Pasinex Announces Q4 2025 Financial Results

Executive Summary

• Pasinex completed the acquisition of the remaining 50 % interest in Horzum A.Ş., achieving 100 % ownership of the producing Pinargozu high‑grade zinc mine in Türkiye.
• The company also acquired Aydın Teknik A.Ş., securing the Sarıkaya Group IV lead‑zinc license, with $1.35 M paid and the balance payable through June 2027 plus NSR royalties.
• For the twelve months ended 31 Dec 2025 the company reported a net loss of $3.0 M (vs. a $2.7 M loss in 2024) and a cash outflow from operating activities of $1.58 M, reflecting acquisition‑related expenses that are expected to normalize.

Key Details

• Financial Year Change: Transitioned FY end from 31 Dec to 31 Mar; audited statements will cover a 15‑month period ending 31 Mar 2026.
• Consolidated Net Loss (12 mo): $3,0 M (2025) vs. $2,7 M (2024).
• Basic & Diluted Net Loss per Share: $(0.018) for both periods.
• Cash Used in Operating Activities (12 mo): $(1,580,691).
• Total Assets (12 mo end‑Dec 2025): $7,545,264; Total Liabilities: $6,844,837; Shareholders’ Equity: $700,427.
• Pinargozu Mine – Full Ownership: Completed 29 Dec 2025; now fully consolidated; provides complete operational control and direct exposure to production.
• Sarıkaya License Acquisition: Purchase price $2.6 M; $1.35 M paid, $1.25 M payable in instalments through Jun 2027; royalty structure – 8 % NSR on zinc sulphide and 5 % NSR on zinc carbonate upon full payment/production.
• Production (100 % basis) – 2025:
• Zinc product mined: 394 kt (wet).
• Zinc product sold: 494 kt (wet).
• Zinc sulphide average grade sold: 45.3 %.
• Management Outlook: Expectation that general and administrative expenses will normalize post‑restructuring, improving cost discipline and positioning the company for growth in high‑grade zinc assets in Türkiye and Nevada.
• Qualified Person: Jonathan Challis (FIMMM, Chartered Engineer) approved technical information; noted lack of NI 43‑101 compliant technical report and reliance on handheld XRF for grade control.

Notable Quotes

“2025 was a defining year for Pasinex. We transitioned to full ownership of our producing asset at Pinargozu and secured a second high‑grade zinc project at Sarıkaya. These actions significantly strengthen our asset base and position the Company for the next stage of growth.” – Dr. Larry Seeley, Executive Chair

Materiality Assessment: Material – Neutral (the release contains full-year financial results and material strategic acquisitions that are likely to influence investor decisions).