Mr. Ian Atacan reports

PASINEX SECURES PATH TO 100% OWNERSHIP OF SARiKAYA ZINC PROJECT

Pasinex Resources Ltd.'s Turkish subsidiary, Pasinex Arama ve Madencilik A.S., has signed an addendum to the option and share purchase agreement with Abdullah Aydin, advancing Pasinex Arama toward full ownership of the Sarikaya zinc project in Kayseri province, Turkey.

The revised agreement provides a clear pathway to complete the share transfer of Aydin Teknik Madencilik ve Insaat Sanayi ve Ticaret A.S., holder of the Sarikaya operating licence to Pasinex Arama, while aligning payments with project milestones.

The transfer of the shares in Aydin Teknik from Abdullah Aydin to Pasinex Arama are subject to approval by Turkey's General Directorate of Mining and Petroleum Affairs (MAPEG) and other customary corporate and registration steps. Upon receipt of approvals and completion of registrations, Pasinex Arama will own 100 per cent of Aydin Teknik and Sarikaya licence.

Key terms of the addendum agreement

• Pursuant to the option and share purchase agreement dated Oct. 18, 2024, an amount of $2.25-million (U.S.) remains payable by Pasinex Arama.
• Pasinex Arama will make a $250,000 (U.S.) payment by Sept. 30, 2025, triggering the transfer of 100 per cent of the shares of Aydin Teknik with MAPEG approval.
• A pledge of $2-million (U.S.) will be placed over the shares, with the balance to be paid in staged instalments through June 30, 2027.

Next steps

Following completion of the share transfer, Aydin Teknik will become wholly owned by Pasinex Arama. Pasinex Arama through Aydin Teknik plans to continue extending the existing adit to access the newly identified high-grade zone (grading approximately 30 to 50 per cent zinc) identified by Aydin Teknik in 2025. This work will be undertaken by the mining management team from Horzum, now wholly owned by Pasinex Arama, as announced on Sept. 11, 2025. The company plans to begin adit work in Q4 2025 and commence mining in Q1 to Q2 2026.

In parallel, Pasinex Arama, through Aydin Teknik, will initiate systematic mapping, sampling and a geophysical survey of high-grade zinc outcrops and geological structures to define drill targets and identify prospective locations for additional adits. This exploration program, managed by Pasinex Arama and Thalex Geological Services, will support the development of a refined geological model of the Sarikaya project. The model will guide a more detailed development plan and set the stage for underground drilling and an expanded mining strategy in subsequent phases.

Unlocking the potential of Sarikaya

The Sarikaya project is an exciting and high-potential addition to Pasinex's zinc portfolio. Sarikaya is a carbonate-hosted zinc system showing numerous indicators of large, high-grade mineralization. Located near Develi, in central Turkey in an area with a long mining history, Sarikaya is approximately 300 kilometres from the port of Mersin and a similar distance to the city of Adana. In addition, the project is approximately a two-hour drive from the existing Pinargozu mine.

Management commentary

Aydin Sen, general manager and exploration manager of Pasinex Arama, stated: "Sarikaya hosts high-grade, carbonate-hosted zinc mineralization with strong potential for direct shipping to refineries requiring little processing. The mineralization is fault-controlled and locally occurs in karstic open-space fillings along faults. No modern geological survey or systematic exploration has been conducted at Sarikaya to date. Instead, primitive mining followed high-grade sulphide zinc veins exposed at surface. Iron cap, barite, lead and zinc mineralization outcrops along a one-kilometre-long fault, which remains unmapped and undrilled. These features indicate significant discovery potential. In addition, certain areas within the existing adit have already exposed high-grade zinc that is accessible for the production of direct shipping material. Applying advanced exploration techniques and strategic planning will be critical to fully unlocking the project's value.

Dr. Larry Seeley, executive chairman of Pasinex, added: "The signing of this addendum marks an exciting major step forward for Pasinex in securing and advancing Sarikaya. This project is highly complementary to our operations at Pinargozu and aligns perfectly with our strategy of building a portfolio of exceptional high-grade zinc deposits in Turkey. With Sarikaya licence holder Aydin Teknik and Horzum A.S. now on track for full ownership, we are advancing on multiple fronts -- strengthening our financial capability, building on our production capability and successes, advancing exploration with our experienced geological team and positioning Pasinex to deliver growth. We see Sarikaya as a cornerstone project with the potential to generate significant long-term value for our shareholders."

About Pasinex Resources Ltd.

Pasinex Resources is a growing, zinc-focused mining company based in Toronto, Canada. Through its wholly owned subsidiary, Pasinex Arama, the company owns 100 per cent of Horzum A.S. Horzum A.S. owns and operates the producing Pinargozu high-grade zinc mine in Turkey, selling directly to zinc smelters and refiners via commodity brokers.

Pasinex also holds a 51-per-cent interest in the Gunman project, a high-grade zinc exploration project located in Nevada. Additionally, Pasinex recently secured an option to acquire a 100-per-cent interest in the Sarikaya licence, a Group IV lead-zinc operating licence in Kayseri province, Turkey, representing significant potential for near-term profitability and major zinc discoveries. Led by a seasoned management team with extensive experience in mineral exploration and mine development, Pasinex's mission is to explore and extract high-grade ore, driving growth and creating value for shareholders, employees and local communities, while maintaining the highest standards of safety, health and environmental responsibility.

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