Mr. Andrew Gottwald reports

PASINEX ANNOUNCES ANTICIPATED LATE FILING OF 2023 ANNUAL FILINGS

Pasinex Resources Ltd. is anticipating a slight delay in filing its annual financial statements and accompanying management's discussion and analysis for the year ended Dec. 31, 2023, by the filing deadline on April 29, 2024, as required by National Instrument 51-102 Continuous Disclosure Obligations.

The reason for the anticipated delay is due to a regulatory required change in the component auditor located in Turkey responsible for part of the company's financial year 2023 audit. The new auditor has taken a longer time to complete the audit of the company's joint venture (Horzum Maden Arama ve Isletme Anonim Sirketi) caused partially by general delays in obtaining financial information on a timely basis from the company's joint venture. Pasinex will continue working closely with its auditors in Canada and Turkey and is making every effort to file the annual filings in a timely fashion. The company currently expects to file the annual filings by May 15, 2024, and will issue a news release announcing completion of such filing at that time.

Accordingly, the company is applying to the B.C. Securities Commission, as its principal regulator, and other applicable securities regulators, for a voluntary management cease trade order. If granted, the MCTO will stay in effect until the annual filings are filed. The issuance of the MCTO, if issued, will at a minimum prohibit the chief executive officer and chief financial officer of the company to trade in the company's securities for so long as the annual filings are not filed. The MCTO, if issued, does not affect the ability of shareholders who are not insiders of the company to trade their securities of the company. In the event that the MCTO is granted, it will be in effect until the default is remedied.

The company will comply with the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Order, until the annual filings have been completed. The guidelines, among other things, require the company to issue biweekly default status reports, by way of a news release, so long as the annual filings have not been filed, and these will also be filed on SEDAR+.

About Pasinex Resources Ltd.

Pasinex Resources is a Toronto-based mining company that owns 50 per cent of Horzum Maden Arama ve Isletme Anonim Sirketi, through its 100-per-cent-owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi. Horzum AS holds 100 per cent of the producing Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc smelters and or refiners through commodity brokers from its mine site in Turkey. The company also holds a 51-per-cent interest, with an option to increase to an 80-per-cent interest of a high-grade zinc exploration project, the Gunman project, located in Nevada. Pasinex has a strong technical management team with many years of mineral exploration and mining project development experience. Pasinex Resources' mission is to explore and extract high-grade ore to drive growth and wealth for all of its stakeholders including shareholders, employees and the communities of its operations, meeting all requirements in safety, health and the environment.

We seek Safe Harbor.