Business
Pasinex Resources Reports Full Year and Fourth Quarter 2018 Results
TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported financial results for th
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reported financial results for the full year and fourth quarter ended December 31, 2018. On February 15, 2019 the Company reported solid operating results from Horzum AS that drove strong revenue, gross margins and adjusted equity gain from Horzum AS for the year. Adjusted consolidated net income for 2018 was $2.8 million. Consolidated loss for the year was $8.4 million reflecting the impact of two impairments in the year – a $1.7 million charge on the impairment of the Golcuk property and a $10.5 million charge on the value of the receivable owing from Akmetal (joint venture partner) to Horzum AS. Highlights – Year End and Q4 2018 and 2017 (Canadian dollars) Year Ended December 31 Fourth Quarter 2018 2017 2018 2017 Pasinex financial results: Consolidated net income (loss) $ (8,429,326 ) $ 5,834,104 $ (9,890,542 ) $ 2,682,150 Adjusted consolidated net income(1) $ 2,845,365 $ 5,834,104 $ 39,146 $ 2,682,150 Equity (loss) gain from Horzum AS $ (4,098,639 ) $ 8,153,698 $ (9,410,185 ) $ 3,355,358 Adjusted equity gain from Horzum AS(1) $ 5,489,452 $ 8,153,698 $ 519,503 $ 3,355,358 Dividend received from Horzum AS $ 1,523,538 $ 1,183,215 $ 757,575 $ 1,183,215 Basic net income (loss) per share $ (0.06 ) $ 0.04 $ (0.07 ) $ 0.02 Horzum AS operational data (100% basis): Zinc produced (wet) tonnes 45,757 57,675 9,021 15,748 Zinc sold (wet) tonnes 46,154 47,697 10,504 12,575 Zinc grade 33 % 33 % 30 % 31 % Gross margin(1) 57 % 66 % 21 % 45 % C$ cost per tonne mined(1) $ 229 $ 183 $ 437 $ 252 US$ cash cost per pound of zinc produced(1) $ 0.25 $ 0.19 $ 0.54 $ 0.30 (1) Refer to Note 1 Steve Williams, CEO of Pasinex commented, “2018 was a soli...