Pasinex Announces Anticipated Late Filing of 2023 Annual Filings

TORONTO, April 22, 2024 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (the “Company” or “Pasinex”), announces today that the Company is anticipating a slight delay in filing its annual financial statements and accompanying management's discussion and analysis for the year ended December 31, 2023 (the "Annual Filings"), by the filing deadline on April 29, 2024 (the "Filing Deadline"), 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 Türkiye 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 Türkiye 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 (the "MCTO"). 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 bi-weekly 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+.