Pasinex Announces Audited Financial Results for the Fifteen-Month Period Ended March 31, 2026
Pasinex Announces Audited Financial Results
for the Fifteen-Month Period Ended March 31,
2026
Completes Strategic Acquisitions, Reduces Shareholder
Loans and Strengthens Financial Position
All figures are in Canadian dollars unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - July 30, 2026) - Pasinex Resources Limited (CSE: PSE) (FSE:
PNX) ("Pasinex" or the "Company"), a growing zinc focused mining company, today announced its
audited financial results for the fifteen-month transitional period ended March 31, 2026.
During the period, Pasinex completed the acquisition of the remaining 50% interest in Horzum Maden
Arama ve İşletme A.Ş. ("Horzum"), obtaining 100% ownership and control of the producing Pinargozu
high-grade zinc mine in Türkiye. The Company also completed the acquisition of Aydın Teknik
Madencilik ve İnşaat Sanayi ve Ticaret A.Ş. ("Aydın Teknik"), the holder of the Sarikaya Group IV lead-
zinc operating licence in Türkiye.
The Company's audited consolidated financial statements and Management's Discussion and Analysis
("MD&A") for the fifteen months ended March 31, 2026, and related certifications are available under the
Company's profile on SEDAR+ and on the Company's website
www.pasinex.com
Financial Year End Change
As previously announced, Pasinex changed its financial year-end from December 31 to March 31 to
better align its reporting cycle with industry peers and reduce pressure on calendar year-end reporting
timelines.
Accordingly, the current audited financial statements cover the fifteen-month transitional period from
January 1, 2025, to March 31, 2026. The comparative financial information covers the twelve-month year
ended December 31, 2024, and is therefore not directly comparable. The Company's next financial year
will cover the twelve-month period from April 1, 2026, to March 31, 2027.
Financial Highlights
Fifteen Months Ended
March 31, 2026
Year Ended
December 31, 2024
Revenue
C$1,000,809
C$ -
Share of total comprehensive (loss) income from joint venture
C$(854,047)
C$143,147
Consolidated net loss
C$(5,756,253)
C$(2,651,030)
Basic and diluted net loss per share
C$(0.032)
C$(0.018)
Net cash used in operating activities
C$(3,557,340)
C$(1,554,416)
Weighted average shares outstanding
180,032,701
144,554,370
As at
March 31, 2026
December 31, 2024
Cash
C$1,807,179
C$194,888
Total assets
C$8,774,827
C$3,557,225
Total liabilities
C$5,127,116
C$4,900,852
Total shareholders' equity (deficiency)
C$3,647,711
C$(1,343,627)
Shareholder loans
C$1,856,683
C$4,249,649
2025: A Transformational Year
During 2025, Pasinex:
Achieved 100% ownership of Horzum, an exploration and mining company, and the operator of the
producing Pinargozu high-grade zinc mine in Türkiye
Completed the acquisition of Aydin Teknik, an exploration and mining company, and owner of
Sarıkaya Group IV lead zinc license, adding a second high grade zinc asset in Türkiye
Simplified its corporate structure and strengthened operational control
These milestones mark a decisive shift from joint venture structure to full ownership and control of the
Company's core producing asset.
Financial Results
For the fifteen months ended March 31, 2026, Pasinex recorded revenue of approximately C$1.0 million
from one zinc shipment completed after Horzum became a wholly owned subsidiary and its results were
consolidated by Pasinex.
Cost of sales was approximately C$1.8 million, resulting in a mine operating loss of approximately
C$0.8 million. The mine operating loss reflects the early stage of restarting and ramping up mining
activities, with production and sales volumes during the period not yet sufficient to absorb fixed and
operating costs.
The Company recorded a consolidated net loss of approximately C$5.8 million for the fifteen-month
period, compared with a net loss of approximately C$2.7 million for the twelve months ended December
31, 2024.
The current-period net loss was primarily affected by:
Acquisition-related costs of approximately C$3.0 million incurred in connection with obtaining
100% ownership of Horzum, which were expensed as incurred;
The Company's C$0.9 million share of total comprehensive loss from Horzum while it continued to
be accounted for as a joint venture before the acquisition date;
Higher management, professional and investor relations costs associated with increased
corporate and operational activity; and
Share-based compensation expense recorded following the grant of stock options during the
period.
These items were partially offset by approximately C$1.9 million of other income and a C$0.3 million
gain on the net monetary position arising from the application of hyperinflationary accounting to the
Company's Turkish subsidiaries.
Full Ownership and Consolidation of Horzum
On December 29, 2025, Pasinex acquired the remaining 50% interest in Horzum and obtained full
ownership and control of the company and the Pinargozu mine.
Before the acquisition date, Pasinex accounted for its 50% interest in Horzum as a joint venture using
the equity method. Following the acquisition, Horzum's assets and liabilities were fully consolidated in
Pasinex's March 31, 2026, consolidated statement of financial position, and its revenues and expenses
were consolidated from the acquisition date.
As a result, the fifteen-month financial results include Pasinex's share of Horzum's results while it was a
joint venture and three months of fully consolidated Horzum results following the acquisition.
From the acquisition date to March 31, 2026, Horzum contributed revenue of C$1,000,809 and a net
loss of C$618,198 to the consolidated results of the Company.
Acquisition of Aydın Teknik and Sarikaya
On December 31, 2025, Pasinex completed the acquisition of 100% of Aydın Teknik, the holder of the
Sarikaya Group IV lead-zinc operating licence in Kayseri Province, Türkiye.
Under the acquisition agreement, Pasinex agreed to pay total consideration of US$2.6 million. As of
March 31, 2026, cumulative payments of US$1.35 million had been made, with the remaining US$1.25
million payable in quarterly instalments through June 30, 2027.
The acquisition resulted in the recognition of approximately C$3.4 million of goodwill associated with the
expected future economic benefits, production potential and operational synergies of the Sarikaya
Project. No impairment of the goodwill was recorded as of March 31, 2026.
Strengthened Financial Position
The Company's financial position strengthened during the fifteen-month period:
Cash increased to approximately C$1.8 million from approximately C$0.2 million;
Total assets increased to approximately C$8.8 million from approximately C$3.6 million;
The Company moved from a shareholders' deficiency of approximately C$1.3 million to
shareholders' equity of approximately C$3.6 million; and
Shareholder loans decreased to approximately C$1.9 million from approximately C$4.2 million.
During the period, the Company issued approximately 62.2 million common shares to settle
approximately C$5.5 million of outstanding debt. These transactions reduced the Company's
indebtedness and strengthened its equity position.
Subsequent Events
Subsequent to March 31, 2026, the Company completed the second and final tranche of its previously
announced over-subscribed non-brokered private placement, bringing aggregate gross proceeds from
the offering to C$2,014,880.
The Company also announced that a total of 6,875,000 stock options were exercised at an exercise
price of C$0.04 per option, resulting in the issuance of 6,875,000 common shares for aggregate
proceeds of C$275,000.
As of the date of the MD&A, the Company had 265,611,697 common shares and 9,400,000 stock
options issued and outstanding.
Management Commentary
Dr. Larry Seeley, Executive Chairman of Pasinex, commented:
"The fifteen-month period was one of significant structural and financial transition for Pasinex. We
secured full ownership and control of Pinargozu, completed the acquisition of Sarikaya, reduced
shareholder debt through equity conversions and materially strengthened the Company's financial
position.
The reported loss includes approximately C$3.0 million of acquisition-related costs, while the
financial statements include only approximately three months of fully consolidated results from
Horzum following the acquisition. At the same time, we increased our cash position, reduced
shareholder loans and moved from a shareholders' deficiency to positive shareholders' equity.
With these strategic transactions completed and our ownership structure simplified, our focus is
now on disciplined execution, cost control and translating our expanded asset base into improved
operating and financial performance."
For more detailed information, the financial statements, management's discussion and analysis
(MD&A), and related certifications are available on SEDAR+ and
www.pasinex.com
Qualified Person
Jonathan Challis, a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer, is
the Qualified Person ("QP") as defined by NI 43-101 for all information in this news release, excluding
information relating to the Gunman Project. Mr. Challis reviewed this news release and has approved the
scientific and technical information provided herein. Mr. Challis is a Director of the Company and Chair
of Pasinex Arama.
Cautionary Note
The Company has not completed a current technical report that includes a mineral resource estimate as
defined by the Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council, and procedures for
classifying the reported Mineral Resources were undertaken within the context of the Canadian
Securities Administrators National Instrument 43-101 (NI 43-101). The Company has no intention of
completing a NI 43-101 compliant technical report. Pasinex has not followed accepted quality assurance
and quality control procedures with respect to its current drilling program and has not used an
independent third-party laboratory for its assay analysis. Pasinex uses Niton XLT3 model handheld X-ray
fluorescence analyzers ("XRF") for zinc grade control and internal decision-making. Calibrations of the
XRF analyzers are carried out annually at the registered Niton locations.
Independent laboratory assays
are conducted for all sales.
About Pasinex
Pasinex Resources Limited is a growing, zinc-focused mining company based in Toronto, Canada. Its
wholly owned subsidiary, Horzum A.Ş owns and operates the producing Pinargözü high-grade zinc mine
in Türkiye, selling directly to zinc smelters and refiners via commodity brokers.
Pasinex owns 100% of Sarıkaya Group IV lead-zinc operating license in Kayseri Province, Türkiye,
representing significant potential for near-term profitability and major zinc discoveries.
Pasinex also holds a 51% interest in the Gunman Project, a high-grade zinc exploration project located
in Nevada.
Led by a seasoned management team with extensive experience in mineral exploration and mine
development, Pasinex's mission is to explore and extract high-grade material, driving growth and
creating value for shareholders, employees, and local communities, while maintaining the highest
standards of safety, health, and environmental responsibility.
Visit our website at
www.pasinex.com
.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
"Ian D. Atacan"
Ian D. Atacan
Director and CFO
Phone: +1 416.562.3220
Email:
Evan White
Manager of Corporate Communications
Phone: +1 416.906.3498
Email:
The CSE does not accept responsibility for the adequacy or accuracy of this news release. This news
release includes forward-looking statements that are subject to risks and uncertainties. Forward-
looking statements involve known and unknown risks, uncertainties, and other factors that could cause
the actual results of the Company to be materially different from the historical results or any future
results expressed or implied by such forward-looking statements. All statements within, other than
statements of historical fact, are to be considered forward-looking. Although Pasinex believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not a guarantee of future performance, and actual results or developments may
differ materially from those in forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market prices, continued availability
of capital and financing, exploration results, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate and, therefore, readers are
advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to
update any forward-looking statements.
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https://www.newsfilecorp.com/release/307183