Pasinex Resources Limited (CSE: PSE) (FSE: PNX) reports the Company’s financial and operating results for the three months ended March 31, 2022.
Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “This was an exceptional quarter for the Company, with the Joint Venture posting superb operating results both in sales and production, cash flowing from Horzum AS to Pasinex Arama and Pasinex Canada and the start of an exploration program on the Company’s Gunman Project in Nevada. The improvement in the Company’s balance sheet has been substantial and we are pleased to report we have sufficient cash on hand to fund our activities for the next year and beyond. A statement we haven’t been able to make in years. This has been a great start to what could become our best year yet.”
Selected Quarterly Information
|Three Months Ended March 31,|
|Equity gain from Horzum AS||$||–||$||32,232|
|Cash dividends received from investment in Horzum AS||$||1,167,464||$||32,232|
|Dividend income from Horzum AS||$||4,072,320||$||–|
|Consolidated net income (loss)||$||3,634,344||$||(209,646||)|
|Basic and diluted net income per share||$||0.03||$||0.00|
|Net cash provided by (used in) operating activities||$||769,821||$||(234,543||)|
|Weighted average shares outstanding||144,554,371||144,554,371|
|Three Months Ended March 31,|
|Horzum AS operational data (100% basis):|
|Zinc product mined (wet) tonnes||4,540||2,580|
|Zinc product sold (wet) tonnes||2,964||2,372|
|Zinc oxide product average grade sold||37.3||%||31.0||%|
|Zinc sulphide product average grade sold||52.6||%||NA|
|CAD cost per tonne mined(1)||$||319||$||429|
|USD cash cost per pound of zinc mined(1)||$||0.26||$||0.53|
(1) Refer to Non-GAAP Measures
Please note that all dollar amounts in this news release are expressed in Canadian dollars unless otherwise indicated. Refer also to the 2021 Management’s Discussion and Analysis and Audited Financial Statements found on SEDAR.com for more information. This news release includes non-GAAP measures, including gross margin, cost per tonne mined and US$ cash cost per pound of zinc mined. A reconciliation of these non-GAAP measures to the GAAP financial statements is included in the MD&A.
Jonathan Challis, a fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer, is the qualified person as defined by NI 43-101 and has approved the scientific and technical disclosure herein. Mr. Challis is a director of the Company and Chair of Horzum AS.
Pasinex Resources Limited is a Toronto-based mining company that owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi (“Horzum AS” or “Joint Venture”), through its 100% owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”). Horzum AS holds 100% of the producing Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc smelters and or refiners through commodity brokers from its mine site in Turkey. The Company also holds an option to acquire 80% of the Gunman high-grade zinc exploration project in Nevada. Pasinex has a strong technical management team with many years of mineral exploration and mining project development experience. The mission of Pasinex is to build a mid-tier zinc company based on its mining and exploration projects in Turkey and Nevada.
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We acknowledge the [financial] support of the Government of Canada.