Tethys Ocean Project Update

Tethys Ocean Project: Surface Sampling Confirms Nickel and Cobalt Anomalies – Regional Study Suggests Broader Critical Metals Potential

Spil Madencilik LTD
(8 April 2025)

Spil Madencilik is pleased to report initial results from surface sampling activities undertaken at the recently acquired Tethys Ocean Project, located in the Sorgun district of Yozgat, Türkiye. The results confirm the presence of nickel and cobalt anomalies within the license area and highlight the broader critical mineral potential of the region.

HIGHLIGHTS

Surface grab sampling conducted following license issuance confirms:

- Nickel (Ni) up to 0.313% Ni (3,130 ppm)

- Cobalt (Co) up to 0.149% Co (1,490 ppm)

- Manganese (MnO) up to 67.92% MnO

The project area was previously operated by an Indian mining group, who relinquished the license approximately 10 years ago after withdrawing from Türkiye. Legacy infrastructure on site includes:

- ~5,000 tonnes of mixed manganese-rich ore stockpiles

- 750 m² concrete concentrate pad,

offering immediate operational advantages

A recently reviewed academic study on the Eymir region, where the project is located, identified strong regional anomalies of:

- Nickel up to 0.51% Ni

- Cobalt up to 0.59% Co

- Gallium up to 80.84 ppm Ga

- Copper up to 2.87% Cu

- Gold up to 0.66 ppm Au

- Note: The regional data is from a third-party scientific study and does not form part of Spil Madencilik's current sample set, but it supports the geological fertility of the license area and its broader upside potential.

PROJECT OVERVIEW

The Tethys Ocean Project lies within the Artova ophiolitic complex, a well-recognized host for volcanosedimentary manganese deposits with hydrothermal-hydrogenous characteristics. Surface mineralization and historical activities confirm the area’s enrichment in critical metals such as manganese, cobalt, and nickel, positioning the project strategically within the global battery metals landscape.

NEXT STEPS

Composite samples have been collected for initial gravimetric enrichment tests.

COMMENTARY

Sait Uysal, Founder of Spil Madencilik, commented:

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