Pasinex Announces Q3 2025 Financial Results and Provides Corporate Update

Executive Summary

• Pasinex Resources Limited reported financial results for the three and nine months ended September 30, 2025, alongside significant corporate developments including the acquisition of 100% ownership of the Sarikaya Project and the acquisition of a controlling interest in Horzum A.Ş.
• The company reported a net loss of $1,128,423 for the nine-month period, primarily driven by an equity loss from its joint venture and higher administrative costs, contrasting with a net income of $42,989 for the three-month period.
• Key operational milestones include the closing of a non-brokered private placement for C$2.33 million, the grant of 2.5 million stock options, and a change in fiscal year-end to March 31.

Key Details

• Financial Performance (Nine Months Ended Sept 30, 2025):
  • Consolidated net loss: $1,128,423 (vs. $256,655 loss in 2024).
  • Share of net equity loss from joint venture: $16,295 (vs. $1,055,712 gain in 2024).
  • Net cash used in operating activities: $781,457 (vs. $753,066 in 2024).
  • Basic and diluted net loss per share: $0.007.
• Financial Performance (Three Months Ended Sept 30, 2025):
  • Consolidated net income: $42,989 (vs. $245,877 loss in 2024).
  • Share of net equity loss from joint venture: $77,708 (vs. $112,432 gain in 2024).
  • Net cash used in operating activities: $766,239 (vs. $215,139 in 2024).
• Balance Sheet (as of Sept 30, 2025):
  • Total assets: $4,053,376.
  • Total liabilities: $3,869,640.
  • Total shareholders' equity: $183,736.
• Operational Metrics (Zinc Product):
  • Nine Months Ended Sept 30, 2025:
    • Zinc product mined (wet): 1,044 tonnes.
    • Zinc product sold (wet): 1,243 tonnes.
    • Average grade sold: 45.3% zinc sulphide.
  • Three Months Ended Sept 30, 2025:
    • Zinc product mined (wet): 71 tonnes.
    • Zinc product sold (wet): 700 tonnes.
    • Average grade sold: 43.4% zinc sulphide.
• M&A and Asset Acquisitions:
  • Horzum A.Ş. Agreement: Signed Share Transfer and Settlement Agreement with Kurmel Holding on Sept 11, 2025, to acquire 50% shareholding in Horzum A.Ş. (holding Pinargözü zinc mine and Akkaya/Mahyalar licenses). Terms include equipment allocation, transfer of three land parcels for USD 10,000, and production-linked payments of USD 600,000 (at 10,000 tonnes) and USD 1,000,000 (at 20,000 tonnes cumulative lead-zinc ore ≥30% grade).
  • Sarikaya Project Acquisition: Signed Addendum to Option Agreement with Aydın Teknik on Sept 15, 2025. Pasinex paid USD 250,000 on Sept 30, 2025, triggering the transfer of 100% of Aydın Teknik shares. MAPEG approved the transfer on Nov 6, 2025. A USD 2,000,000 pledge was placed over the shares, with the balance payable in staged instalments through June 30, 2027.
• Financing:
  • Closed non-brokered private placement on Oct 24, 2025, for gross proceeds of C$2,331,540.
  • Issued 31,087,200 common shares at C$0.075 per share.
  • Post-closing share count: 204,813,876 common shares.
• Corporate Actions:
  • Stock Options: Granted 2,500,000 stock options to directors, officers, and key employees on Sept 26, 2025. Vesting is immediate; exercise price is $0.075; expiration is five years.
  • Fiscal Year Change: Changed financial year-end from December 31 to March 31, effective Oct 1, 2025. A transitional 15-month report covers Jan 1, 2025, to March 31, 2026.
  • AGM: Scheduled for Nov 21, 2025, to elect directors and appoint auditors.
  • Board Nomination: Nominated Dr. Mehmet Kömürcü for election to the Board at the AGM.

Notable Quotes

• Dr. Larry Seeley, Executive Chair: “We have been busy creating value for our shareholders through the full ownership of Horzum, the Sarıkaya acquisition, and the strengthening of our balance sheet with recent equity financing. We have mapped out a detailed development and exploration plan for both Pinargozu and Sarikaya mines, execution of which is only pending the next round of financing, planned for early 2026. With impressive zinc grades and low capital requirements, we envision a short path to being cash flow positive within the next two years.”