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Pasinex Resources Reports First Quarter 2019 Results and Debt Repayment Agreement with Joint Venture Partner
TORONTO, May 28, 2019 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported financial results for the
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, May 28, 2019 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported financial results for the first quarter of 2019. As expected, production from Horzum AS was lower than the prior year and combined with lower realized zinc prices in 2019, consolidated net income was lower than 2018. Adjusted consolidated net income for the first quarter of 2019 was $0.5 million. Consolidated loss for the year was $0.2 million reflecting the impact of a $0.5 million impairment on the zinc material used and owing from Akmetal (joint venture partner) to Horzum AS. Highlights –Q1 2019 and 2018 (Canadian dollars) First Quarter 2019 2018 Pasinex financial results: Consolidated net income (loss) $ (214,850) $ 726,021 Adjusted consolidated net income(1) $ 455,225 $ 2,412,621 Equity gain from Horzum AS $ 250,055 $ 2,984,186 Adjusted equity gain from Horzum AS(1) $ 920,130 $ 2,984,186 Dividend received from Horzum AS $ 250,055 $ 383,593 Basic net income (loss) per share $ - $ 0.01 Horzum AS operational data (100% basis): Zinc produced (wet) tonnes 6,787 13,037 Zinc sold (wet) tonnes 7,659 12,721 Zinc grade 30% 35% Gross margin(1) 59% 75% C$ cost per tonne mined(1) $ 257 $ 190 US$ cash cost per pound of zinc produced(1) $ 0.31 $ 0.18 (1) Refer to Note 1 Steve Williams, CEO of Pasinex commented, “Horzum AS produced as expected and managed its costs diligently so that a strong 59% margin was achieved in the quarter. Drilling continues at Pinargozu to find a parallel oxide system to improve the production estimates for the year. Studies are on-going to determine the appropriate measures to mitigate the excess water at depth so that development can continue to access the higher grade sulphide material. In May, we entered into a legal debt repayment agreement with Akmetal. The agreement requires that ...