Business
Pasinex Resources Announces Year-End 2019 Financial Results
TORONTO, June 10, 2020 (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, June 10, 2020 (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 months and year ended December 31, 2019. Steve Williams, President and CEO of Pasinex, commented, “Pasinex had a difficult year in 2019 due to problems associated with the failure to receive any significant payment against the loan receivable that our Turkish joint venture business, Horzum AS, has with our Turkish joint venture partners, Akmetal. The underlying operating business in Turkey showed a positive net operating income but the recording of an impairment on the loan receivable from Akmetal resulted in a net loss for the joint venture. Pasinex is not happy with these results. We continue to actively pursue the resolution of this problem with our partners in Turkey. We expect to see them start to return monies owed and to put Horzum AS and Pasinex back into a positive cash position.” Highlights - 2019 Year End Year Ended December 31 2019 2018 Financial: Equity gain (loss) from Horzum AS $ 672,139 $ (4,098,639) Adjusted equity gain from Horzum AS (1) $ 3,965,688 $ 5,489,452 Dividend received from investment in Horzum AS $ 672,139 $ 1,523,538 Consolidated net income (loss) $ (1,032,850) $ (8,429,326) Adjusted consolidated net income (1) $ 2,260,699 $ 2,845,365 Basic net income (loss) per share $ (0.01) $ (0.06) Diluted net income (loss) per share $ (0.01) $ (0.06) Cash used in operating activities $ 292,330 $ 1,006,264 Weighted average shares outstanding 144,415,192 142,823,411 Horzum AS operational data (100% basis): Zinc product mined (wet) tonnes 17,812 45,757 Zinc product sold (wet) tonnes 27,239 46,154 Zinc product sold grade 32% 33% Gross margin (1) 34% 57% CAD cost per tonne mined (1) $ 436 $ 229 USD cash cost per pound of zinc mined (1) $ 0.42 $ 0.25 (1) Refer to Note 1 Financial and Operational For the year ended December 31, 2019 Pas...