Pasinex completes share transfer to acquire Horzum

Executive Summary

• Pasinex Resources Ltd. confirms the completion of the share transfer for Horzum A.S., securing 100% ownership of the Pinargozu mine in Turkey.
• The company provided an operational update for December, highlighting site infrastructure improvements, continued production, and the accumulation of surface stockpiles.
• Management indicated that Horzum A.S. will reconstitute its board and execute its 2026 operational plan following the completion of corporate registrations.

Key Details

• Corporate Action: Pasinex Arama ve Madencilik A.S. now holds 100% ownership of Horzum A.S.
• Completion Steps: All board resolutions executed, share certificates endorsed and delivered, and filings with the Turkish Trade Registry completed.
• Governance: Horzum A.S. will reconstitute its board of directors and implement updated governance, authority, and signature directives.
• 2026 Plan: The company will proceed with the execution of its 2026 operational plan.
• Infrastructure Updates:
  • Construction of a 10-by-20-metre material loading and sorting area completed in front of the 541 adit.
  • Installation of concrete barriers and wire fencing around construction and parking areas.
  • Advancement of renovations to on-site office facilities.
• Production Status:
  • Production at Pinargozu continues.
  • Previously mined material is being brought to surface following the completion of the external stock area.
  • Surface stockpiles of zinc sulphide material increased to approximately 340 tonnes as of late December.
• Logistics: The company is evaluating nearby crushing and ore enrichment facilities for logistics and processing planning.
• HSE: No reported incidents at site; ongoing periodic training provided to mine personnel.
• Qualified Person: Jonathan Challis (Director) has reviewed and approved the scientific and technical information.
• Regulatory Note: The company has not completed a current NI 43-101 compliant technical report or mineral resource estimate and has no intention of doing so at this time. Horzum A.S. has not followed NI 43-101 QA/QC procedures or used independent third-party laboratories for assay analysis.

Notable Quotes

• "Completing the Horzum share transfer before year-end is an important milestone for Pasinex. With full ownership now secured, we are well positioned to advance our 2026 plans at Pinargozu, where ongoing site improvements, steady production and growing mined stockpiles reflect the strength of the asset and the operational team on the ground." — Dr. Larry Seeley, Executive Chairman