Balya

The Balya royalty property occurs in the historic Balya lead-zinc-silver mining district of northwestern Türkiye. Private Turkish company Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (Esan) is the owner and operator of Balya, with Elemental retaining an uncapped 4% NSR royalty on the property.

Mineralization at Balya consists of Pb-Zn-Ag rich skarn and carbonate replacement zones hosted in limestones and dacites. Hastanetepe is the main mineralized zone, and occurs as a shallow dipping, 750 by 450-meter zone of multiple stacked horizons of mineralization at depths ranging from 10-20m to 200-300m. Also, additional mineralization was intersected by reconnaissance drilling 650m to the south of Hastanetepe.

The Balya license was acquired in a 2005 government auction after review of historic exploration results. In 2006, an agreement was made to transfer the Balya property to Dedeman Madencilik San ve Tic. A.Ş. in exchange for cash payments, work commitments, and a retained 4% NSR royalty. In 2020, Esan acquired the Balya property from Dedeman. Commercial production commenced Q4 2021.