{"id":1484,"date":"2026-02-27T21:17:52","date_gmt":"2026-02-27T18:17:52","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1484"},"modified":"2026-02-27T22:38:50","modified_gmt":"2026-02-27T19:38:50","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tralt-faaliyet-raporu-analizi-2025-12-turk-altin-isletmeleri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1484","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 #TRALT Faaliyet Raporu Analizi 2025\/12 | T\u00fcrk Alt\u0131n \u0130\u015fletmeleri"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/qrmjO0RONPI?si=YaI2tRo3nXA56LbI\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>T\u00fcrk Alt\u0131n&#8217;\u0131n 2025 Yolculu\u011fu: Sekt\u00f6r\u00fc De\u011fi\u015ftiren 5 \u00d6nemli Ger\u00e7ek<\/h1>\n<p>K\u00fcresel makroekonomik konjonkt\u00fcr\u00fcn jeopolitik risklerle sars\u0131ld\u0131\u011f\u0131, merkez bankalar\u0131n\u0131n faiz indirim d\u00f6ng\u00fcleri ve rezerv \u00e7e\u015fitlendirme stratejileriyle alt\u0131n\u0131n &#8220;g\u00fcvenli liman&#8221; rol\u00fcn\u00fc peki\u015ftirdi\u011fi tarihi bir d\u00f6nemden ge\u00e7iyoruz. T\u00fcrkiye, bu stratejik denklemde sadece bir talep merkezi de\u011fil, yer alt\u0131 kaynaklar\u0131n\u0131 ekonomiye kazand\u0131rma vizyonuyla da oyun kurucu bir pozisyona evriliyor. Sekt\u00f6r\u00fcn amiral gemisi olan T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8217;nin (eski unvan\u0131yla Koza Alt\u0131n) 2025 faaliyet raporu, bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn ve yakalanan operasyonel ivmenin en somut kan\u0131tlar\u0131n\u0131 sunuyor. \u0130\u015fte 2025 y\u0131l\u0131 verileri \u0131\u015f\u0131\u011f\u0131nda, T\u00fcrkiye&#8217;nin alt\u0131n madencili\u011findeki yeni rotas\u0131n\u0131 belirleyen 5 kritik ger\u00e7ek.<\/p>\n<h2>1. Stratejik Bir Kimlik D\u00f6n\u00fc\u015f\u00fcm\u00fc: T\u00fcrk Alt\u0131n ve Varl\u0131k Fonu D\u00f6nemi<\/h2>\n<p>\u015eirketin 1989 y\u0131l\u0131nda Eurogold Madencilik A.\u015e. unvan\u0131yla ba\u015flayan yolculu\u011fu, 2025 y\u0131l\u0131nda en radikal ve stratejik d\u00f6n\u00fcm noktas\u0131na ula\u015ft\u0131. 20 A\u011fustos 2024 tarihli Cumhurba\u015fkanl\u0131\u011f\u0131 karar\u0131 ile hazine paylar\u0131n\u0131n <b>T\u00fcrkiye Varl\u0131k Fonu\u2019na (TVF)<\/b> devredilmesi, \u015firketin art\u0131k devletin en stratejik portf\u00f6y y\u00f6netim yap\u0131s\u0131 i\u00e7inde yer ald\u0131\u011f\u0131n\u0131 tescilledi.<\/p>\n<p>Bu kurumsal yeniden yap\u0131lanma, 6 Kas\u0131m 2025 tarihinde ticaret unvan\u0131n\u0131n resmen <b>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.<\/b> olarak de\u011fi\u015ftirilmesiyle tamamland\u0131. Bu sadece bir isim de\u011fi\u015fikli\u011fi de\u011fil; \u015firketin T\u00fcrkiye&#8217;nin maden potansiyelini &#8220;yerli ve milli&#8221; bir vizyonla, TVF \u00e7at\u0131s\u0131 alt\u0131nda profesyonel bir kurumsal kimlikle y\u00f6netme iradesidir. 2025 y\u0131l\u0131, bu yeni kimli\u011fin finansal ve operasyonel ba\u015far\u0131yla ta\u00e7land\u0131\u011f\u0131 ilk tam faaliyet d\u00f6nemi olarak kay\u0131tlara ge\u00e7mi\u015ftir.<\/p>\n<h2>2. Alt\u0131n Fiyatlar\u0131nda Tarihi Ralli: Ons Ba\u015f\u0131na 4.449 Dolar<\/h2>\n<p>2025 y\u0131l\u0131, alt\u0131n yat\u0131r\u0131mc\u0131s\u0131 ve \u00fcreticisi i\u00e7in adeta bir &#8220;alt\u0131n \u00e7a\u011f&#8221; oldu. Zay\u0131flayan dolar endeksi ve merkez bankalar\u0131n\u0131n g\u00fcvenli liman i\u015ftah\u0131, fiyatlar\u0131 rasyonel beklentilerin \u00f6tesine ta\u015f\u0131d\u0131.<\/p>\n<ul>\n<li><b>2024 Ortalamas\u0131:<\/b> 2.405 USD\/ons<\/li>\n<li><b>2025 Ortalamas\u0131:<\/b> 3.442 USD\/ons<\/li>\n<li><b>2025 Tarihi Zirve:<\/b> 4.449,40 USD\/ons<\/li>\n<\/ul>\n<p>Piyasalardaki bu ola\u011fan\u00fcst\u00fc performans, raporun sekt\u00f6r analizinde \u015fu ifadelerle yer buluyor:<\/p>\n<p>&#8220;Dolar cinsinden alt\u0131n fiyatlar\u0131 2025 y\u0131l\u0131nda en y\u00fcksek getiri sa\u011flayan finansal varl\u0131klar\u0131ndan biri olarak \u00f6ne \u00e7\u0131km\u0131\u015ft\u0131r.&#8221;<\/p>\n<p>Bu fiyat hareketi, sadece bir emtia rallisi de\u011fil, ayn\u0131 zamanda madencilik \u015firketleri i\u00e7in devasa bir marj geni\u015flemesi f\u0131rsat\u0131 yaratt\u0131.<\/p>\n<h2>3. Finansal Performansta Eksponansiyel B\u00fcy\u00fcme ve Operasyonel Kald\u0131ra\u00e7<\/h2>\n<p>T\u00fcrk Alt\u0131n, 2025 y\u0131l\u0131nda finansal tablolar\u0131nda tam bir s\u0131\u00e7rama ger\u00e7ekle\u015ftirdi. \u015eirketin has\u0131lat\u0131 bir \u00f6nceki y\u0131la g\u00f6re %48 art\u0131\u015fla 11,4 milyar TL\u2019den <b>16,9 milyar TL<\/b> seviyesine \u00e7\u0131karken, net d\u00f6nem k\u00e2r\u0131ndaki art\u0131\u015f yakla\u015f\u0131k 5 kat ( %419) olarak ger\u00e7ekle\u015fti. 2024\u2019te 790,6 milyon TL olan net k\u00e2r, 2025 sonunda <b>4,1 milyar TL<\/b>&#8216;ye ula\u015ft\u0131.<\/p>\n<p>Bu ba\u015far\u0131n\u0131n arkas\u0131ndaki analitik s\u0131r, <b>operasyonel kald\u0131ra\u00e7<\/b> etkisidir. Birim nakit maliyetler 2.078 USD\/ons\u2019tan 2.334 USD\/ons\u2019a s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6sterirken, sat\u0131\u015f fiyat\u0131n\u0131n 3.223 USD\/ons ortalamas\u0131na y\u00fckselmesi, k\u00e2r marj\u0131n\u0131 agresif bir \u015fekilde yukar\u0131 \u00e7ekti. 118.363 onsluk alt\u0131n sat\u0131\u015f\u0131 ile birle\u015fen bu maliyet disiplini, \u015firketin esas faaliyet k\u00e2r\u0131n\u0131 2024&#8217;teki 4,9 milyon TL zarardan, 3,8 milyar TL\u2019lik devasa bir art\u0131ya ta\u015f\u0131d\u0131.<\/p>\n<h2>4. 6.500 Tonluk Potansiyel ve Cari A\u00e7\u0131k Tezad\u0131<\/h2>\n<p>T\u00fcrkiye\u2019nin yer alt\u0131ndaki zenginli\u011fi ile d\u0131\u015f ticaret verileri aras\u0131ndaki tezat, madencilik sekt\u00f6r\u00fcn\u00fcn neden &#8220;beka meselesi&#8221; oldu\u011funu kan\u0131tl\u0131yor. Akademik \u00e7al\u0131\u015fmalar (Ayhan Erler, 1997), T\u00fcrkiye\u2019nin yer alt\u0131nda yakla\u015f\u0131k <b>6.500 ton alt\u0131n potansiyeli<\/b> bar\u0131nd\u0131rd\u0131\u011f\u0131na i\u015faret ediyor. Ancak mevcut durumdaki tablo \u00e7arp\u0131c\u0131:<\/p>\n<ul>\n<li><b>Rezerv K\u0131s\u0131t\u0131:<\/b> 6.500 tonluk potansiyelin \u015fu an sadece %10\u2019u (650 ton) ekonomik olarak \u00fcretilebilir rezerv niteli\u011finde.<\/li>\n<li><b>\u0130thalat Bask\u0131s\u0131:<\/b> T\u00fcrkiye, 2025 y\u0131l\u0131nda toplam <b>126.272 kg<\/b> alt\u0131n ithal etmek zorunda kald\u0131.<\/li>\n<\/ul>\n<p>Bu durum, ekonomideki cari a\u00e7\u0131\u011f\u0131n en b\u00fcy\u00fck kalemlerinden biri olan alt\u0131n ithalat\u0131n\u0131 dizginlemek i\u00e7in yerli arama ve \u00fcretim faaliyetlerinin ne kadar kritik oldu\u011funu g\u00f6steriyor. T\u00fcrk Alt\u0131n, elindeki <b>113 i\u015fletme ve 94 arama ruhsat\u0131<\/b> ile bu a\u00e7\u0131\u011f\u0131 kapatma konusunda T\u00fcrkiye&#8217;nin en g\u00fc\u00e7l\u00fc akt\u00f6r\u00fc konumunda.<\/p>\n<h2>5. Yeni Rotalar ve UMREK Standartlar\u0131nda Kaynak Geli\u015fimi<\/h2>\n<p>T\u00fcrk Alt\u0131n, mevcut \u00fcretim sahalar\u0131n\u0131n \u00f6tesine ge\u00e7erek gelece\u011fin maden portf\u00f6y\u00fcn\u00fc in\u015fa ediyor. \u015eirket, UMREK (Ulusal Maden Kaynak ve Rezerv Raporlama Komisyonu) standartlar\u0131na g\u00f6re 5,4 milyon onsluk <b>&#8220;M\u00fcmk\u00fcn Kaynak&#8221;<\/b> (Inferred Resource) potansiyeline sahip. Bu kayna\u011f\u0131, ekonomik de\u011ferlendirmeye imkan tan\u0131yan daha y\u00fcksek g\u00fcvenirlikli <b>&#8220;\u00d6l\u00e7\u00fclm\u00fc\u015f ve Belirlenmi\u015f&#8221;<\/b> (Measured and Indicated) kategorisine \u00e7evirmek i\u00e7in 21 sondaj ekipman\u0131 sahada aral\u0131ks\u0131z \u00e7al\u0131\u015f\u0131yor.<\/p>\n<p><b>\u00d6ne \u00c7\u0131kan Fizibilite Projeleri:<\/b><\/p>\n<ul>\n<li><b>A\u011fr\u0131 Mollakara:<\/b> 446 bin ons rezerv ile Do\u011fu Anadolu\u2019nun y\u00fckselen y\u0131ld\u0131z\u0131. \u00c7ED olumlu karar\u0131 al\u0131nm\u0131\u015f ve tesis kurulum \u00e7al\u0131\u015fmalar\u0131 ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Kayseri Ka\u015fk\u00f6y:<\/b> 420 bin ons rezervle \u00f6n fizibilite \u00e7al\u0131\u015fmalar\u0131 tamamlanm\u0131\u015f, \u00c7ED s\u00fcrecinde nihai a\u015famaya gelinmi\u015ftir.<\/li>\n<li><b>\u00c7anakkale Karap\u0131nar:<\/b> 161 bin ons rezervle Bat\u0131 Anadolu&#8217;da stratejik bir geni\u015fleme noktas\u0131.<\/li>\n<\/ul>\n<h2>Sonu\u00e7: S\u00fcrd\u00fcr\u00fclebilir Gelecek ve Oyun Kurucu T\u00fcrkiye<\/h2>\n<p>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e., 2025 faaliyet raporuyla sadece k\u00e2r odakl\u0131 de\u011fil, TSRS (T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilir Raporlama Standartlar\u0131) ile uyumlu, \u015feffaf ve sorumlu bir madencilik anlay\u0131\u015f\u0131 sergiliyor. Ovac\u0131k ve \u00c7ukuralan gibi sahalarda tamamlanan maden alanlar\u0131n\u0131n a\u011fa\u00e7land\u0131r\u0131lmas\u0131 ve rehabilitasyonu, \u00e7evre ile \u00fcretimin bir arada y\u00fcr\u00fct\u00fclebilece\u011finin en net kan\u0131t\u0131d\u0131r.<\/p>\n<p>G\u00fcn\u00fcn sonunda stratejik soru hala ge\u00e7erlili\u011fini koruyor: <b>T\u00fcrkiye, yer alt\u0131ndaki 6.500 tonluk devasa potansiyelini s\u00fcrd\u00fcr\u00fclebilir bir \u015fekilde ekonomiye kazand\u0131rarak, k\u00fcresel alt\u0131n pazar\u0131nda ithalat\u00e7\u0131 bir pozisyondan, oyun kurucu bir ihracat\u00e7\u0131ya d\u00f6n\u00fc\u015febilir mi?<\/b> 2025 verileri, bu vizyon i\u00e7in gereken finansal g\u00fcc\u00fcn ve teknik birikimin T\u00fcrk Alt\u0131n b\u00fcnyesinde mevcut oldu\u011funu g\u00f6steriyor.<\/p>\n<p>&nbsp;<\/p>\n<h1>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. 2025 Faaliyet Y\u0131l\u0131 Brifing Belgesi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (eski unvan\u0131yla Koza Alt\u0131n \u0130\u015fletmeleri A.\u015e.), 2025 mali y\u0131l\u0131nda hem operasyonel hem de finansal a\u00e7\u0131dan dikkat \u00e7ekici bir b\u00fcy\u00fcme kaydetmi\u015ftir. \u015eirket, k\u00fcresel jeopolitik gerilimler ve merkez bankalar\u0131n\u0131n faiz politikalar\u0131yla desteklenen rekor alt\u0131n fiyatlar\u0131ndan (2025 ortalamas\u0131 3.442 USD\/ons) azami d\u00fczeyde faydalanm\u0131\u015ft\u0131r. 2025 y\u0131l\u0131nda toplam 118,3 bin ons alt\u0131n \u00fcretimi ger\u00e7ekle\u015ftirilmi\u015f; has\u0131lat bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %48 artarak 16,9 milyar TL&#8217;ye, net d\u00f6nem k\u00e2r\u0131 ise 790,6 milyon TL&#8217;den 4,1 milyar TL&#8217;ye y\u00fckselmi\u015ftir. \u015eirket, T\u00fcrkiye Varl\u0131k Fonu b\u00fcnyesinde yer alan stratejik konumu, b\u00f6lgesel tesis odakl\u0131 \u00fcretim modeli ve Mollakara, Ka\u015fk\u00f6y, Karap\u0131nar gibi geli\u015fmi\u015f fizibilite projeleriyle T\u00fcrkiye&#8217;nin alt\u0131n \u00fcretim potansiyelini art\u0131rmay\u0131 hedeflemektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Stratejik D\u00f6n\u00fc\u015f\u00fcm<\/h2>\n<h3>1.1. Unvan De\u011fi\u015fikli\u011fi ve M\u00fclkiyet Yap\u0131s\u0131<\/h3>\n<p>\u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde \u00f6nemli bir kurumsal kimlik d\u00f6n\u00fc\u015f\u00fcm\u00fc ya\u015fam\u0131\u015ft\u0131r:<\/p>\n<ul>\n<li><b>Unvan De\u011fi\u015fikli\u011fi:<\/b> 6 Kas\u0131m 2025 tarihinde &#8220;Koza Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8221; olan ticaret unvan\u0131 &#8220;T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e.&#8221; olarak de\u011fi\u015ftirilmi\u015ftir.<\/li>\n<li><b>T\u00fcrkiye Varl\u0131k Fonu Devri:<\/b> 20 A\u011fustos 2024 tarihli Cumhurba\u015fkanl\u0131\u011f\u0131 karar\u0131 ile \u015firketin hazineye ait hisseleri T\u00fcrkiye Varl\u0131k Fonu\u2019na (TVF) devredilmi\u015ftir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 3.202.500.000 TL olup, ortakl\u0131k yap\u0131s\u0131 \u015fu \u015fekildedir:\n<ul>\n<li>TR Anadolu \u0130n\u015faat ve Ticaret A.\u015e.: %48,01<\/li>\n<li>T\u00fcrk Alt\u0131n Holding A.\u015e.: %21,99<\/li>\n<li>Halka A\u00e7\u0131k (Di\u011fer): %30,00<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>1.2. \u00dcretim Stratejisi: B\u00f6lgesel Yap\u0131lanma<\/h3>\n<p>\u015eirket, &#8220;merkezi proses tesisi&#8221; modelini benimseyerek k\u00e2rl\u0131l\u0131\u011f\u0131 art\u0131rmay\u0131 hedeflemektedir. Bu model kapsam\u0131nda, \u00e7evre yataklardan \u00e7\u0131kar\u0131lan cevherler merkezi tesislerde (Ovac\u0131k, Kaymaz, Himmetdede) i\u015flenmektedir. Mevcut strateji; ruhsat portf\u00f6y\u00fcn\u00fc geli\u015ftirmek, yeni sahalar sat\u0131n almak ve arama faaliyetlerini yo\u011funla\u015ft\u0131rarak kaynaklar\u0131 rezerve d\u00f6n\u00fc\u015ft\u00fcrmektir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Operasyonel Performans ve Madencilik Faaliyetleri<\/h2>\n<h3>2.1. \u00dcretim Verileri (2025)<\/h3>\n<p>2025 y\u0131l\u0131nda \u00fcretim, bir \u00f6nceki y\u0131la g\u00f6re art\u0131\u015f g\u00f6stermi\u015ftir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>\u00dcretim Kalemi<\/td>\n<td>2025 Verisi<\/td>\n<td>2024 Verisi<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Alt\u0131n \u00dcretimi<\/b><\/td>\n<td>118,3 koz (ons)<\/td>\n<td>100,3 koz (ons)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam G\u00fcm\u00fc\u015f \u00dcretimi<\/b><\/td>\n<td>54,6 koz (ons)<\/td>\n<td>33,3 koz (ons)<\/td>\n<\/tr>\n<tr>\n<td><b>Tank Li\u00e7i Alt\u0131n \u00dcretimi<\/b><\/td>\n<td>111,5 koz<\/td>\n<td>86,3 koz<\/td>\n<\/tr>\n<tr>\n<td><b>Y\u0131\u011f\u0131n Li\u00e7i Alt\u0131n \u00dcretimi<\/b><\/td>\n<td>6,8 koz<\/td>\n<td>14,0 koz<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. Aktif \u0130\u015fletmeler ve Durum Analizi<\/h3>\n<ul>\n<li><b>Ovac\u0131k \u0130\u015fletmesi (\u0130zmir):<\/b> Yeralt\u0131 oca\u011f\u0131 olarak faaliyetlerini s\u00fcrd\u00fcrmektedir. Mevcut rezervlerin 2026 y\u0131l\u0131 i\u00e7erisinde \u00fcretilmesi planlanmaktad\u0131r.<\/li>\n<li><b>\u00c7ukuralan \u0130\u015fletmesi (\u0130zmir):<\/b> \u015eirketin ana cevher \u00fcretim merkezidir. \u015eu an 4 farkl\u0131 portaldan yeralt\u0131 i\u015fletmecili\u011fi devam etmektedir.<\/li>\n<li><b>Kaymaz \u0130\u015fletmesi (Eski\u015fehir):<\/b> Mevcut stoklar ve Mastra&#8217;dan ta\u015f\u0131nan cevherlerle \u00fcretim s\u00fcrd\u00fcr\u00fclmektedir. 3. Maden At\u0131\u011f\u0131 Depolama Tesisi (MADT) \u00e7al\u0131\u015fmalar\u0131 devam etmektedir.<\/li>\n<li><b>Himmetdede \u0130\u015fletmesi (Kayseri):<\/b> Y\u0131\u011f\u0131n li\u00e7i y\u00f6ntemiyle \u00fcretim yap\u0131lmaktad\u0131r. Ana ve kuzey ocaklarda \u00fcretim tamamlanm\u0131\u015f, faaliyetler g\u00fcney ocak ve stoklarla devam etmi\u015ftir.<\/li>\n<li><b>Mastra \u0130\u015fletmesi (G\u00fcm\u00fc\u015fhane):<\/b> Ekonomik rezervlerin tamamlanmas\u0131 nedeniyle 2024 y\u0131l\u0131 itibar\u0131yla tesis faaliyetleri sonland\u0131r\u0131lm\u0131\u015ft\u0131r; ancak b\u00f6lgedeki arama faaliyetleri devam etmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Finansal De\u011ferlendirme ve Risk Y\u00f6netimi<\/h2>\n<h3>3.1. Temel Finansal G\u00f6stergeler<\/h3>\n<p>2025 y\u0131l\u0131, alt\u0131n fiyatlar\u0131ndaki y\u00fckseli\u015fin etkisiyle y\u00fcksek k\u00e2rl\u0131l\u0131kla kapat\u0131lm\u0131\u015ft\u0131r:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (Milyon TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>16.935,2<\/td>\n<td>11.435,0<\/td>\n<td>+%48<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131 \/ (Zarar\u0131)<\/b><\/td>\n<td>3.865,2<\/td>\n<td>(4,9)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td>4.104,3<\/td>\n<td>790,6<\/td>\n<td>+%419<\/td>\n<\/tr>\n<tr>\n<td><b>Ortalama Alt\u0131n Sat\u0131\u015f Fiyat\u0131 ($\/ons)<\/b><\/td>\n<td>3.223<\/td>\n<td>2.255<\/td>\n<td>+%43<\/td>\n<\/tr>\n<tr>\n<td><b>Birim Nakit Maliyet ($\/ons)<\/b><\/td>\n<td>2.334<\/td>\n<td>2.078<\/td>\n<td>+%12<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3.2. Risk ve Nakit Y\u00f6netimi<\/h3>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u015firketin nakit pozisyonu 18,6 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Fiyat Riski:<\/b> \u015eirket, alt\u0131n fiyatlar\u0131ndaki dalgalanmalara kar\u015f\u0131 herhangi bir hedging (t\u00fcrev ara\u00e7) kullanmamaktad\u0131r.<\/li>\n<li><b>D\u00f6viz Kuru Riski:<\/b> Alt\u0131n fiyatlar\u0131n\u0131n ABD Dolar\u0131 cinsinden belirlenmesi nedeniyle kur riski mevcuttur; \u015firket d\u00f6viz pozisyonunu dengeleyici politikalar izlemektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Gelecek Projeleri ve Kaynak Geli\u015ftirme<\/h2>\n<h3>4.1. Fizibilite A\u015famas\u0131ndaki Ana Projeler<\/h3>\n<ul>\n<li><b>Mollakara Projesi (A\u011fr\u0131):<\/b> \u015eirketin en \u00f6nemli b\u00fcy\u00fcme potansiyeli olarak g\u00f6r\u00fclmektedir. \u00c7ED olumlu karar\u0131 al\u0131nm\u0131\u015f, tesis kurulum ve a\u00e7\u0131k ocak kaz\u0131 faaliyetleri ba\u015flam\u0131\u015ft\u0131r. G\u00f6r\u00fcn\u00fcr ve muhtemel rezervi 446 bin ons alt\u0131nd\u0131r.<\/li>\n<li><b>Ka\u015fk\u00f6y Projesi (Kayseri):<\/b> 420 bin ons alt\u0131n rezervine sahiptir. \u00c7ED s\u00fcreci nihai a\u015famadad\u0131r ve 2026&#8217;n\u0131n ilk \u00e7eyre\u011finde tamamlanmas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Karap\u0131nar Projesi (\u00c7anakkale):<\/b> 161 bin ons alt\u0131n rezervi ile portf\u00f6ye eklenmi\u015ftir. \u00c7ED olumlu karar\u0131 al\u0131nm\u0131\u015f olup izin s\u00fcre\u00e7leri devam etmektedir.<\/li>\n<\/ul>\n<h3>4.2. Rezerv ve Kaynak Durumu<\/h3>\n<p>31 Aral\u0131k 2024 verilerine g\u00f6re (UMREK standartlar\u0131):<\/p>\n<ul>\n<li><b>Toplam \u00d6l\u00e7\u00fclm\u00fc\u015f ve Belirlenmi\u015f Kaynak:<\/b> 3.662.000 ons Alt\u0131n.<\/li>\n<li><b>M\u00fcmk\u00fcn Kaynak:<\/b> 5.404.000 ons Alt\u0131n.<\/li>\n<li><b>G\u00f6r\u00fcn\u00fcr ve Muhtemel Rezerv:<\/b> 2.551.000 ons Alt\u0131n. \u015eirket, kaynaklar\u0131n\u0131 daha g\u00fcvenilir kategorilere ta\u015f\u0131mak i\u00e7in 21 sondaj ekipman\u0131 ile arama faaliyetlerini s\u00fcrd\u00fcrmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u00c7evre, Sa\u011fl\u0131k ve \u0130\u015f Emniyeti (ESG)<\/h2>\n<ul>\n<li><b>S\u00fcrd\u00fcr\u00fclebilirlik Raporlamas\u0131:<\/b> \u015eirket, T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131 (TSRS) ile uyumlu ilk raporunu 8 A\u011fustos 2025 tarihinde yay\u0131mlam\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015f Sa\u011fl\u0131\u011f\u0131 ve G\u00fcvenli\u011fi:<\/b> 5 lokasyonda toplam 147 ki\u015filik profesyonel maden arama-kurtarma ekibi bulunmaktad\u0131r (56 yeralt\u0131, 91 yer\u00fcst\u00fc yetkinli\u011fi).<\/li>\n<li><b>Rehabilitasyon \u00c7al\u0131\u015fmalar\u0131:<\/b> \u00dcretimi tamamlanan sahalarda (\u00d6rn: \u00c7ukuralan a\u00e7\u0131k ocak, Mastra kuzey ocak) geri dolgu ve a\u011fa\u00e7land\u0131rma \u00e7al\u0131\u015fmalar\u0131 aktif olarak y\u00fcr\u00fct\u00fclmektedir.<\/li>\n<li><b>\u00c7evre \u0130zinleri:<\/b> \u015eirket b\u00fcnyesinde 6 adet \u00c7evre \u0130zin ve Lisans Belgesi bulunmakta, 2 adet proje i\u00e7in \u00c7ED s\u00fcreci devam etmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u00d6nemli Sekt\u00f6rel Tespitler ve Al\u0131nt\u0131lar<\/h2>\n<ul>\n<li><b>Alt\u0131n Potansiyeli:<\/b> &#8220;\u00dclkemizde yakla\u015f\u0131k olarak 6.500 ton alt\u0131n olabilece\u011fi i\u015faret edilmektedir. Bu potansiyelin de sadece %10\u2019u olan 650 tonluk k\u0131sm\u0131 rezerv olarak nitelendirilmi\u015ftir.&#8221;<\/li>\n<li><b>\u0130thalat \u0130htiyac\u0131:<\/b> T\u00fcrkiye y\u0131lda 30-40 ton alt\u0131n \u00fcretmesine ra\u011fmen talebi kar\u015f\u0131lamak i\u00e7in y\u00fcksek miktarda ithalat yapmaktad\u0131r (2025 y\u0131l\u0131nda 126.272 kg).<\/li>\n<li><b>Piyasa G\u00f6r\u00fcn\u00fcm\u00fc:<\/b> &#8220;Dolar cinsinden alt\u0131n fiyatlar\u0131 2025 y\u0131l\u0131nda en y\u00fcksek getiri sa\u011flayan finansal varl\u0131klar\u0131ndan biri olarak \u00f6ne \u00e7\u0131km\u0131\u015ft\u0131r.&#8221;<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1484\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>T\u00fcrk Alt\u0131n \u0130\u015fletmeleri\u2019nden 2025\u2019te Rekor Finansal Performans: Kar ve \u00dcretimde B\u00fcy\u00fck Art\u0131\u015f!<br \/>\n\u00d6zet (Excerpt): T\u00fcrk Alt\u0131n \u0130\u015fletmeleri A.\u015e. (eski unvan\u0131yla Koza Alt\u0131n), 2025 y\u0131l\u0131 faaliyet raporunu a\u00e7\u0131klad\u0131. K\u00fcresel alt\u0131n fiyatlar\u0131ndaki y\u00fckseli\u015fin de etkisiyle has\u0131lat\u0131n\u0131 16,9 milyar TL\u2019ye, net kar\u0131n\u0131 ise 4,1 milyar TL\u2019ye \u00e7\u0131karan \u015firket, operasyonel verimlilikte yeni bir d\u00f6neme girdi. Y\u0131l boyunca 118 bin onsun \u00fczerinde alt\u0131n \u00fcretimi ger\u00e7ekle\u015ftiren T\u00fcrk Alt\u0131n, yenilenebilir enerji yat\u0131r\u0131mlar\u0131 ve yeni maden sahas\u0131 projeleriyle s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme stratejisini g\u00fc\u00e7lendiriyor. \u015eirketin mali tablolar\u0131ndaki bu \u00e7arp\u0131c\u0131 y\u00fckseli\u015fin detaylar\u0131n\u0131 ve gelece\u011fe y\u00f6nelik stratejik ad\u0131mlar\u0131n\u0131 blog yaz\u0131m\u0131zda inceleyebilirsiniz.<\/p>\n","protected":false},"author":6,"featured_media":1297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[30],"class_list":["post-1484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-tralt"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1484"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1484\/revisions"}],"predecessor-version":[{"id":1506,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1484\/revisions\/1506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1297"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}