Pasinex Announces Third Quarter 2021 Financial Results


Sumary of Pasinex Announces Third Quarter 2021 Financial Results:

  • Article content (1) Refer to Non-GAAP Measures Financial and Operational For the three and nine months ended September 30, 2021, Pasinex incurred a net loss of approximately $204,000 and $1,009,000, respectively, compared with a net loss of approximately $409,000 and $1,101,000 for the three and nine months ended September 30, 2020, respectively.
  • The year over year decreases in net loss for both the three and nine months ended September 30, 2021, are the result of lower exploration and general and administrative expenses and the recognition of a recovery of the Horzum AS receivable in 2021 versus an impairment in 2020, which are offset by higher share-based payments and interest expense.
  • The operating income in Horzum AS increased for both the three and nine months ended September 30, 2021, when compared with the same periods in 2020, primarily as a result of achieving better margins with substantially higher sales prices.
  • Article content Horzum AS received approval to begin mining zinc sulphide product from the fourth adit during the quarter.
  • In total, Horzum AS has completed 566 metres of development for the fourth adit.
  • Pasinex Arama applied to MAPEG, the Turkish Mining Department, to convert its exploration status license at its Akkaya property to operational status and for Horzum AS to convert its pre-exploration status license at the Mahyalar property to exploration status.
  • Pasinex Arama has been informed that the Akkaya license application was approved and is awaiting final receipt of the official license documentation.
  • In December 2020, Horzum AS restructured its tax liabilities that were due as of August 31, 2020, as allowed by the Turkish taxation department.

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