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
Financial:
	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,