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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PNX Metals Limited | ASX:PNX | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0045 | 0.005 | 0.004 | 0.00 | 00:32:48 |
Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “The results included within our annual reports released today demonstrate what can be accomplished through continued perseverance. The past few years have been difficult for management and the Company’s shareholders. The recent results and cash inflows from the joint venture should provide some confidence that Pasinex has turned a corner and will experience continued success at the Pinargozu mine and shareholders can look forward to receiving initial results of work begun in Nevada. Again, management thanks its shareholders for standing by the Company.”
Highlights – Year Ended December 31, 2021
Table 1 - Selected Quarterly Consolidated Information | |||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | 2019 | |||||||||
Financial: | |||||||||||
Equity gain from Horzum AS | $ | 200,062 | $ | 3,298 | $ | 672,139 | |||||
Dividend received from investment in Horzum AS | $ | 200,062 | $ | 3,298 | $ | 672,139 | |||||
Consolidated net loss for the year | $ | (129,678 | ) | $ | (1,252,426 | ) | $ | (1,032,850 | ) | ||
Basic and diluted net loss per share | $ | - | $ | (0.01 | ) | $ | (0.01 | ) | |||
Cash used in operating activities | $ | 480,034 | $ | 826,390 | $ | 292,330 | |||||
Weighted average shares outstanding | 144,554,371 | 144,554,371 | 144,415,192 | ||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | 2019 | |||||||||
Horzum AS operational data (100% basis): | |||||||||||
Zinc product mined (wet) tonnes | 10,608 | 12,123 | 17,812 | ||||||||
Zinc product sold (wet) tonnes | 8,620 | 11,248 | 11,248 | ||||||||
Zinc product sold average grade | 37 | % | 31 | % | 32 | % | |||||
Gross margin (1) | 50 | % | 13 | % | 34 | % | |||||
CAD cost per tonne mined (1) | $ | 383 | $ | 313 | $ | 436 | |||||
USD cash cost per pound of zinc product mined (1) | $ | 0.36 | $ | 0.37 | $ | 0.42 |
(1) Refer to Non-GAAP Measures
Financial and Operational
Pinargozu Operations Update (100% basis)
Non-GAAP Measures
Please note that all dollar amounts in this news release are expressed in Canadian dollars unless otherwise indicated. Refer also to the 2020 Management’s Discussion and Analysis (MD&A) and Audited Financial Statements found on SEDAR.com for more information. This news release includes non-GAAP measures, including adjusted equity gain from Horzum AS, adjusted consolidated net income, gross margin, cost per tonne mined and US$ cash cost per pound of zinc mined. A reconciliation of these non-GAAP measures to the GAAP financial statements is included in the MD&A.
Qualified Person
Jonathan Challis, a fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer, is the qualified person (“QP”) as defined by NI 43-101, has approved the scientific and technical disclosure herein. Mr. Challis is a director of the Company and Chair of Horzum AS.
About Pasinex
Pasinex Resources Limited is a Toronto-based mining company that owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi (“Horzum AS” or “Joint Venture”), through its 100% owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”). Horzum AS holds 100% of the producing Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc smelters and or refiners through commodity brokers from its mine site in Turkey. The Company also holds an option to acquire 80% of the Gunman high-grade zinc exploration project in Nevada. Pasinex has a strong technical management team with many years of mineral exploration and mining project development experience. The mission of Pasinex is to build a mid-tier zinc company based on its mining and exploration projects in Turkey and Nevada. Visit our website at www.pasinex.com.
On Behalf of the Board of Directors PASINEX RESOURCES LIMITED
“Andrew Gottwald”
Andrew Gottwald | Evan White |
Chief Financial Officer | Manager of Corporate Communications |
Phone: +1 416.861.9659 | Phone: +1 416.906.3498 |
Email: info@pasinex.com | Email: evan.white@pasinex.com |
The CSE does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward-looking. Although Pasinex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
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