Pasinex Announces Audited Financial Results for the Fifteen-Month Period Ended March 31, 2026
Rhea-AI Summary
Pasinex Resources (OTC: PSXRF) reported audited results for the fifteen-month period ended March 31, 2026, reflecting a transitional year marked by major acquisitions and balance sheet changes. Revenue was C$1,000,809, all from Horzum after it became a wholly owned subsidiary, while the consolidated net loss widened to C$5,756,253 (C$0.032 per share).
According to Pasinex, 2025 was transformational as it acquired the remaining 50% of Horzum, gaining full control of the producing Pinargozu zinc mine, and bought Aydin Teknik, holder of the Sarikaya lead-zinc licence, for US$2.6 million. Total assets rose to C$8.8 million and shareholders’ equity moved from a C$1.3 million deficiency to positive C$3.6 million, helped by reducing shareholder loans to C$1.9 million and settling about C$5.5 million of debt via issuing roughly 62.2 million shares.
Subsequent to period end, Pasinex closed an oversubscribed private placement for C$2,014,880 and received C$275,000 from the exercise of 6,875,000 stock options.
Positive
- Cash balance increased to C$1.8 million from C$0.2 million
- Shareholders’ equity improved from (C$1.3 million) to C$3.6 million
- Shareholder loans reduced from C$4.2 million to C$1.9 million
- Acquired remaining 50% of Horzum, gaining 100% of Pinargozu mine
- Acquired Aydin Teknik with Sarikaya licence for US$2.6 million
- Settled about C$5.5 million debt via 62.2 million share issuance
- Completed oversubscribed private placement raising C$2,014,880
- Option exercises provided additional C$275,000 in proceeds
Negative
- Consolidated net loss expanded to C$5.76 million
- Mine operating loss of approximately C$0.8 million
- Net cash used in operations increased to C$3.56 million
- Acquisition-related expenses totaled about C$3.0 million
- Remaining Aydin Teknik payments of US$1.25 million through June 2027
- Substantial equity dilution from 62.2 million debt-settlement shares and 6.9 million options
News Explained
The main ongoing structural item is US$1.25 million of scheduled acquisition consideration payable through June 30, 2027.
Pasinex confirms the acquisitions are complete, leaving it with 100% control of Horzum and the Pinargozu mine; the Aydin Teknik purchase still carries
The changed year-end means the audited
As of the MD&A date, Pasinex reported
AI-generated analysis. How Rhea-AI works. Not financial advice.
Completes Strategic Acquisitions, Reduces Shareholder Loans and Strengthens Financial Position
All figures are in Canadian dollars unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - July 30, 2026) - Pasinex Resources Limited (CSE: PSE) (FSE: PNX) ("Pasinex" or the "Company"), a growing zinc focused mining company, today announced its audited financial results for the fifteen-month transitional period ended March 31, 2026.
During the period, Pasinex completed the acquisition of the remaining
The Company's audited consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the fifteen months ended March 31, 2026, and related certifications are available under the Company's profile on SEDAR+ and on the Company's website www.pasinex.com
Financial Year End Change
As previously announced, Pasinex changed its financial year-end from December 31 to March 31 to better align its reporting cycle with industry peers and reduce pressure on calendar year-end reporting timelines.
Accordingly, the current audited financial statements cover the fifteen-month transitional period from January 1, 2025, to March 31, 2026. The comparative financial information covers the twelve-month year ended December 31, 2024, and is therefore not directly comparable. The Company's next financial year will cover the twelve-month period from April 1, 2026, to March 31, 2027.
Financial Highlights
| Fifteen Months Ended March 31, 2026 | Year Ended December 31, 2024 | |
| Revenue | C | C$ - |
| Share of total comprehensive (loss) income from joint venture | C | C |
| Consolidated net loss | C | C |
| Basic and diluted net loss per share | C | C |
| Net cash used in operating activities | C | C |
| Weighted average shares outstanding | 180,032,701 | 144,554,370 |
| As at | March 31, 2026 | December 31, 2024 |
| Cash | C | C |
| Total assets | C | C |
| Total liabilities | C | C |
| Total shareholders' equity (deficiency) | C | C |
| Shareholder loans | C | C |
2025: A Transformational Year
During 2025, Pasinex:
- Achieved
100% ownership of Horzum, an exploration and mining company, and the operator of the producing Pinargozu high-grade zinc mine in Türkiye - Completed the acquisition of Aydin Teknik, an exploration and mining company, and owner of Sarıkaya Group IV lead zinc license, adding a second high grade zinc asset in Türkiye
- Simplified its corporate structure and strengthened operational control
These milestones mark a decisive shift from joint venture structure to full ownership and control of the Company's core producing asset.
Financial Results
For the fifteen months ended March 31, 2026, Pasinex recorded revenue of approximately C
Cost of sales was approximately C
The Company recorded a consolidated net loss of approximately C
The current-period net loss was primarily affected by:
- Acquisition-related costs of approximately C
$3.0 million incurred in connection with obtaining100% ownership of Horzum, which were expensed as incurred; - The Company's C
$0.9 million share of total comprehensive loss from Horzum while it continued to be accounted for as a joint venture before the acquisition date; - Higher management, professional and investor relations costs associated with increased corporate and operational activity; and
- Share-based compensation expense recorded following the grant of stock options during the period.
These items were partially offset by approximately C
Full Ownership and Consolidation of Horzum
On December 29, 2025, Pasinex acquired the remaining
Before the acquisition date, Pasinex accounted for its
As a result, the fifteen-month financial results include Pasinex's share of Horzum's results while it was a joint venture and three months of fully consolidated Horzum results following the acquisition.
From the acquisition date to March 31, 2026, Horzum contributed revenue of C
Acquisition of Aydın Teknik and Sarikaya
On December 31, 2025, Pasinex completed the acquisition of
Under the acquisition agreement, Pasinex agreed to pay total consideration of US
The acquisition resulted in the recognition of approximately C
Strengthened Financial Position
The Company's financial position strengthened during the fifteen-month period:
- Cash increased to approximately C
$1.8 million from approximately C$0.2 million ; - Total assets increased to approximately C
$8.8 million from approximately C$3.6 million ; - The Company moved from a shareholders' deficiency of approximately C
$1.3 million to shareholders' equity of approximately C$3.6 million ; and - Shareholder loans decreased to approximately C
$1.9 million from approximately C$4.2 million .
During the period, the Company issued approximately 62.2 million common shares to settle approximately C
Subsequent Events
Subsequent to March 31, 2026, the Company completed the second and final tranche of its previously announced over-subscribed non-brokered private placement, bringing aggregate gross proceeds from the offering to C
The Company also announced that a total of 6,875,000 stock options were exercised at an exercise price of C
As of the date of the MD&A, the Company had 265,611,697 common shares and 9,400,000 stock options issued and outstanding.
Management Commentary
Dr. Larry Seeley, Executive Chairman of Pasinex, commented:
"The fifteen-month period was one of significant structural and financial transition for Pasinex. We secured full ownership and control of Pinargozu, completed the acquisition of Sarikaya, reduced shareholder debt through equity conversions and materially strengthened the Company's financial position.
The reported loss includes approximately C
With these strategic transactions completed and our ownership structure simplified, our focus is now on disciplined execution, cost control and translating our expanded asset base into improved operating and financial performance."
For more detailed information, the financial statements, management's discussion and analysis (MD&A), and related certifications are available on SEDAR+ and www.pasinex.com
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 for all information in this news release, excluding information relating to the Gunman Project. Mr. Challis reviewed this news release and has approved the scientific and technical information provided herein. Mr. Challis is a Director of the Company and Chair of Pasinex Arama.
Cautionary Note
The Company has not completed a current technical report that includes a mineral resource estimate as defined by the Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101). The Company has no intention of completing a NI 43-101 compliant technical report. Pasinex has not followed accepted quality assurance and quality control procedures with respect to its current drilling program and has not used an independent third-party laboratory for its assay analysis. Pasinex uses Niton XLT3 model handheld X-ray fluorescence analyzers ("XRF") for zinc grade control and internal decision-making. Calibrations of the XRF analyzers are carried out annually at the registered Niton locations. Independent laboratory assays are conducted for all sales.
About Pasinex
Pasinex Resources Limited is a growing, zinc-focused mining company based in Toronto, Canada. Its wholly owned subsidiary, Horzum A.Ş owns and operates the producing Pinargözü high-grade zinc mine in Türkiye, selling directly to zinc smelters and refiners via commodity brokers.
Pasinex owns
Pasinex also holds a
Led by a seasoned management team with extensive experience in mineral exploration and mine development, Pasinex's mission is to explore and extract high-grade material, driving growth and creating value for shareholders, employees, and local communities, while maintaining the highest standards of safety, health, and environmental responsibility.
Visit our website at www.pasinex.com.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
"Ian D. Atacan"
| 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 |
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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