Four permitted licences · Republic of Türkiye

Copper, silver,lead, zinc.

Four Group IV exploration licences on four separate Turkish metallogenic belts. General Exploration complete on all four, activity reports filed and accepted by MAPEG, fees paid, tenure to March 2030.

Request the data roomSee the four licences
Licences
Four, all Group IV
Belts
Four, 600–1,100 km apart
Stage
Detailed Exploration granted
Tenure
To March 2030, fees paid

The ground

Four licences, four belts

ULTİMA holds four Group IV metallic-ore exploration licences, granted by the Directorate General of Mining and Petroleum Affairs (MAPEG) in March 2023 and running to March 2030. They sit on four separate metallogenic belts between 600 and 1,100 km apart, diversification that a single-project vendor cannot offer.

The filed reports carry a “muhtemel rezerv” (probable reserve) calculation under Turkish Mining Law 3213. It is not a Mineral Resource or Ore Reserve under JORC or NI 43-101, no Competent or Qualified Person has signed it, and it is neither an estimate of what the ground holds nor a limit on it. The figures are in the data room.

Copper staining on a rock outcrop at dawn

Why this ground

Copper you can see from the surface

At İspir the filed report logs malachite at the contact between the volcano-sedimentary and sedimentary units, with high copper in the fault zones between the sediments and the ultramafics — a zone the consultant describes as traceable at map scale.

The paperwork

What has been filed

Every licence has completed its General Exploration Period. For each one, a Genel Arama Dönemi Faaliyet Raporu — the statutory activity report under Article 17 of Mining Law 3213 — has been prepared by a licensed technical consultant and submitted to MAPEG, together with a probable-reserve calculation and a costed programme for the Detailed Exploration Period. MAPEG found each report suitable in March 2026 (letters of 2, 9, 27 and 30 March) and granted each licence the four-year Detailed Exploration Period. The 2026 licence and rehabilitation fees have been paid in full on all four, so tenure runs to March 2030 with nothing outstanding.

Licence group
IV. Grup — metallic ore
Stage
General Exploration complete; Detailed Exploration Period granted by MAPEG, to March 2030
Work completed
Literature review, geological mapping, stream-sediment and rock sampling, hand-core drilling
Assays
ArgeTest Laboratory, Ankara — codes FA02 / GAR01-ext
Technical consultant
Uluocaklar Madencilik, YTK no. 201600058
Next phase, per licence
5,000 m of drilling plus assay
2026 fees
Licence and rehabilitation fees paid in full on all four
Drill core trays at an exploration camp

What has been done

Mapped, sampled, assayed

Literature review, geological mapping, stream-sediment and rock sampling, and hand-core drilling on every licence. Analyses were run at ArgeTest Laboratory in Ankara under codes FA02 and GAR01-ext. What comes next is 5,000 m of drilling per licence, already costed in the filed reports.

The economics

What you are buying

There is no resource here and no mine. What there is, is four permitted licences on which the statutory exploration work is done, the reports are filed and accepted, the fees are paid, and the drill programme is designed and costed. You are buying position and time, not tonnes.

The position

Ground held
4,510.53 ha across four licences on four metallogenic belts
Tenure
03.2023 — 03.2030 · fees paid in full on all four
Stage reached
General Exploration complete; Detailed Exploration Period granted by MAPEG
Filed and accepted
One Genel Arama Dönemi Faaliyet Raporu per licence, prepared by a licensed technical consultant and accepted by MAPEG
Programme designed
20,000 m — 5,000 m per licence, with assay
As costed in the reports
32.93 m TRY † about $672,023 at 49.0013 TRY/USD, TCMB 29.09.2026

† The lira figure is what the consultant costed in the filed reports, on a 2023 basis. It has not been restated for Turkish inflation since, so read it as the shape of the programme rather than a 2026 quotation; a current contractor quote belongs in the data room.

Originating this from scratch

A company applying for this ground today would file with MAPEG, work through its own pre-exploration and General Exploration periods, commission a licensed technical consultant to write and file its own Genel Arama Dönemi Faaliyet Raporu, and reach the point Ultima reached in 2026 somewhere around 2029. That gap is what is being sold, and money alone does not close it, because the periods are set by statute.

Why copper and zinc ground, why now

Three public statements from September and August 2026. None is Ultima's, and none concerns these four licences; they bear on demand for copper and zinc ground in Türkiye.

12.08.2026 · Hürriyet Daily News
Officials told the daily Milliyet that copper and zinc are among eight minerals placed in the highest criticality tier, with a score of 16 or above. An interagency council and a Critical Raw Materials Board are planned. Read from ↗
12.09.2026 · Anadolu Agency
The 2027–2029 Medium-Term Program is to raise mining investment to reduce import reliance on critical minerals. The chair of TOBB's Turkish Mining Council said MTA exploration investment will rise by 139 percent. Read from ↗
18.09.2026 · Habertürk
Eti Bakır, which meets about 25 percent of Türkiye's copper needs from 90,000 t a year, said its new sites at Elazığ, Çanakkale and Sinop, with capacity work at Samsun, total USD 2.2 billion. Read from ↗

How Türkiye takes its share

Who may hold a licence
Turkish citizens and companies formed under Turkish law — which includes wholly foreign-owned companies incorporated in Türkiye. A Turkish partner is not required.
Who owns the minerals
The State. A licence confers the right to explore and to work the ground, not title to what is under it.
State royalty (devlet hakkı)
Set by Table (3) attached to Article 14 of Law 3213, on a sliding scale tied to the London metal price: for copper, 1% below USD 5,000 a tonne, rising by band to 25% at USD 17,901 and above, with separate bands for lead, zinc and silver. The President may raise or lower the rates by up to 25%, and a decision of 3 October 2025 applies a 25% increase to Group IV rates from 1 January 2025. Charged on pit-head value, and only once a mine operates. Copper, lead and zinc can claim one of two reductions: 50% for underground mining, or 75% where the ore is smelted in Türkiye.

What is not known

No Mineral Resource has been estimated on any of the four. There is no metallurgical testwork, no pit or stope design, no mine plan and no economic study. The reserve figures in the filed reports are Turkish-law muhtemel rezerv calculations made from surface dimensions: they size a showing, not a deposit, and they are not a basis for valuing metal in the ground. Anyone building a contained-metal number out of them is misreading them.

The neighbourhood

Who else is on this ground

Named companies already run mines in the same district or province as three of these licences, at the distances shown. None of this is Ultima's work and none of it implies any relationship. It is here because it can be checked, which is more than can be said for a tonnage.

The deal

The offer

Ultima is open to any structure that funds the Detailed Exploration Period. Drilling contractors are welcome to put up rigs and crew as consideration rather than cash — the equipment is the scarce input here, not the ground.

  • Joint venture

    Shared operatorship on one licence or all four, with the partner funding the drill programme.

  • Farm-in / earn-in

    Stage your equity against metres drilled and results delivered.

  • Equity investment

    Direct subscription into the licence-holding entity.

  • Outright sale

    Clean transfer of one licence or the whole package, subject to MAPEG approval.

Terms we will discuss

Staged earn-in
Equity earned in steps against metres drilled and spend committed — a first tranche on a fixed programme, then a step-up on results.
Retained royalty
On a transfer or an earn-in, Ultima may keep a net smelter return royalty. The rate and any buy-back are open.
Deferred payment
A smaller sum at signing, the balance tied to a milestone such as a permit, a resource estimate or production. Recent Turkish licence transfers have been structured this way.
Offtake or processing
A smelter, refiner or trader that helps fund the work in return for an option or first refusal on concentrate. There is no concentrate today; this is an option on the future.

Terms are set per licence and per counterparty. No price is published: the data room and a first conversation come before one.

Request the data room

Talk to us

Contact

Write to the management desk in English or Turkish. One address, answered by the people who hold the licences.

Holder
ULTİMA Uluslararası Taşımacılık Lojistik ve Dış Ticaret Limited Şirketi
E-mail
management@ultimamining.com
Registered office
Yeşilbağlar Mah. D-100 Bulvarı, Pera Residence No: 20, A Blok, Ofis 29, Pendik, İstanbul
Registered e-mail
ultima.lojistik@hs03.kep.tr
Trading since
18.09.2001