Akkaya Zinc Project

Akkaya Property Update

It was announced on July 1, 2022, that Pasinex had filed a legal action against the mining ministry in Türkiye, T.C. Maden ve Petrol Iserl Genel Mudurlugu (“MAPEG”) following their decision not to extend the principal mining operational license of Horzum AS beyond April 15, 2023, and the Akkaya operational exploration license of Pasinex Arama. Since then, negotiations have progressed with MAPEG, and it has now been announced on the MAPEG website that these license applications have now been approved and that these will be renewed for the requested 10-year term. The renewal for Pasinex Arama was subject to certain minor additional information to be provided by Pasinex Arama. This additional information has now been provided and accepted by MAPEG. No additional information has yet been requested for the Horzum AS license. It is expected that the licenses will be signed and issued unconditionally.

The percussion rig drilled 19 holes totalling 1,222 metres from the face of the 541 adit with the holes orientated in a fan pattern to better delineate the shape of the target marble anomaly in the Akkaya property.

The necessary forestry, environmental and drill permits have now been obtained so that a third diamond drill rig can start a surface drill program (of at least nine holes) to test the structure to the east of the existing Pinargozu workings and the Akkaya property.

The targets are coincident with surface geochemical and structural anomalies. The forest road and drill pads are being cleared under the supervision of the forestry department and it is anticipated that drill will start prior to end of 2023, with completion planned for the end of February 2024.

Akkaya Property Location

The Akkaya property is located 1.5 kilometres north of the Pinargozu Mine on the Horzum Zinc Trend (HZT), a known northeast trending zinc mineralized belt of carbonate-dominated sedimentary rocks in Adana.