TORONTO, May 29, 2023 (Globe Newswire) — Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (“Company” or “Pasinex”) is pleased to provide you with company updates.

Notes

The Company maintains Mineral Resource estimates as defined by Mineral Resources and Reserves, the definitions and guidelines prepared by the CIM Standing Committee on Reserves Definitions and adopted by the CIM Council, and the procedure for classifying reported Mineral Resources. have not completed the current technical report, including These were conducted within the context of Canadian Securities Administrators State Deed 43-101 (NI 43-101). We do not intend to complete technical reports in compliance with NI 43-101. The joint venture does not follow accepted quality assurance and quality control procedures for its current drilling program and does not use independent third party laboratories for analytical analysis. The joint venture uses a field handheld X-ray fluorescence spectrometer (“XRF”) for zinc analysis and grade control in exploration and mining. Additionally, all sales of the joint venture will be assayed by an independent third-party laboratory.

Highlights – First Quarter Ended March 31, 2023

^{(1) See non-GAAP measures}

• For the three months ending March 31, 2023, Pasinex posted a net loss of approximately $200,000. In comparison, net income for the same period in 2022 was about $3.6 million. The main reasons for the decrease in net income in 2023 compared to 2022 are also higher general and administrative expenses, higher exploration costs and the recording of losses in the net financial position, all of which contribute to the decrease in 2023. bottom.
• Horzum AS operating profit declined from $3.3 million in 2022 to $2.1 million in 2023. This decrease is due to lower earnings due to lower selling prices for his 2023 compared to 2022. Non-GAAP measures) was 58% for the three months ended March 31, 2023, compared with 72% for the same period in 2022.
• Horzum AS has mined 2,811 tonnes of zinc products at the Pinalgoz mine in the first three months of 2023. In comparison, zinc production for the same period in 2022 was 4,540 tonnes. Mine production was adversely affected by the suspension of activity at the Pinalgoz mine. To ensure the safety and health of the employees of the joint venture after the tragic earthquake in Turkiye in the first quarter of 2023.
• Sales volumes for the three months to March 31, 2023 were 2,997 tons of premium zinc sulfide products, compared to 2,530 tons of premium zinc sulfide products and 434 tons of oxide products for the same period in 2022.
• For the three months to March 31, 2023, the selling price per tonne of zinc sulfide products (in US dollars) was approximately 32% lower than the price for the same period in 2022. Average US dollar selling prices for the three months to March 31, 2023 were US$892/tonne for zinc sulfide products compared to US$1,318/tonne for zinc sulfide products for the same period in 2022. bottom.
• The average grade of premium zinc sulfide products sold in the three months to 31 March 2023 was 49.6% zinc per tonne, slightly lower than 52.6% zinc per tonne for the same period in 2022.
• CAD cost per mined ton (See non-GAAP measures) increased to $491 per tonne mined in the first three months of 2023, compared to $319 per tonne mined for the same period in 2022. USD cash cost per pound of mined zinc product (See non-GAAP measures) rose from US$0.26 per pound in the same period in 2022 to US$0.34 per pound in the first quarter of 2023.
• Since March 31, Pasinex Arama has transferred 3 million Turkish lira (approximately $200,000 at the exchange rate on the date of transfer) to Pasinex Canada.
• Also, at its Annual General Meeting after the quarter ended March 31, 2023, Horzum AS declared dividends and prepaid dividends totaling approximately TRY 70 million (approximately USD 4.8 million using the exchange rate on the date of the dividend and the advance payment). Approved the distribution of gold. distribution of dividends has been declared). Of this amount, Pasinex Arama is entitled to 49 million Turkish Lira (approximately $3.3 million using the exchange rate on the day the dividend and prepaid dividend were declared). After deducting the amount already received by Pasinex Arama, approximately 26.6 million Turkish lira (approximately $1.8 million using the exchange rate on the date the dividend and prepaid dividend were declared) has not yet been recovered.

Non-GAAP measures

Please note that all dollar amounts in this news release are expressed in Canadian dollars unless otherwise stated. For more information, see also his 2022 Management Discussion and Analysis (MD&A) and Audited Financial Statements on SEDAR.com. This news release includes non-GAAP measures such as gross margin, cost per tonne mined and USD cash cost per pound of zinc product mined. A reconciliation of these non-GAAP measures to the GAAP financial statements is included in MD&A.

qualified person

Jonathan Challis, Fellow and Chartered Engineer of the Institute of Materials Minerals and Mining, is a Qualified Person (“QP”) as defined in NI 43-101 for all information in this news release except information relating to gunmen . plan. He has examined the original paid sales invoice issued by the joint venture for the shipment of zinc sulfide products specified in this news release and approved the scientific and technical disclosures herein. Mr. Challis is a director of the company and chairman of the joint venture.

About Pasinex

Pasinex Resources Limited is a Toronto-based mining company, through its wholly owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”), Horzum Maden Arama ve Isletme Anonim Sirketi (“Horzum AS” or “Joint Venture Company”). ”) owns 50%. Horzum AS owns 100% of the Pinargoz high-grade zinc mine in production. Horzum AS sells directly from its Turquie mine site to zinc smelters or refiners through commodity brokers. Pasinex also owns a 51% interest in the Gunman Project, a high-grade zinc exploration project in Nevada, with an option to increase the stake to 80%.Pasinex has a long history of mineral exploration and mining project development. We have a strong technical management team with experience.The mission of Pasinex Resources Limited is to promote the growth and wealth of all stakeholders including shareholders, employees and business communities while meeting all safety, health and environmental requirements. to explore and extract high-grade ore.

Please visit our website. www.pasinex.com.

On behalf of the Board of Directors

Pasinex Resources Limited

CSE does not take responsibility for the adequacy or accuracy of this news release. This news release contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and causes that our actual results may differ materially from past results or future results expressed or implied by such forward-looking statements. Other possible factors are included. All statements other than statements of historical fact are considered forward-looking. Although Pasinex believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or Developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include market prices, continued availability of capital and funding, exploration results, general economic conditions, market conditions and business including the situation. There is no guarantee that such statements are accurate. Readers are therefore advised to rely on their own assessment of such uncertainties. We undertake no obligation to update any forward-looking statements.