UMREK CODED REPORTS

Scope Study is a study that can show the potential applicability of Mineral Resources in technical and economic terms. It includes appropriate evaluations of the Transforming Factors that are assumed as realistically appropriate and other relevant operational factors indicating that the progress of the Pre-Feasibility Study required to be demonstrated during reporting is logically correct.

The Pre-Feasibility Study is a comprehensive study of the technical and economic applicability of a mining project that will develop into a certain phase with the preferred mining method (underground mining, opencast mining or a specific operation method, etc.) and ore processing process. It includes financial analysis to determine that all or part of the Mineral Resource can be transformed into Mineral Reserve at the time of reporting, based on reasonable estimates of Transforming Factors and an assessment of other relevant factors that may be sufficient for the Competent Person.

The Feasibility Study is a comprehensive technical and economic study of the development choice selected for a mining project, and includes detailed assessments of applicable Transformative Factors and other relevant operational factors, and it includes detailed evaluations with regards to applicable Transformational Factors and other related operational factors and financial analysis that is necessary to be indicated for supporting the final economical deduction during reporting. The results of the Feasibility Study can reasonably serve as the basis for the final decision of an investor or financial institution regarding the continuation or development of the mine project.