Technical Report Summary Hod Maden Project, Türkiye SSR Mining Inc. 6900 E. Layton Avenue, Suite 1300, Denver, CO 80237   Prepared by: SLR International Corporation 1658 Cole Blvd, Suite 100, Lakewood, Colorado, 80401   SLR Project No.: 123.000320.00001 Report Date: January 7, 2026 Revision: 0

Cautionary Note Regarding Forward-Looking Statements:

Certain statements contained in this report are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Forward looking statements can be identified with words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects,” “predict,” “potential,” “continue” and similar expressions, as well as statements written in the future tense. Forward-looking statements are based on information known at such time and/or with a good faith belief with respect to future events. Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties cannot be controlled or predicted. Given these risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include, among things: metal price price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and other assumptions used in this report.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited to: the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

The above list is not exhaustive list of the factors that may affect any of the forward-looking statements and information included in this report, and such statements and information will not be updated to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

This technical report summary also contains financial measures which are not recognized under U.S. generally accepted accounting principles.

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SLR International Corporation (SLR) was retained by SSR Mining Inc. (SSR) to prepare an independent Technical Report Summary (TRS) on the Hod Maden Project (the Project), located in Türkiye.

The purpose of this TRS is to disclose the results of an updated feasibility study (the FS update) for the Project and to support the disclosure of the Mineral Resource and Mineral Reserve estimates for the Project, effective as of August 31, 2025. This TRS conforms to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. SLR, RSC Consulting Ltd. (RSC), WSP USA Inc. (WSP), Ausenco Services Pty Ltd (Ausenco), and SRK Consulting Inc. (SRK) are the qualified persons (QPs), as defined by S-K 1300, for this TRS. RSC visited the Project from July 1 to July 5, 2024; SLR visited the property on August 12 and 13, 2024, and September 5 and 6, 2025; SRK visited the Project on August 13, 2024, and September 5 and 6, 2025; and WSP visited the Project on August 12 and 13, 2024, and September 5 and 6, 2025.

The Hod Maden Project is 100% owned by Turkish company Artmin Madençilik (Artmin), which is jointly owned by SSR, Royal Gold Inc. (Royal Gold), and Lidya Madençilik (Lidya). SSR currently holds a 10% interest in the Project; per the joint venture agreement (May 8, 2023), SSR will earn-in to 40% ownership of the Project and serve as the Project operator.

The Project is envisioned as an underground mining operation using drift and fill (DAF) and long hole stoping (LHS) mining methods. The processing facility (the Process Plant) will have a throughput capacity of 800,000 dry metric tonnes per annum (tpa) of run-of-mine (ROM) ore. The Process Plant incorporates crushing, grinding, and flotation to produce a single gold-copper concentrate that will be transported off-site for further processing.

This TRS supersedes the “Hod Maden Project, Feasibility Study – Technical Report NI 43-101”, dated December 15, 2021 (the 2021 FS), compiled by GR Engineering Services Limited (GR Engineering) for Sandstorm Gold Inc. (now Royal Gold).

The QPs offer the following conclusions by area:

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Metallurgical Test Work

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Processing and Recovery Methods

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The QPs offer the following recommendations by area:

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The economic analysis contained in this TRS is based on an analysis date as of November 30, 2025, economic assumptions, and capital and operating costs provided by SSR finance and technical teams and reviewed by SLR. All costs are expressed in Q4 2025 US dollars and unit costs are based on metric tonnes.

An after-tax Cash Flow Projection in US dollars has been generated from the Life of Mine production schedule and capital and operating cost estimates, and is summarized in Table 1-1. All metrics presented in this section, including the cash flow analysis, is presented at the 100% Project level, however, SSR’s attributable share is 10%. A summary of the key criteria is provided below.

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SLR has reviewed the SSR’s Hod Maden LOM cash flow model, considering gold and copper as final saleable products and has prepared its own unlevered after-tax LOM cash flow model based on the information contained in this TRS to confirm the physical and economic parameters of the Project.

The economic analysis prepared by SLR considers a base discount date as of December 1, 2025, using mid-year convention discounting.

The base discount rate assumed in this TRS is 5% as per standard industry practice.

To support the disclosure of Mineral Reserves, the economic analysis demonstrates that Hod Maden’s Mineral Reserves are economically viable at the net realized prices of $3,167/oz gold and $4.52/lb copper for the period 2027 to 2037, with long term prices of $3,094/oz gold and $4.46/lb copper.

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The summary cash flow analysis is presented in Table 1-1 and Figure 1-1. The full annual cash flow model is in Appendix 1. The Project shows strong free cash flow in the early part of the mine life when mining higher grades, tapering off towards end of mine life.

On a pre-tax basis, the undiscounted cash flow totals $3,237 million over the mine life. The pre-tax net present value (NPV) at a 5% discount rate is $2,236 million. On an after-tax basis, the undiscounted cash flow totals $2,453 million over the mine life. The after-tax NPV at 5% is $1,657 million. The after-tax Internal Rate of Return (IRR) is 39.0%. Simple payback from the start of commercial production in 2029 is less than one year.

The World Gold Council Adjusted Operating Cost (AOC) is US$535 per ounce of gold and the All in Sustaining Cost (AISC) is US$590 per ounce of gold. The AISC breakdown is presented in Table 1-2. The average annual production during full operation is 200,000 gold equivalent ounces per year.

Figure 1-1: After-Tax Annual Cash Flow Metrics

FIGURE 1-1 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 $ Million US $600 $500 $400 $300 $200 $100 $0 ($100) ($200) ($300) ($400) ($500) Capex Free Cash Flow Payable AuEq Payable AuEq (oz) 500,000 300,000 100,000 (100,000) (300,000) (500,000)

Table 1-1: After-Tax Cash Flow Summary

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Table 1-2: AISC Composition

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Project risks can be identified in both economic and non-economic terms. Potential economic risks were examined by running cash flow sensitivities to changes in the following variables:

After-tax NPV and IRR sensitivities over the Base Case have been calculated for -20% to +20% variations for head grade and recovery, and for -30% to +30% for gold and copper price. For operating costs and capital costs, the sensitivities over the Base Case have been calculated at -15% to +15% variations.

The analysis shows that the Project is most sensitive to changes in head grade, recovery, and metal prices, but less sensitive to operating and capital costs.

The Hod Maden Project is in northeastern Türkiye, within the Eastern Pontides tectonic belt, approximately 20 km south of Artvin and 130 km northeast of Erzurum, near the Georgian border. The deposit lies along the east-west striking Maden Valley (also known as the South Valley, which extends to a perpendicular minor valley known as the Powerline Valley), near the villages of Yukarιmaden and Aşağımaden. The Project benefits from nearby infrastructure, with two high tension power lines crossing the area and access to concentrate handling facilities at Hopa and Rize on the Black Sea coast. The Project is accessible by road from both Artvin and Erzurum, with some partially paved roads leading to Yukarιmaden Village. Yukarιmaden Village, within the property, has basic utilities and serves as a base for exploration activities.

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The Hod Maden Property consists of Turkish operating licenses 87288 and 88657, comprising a total land area of 3,543.24 hectares. The licenses are 100% owned by Artmin, a 60:10:30 jointly owned company between Lidya Madençilik (Lidya), SSR, and Royal Gold Inc.¹ SSR will acquire up to an additional 30% from Lidya through earn-in structured milestone payments during the Project’s construction.

The tenements are covered by numerous small freeholdings (private lands), which Artmin is in the process of acquiring via private sale or expropriation process. Currently 87% of the required land has been purchased by Artmin. The expropriation process was approved and commenced by The General Directorate of Mining and Petroleum Affairs (the Mining Directorate, MAPEG) on March 18, 2020. The population to be affected is very small and a high proportion of the effected land has been purchased. Expropriation of the remaining tenements is well advanced (93%). A budget for land purchases, resumption, and restitution has been allowed for in the capital cost estimate.

Mining at Hod Maden may pre-date the rise of the Ottoman Empire (14th Century). The Hot Mines, which are mostly in the southern part of the current concessions of the Hod Maden property, were exploited from 1888 to 1904. The Hot Mines operations were closed sometime between 1904 and 1911. In 1913, the mine was acquired by the Russian Hot Company, who ceased mining activities in 1923.

The mine site was acquired by the General Directorate of Mineral Research and Exploration (MTA) in 1942. The tenements were acquired by Anglo-Tur (a subsidiary of Anglo-American Corporation Inc.) in circa 1991. In 2006, Teck Cominco, now Teck Resources Limited (Teck), acquired concessions by auction.

AMG Mineral Madençilik AS (AMG) successfully bid on Hot North, Ulutas, and Halilağa East properties via an auction held January 31, 2012. AMG’s parent company, Aegean Metals Group Inc. (AGN or Aegean), acquired a 100% interest in Teck’s three concessions at Hod Maden. Teck retained a 2% Net Smelter Return (NSR) on the concessions, which was acquired by Sandstorm in 2016.

AMG entered into an option agreement with private Turkish company Lidya in June of 2014. Under the terms of the agreement, Lidya has earned a 70% interest in Hod Maden property through exploration expenditures and cash payments.

Mariana Resources Limited (MARL) acquired AGN in January 2015. Artmin was formed in January 2016, as a jointly owned company, upon the signing of the Shareholder Agreement between MARL and Lidya.

In July 2017, Sandstorm acquired MARL and its 30% interest in the Hod Maden Project.

SSR entered into a joint venture agreement on May 8, 2023, whereby SSR will earn-in to own up to 40% of the Project and serve as project operator, while Lidya will own 30% and Royal Gold will own 30%. SSR currently owns 10% of the project.

¹ Royal Gold Inc. recently acquired Sandstorm Gold Limited, who held the 30% interest in Artmin.

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The Artvin mineral district is part of the Eastern Pontides magmatic belt. The magmatic-hydrothermal mineral deposits and occurrences of the Artvin district are clustered into three main groups: the Hod Gold Corridor, the Kaçkar batholith, and the volcanogenic massive sulfide (VMS) bimodal-felsic Cu-Zn belt.

The Hod Maden deposit, located near Yukarımaden village in Türkiye, lies within the Hod Gold Corridor and comprises three zones: the Main Zone, the South Zone, and approximately 1-km to the south, the Russian Zone. The Main Zone extends ~150 along strike at surface, has a true thickness of up to 70 m and a down-dip extension of ~400 m, and contains most of the high-grade gold and copper mineralization. Two phases of mineralization are dominant in the main zone: i) multiphase quartz-sulfide (pyrite+chalcopyrite) ± hematite+jasper breccia bodies; and ii) semi-massive to massive sulfides (pyrite+chalcopyrite) and gold mineralization.

The adjacent South Zone, measuring approximately 500 m along strike and 300 m in depth, is mineralogically and structurally distinct. The South Zone is characterized by quartz-sulfide stockwork veins that host Au and Cu mineralization. Mineralization at Hod Maden is zoned with an inner Au-Cu-Mo association and an outer Zn-Pb-As signature.

The Hod Maden deposit is located within an NNE-trending structural corridor bound by the Hod Main Fault Zone (HMFZ) and the Hod East Fault Zone (HEFZ). Alteration in the area includes chlorite and jasperoid-quartz-pyrophyllite associations.

The mineralogical model for Hod Maden is debated and theories include a structurally controlled epithermal system, a hybrid VMS-epithermal system, or a syn-volcanic VMS overprinted by epithermal veins.

The hydrogeological assessment for the Hod Maden Mining Project involved extensive data collection and studies conducted by various consultants from 2013 to 2022. These included hydrocensus studies, baseline water assessments, and continuous monitoring of surface and groundwater, primarily by SRK from 2017 to 2021. Field activities comprised stream flow measurements, water quality sampling, drilling, and hydraulic testing. The studies identified key hydrogeological units such as alluvium, fractured andesite, and fault zones, along with their hydraulic properties like conductivity and storage. A conceptual hydrogeological model was developed, highlighting groundwater recharge, flow patterns, and interactions with the river system. Using this data, SRK created a three dimensional (3D) numerical groundwater flow model to predict mine inflow, dewatering needs, and post-mining groundwater recovery. The model forecasts significant dewatering requirements initially, with residual passive inflow decreasing over time due to the depletion of permeable units and active dewatering systems. The project’s water management strategy is integral to reducing environmental impacts during and after mining.

In 2015, Enerson Engineering conducted a gravity survey at the Main Zone of the Hod Maden Project to map buried mineralized rocks by measuring gravity anomalies. Using Scintrex CG-5 Autograv at 267 stations along eight profiles, spaced 20 meters apart, the survey identified high-density rocks, though these anomalies did not directly correlate with semi-massive sulfides in certain regions. Polimetal Madençilik began reconnaissance exploration in 2014, focusing on geological mapping and geochemical sampling. Their geological surveys revealed andesitic rocks, dacitic flows, and rhyolitic domes, helping guide exploration and mine planning. The geochemical sampling program gathered 960 soil and 738 rock samples, which were analyzed to pinpoint drilling targets.

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From 2014 to 2024, diamond drilling was the primary method for exploring and defining mineralization at Hod Maden. Between 2014 and 2020, 319 diamond drill holes covering over 83,000 meters were drilled by Geoteknik, focusing on exploration and resource estimation. Drilling included both exploration and infill diamond holes and was conducted using advanced drilling rigs, with most drill holes inclined and surveyed at regular intervals. Between 2023 and 2024, an additional 16 drill holes, totaling over 4,400 meters, were completed to improve the understanding of gold-bearing structures, with ongoing re-logging and analysis efforts to further refine resource estimates.

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300 and were estimated by the RSC QP. SLR has reviewed, audited, and accepted the Mineral Resource estimate prepared by the RSC QP. The Mineral Resource estimates are based on block model values developed from assays on the mineralized properties.

The Mineral Resource estimates were completed using conventional block modeling approach in Seequent’s Leapfrog Geo (Leapfrog Geo) and Deswik Stope optimization (Deswik) software.

Estimates were validated using standard industry techniques including statistical comparisons with composite samples and parallel nearest neighbor (NN) estimates, swath plots, and visual reviews in cross-section and plan. A visual review comparing blocks to drill holes was completed after the block modeling work was performed to ensure general lithologic and analytical conformance, and it was peer reviewed prior to finalization. Mineral Resources (SSR ownership 10% only) have been summarized based on deposit, resource classification and processing methodology.

The Mineral Resources estimate is presented in Table 1-3. The RSC QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

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Table 1-3: Summary of Hod Maden Mineral Resources, exclusive of Mineral Reserves, as of August 31, 2025 (SSR’s Attributable Share)

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Mineral Reserves have been estimated by SSR personnel and audited and accepted by the SLR QP. The Mineral Reserves have been classified in accordance with SEC S-K 1300 definitions. A summary of the Mineral Reserve estimate on SSR’s attributable ownership basis is shown in Table 1-4.

Table 1-4: Mineral Reserve Estimate as of August 31, 2025 (SSR’s Attributable Ownership Basis)

Mineral Reserves are defined within an underground mine plan generated considering diluted Measured and Indicated Mineral Resources.

Mineral Resources were converted to Mineral Reserves recognizing the level of confidence in the Mineral Resource estimate and reflecting modifying factors, and after consideration of all The Proven Mineral Reserve was derived from the Measured Mineral Resource. The Probable Mineral Reserve was derived from Measured and Indicated Mineral Resources. The Measured Mineral Resource within the DAF development shapes above 780 masl was downgraded to Probable Mineral Reserve due to the greater uncertainty regarding the modified DAF mining method. All stope and development shapes have planned internal dilution. The marginal development NSR cut-off value is US$57/t. The stope optimisation algorithm will always allow for the inclusion of material below the cut-off value to be included if it necessary to include high grade material, as long as the overall grade of the additional material is above cut-off, which is a normal part of the process.

The SLR QP is not aware of any risk factors associated with, or changes to, any aspects of the modifying factors such as mining, metallurgical, infrastructure, permitting, or other relevant factors that could materially affect the Mineral Reserve estimate.

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The Hod Maden deposit will be mined entirely using underground mining techniques to minimize surface disturbance. The deposit consists of a Main Zone and a South Zone; however, as very little economic mineralization is currently modeled in the South Zone, South Zone is not included in the current LOM plan.

In addition, the underground mine will be divided into two distinct mining zones with a modified DAF underground mining technique applied to the Poor Ground Zone (PGZ) above the 780 masl level (the 780 level) and LHS applied to the more competent ground conditions below the 780 level. The bulk of the mineralization is located below the 780 level, however, gold and copper grades are highest above the 780 level, reducing with deposit depth.

The underground mine will be accessed through a single portal west of the deposit with secondary egress and fresh air intake in close proximity. The primary exhaust and vertical shaft development are located in the southwest of the deposit.

The Main Zone extends 450 m vertically from surface over a strike distance of approximately 300 m. For the LHS level, spacing will be 25 m, and for the upper DAF levels will be extracted primarily in 5 m high increments.

LHS will use electric-hydraulic jumbos for excavation and ground support with diesel-powered load haul dump (LHD) units and articulated dump trucks for material handling. Ground support will use fibrecrete extensively. Stopes will be drilled using electric-hydraulic top hammer long hole drills.

DAF mining will utilize excavators and rotary cutters for excavation and front-end loaders (FEL), LHDs, and trucks for material handling. Fiber-reinforced sprayed concrete will be used extensively for the primary support of development drives.

Ore will be trucked to the surface ROM pad located approximately 500 m from the portal in the South Valley. Waste rock will be trucked to a temporary waste rock dump near the portal from where it will be rehandled to a permanent waste dump facility (WDF) through an access tunnel to the Saliçor Valley.

From portal construction, the mine has an expected life of approximately 12 years (December 2025 – 2037), of which there will be 11 years of processing the 7.7 Mt Mineral Reserve.

The processing plant will incorporate crushing, grinding, and flotation to produce a gold concentrate at average grades over the LOM of approximately 22% Cu and 114 g/t Au. The design capacity is 800,000 dry metric tonnes per year.

Results of historical and 2024 locked cycle results tests were used to establish grade versus recovery curves for copper, gold, and mass pull. These equations were used to calculate concentrate production over the life of mine. Table 1-5 shows the average grade and recovery figures of the gold concentrate produced over the life of mine according to the mine plan. The average gold and copper recoveries are calculated as 87% and 97%, respectively.

Table 1-5: Grade and Recovery Values Over Life of Mine

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The processing plant will have the capability of treating 800,000 dry tonnes per year. The flowsheet is summarized as:

The entirety of the scavenger tailings will be used for the production of paste. After thickening, the paste plant will filter a portion of the tails to meet the target paste concentration of 68.5% solids (by weight) after addition of a dry binder.

Various utility and plant infrastructure such as water supply, reagents supply and distribution, air services, electrical energy supply and distribution, roads, communications and site buildings will support the Project.

The Project's infrastructure development includes the following:

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Access roads from Artvin are in good condition, but significant upgrades to the Yukarιmaden road will enhance safety and efficiency for long-term operations.

A new 154 kV/11 kV substation will connect the Project to the existing high-voltage network, ensuring a reliable power supply through an extensive distribution system. This system includes multiple feeders and dedicated transformers, while a standby diesel generator will provide backup power to maintain operational continuity during outages.

The Project emphasizes effective surface water management, focusing on minimizing contact water volumes through diversion and treatment systems. A contact water management system will direct all contact water to a designated treatment pond, while a non-contact water diversion system will safeguard operational areas. Continuous updates to the site-wide water balance model and an integrated management plan will ensure regulatory compliance and environmental integrity.

Tailings management at the Hod Maden mine will adhere to CDA Dam Safety Guidelines, with a phased downstream construction approach for the TSF. The facility's design incorporates a composite liner system and zoned filter design to contain hazardous Class I tailings, accommodating a total capacity of up to 4.82 Mm³ assuming construction of the TSF to the 1,353 final elevation and considering 1m of freeboard and the anticipated depositional slope of the tailings. Comprehensive geotechnical investigations and geological hazard assessments have been conducted to ensure understanding of the storage basin and embankment foundation conditions, while ongoing monitoring and mitigation will manage localized risks during operations.

The North Valley Waste Dump Facility (WDF) is designed to handle PAG waste rock from underground mining. The selected Saliçor Valley site presents advantages that mitigate associated risks, while ongoing geotechnical assessments and a focus on a "design for closure" approach will ensure environmental protection and stability throughout the facility's lifecycle.

The Hod Maden Project is expected to produce gold sulfide concentrate containing copper credits, which will be highly desirable due to its cleanliness and lack of deleterious elements.

The Hod Maden Project is expected to produce an average of approximately 44,450 dry metric tonnes (dmt) per annum of gold sulfide concentrate. The concentrate can be sold either through traders or directly to smelters. Due to its clean quality, it is expected to be competitive in the market. Best-value markets for Hod Maden's concentrates include Europe, China, the Philippines (PASAR), and Korea, although Japan is considered less likely due to high financing costs associated with gold.

Discussions have been conducted with potential customers, including SSR’s joint venture partner, Lydia, who has expressed interest in the product. The marketing of this product falls outside the current project scope and will be addressed in a future phase.

Artmin undertook environmental and social (E&S) baseline studies between 2013 and 2015, 2017 to 2020 and 2018 to 2021 in the Project area. These informed the Environmental Impact Assessment (EIA) for the Project, which was approved by the Ministry of Environment, Urbanisation and Climate Change on November 17, 2021. Consistent with Good International Industry Practice (GIIP), the baseline studies conducted from 2018 to 2021 considered the International Finance Corporation Performance Standards (IFC PS) for key aspects of the Project including, e.g., biodiversity.

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The Project region is rich in biodiversity and endemic species. Vulnerable, near threatened, endangered and critically endangered species on the International Union for Conservation of Nature’s (IUCN) Red List of Threatened Species, as well as on the National Red Data List (Turkish Red Data Book, T-RDB) may occur in the Project area and triggered the identification of critical habitat². Biodiversity is a key E&S aspect of the Project.

Water quality is another key E&S aspect of the Project. Potential impacts to surface water and groundwater quality have been identified due to the potential for development of acid rock drainage and metal leaching (ARD/ML) during mining development, as well as dewatering and discharge activities, disposal of flotation tailings and waste rock, creek diversions and mining under Maden Creek.

The villages of Aşağımaden and Yukarımaden are affected by land acquisition for the Project, with a total of 887 private land parcels, totalling 372,825 m², required for the construction of Project infrastructure in both the North and South valleys. Artmin commenced land acquisition in the South Valley in 2019. The government’s Special Provincial Administration (SPA) are currently assisting the Project with ongoing land acquisition efforts. The project is also arranging additional payments to landowners who have previously been compensated, to ensure parity with payments made to other landowners.

Artmin compiled an Environmental and Social Impact Assessment (ESIA) in 2023 to support eventual Project financing. The ESIA package includes a set of draft Environmental and Social Management Plans (ESMPs) which aim to comply with host country requirements including EIA commitments and conditions of approval, European Union directives and the International Finance Corporation (IFC) Performance Standards (PS). Key ESMPs related to the three key environmental and social aspects mentioned above include the draft Biodiversity Management Plan, Water and Wastewater Management Plan, Waste Rock Management Plan, Community Development Plan.

Artmin has a list of environmental approvals and permits and track these applications. This list will need to be updated to address the revised Project definition. At this time, it is unclear to what extent existing approvals and permits will need to be revised and/or updated as this depends on how the Project definition evolves during optimization studies.

Engagement with local communities and stakeholders commenced during the exploration and early scoping phases and Artmin established a community relations office in the Yukarımaden village. Artmin maintains a Stakeholder Engagement Register showing engagement activities from June 2017 to August 2024 and plans to continue engagement activities.

A Conceptual Mine Decommissioning and Closure Plan, which included a closure cost estimate, was compiled for the Project in 2022. The Government of Türkiye will require a financial guarantee.

The Project site topography, with inclines of over 30% in two of the main valleys, will present challenges for the construction and operations. The Project team has prepared a capital cost estimate as part of the FS Update. The initial capital expenditures are estimated at US$1,060 million. The Project budget includes an estimated $149 million of sunk costs as of November 30, 2025, with a remaining budget of $910 million to complete the initial Project.

² As defined in IFC PS6, Biodiversity Conservation and Sustainable Management of Living Natural Resources (IFC 2012).

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The Project capital cost estimate should be classified as a high level 3 estimate using the AACE International (Association for the Advancement of Cost Engineering International) classification system, due to the high level of design definition in the most critical areas: camp construction, bulk earthworks in the North Valley, and the main access roads.

The capital cost estimate for the Process Plant is only US$84 million, approximately 18% of the Project’s Direct Costs, which is unusual for mining projects; however, the SLR QP notes that the bulk earthworks scope for the Hod Maden Project is significant, and the percentage of the total capital cost related to the Process Plant is appropriate.

The SLR QP has reviewed the Basis of Estimate document (BoE) developed for the Project. The BoE indicates the initial capital cost estimate has been prepared to a Class 3 using the AACE classification system, with a level of accuracy of -10% to +15%; the SLR QP agrees with this assessment.

The capital costs are summarized in Table 1-6.

Table 1-6: Capital Cost Summary

The projected LOM unit operating cost estimate, since the start of commercial production, is summarized in Table 1-7. The estimated Hod Maden workforce is estimated to average 497 persons once full operations are achieved. During construction, there will be a peak of 1,150 workers in the summer of 2026.

Table 1-7: Average Operating Costs Unit Rates

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The Hod Maden Project team has prepared an update to the FS, which includes a schedule update. The Project started the construction of the onsite infrastructure in fiscal year 2025 (FY2025) while delaying the commencement of the process facility construction until the year 2026.

The key aspects of the updated schedule are the following:

Table 1-8 summarizes the current milestones for the Hod Maden Project. Note that the “A” means an actual date that has been achieved.

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Table 1-8: Hod Maden Schedule Milestones

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The critical path for the Project currently proceeds through the following:

The Project has been advancing under a limited notice to proceed (LNTP) since November 2024. During this time the Project has maintained the overall schedule and has achieved timely execution of the Project scope. Three of the “meta” indicators of project progress, as listed below, are all tracking closely to the previous baselines:

This overall timely project performance indicates good progress in the early parts of the project development.

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SLR International Corporation (SLR) was retained by SSR Mining Inc. (SSR) to prepare an independent Technical Report Summary (TRS) on the Hod Maden Project (the Project), located in Türkiye.

The purpose of this TRS is to disclose the results of an updated feasibility study completed in January 2025 (the FS update) for the Project, and to support the disclosure of the Mineral Resource and Mineral Reserve estimates for the Project, effective as of August 31, 2025. This TRS conforms to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. SLR, RSC Consulting Ltd. (RSC), WSP USA Inc. (WSP), Ausenco Services Pty Ltd (Ausenco), and SRK Consulting Inc. (SRK) are the qualified persons (QPs), as defined by S-K 1300, for this TRS.

The Hod Maden Project is 100% owned by Turkish company Artmin Madencilik (Artmin), which is jointly owned by SSR, Royal Gold Limited (Royal Gold), and Lidya Madencilik (Lidya). SSR currently holds a 10% interest in the Project; per the joint venture agreement (May 8, 2023), SSR will earn-in to 40% ownership of the Project and serve as the Project operator.

The Project is envisioned as an underground mining operation using drift and fill (DAF) and long hole stoping (LHS) mining methods. The processing facility (the Process Plant) will have a throughput capacity of 800,000 dry metric tonnes per annum (tpa) of run-of-mine (ROM) ore. The Process Plant incorporates crushing, grinding, and flotation to produce a single gold-copper concentrate that will be transported off-site for further processing.

The RSC QP, as defined by S-K 1300, for Geology and Mineral Resource estimation visited the site from July 1 to 5, 2024. The RSC QP reviewed the Project geology, standard operating procedures, collar locations, downhole surveys, logs, core, pulps, and laboratory certificates.

SLR team members visited the Project site and office on August 12 and 13, 2024. The focus of the site visit was to review the location of Project infrastructure taking into account the topography, location of existing infrastructure, mine development, and other physical parameters on site. A visit to the Artmin office in Istanbul took place on August 14, 2024, with the main objective of reviewing the Project execution strategy and status. This visit also included a review of the main roads between site and the Rize port and a general view of the region, including visits to Artvin and Yusufeli, to understand what facilities and services were available regionally to support the Hod Maden Project operation. The SLR team was escorted by Artmin and SSR staff.

The SLR QPs visited the Project most recently on September 5 and 6, 2025. Primary objectives were to observe conditions in the North and South Valleys and along the Main Access road.

The SRK QP and the Owner’s team visited the site on August 13, 2024, and September 5 and 6, 2025. The objectives of the site visit and meetings were to observe surface water and hydrological conditions, plan for groundwater investigations and visit historic mine audits. Review on selected exploration cores and the surficial geology provided insight on hydrogeological and hydrological setting.

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WSP team members, including the WSP QP, visited the Project most recently on September 5 and 6, 2025. The objectives of the site visit were to observe the conditions of the North Valley and the TSF site.

Table 2-1 lists the consulting companies whose personnel are QPs in this Report and the sections for which they are responsible. The QPs from SLR, RSC, WSP, SRK, and Ausenco, and their respective employers, are independent of and unaffiliated with the registrant (SSR) or any other entities that have an ownership, royalty, or other interest in the Project.

Table 2-1: Consulting Companies Which Acted as Qualified Persons in Preparing this Report

During the preparation of this TRS, discussions were held with personnel from SSR, Artmin, WSP USA Inc. (WSP), Ausenco Services Pty Ltd (Ausenco), INR Consulting & Engineering Inc. (INR Consulting), Tiera Group International, and SRK Consulting Inc. (SRK):

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This Technical Report Summary supersedes the “Hod Maden Project, Feasibility Study – Technical Report NI 43-101”, dated December 15, 2021 (the 2021 FS), compiled by GR Engineering Services Limited (GR Engineering) for Sandstorm Gold Limited (Sandstorm), recently purchased by Royal Gold Inc.

GR Engineering previously completed a pre-feasibility study for the Project in 2018 (the PFS) and a definitive feasibility study (DFS) for the Project in 2020 (the 2020 DFS).

The documentation reviewed, and other sources of information, are listed at the end of this TRS in Section 24.0 References.

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Units of measurement used in this TRS conform to the metric system. All currency in this TRS is US dollars (US$) unless otherwise noted.

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The Hod Maden Project site is situated within the Eastern Pontides tectonic belt, which coincides with the 500 km long, and 50 km to 75 km wide mountain chain extending along the southeastern Black Sea coastline. Hod Maden is located approximately 20 km south of Artvin and 130 km northeast of Erzurum in northeastern Türkiye near the border with Georgia (Figure 3-1). The Project uses ED50 co-ordinate reference system (CRS) and projection UTM Zone 37N (WGS84). The Project center coordinates are 740,600 mE, 4,542,200 mN, with latitude and longitude coordinates of 41.032° N and 41.867° E, respectively.

The north-south striking Hod Maden deposit is transected by the (locally) east-west trending Maden Valley (also known as the South Valley), which is the valley formed by Maden Creek, with the valley populated by scattered neighborhoods of residential dwellings. The village of Yukarιmaden sits near the deposit, while the village of Aşağımaden sits approximately two kilometers downstream.

The site is well positioned to access infrastructure. Yukarιmaden village lies within the property and has limited power, running water, and sewage treatment facilities. Two high tension power lines (154 kV and 380 kV) stretch across hilltops above the Project area. There is a smaller line of 30 kV, which supplies local loads and the smaller villages.

Two concentrate handling facilities and ports, Hopa and Rize, are situated on the Black Sea coast near the Project. The closest is Hopa, approximately 120 km by road from Yukarιmaden. Hopa was built to handle copper concentrate from the nearby Murgul mine. Rize, which handles concentrate from the Cayeli mine is approximately 200 km from the Project. The Project location is illustrated in Figure 3-1.

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Figure 3-1: Location Map

FIGURE 3-1 HOD MADEN PROJECT Legend: International Boundary National Capital Major City Railroad Road Miles 0 50 100 150 200 250 Kilometres 0 100 200 300 SLR SSR Mining Inc. Hod Maden Project Artvin Province, Türkiye Location Map Source: SLR 2024.

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The Hod Maden Property consists of Turkish operating licenses 87288 and 88657, comprising a total land area of 3,543.24 hectares. The licenses, shown in Table 3-1, are 100% owned by Artmin, a 60:10:30 jointly-owned company between Lidya Madencilik (Lidya), SSR, and Royal Gold Inc (who recently purchased Sandstorm Gold Limited). SSR will acquire an additional 30% from Lidya upon commencement of production.

Table 3-1: Hod Maden Project, Licenses Details

Note: ER No. is the registration number of the mining area at the Turkish General Directorate of Mining and Petroleum Affairs (MAPEG).

The tenements (Figure 3-2) are covered by numerous small freeholdings (private lands), which Artmin is in the process of acquiring via private sale or expropriation process. Currently 87% of the required land has been purchased by Artmin. The expropriation process was approved and commenced by The General Directorate of Mining and Petroleum Affairs (the Mining Directorate, MAPEG) on March 18, 2020. The population to be affected is very small and a high proportion of the affected land has been purchased. Expropriation of the remaining tenements is well advanced (93%). A budget for land purchases, resumption, and restitution has been budgeted in the capital cost estimate.

There are no liens, mortgages covenants, or restrictions to the property additional to the Royal Gold Royalty (described in Section 3.4) ,and the required permits described in Section 3.5.

An electrical transmission easement crosses the Project area. SLR understands that the owners of the easement have no issue with the development, and the owners of the powerline(s) are currently in negotiation with Artmin with respect to power supply.

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Figure 3-2: Project Area Map

FIGURE 3-2 License Area 87288 License Area 88857 North Valley EIA Quarry EIA Access Tunnel Access Road South Valley EIA Boundary Metres 0 500 1000 1500 2000 2500 SLR SSR Mining Inc. Hod Maden Project Artvin Province, Türkiye Project Area Map Source: SLR 2025.

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Royalties are payable to the state in Türkiye on the principle of the value of the commodity at the underground mine portal. The royalty base is therefore arrived at by subtracting all non-mining related on-site and off-site operating costs (including forestry fees, corporate expenses, freight and TC/RCs) and all non-mining related depreciation and amortization from the gross revenue from payable minerals. Applicable royalty percentages are applied to the royalty base.

Prior to April 2020, the overall royalty rate for a polymetallic mine in Türkiye was the rate derived from the value of the mineral forming the greatest proportion of gross revenue from payable metals in a given period; however, in April 2020 the regime changed to one where applicable royalty rates were applied separately by commodity, and the rates for each commodity in a given period depend on the price of that commodity. The royalty base for each metal is calculated pro-rata to the gross revenue from payable metal proportions. This means that, if gold is 80% of gross revenue, it will also attract 80% of common deductible costs in its royalty base.

Royalty rates for gold and copper are shown in Table 3-2.

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Table 3-2: Royalty Rates for Gold and Copper

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Royal Gold holds a 2.0% Net Smelter Return (NSR) royalty covering 100% of production from Hod Maden. The Project itself is operated by SSR Mining, which acquired an initial 10% interest in 2023 with an option to earn up to 40%, while the balance of ownership remains primarily with Lidya and Royal Gold through its integrated interests.

In Türkiye, mining activities are regulated by the Mining Law No. 3213 of 15 June 1985, as amended by Laws 5177 (2004), 5995 (2010), 6592 (2015), 7020 (2017), 7061 (2017), 7103 (2018), and 7164 (2019), together with the Mining Regulation dated 21 September 2017 and the Mining Waste Directive of 15 July 2015.

Under the Mining Law, both an Exploration License and an Operating License are required to conduct mining activities. The Hod Maden Operating License was issued on 4 February 2013 by the General Directorate of Mining and Petroleum Affairs (MAPEG).

The Mining Regulation introduced an “environment-friendly guarantee” (Çevreyle Uyum Teminatı), an annual financial assurance equal to 30 % of the license value, payable when the operating license is granted. This guarantee is partially refundable upon certified mine closure, serving to offset reclamation costs.

Under the 2019 amendments (Law 7164), license holders must pay an annual license fee and an environment-friendly guarantee, representing respectively 70 % and 30 % of the total license value, as defined by MAPEG schedules.

Current license fees (sunk costs) are listed in Table 3-3. These licenses enable Artmin to undertake the following activities within the leases on Forestry lands. Activities on private lands require the consent of the owners.

Table 3-3: Operating License Fee and Forestry Land Fees for 2020

Mining projects undergo environmental review by the Ministry of Environment, Urbanisation and Climate Change. Artmin submitted an Environmental Impact Assessment (EIA), which the Ministry approved on November 17, 2021. Environmental permits will also be required to support Project development, as discussed in Section 17.0.

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Environmental liabilities on the property are associated with the early phases of project development and addressed in the context of the closure plan and closure cost estimate. SSR Mining Inc. has the necessary environmental approval and permits to begin the proposed work on the property, and the company continues to obtain the necessary construction and operating permits, as further described in Section 17.0. During the site visit SLR noted potentially acidic water emanating from the pilot test hole drilled at the site of the planned portal to access the underground mine. Iron oxide precipitation was also noted; however, this is expected due to the geology of the site, and it is not considered to be material. SLR is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the property.

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The Project site is accessible from the city of Artvin (20 km radially, one hour by road) or from the city of Erzurum (130 km radially, 2.5 hours by road via Yusufeli). The highways from Artvin or Erzurum are asphalt to the main road junction along the reservoir on the Çoruh River. The road leading away from the reservoir to the working area and nearby Yukarιmaden village is partly asphalt.

Yukarιmaden village lies within the property and has limited power, running water, and sewage treatment facilities. The school was closed many years ago and the old school building is currently used by Artmin as a base for exploration activities.

A map of the region has been provided in Figure 4-1 that shows the Project’s relative location and the 8.82-km long main access road (in red) to the Hod Maden mine project in Artvin Province, Türkiye.

The alignment includes road cuts, fills, and tunnels, and traverses complex mountainous terrain. As previously noted, the total road length is 8.82 km; the alignment crosses steep mountainous terrain with grades up to 8% to 10%. The road will provide mine access for heavy equipment and ore haulage.

The geology along the road alignment is characterized by a sequence of andesitic to dacitic volcanic rocks, including tuffs, pyroclastics, and volcanic breccias. Weathering conditions vary considerably, ranging from shallow colluvial deposits to highly fractured bedrock. Several fault zones and altered tuff horizons have been mapped along the corridor, and many of the discontinuities within these zones contain clay infill, which reduces their shear strength and overall stability. Groundwater seepage is common in the fractured pyroclastics, and artesian inflows have been encountered locally, indicating that dedicated drainage measures will be necessary.

Rock mass conditions vary as well. Most of the country rock has Rock Mass Rating (RMR) values between about 30 and 40, indicating poor quality in several sections, while other areas fall in the 50–60 range, representing fair to good conditions. Geological Strength Index (GSI) values were used to derive appropriate geotechnical strength parameters for design. Where weak or highly fractured zones occur, slope trimming, localized retaining structures, or rock bolting and shotcrete will be required to ensure long-term stability.

Cut slope geometries reflect the range in rock quality: in competent volcanic units, slope angles of roughly 60° to 70° are achievable, whereas weaker tuffs and breccias require more conservative angles in the 40° to 50° range. Fill slopes are to be constructed using engineered, compacted material with appropriate drainage provisions. Retaining structures, anticipated to include gabion walls, reinforced-earth systems, or shotcrete-stabilized faces, are included where necessary. Surface and subsurface drainage elements, such as roadside ditches, culverts, and subdrains, form a key component of the design to manage seepage and mitigate instability. In terrain where stability is particularly critical, more robust measures such as reinforced cuts, anchored retaining walls, steel supports, and shotcrete linings are planned. The alignment includes two short tunnels: one of tunnel length of approximately 105 m and a second, shorter tunnel. Tunnel sections will likely require systematic support including bolts, shotcrete, and drainage due to poor to very poor rock mass quality.

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Two long tunnels will be built as part of the 8.82 km long main access road. Based on the alignment and geotechnical plan, the relative locations of the two tunnels are:

Tunnel T1: Start at km 0+840, Exit at km 2+370 – total length approximately 1,530 m.

Tunnel T2: Start at km 4+242, Exit at km 6+585 – total length approximately 2,343 m.

Tunnel cross-section dimensions and detailed support recommendations (bolts, shotcrete, ribs) are indicated in the detailed engineering drawings and reports. The access road is technically feasible with conventional slope design and engineered support in critical zones. Conservative excavation, systematic bolting, shotcrete, and drainage will be required, particularly in fault zones, weathered tuffs, and tunnel sections.

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Figure 4-1: Main (Yukarimaden) Access Road

FIGURE 4-1 ARTVIN ERZURUM Village Road Start Tunnel 1 L = 1530 m Existing Village Road Connection Road or Access Road Bridge 1 L = 30 m AC-KAPA Tunnel L = 45.00m BAGLANTI Road 2 SALICOR Road Bridge 2 L = 67 m Tunnel 2 L = 2343 m Existing Village Road Stream Crossing Culvert 8X3.20 KUTU Village Road End Metres 0 200 400 600 800 1000 The area being developed HOD MADEN PROJECT LOCATION MAP ARTVIN SLR SSR Mining Inc. Hod Maden Project Artvin Province, Türkiye Main Access Road Source: SSR 2025.

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The Project is situated in the northwestern portion of the Çoruh Basin in northeastern Türkiye, within a region that marks a climatic transition between the humid Mediterranean influence of the Black Sea coast and the drier continental climate of the interior.

The topography of the basin exerts a dominant control on local climatic conditions. Elevations range from approximately 300 meters above sea level (masl) along the valley floors to about 2,830 masl along surrounding ridges, with the Hod Maden Project area itself located at roughly 900 masl. This relief of more than 2,500 m strongly influences temperature gradients and the form of precipitation: rainfall predominates at lower elevations, while snowfall dominates at higher altitudes.

An automated weather observation system (AWOS) operated by the General Directorate of Meteorology (MGM)—the Yukarımaden Köyü Station (ID 18970)—is located on the ridge separating the Saliçor and Şurakev drainages at an elevation of 1,503 masl. The station remains operational, and data available for this assessment cover the period from June 21, 2017, through March 31, 2025. These data were compiled and analyzed by SRK Consulting as part of the 2025 Water Balance Study (SRK 2025a).

Due to the limited duration of the on-site station, long-term climatic conditions were supplemented using global gridded datasets. Precipitation was extended using the U.S. National Aeronautics and Space Administration’s (NASA) Integrated Multi-Satellite Retrievals for Global Precipitation Measurement (GPM IMERG v07) dataset (Huffman et al. 2023), and temperature was supplemented using the ERA5-Land reanalysis dataset developed by the European Centre for Medium-Range Weather Forecasts (ECMWF). Both datasets were bias-corrected against site observations to provide a representative long-term climatic record for the Project area.

General descriptive information of the Yukarιmaden Village AWOS is provided in Table 4-1.

Table 4-1: On-Site Meteorological Station Information

Due to the Project area’s location in the transition zone between the coastal and continental climate, combined with its steep mountainous topography, the precipitation values at the site are relatively lower than the national average. The mean annual precipitation (MAP) for Türkiye, based on the 1991–2020 climate normals, is 573.4 mm (MGM 2025), while the Project site records comparatively lower totals.

The Yukarımaden AWOS has been operational since June 2017 and continues to record data. At the time of preparation of this report, the latest received data from MGM extends to March 31, 2025. Completed years from 2018 to 2024 indicate a mean annual precipitation of approximately 414 mm, with annual totals ranging between 228 mm and 570 mm. The most recent years, 2023 and 2024, have shown the highest precipitation on record, exceeding 490 mm and 570 mm, respectively.

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Table 4-2 summarizes the monthly and annual precipitation totals measured at the Yukarımaden AWOS.

Table 4-2: On-Site Station Monthly Average Precipitation (mm)

Source : 18970 – Yukarımaden Village AWOS (MGM)

Figure 4-2 presents the average monthly precipitation distribution for the completed annual period of 2017 to 2024, measured at the Project site. The data shows a seasonal trend, with precipitation levels generally peaking in spring and early summer before gradually decreasing through late summer and autumn. May records the highest precipitation average (68.5 mm), followed by June (45.7 mm) and March (42.5 mm), indicating that spring as the wettest season. In contrast, the lowest precipitation occurs in February (17.4 mm) and January (20.6 mm), reflecting relatively dry winter conditions at the Project elevation.

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Figure 4-2: Monthly Average On-Site Precipitation (2017–2024)

FIGURE 4-2 Monthly Precipitation (mm/month) 80 70 60 50 40 30 20 10 0 Average Jan 20.6 Feb 17.4 Mar 42.5 Apr 33.3 May 68.5 Jun 45.7 Jul 40.4 Aug 23.8 Sep 37.9 Oct 35.2 Nov 22.5 Dec 26.1

Within SRK’s ongoing 2025 work, several gridded precipitation datasets and the Artvin Meteorological Station, the closest long-term observation site, were evaluated to identify the most representative source for the Project area and update the mean annual precipitation (MAP). Among the tested datasets, the GPM IMERG v07 product showed the best agreement with on-site measurements and was therefore selected for the long-term precipitation assessment. The dataset was bias-corrected using the Quantile Delta Mapping (QDM) method. The mean annual precipitation measured at the on-site station for 2018–2024 is approximately 414 mm/year, while the bias-corrected GPM dataset indicates a comparable long-term estimate of about 380 mm/year, based on the 1998–2024 (27-year) record (SRK 2025a).

During the observation period at the Project site, the average temperature was recorded at 9.5°C. The coldest month was January, with an average temperature of -0.5°C, while the warmest month was August, with an average temperature of 19.9°C. The highest temperature measured at the site was 36.7°C in July 2020, and the lowest was -22.5°C in December 2017.

Table 4-3 presents the monthly average values for mean, maximum, and minimum temperatures, along with the recorded monthly extreme low and high temperatures, measured at the on-site station for the 2017–2024 period.

To provide a long-term temperature representation, several global reanalysis datasets were evaluated, and the ERA5-Land dataset was selected due to its strong correlation with on-site observations (R² > 0.90). The bias-corrected ERA5-Land dataset has been used to extend the temperature record and estimate long-term evaporation losses for the water-balance analyses as part of SRK’s ongoing 2025 work (SRK 2025a).

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Table 4-3: On-Site Station Temperature Summary (2017–2024)

Source: 18970 – Yukarımaden Village AWOS (MGM)

Measured evaporation data from the Yukarımaden AWOS (Station ID 18970) are limited; therefore, reference evapotranspiration (ET₀) was calculated using the FAO Penman–Monteith method (Allen et al. 1998). The analysis was based on on-site meteorological data, supplemented and extended with ERA5-Land reanalysis records to represent long-term climatic conditions. Table 4-4 summarizes the monthly ET₀ values for the Project area.

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Table 4-4: Monthly Reference Evapotranspiration (ET₀) Data (mm)

The mean annual ET₀ for the Project area is estimated at approximately 990 mm/year, based on site-adjusted climatic data (SRK 2025a). To estimate open-water evaporation (E₀), ET₀ can be adjusted using a coefficient (Kc = 1.05), yielding an average Eo of about 1,040 mm/year, consistent with FAO-56 guidance.

For reference, long-term data from the Artvin Meteorological Station (MGM, 1943–2018) indicate a Class-A pan evaporation of 1,326 mm/year (Mitto 2021), which corresponds to an E_o of approximately 995 mm/year when applying a pan coefficient (Kpan = 0.75), showing close agreement with modelled estimates.

Climate change refers to long-term shifts in weather patterns, primarily driven by human activities such as fossil fuel combustion since the 1800s (UN 2021). The climate change assessment for the Hod Maden Project was completed by Golder (2023a) using global climate models from the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6) under the Climate Model Intercomparison Project Phase 6 (CMIP6) framework.

The assessment considered two greenhouse gas emissions scenarios, known as Shared Socioeconomic Pathways (SSP), which replace the Representative Concentration Pathways (RCP) used in the previous CMIP5 models. These include SSP2–4.5, representing a medium-mitigation scenario, and SSP5–8.5, representing a high-emission (worst-case) condition.

The projected changes for precipitation, temperature, relative humidity, solar radiation, and potential evapotranspiration under these scenarios for the period of 2031 to 2060 are summarized in Table 4-5. These projections represent long-term climatic trends and do not reflect short-term rainfall intensities or extreme event behaviour, which were not included in the previous studies.

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Future climate projections for the Hod Maden Project area, based on the SSP2-4.5 (intermediate) and SSP5-8.5 (high-emissions) scenarios, indicate modest increases in precipitation and significant warming, accompanied by reductions in relative humidity and increased evapotranspiration potential.

Temperature: Mean annual temperatures are projected to rise by approximately +1.9°C (SSP2-4.5) to +2.4°C (SSP5-8.5), with high-end (90th percentile) warming reaching +3.0°C to +3.8°C.

Precipitation: Average annual precipitation is expected to increase slightly, by about 2% under both scenarios, though year-to-year variability increases (10th percentile declines up to -4%, 90th percentile increases up to +7%).

Relative Humidity: Projected to decrease by 2–2.5% on average, suggesting a modest drying trend despite slight increases in rainfall.

Solar Radiation: Expected to increase marginally (≈+1.5%), contributing to enhanced surface energy inputs.

Potential Evapotranspiration: The combined effects of warming and higher radiation result in a notable rise in potential evapotranspiration, ranging from +7.6% (SSP2-4.5) to +9.6% (SSP5-8.5), with upper-bound changes exceeding +16%.

Overall, the 2031–2060 projections suggest a warmer and slightly wetter but more evaporative climate regime at Hod Maden, with potential implications for runoff, water balance, and seasonal snow storage within the Çoruh Basin.

Table 4-5: Climate Change Projection for 2031 to 2060 Period