Pasinex Announces Anticipated Late Filing of Q1 2024 Interim Filings

TORONTO, May 24, 2024 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (the “Company” or “Pasinex”), announces today that the Company is anticipating a slight delay in filing its interim financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2024 (the “Interim Filings”), by the filing deadline on May 30, 2024 (the “Filing Deadline”), as required by National Instrument 51-102 Continuous Disclosure Obligations.

The reason for the anticipated delay is due to a regulatory required change in the component auditor located in Türkiye for its annual 2023 audit, which in turn has caused delay in producing and delivering its interim financial statements for the three months ended March 31, 2024. As previously disclosed by the Company in a news release on April 22, 2024, the new auditor has taken a longer time to complete the audit of the Company’s joint venture (Horzum Maden Arama ve Isletme Anonim Sirketi) caused partially by general delays in obtaining financial information on a timely basis from the Company’s joint venture. Pasinex will continue working closely with its auditors in Canada and Türkiye and is making every effort to file the Interim Filings in a timely fashion. The Company currently expects to file the Interim Filings by June 30, 2024, and will issue a news release announcing completion of such filing at that time.

Accordingly, the Company is applying to the B.C. Securities Commission, as its principal regulator and other applicable securities regulators, for a voluntary management cease trade order (the “MCTO”). If granted, the MCTO will stay in effect until the Interim Filings are filed. The issuance of the MCTO, if issued, will at a minimum prohibit the chief executive officer and chief financial officer of the Company to trade in the Company's securities for so long as the Interim Filings are not filed. The MCTO, if issued, does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company. In the event that the MCTO is granted, it will be in effect until the default is remedied.

Another MCTO is currently in effect with respect to the Company’s delay in filing its annual financial statements and accompanying management's discussion and analysis for the year ended December 31, 2023 (the “Annual Filings”).

The Company has continued to comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Order in connection with its Annual Filings and will continue to comply until the Interim Filings have been completed. The guidelines, among other things, require the Company to issue bi-weekly default status reports, by way of a news release, so long as the Annual Filings or Interim Filings have not been filed, and these will also be filed on SEDAR+.