Core Viewpoint - Pasinex Resources Limited reported significant financial losses for the year ended December 31, 2024, and the first quarter of 2025, primarily due to decreased production and legal disputes affecting operations [4][5][8]. Financial Results - For the year ended December 31, 2024, Pasinex recorded a consolidated net loss of approximately $2.65 million, compared to a loss of $0.31 million in 2023, reflecting lower equity gains and higher costs [4]. - The share of net equity gain from the joint venture was $143,147 in 2024, down from $1.8 million in 2023 [4]. - In Q1 2025, the company reported a net loss of approximately $0.89 million, compared to a net income of $0.29 million in Q1 2024 [5][8]. - Total assets as of March 31, 2025, were approximately $3.39 million, while total liabilities increased to $5.31 million [5]. Operational Highlights - Zinc product mined in 2024 was 3,601 wet tonnes, a decrease from 8,061 tonnes in 2023, primarily due to decreased mineral reserves and paused exploration activities [4]. - The average grade of zinc sulphide product sold improved to 51.5% in 2024 from 48.9% in 2023 [4][7]. - In Q1 2025, 653 wet tonnes of zinc were mined, down from 1,503 tonnes in Q1 2024, with no sales occurring during this quarter [5][8]. Legal and Strategic Developments - The company is pursuing legal actions to resolve outstanding receivables of approximately $37.7 million owed by Akmetal [11]. - Pasinex is progressing with the Sarikaya License acquisition, with an option to acquire 100% of this high-potential zinc property by October 18, 2025 [6][13]. - The company is in discussions for a private equity placement to fund the Sarikaya property and other high-grade zinc projects [10]. Safety and Environmental Performance - Horzum AS achieved a zero-fatality year at the Pinargozu Mine, logging 99,752 fatality-free hours and reporting reductions in serious and lost-time injuries compared to 2023 [7].