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Pasinex Resources Announces Third Quarter 2021 Financial Results
TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s financial an
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s financial and operating results for the three and nine months ended September 30, 2021. Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “Although the development of the fourth adit did not go completely as planned in the first couple of quarters of the year, we are extremely pleased that we were able to get back on track in the third quarter. The mining permit was obtained and results from the two zinc sulphide product sales that we have had so far have been very encouraging with an average sales price of US$1,150 and an average grade of 50% zinc per tonne. We will continue to ramp up production in the fourth adit and expect to see healthy margins therefrom in the coming months.” Highlights – Three and Nine Months Ended September 30, 2021 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Financial: Equity gain from Horzum AS $ - $ - $ 32,232 $ 3,298 Adjusted equity gain from Horzum AS (1) $ 651,083 $ 101,172 $ 863,498 $ 246,952 Dividend received from investment in Horzum AS $ - $ - $ 32,232 $ 3,298 Consolidated net loss $ (203,818 ) $ (408,615 ) $ (1,009,080 ) $ (1,101,021 ) Adjusted consolidated net gain (loss) (1) $ 431,109 $ (330,986 ) $ (228,184 ) $ (813,327 ) Basic and diluted net loss per share $ (0.01 ) $ (0.01 ) $ (0.01 ) $ (0.01 ) Cash used in operating activities $ 217,399 $ 317,088 $ 558,652 $ 711,308 Weighted average shares outstanding 144,554,371 144,554,371 144,554,371 144,554,371 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Horzum AS operational data (100% basis): &nb...