Pasinex Consolidates 100% Ownership of Horzum A.Ş.

Core Viewpoint - Pasinex Resources Limited has executed a Share Transfer and Settlement Agreement to acquire 100% ownership of Horzum A.Ş., which includes the Pinargözü zinc mine and other licenses in Türkiye, enhancing its operational capabilities and growth potential [1][2][4]. Agreement Details - Kurmel Holding will transfer its 50% shareholding in Horzum A.Ş. to Pasinex Arama, subject to approval by Türkiye's General Directorate of Mining and Petroleum Affairs (MAPEG) [2]. - Upon completion, Pasinex Arama will fully own Horzum A.Ş., which includes the Pinargözü zinc mine and the Akkaya and Mahyalar licenses [2]. Strategic Rationale and Next Steps - Full ownership of Horzum A.Ş. is expected to streamline decision-making, support further exploration and production at Pinargözü, and facilitate underground access to Akkaya [4]. - The share transfer will be submitted to MAPEG for approval, followed by corporate registration steps to finalize the transfer [4]. Management Commentary - The Executive Chairman of Pasinex stated that this Agreement is a decisive step toward full ownership, aligning payments to performance and clearing a path for continued exploration and production at Pinargözü [5]. - The Chairman of Horzum A.Ş. expressed optimism about resuming exploration and development at Pinargözü, where past operations have shown potential for low-cost, high-grade direct shipping ore [5]. Equipment and Land Transfer - Equipment belonging to Horzum A.Ş. will be allocated between the parties, with essential equipment remaining with Horzum A.Ş. [6]. - Three parcels of land will be transferred for a fee of $10,000 USD, satisfied by the transfer of equipment to Kurmel Holding [6]. Production-Linked Payments - After completion and contingent on production at Pinargözü, Pasinex Arama will pay Kurmel Holding $600,000 upon production of 10,000 tonnes and $1,000,000 upon cumulative production of 20,000 tonnes [6]. - Payments are contingent on achieving economic production and meeting grade targets [6]. Future Prospects - Full control of Horzum A.Ş. and its profitable production history augurs well for Pasinex's future success [7]. - Pasinex also holds a 51% interest in the Gunman Project in Nevada and has secured an option to acquire a 100% interest in the Sarikaya license in Türkiye, indicating significant potential for near-term profitability [8].