Pasinex Resources Limited (CSE: PSE) (FSE: PNX) is pleased to provide a company update.
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. The Company has no intention of completing a NI 43-101 compliant technical report. The Joint Venture 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. The Joint Venture uses field handheld X-ray fluorescence analysers (“XRF”) for zinc assays and grade control in exploration and mining. In addition, assays are completed by an independent third-party laboratory for all of the Joint Venture’s sales.
Highlights – First Quarter Ended March 31, 2023
|Three Months Ended March 31,|
|Equity gain from Horzum AS||$||775,762||$||–|
|Equity investment in Horzum AS||$||1,752,908||$||–|
|Dividend income from Horzum AS||$||–||$||4,072,320|
|Consolidated net (loss) income||$||(195,583||)||$||3,634,344|
|Basic and diluted net (loss) income per share||$||–||$||0.03|
|Net cash provided by operating activities||$||220,486||$||769,821|
|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||2,811||4,540|
|Zinc product sold (wet) tonnes||2,997||2,964|
|Zinc oxide product – average grade sold||NA||37.3||%|
|Zinc sulphide product – average grade sold||49.6||%||52.6||%|
|Gross margin (1)||58||%||72||%|
|CAD cost per tonne mined (1)||$||491||$||319|
|USD cash cost per pound of zinc product mined (1)||$||0.34||$||0.26|
(1) See 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 2022 Management’s Discussion and Analysis (MD&A) 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 product 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 for all information in this news release other than the information relating to the Gunman Project. He has inspected the original paid sales invoices issued by the Joint Venture for the shipment of zinc sulphide product specified in this news release and has approved the scientific and technical disclosure herein. Mr. Challis is a director of the Company and Chair of the Joint Venture.
Pasinex Resources Limited is a Toronto-based mining company that owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi, through its 100% owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi. 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 Türkiye. The Company also holds a 51% interest, with an option to increase to an 80% interest of a high-grade zinc exploration project, the Gunman Project, located in Nevada. Pasinex has a strong technical management team with many years of mineral exploration and mining project development experience. Pasinex Resources Limited mission is to explore and extract high grade ore to drive growth and wealth for all of its stakeholders including shareholders, employees and the communities of our operations, meeting all requirements in safety, health and the environment.
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