	51.193	44.355
Additions / (cancellations), net	(9.428)	24.084
Monetary gain	(7.316)	(8.795)
June 30	34.449	59.644

ii- Long-term provisions for employee benefits

	June 30, 2025	December 31, 2024
Provision for employee termination benefits	245.480	241.208
Total	245.480	241.208

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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:

	June 30,	December 31,
	2025	2024
Net discount rate	%3,35	%3,35
Probability of qualifying for seniority	%95,09	%95,03

The movements of the provision for severance pay within the accounting periods of June 30, 2025 and 2024 are as follows:

	2025	2024
January 1	241.208	233.955
Interest cost	28.907	27.441
Service cost	19.946	26.191
Severance paid	(24.143)	(126.279)
Actuarial loss	14.683	143.229
Monetary gain	(35.121)	(40.419)
June 30	245.480	264.118

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 June 30, 2025 and 2024 is as follows:

	Discount rate		Rate of retirement
	100 bps increase	100 bps decrease	100 bps increase	100 bps decrease
June 30, 2025	(35.010)	43.230	9.929	(9.106)
	Discount rate		Rate of retirement
	100 bps increase	100 bps decrease	100 bps increase	100 bps decrease
June 30, 2024	(37.544)	46.488	11.140	(10.206)

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 was filed by the İzmir Metropolitan Municipality on February 25, 2025, before the İzmir 2nd Administrative Court under case number 2025/594 E., requesting the suspension and cancellation of the Environmental Impact Assessment (EIA) Positive decision issued by the Ministry of Environment, Urbanization and Climate Change for the Çukuralan Gold Mine Crushing and Screening Facility Project, which is planned to be constructed by the Company in the Çukuralan neighborhood, Dikili district of İzmir province, with an annual capacity of 500,000 tons. The Company submitted a petition to intervene in the case, and the court accepted the Company's request for intervention.

Additionally, a separate lawsuit was filed by EGEÇEP and Osman Nuri Özgüven against the administration regarding the same project on February 25, 2025, before the İzmir 6th Administrative Court under case number 2025/585 E. In the interim decision dated May 21, 2025, the court decided to notify the Company of the lawsuit, and the Company subsequently submitted a petition requesting intervention. However, no decision has yet been rendered on the intervention request.

The 7th Chamber of the İzmir Regional Administrative Court determined that the cases numbered 2025/594 E. before the İzmir 2nd Administrative Court and 2025/585 E. before the İzmir 6th Administrative Court are related, and ruled that the İzmir 6th Administrative Court shall have jurisdiction. As a result, the proceedings initially filed before the İzmir 2nd Administrative Court are now continuing under case number 2025/1242 E. before the İzmir 6th Administrative Court.

Lawsuit related to Bilecik Project:

A lawsuit was filed by the Eskişehir Metropolitan Municipality against the Bilecik Governorship before the Eskişehir 2nd Administrative Court under case number 2024/1556 E., requesting the cancellation and suspension of the execution of the "EIA Not Required" decision issued by the Bilecik Governorship for the "S:200900964 License Numbered Gold-Silver Open Pit Mining Project" planned to be carried out by Koza Altın İşletmeleri A.Ş. in the Yakacık Village area of Söğüt District, Bilecik Province.

In the interim decision dated December 18, 2024, the court ruled to notify Koza Altın İşletmeleri A.Ş. of the lawsuit. The Company submitted its petition for intervention and its response to the lawsuit petition to the court file. Additionally, in the same interim decision dated December 18, 2024, the Eskişehir 2nd Administrative Court ruled to suspend the execution of the administrative act in question with no right to appeal. The hearing for the case was held on March 4, 2025. With its decision dated March 13, 2025, numbered 2024/1556 E., 2025/499 K., the Eskişehir 2nd Administrative Court ruled to annul the administrative act in question, with the right to appeal. The Company has filed an appeal before the Council of State, also requesting a stay of execution. With its decision dated May 26, 2025, under file number 2025/2532 E., the 4th Chamber of the Council of State rejected the Company's request for a stay of execution. An objection has been filed against this decision, and the legal proceedings are ongoing before the Council of State.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

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.

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.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

iv- Other legal processes (continued)

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.

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.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

11. Provisions, contingent assets and liabilities (continued)

d) Important ongoing cases (continued)

v- Employee lawsuits and cases of contract receivables

As of June 30, 2025, the provision amount accounted for ongoing employee and other lawsuits against the Company is amounting to TL 176,878 Thousand (June 30, 2024: TL 333,572 Thousand)

e) Commitments and contingent liabilities

i- Letter of guarantees given

The details of the letter of guarantees given by the Company as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024

A. CPM's given on behalf of own legal entity	130.399	246.588
- Guarantee	130.399	246.588
- 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	113.038	130.230
i. Total amount of CPM's given in favor of the parent company	113.038	130.230
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	243.437	376.818

The ratio of other guarantees, pledges and mortgages (GPMs) provided by the Company to total equity is 0.31% and 0.37% as of June 30, 2025 and December 31, 2024, respectively.

ii- Letter of guarantees received

The details of the Company's letter of guarantees received as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024
Guarantee cheques	2.669.569	2.760.729
Guarantee letters	1.631.426	2.868.526
Security bonds	127	149
Total	4.301.122	5.629.404

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 June 30, 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).

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.

	June 30, 2025		December 31, 2024
	Share	Share	Share	Share	Share
Equity	Group	Rate	Amount	Rate	Amount

TR Anadolu İnşaat ve Ticaret A.Ş.(*)	A, B	48,01	1.537.417	45,01	1.441.343
Türk Altın 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			7.635.382		7.635.382
Total			10.837.882		10.837.882

(*)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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 7,635,382 Thousand (December 31, 2024: TL 7,635,382 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 3,239,918 thousand until June 30, 2025.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

12. Equity (continued)

The Company's restricted reserves as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024
Legal reserves	3.675.743	3.675.743
Reserves for withdrawn shares	3.239.918	3.239.918
Total	6.915.661	6.915.661

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 June 30, 2025. 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:

		June 30, 2025
	Adjustment to	Restricted
	capital	reserve
To TAS/TFRS Financial Reports	7.635.382	6.915.661
To Tax Procedure Law	6.315.727	3.697.510
Differences	1.319.655	3.218.151

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 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 – June 30, 2025 and 2024 are as follows:

	January 1 – June 30, 2025	January 1 – June 30, 2024	April 1 – June 30, 2025	April 1 – June 30, 2024
Domestic sales	7.225.652	7.107.823	2.751.795	2.819.094
Total sales	7.225.652	7.107.823	2.751.795	2.819.094
Cost of sales	(4.570.115)	(4.835.882)	(1.371.739)	(1.942.827)
Gross profit	2.655.537	2.271.941	1.380.056	876.267

The distribution of the Company's revenues by product type as of January 1 – June 30, 2025 and 2024 are as follows:

	January 1 –	January 1 –	April 1 –	April 1 –
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Sales of gold bars	7.191.261	7.086.248	2.741.930	2.809.440
Sales of silver bars	32.674	21.575	8.148	9.654
Other	1.717	-	1.717	-
Total	7.225.652	7.107.823	2.751.795	2.819.094

14. Income from investing activities

The details of the Company's income from investing activities as of January 1 – June 30, 2025 and 2024 are as follows:

	January 1 – June 30, 2025	January 1 – June 30, 2024	April 1 – June 30, 2025	April 1 – June 30, 2024

Investment fund and stock fair value increases	923.210	1.584.127	739.583	797.081
Interest income (*)	709.790	659.523	509.631	348.725
Currency-protected deposit fair value increases	189.727	615.479	9.162	(28.383)
Income from fixed asset sales	53.641	8	19.178	(3.604)
Foreign currency exchange gains	1.818	-	1.232	-
Other	2.059	-	-	-
Total	1.880.245	2.859.137	1.278.786	1.113.819

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

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

15. Expense from investing activities

The details of the Company's expense from investing activities as of January 1 – June 30, 2025 and 2024 are as follows:

	January 1 – June 30, 2025	January 1 – June 30, 2024	April 1 – June 30, 2025	April 1 – June 30, 2024
Loss on fixed asset sales	102	-	-	-
Total	102	-	-	-

16. Other operating income and expense

a- Other operating income

The details of the Company's other operating income as of January 1 – June 30, 2025 and 2024 are as follows:

	January 1 –	January 1 –	April 1 –	April 1–
	June 30,	June 30,	June 30,	June 30,
	2025	2024	2025	2024
Scrap sales income	5.851	12.930	2.917	5.357
Released lawsuit provision	152.732	-	152.732	-
Doubtful receivable provision released	-	-	(148)	-
Other	58.702	114.223	27.637	63.318
Total	217.285	127.153	183.138	68.675

b- Other operating expense

The details of the Company's other operating expense as of January 1 – June 30, 2025 and 2024 are as follows:

	January 1 – June 30,	January 1 – June 30,	April 1 – June 30,	April 1– June 30,
	2025	2024	2025	2024
Foreign exchange expense related to trading activities	28.677	16.781	2.594	(11.218)
Provision for doubtful receivables	733	-	733	-
Rent expense	370	2.982	144	(19.764)
Lawsuit provision	-	145.180	-	145.180
Other (*)	165.856	403.533	80.897	218.148
Total	195.636	568.476	84.368	332.346

(*) As of June 30, 2025, TL 63,210 thousand of the balance consists of VAT receivables that are expensed, TL 27,826 thousand consists of ongoing fixed expenses related to the discontinued Mastra facility, and TL 5,923 thousand consists of donations and aid.

As of June 30, 2024, TL 102,154 thousand of the balance consists of VAT receivables that are expensed, TL 87,995 thousand consists of ongoing fixed expenses related to the discontinued Mastra facility, and TL 62,370 thousand consists of donations and aid.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

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

Non-monetary items	January 1 – June 30, 2025
Statement of financial position items
Inventories	205.585
Prepaid expenses	443.829
Financial investments	413.249
Tangible assets	937.360
Intangible assets	3.086
Mining assets	384.395
Investment properties and fixed assets for sale	231.826
Adjustment to share capital	(1.548.847)
Restricted reserves for withdrawn shares	(988.320)
Retained earnings	(2.900.079)
Reserves for withdrawn shares	463.018
Other liabilities	(10.184)
Other comprehensive income/expense not to be reclassified to profit/loss	48.356
Deferred tax	200.653
Statement of profit/loss items
Revenue	(446.640)
Cost of sales	303.621
Research and development expenses	13.730
Marketing, sales and distribution expenses	335
General administrative expenses	37.675
Other operating income	(3.483)
Other operating expense	5.894
Income from investing activities	851.335
Expense from investing activities	6
Tax expense	1.446
Net monetary loss	(1.352.154)

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

18. 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 June 30, 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 also be calculated on dividends, except for those distributed to full taxpayer entities that declare such dividends by including them in their corporate income, and branches of foreign companies in Türkiye. As of December 22, 2024, the dividend withholding tax rate has been applied as 15% with Presidential Decree No. 9286 (December 31, 2024: 10%). Dividends that are not distributed but added to the capital are not subject to income tax withholding.

Corporate tax liabilities / (assets) recognized in the balance sheet as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024
Current tax expense Prepaid taxes (-)	159.092 (105.294)	- (297.653)
Current income tax liability	53.798	(297.653)

Tax expense details recognized in the income statement as of June 30, 2025 and 2024 are as follows:

	June 30, 2025	December 31, 2024
Current tax expense Deferred tax expense / (income)	(160.538) 198.923	- 389.676
Total tax expense	38.385	389.676

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

18. 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 June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025		December 31, 2024
	Cumulative		Cumulative
	temporary		temporary	Deferred
	differences	Deferred tax	differences	tax

Mining assets	(4.252.848)	1.063.212	(3.946.950)	986.737
Investment properties	(944.445)	236.111	(673.366)	168.342
State right provision	(719.444)	179.861	(850.778)	212.694
Employee termination benefit	(245.480)	61.370	(241.208)	60.302
Inventories	(196.858)	49.215	438.751	(109.688)
Lawsuit provision	(171.427)	42.857	(378.209)	94.552
Tangible and intangible assets	(40.097)	10.024	125.736	(31.434)
Provision for unused vacation	(34.449)	8.612	(51.193)	12.798
Provisions for doubtful receivables	(6.097)	1.524	(5.929)	1.482
IFRS 9 provision	(59)	15	(69)	17
Leasing transactions	318	(80)	1.864	(466)
Investment properties	52.072	(13.018)	(25.303)	6.326
Assets held for sale	152.400	(38.100)	-	-
Other	(20.139)	5.035	(9.526)	2.382
Deferred tax assets, net		1.606.638		1.404.044
Movement of deferred tax is as follows:
			2025	2024
January 1			1.404.044	1.708.107
Deferred tax recognized in profit or loss			198.923	389.676
Deferred tax recognized in equity			3.671	35.807

June 30			1.606.638	2.133.590

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

18. Income tax (continued)

Deferred taxes (continued)

The reconciliation of the tax is as follows:

	2025	2024
Profit / (Loss) before tax	1.637.837	(710.550)
Effective tax rate	%25	%25
Tax calculated using effective tax rate	(409.459)	177.638
Non-taxable inflation adjustments	(1.320.370)	(1.097.952)
Effect of non-deductible expenses	(6.732)	(22.668)
Exemptions and discounts (*)	847.074	609.046
Effect of indexing legal accounts (**)	796.200	724.401
Utilization of tax losses carried forward	139.012	-
Other	(7.340)	(789)
Current tax income/ (expense)	38.385	389.676

(*) An amount of TRY 400,719 thousand of the exemptions and deductions relates to income derived from investment funds, TRY 1,719 thousand relates to income from the sale of immovable properties, TRY 72 thousand relates to donations and grants, and the remaining balance relates to other exemptions.

(**) This amount represents the deferred tax impact of the temporary differences arising from the inflation adjustment applied in accordance with the Communiqué of the Tax Procedure Law dated 30 December 2023 and numbered 32415 (2nd Repetition).

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

19. 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 June 30, 2025 and 2024 are as follows:

	January 1 –	January 1 –	April 1 –	April 1 –
	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Net profit / loss attributable to the owners of the Group	1.676.222	(320.874)	1.139.671	(53.221)
Weighted average number of share certificates (*)		320.175.000.000 320.204.943.305 320.175.000.000 320.197.084.219
Earnings per 100 shares	0,052	(0,010)	0,036	(0,002)
Total comprehensive income attributable to the owners of the Group	1.665.210	(428.296)	1.166.426	(100.073)
Earnings per 100 shares from total comprehensive income	0,052	(0,013)	0,036	(0,003)

(*) 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 was determined by calculating on a daily basis according to the repurchased shares.

20. 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 June 2025 was applied as %58,95 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 the group company of the main shareholders
(3) Other

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

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

20. Related party disclosures (continued)

a) Related party balances

Other long term receivables of the Company from related parties as of June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025	December 31, 2024
Konaklı Metal Madencilik San. Tic. A.Ş. (2) (*)	21.962	25.226
Türk Altın Holding A.Ş. (1)	5.034	-
ATP Koza Gıda Tarım Hay. A.Ş. (2)	1.368	282
TR Havacılık Ticaret A.Ş. (2)	106	54
Other (3)	1.283	25.509
Total	29.753	51.071

(*) 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 June 30, 2025 and December 31, 2024 are as follows:

	June 30,	December 31,
	2025	2024
TR Anadolu İnşaat ve Ticaret A.Ş.(2)	100.030	-
TR Anadolu Sigorta Aracılık Hizmetleri A.Ş.	23.838	11.783
Türk Altın Holding A.Ş (1) (**)	-	111.316
Other	22	220
Total	123.890	123.319

(**) 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

20. Related party disclosures (continued)

b) Transactions with related parties

The purchases of the Company from related parties between January 1 – June 30, 2025 and 2024 are as follows;

	January 1 – June 30, 2025			January 1 – June 30, 2024
	Rent	Service	Other	Rent	Service	Other
İpek Doğal Enerji Kaynakları Araştırma
ve Üretim A.Ş. (2)	12.906	-	-	11.435	-	-
Türk Altın Holding A.Ş. (1)	-	-	12.719	-	-	9.956
Türk Telekomünikasyon A.Ş (3)	-	-	585	-	-	-
Turkcell İletişim Hizmetleri A.Ş.	-	-	257	-	-	-
Türkiye Sigorta A.Ş.	-	-	153	-	-	-
TTNET A.Ş.	-	-	129	-	-	-
Merkezi Kayıt Kuruluşu A.Ş.	-	-	123	-	-	-
Turkcell Satış ve Dijital İş Servisleri A.Ş.	-	-	86	-	-	-
Superonline İletişim Hizmetleri A.Ş.	-	-	56	-	-	-
Türksat Uydu Haberleşme Kablo TV ve
İşletme A.Ş.	-	-	4	-	-	-
ATP Koza Gıda Tarım Hay. A.Ş.	-	-	-	-	-	4.041
Other (3)	-	-	1.660	-	-	647
Total	12.906	-	15.772	11.435	-	14.644

Sales of the Company to related parties between January 1 – June 30, 2025 and 2024 are as follows;

	January 1 – June 30, 2025			January 1 – June 30, 2024
	Interest	Service	Other	Interest	Service	Other

T.C. Ziraat Bankası A.Ş. (3) (*)	627.874	-	7.223.935	-	-	-
Özdemir Antimuan Madenleri A.Ş.(2)	-	-	5.930	-	10.324	-
ATP Koza Gıda Tarım Hay. A.Ş. (2)	-	-	2.470	-	1.939	-
Türk Altın Holding A.Ş. (1)	-	-	2.330	360.254	2.567	-
Koza Anadolu Metal Maden İşletmeleri A.Ş.(2)	-	-	1.716	486	853	-
TR Anadolu İnşaat ve Ticaret A.Ş. (1)	-	-	1.385	-	575	-
İpek Doğal Enerji Kaynakları Araştırma ve
Üretim A.Ş. (2)	-	-	842	-	707	-
TR Otelcilik Turizm Seyahat Ve Ticaret A.Ş. (2)	-	-	724	-	881	-
TR Anadolu Sigorta Aracılık Hizmetleri A.Ş.(2)	-	-	472	-	549	-
TR Havacılık Ticaret A.Ş. (2)	-	-	324	-	369	-
Other (3)	-	-	847	182	402	-
Total	-	-	7.240.975	360.922	19.166	-

(*) 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 – June 30, 2025 is amounting to TL 51,807 thousand. The entire amount consists of the wages. (January 1 – June 30, 2024: TL 21,020 thousand)

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

21. 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 and financial invesments 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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

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

a) Credit risk (continued)

The analysis of the Company's credit risk as of June 30, 2025 and December 31, 2024 are as follows:

		Cash and cash
	Trade receivables Other receivables				equivalents
June 30, 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) *	-	2.458	29.753	210.282	4.041.055
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	-	2.458	29.753	210.282	4.041.055
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)	-	-	-	-	-
Impairment (-)	-	-	-	-	-
The part of net value under
guarantee with collateral, etc	-	-	-	-	-
Not due (gross book value)	-	-	-	-	-
Impairment (-)	-	62.121	-	-	-
The part of net value under
guarantee with collateral, etc	-	(62.121)	-	-	-
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	- -	3.656 -	51.071 -	10.334 -	153.962 -
A. Net book value of financial assets that are not overdue or not impaired	-	3.656	51.071	10.334	153.962
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)	- -	- -	- -	- -	- -
Impairment (-) The part of net value under	-	-	-	-	-
guarantee with collateral, etc	-	-	-	-	-
Not due (gross book value)	-	-	-	-	-
Impairment (-) The part of net value under	-	71.624	-	-	-
guarantee with collateral, etc	-	(71.624)	-	-	-
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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

21. 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
June 30, 2025	currency)	Usd	Euro	Gbp
Cash and cash equivalents	39.805	907	20	52
Other receivables	28.754	31	524	57
Current assets	68.559	938	544	109
Total assets	68.559	938	544	109
Trade payables	202.563	2.455	2.163	77
Other payables	218.217	5.491	-	-
Current liabilities	420.780	7.946	2.163	77
Total liabilities	420.780	7.946	2.163	77
Net foreign currency position	(352.221)	(7.008)	(1.619)	32

As of June 30, 2025, the Company has foreign currency protected deposits amounting to thousand TL 388,074.

		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	94	81	-	1	1
Other receivables	4.063	3.482	30	1	54
Current assets	4.157	3.563	30	2	55
Total assets	4.157	3.563	30	2	55

Trade payables	150.454	128.952	2.219	1.106	227
Other payables	226.026	193.724	5.491	-	-
Current liabilities	376.480	322.676	7.710	1.106	227
Total liabilities	376.480	322.676	7.710	1.106	227
Net foreign currency position	(372.323)	(319.113)	(7.680)	(1.104)	(172)

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

21. 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.

June 30, 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	(27.850)	27.850	(27.850)	27.850
2- Portion protected from USD risk (-)	-	-	-	-
3- USD net effect (1+2)	(27.850)	27.850	(27.850)	27.850
	In case of 10% appreciation / depreciation of EUR against TL
4- EUR net asset/liability 5- Portion protected from EUR risk (-)	(7.546) -	7.546 -	(7.546) -	7.546 -
6-EUR net effect (4+5)	(7.546)	7.546	(7.546)	7.546
	In case of 10% appreciation / depreciation of GBP against TL
7-GBP net asset/liability	174	(174)	174	(174)
8- Portion protected from GBP risk (-)	-	-	-	-
9-GBP Net effect (7+8)	174	(174)	174	(174)
Total (3+6+9)	(35.222)	35.222	(35.222)	35.222

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

21. 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 (-)	(31.613) -	31.613 -	(31.613) -	31.613 -
3- USD net effect (1+2)	(31.613)	31.613	(31.613)	31.613
	In case of 10% appreciation / depreciation of EUR against TL
4- EUR net asset/liability 5- Portion protected from EUR risk (-)	(4.732) -	4.732 -	(4.732) -	4.732 -
6-EUR net effect (4+5)	(4.732)	4.732	(4.732)	4.732
	In case of 10% appreciation / depreciation of GBP against TL
7-GBP net asset/liability 8- Portion protected from GBP risk (-)	(887) -	887 -	(887) -	887 -
9-GBP Net effect (7+8)	(887)	887	(887)	887
Total (3+6+9)	(37.232)	37.232	(37.232)	37.232

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 June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

22. 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:

June 30, 2025	Level 1	Level 2	Level 3	Total
Assets:
Financial investments	10.248.383	607.891	-	10.856.274
Total	10.248.383	607.891	-	10.856.274

December 31, 2024	Level 1	Level 2	Level 3	Total
Assets:
Financial investments	9.835.751	3.318.817	-	13.154.568
Total	9.835.751	3.318.817	-	13.154.568

23. Subsequent events after balance sheet date

Within the framework of the criteria for Independent Board Membership as set out in Article 4.3.7 of the Corporate Governance Principles annexed to the Communiqué on Corporate Governance (II-17.1) issued by the Capital Markets Board and published in the Official Gazette dated January 3, 2014 and numbered 28871, the Company has resolved to submit Mr. Resul TOSUN and Mr. Yavuz SUBAŞI, who have declared their candidacy and meet all the criteria for Independent Board Membership, to the Capital Markets Board for its opinion as Independent Board Member candidates to be elected at the upcoming Ordinary General Assembly Meeting.

Notes to the condensed financial statements for the period ended June 30, 2025

(Amounts are expressed in thousands of TL, based on the purchasing power of Turkish Lira ("TL") as of June 30, 2025, unless otherwise stated.)

24. 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_2025-08-11_4a6f8e94-7ee8-40d6-b607-215ddd738e98.pdf

Condensed statement of financial position as of June 30, 2025

Condensed statement of financial position as of June 30, 2025

Condensed statement of profit or loss and other comprehensive income

for the period ended June 30, 2025

Condensed statement of changes in equity for the period ended June 30, 2025

Condensed statement of cash flows for the period ended June 30, 2025

Notes to the condensed financial statements for the period ended June 30, 2025

1. Company's organization and nature of the operations

Notes to the condensed financial statements for the period ended June 30, 2025

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

The registered address of the Company is below:

Approval of the consolidated financial statements

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 June 30, 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 June 30, 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 June 30, 2025

2. Basis of presentation of financial statements (continued)

2.1 Basis of presentation (continued)

Comparative Information and Reclassification of Prior Period Financial Statements

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

Notes to the condensed financial statements for the period ended June 30, 2025

2. Basis of presentation of financial statements (continued)

2.3 The new standards, amendments and interpretations (continued)

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

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 June 30, 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 June 30, 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 June 30, 2025

3. Cash and cash equivalents

Notes to the condensed financial statements for the period ended June 30, 2025

4. Financial investments

i- Short term financial investments

ii- Long term financial investments

Notes to the condensed financial statements for the period ended June 30, 2025

5. Inventories

6. Prepaid expenses

i- Short-term prepaid expenses

ii- Long-term prepaid expenses

Notes to the condensed financial statements for the period ended June 30, 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 June 30, 2025

8. Investment properties

Notes to the condensed financial statements for the period ended June 30, 2025

9. Property, plant and equipment

a) Mining assets

Notes to the condensed financial statements for the period ended June 30, 2025

9. Property, plant and equipment (continued)

a) Mining assets (continued)

Notes to the condensed financial statements for the period ended June 30, 2025

9. Property, plant and equipment (continued)

b) Other tangible assets

Notes to the condensed financial statements for the period ended June 30, 2025

9. Property, plant and equipment (continued)