{"success":true,"data":{"pressRelease":{"id":"131048","rtpr_id":"nNFC9y4rn4","ticker":"PSE","exchange":"","all_tickers":["PSE"],"title":"Pasinex Announces First Quarter 2026 Financial Results","author":"Newsfile Corp","published_at":"2026-08-31T11:45:18.611Z","article_body":"Advances Development and Exploration Across Wholly Owned Turkish Operations\n\nAll figures are in Canadian dollars unless otherwise indicated.\n\nToronto, Ontario--(Newsfile Corp. - August 31, 2026) - Pasinex Resources\nLimited (CSE: PSE) (FSE: PNX) (\"Pasinex\" or the \"Company\"), a growing\nzinc-focused mining company, today announced its unaudited financial results\nfor the three months ended June 30, 2026.\n\nThe quarter represents the Company's first full reporting period following the\nacquisition of 100% of Horzum A.Ş. (\"Horzum\"), owner and operator of the\nPinargozu high-grade zinc mine, and Aydın Teknik A.Ş. (\"Aydın Teknik\"),\nholder of the Sarikaya Group IV lead-zinc operating licence in Türkiye.\n\nThe Company's condensed interim consolidated financial statements and\nManagement's Discussion and Analysis (\"MD&A\") for the three months ended June\n30, 2026, and related certifications are available under the Company's profile\non SEDAR+ and at www.pasinex.com.\n\nFinancial Highlights\n\n                                                 Three Months Ended  June 30, 2026                    Three Months Ended  June 30, 2025     \n Revenue                                         C$223,650                                            C$-                                   \n Mine operating income                           C$13,553                                             C$-                                   \n Consolidated net loss                           C$(745,023                         )                 C$(282,935                         )  \n Basic and diluted net loss per share            C$(0.003                           )                 C$(0.002                           )  \n Net cash used in operating activities           C$(1,534,257                       )                 C$(322,112                         )  \n Zinc product mined - wet tonnes*                587                                                  280                                   \n *Horzum operational data on a 100% basis.                                                                                                  \n\n \n\n As at                   June 30, 2026      March 31, 2026    \n Cash                    C$820,715          C$1,807,179       \n Total assets            C$8,426,416        C$8,774,827       \n Total liabilities       C$4,948,841        C$5,127,116       \n Shareholders' equity    C$3,477,575        C$3,647,711       \n Shareholder loans       C$1,779,055        C$1,856,683       \n\n \n\nFirst Quarter Results\n\nFor the three months ended June 30, 2026, Pasinex recorded revenue of\napproximately C$0.2 million, primarily from sales of low-grade zinc material\nand finalization of the invoice relating to the previous shipment from Horzum.\nCost of sales was approximately C$0.2 million, resulting in mine operating\nincome of approximately C$14,000.\n\nThe Company recorded a consolidated net loss of approximately C$0.7 million,\ncompared with approximately C$0.3 million in the corresponding period in 2025.\nThe increase primarily reflected higher general and administrative costs\nfollowing the acquisition and full consolidation of Horzum and Aydın Teknik.\n\nDuring the quarter, Horzum mined 587 wet tonnes of zinc product, compared with\n280 tonnes in the corresponding period in 2025.\n\nDuring the quarter, the Company also completed the second and final tranche of\nits previously announced private placement, bringing aggregate gross proceeds\nfrom the offering to C$2,014,880. In addition, 6,875,000 stock options were\nexercised at C$0.04 per option for aggregate proceeds of C$275,000.\n\nRecent Operational Progress\n\nSubsequent to quarter-end, development and exploration activities continued at\nboth Turkish operations. As of August 28, 2026, underground diamond drilling\nat Sarikaya had totalled 976.4 metres, with 12 drill holes completed, logged\nand progressively sampled. At Pinargozu, the +410 development project had\nadvanced to 85 metres, while the T1 exploration drift had advanced to 72\nmetres.\n\nThe Company continues to advance mine development and exploration programs\ndesigned to establish additional working areas at Pinargozu and evaluate the\ngeological potential of Sarikaya.\n\nManagement Commentary\n\nDr. Larry Seeley, Executive Chairman of Pasinex, commented:\n\n\"The first quarter represents the beginning of a new operating phase for\nPasinex following the completion of our acquisitions and the consolidation of\nour Turkish operations. We now directly manage production, mine development,\nexploration and commercial activities at Pinargozu while advancing Sarikaya as\nour second high-grade zinc asset in Türkiye.\n\nSince quarter-end, we have continued to make good progress on underground\ndevelopment at Pinargozu and have significantly advanced our first drilling\nprogram at Sarikaya. Our focus remains on developing additional working areas,\nincreasing production over time and systematically exploring the potential of\nboth properties.\"\n\nQualified Person\n\nJonathan Challis, a Fellow of the Institute of Materials, Minerals and Mining\nand a Chartered Engineer, is the Qualified Person (\"QP\") as defined by\nNational Instrument 43-101 (\"NI 43-101\") for all scientific and technical\ninformation contained in this news release, excluding information relating to\nthe Gunman Project. Mr. Challis has reviewed and approved the scientific and\ntechnical information contained herein. Mr. Challis is a Director of the\nCompany and Chair of Pasinex Arama.\n\nCautionary Note Regarding Production\n\nThe Company's production decision at the Pinargozu mine is not based on a\nfeasibility study of mineral reserves demonstrating economic and technical\nviability. Pinargozu was placed into production without first establishing\nmineral reserves supported by a NI 43-101 technical report and completing a\nfeasibility study.\n\nThe development and operation of a mine without established mineral reserves\nand a feasibility study involves a higher degree of economic and technical\nrisk and uncertainty. Historically, mining operations placed into production\nwithout first establishing mineral reserves supported by a technical report\nand completing a feasibility study have a much higher risk of economic or\ntechnical failure.\n\nAccordingly, there is increased uncertainty regarding the economic and\ntechnical viability of the Pinargozu operation. Actual results, including ore\ngrades, production levels, operating costs, mine life, profitability,\ngeological continuity and mining conditions, may differ materially from the\nCompany's estimates and expectations.\n\nAbout Pasinex\n\nPasinex Resources Limited is a growing, zinc-focused mining company based in\nToronto, Canada. Its wholly owned subsidiary, Horzum A.Ş., owns and operates\nthe producing Pinargozu high-grade zinc mine in Türkiye.\n\nPasinex also owns 100% of Aydın Teknik A.Ş., holder of the Sarikaya Group IV\nlead-zinc operating licence in Kayseri Province, Türkiye, and holds a 51%\ninterest in the Gunman Project, a high-grade zinc exploration project located\nin Nevada.\n\nLed by an experienced management team with extensive experience in mineral\nexploration and mine development, Pasinex is focused on acquiring, developing\nand operating high-grade zinc assets while maintaining high standards of\nsafety, health and environmental responsibility.\n\nVisit our website at www.pasinex.com.\n\nOn Behalf of the Board of Directors\n\nPASINEX RESOURCES LIMITED\n\n\"Ian D. Atacan\"\n\n Ian D. Atacan Director and CFO Phone: +1 416.562.3220 Email: ian.atacan@pasinex.com  Evan White Manager of Corporate Communications Phone: +1 416.906.3498 Email: evan.white@pasinex.com  \n\n \n\nThe CSE does not accept responsibility for the adequacy or accuracy of this\nnews release.\n\nThis news release includes forward-looking statements that are subject to\nrisks and uncertainties. Forward-looking statements include statements\nregarding production, mine development, exploration, drilling, future\noperating performance, financing requirements and development of the Company's\nmineral properties. Actual results may differ materially as a result of\ncommodity prices, geological and mining conditions, operating costs,\navailability of financing, exploration results, regulatory approvals and other\nrisks described in the Company's public disclosure. Readers should not place\nundue reliance on forward-looking statements. The Company does not undertake\nany obligation to update forward-looking statements except as required by\napplicable securities laws.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/312057","article_body_html":"","raw_payload":{"data":{"id":"nNFC9y4rn4","title":"Pasinex Announces First Quarter 2026 Financial Results","author":"Newsfile Corp","ticker":"PSE","created":"2026-08-31T11:45:18.611Z","tickers":["PSE"],"exchange":"","article_body":"Advances Development and Exploration Across Wholly Owned Turkish Operations\n\nAll figures are in Canadian dollars unless otherwise indicated.\n\nToronto, Ontario--(Newsfile Corp. - August 31, 2026) - Pasinex Resources\nLimited (CSE: PSE) (FSE: PNX) (\"Pasinex\" or the \"Company\"), a growing\nzinc-focused mining company, today announced its unaudited financial results\nfor the three months ended June 30, 2026.\n\nThe quarter represents the Company's first full reporting period following the\nacquisition of 100% of Horzum A.Ş. (\"Horzum\"), owner and operator of the\nPinargozu high-grade zinc mine, and Aydın Teknik A.Ş. (\"Aydın Teknik\"),\nholder of the Sarikaya Group IV lead-zinc operating licence in Türkiye.\n\nThe Company's condensed interim consolidated financial statements and\nManagement's Discussion and Analysis (\"MD&A\") for the three months ended June\n30, 2026, and related certifications are available under the Company's profile\non SEDAR+ and at www.pasinex.com.\n\nFinancial Highlights\n\n                                                 Three Months Ended  June 30, 2026                    Three Months Ended  June 30, 2025     \n Revenue                                         C$223,650                                            C$-                                   \n Mine operating income                           C$13,553                                             C$-                                   \n Consolidated net loss                           C$(745,023                         )                 C$(282,935                         )  \n Basic and diluted net loss per share            C$(0.003                           )                 C$(0.002                           )  \n Net cash used in operating activities           C$(1,534,257                       )                 C$(322,112                         )  \n Zinc product mined - wet tonnes*                587                                                  280                                   \n *Horzum operational data on a 100% basis.                                                                                                  \n\n \n\n As at                   June 30, 2026      March 31, 2026    \n Cash                    C$820,715          C$1,807,179       \n Total assets            C$8,426,416        C$8,774,827       \n Total liabilities       C$4,948,841        C$5,127,116       \n Shareholders' equity    C$3,477,575        C$3,647,711       \n Shareholder loans       C$1,779,055        C$1,856,683       \n\n \n\nFirst Quarter Results\n\nFor the three months ended June 30, 2026, Pasinex recorded revenue of\napproximately C$0.2 million, primarily from sales of low-grade zinc material\nand finalization of the invoice relating to the previous shipment from Horzum.\nCost of sales was approximately C$0.2 million, resulting in mine operating\nincome of approximately C$14,000.\n\nThe Company recorded a consolidated net loss of approximately C$0.7 million,\ncompared with approximately C$0.3 million in the corresponding period in 2025.\nThe increase primarily reflected higher general and administrative costs\nfollowing the acquisition and full consolidation of Horzum and Aydın Teknik.\n\nDuring the quarter, Horzum mined 587 wet tonnes of zinc product, compared with\n280 tonnes in the corresponding period in 2025.\n\nDuring the quarter, the Company also completed the second and final tranche of\nits previously announced private placement, bringing aggregate gross proceeds\nfrom the offering to C$2,014,880. In addition, 6,875,000 stock options were\nexercised at C$0.04 per option for aggregate proceeds of C$275,000.\n\nRecent Operational Progress\n\nSubsequent to quarter-end, development and exploration activities continued at\nboth Turkish operations. As of August 28, 2026, underground diamond drilling\nat Sarikaya had totalled 976.4 metres, with 12 drill holes completed, logged\nand progressively sampled. At Pinargozu, the +410 development project had\nadvanced to 85 metres, while the T1 exploration drift had advanced to 72\nmetres.\n\nThe Company continues to advance mine development and exploration programs\ndesigned to establish additional working areas at Pinargozu and evaluate the\ngeological potential of Sarikaya.\n\nManagement Commentary\n\nDr. Larry Seeley, Executive Chairman of Pasinex, commented:\n\n\"The first quarter represents the beginning of a new operating phase for\nPasinex following the completion of our acquisitions and the consolidation of\nour Turkish operations. We now directly manage production, mine development,\nexploration and commercial activities at Pinargozu while advancing Sarikaya as\nour second high-grade zinc asset in Türkiye.\n\nSince quarter-end, we have continued to make good progress on underground\ndevelopment at Pinargozu and have significantly advanced our first drilling\nprogram at Sarikaya. Our focus remains on developing additional working areas,\nincreasing production over time and systematically exploring the potential of\nboth properties.\"\n\nQualified Person\n\nJonathan Challis, a Fellow of the Institute of Materials, Minerals and Mining\nand a Chartered Engineer, is the Qualified Person (\"QP\") as defined by\nNational Instrument 43-101 (\"NI 43-101\") for all scientific and technical\ninformation contained in this news release, excluding information relating to\nthe Gunman Project. Mr. Challis has reviewed and approved the scientific and\ntechnical information contained herein. Mr. Challis is a Director of the\nCompany and Chair of Pasinex Arama.\n\nCautionary Note Regarding Production\n\nThe Company's production decision at the Pinargozu mine is not based on a\nfeasibility study of mineral reserves demonstrating economic and technical\nviability. Pinargozu was placed into production without first establishing\nmineral reserves supported by a NI 43-101 technical report and completing a\nfeasibility study.\n\nThe development and operation of a mine without established mineral reserves\nand a feasibility study involves a higher degree of economic and technical\nrisk and uncertainty. Historically, mining operations placed into production\nwithout first establishing mineral reserves supported by a technical report\nand completing a feasibility study have a much higher risk of economic or\ntechnical failure.\n\nAccordingly, there is increased uncertainty regarding the economic and\ntechnical viability of the Pinargozu operation. Actual results, including ore\ngrades, production levels, operating costs, mine life, profitability,\ngeological continuity and mining conditions, may differ materially from the\nCompany's estimates and expectations.\n\nAbout Pasinex\n\nPasinex Resources Limited is a growing, zinc-focused mining company based in\nToronto, Canada. Its wholly owned subsidiary, Horzum A.Ş., owns and operates\nthe producing Pinargozu high-grade zinc mine in Türkiye.\n\nPasinex also owns 100% of Aydın Teknik A.Ş., holder of the Sarikaya Group IV\nlead-zinc operating licence in Kayseri Province, Türkiye, and holds a 51%\ninterest in the Gunman Project, a high-grade zinc exploration project located\nin Nevada.\n\nLed by an experienced management team with extensive experience in mineral\nexploration and mine development, Pasinex is focused on acquiring, developing\nand operating high-grade zinc assets while maintaining high standards of\nsafety, health and environmental responsibility.\n\nVisit our website at www.pasinex.com.\n\nOn Behalf of the Board of Directors\n\nPASINEX RESOURCES LIMITED\n\n\"Ian D. Atacan\"\n\n Ian D. Atacan Director and CFO Phone: +1 416.562.3220 Email: ian.atacan@pasinex.com  Evan White Manager of Corporate Communications Phone: +1 416.906.3498 Email: evan.white@pasinex.com  \n\n \n\nThe CSE does not accept responsibility for the adequacy or accuracy of this\nnews release.\n\nThis news release includes forward-looking statements that are subject to\nrisks and uncertainties. Forward-looking statements include statements\nregarding production, mine development, exploration, drilling, future\noperating performance, financing requirements and development of the Company's\nmineral properties. Actual results may differ materially as a result of\ncommodity prices, geological and mining conditions, operating costs,\navailability of financing, exploration results, regulatory approvals and other\nrisks described in the Company's public disclosure. Readers should not place\nundue reliance on forward-looking statements. The Company does not undertake\nany obligation to update forward-looking statements except as required by\napplicable securities laws.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/312057"},"type":"article","timestamp":"2026-08-31T11:45:18.659425932Z","server_sent_at_ms":1788176718659},"received_at":"2026-08-31T11:45:18.718Z","source_url":"https://www.newsfilecorp.com/release/312057"},"analysis":{"id":"119956","press_release_id":"131048","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Production decision at Pinargozu mine is not based on a feasibility study of mineral reserves demonstrating economic and technical viability","Cash position declined to C$820,715 from C$1.8M in three months","Net cash used in operating activities increased to C$(1.53M) from C$(322K) year-over-year"],"eventType":"earnings","narrative":"Pasinex reported Q1 revenue of C$223,650, its first full quarter following the 100% acquisition of Turkish zinc operators Horzum A.Ş. and Aydın Teknik A.Ş.\n\nThe company mined 587 wet tonnes of zinc product but posted a consolidated net loss of C$745,023, widened from C$282,935 in the prior year due to increased administrative costs.\n\nCash position decreased to C$820,715 from C$1.8M at the end of March, partially offset by the closing of a private placement tranche bringing total gross proceeds to C$2.01 million.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Production ramp without feasibility study underscores high-risk profile for micro-cap miner."},"keyFigures":{"revenue":223650,"customDimensions":{"net_loss":745023,"cash_position":820715,"mine_operating_income":13553,"option_exercise_proceeds":275000,"private_placement_proceeds":2014880,"zinc_product_mined_wet_tonnes":587}},"quotedText":"The first quarter represents the beginning of a new operating phase for Pasinex following the completion of our acquisitions and the consolidation of our Turkish operations.","namedEntities":{"people":[{"name":"Dr. Larry Seeley","role":"Executive Chairman"},{"name":"Ian D. Atacan","role":"Director and CFO"},{"name":"Evan White","role":"Manager of Corporate Communications"},{"name":"Jonathan Challis","role":"Qualified Person and Director"}],"products":["Zinc"],"companies":[{"name":"Horzum A.Ş.","relationship":"subsidiary"},{"name":"Aydın Teknik A.Ş.","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"C$223,650","context":"Q1 2026 revenue"},{"amount":"C$13,553","context":"Mine operating income"},{"amount":"C$(745,023)","context":"Consolidated net loss"},{"amount":"C$(1,534,257)","context":"Net cash used in operating activities"},{"amount":"C$820,715","context":"Cash position as at June 30, 2026"},{"amount":"C$2,014,880","context":"Aggregate gross proceeds from private placement"},{"amount":"C$275,000","context":"Proceeds from exercised stock options"},{"amount":"C$0.04","context":"Stock option exercise price"}]},"materialImpact":{"score":2,"reasoning":"Routine quarterly earnings for a micro-cap; however, results show a widening net loss and significant cash burn. The disclosure that the producing mine lacks a feasibility study represents a substantial technical and economic risk."},"tickerRelevance":{"others":[{"ticker":"PNX","relevance":"listed exchange"}],"primary":"PSE"},"globalImportance":15,"audienceRelevance":10,"eventTypeSecondary":["operations_update","offering"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"routine_earnings_with_risk_disclosure","sectorWeight":"niche"}},"event_type":"earnings","event_type_secondary":["operations_update","offering"],"sentiment":"bearish","material_impact_score":2,"narrative":"Pasinex reported Q1 revenue of C$223,650, its first full quarter following the 100% acquisition of Turkish zinc operators Horzum A.Ş. and Aydın Teknik A.Ş.\n\nThe company mined 587 wet tonnes of zinc product but posted a consolidated net loss of C$745,023, widened from C$282,935 in the prior year due to increased administrative costs.\n\nCash position decreased to C$820,715 from C$1.8M at the end of March, partially offset by the closing of a private placement tranche bringing total gross proceeds to C$2.01 million.","key_figures":{"revenue":223650,"customDimensions":{"net_loss":745023,"cash_position":820715,"mine_operating_income":13553,"option_exercise_proceeds":275000,"private_placement_proceeds":2014880,"zinc_product_mined_wet_tonnes":587}},"named_entities":{"people":[{"name":"Dr. Larry Seeley","role":"Executive Chairman"},{"name":"Ian D. Atacan","role":"Director and CFO"},{"name":"Evan White","role":"Manager of Corporate Communications"},{"name":"Jonathan Challis","role":"Qualified Person and Director"}],"products":["Zinc"],"companies":[{"name":"Horzum A.Ş.","relationship":"subsidiary"},{"name":"Aydın Teknik A.Ş.","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"C$223,650","context":"Q1 2026 revenue"},{"amount":"C$13,553","context":"Mine operating income"},{"amount":"C$(745,023)","context":"Consolidated net loss"},{"amount":"C$(1,534,257)","context":"Net cash used in operating activities"},{"amount":"C$820,715","context":"Cash position as at June 30, 2026"},{"amount":"C$2,014,880","context":"Aggregate gross proceeds from private placement"},{"amount":"C$275,000","context":"Proceeds from exercised stock options"},{"amount":"C$0.04","context":"Stock option exercise price"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-31T12:04:14.848Z","global_importance":15,"audience_relevance":10,"importance_components":{"tickerTier":"micro-cap","eventGravity":"routine_earnings_with_risk_disclosure","sectorWeight":"niche"}},"durationMs":302422,"modelName":"glm-4.7"}}