Pasinex Resources arranges financing for $1.5-million

Executive Summary

• Pasinex Resources Ltd. announced a non-brokered private placement of units at 10 cents per unit, targeting $1.5 million in gross proceeds, with $1.1 million already committed.
• The company provided operational updates for its Pinargozu mine (sales of high-grade zinc material) and Sarikaya project (preparatory work), alongside significant board and management appointments for its Turkish subsidiaries.
• The financing proceeds are designated for exploration at Sarikaya, development at Pinargozu, and general working capital.

Key Details

• Financing Structure:
  • Type: Non-brokered private placement.
  • Price: 10 cents per unit.
  • Target Gross Proceeds: Approximately $1.5 million.
  • Current Commitments: Approximately $1.1 million received to date.
  • Units Issued: Approximately 15 million units.
  • Minimum Subscription: $15,000.
  • Warrant Terms: Each unit includes one-half of one common share purchase warrant. Each warrant is exercisable into one-half common share at an exercise price of 15 cents per warrant share.
  • Warrant Expiry: 24 months following the closing date.
  • Closing Date: Expected on or about March 31, 2026.
  • Hold Period: Shares subject to a statutory hold period of four months and one day from issuance.
  • Finders' Fees: Up to 7% of gross proceeds may be paid in cash or securities.
• Use of Proceeds:
  • Advance exploration and development activities at the Sarikaya project.
  • Support development of mining operations at the Pinargozu mine.
  • General working capital purposes.
• Debt Conversion:
  • Principal Pasinex debtholders converted $3,340,520 of debt into shares under the same terms as the private placement (10 cents per share).
• Operations Update - Pinargozu Mine (Horzum A.S.):
  • Mining, preparation, and production activities continued.
  • February Sales: Approximately 500 tonnes of high-grade zinc sulphide material sold.
  • Material Grade: Over 50% zinc, containing 113 grams per tonne (g/t) silver and 272 parts per million (ppm) germanium.
  • Infrastructure: Ground support improvements, safety works, and near-completion of office renovations.
  • Safety: No lost-time accidents or reportable incidents at Pinargozu or Sarikaya during the reporting period.
• Operations Update - Sarikaya Project (Aydin Teknik A.S.):
  • Preparatory work continues ahead of planned mining activities.
  • Recruitment efforts underway for engineering and operational personnel.
  • Company remains current with all license and rehabilitation fee obligations.
• Corporate Governance Appointments (Effective Dec 2025):
  • Pasinex Arama ve Madencilik A.S.: Jonathan Challis (Chairman), Ibrahim Hakkl Bozat (Vice-chairman), Aydin Sen (General Manager), Ozlem Altunal (Accounting and Finance Manager).
  • Horzum Maden Arama ve Isletme A.S.: Ibrahim Hakkl Bozat (Chairman), Aydin Sen (Vice-chairman and General Manager), Ozlem Altunal (Board member and Accounting/Finance Manager).
  • Aydin Teknik Madencilik A.S.: Ibrahim Hakkl Bozat (Chairman), Aydin Sen (Vice-chairman and General Manager), Ozlem Altunal (Board member and Accounting/Finance Manager).
• Qualified Person: Jonathan Challis (Director and Chair of Pasinex Arama) approved the scientific and technical information.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.