Sarıkaya is a high-grade, carbonate-hosted zinc project located in Kayseri Province, Türkiye. The project hosts numerous high-grade zinc outcrops and small-scale mined zones where zinc grades ranging from approximately 30% to 50% have been identified.
Pasinex views Sarıkaya as an important growth asset with the potential to complement production from its nearby Pınargözü Mine and become an additional source of high-grade direct-shipping zinc material.
Sarıkaya benefits from its location in the established Yahyalı-Develi zinc mining district, existing road access and infrastructure, and the experience of Pasinex’s established exploration and mining team in Türkiye.
The Sarikaya is located approximately 40 kilometers east of the town of Develi, Kayseri (Turkiye). The Yahyalı-Develi region is economically the most important carbonate-hosted Pb-Zn region in Türkiye. There are more than 50 known Pb-Zn occurrences in this region. In most of these operations, mining activities are generally carried out by local owners at shallow depths (0 to 50 meters) with very limited drilling and the use of modern exploration techniques.
In a specific part of the Sarıkaya license area, high-grade carbonate and sulfide zinc ore was previously produced through underground galleries. Pasinex continues to carry out underground drilling activities in these areas.
Within the license area, carbonate zinc outcrops occur locally along an approximately 2.5 km long north–south trending line. No drilling has yet been carried out in these areas. Following geological mapping studies, Pasinex has begun high-grade zinc exploration work in these zones through surface drilling. After completing exploration work, diamond drilling and establishing a resource, Pasinex’s aim is to produce high grade, direct shipping material from this Sarikaya property.
Sarıkaya is a high-grade, carbonate-hosted zinc project characterized by fault-controlled and locally karstic mineralization typical of the Central Anatolian zinc belt.
Zinc carbonate mineralization occurs at surface along an approximately one-kilometre fault trend, while exploration has also identified high-grade zinc sulphide mineralization below the carbonate occurrences.
The broader Yahyalı-Develi region is one of Türkiye’s most important carbonate-hosted lead-zinc districts and contains numerous known zinc-lead occurrences. Historically, much of the regional mining has focused on shallow mineralization with relatively limited application of modern systematic exploration techniques.
Pasinex believes this combination of known high-grade mineralization and relatively limited modern exploration provides significant opportunity for further discovery at Sarıkaya.
Before Pasinex acquired the project, the previous owner carried out approximately 1,000–1,500 meters of diamond drilling in 2024. As a result of these works, high-grade sulphide zinc mineralization with a thickness of approximately 3 meters was identified. Following this, also in 2024, an approximately 180-meter-long production gallery was developed. High-grade carbonate and sulphide zinc mineralization was identified at various points along the gallery. In 2024 and 2025, approximately 1,600 tonnes of high-grade sulphide zinc ore was produced by the previous owner of the project, using limited and primitive mining methods, with a small mining team.
Pasinex Arama ve Madencilik A.Ş., Pasinex’s wholly owned Turkish subsidiary, completed the acquisition of 100% of Aydın Teknik Madencilik ve İnşaat Sanayi ve Ticaret A.Ş. in December 2025. Aydın Teknik holds the Group IV lead-zinc operating licence covering the Sarıkaya Project.
Türkiye’s General Directorate of Mining and Petroleum Affairs (“MAPEG”) approved the share transfer in November 2025, completing a major regulatory milestone for the project.
The total purchase consideration is US$2.6 million. As at March 30, 2026, Pasinex had paid US$1.35 million, with the remaining US$1.25 million payable in quarterly instalments through June 30, 2027.
Pasinex has been systematically advancing Sarıkaya from a historically small-scale mining property toward a modern exploration and development project.
Work completed and initiated at Sarıkaya includes:
Pasinex’s development strategy is designed to combine targeted underground development with drilling and systematic exploration, allowing the geological model and future mine plan to evolve together.
With ownership and MAPEG approval secured, Pasinex is focused on advancing Sarıkaya through the next stage of exploration and mine development. Current and planned activities include:
Pasinex is deploying proceeds from its 2026 financing toward Sarıkaya, including underground development, drilling, mine equipment, permitting costs, instalment payments related to the acquisition and advanced exploration within the licence area.
Sarıkaya is located approximately 40 kilometres east of Develi in Kayseri Province, within the established Yahyalı-Develi carbonate-hosted zinc-lead district of central Türkiye.
The project benefits from:
The project is also well positioned relative to established transportation routes connecting central Türkiye with Adana and the Mediterranean port infrastructure at Mersin.
Pasinex believes Sarıkaya has the potential to become an important second high-grade zinc operation within its Turkish portfolio.
With 100% ownership secured, an operating licence in place, high-grade zinc mineralization already identified and a funded exploration and development program underway, the Company’s focus is on systematically advancing underground development and drilling while expanding its understanding of the mineralized system.
Sarıkaya combines the potential for future high-grade zinc production with significant exploration upside across a licence area that remains relatively underexplored using modern exploration techniques.
Together with the producing Pınargözü Mine, Sarıkaya is central to Pasinex’s strategy of building a portfolio of high-grade zinc assets capable of supporting long-term production, cash flow and shareholder value.
Sarıkaya does not currently have an NI 43-101 compliant mineral resource estimate. References to zinc grades are based on historical work, small-scale mining, sampling and exploration results and should not be interpreted as an estimate of mineral resources or reserves. Statements regarding future exploration, development, production and project potential are forward-looking and subject to risks and uncertainties, including exploration results, permitting, financing, operating conditions and commodity prices.