TORONTO, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE; FSE: PNX) ("Pasinex" or the "Company") today announced that its Turkish subsidiary, Pasinex Arama ve Madencilik A.S., ("Pasinex Arama") has signed an Addendum to the Option & Share Purchase Agreement with Abdullah Aydin, advancing Pasinex Arama toward full ownership of the Sarikaya zinc project in Kayseri Province, Türkiye.
The revised agreement provides a clear pathway to complete the share transfer of Aydin Teknik Madencilik ve Insaat Sanayi ve Ticaret A.S. ("Aydin Teknik"), holder of the Sarikaya operating license to Pasinex Arama, while aligning payments with project milestones.
The transfer of the shares in Aydin Teknik from Abdullah Aydin to Pasinex Arama are subject to approval by Türkiye's General Directorate of Mining and Petroleum Affairs ("MAPEG") and other customary corporate and registration steps. Upon receipt of approvals and completion of registrations, Pasinex Arama will own 100% of Aydin Teknik and Sarikaya License.
Key Terms of the Addendum Agreement
- Pursuant to the Option & Share Purchase Agreement dated October 18, 2024, an amount of USD 2,250,000 remains payable by Pasinex Arama.
- Pasinex Arama will make a USD 250,000 payment by September 30, 2025, triggering the transfer of 100% of the shares of Aydin Teknik with MAPEG approval.
- A pledge of USD 2,000,000 will be placed over the shares, with the balance to be paid in staged installments through June 30, 2027.
Next Steps
Following completion of the share transfer, Aydin Teknik will become wholly owned by Pasinex Arama. Pasinex Arama through Aydin Teknik plans to continue extending the existing adit to access the newly identified high-grade zone (grading approximately 30-50% zinc) identified by Aydin Teknik in 2025. This work will be undertaken by the mining management team from Horzum AS, now wholly owned by Pasinex Arama, as announced on September 11, 2025. The Company plans to begin adit work in Q4 2025 and commence mining in Q1-Q2 2026.
In parallel, Pasinex Arama, through Aydin Teknik, will initiate systematic mapping, sampling, and a geophysical survey of high-grade zinc outcrops and geological structures to define drill targets and identify prospective locations for additional adits. This exploration program, managed by Pasinex Arama and Thalex Geological Services, will support the development of a refined geological model of the Sarikaya project. The model will guide a more detailed development plan and set the stage for underground drilling and an expanded mining strategy in subsequent phases.
Unlocking the Potential of Sarikaya
The Sarikaya project is an exciting and high-potential addition to Pasinex's zinc portfolio. Sarikaya is a carbonate-hosted zinc system showing numerous indicators of large, high-grade mineralization. Located near Develi, in central Türkiye in an area with a long mining history, Sarikaya is approximately 300 kms from the port of Mersin and a similar distance to the city of Adana. In addition, the project is approximately a two-hour drive from the existing Pinargozu mine.
Management commentary
Aydin Sen, General Manager and Exploration Manager of Pasinex Arama, stated, "Sarikaya hosts high-grade, carbonate-hosted zinc mineralization with strong potential for direct shipping to refineries requiring little processing. The mineralization is fault-controlled and locally occurs in karstic open-space fillings along faults. No modern geological survey or systematic exploration has been conducted at Sarikaya to date. Instead, primitive mining followed high-grade sulphide zinc veins exposed at surface. Iron cap, barite, lead, and zinc mineralization outcrops along a one-kilometer-long fault, which remains unmapped and undrilled. These features indicate significant discovery potential. In addition, certain areas within the existing adit have already exposed high-grade zinc that is accessible for the production of direct shipping material. Applying advanced exploration techniques and strategic planning will be critical to fully unlocking the project's value.
Dr. Larry Seeley, Executive Chairman of Pasinex, added, "The signing of this addendum marks an exciting major step forward for Pasinex in securing and advancing Sarikaya. This project is highly complementary to our operations at Pinargözü and aligns perfectly with our strategy of building a portfolio of exceptional high-grade zinc deposits in Türkiye. With Sarikaya license holder Aydin Teknik and Horzum AS now on track for full ownership, we are advancing on multiple fronts - strengthening our financial capability, building on our production capability and successes, advancing exploration with our experienced geological team and positioning Pasinex to deliver growth. We see Sarikaya as a cornerstone project with the potential to generate significant long-term value for our shareholders."
About Pasinex
Pasinex Resources Limited is a growing, zinc-focused mining company based in Toronto, Canada. Through its wholly-owned subsidiary, Pasinex Arama, the Company owns 100% of Horzum AS. Horzum AS owns and operates the producing Pinargozu high-grade zinc mine in Türkiye, selling directly to zinc smelters and refiners via commodity brokers.
Pasinex also holds a 51% interest in the Gunman Project, a high-grade zinc exploration project located in Nevada. Additionally, Pasinex recently secured an option to acquire a 100% interest in the Sarikaya license, a Group IV lead-zinc operating license in Kayseri Province, Türkiye, representing significant potential for near-term profitability and major zinc discoveries. Led by a seasoned management team with extensive experience in mineral exploration and mine development, Pasinex's mission is to explore and extract high-grade ore, driving growth and creating value for shareholders, employees, and local communities, while maintaining the highest standards of safety, health, and environmental responsibility.
For more information, please visit pasinex.com.
On Behalf of the Board of Directors
PASINEX RESOURCES LIMITED
| "Ian D. Atacan" | |
| Ian D. Atacan | Evan White |
| Director and Chief Financial Officer | Manager of Corporate Communications |
| Phone: +1 416.562.3220 | Phone: +1 416.906.4698 |
| Email: ian.atacan@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.
