Pasinex obtains MAPEG approval for Sarikaya Zn project

Executive Summary

• Pasinex Resources Ltd. has received approval from Turkey's General Directorate of Mining and Petroleum Affairs (MAPEG) for the transfer of shares, granting its Turkish subsidiary, Pasinex Arama ve Madencilik AS, 100% ownership of the Sarikaya zinc project.
• The company has outlined a near-term development plan through March 31, 2026, focusing on organizational building, technical work, safety, and environmental baseline studies.
• Management targets the start of underground exploration drilling in the first half of 2026 and aims to initiate small-scale production by mid-2026, leveraging synergies with the nearby producing Pinargozu mine.

Key Details

• Ownership Transfer: MAPEG approved the transfer of shares in Aydln Teknik Madencilik from Abdullah Aydln to Pasinex Arama ve Madencilik AS, resulting in 100% ownership of the Sarikaya zinc project in Kayseri province, Turkey.
• Project Characteristics: Sarikaya is a high-grade, carbonate-hosted zinc deposit in the Central Anatolian zinc belt. It features fault-controlled and locally karstic mineralization with high-grade outcrops and small-scale mined zones grading between 30% and 50% zinc.
• Strategic Location: The project is located approximately 40 km east of Develi, Kayseri, with paved road access, electricity, and proximity to established mining services. It benefits from operational synergies with Pasinex's producing Pinargozu mine.
• Development Timeline & Activities:
  • Through March 31, 2026: Focus on building the organization, advancing technical work, and maintaining safety/environmental standards.
  • Management: Appointment of a production manager and core technical team; strengthening site-level supervision.
  • Community/Environment: Introductory meetings with nearby villages; sampling/analyzing local water sources; launching environmental baseline work and safety training.
  • Adit/Mine Development: Surveying historic adits and mapping underground workings via drone and 3-D modeling; upgrading adit sections to safety standards for underground drilling.
  • Exploration: Developing underground geological maps, defining drill targets, and beginning underground drilling in the first half of 2026.
  • Facilities: Securing underground mining equipment and basic support facilities.
• Production Outlook: The company plans to begin small-scale production by mid-2026 while intensifying exploration to define the deposit further.
• Financing: The initial phase of exploration and mine development will be financed in part through recently completed financing, with additional funding expected for continued development.
• Qualified Person: Jonathan Challis (Fellow of the Institute of Materials, Minerals and Mining, Chartered Engineer) has reviewed and approved the scientific and technical information.
• Regulatory Status: The Sarikaya project does not currently have a mineral resource or reserve estimate defined by National Instrument 43-101. Reported grades are based on limited small-scale mining and exploration observations. No NI 43-101 technical report has been completed for the project.

Notable Quotes

• Dr. Larry Seeley, Executive Chairman: "The MAPEG approval for Sarikaya is another major step forward in a year that has seen Pasinex make consistent progress... With full ownership of the Sarlkaya project now approved, Pasinex is preparing to move quickly into the development phase, building the local team, advancing mine access and commencing underground drilling in early 2026. The company plans to begin small-scale production by mid-2026, while intensifying exploration to further define the deposit and strengthen Pasinex's position as a growing high-grade zinc producer in Turkey."