Amasya Project Update

Promising Surface Sample Results from Amasya Project Validate Strategic Potential for Iron, Titanium, and Vanadium

Spil Madencilik LTD

(14 April 2025)

Spil Madencilik is pleased to share initial results from surface sampling campaigns at its Amasya Iron-Titanium-Vanadium Project. These confirm the presence of key industrial and strategic metals and validate our plans to progress the site toward production.

HIGHLIGHTS

• Fe₂O₃ content up to 17.71% (equivalent to 12.4% Fe)

• TiO₂ content up to 4.94%

• Vanadium (V) values up to 400 ppm (0.04%)x

• Cobalt (Co) values up to 70 ppm (0.007%)

• Sampling conducted from surface exposures and legacy workings

• Mineralization is hosted in mafic-intermediate metamorphic units and metagabbro bodies

NEAR-TERM STRATEGY: CONCENTRATE PRODUCTION

Spil Madencilik aims to advance the project by initiating physical separation processes (gravity and magnetic) to produce:

• Iron concentrate, and

• Titanium-rich concentrate suitable for industrial and metallurgical uses

LONG-TERM VISION: INTEGRATED METALLURGICAL FACILITY

The company envisions the future development of an integrated facility capable of:

• Producing sponge iron or direct reduced iron (DRI)

• Recovering titanium and vanadium as valuable by-products from slag and tailings streams

This strategic approach aligns with Türkiye’s and Europe’s growing interest in critical mineral self-sufficiency and downstream capacity in steel and alloy production.

PROJECT OVERVIEW

The Amasya region has been the subject of numerous academic studies highlighting the presence of metagabbros and mafic-ultramafic rocks within the Tokat Metamorphic Massif. Notably, studies such as Sabire Yuva (2015) and Eyüboğlu et al. (2018) emphasize a Late Permian to Early Triassic magmatic arc setting derived from ocean island basalt (OIB)-type mantle sources. Reported grades include up to 21.21% Fe₂O₃ 6.52% TiO₂, 489 ppm V, 92 ppm Co, 104 ppm Nb and vanadium-rich titanomagnetite associations. These findings support Spil Madencilik’s model of a strategic, multi-metal potential within an underexplored part of north-central Türkiye.

The Amasya Project bears striking geological and strategic similarities to several advanced titanium-vanadium-iron projects in Türkiye and internationally. Notably, the Mustavaara Project in Finland serves as a strong analogue—both are hosted in mafic intrusive bodies, contain titano-magnetite mineralization, and aim to supply vanadium and titanium alongside iron units. Likewise, the Alaşehir-Azıtepe Project in Western Türkiye, which hosts Ti-V-bearing mafic rocks within tectonically deformed belts, demonstrates the growing interest in converting low-grade but high-tonnage deposits into feedstock for downstream products like ferrovanadium and synthetic rutile. The Amasya Project shares these traits and benefits from proximity to infrastructure and industrial demand centers. Its location within the Tokat Metamorphic Massif and the presence of metagabbroic rocks with up to 6.52% TiO₂ and over 0.04% V position it favorably among these peers. Furthermore, Spil Madencilik’s vision of developing an integrated operation producing DRI or sponge iron—with titanium and vanadium recovery from slags—represents a bold yet grounded solution to Türkiye’s reliance on imported scrap and iron units.

NEXT STEPS

• Initial mineralogical and petrographic investigations to characterize ore texture and mineral associations.

• Bench-scale physical enrichment tests (e.g., magnetic and gravity separation).

• Geophysical surveys under consideration to define the extent and geometry of subsurface mineralized zones.

• Development of a phased work program for resource delineation and metallurgical testwork.

COMMENTARY

“Türkiye has faced an average annual trade deficit of approximately US$1.8 billion over the past decade in iron-related materials, largely due to reliance on imported scrap or sponge iron for its electric arc furnaces,” said Sait Uysal, Founder of Spil Madencilik. “Our Amasya Project not only has the potential to become a significant critical minerals asset for iron, titanium, and vanadium, but also offers a long-term pathway to reducing this national trade imbalance with a domestic DRI and by-product metals solution.”

ABOUT SPIL MADENCİLİK

Spil Madencilik is a Türkiye-based exploration and development company focused on unlocking the value of critical minerals. With multiple active projects in its portfolio—including manganese-nickel-cobalt, titanium-vanadium, and graphite—Spil aims to contribute to Türkiye’s and Europe’s supply chain resilience through responsible and efficient development.

For further information, please contact:

Sait Uysal

Founder, Spil Madencilik

info@spilmaden.com

APPENDIX 1. Finding from academic studies; Yuva, Sabire. “TOKAT METAMORFİK MASİFİ İÇİNDEKİ METAGABROYİK KAYAÇLARIN PETROLOJİSİ VE JEODİNAMİK ORTAMI (AMASYA, KD TÜRKİYE)”, Master Thesis, Karadeniz Technical University, 2015