Pasinex Announces Q4 2025 Financial Results - Achieves 100% Ownership of Producing Zinc Mine and Completes Strategic Acquisition
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Pasinex Announces Q4 2025 Financial Results
Achieves 100% Ownership of Producing Zinc Mine and Completes Strategic Acquisition
TORONTO, ON – February 18, 2026 – Pasinex Resources Limited (CSE: PSE) (FSE: PNX) ("Pasinex"
or the "Company") today announced financial results for the three and twelve months ended December
31, 2026, highlighting a year of structural transformation and asset consolidation.
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. The Company will file audited financial statements for
a fifteen-month transitional period ending March 31, 2026. The next fiscal year will cover the twelve-
month period from April 1, 2026, to March 31, 2027.
The Company’s unaudited condensed interim consolidated financial statements and Management’s
Discussion and Analysis for the period are available on SEDAR+ and at www.pasinex.com.
Highlights
2025: A Transformational Year
During 2025, Pasinex:
• Achieved 100% ownership of Horzum A.Ş., an exploration and mining company, and the
operator of the producing Pinargozu high-grade zinc mine in Türkiye
• Completed the acquisition of Aydin Teknik A.Ş., an exploration and mining company, and owner
of Sarıkaya Group IV lead zinc license, adding a second high grade zinc asset in Türkiye
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Financial:
Share of net equity (loss) gain from joint venture $ (777,722) $ (912,565) $ (794,017) $ 143,147
Consolidated net income (loss) $ (1,840,332) $ (2,394,375) $ (2,968,755) $ (2,651,030)
Basic and diluted net income (loss) per share $ (0.009) $ (0.017) $ (0.018) $ (0.018)
Net cash used in operating activities $ (32,995) $ (801,350) $ (1,580,691) $ (1,554,416)
Weighted average shares outstanding 199,207,789 144,554,371 166,790,739 144,554,371
As at: December 31 December 31,
2025 2024
Total assets $ 7,545,264 $ 3,557,225
Total liabilities $ 6,844,837 $ 4,900,852
Total shareholders' equity (deficit) $ 700,427 $ (1,343,627)
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Horzum AS operational data (100% basis):
Zinc product mined (wet) tonnes - 394 1,044 3,601
Zinc product sold (wet) tonnes - 494 1,243 4,972
Zinc sulphide product - average grade sold - N/A 45.3% 51.5%
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• 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 three months ended December 31, 2025, Pasinex recorded a net loss of $1.8 million, compared
to a net loss of $2.4 million in Q4 2024. For the twelve months ended December 31, 2025, the Company
recorded a net loss of $3.0 million, compared to $2.7 million for the year ended December 31, 2024.
The annual result was impacted by several factors, most notably:
• An equity loss from Horzum in 2025 versus an equity gain in 2024, while Horzum still remained
under trustee management
• Elevated professional, legal and administrative expenses related to the acquisition of 100% of
Horzum and the completion of the Sarıkaya transaction and higher interest expense
Importantly, a significant portion of the increased legal and administrative costs were associated with
these strategic transactions and corporate restructuring activities, which are non-recurring in nature.
With the consolidation of ownership now complete and corporate restructuring largely finalized,
management expects general and administrative expenses to normalize relative to 2025 levels,
positioning the Company for improved cost discipline going forward.
Full Control of Pinargozu
On December 29, 2025, Pasinex completed the acquisition of the remaining 50% interest in Horzum
A.Ş. Through its wholly owned subsidiary Pasinex Arama ve Madencilik A.Ş., the Company now holds
100% ownership of the Pinargozu high grade zinc mine.
Effective year end 2025, Horzum is fully consolidated in Pasinex’s financial statements.
Full ownership provides:
• Complete operational and strategic control
• Direct exposure to production performance
• Simplified financial reporting
Pinargozu remains one of the highest-grade zinc operations in the world.
Sarıkaya: Expanding the Zinc Portfolio
In December 2025, Pasinex completed the acquisition of Aydın Teknik A.Ş., the holder of the Sarıkaya
Group IV lead zinc operating license in Kayseri Province, Türkiye. Details of the acquisition are:
• USD 1,350,000 of the USD 2,600,000 purchase price has been paid
• The remaining balance of USD 1,250,000 is payable in instalments through June 2027
• An 8% NSR on zinc sulphide and 5% NSR on zinc carbonate will apply upon full payment and
production
Sarıkaya represents a strategic addition to Pasinex’s high grade zinc portfolio in Türkiye.
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Outlook
Pasinex is focused on building a high- grade zinc mining company through the disciplined acquisition
and development of exceptional zinc deposits in Türkiye and Nevada, with grades ranging from 30% to
50% zinc in Türkiye and 14% to 24% in Nevada. These deposits offer strong intrinsic value, attractive
cost profiles, and the potential for solid operating margins due to low mining costs and near surface
access. The recent achievement of full ownership at Pinargozu and the acquisition of the Aydin Teknik
position the Company to advance a portfolio of high- grade zinc assets in a well- established mining
jurisdiction. With zinc recognized globally as a critical metal and primary supply constrained by limited
recycling rates, Pasinex believes it is well positioned to benefit from long- term structural demand
fundamentals while continuing to pursue disciplined growth opportunities.
Management Commentary
Dr. Larry Seeley, Executive Chair of Pasinex, commented:
“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.”
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. M r. Challis has 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
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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 Evan White
Director and CFO Manager of Corporate Communications
Phone: +1 416.562.3220 Phone: +1 416.906.3498
Email: [email protected] Email: [email protected]
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.