Pasinex Receives MAPEG Approval for Sarikaya Zinc Project; Outlines Near-Term Development Plan

Executive Summary

• MAPEG approved the transfer of shares, giving Pasinex Arama 100% ownership of the Sarikaya zinc project in Turkey.
• Pasinex will commence the initial phase of exploration and mine development, targeting underground drilling in early 2026 and small‑scale production by mid‑2026.
• The program is funded partly by a recently completed financing, with additional capital expected to support continued development.

Key Details

• Ownership Transfer: MAPEG approval moves 100% of Sarikaya project ownership from Abdullah Aydin to Pasinex Arama ve Madencilik A.S. (Pas​inex Arama).
• Project Characteristics: High‑grade, carbonate‑hosted zinc deposit; historic outcrops grade 30–50% Zn; located ~40 km east of Develi, Kayseri with good road, power and mining service infrastructure.
• Development Timeline: Activities through 31 Mar 2026 focus on organization build‑out, technical work, safety and environmental standards; underground drilling slated for the first half of 2026.
• Management & Staffing: Appointment of a Production Manager and core technical team; enhanced site supervision and safety functions.
• Community & Environment: Introductory village meetings, water sampling, baseline environmental studies and safety training planned.
• Adit & Mine Development: Survey historic adits, 3‑D drone mapping, upgrade adit sections to Pasinex safety standards for underground drilling preparation.
• Exploration Plan: Develop underground geological maps, define drill targets; commence underground drilling early 2026.
• Facilities & Equipment: Procurement of underground mining equipment and basic support facilities underway.
• Financing: Development work funded in part by a recently completed financing (details not disclosed); additional funding anticipated for continued progress.
• Outlook: Goal to establish groundwork for future production, with small‑scale operations targeted for mid‑2026 and long‑term growth in Turkey.

Notable Quotes

“The MAPEG approval for Sarikaya is another major step forward… We are preparing to move quickly into the development phase, building the local team, advancing mine access, and commencing underground drilling in early 2026.” – Dr. Larry Seeley, Executive Chairman

Qualified Person: Jonathan Challis, Fellow of the Institute of Materials, Minerals and Mining (QP under NI 43‑101).
Cautionary Note: No current mineral resource or reserve estimate; grades based on limited observations.