Pasinex Announces Q2 2025 Financial Results and Provides Corporate Update

Core Viewpoint - Pasinex Resources Limited reported financial results for Q2 2025, showing a net loss of $0.3 million, with challenges stemming from lower equity income, increased legal and interest expenses, and foreign exchange losses, despite lower exploration costs [2][3]. Financial Performance - Share of net equity gain from joint venture for Q2 2025 was $18,633, down from $309,802 in Q2 2024 [2] - Consolidated net loss for Q2 2025 was $(282,935), compared to $(296,550) in Q2 2024 [2] - Basic and diluted net income per share for Q2 2025 was $(0.002), consistent with Q2 2024 [2] - Net cash used in operating activities for Q2 2025 was $(322,122), compared to $(357,731) in Q2 2024 [2] - Total assets as of June 30, 2025, were $3,434,506, down from $3,557,225 in June 2024 [2] - Total liabilities increased to $5,759,786 as of June 30, 2025, from $4,900,852 in June 2024 [2] - Total shareholders' deficit grew to $(2,325,280) as of June 30, 2025, compared to $(1,343,627) in June 2024 [2] Operational Data - Zinc product mined (wet) tonnes for Q2 2025 were 280, down from 1,225 in Q2 2024 [2] - Zinc product sold (wet) tonnes for Q2 2025 were 543, compared to 994 in Q2 2024 [2] - Average grade of zinc sulphide product sold in Q2 2025 was 47.8%, slightly down from 49.0% in Q2 2024 [2] Strategic Developments - The company made additional payments of US$100,000 towards the Sarıkaya project, totaling US$350,000 of the agreed US$2,600,000 [2] - A non-brokered private placement of common shares was announced on July 15, 2025, for gross proceeds of up to $2.15 million [2] - On July 10, 2025, 28.8 million shares were issued at $0.075 to settle $2.16 million of outstanding debt [2] Management Commentary - The Executive Chair emphasized the company's strategy of advancing the Sarıkaya acquisition, strengthening the balance sheet through equity financing, and exploring debt financing options for future growth [3]. Industry Outlook - Pasinex is focused on building a zinc mining company through the acquisition and development of high-grade zinc deposits in Türkiye and Nevada [4]. - Türkiye is highlighted as a favorable jurisdiction for zinc exploration, with deposits containing 25% to 50% zinc, equating to copper grades of approximately 9% to 15% at a copper price of US$5 per pound [5]. - Mining costs are estimated between US$200 to US$300 per tonne of ore, with after-tax margins generally between 30% and 50% [6]. - The Sarıkaya license is noted as a significant near-term opportunity for direct shipping ore and potential major zinc discoveries [7].