MMMGD Sunum - 19 / Finansal Modelleme ve Proje Değerleme

[Music] Yes, dear participants, during the holiday. If you wish, shall we rewind the presentation to the beginning, let it stay on the first page? Yes, very good. Yes, our dear participants, welcome everyone. We are together again at another event on this warm summer evening. Our esteemed guest this week is Mr. Bayram Koç. He will be giving a presentation on financial modeling and project valuation. It's a very valuable presentation. He will briefly introduce himself and then start his presentation shortly. But before that, I would like to remind you, Bayram, that our event will be one hour long. So that there is time for questions later, we plan to have a 40-minute presentation and a 20-minute question and answer session. Please, you can start by briefly introducing yourself. Thank you. First of all, I would like to extend my thanks to our association for giving me this opportunity. My name is Bayram Koç. I graduated from Konya Selçuk University in 2002. I started my professional life with services in mine planning studies and projects. I have approximately 20 years of experience in this field. Today we are here after receiving financial modeling and master's education for a certain period due to my curiosity about processes and profitability. I have prepared a presentation consisting of 5 sections and 30 minutes on financial modeling and project valuation. In the scope of the presentation, we will first start by talking a little about the basic definitions, then what is working capital in financial modeling, and then we will focus a bit on the net present value, which is the most basic output of financial modeling, how it is calculated. Then, we will make a project evaluation through an example project and create its financial statements. Afterwards, we will do the same project with credit financing as a more detailed example, discounted cash flows. Finally, we will discuss what is in the indicator tables and how they are interpreted. First of all, what is financial modeling? Within the scope of definitions, when making investment decisions or evaluating a project, financial models are the entirety of financial statements created to reduce uncertainties in technical reports prepared beforehand and to calculate the profitability of the investment made with extraordinary scenarios. The generally accepted profitability indicator at national and international level for the profitability of an investment or investment idea is the project's net present value. Due to the fact that the time value of money is not the same, the cash flows generated in the relevant years are discounted to the zero year to calculate the net present value, which is the net profit generated by our project. Instead of interpreting this figure solely as the profitability of a project, it needs to be interpreted together with the internal rate of return and the payback period. It is a critical issue, meaning we can make decisions. We need to use all three of these indicators. To reach these three indicators, we need an income statement and a cash flow statement. But before these statements, we need more detailed tables of our operational expenses, or after these statements, balance sheet tables that summarize our annual debts and revenues, or summarize the company's financial situation, and that we look at the years that need to be finalized. However, to obtain the 3 basic indicators, the income statement and cash flow statement will be sufficient for us. But these statements must be dynamic in financial modeling. What does it mean to be dynamic? It means that when we change a value at the very beginning, the net present value should automatically change. To do this, the tables must be made using Excel or a similar package program. Basically, good information is enough for this. After defining financial modeling, we have a definition called working capital, which is an important topic, especially for the mining sector, because before the definition of working capital, let's go through the definition. It is the cash we need until we reach the level where we can cover all our costs incurred during the production period with our revenues. Looking at the definition on the screen, if we talk about it through a graph, we say the cash required for the continuation of production costs. We have a graph for a mining cycle on the screen. Now, let's assume we started operations in January with a demo blasting operation. In the first month, we produced 200,000 tons. We fed this 200,000 tons of production to the plant. After feeding the plant, we obtained 100,000 tons of concentrate. We transported this product to the port and sent it to the integrated plant with a 30-50 ton ship. The integrated plant processed it, and the first payment period, let's say, a payment occurred after 10 days. The point where we provided cash inflow is only the cash revenue from the 30,000 tons of ore we transported by ship. However, the cash inflow we are talking about is the 6-8 month production period between the start of operations and January. And all the costs incurred during this production period must be covered by the company's equity. Working capital needs to be calculated to cover all these production costs in between. In the mining sector, this is approximately half of the annual production cost. We cannot ignore this need, but if we are financing the investment with credit, we must allocate an amount under the heading of working capital. After the definition of working capital, on the left side of financial modeling, you can see the items of an income statement. There is an interest expense here, which we need to examine or calculate a bit. The effects of investment financing are generally in the total payment we make in the case of equity and credit usage. There are two items: first, interest payment, and second, principal payment. The interest payment is written as an expense in the income statement and reduces the tax base, so it needs to be calculated. The principal payment, which is written as a cash flow in the cash flow statement, must be incorporated into the financial model for the credit we draw. Because we will do an example, I will say the interest rate of the example. There is a small formula for this. We only need the rate, the number of periods, and the amount we will draw. It is found as 50,000 TL on the screen. When we deduct the interest expense from the revenue, we also find the principal payment. And your period-end payment is like this. When we do this for the remaining 3 years, we write the interest expense we obtained in the income statement as an expense. We write the principal payment as revenue in the cash flow statement. In that sense, creating a credit cash flow statement is important, but it can be easily done with a very simple Excel formula. If there is no credit, if we are financing entirely with equity, there is no interest expense, so the entire profit is taxable. But with credit, interest is included. When evaluating the profitability of the investment, we said we use the present value. At national and international levels, for all projects, the net present value is the present value of a future cash flow. The fact that 1000 TL today is not 1000 TL after 3 years, or that the present value of 1000 TL after 3 days is different, we must consider the variability of the value of money in project evaluation. Now, let's go through a simple income statement, evaluating each item in the income statement one by one. Revenue is obtained by multiplying the sales volume by the sales price. COGS, which is the cost of goods sold, for mining operations, includes all expenses such as plant and equipment until the point where the products become sellable. COGS is sometimes also defined as operating expense. When we subtract it, we get the gross profit. After gross profit, after deducting our internal transportation, external transportation, general management, logistics, R&D, etc. expenses from the point where it becomes sellable, we get EBITDA, which is earnings before interest, taxes, depreciation, and amortization. This represents the profit from our main business line, mining. We calculate EBITDA by subtracting depreciation. There are two or three ways to calculate depreciation: straight-line and declining balance methods. The straight-line method is generally used in the mining sector. We calculate the earnings before interest, taxes, depreciation, and amortization for 10 years. After deducting the relevant tax, which is corporate tax, we obtain the net amount. In a standard income statement, what is critical is the order. In that order, you cannot write anything outside of your main business line in the upper sections. What does this mean? If you write revenues or expenses earned outside of your main business, such as rental income or penalties, it will revise or distort the profit earned from your main business line. Therefore, it is very important not to write anything in that section and to write the relevant values earned outside of your main business line below EBITDA. Then, the second table we need to create is the cash flow statement. We start creating the cash flow statement by bringing in the EBITDA. Now, depreciation expense is normally deducted as an expense in the income statement because it will be deducted from taxes. But since depreciation is not an actual cash outflow from our vault, we add it back here as a positive value. The cash flow statement is generally cash-based, meaning it is the cash that will enter and leave our vault. Therefore, we add depreciation as a positive value here. We write tax expenses and maintenance investments during the investment period as negative values. And we obtain the net cash amount of the project. For the year 2019-2024, let's give an example for this investment. Let's say there is a $35,000 investment and a discount rate of 45%. If we plug in the relevant values into the formula I gave earlier, when we discount the 19,120 in the first year to the zero year, it becomes 13,186. Similarly, when we discount 22,400, it becomes 10, etc. We will create a cumulative row to sum these up. After writing the investment amount of 35,000 in year zero, we add 13,186 to get 21,86. Then, when we add 10,700, we get 11,000. We continue this way, and the cumulative value we obtain in the last year, 2028, gives us the net present value of the project. If we want to do this in Excel, we can use the NPV function in the blue frame on the screen, writing the investment amount as 35,000, and calculate it automatically in Excel. Let's calculate the internal rate of return. Let's discuss it later. The internal rate of return is also calculated from Excel, showing these values, as 56%. The payback period is the point where the project's value turns positive. You can see that in the third year the value is negative, and in the fourth year it turns positive. By calculating the value in between, it is 3.6. Now we need to interpret these three values. At the beginning, we said that there are three main parameters for the profitability indicator of a project: net present value, internal rate of return, and payback period. You cannot use any of them alone. The internal rate of return is 56% currently in the project, but the only value we will compare it to is the discount rate. The larger the difference between them, the more profitable the project will be. So, a project with an internal rate of return of 60% is not necessarily very profitable, nor is a project with a positive net present value necessarily very profitable. We need to evaluate the payback period, internal rate of return, and net present value together. We cannot evaluate any of them alone. Let's give a general definition of the internal rate of return, or what it is, based on its literature definition. The values we obtain in the area framed in blue, i.e., the cash flows, are equated to the project's investment amount of 35,000. The discount rate is the definition. When we look at this definition, it becomes clear that it is not a clear indicator of the project's health. The average return we obtain from these is, but since our discount rate is 45%, when we compare it with 56%, it is actually not a very profitable project. And it has an annual project duration of 3.6 years, which is a good duration, a significant duration. After all, all the values we obtain here are estimates. So, the cash inflow we will receive only in the last year. Therefore, there is nothing significant in this 0.6. Let's look at the sum of 35,000 with an example. We have 3 projects. The investment amounts for all 3 projects are the same. Our discount rates are the same. The cash flow statements are as shown on the screen. The present values and sums are here, and the summary values are here. If we examine them to select the most profitable project, the project with the highest net present value among the projects is project number 2, with 2667. If we look at the internal rate of return, it is 20%, 20.2%. Projects 2 and 3 are the same. But when we look at the payback period, it is 4.07 and 2.95. So, from here, I want to emphasize again that only an internal rate of return, only a net present value, or a payback period is not enough to evaluate a project. We need to look at all three together. When we look at all three together, a payback period of 4 years for a 5-year project is not acceptable. Therefore, choosing the third project seems more logical and attractive. However, these situations are beyond strategic goals, just a financial evaluation. You can also choose the first project to enter a sector in a country. This might be economically a bit disadvantageous, but you can say, "I'll enter there, and then I'll continue with further investments." You can enter by considering this relationship. However, in terms of financial evaluation, these three parameters must be evaluated together. Now, we have evaluated a project, but it is a fixed and simple project formulation, entirely funded by equity. We made a selection from 3 alternative projects. But after this selection, we need to eliminate the uncertainties in revenues, sales volume, and financing for the selected project. In terms of financing, we have reasons. Since we will finance the investment amount of the selected project with a bank loan, we cannot finance it entirely with equity, because the cost of capital will be high. There are uncertainties in operational expenses, the effect of inflation. These must be eliminated in the following years. By eliminating uncertainties in revenues, sales, we are essentially eliminating the uncertainties in technical reports from the beginning and presenting the profitability. This forms the basis of financial modeling. Of course, as competent individuals, it is our duty to eliminate all these uncertainties. Now, let's talk about uncertainties in revenue. The revenue item is the sales volume and the sales price. The sales volume is related to your operational aspects, i.e., project-specific operational information. However, as you know, ore sales prices are constantly fluctuating in international markets, so you need to incorporate this variability into your financial model. On the left side, for example, there is a general representation of the sales price of gold. On the right side, there is a representation of the price of iron ore 622. Now, what is this orange part in front of us? It is the price forecast for the next 5.26 years. So, how will we obtain this? There are two methods. The first method is if you can use statistical methods, meaning you can use a function in Excel that estimates the next 5 years by taking the variability of the past 15 years. I did this work, and in 2021, the forecast for 2023 was 118, but currently it is around 113. This is a purely statistical approach. Since this method is detached from the dynamics of the construction sector in China, for example, you can use it. In bank evaluations, it should be a projection of the next 5 years, minimum and maximum. It cannot be fixed and stable. Ore prices can never remain fixed, or a study done that way will not be realistic. However, as I said, for internal evaluations or project evaluations, you can follow this path. On the other hand, I have provided the Excel formula. It's not difficult. If we eliminate the uncertainty in revenue this way, let's say we have created minimum and maximum values for the sales price. For example, in the best-case scenario, it's 120 for 2024, and in the worst-case scenario, it's 80. Similarly, if we put the values we obtained from the graph over the years here, and you have also done your operational work, you have determined the sales volume. In the revenue part, we have now incorporated those variabilities. With a simple switch here, if we change the active scenario, the final output of the financial model, the net present value, will automatically change. By doing this kind of variability, we will have the opportunity to examine any change in operational aspects. Variability in operational expenses. The parts shown in red on the screen have inflation or, if you have a relevant agreement, escalation clauses. These must be incorporated into the financial model. By taking inflation forecasts and entering the annual values of the parts shown in red as multipliers, you will also incorporate the increase in your operational expenses into your financial model. Then we come to the most complex topic in financial modeling, which is financing. In the initial project evaluation we did earlier, we used a discount rate slightly above the sectoral averages. We financed it with equity. But now we have a selected project from 3 projects, and the financing of this project, providing financial resources, more than 90% of today's investments are made with bank loans. Of course, American banks, 8.5%, Chinese banks, 3.5%, European banks, etc., all have cheap funding sources. Therefore, due to the continuation of all these credit conditions in a positive direction, if we use credit in investments, the discount rate and the formula we see on the screen, WACC, the project's discount rate, is determined by a formula. There are two values in parentheses: equity and debt. Let's go through the values one by one. The proportion of equity in total capital, or rather, let's take a numerical example below. Our total investment is 500,000. Let's say our equity amount is 50,000. The proportional value of this in 500,000 is the same. Similarly, the debt amount is 450/500 multiplied by the second variable, R, which is the cost of equity. The cost of equity means that since we cannot finance the entire funding of the project with credit, banks generally require the employer to share some of the risk due to country risks. We assume we are covering an amount like 50,000 dollars. Similarly, the remaining 450,000 multiplied by the weighted average cost of debt, R, which is the interest rate of the debt, multiplied by 1 minus Tex, which is the corporate tax rate. Let's look at the numerical example below. The interest rate cost of debt is 14%. The amount of equity is 50,000, and its cost is 20%. The total is a 500,000 dollar loan. Our corporate tax rate is 22%. If we plug these into the relevant formula, 50,000/500 is the first part. 14 multiplied by 1 minus 0.22 equals 12%. The 12% value we found here is used as the project's discount rate in cases of credit. Now, there is a deficiency here. You may have noticed that the cost of debt is 14%, and the cost of equity is 20%, but our discount rate is 12%. This is a very positive effect, known as the tax shield in literature. Let's show it with a numerical example. Let's assume we financed this investment with credit. After the initial period, we have interest expense. Since we used credit, we paid 5,000. Our profit before tax is 25,000. The tax we paid is 5,000. If we do the same project with equity, there is no interest expense. So, the profit before tax is reduced by the tax base. This is an advantage of using credit. That's why all investments are made through credit, which is cheap financing. Later, in the previous slide, we had the term "cost of equity." We need the formula for the cost of equity. For this, let's assume our company has savings of 100 million dollars, 100 million TL, and if you don't invest this money in the treasury, the benchmark interest rate, which is currently around 17%, provides a return. You want to withdraw this money and enter the coal sector, or buy shares of a coal company traded on the stock exchange. Now, what percentage return should this 100 million TL provide you to enter the coal sector? The answer to this question is your cost of equity. Let's say it's 30% or 40%. When asked such a question, you would first say, "I have a return of 17% with state guarantee and no default risk on my savings. It should be more than that." You would say. Second, you would say that you want the general return and profitability of the coal sector due to economic perceptions in the country, the effect of the coal sector, or the default risk of coal companies. Let's say it's 23%. 23 + 17 = 40%. This is my cost of equity. You can comfortably use this value as 40%. If you use your equity, the expected profitability rate is this. In sectors we know in Turkey, it's easy and comfortable. But let's consider a situation. You have savings in European or American banks, in dollars. You are considering investing in gold in Iran. In this case, how would your cost of equity be? You must use the formula on this screen. Here, RF is the risk-free interest rate. What does this mean? It means banks with state guarantees, not normal banks like Garanti, Yapı Kredi, etc., they have default risk. But when we say risk-free interest rate, it means banks with state guarantees. You can use the benchmark interest rate here, let's say 4-5%. Then there is our beta value. I will explain beta shortly. Then, in parentheses, RM minus RF, which is the sector premium. Sometimes you reach it, sometimes you reach it by saying the sector's profitability. If you reach the sector's profitability value, RF is the risk-free interest rate, and we also have our beta value. Let's accept the beta value as a reference of 1. Let's express it this way: if the Istanbul Stock Exchange 100 index increases by 10%, the value of a company with a reference of 1 increases by 10%. If the Borsa Istanbul decreases by 10%, the company with a reference of 1 also decreases by 10%. For gold companies, for example, the beta value is 1.2. This means that when the Borsa Istanbul index gains 10% value, gold will gain 12%, or when Borsa Istanbul loses 10%, those gold companies will lose 12%. It is the volatility and correlation coefficient between the stock market and the company. It is the variability coefficient. For cement factories, it is 0.6. For iron ore, it is 0.8. Generally, it is visible in companies' balance sheets. It is the correlation with the stock market, the variability coefficient. 0.6 for cement factories means that even if Borsa Istanbul gains 10% value, cement factories will not gain that much. Similarly, even if it loses value, it will not lose as much. From this, the following conclusion emerges: If you want to earn a lot in the stock market, by investing in companies with a high beta value, you can earn more from stock market fluctuations. Since you are taking a certain amount of risk, if you are making such an investment in Iran, you must use the formula on this screen. You need to look at the general profitability of the gold sector, the beta values of the companies there, and how much they are affected by the average. By adding the risk-free interest rate you find here, you can determine your cost of equity for an investment abroad. However, this is an extreme example. If you go to Central Asia, you may not have the opportunity to reach these values. In such cases, you can use the average of 3-5 corporate banks, as I mentioned earlier. However, the CAPM formula, which is generally used in literature, is calculated this way. We said there are two variables in the CAPM formula: equity and debt. Let's review them again and do a small numerical example. Capital utilization ratio, cost of equity, debt utilization ratio, cost of debt multiplied by 1 minus tax. As we discussed earlier, the cost of equity is in the range of 20-25-30% for the mining sector in Turkey. The beta value is a value you can get from the financial statements of companies traded on the stock market in the sector you are entering or investing in. RF, which we call the risk-free interest rate, is the value that has state guarantees, no default risk, no risk of bankruptcy. Let's do a simple numerical example for this. For an investment of 2 million, the credit amount to be used is 80%. The credit interest rate is 10%, meaning the cost of credit. The remaining amount will be covered by equity. Calculate the internal rate of return and present value of the project. The tax rate is 22%. The cost of equity is found to be 0.30. The proportion of equity in total funding is 10%. Accordingly, the CAPM formula is 0.30. On this side, 90% will be covered by credit. The interest rate of the credit is 10%. The corporate tax is 22%. The weight of the credit is 7%. When we add them up, it is 10%. So, when you discount the values we use here, you will use 10%. If we call it the internal rate of return and include all the values, the internal rate of return will be 16%, and the net present value will be as follows. The most complex part of financial modeling is CAPM and WACC, which require a lot of attention and are much discussed and debated in literature. When these are understood and grasped, they have a direct impact on project profitability, so they are critical values. However, there are those who try to express this with numerical values like 0.5, 10, 15, and you reach meaningless data. If you formulate it according to the cost of financing, you need to calculate it accordingly, which is a critical issue in determining the project's profitability. However, in sectors you know well, you can do it. If you can express the cost of equity with values that you can fill yourself, for example, "I used 35%, I have these investment tools," then there is no problem. The beginning balance of our credit amount, our principal payment, is the value we calculated earlier. If we deduct the interest from the 30 days, we get the principal payment. Our fund balance is formed like this. The ending balance is written as the second year. Similarly, after 3 years, if you reach a balance of 0, when you put the given values into the calculation, you reach a value of 12%. See, even though the cost of equity is 45%, the discount rate used is 12%. You have seen the effect. Then let's create the income statement. All the values up to EBITDA that we created in the previous table are the same, but now we have interest expense. As I showed in the previous slide, since it reduces the profit before tax, we bring it here and write it as an expense. We write it as an expense in the income statement. After calculating the profit before tax and our net income after tax, we move to the cash flow statement. In the cash flow statement, we bring EBITDA from the previous table. We linked it automatically. Then we said depreciation. Depreciation is not cash that leaves our vault, so we add it back here as a positive value. Our tax payment is a cash outflow, so we put it here as a negative value. We put the investments we made in the relevant period, etc., as negative. Interest payment is negative. Principal payment is also negative because it is your debt. Similarly, as in the first example, the net cash amount is formed in the relevant years. Then our investment amount is 35,000, and our discount rate is 12%, calculated from the WACC formula. The formula we will use is the same. What is the formula? We showed it at the beginning in value management. We discount the values in the relevant years and create the cash flow. We create the cumulative row for year zero by writing the relevant investment amount in year zero and adding it to 7,000 to get 7,000. Then, adding 8,000 to it, we get 6,000. We continue this way, and the net present value at the end of 5 years is 23,305. Remember, in the project valuation, the net present value we obtained was around 14,000-16,500. The value obtained for the same project when financed with credit is 20,305. Doing it with equity is one thing, and financing it with credit, the discount rate is 12%, and the project's internal rate of return is 29%. The difference is more than double. It has become a much more economical situation. So, analytical managers generally ask this question: What is the probability of these values being realized? At the beginning, we created values for the ore sales price and sales volume. We included operational expenses, etc. Despite all positive and negative scenarios, the net present value we obtained in the base scenario is 20,305. But what is the probability of this value being realized? The point where management makes a decision is this. For this, there is something called Monte Carlo. The factors that have the most impact are generally the ore sales price and operational expenses. Let's say the base is 150, and the maximum is 150%. By assigning 10,000 values between them, it gives us the number of times the net present value exceeds 20,305. If the Monte Carlo simulation gives you, say, 9,200, and you state the probability of realization as 92%, it will be much more convincing and persuasive to management. Because if its probability is 50%, management would be taking a big risk in this case. They will probably ask about this. Then we come to the outputs of financial modeling, the indicator tables. To summarize the work we have done, we first entered the parameters, created the financial model, and calculated the net present value, internal rate of return, and payback period. Then we moved on to the interpretation and valuation part with indicator tables, graphs, etc., and ratios. Now, in the assumptions section of financial modeling, costs, revenues, depreciation, taxes are all assumptions. The entire financial model is essentially a forecast. With forecasts, we finally obtain the indicators and results for the base years. With these, you can use the project investment valuation to look at the profitability in your main business line compared to other companies. If you are in the gold business, you will look at your EBITDA. You will have the opportunity to compare the operational expenses of another company in its main business line. Then, one of the outputs of financial modeling is what we call sensitivity analysis. When any of the values of the assumptions here change, for example, when revenues increase, how does our net present value, internal rate of return, etc., change? Or when our costs increase, how does the present value, project payback period, or internal rate of return change? Sensitivity analysis shows us the parameters and assumptions that have the most impact on net present value and how the project's profitability changes when those parameters change. Then we must also have a scenario analysis. This is an output of financial modeling. With this, you can do operational planning or strategic planning. In scenario analysis, when two values here change simultaneously, for example, if the production capacity decreases and the ore sales prices decrease, how does your net present value change? How does your internal rate of return change? We need to do scenarios to examine the situation when more than one assumption changes. We will provide examples of these later. Now, I have put and will put 4 ratios here. Yes, regarding the financial indicators and operational expenses, there are 15 ratios. The most commonly used ratios in mining are what we see on the screen. Let's go through them one by one. The first is EV/EBITDA. This is the most popular ratio used in mergers, acquisitions, or project valuations, resulting in a 3x5x format. EV/EBITDA is the reference for the market approach. This expression is obtained by dividing the value of a company that has undergone a recent acquisition transaction by the past 12 months. The median value of this ratio for 3-4 comparable companies. If we multiply the median value by the enterprise value of our operating plant, we will reach the value of this mine or plant. This will likely be done within the scope of mining valuation. The second ratio is the debt service coverage ratio. You don't look at this, banks look at it. They look at whether the interest and principal payments of the credit you draw from banks can be covered by the net income generated in the relevant periods. They don't look at the gold. Or, banks generally have strategies. If it is 1.5, they will easily provide you with credit. It is the capacity of your cash flows to pay off your debt in the relevant periods. The definition below also states that. As I mentioned earlier, if you are engaged in gold mining, you can evaluate your operational situation with the revenue ratios of other companies in the gold sector. It affects the fundamental indicators of financial structure and profits. We have a ratio called revenue ratio. By using this ratio, you can evaluate the impact of your operational changes on the margin. Is it a bit fast? Yes. There are a few examples. I have done past ones. On the leftmost side, there are two graphs: cash flow and investment. You can easily see the payback period. They should be understandable to someone who is not familiar with finance or mining, simple and understandable. The second graph shows production volume and cost. You can use it for operational planning. The third shows the distribution of costs on the cost side. The fourth is a distribution graph of your costs. I have put these here because they are very commonly used in the mining sector, or because they are more accurate expressions. Then, as I said, sensitivity analysis. This is an analysis that shows the change in the present value when one of the variables or one of them changes. In the sensitivity analysis, there is a chart showing the items that have the most impact on the net present value. You can directly see the point you need to focus on, or by doing a sensitivity analysis, you can see how the net present value changes when the proportion of equity you finance changes from 10-15-20-38%, or how the payback period changes. If you do the financial modeling from scratch in dynamic Excel, you don't need to change any of the above values. You can do this simply using the sensitivity analysis formula in Excel, using the scenario analysis and data table formulas. Here, you can easily see how the net present value changes when a single assumption changes. In scenario analysis, let's say we have created 3 basic scenarios. For these values, what happens to our net present value, internal rate of return, and payback period when the ore sales price, cost of goods sold, and other factors change in different situations? We can examine this. For the situation where more than one assumption changes, let's say ore sales prices fell and cost of goods sold increased. To express this a bit more concretely, for example, here, when mining costs are $8 to $25, and sales prices are $30 to $70, when mining costs are $20 and your sales price is $70, the project's net present value is formed like this. This provides you with tremendous data for operational planning and strategic planning. Yes, now there are some specific issues for mining. We haven't mentioned them in the financial modeling, but for example, salvage value. How do we incorporate salvage value into financial modeling? It is often overlooked by companies. Salvage value must be deducted when calculating depreciation. Salvage value is calculated as (plant value - salvage value) / useful life. This is for normal straight-line depreciation. Then VAT. VAT is an important issue. All values in the financial statements are exclusive of VAT. Now, to briefly summarize VAT, let's say you bought 100 liras worth of raw material, and the payment including VAT is 118. Then, you increased the value of this raw material by selling it for 200 liras, which is 236 liras. The VAT you collected is 36, and the VAT you paid is 18. We pay the difference of 18 to the state when the relevant period comes. So, we act as an intermediary. The revenue from VAT does not enter our vault, nor does it create any negative impact for us. Therefore, all values used in financial modeling must be VAT-free. However, generally, in investments in our country, this is applied. VAT incentives are applied. How is it done? Let's say you bought a plant worth 100 million dollars from China. The VAT you paid for import, the state says that within the scope of incentives, you will get it back during the production period. If such a situation exists, you will show it in your table as a VAT refund. But normally, there will be no VAT in any other value. Our third item is nature restoration. You must include nature restoration in your financial modeling by writing it in the relevant year and discounting it. Third, as I mentioned earlier, since financial statements are estimates, it is not expected for businesses with operating lives of 30-35-45 years to estimate for 40 years. The maximum period is 10 years. Since it is an estimate, it is not expected to exceed 5-10 years. However, if you ask, "What is the approach for 35 years?" when you say 12-13 years, 12-13 can be done, but what about 35 years? There is a terminal value. That is, you have made estimates for the first 5 years or the first 10 years. After that, your production activities continue to grow at the inflation rate. By using this terminal value, which is the value of 136-532, you need to do it. So that the tables you use in financial modeling do not exceed 10 years, because it is an estimate, it will cause deviation. Okay, it's 51 minutes. I've exceeded the time a bit. I apologize for having to go a bit fast. When you say 40 minutes, I apologize. So, it was really a great presentation. It's something I'm also closely interested in.

This was a topic I worked on during my doctorate, so I listened with care and attention. I benefited greatly. Bless your mouth. Before we move on to our questions, if you wish, I will give a brief summary. Actually, each of these topics we've discussed is a separate subject, very deep subjects. I will try to summarize it briefly like this. If there are any parts I've said incorrectly, please correct me, Mr. Bayram. Now, of course, since our topic is related to financial modeling and valuation, there can be some confusion of concepts here, which you can also perceive as a question. I will specifically ask you for an explanation on this matter after you finish. Generally, technical evaluation and valuation are always confused with each other. Here, of course, valuation was seen more clearly in the later slides of the presentation. Indeed, in these scenarios, when we talk about forecasts and Monte Carlo simulations, it already leads to the field of valuation. However, when we consider the technical evaluation of a classic project, this is actually not valuation, but financial analysis as it is. Therefore, I will ask you about the difference between valuation and technical evaluation. Let's take this as our first question. To summarize, of course, in financial modeling, you focused most on net present value, payback period, and internal rate of return, and you provided clear information through examples, continuing with the preparation of the income statement, cash flow statement, and balance sheet related to these. Of course, we cannot summarize everything here, but if I were to state the points that interested me the most and that need to be emphasized, we can say this: when conducting the technical evaluation of projects, the most important issues we need to pay attention to are interest expense and credit usage, and we see that the discount rate is extremely important. In many technical evaluations, unfortunately, discount rates are chosen poorly, the option of taking the discount rate, and of course, the most important part is comparing the internal rate of return with the discount rate to decide whether this project is feasible or not. In your example, the internal rate of return is 56%, while the discount rate is 45%. Therefore, since these are very close values, you stated that it would not be very significant with other financial indicators. This comparison is extremely important when valuation is done, and after this point, you moved on to uncertainties and talked about uncertainties, meaning uncertainties related to ore. Of course, if we consider mining, geological uncertainties, uncertainties in product sales prices. You are conducting a technical evaluation of a project, but what are the product sales prices? Estimating this, especially in our country and in the current world culture, is truly very difficult, and this shows that making a classic price analysis is not very correct. You mentioned that it is important to go back to the past, take the last 10-15 years, and make a long-term price forecast using certain indicators. This is indeed important. I also used this a lot in my own studies. We see that both Monte Carlo simulation and certain techniques are used for these. Of course, price forecasting is very important. Statistical approaches, Monte Carlo simulation, these are important, and this scenario analysis part, the best-case scenario, the average scenario, and the worst-case scenario, or base scenario and worst-case scenario, and after price forecasts, inflation forecasts, and of course, the topic that interested me the most is actually just the weighted average cost of capital and the cost of equity. A presentation can be made on just these two alone; it's a very, very important topic. You explained it very well with examples. Bless your mouth. Finding this weighted average cost of capital is very, very important. You even gave an example here: the interest rate taken when credit is used is 14%, and the cost of equity is 20%, but when we put this into the weighted average cost of capital formula, it comes out to 12%. So, the examples of these are very important. Of course, another topic that interested me the most is finding the cost of equity, the beta value here, the relationship with the stock market, the coefficient, these are very important topics. The fact that these values can vary according to countries, and that it is very difficult to find them in some places because they cannot be obtained, like in Afghanistan or elsewhere, finding these values is truly difficult, and finding their treatments or technological status is very, very difficult. Of course, this is an extremely complex topic. Therefore, an example you gave here is very crucial and came to mind. Instead of doing this with the cost of equity, you talked about the project ending cheaply. This was a very good example. You mentioned that by ending the project cheaply, it is actually more profitable to do the project as it is using equity, and that a higher net present value is obtained. This was a very striking example. Of course, according to the values there, Monte Carlo simulation also greatly interested me, as it is one of the most used and important topics for me. And here, you said that the probability of these values being a certain percentage can be found with Monte Carlo simulation by company owners or decision-makers who decide on the feasibility of the project. For example, if there is a 90% probability, the project is very profitable. Of course, in my own work, it's very interesting; it's never possible to reach 90%. The probability is very high in Turkey's conditions, and I did this based on 2018 values, which will be much higher now. I also saw the project's realization probability at around 70% in that simulation. As you also mentioned, financial models are forecasts. That's why I'm pointing out the difference between technical evaluation and valuation at this point. Since financial models are forecasts, they enter the valuation part, and one of the most important parts is sensitivity analysis. Conducting sensitivity analysis is very important. Tornado charts are already available in Excel for this. And at the end, the information you stated, such as VAT refunds, these are also very important topics. It was truly a very satisfying presentation. I benefited greatly for myself. Thank you very much. Before taking questions from our esteemed participants, I will ask one more question. Apart from the difference between technical evaluation and valuation, you also mentioned something in Turkey, specifically about the debt coverage ratio. You mentioned that this ratio is generally accepted if it is above one and a half in banks. Do you think this is still valid in the current markets? I will ask this. Also, one of the most important points is the sector risk premium. Of course, here, gold, copper, lead, coal are all different. You mentioned that the sector risk premium in mining is generally 25-30%. Based on what conclusion is this 25-30%? I will ask this as well. Thank you very much. If I have forgotten anything, please complete it. It was very full. I just tried to summarize the parts that I personally found important. Bless your mouth again. You have the floor. You have already summarized the entire presentation. Thank you again for the debt coverage ratio. Now, in countries with normal economic indicators, in countries with normal inflation, we already indicate the effect of this inflation on operational costs. With Turkey's current figures, it is not possible to invest. Moreover, the interest rate shown by the Central Bank in Turkey is not a value formed within a normal economic order. Instead of doing it like this, it would be healthier to refer to countries that are equivalents to Turkey. I will answer it that way, especially covering the last year or two and the next year. Since Turkey's economic indicators are not at normal or acceptable levels right now, we cannot use these figures with the inflation value. We have a connection. Actually, in an Excel file, another question is objective valuation. As I said, using countries that are equivalents to Turkey, like Brazil, Argentina, etc., and using their interest rates or long-term inflation data would be healthier. I don't think I've missed anything for financial modeling. I took notes, but yes, there was something that management or managers generally wondered about. When you do financial modeling dynamically, you value the project, you get the net present value, you cover 450 million with credit and 50 million with equity. You can also do an equity valuation from the financial model outputs. What does this mean? I gave 50 million dollars from my equity. How is the project's present value formed? How will my return of 50 million happen? When will it happen? In how many years? This valuation can easily be done if you have made the financial modeling tables dynamically. This is a question asked by management and managers. How long will it take for that 50 million dollars to be returned? Yes, thank you very much. You're welcome. The answers were quite satisfactory. Yes, if any of our esteemed participants have questions, please proceed. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like that. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like that. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very technical and good question, very satisfying. Actually, to fit all of this into one hour or 40 minutes, when it's done for a mining operation with Excel application for 5-6 hours, seeing all these variations would be much healthier and better, but I tried to fit a 5-6 hour training into one hour or 40 minutes. Yes, Mr. Ahmet, please, if you have a question, proceed. Good evening to everyone. Can you hear me? Yes, very well. Please proceed. Thank you all for your efforts. Mr. Bayram, especially thank you. Indeed, you talked about many important issues that miners, when they reach the management stage, need to know for the operation. As Mr. Metin said, it would be very beneficial to explain this by dividing it into sections because what you explained is truly very comprehensive. It will be a bit difficult for those without experience to understand, as I am also struggling even though I am involved. It's truly a difficult topic. Regarding these financial statements, for a coal mine, of course, since my area of expertise is coal mining, the costs in financial modeling. You directly went from capex, separate investments, separate investment costs. Do you break them down into a separate table, or do you show the stages of the costs in the tables? That's what I'm trying to understand. One sharing, can you see it now? We have planning friends among us. Currently on the screen, in the financial modeling and strategic planning, long-term planning, the calculations you mentioned are these. Mining, blasting, etc., all of these. After all this, when we come here, the values we obtain from mining operations are in the lower part of this table. All the financial modeling inputs are done like this. I assume that's how it's done. But we show them directly in the table. Of course, the expenses and costs are visible here. Below that is transportation for the country. Below that are financial indicators and interest rates used. Then, the revenues you will obtain from this mining activity. Then, the operational expenses for this mining activity. Then, the investment you will make in that facility plus the mining side. With the investment amount we determined there, we calculate the necessary rates and discount rates from the plan and fund formula. Then, I calculated the income statement here as a transaction. Later, when we come here, we do the final evaluation of the project. Actually, this is a complete financial model and a model made for mining business and strategic planning. Then, sensitivity analysis, etc., we've already talked about these. We talked about the debt coverage ratio, the average is 1.76, and it can easily run at 2.91. These are figures I did in the past and for mining strategic planning. They come as input to the mining cost and form the basis of financial modeling. These are the tables before the operation. I understand. And my second question here is the break-even point. I couldn't grasp that. Or is it the project's break-even point? Showing the break-even point when coming to the net present value is an expression used in very old reports. So, you don't show it anymore? Like, if you produce 850,000 tons of coal, it covers the investments. Like, in this year, the break-even point is 3 years, 5 years, like that. Of course, the project has three fundamental financial modeling indicators: net present value, internal rate of return, and payback period, the project's return period. I make an investment. After the transactions, including the credit I received, the project's break-even point is like here, in this year. Of course, the currency we will use for that is also related to where you make the investment. If it's overseas operations, it's dollars. But if it's operations, the interest rate you use is the reference interest rate of an American bank. You can't do it like this. You have to plan according to where your operation is, according to the situation in the country. So, which one is generally used in Turkey? What do you use when you bring an account to the boss? Normally, it's TL. But if it's a facility investment, etc., how do you handle the dollar participation in those other items? It's a matter that will change according to the investment. I can't say anything about it. To find the most accurate one. Is it TL interest, or is it TL? It's TL, and you use the Central Bank indicators, etc. But I've never seen it done in Turkish; it's always done in dollars. That's why I said that. Okay, thank you. You're welcome. [Music] [Music] Thank you again for your efforts. Thank you. Mr. Hakan, greetings. I would like to add a point to Mr. Ahmet's previous question. In recent years, in almost all sectors, technical evaluations and project valuations are done in dollars. Due to the high volatility in TL and the fluctuations in inflation rates in recent years, as Mr. Bayram also mentioned in his presentation, the Central Bank's current figures and market values have very high risk premiums. Therefore, it is not possible to do these projects by taking them in TL. When you take them in dollars, there is also a suppression in dollars. Since the real exchange rate that the dollar should be at is not currently the case, it is risky to do this in dollars. Therefore, market norms, fluctuations, risks, all of these are important factors. Political risks are actually very important. In a previous presentation I gave, I talked about what these risks are in project matters. Of course, Mr. Bayram tried to summarize many topics, so it's very difficult to fit all of them into this 40 minutes or hour. Therefore, it was a very valuable presentation. Thank you very much. If anyone else has a question, esteemed participants. As I mentioned, it was a very