Ipek InvestmentKoza Gold · Economic scale · Reference price $4,400/oz
The Economic Scale Transferred to Trustee Management in 2015
A graphic account of the gold resources, reserves, production capacity and cost discipline disclosed before the 2015 trustee appointment — expressed at a rounded reference gold price of US$4,400 per ounce as at 4 September 2026.
Headline figure
Before the trustee appointment, disclosed total gold resources stood at 13.40 million ounces. At the $4,400/oz reference price, the theoretical gross metal equivalent of that resource inventory is approximately $58.96 billion.
Pre-trustee total gold resources · 2014
13.40m oz≈ $58.96 billion
Theoretical gross metal equivalent at $4,400 per ounce. This is not a company valuation.
Latest disclosed resources
9.066m oz ≈ $39.89bn
Theoretical gross metal equivalent
Resource reduction
−4.334m oz ≈ $19.07bn
Proportional decline 32.3%
Pre-trustee reserves
4.20m oz ≈ $18.48bn
Latest disclosed reserves 2.551m oz ≈ $11.22bn
Correct reading: the theoretical gross metal equivalent of the 13.40 million ounces of total gold resources disclosed before the trustee appointment, calculated at a reference price of $4,400/oz, is approximately $58.96 billion. It is not “Koza Gold’s company value”, market capitalisation, or a definitive 2015 valuation.
Resources and reserves
Two comparison charts show how disclosed total gold resources and gold reserves moved from the pre-trustee 2014 position to the latest disclosed figures, with each ounce also expressed at the $4,400 reference price.
Annual production capacity and cost discipline
The 2014 operating structure combined high annual output with a cash cost of $440/oz. By 2025, disclosed production and unit cash cost presented a materially weaker profile when read against the same $4,400 reference price.
Pre-trustee structure · 2014
316,510 oz
Reported outcome · 2025
118,356 oz
2014 simple contribution indicator
$1.253bn
Annual output × ($4,400 − $440 cash cost)
2025 simple contribution indicator
$244.5m
Annual output × ($4,400 − $2,334 cash cost)
The 2014 structure’s simple contribution indicator is approximately 5.1 times higher than the 2025 outcome under the same reference price.
These contribution figures are a transparent arithmetic illustration using disclosed production and cash-cost figures against a single reference price. They are not forecasts, EBITDA, free cash flow or net present value.
Important notice
These figures do not represent company value, market capitalisation, sales revenue or net present value. They show the theoretical gross value of the metal in the ground. No deductions have been made for mining losses, metallurgical recovery, capital and operating costs, taxes, state royalties, time or discounting. Not all resources qualify as economically recoverable reserves.
Comparative source narrative: akinipek.info — Koza Gold before and after 2015