Pasinex Announces 2024 Annual and 2025, Q1 Financial Results
TORONTO, July 02, 2025 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE: PNX) ("Pasinex" or the "Company") today announced financial results for the year ended December 31, 2024, and the first quarter ended March 31, 2025. The financial statements, management's discussion and analysis (MD&A), and related certifications are available on SEDAR+.
The Company also announced that effective June 27, 2025, its principal regulator, the British Columbia Securities Commission ("BCSC"), has revoked its failure to file cease trade order (the "FFCTO") that was issued on May 8, 2025. The FFCTO was issued as a result of the Company's delay in filing its audited annual consolidated financial statements for the year ended December 31, 2024, the related management's discussion and analysis of financial condition and results of operations and CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Required Documents") beyond the April 30, 2025 filing deadline.
The Company has filed the required documents on SEDAR+ and trading will resume on the Canadian Securities Exchange following the dissemination of this news release.
Annual Financial Results
Highlights, Year Ended December 31, 2024
In 2024, Pasinex recorded a net loss of approximately $2.7 million compared with a net loss of approximately $0.3 million in 2023. The increased loss primarily reflects lower equity gains from the Horzum AS joint venture, no dividends assigned in 2024, and higher costs incurred.
Horzum AS produced 3,601 tonnes of high-grade zinc product in 2024, compared to 8,061 tonnes in 2023, primarily due to decreased mineral reserves and paused exploration activities resulting from ongoing legal disputes.
Sales volumes decreased approximately 55% year-over-year to 3,601 tonnes, reflecting lower production levels. Despite lower volume, average sales prices per tonne on a USD basis increased approximately 20% compared to 2023.
Cost per tonne mined increased significantly to CAD $985 in 2024, from CAD $601 in 2023, primarily driven by lower tonnes mined resulting in higher relative fixed and step-variable costs per tonne.
The USD cash cost per pound of zinc product mined increased to US$0.66 per pound in 2024, up from US$0.44 in 2023, primarily due to lower production volumes, resulting in higher fixed and step-variable costs per pound.
The average zinc grade of sold product improved to 51.5% in 2024 from 48.9% in 2023.
Operations in Türkiye remain under significant inflationary pressures, with three-years cumulative inflation reaching approximately 291% as of December 31, 2024, impacting overall cost structures.
Exploration activities at Pinargozu were significantly reduced due to ongoing legal disputes, with drilling activities decreasing to 6,526 meters from 10,782 meters in 2023.
Horzum AS achieved another zero-fatality year at the Pinargozu Mine, logging 99,752 fatality-free hours and reporting reductions in both serious and lost-time injuries compared to 2023.
Pasinex proactively secured the appointment of an Interim Committee by Turkish courts ...
