Pasinex Announces Issuance of Failure to File Cease Trade Order

Core Viewpoint - Pasinex Resources Limited has received a Failure to File Cease Trade Order from the British Columbia Securities Commission due to delays in filing its audited annual consolidated financial statements for the year ended December 31, 2024 [1][2] Group 1: Regulatory Actions - The Failure to File Cease Trade Order (FFCTO) prohibits trading of the Company's securities in Canada, including common shares on the Canadian Securities Exchange [1] - The FFCTO was issued because the Required Documents, including the audited financial statements and Management's Discussion and Analysis, were due by April 30, 2025, but were not filed on time [2] Group 2: Reasons for Delay - The delay in filing is attributed to internal changes, including the resignation of the Chief Financial Officer in late 2024 and the appointment of a new auditor and CFO in early 2025 [3] - Changes in leadership and component auditors at Pasinex AŞ, the Company's Turkish subsidiary, have also contributed to the delays in completing the audit [3] Group 3: Company Response - The Company is actively working with its accounting staff and external auditors to complete the audit and expects to file the Required Documents shortly [4] - The FFCTO will remain in effect until the Required Documents are filed, and the Company has confirmed that the order will be lifted promptly upon completion of these filings [4] Group 4: Company Overview - Pasinex Resources Limited is focused on developing a profitable zinc mining operation, with high-grade zinc deposits in Türkiye (25% to 50% zinc) and Nevada (14% to 24% zinc) [5] - Over the past decade, the joint venture in Türkiye has produced over 160 million pounds of zinc, generating more than $125 million CAD in sales from mining over 200,000 tonnes of ore with grades between 30% and 50% zinc [5] - The Company is advancing high-grade zinc properties, such as Sarikaya, and holds a 51% interest in the Gunman Project in Nevada [5]