Pasinex Consolidates 100% Ownership of Horzum A.Ş. - Seite 2

Strategic rationale and next steps

Consolidating 100% ownership of Horzum A.Ş. is expected to streamline decision-making, support further exploration and production at Pinargözü, and facilitate underground access to Akkaya from existing workings. Following execution, the share transfer will be submitted to MAPEG for approval; corporate registration steps will then be completed to finalize the transfer.

Management commentary

Dr. Larry Seeley, Executive Chairman of Pasinex, stated, “This Agreement is a decisive step toward full ownership of Horzum A.Ş., aligning payments to performance and clearing a path for continued exploration and production at Pinargözü. Importantly, it also facilitates underground access to Akkaya, enhancing our ability to advance that property. Together with our recent debt conversion and progress at Sarıkaya, this settlement removes legacy uncertainty in Türkiye and positions Pasinex for sustainable growth and long-term value creation for our shareholders.”

Jonathan Challis, Chairman of Horzum A.Ş., stated “With the signing of this Agreement, we are looking forward to resuming exploration and development at Pinargözü, where past operations have proven the potential to produce low-cost, high-grade direct shipping ore. When exploration activities were suspended in 2024, underground drilling had just intercepted a new area of similar mineralization, some 60 meters below the lowest working level. The immediate focus of our efforts will be to delineate this zone and to complete the decline to that level. In addition, work will resume from underground in evaluating the Akkaya license where the adit has been completed to the property boundary. We believe that the combination of three licenses now under Horzum’s full control, two of which, Pinargozu and Sarikaya, have a history of profitable production, augurs well for the future success of Pasinex.”

About Pasinex

Pasinex Resources Limited is a growing, zinc-focused mining company based in Toronto, Canada. Through its wholly-owned subsidiary, Pasinex Arama, the Company owns 50% of Horzum AŞ. Horzum AŞ owns and operates the producing Pinargozu high-grade zinc mine in Türkiye, selling directly to zinc smelters and refiners via commodity brokers.

Pasinex also holds a 51% interest in the Gunman Project, a high-grade zinc exploration project located in Nevada. Additionally, Pasinex recently secured an option to acquire a 100% interest in the Sarikaya license, a Group IV lead-zinc operating license in Kayseri Province, Türkiye, representing significant potential for near-term profitability and major zinc discoveries. 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 ore, driving growth and creating value for shareholders, employees, and local communities, while maintaining the highest standards of safety, health, and environmental responsibility.