Pasinex Receives MAPEG Approval for Horzum AS; Announces 1,000-Metre Development Plan for Pinargozu Mine

Executive Summary

• MAPEG approved the transfer of Horzum AS shares, giving Pasinex 100 % ownership of the Pinargözü high‑grade zinc mine.
• Pasinex announced a 1,000‑m development program (700‑m decline, ventilation and drilling platforms) to begin Jan 2026, targeting deeper sulphide zones below the current 520‑m production level.
• Recent drilling intersected 1.5 m of 43 % zinc sulphide at 425 m depth and identified numerous underexplored high‑grade veins for further evaluation.

Key Details

• Share Transfer: MAPEG approval moves all Horzum AS shares from Kurmel Madencilik to Pasinex Arama, resulting in full (100 %) ownership; corporate registration to be completed by 31 Dec 2025.
• Board Action: Horzum AS board will convene post‑transfer to elect new directors and launch the 2026 operational plan.
• Workforce Expansion: Additional technical staff and underground personnel hired in Dec 2025 to support multi‑heading mining and increased development activity.
• New Adit Development (Jan 2026 start):
• Total length: 1,000 m.
• 700 m decline from the 582 m level to access lower zones.
• 150 m for ventilation infrastructure.
• 150 m for new drilling platforms.
• Estimated construction time: 6–12 months.
• Target Depth: Decline designed to intersect zinc sulphide mineralization identified 100‑150 m below the current 520‑m production level.
• Geological Context: Pinargözü is a carbonate replacement deposit (CRD) with historic sales of >150 M lb Zn at 31‑52 % grade (zinc sulphide & carbonate).
• Drilling Highlights:
• High‑grade zinc sulphide intersected: 1.5 m @ 43 % Zn (XRF) at 425 m depth, below the deepest mined level.
• Signature matches that of the discovery zone at the 541 m level.
• Exploration Opportunities:
• Deep sulphide targets – further drilling planned to delineate continuity.
• Underexplored veins across existing levels – dedicated campaign to map and test for resource expansion.
• Qualified Person: Jonathan Challis, FIMMM, Chartered Engineer (also a Director).

Notable Quotes

“Receiving MAPEG approval is a transformative milestone, granting Pasinex full control over the Pinargözü asset… Our new 1,000‑metre adit will not only provide access to the high‑grade sulphide zones we have identified at depth but will also pass through prospective marble‑altered zones, offering immediate discovery potential during development.” – Dr. Larry Seeley, Executive Chairman

The release contains forward‑looking statements subject to risks and uncertainties.