Pasinex receives approval for ownership of Horzum

Executive Summary

• Pasinex Resources Ltd. received approval from Turkey's MAPEG for the transfer of shares in Horzum Arama ve Madencilik AS, granting Pasinex Arama 100% ownership of Horzum AS, which operates the high-grade Pinargozu zinc mine.
• The company announced a 1,000-metre development plan for the Pinargozu mine, including a 700-metre decline to access deeper high-grade zinc sulphide mineralization and new infrastructure.
• Management highlighted geological potential for deep sulphide targets and unexplored veins, aiming to extend mine life and increase production capacity.

Key Details

• Corporate Ownership: MAPEG approved the transfer of shares in Horzum Arama ve Madencilik AS from Kurmel Madencilik to Pasinex Arama ve Madencilik AS. Pasinex Arama now holds 100% ownership of Horzum AS.
• Registration Status: Final corporate registration procedures are expected to be completed by December 31, 2025.
• Development Plan: A comprehensive 1,000-metre development project is scheduled to commence in early January 2026.
  • Decline: 700-metre decline initiating from the 582-metre level to access lower levels.
  • Ventilation: 150 metres dedicated to ventilation infrastructure.
  • Drilling Platforms: 150 metres dedicated to new drilling platforms.
  • Timeline: Completion expected in approximately six to twelve months.
• Geological Targets:
  • The 700-metre decline targets zinc sulphide mineralization identified 100 to 150 metres below the current 520-metre production level.
  • Drilling has intersected high-grade zinc sulphide material, including 1.5 metres of 43% zinc (measured by XRF) at the 425-metre level.
  • The company is identifying numerous secondary high-grade zinc veins across existing mine levels for future mapping and evaluation.
• Mine Profile: Pinargozu is a carbonate replacement deposit (CRD) with historical production of over 150 million pounds of zinc at grades of 31% to 52% zinc.
• Workforce: Recruitment of technical staff and underground personnel commenced in December to support mining from multiple headings.
• Qualified Person: Jonathan Challis, a fellow of the Institute of Materials, Minerals and Mining and a chartered engineer, approved the scientific and technical information.
• Technical Disclaimer: The company has not completed a current NI 43-101 compliant technical report. Horzum AS uses Niton XLT3 handheld XRF analyzers for grade control, with independent laboratory assays conducted for all sales.

Notable Quotes

• "Receiving MAPEG approval is a transformative milestone, granting Pasinex full control over the Pinargozu asset. With 100-per-cent ownership secured, we are immediately moving to unlock the mine's deeper potential. 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. We are confident that this accelerated approach positions us to extend the mine life and drive significant value for our shareholders." — Dr. Larry Seeley, Executive Chairman