Pasinex Announces First Quarter 2022 Financial Results - Seite 2

        2022     2021   Horzum AS operational data (100% basis):       Zinc product mined (wet) tonnes   4,540     2,580     Zinc product sold (wet) tonnes   2,964     2,372     Zinc oxide product average grade sold   37.3 %   31.0 %   Zinc sulphide product average grade sold   52.6 %   NA     Gross margin⁽¹⁾   72 %   18 %   CAD cost per tonne mined⁽¹⁾ $ 319   $ 429     USD cash cost per pound of zinc mined⁽¹⁾ $ 0.26   $ 0.53  

 ⁽¹⁾   Refer to Non-GAAP Measures

Highlights

• Pasinex recorded a net income of approximately $3.63 million in the three months ended March 31, 2022, compared with a net loss of approximately $0.21 million for the same period in 2021. Pasinex Arama recorded dividend income of approximately $4.1 million in the first quarter of 2022. There was no similar amount in 2021.
  
  
• The operating income in Horzum AS increased to $3.3 million for the first quarter of 2022 versus operating income of $0.2 million in 2021. This increase was due to higher revenue generated from higher sales prices. The increased sales prices were the result of higher worldwide zinc prices in the first quarter of 2022 along with selling a greater proportion of high-grade zinc sulphide product in 2022 compared with 2021. The higher sales prices also resulted in the gross margin (see non-GAAP measures) for the three months ended March 31, 2022, increasing to 72% from 18% in the same period in 2021.