Pasinex Resources Ltd. discloses financial data for the entire year 2024 and the initial quarter of 2025, as reported by IRW-News on July 2nd, 2025, at 5:27 pm.
Pasinex Resources Ltd., a Toronto-based zinc-focused mining company, has announced its financial results for the year ended December 31, 2024, and the first quarter of 2025. Despite facing a challenging environment, the company has continued to focus on exploration, development, and operational activities.
In 2024, Pasinex recorded a net loss of approximately $2.7 million, a significant increase from a net loss of approximately $0.3 million in 2023. This increase was primarily due to operational and financial factors detailed in their report. Operationally, the company produced a high-grade zinc product, maintaining focus on its core mining activities.
The costs per tonne mined increased significantly from CAD 601 in 2023 to CAD 985 in 2024. However, the company continues to manage production costs carefully amidst market challenges. The average zinc grade of sold products improved from 48.9% in 2023 to 51.5% in 2024, demonstrating the quality of the produced zinc.
Exploration activities at Pasinex's Pinargozu site were reduced due to ongoing legal disputes. Despite this, the company remains active in exploration to support future growth. In a promising development, recent exploration activities discovered a new ore zone approximately 300 meters southwest of the existing production tunnel.
Pasinex is in discussions with significant investors regarding a pure equity private placement. The company is also continuing to develop the Sarikaya concession under an agreement with Turkish company Aydin Teknik. Pasinex has secured an option to acquire a 100% interest in the Sarikaya concession.
In Turkey, operations continue to face significant inflationary pressures. The overall inflation rate reached approximately 291% over three years as of December 31, 2024. To address this, Pasinex has initiated legal proceedings to recover outstanding claims of approximately $37.7 million against Akmetal.
Pasinex Arama, a subsidiary of Pasinex, has signed an option and purchase agreement with Aydin Teknik to acquire 100% of the Sarikaya concession. Aydin Sen was appointed as General Manager of Pasinex Arama, and Ozlem Altunal was appointed as Financial Manager.
In addition, Ian D. Atacan was appointed as Director, Chief Financial Officer, and Corporate Secretary of Pasinex. The British Columbia Securities Commission lifted the Failure to File Cease Trade Order issued on May 8, 2025, allowing resumed trading on the Canadian Securities Exchange after the Company filed the required 2024 audited financial documents.
In the first quarter of 2025, no zinc sales were made as the ore was stockpiled. Horzum AS, a subsidiary of Pasinex, produced 653 metric tons of zinc products in Q1 2025, a significant decrease from the 1,503 metric tons in the same quarter of 2024. Horzum AS produced 3,601 tonnes of high-grade zinc product in 2024, compared to 8,061 tonnes in 2023.
Jonathan Challis is the qualified person for all information in this press release, except for information on the Gunman project. Pasinex continues to focus on the acquisition and development of high-grade zinc deposits, positioning itself for future growth and success.
During the first quarter of 2025, while Pasinex focused on the acquisition and development of high-grade zinc deposits, other sports activities might have provided relief and diversified entertainment for employees during their downtime at the company's mining sites. In the pursuit of future growth, Pasinex could consider sponsoring local sports teams or implementing corporate wellness programs that include sports activities, fostering camaraderie and employee health among the workforce.
