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Pasinex Announces First Quarter 2022 Financial Results

TORONTO, May 24, 2022 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The "Company" or "Pasinex") today 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,
   2022  2021 
 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,
   2022  2021 
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 
 Gross margin(1) 72% 18%
 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


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 (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 mined. A reconciliation of these non-GAAP measures to the GAAP financial statements is included in the MD&A.

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 and has approved the scientific and technical disclosure herein. Mr. Challis is a director of the Company and Chair of Horzum AS.

About Pasinex

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. Visit our website at www.pasinex.com.

On Behalf of the Board of Directors        

"Andrew Gottwald" 
Andrew Gottwald Evan White
Chief Financial OfficerManager of Corporate Communications    
Phone: +1 416.861.9659 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.


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News published on 24 may 2022 at 17:05 and distributed by: