Corporate Presentation

Updated: October 15, 2022

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Disclaimer

The information contained in this presentation is provided by Pasinex Resources Limited. (“Pasinex”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Pasinex or other financial products. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The views, opinions and advice provided in this presentation reflect those of the individual presenters, and are provided for information purposes only. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Pasinex nor its directors officers, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Except for statements of historical fact, this presentation contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, including, among others, the accuracy of mineral grades and related assumptions, planned expenditures, proposed exploration and development at the the Horzum Mine and the Gunman Project. Pasinex undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

This presentation includes industry, market and competitive position data from industry journals and publications, data on websites maintained by private and public entities, including independent industry associations, general publications and other publicly available information. Pasinex believes that all of these sources are reliable, but we have not independently verified any of this information and cannot guarantee its accuracy or completeness. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Further, because certain of these organizations are industry organizations, they may present information in a manner that is more favorable to the industry than would be presented by an independent source. In addition, forecasts are often inaccurate, especially over long periods of time. References in this presentation to research reports or articles should not be construed as depicting the complete findings of the entire referenced report or article. The information in each report or article is not incorporated by reference into this presentation.

Investors are advised to refer to additional information including quarterly Financial and Management Discussion and Analysis (MD&A) which is available here: https://pasinex.com/investors/financial-statements/.

Pasinex Overview

  • Production in 2022 is projected to return 15,000 – 18,000 tonnes of zinc sulphide product, and 1,000 – 4,000 tonnes of zinc oxide product
  • Gross margin in Q2 2022 was 82%
  • The average sales price of the zinc sulphide product sold in Q2 2022, that was mined from the fourth adit, was approximately US$1,353 per tonne
  • SEDEX style intersection on Gunman Zinc Project in Nevada
  • Exploration drill program on Akkaya Project
  • Large land position in a CRD zinc district in Turkey

Zinc Production & Exploration in Turkey and the US

Pasinex Corporate Profile

Capital Structure
CSE:PSE; FSE:PNX

Shares Issued and Outstanding: 144,354,370
Share Price (October 14th, 2022): $0.03
Market Capitalization: $4.33 M

Warrants: None
Options: 10.55 M

Pasinex Management & Board

Andrew Gottwald, CFO
CPA, CA has over twenty years of experience in the financial services industry, including senior management positions with various publicly listed mining companies.

Evan White, Manager, Corporate Communications
Over 10 years in marketing in the mining sector. He is also the Founder & CEO of a top digital marketing agency based in Toronto

Dr. Larry Seeley, Executive Chairman
Chair and CEO of Seeley Group Ltd. He was CEO of Recapture Metals Limited and Principal Shareholder developing the company with two plants in Ontario, one in USA and one in Germany, producing gallium, indium and rhenium. Dr. Seeley was also VP Falconbridge Limited and President Lakefield Research.

Victor Wells, Lead Director of the Board
Corporate director and finance specialist with over 20 years’ experience in the resources, transportation and manufacturing industries. Former CFO and Director for a number of junior exploration and other companies.

Jonathan Challis, Board Member
Mining engineer with over 30 years’ experience in the operation, management, financing and analysis of mining projects around the world. He has an honours degree in Mineral Exploitation from University College, Cardiff and an MBA degree from Cranfield University.

Joachim Rainer, Board Member
Has over 20 years in entrepreneurial finance in Austria. As Managing Director of a company he founded he sources projects, structures companies and investments, and develops the businesses for new upcoming and innovative companies.

Growing a Zinc Focused Company

  • Pasinex owns 50% of the Pinargozu Mine which is an exceptionally high grade zinc mine near Adana, Turkey
  • District & regional exploration opportunity in a world class zinc district in Turkey
  • New discovery of zinc sulphide in black shales beneath high-grade zinc oxides in Nevada
  • Investors should refer to information on Pasinex through our quarterly Financial statements and Management Discussion and Analysis (MD&A) available through the financial statements section of the website.

The mine is less than a 2-hour drive to the city of Adana, Turkey (Population of 2.2 million).

The Port of Mersin is less than 2.5 hours drive from the mine. The port connects the mine to the international zinc market of purchasers.

Zinc in the Taurus Mountains

Adana Turkey

  • Mine is close to a main city
  • Population of 2.2 million
  • Under 2 hours drive to mine

Port of Mersin

  • Under 2.5 hours drive from mine
  • Connects to international zinc market of purchasers

Great Infrastructure

  • High voltage power available
  • Clean water available on site for mining operations. By product water is also clean

Surface Lithology Map of Pinargozu & Akkaya properties

Surface Lithology Map of Pinargozu and Akkaya properties

Pinargozu Development

  • Production in 2022 is projected to return 15,000 – 18,000 tonnes of zinc product, and 1,000 – 4,000 tonnes of zinc oxide product
  • A mine development program was completed to reach the deeper sulphide zone
  • Future mine production will be predominantly higher grade zinc sulphides
  • Over 6.0 kilometres of underground development
  • Approximately 115 miners, engineers, and drilling contractors are working at Pinargozu
  • Mine safety standards priority focus
Pinargozu Production Profile
Pinargozu Sales Profile
Horzum AS Revenue and Gross Margin
Exploration Drilling Pinargozu
Pinargozu Mine Development
541 New Adit

Pinargozu Production from Multiple Faces

  • New Adit Project at 541 Level is completed
  • Plan view of mineralization predominantly zinc carbonates (oxides) and zinc sulphides shown in red area; underground workings shown in other colours
  • Cut and fill mining method
  • Production is 85% oxide / 15% sulphide production of DSO grade material

Exploration Conceptual Model

  • Carbonate replacement type Zn – geological model
  • Current Pinargozu operation is high up in the “manto” – could be a deep system; lots of exploration opportunity
  • Skarn opportunity

Regional Exploration in Turkey

  • The Pinargozu carbonate replacement zinc project is similar to CRD deposits in Mexico such as Naica
  • Pinargozu, Akkaya and region
  • Near mine areas – exploring the strike extension of hydrothermally altered marbles.
  • There is potential in the district to find more properties like Pinargozu
Regional Exploration In Turkey

Turkish Joint Venture at Pinargozu

  • Pasinex recognized it was important to have a local partner to build an operating mine. Traditionally joint ventures businesses have the 50:50 structure in Turkey.
  • Akmetal is a well established Turkish mining house with other mines in chrome, gold and base metals.
  • Akmetal is part of the Kurmel Group family business conglomerate with businesses in carpets, real estate and farming.
  • This joint venture is a true partnership, both partners bring strength to the Joint Venture.
  • The joint venture board makes decisions with regard to operations. Both partners have 3 seats. The Chairman is currently held by Jonathan Challis.
  • Akmetal brings strength in mine development and connections for getting needed things to operate efficiently in Turkey.
  • Pasinex brings strength in mining business strategy and technical know how.

Gunman Zinc Project, Nevada [Exploration]

Exciting new zinc sulphide discovery beneath an old high-grade zinc prospect.

  • Small drill programme confirms high-grade zinc oxides and leads to new discovery of deeper zinc sulphides
  • Possible high-grade Eureka-style CRD system and potential for a major shale-hosted-massive-sulphide (SHMS) deposit beneath
  • Verified high grade zinc oxides:
    • 43.9 metres @ 14.2% zinc
    • 13.7 metres @ 26.1% zinc and 5.6 ounces of silver
Gunman Zinc Project Navada
  • Earn in option agreement whereby Pasinex can earn to up to 80% interest in the project based on payments and exploration commitment
    • Pasinex plans to complete US $200,000.00 of qualified exploration expenditures to on or before June 30, 2022
    • Pasinex plans to achieve 51% of ownership by end of 2022

Why are Shale-Hosted Zinc Deposits Important?

  • Black Shale is a highly unusual host for CRD mineralization. SHMS deposits are highly significant for exploration
  • Shale-hosted massive sulphides zinc deposits (SEDEX or SMHS) are not common but are large, hosting over 18% of the world’s zinc
  • Four of the five largest zinc mines and deposits globally are shale hosted. Examples: Red Dog, Sullivan, Selwyn, McArthur River, Hilton
Summary Highlights of Drill Assay Results
A Closer Look at Black Shale & Drill Hole SRDD_2018_04

Zinc 101

  • Uses of zinc:
    • Galvanizing of Steel (making it rust proof): Car bodies, street lamp posts, safety barriers, suspension bridges
    • Health: Sunscreen and vitamins
    • Zinc Oxides: Paints, rubber, cosmetics, pharmaceuticals, plastics, inks, soaps, textile
  • Die-casting: Electrical equipment
  • China is a major consumer
  • Strong zinc price over the last year: Stocks of Zn continue to drop
  • What’s going to happen to zinc in the next 5 years?
    • Opportunity for zinc to replace lithium in batteries (Source)

Contact Details

Canada Main Office
Pasinex Resources Limited
82 Richmond St. E.
Toronto, ON M5C 1P1
Tel +1 (416) 861-9659

General Information
[email protected]

Adana Office, Turkey
Zeytinli Mah.
Turhan Cemal Beriker Blv.
No 607 / A Seyhan, Adana