Mr. Ian Atacan reports

PASINEX COMPLETES SALE OF HIGH-GRADE ZINC SULPHIDE MATERIAL AND PROVIDES PINARGOZU OPERATIONS UPDATE

Pasinex Resources Ltd. has completed the sale of approximately 525 dry metric tonnes of high-grade zinc sulphide material produced by its wholly owned subsidiary Horzum AS in Turkey.

The sale completes the tender process announced by the company on Aug. 6, 2026. The material was sold to an international buyer. Commercial terms of the transaction are confidential.

Pasinex is a producing junior mining company generating cash to support its resource development and exploration activities in known mineralized regions of Turkey. It is using a combination of drilling and underground development to define zones suitable for production with the aim of increasingly financing this expansion from cash generated internally through zinc sales.

High-grade zinc with germanium and silver

The material sold is an approximately 525 DMT lot previously disclosed by the company on Aug. 6, 2026. The assay results reported for the material were as follows.

Element      Assay  

Zinc         46.2%  
Germanium    228 ppm 
Silver       86.0 g/t
Sulphur      25.4%  

The company's last sale in January, 2026, demonstrated similarly significant germanium and silver content, with final assays of 50.15 per cent zinc, 272 parts per million germanium and 95.1 grams per tonne silver. The results from successive sales demonstrate the recurring presence of germanium and silver within the high-grade zinc sulphide material produced at Pinargozu.

The market environment for zinc has strengthened materially over the past year. London Metal Exchange three-month zinc reached a new four-year high of $1.81 (U.S.) per pound in early September, 2026, compared with approximately $1.35 (U.S.) per pound in the fall of 2025, an increase of roughly one-third. According to Reuters, global mined zinc production fell 2.6 per cent year over year in the first half of 2026, compared with earlier expectations for 0.3-per-cent growth. Low LME inventories and intense smelter competition for concentrates have also driven treatment charges to historically low levels, signalling a tightening market for Western buyers.

Germanium prices also remain at historically strong levels. On Sept. 10, 2026, 99.99-per-cent-germanium metal in Rotterdam warehouses were reported at approximately $10,000 (U.S.) per kilogram.

For illustrative purposes, applying the September reference prices to the previously disclosed assay results gives a theoretical gross contained metal value of approximately $4,300 (U.S.) per DMT, comprising approximately $1,843 (U.S.) of zinc, $2,280 (U.S.) of contained germanium and $177 (U.S.) of silver per DMT. However, as the company stated previously, most zinc smelters worldwide are not equipped to recover silver and germanium. Therefore, the amounts it could realize from sales at the present time will be lower than the theoretical value. Considerable work is being undertaken to address this issue by smelters, traders and producers, and it would expect that, in the near future, more of the value inherent in the production will be captured.

This calculation is presented solely to illustrate the potentially significant contribution of contained germanium and silver to the overall metal value of the material. It is not an estimate of sales proceeds, recoverable value, revenue or profitability. The germanium reference price relates to refined germanium metal and does not represent the value payable for germanium contained in zinc ore. Actual recoveries, payability, processing requirements, treatment and refining charges, and other commercial deductions can materially reduce realized value.

Pasinex continues to work with processors, laboratories and potential customers to evaluate routes for obtaining greater commercial recognition for the germanium and silver contained in its zinc material.

Pinargozu production and mine development

Mine development and production preparation have continued at Pinargozu since the company's Aug. 6 update. Production is starting at nine different levels in the Pinargozu mine from both new and established production areas. Over the past several weeks, mine production has commenced increasing on-site stockpiles to approximately 110 tonnes of high-grade zinc sulphide material and 125 tonnes of high-grade zinc oxide material. The company is in the process of preparing approximately 125 tonnes of zinc oxide material for crushing and independent sampling for a September/October sale, with monthly sales of zinc oxide material forecast going forward.

Importantly, development at the plus-663 level has reached the mineralized zone previously intersected by drilling. Ground support work is being completed ahead of planned production from this area. At the plus-685 level, development toward another production area has also progressed, with drainage and ground support work under way.

Development is focused on establishing additional working areas and improving production resilience. The plus-410 project main drive has advanced approximately 85 metres, with the first drill location heading advancing approximately 36 metres while the T1 exploration drift has reached approximately 78 metre.

Health and safety

Pasinex continues to prioritize safe mine development and production. As of the end of August, the Pinargozu operation had recorded 605 lost-time-free days and approximately 75,464 lost-time-free man-hours. First aid and rescue training, a ground collapse emergency drill, and statutory equipment and electrical inspections were completed during the first week of September.

Management commentary

Dr. Larry Seeley, executive chairman of Pasinex, commented: "Completing this sale is another important step in building a consistent market for the high-grade material produced at Pinargozu. We are particularly encouraged by the combination of high zinc grades and recurring germanium and silver content demonstrated in our recent sales.

"The significant contained value of germanium highlights an opportunity that has historically received limited recognition in the pricing of our material. Our objective is not only to increase the tonnes we produce, but also to maximize the value we receive from every tonne by developing relationships with customers and processors capable of recognizing these additional metals.

"At the same time, development at Pinargozu is opening additional production areas. Reaching the previously identified mineralized zone at the plus-663 level, advancing the plus-410 project and progressing other production areas are all part of our strategy to develop a more resilient and consistent production base.

"With zinc prices at their strongest levels in several years, we believe the combination of high-grade zinc, low-capital-intensity mine development, and the additional potential value of germanium and silver provides Pasinex with a compelling platform for growth."

Qualified person

Jonathan Challis, a fellow of the Institute of Materials, Minerals and Mining and a chartered engineer, is the qualified person as defined by National Instrument 43-101 for all scientific and technical information contained in this news release, excluding information relating to the Gunman project. Mr. Challis has reviewed and approved the scientific and technical information contained herein. Mr. Challis is a director of the company and chair of Pasinex Arama.

Cautionary note regarding production

The company's production decision at the Pinargozu mine is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Pinargozu was placed into production without first establishing mineral reserves supported by an NI 43-101 technical report and completing a feasibility study.

The development and operation of a mine without established mineral reserves and a feasibility study involve a higher degree of economic and technical risk and uncertainty. Historically, mining operations placed into production without first establishing mineral reserves supported by a technical report and completing a feasibility study have a much higher risk of economic or technical failure.

Accordingly, there is increased uncertainty regarding the economic and technical viability of the Pinargozu operation. Actual results, including ore grades, production levels, operating costs, mine life, profitability, geological continuity and mining conditions, may differ materially from the company's estimates and expectations.

About Pasinex Resources Ltd.

Pasinex is a growing, zinc-focused mining company based in Toronto, Canada. Its wholly owned subsidiary, Horzum AS, owns and operates the producing Pinargozu high-grade zinc mine in Turkey.

Pasinex also owns 100 per cent of Aydin Teknik AS, holder of the Sarikaya group IV lead-zinc operating licence in Kayseri province, Turkey, and holds a 51-per-cent interest in the Gunman project, a high-grade zinc exploration project located in Nevada.

Led by an experienced management team with extensive experience in mineral exploration and mine development, Pasinex is focused on acquiring, developing and operating high-grade zinc assets while maintaining high standards of safety, health and environmental responsibility.

We seek Safe Harbor.