What Pasinex Resources does

Pasinex Resources Limited is a Toronto-headquartered, CSE- and Frankfurt-listed junior mining company (CSE: PSE; FSE: PNX) that produces and explores high-grade zinc in mineral-rich districts of Türkiye and Nevada. Its core operating asset is the Pinargözü Zinc Mine in Adana Province, Türkiye, in production since 2014 and currently producing direct shipping ore (DSO) zinc sulfide product at average grades of approximately 49% zinc through underground mining using multiple adits. The company applies a Carbonate Replacement Deposit (CRD) exploration model developed across the 80-kilometer Horzum Zinc Trend, supported by more than 70,000 meters of drilling and 644 drill holes at Pinargozu since 2014, with handheld XRF analyzers used for grade control. Pasinex is advancing the Sarıkaya Zinc Project (100% owned following 2025 acquisition of Aydın Teknik) toward near-term production, holds the Akkaya exploration property along the HZT, and maintains a 51% interest in the Gunman Project in Nevada.

The company generates revenue exclusively through the sale of zinc DSO product to zinc smelters and refiners, transacted via commodity brokers at prevailing market prices, with no fixed-pricing contracts disclosed. Total 2023 sales revenue was $8.4M USD on 7,979 tonnes sold, down 53.4% from $17.9M in 2022 due to both lower volumes and lower zinc prices; 2023 gross margin was 42%. In 2025 the company consolidated full ownership of the Pinargözü operator (Horzum A.Ş.) and the Sarıkaya license holder (Aydın Teknik), ended its 50/50 joint venture with Akmetal AS, and closed multiple over-subscribed private placements alongside insider-led debt conversions to fund Sarıkaya development and Pinargozu expansion. Customers are exclusively industrial zinc smelters and refiners purchasing DSO for further metallurgical processing; the company reports a single customer segment with no named end-buyer disclosure in the available data.

Name

Pasinex Resources

Legal name

Pasinex Resources Limited

Website

https://pasinex.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Pasinex Resources is a Toronto-listed junior miner (CSE: PSE) producing high-grade direct-shipping zinc ore from its Pinargözü Mine in Türkiye and advancing the Sarıkaya project, selling to zinc smelters via commodity brokers.

Ownership category

akta.pro rank

Product category

Zinc Mining and Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Copper, Nickel, Lead, and Zinc Mining (212230), Metal Ore Mining (2122), Coal and Other Mineral and Ore Merchant Wholesalers (42352)

SIC

Miscellaneous Metal Ores (1090), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Concentrates & Intermediate Feedstocks Marketing (Concentrates, Cathodes, Anodes, Alumina) (IMAKAJAJ)

akta.pro secondary industry

Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

Keywords

• Zinc mining operations
• Mineral exploration services
• Direct shipping ore
• High-grade zinc sulfide
• Carbonate replacement deposits

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Zinc Product Sales: Pasinex generates revenue through the sale of high-grade zinc sulfide and zinc oxide products from its Pinargozu mine. The company sells directly to zinc smelters and refiners via commodity brokers. Revenue is transaction-based, derived from the tonnage and grade of zinc product sold.
2. Zinc Sulfide Product: Primary revenue stream from selling high-grade zinc sulfide product with average grades of approximately 49% zinc. The mine produces direct shipping ore (DSO) that requires no additional processing before sale.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Pasinex Resources is a zinc-focused mining company that produces and sells high-grade zinc sulfide and zinc oxide direct shipping ore (DSO) from its producing Pinargozu Zinc Mine in Adana Province, Türkiye (average ~49% zinc sulfide grade). The company also advances the Sarıkaya Zinc Project in Kayseri Province toward near-term production, and holds the Gunman zinc exploration project in Nevada, USA (51% interest) and the Akkaya exploration property along the Horzum Zinc Trend. Products are sold directly to industrial zinc smelters and refiners via commodity brokers.

Product overview

Pasinex Resources is a zinc-focused mining company operating primarily in Türkiye and Nevada, USA. The company's portfolio consists of the producing Pinargozu Zinc Mine (high-grade zinc sulfide/oxide DSO operation), the development-stage Sarıkaya Zinc Project (near-term production target with 100% ownership), the Nevada-based Gunman exploration project (51% interest), and the Akkaya exploration property. The company sells high-grade zinc products directly to smelters and refiners via commodity brokers.

Differentiator

Problem solved

Functional benefit

Products and services

• Pinargozu Zinc Mine Operating high-grade zinc mine located 28km north of Kozan, Türkiye in the Taurus mountain range. Produces both zinc oxide and zinc sulfide direct shipping ore (DSO) with average grades of 48-49% zinc sulfide product. Mine has been in production since 2014. Product is sold to industrial zinc smelters and refiners via commodity brokers.
• Sarıkaya Zinc Project High-grade carbonate-hosted zinc project in Kayseri Province, Türkiye with zinc grades ranging from 30% to 50%. Near-term production opportunity positioned for Q1-Q2 2026 mining start with 100% ownership secured. Targets the same CRD-style zinc mineralization as the producing Pinargozu mine.
• Gunman Project (Spur), Nevada USA High-grade zinc exploration project located near Bald Mountain gold mine in White Pine County, Nevada, USA. Features both limestone-hosted zinc oxide mineralization and black shale-hosted zinc sulfide discoveries with grades of 5-33% zinc. Held at 51% interest through an option agreement with Cypress Development Corp. and Caliber Minerals Inc.
• Akkaya Zinc Project Zinc exploration property located 1.5km north of Pinargozu Mine along the Horzum Zinc Trend in Adana Province, Türkiye. Exploration-stage project targeting CRD-type zinc mineralization similar to the producing Pinargozu deposit.

Quantifiable outcome

• Average zinc sulfide grade of 49% achieved in Q3 2023
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Akmetal AScoreStrategic or Co-development Partner · 1 January 201250/50 joint venture partner in Horzum AS (Horzum Arama ve İşletme AŞ), the operating entity for the Pinargozu mine. Akmetal is a large Turkish mining company and historical operator of the adjacent Horzum Zinc Mine. Pasinex transferred its exploration properties into the JV, combining Pasinex's technical expertise with Akmetal's mining infrastructure capabilities.
• Cypress Development Corp.minorStrategic or Co-development PartnerOption agreement partner for the Gunman (formerly Spur) zinc exploration property in Nevada, USA. Pasinex has reached agreements with Cypress and Caliber Minerals to change terms relating to the earn-in option agreement, extending the deadline for minimum exploration expenditures.
• Caliber Minerals Inc.minorStrategic or Co-development PartnerPartner in the Gunman zinc project option agreement in Nevada alongside Cypress Development Corp. Involved in renegotiating terms of the earn-in option agreement.
• Aydın Teknik Madencilik ve İnşaat Sanayi ve Ticaret A.Ş.coreStrategic or Co-development PartnerCompany holding the Sarikaya zinc project license. Pasinex Arama entered into an Option and Purchase Agreement in October 2024 to acquire 100% of Aydın Teknik for US$2.6M, with US$350,000 paid by August 2025. MAPEG approval received for share transfer, securing full ownership of the Sarikaya project.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Lundin Mining Corporation: Mid-tier diversified base-metals miner with zinc (Neves-Corvo, Zinkgruvan) and copper operations producing zinc/copper concentrates. Comparable in producing-base-metals model and DSO/concentrate offtake to smelters, though at materially larger scale.
• Hudbay Minerals Inc. Diversified base-metals producer with zinc and copper concentrate output sold to smelters. Comparable in producing zinc concentrate and operating multiple regional mining assets, though with broader geographic and commodity diversification.
• InZinc Mining Ltd: Canadian junior with a focus on CRD-type and carbonate-hosted zinc exploration and development targets. Comparable in geological targeting (carbonate-hosted/CRD zinc systems) and project-development stage, though without a producing asset.
• NorZinc Ltd: Canadian-listed small-cap company focused primarily on zinc (Prairie Creek project). Comparable in business model: a single-asset, development-stage zinc operator targeting high-grade underground production and direct concentrate offtake to smelters.

Broad incumbents

• Boliden AB: Major integrated zinc miner and smelter operator producing zinc concentrate for its own and third-party smelters. Comparable in integrated zinc mining/smelting and concentrate-offtake model, though at vastly larger scale and with European asset base.
• Teck Resources Limited: Major diversified miner with significant zinc concentrate production (Red Dog, Antamina) and integrated smelting. Comparable as a zinc concentrate producer and seller to smelters, but operates at much larger scale across multiple commodities.
• Glencore plc: World's largest zinc miner and one of the largest zinc smelter operators globally. Comparable as a major zinc mine/concentrate producer with integrated trading business, operating at a fundamentally larger scale than Pasinex.
• MMG Limited: Major global zinc and copper miner with producing zinc mines (Las Bambas, Kinsevere, Dugald River). Comparable in producing zinc concentrate for global smelter offtake, with broader base-metals portfolio and substantially larger scale.

Emerging players

• Fireweed Metals Corp: Canadian junior focused on zinc and base-metals exploration projects in Canada. Comparable as a junior zinc-focused explorer developing high-grade base-metals assets, targeting eventual concentrate offtake to smelters.
• Hannan Metals Ltd: Junior exploration company focused on CRD-type zinc-silver discoveries in a mineralized belt. Comparable in geological focus on carbonate-hosted/CRD zinc systems and junior exploration stage, though without producing assets.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/pasinex
• Facebookfacebook.com/pasinex
• LinkedInlinkedin.com/company/pasinex-resources-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pasinex Resources