The Kisladag deposit is classified as a gold-only porphyry deposit due to its exceptionally low Cu%/Au ppm ratio (˜ 0.03; Baker et al., 2016). Significant analogues include the Maricunga porphyry deposits (9.8 Moz Au) in Chile and La Colosa (33.2 Moz Au) in Columbia. The low Cu/Au ratio may in part be related to the shallow level of emplacement (< 1 km) and volcanic setting, but also reflects the post-collisional extensional setting of the Miocene in western Turkey (Baker et al., 2016). Nonetheless, the deposit shares many characteristics with typical porphyry systems including: (i) multi-stage porphyry intrusions; (ii) a zoned alteration system that contain a high temperature potassic core, an outer white mica-tourmaline zone (analogous to phyllic alteration in typical porphyry deposits) and late, high level advanced argillic alteration; and (iii) porphyry style stockwork veins.

The Kisladag deposit is hosted by a suite of subvolcanic monzonite porphyry intrusions that are subdivided into Intrusions #1, #2, #2A, and #3. Intrusion #1 is the oldest, and generally best mineralized phase. It forms the core of the system and is cut by the younger porphyritic intrusions. It is an E-W oriented elongate elliptical body in map view (~1,300 m x ~500 m), and in the subsurface has a sill-like form intruding along the contact of the basement and volcanic package. At depth the main body extends beyond the current limit of drilling (~1,000 m). Contacts between Intrusion #1 and the surrounding volcanic rocks are generally obscured by alteration. Contacts with younger intrusions, particularly Intrusion #3, are better preserved. Intrusion #1 has a K-feldspardominant groundmass with plagioclase phenocrysts (up to 30% of the rock by volume), occurring as tabular crystals ranging in size from 0.1 – 5 mm. Biotite is the second most abundant phenocryst phase (up to 10% of the rock) whereas blocky megacrystic K-feldspar phenocrysts, up to 1 cm, are a characteristic of this unit, but are low in abundance compared to plagioclase and biotite phenocrysts (< 2%). Quartz phenocrysts are rare, and are generally rounded or embayed where present. Intrusion #1 lacks amphibole or pyroxene phenocrysts and primary magnetite.

Intrusion #2 occurs as a WNW-oriented elongate body at depth that splits into two apophyses that form semi-circular stocks (both approximately 150-200 m in diameter) at shallower levels where they cut Intrusion #1. Both apophyses are in contact with and cut by Intrusion #3. The rock is a fine- to medium-grained porphyry with abundant (20-30%) plagioclase phenocrysts up to 2 mm in length in a dominantly K-feldspar groundmass. Rare primary biotite and amphibole phenocrysts occur but the unit lacks quartz phenocrysts.

Intrusion #2A occurs in the southeast corner of the pit and is characterized by a very intense clay (kaolinite-smectite-pyrite) alteration throughout that forms a distinct textural and rheological argillic altered sub-domain termed the friable domain. Intrusion #2A forms a circular stock (250-300 m across) that tapers at depth. It intrudes the margin of Intrusion #1 but contact relationships with

Intrusion #3 are not observed. It is a fine- to medium-grained porphyritic rock, but the intense pervasive clay alteration obscures the primary mineral assemblage. Intrusion #3 is the youngest large intrusive body. It forms a semi-circular stock near the center of Intrusion #1, west of the central Intrusion #2 stock and at depth to the west extends into a WNWelongated, subvertical dike-like body. Intrusion #3 is a fine-grained porphyritic unit with 20-30% plagioclase phenocrysts up to 4 mm in length, and lesser quartz and biotite phenocrysts (both < 5%). Amphibole phenocrysts (5-10%) are more abundant than in the other intrusions but are commonly altered to chlorite. This intrusion is magnetic due to the presence of very fine-grained disseminated primary magnetite in the groundmass.

The oldest stage of alteration is a potassic assemblage characterized by the presence of secondary red-brown biotite and abundant pale pink-buff to nearly white K-feldspar. The biotite alteration is most intense in Intrusion #1 where it is associated with the highest gold grades. There are restricted occurrences of secondary magnetite associated with the potassic alteration, occurring as veinlets and as extremely fine-grained crystals intergrown with secondary biotite. A sodic-calcic sub-domain comprising actinolite-albite-magnetite alteration occurs locally within but overprints the potassic alteration and may form a deeper mineralized sodic-calcic core.

The tourmaline alteration is most intense immediately surrounding the potassic zone, however, the associated white mica alteration is more widespread and is particularly abundant on the west side of the deposit and spatially overlaps advanced argillic alteration. Within the intrusions tourmaline commonly occurs as envelopes around quartz ± pyrite veinlets, grading into black quartz-tourmaline matrix-supported hydrothermal breccias containing angular wallrock fragments. Tourmaline alteration of the volcanic rocks is more pervasive, though cross cutting breccia bodies are also present.

Quartz-alunite ± dickite ± pyrophyllite alteration is most abundant as a lithocap and as an alteration halo on the eastern side of the deposit. The advanced argillic alteration generally occurs in thick tabular zones that are localized along either stratigraphic contacts, within favorable volcaniclastic host rocks, or along fracture systems both within intrusions and volcanic rocks. Stratigraphicallycontrolled zones tend to form subhorizontal to gently dipping lithocaps peripheral to the deposit whereas structurally-controlled zones are steep-sided and form linear outcropping ridges. The advanced argillic alteration is typically poorly mineralized, and commonly oxidized with jarosite replacing pyrite.

Argillic alteration is pervasively developed throughout the deposit but is particularly dominant in the western upper levels and throughout much of the surrounding volcanic sequence. Within the deposit the largest zone of intense kaolinite alteration is focused in Intrusion #2A and a second smaller zone is focused in the southwest corner of the pit within Intrusion #1. Smectite, mainly montmorillonite and locally nontronite, commonly overprints biotite in the potassic alteration zone.

Porphyry-style sheeted to stockwork quartz veins occur with the potassic and white mica- tourmaline alteration zones. Veinlets range in width from 0.1 mm to 1 cm, with most being 1-3 mm. Gold occurs as non-refractory, very fine free gold grains (typically less than 10 microns in diameter) that are associated with pyrite, and less commonly other sulfide phases (chalcopyrite and sphalerite), as well as free grains attached to quartz, K-feldspar and albite. Both native gold and electrum (with up to 18 % Ag) have been identified. Other opaque minerals include pyrite, molybdenite and sphalerite, with minor occurrences of tennantite, tetrahedrite, bournonite, chalcopyrite and gold- and bismuthtelluride. The average copper grade of the deposit is low (~ 200 ppm) but increases to typically between 300 and 500 ppm within potassic alteration (Baker et al., 2016).

The gold grains have an average diameter of 3.8 microns with a range in size from 1.1 to 9.6 microns.

Gold in the argillic alteration occurs primarily with pyrite whereas in the WMT alteration the gold grains occur with pyrite and muscovite. In the potassic samples, the majority of gold is hosted in Kfeldspar.

The Kisladag open pit mine currently provides ore at a rate of 12.0 Mtpa for three-stage crushing followed by heap leaching. a. Annual mine production, inclusive of ore and waste, will peak at 42.5 Mtpa of total material movement in 2022, and will continue until 2034. The life of mine (LOM) stripping ratio is 1.12:1 based on a cut-off of 0.19 recoverable Au g/t.

Mining methods are by conventional open pit techniques with unit operations consisting of drilling, blasting, loading, and hauling by truck.

The mine fleet includes seven diesel drills, two electric drills, one 29 m3 electric hydraulic shovel, two 21 m3 diesel hydraulic shovels, two 21.4 m3 wheel loaders, one 12 m3 wheel loader, fourteen 136 tonne trucks and ten 219 tonne trucks. The major equipment is supported by a fleet of graders, dozers, a backhoe and water trucks.

Ore and waste are mined on 10 m benches. Ore will be hauled to the primary crusher for processing and waste rock will be placed in the south rock dump (SRD) and the north rock dump (NRD). A total of 158.2 Mt of waste rock will be placed in the SRD as the primary location from 2020 until 2026. A total of 34.9 Mt of waste rock will be placed in the NRD over the mine life starting in 2022. Between 2022 and 2026 both rock dumps will be used as best suited.

The final depth of the pit will be to the 520 m bench with a final wall height of 565 m to the highest point on the pit rim.

The ultimate pit haulage road allowances have been designed for 35 m width at 10% grade. This width will provide adequate room for ditches, outside berm and travel width for 219 tonne trucks. In the “Friable Zone” haulage road width has been increased to 40 m to allow for potential bench face instability.

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Kisladag is an open pit mine and heap leach operation with a 3-stage crushing plant. The process plant will be modified with the construction of an HPGR unit to replace the tertiary crushing circuit. Concentrated cyanide solution will be added to the crushed ore prior to its stacking. Subject to further investigation, the crushed ore may be agglomerated to enhance percolation in the heap. The upgraded plant will maintain its current capacity to process 12.6 Mt per year, producing approximately 160,000 ounces of gold annually.

Ore is processed in a standard heap leach facility as follows:

- The heap leach pad has a two-part liner system consisting of a layer of compacted low permeability clay soil or geosynthetic clay liner, and a 2mm thick polyethylene membrane liner textured on both sides for stability toe areas, and for regular areas non-textured or in some cases single sided textured linear low density polyethylene synthetic liner. HDPE liner is also used where ........