
Pasinex Resources Limited (CSE: PSE) (FSE: PNX) reports the Company’s financial and operating results for the three and nine months ended September 30, 2020.
Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “There were positive developments during the quarter at the Company’s Turkish joint venture including management changes, the beginning of the development of a fourth adit and the addition of the Mahyalar claim. We are also very pleased to have been able to negotiate an extension on the highly prospective Gunman project option. 2020 has proved to be a challenging year, but the Company is now positioned to drive both of these interests forward in 2021.”
Highlights – Third Quarter 2020
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Financial: | |||||||||||||
Equity gain from Horzum AS | $ | – | $ | 135,701 | $ | 3,298 | $ | 672,139 | |||||
Adjusted equity gain from Horzum AS (1) | $ | 101,173 | $ | 1,688,233 | $ | 246,951 | $ | 1,462,956 | |||||
Dividend received from investment in Horzum AS | $ | – | $ | 135,701 | $ | 3,298 | $ | 672,139 | |||||
Consolidated net loss | $ | (408,615 | ) | $ | (245,251 | ) | $ | (1,101,021 | ) | $ | (568,710 | ) | |
Adjusted consolidated net income (loss) (1) | $ | (330,985 | ) | $ | 1,307,281 | $ | (813,328 | ) | $ | 222,107 | |||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | 0.00 | $ | (0.01 | ) | $ | 0.00 | |||
Cash used in operating activities | $ | 317,088 | $ | 92,936 | $ | 711,308 | $ | 174,241 | |||||
Weighted average shares outstanding | 144,554,371 | 144,395,674 | 144,554,371 | 144,368,289 | |||||||||
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Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Horzum AS operational data (100% basis): | |||||||||||||
Zinc product mined (wet) tonnes | 3,050 | 3,216 | 9,697 | 14,296 | |||||||||
Zinc product sold (wet) tonnes | 2,731 | 1,502 | 8,376 | 11,558 | |||||||||
Zinc product sold grade | 30 | % | 44 | % | 30 | % | 37 | % | |||||
Gross margin (1) | 23 | % | 73 | % | 16 | % | 64 | % | |||||
CAD cost per tonne mined (1) | $ | 322 | $ | 398 | $ | 310 | $ | 306 | |||||
USD cash cost per pound of zinc mined (1) | $ | 0.38 | $ | 0.38 | $ | 0.36 | $ | 0.30 | |||||
(1) Refer to Note 1 | |||||||||||||
Financial and Operational
Summary of Pasinex Situation in Turkey
Note 1
Please note that all dollar amounts in this news release are expressed in Canadian dollars unless otherwise indicated. Refer also to the first quarter 2020 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 adjusted equity gain from Horzum AS, adjusted consolidated net income, 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.
About Pasinex
Pasinex Resources Limited is a Toronto-based mining company that owns 50% of the producing Pinargozu high-grade zinc mine and, under a Direct Shipping Program, sells to zinc smelters/refiners from its mine site in Turkey. The Company also holds an option to acquire 80% of the Spur 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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