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Resources Limited
Corporate Presentation May 2015 CSE: PSE | FSE: PNX
May 2015 1
Resources Limited
Disclaimer
The information contained in this presentation is provided by Pasinex Resource Limited. (“Pasinex”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Pasinex or other financial products. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The views, opinions and advice provided in this presentation reflect those of the individual presenters, and are provided for information purposes only. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Pasinex nor its directors officers, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Except for statements of historical fact, this presentation contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, including, among others, the accuracy of mineral grades and related assumptions, planned expenditures, proposed exploration and development at the Golcuk Copper/Silver Project, the Horzum Zinc/Lead Project and the Dadak Copper / Gold Project. Pasinex undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. This presentation includes industry, market and competitive position data from industry journals and publications, data on websites maintained by private and public entities, including independent industry associations, general publications and other publicly available information. Pasinex believes that all of these sources are reliable, but we have not independently verified any of this information and cannot guarantee its accuracy or completeness. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Further, because certain of these organizations are industry organizations, they may present information in a manner that is more favourable to the industry than would be presented by an independent source. In addition, forecasts are often inaccurate, especially over long periods of time. References in this presentation to research reports or articles should not be construed as depicting the complete findings of the entire referenced report or article. The information in each report or article is not incorporated by reference into this presentation.
2 May 2015 2 CSE: PSE | FSE: PNX
Resources Limited
Capital Structure
3 May 2015 3 CSE: PSE | FSE: PNX
SHARE STRUCTURE AS OF MARCH 2015
Shares Issued & Outstanding 82.7 M
Warrants 12.2 M
Options 3.1 M
Shares Fully Diluted 98.0 M
52 Week Range $0.05 – $0.17
*>70% of the shares held by management & insiders ** Warrants range from 0.10 CAD to 0.20 CAD; see Appendix *** Options @ 0,14 CAD
Resources Limited
Positioned for Growth in Zinc & Base Metals
Focus on historic zinc belt
in south-east Turkey (Adana)
Pipeline of high grade projects
near historic Horzum Zinc Mine
(around 2 Mt @ 28% Zn)
• Pinargozu (Starter Project)
• Akkaya
DSO High grade zinc
Cash flow in 2015
Low capex
District potential in Horzum area
4
Akmetal visitor group at Pasinex booth, PDAC 2014
May 2015 4 CSE: PSE | FSE: PNX
Resources Limited
Pasinex‘ Corporate Structure
CSE: PSE | FSE: PNX 5 29.05.2015
[Pasinex Resources Ltd.] CSE:PSE
[Pinargozou, Akkaya] Zinc exploration &
production
[Horzum JV] 50/50 with Akmetal
A.S
[Golcuk] 100%
[Pasinex Arama ve Madencilik A.S.] Ankara Office
Resources Limited
Senior Management – Strength in Mining
Steve Williams – President and CEO
• Metallurgy degree and MBA
• Mines in Australia and Canada
• 20 years with SGS in Metallurgy
• Past Managing Director SGS Canada
Clinton Smyth – VP Exploration
• Geology / Geochemistry degree
• Exploration in South Africa, SE Asia
• VP Exploration for Anglo-American
• Exploration in BC with other companies
Team of geologists and in Turkey and Canada
Use of world class consultants
6 May 2015 6 CSE: PSE | FSE: PNX
Resources Limited
Board of Directors
Steve Williams – President, CEO and Chairman
Sven Olsson – 15 years in capital raising for junior exploration
John Barry – Experienced Zn geologist ex CEO Rathdowney Resources
Jonathan Challis – Mining engineer with many Director and senior roles with juniors
Vic Wells – Financial and legal expert was CFO / Director for a number of junior exploration companies
Larry Seeley – ex VP Falconbridge Mining, ex-President Lakefield Research
Joachim Rainer – involved in entrepreneurial finance in Austria
Advisors to the Board
• Gary German – Director Nevsun Resources Ltd
• Gerard Munera – Director Nevsun Resources Ltd
7 May 2015 7 CSE: PSE | FSE: PNX
Resources Limited
Strategic Joint Venture – Akmetal AS
Akmetal AS – large producer of chromite in Turkey and interests in an operating gold and base metal mines in Turkey (through another JV)
Part of the large privately owned Kurmel Group
• interests in dairy, agriculture, mining, textiles, tourism and construction
50 / 50 joint venture - regional exploration for zinc in Adana province
Akmetal brings proven mining experience and wherewithal
Pasinex brings leading technical knowledge
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Resources Limited
Pasinex Projects in Turkey – Zinc Focus at Horzum
9
Large zinc district potential
Turkey is very under-explored particularly for base metals
Infrastructure is very strong in Turkey
Access to major roads, port (Mersin), major airport (Adana), HV electrical
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Resources Limited
Horzum JV Location
10
Horzum zinc district – carbonate replacement zinc
Mineralization on strike with major fault
May 2015 10 CSE: PSE | FSE: PNX
Resources Limited
Horzum Regional Zn Project, Adana
Held by Horzum JV ( 50 / 50 Pasinex and Akmetal)
• A regional Zn project
Carbonate Replacement type (CRD) Zn deposits
Historic zinc mining
• Akmetal’s Horzum mine – around 2 M t of 28% Zn (oxide) from 1974 – 1996
• Small scale mining throughout the area
Major exploration and development underway
• Akkaya shows strong presence of Zn/Pb anomaly
• Pinargozu target for high grade Zn mineralization (+25% Zn)
• Drilling underway in Pinargozu
First Production agreement to sale in December 2014:
• 5,000 tonnes of high grade zinc material (>30%Zn) valued at > U$1M
• 2.4 M lbs Zn mined Jan – April 2015
11 May 2015 11 CSE: PSE | FSE: PNX
Resources LimitedCross Section Through the Old Horzum Zinc Mine Template for Pinargozu
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Mined from mid 1970s to mid 1990s
Indicates the potential of the Horzum region
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Resources Limited
Mine Model of Historic Horzum Mine
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High Grade Zinc Oxide in Cave Structures
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Resources Limited
Drill Success at Pinargozou
14
Planview Pinargozou 3D view looking North
14
Borehole PPU14-15 (2014) intersected 16.80 m @ 39.0% zinc 1.6% lead and 85 g/t silver
Mineralization is open at depth, and at the same stratigraphic level as the Horzum Mine Systems
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Resources Limited
Pinargozu Drilling as of May 2015
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Oblique view, looking north-east, of the mining area at the Pinargozu mine, showing the extent of mining and drilling to May 2015
May 2015
Resources Limited
Conclusions from most recent drill results
From a total of seven surface drill holes completed since late March 2015, five intersected inferred extensions of the mineralized zone previously reported for PPS15_004 and PSS14_008, situated to the north east of recent underground development at Pinargozu Mine.
Some of the results include a 12.3 m intersection in borehole PPS15_013 grading 26.6% zinc, 19.5% zinc over a 7.2 m interval in PPS15_012 and a 4.8 m intersection grading at 21.7% zinc in borehole PSS15_007.
Mineralization intersected in recent boreholes has therefore confirmed the apparent continuation of high-grade zinc mineralization to the north east and to the north at Pinargozu, which is accessible from existing workings;
Continuity of mineralization identified in bore holes PPS15_010 to PPS15_013 is encouraging since these holes were targeting the mineralized zone from a different angle and from a different drill site than that used for previous holes.
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Resources Limited
Small Scale Production at Horzum JV
17 17
As of May 2015 approx. 10,000 t of high grade zinc ore mined
Assayed to date 570 t @34% Zn, 50 g/t Ag
CSE: PSE | FSE: PNX May 2015
Resources LimitedAkkaya – Horzum JV Project . Drilling underway
18
Akkaya
Pinargozu
Horzum
0 5 10 Kilometres
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Resources Limited
Pinargozou Strategy – Deliverables & Budget
Pinargozu status • Two of seven historic adits refurbished along hillside • First Drill Success from level 707: 16.9 m of 39% Zn, 85 gpt Ag • Best intercept 35.5 m at 37.7% Zn (March 2015) • Mineing and stockpile 25 tpd high grade ore (DSO)
To date • Approximately 10,000t of oxide ore mined
at +30% Zn or about 2.5 M lbs contained Zn
Plan 2015 • 3,500 m Drill Program for a target
resource of 1 Mt @ 30% Zn Drill test adjacent Akkaya
• Complete NI 43-101 resource Q3 2015 • Increase mining rate at mine to about double
JV budget until 2015 $2.0 M
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Resources Limited
Golcuk – An Emerging Cu Project
Very Prospective Cu / Ag project • Volcanic Red bed Cu / Manto type Cu deposit • Same style as Keweenaw projects in Michigan
(White Pine mine)
Acquired in September 2012
Option agreement with Eurasian Minerals Inc. • 3,000,000 shares in tranches over 4 years • 2.9% NSR royalty which can be bought down
to 2.0% with $1M in up to 6 years • 100% Pasinex owned
Significant Cu anomalies on the site • Phase 1 Drilling Dec 2012 to Feb 2013 – best hole
nearly 10 m at 3% Cu • Phase 2 drilling confirmed Manto Copper Style
mineralization up to 2% Cu
20 20 CSE: PSE | FSE: PNX May 2015
Resources LimitedGolcuk Project – Golcuk South: Indications of Larger Regional Copper Opportunity
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Figure 1: Copper levels (in percent) in rock samples from Golcuk South. Sampled area 300 m x 700 m
Figure 3: Length-weighted copper averages for channel sampling clusters at Golcuk South, showing three new (November 2013) clusters of channel sampling plotted in red (clusters 11 to 13) of up to 1.4% Cu
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Resources Limited
Future Direction
Next 12 months: drive Pinargozu project to first resource definition and advance Akkaya and Golcuk
Drilling at Horzum region project
• Pinargozu drilling underway – to continue through 2015
• Akkaya drilling in 2015
• NI 43-101 Q3 2015 for Pinargozu (subject to drilling results)
• Akmetal AS drill equipment and crews carrying out current drilling, but will later be complemented with commercial drillers
Drilling at Golcuk property
• Drilling in Golcuk West and South zones in 2015 (Q3 / Q4)
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Resources Limited
Canada Main Office Pasinex Resources Limited Suite 501 133 Richmond Street W Toronto, Ontario M5H 2L3 Tel +1 416 861 9659
Ankara Office, Turkey Koza Sokak 53 / 5 06700 Cankaya, Ankara Tel +90 312 441 1318 Fax +90 312 441 1319
23
Office of President, Canada Tel +1 705 292 8116 [email protected]
General Information
CHF Investor Relations 90 Adelaide Street West Suite 600 Toronto, Ontario M5H 3V9 Cathy Hume Tel +1 416 868 1079 ext.231 [email protected]
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Contact
Resources Limited
Appendix: Warrant overview as of May 2015
CSE: PSE | FSE: PNX 24 29.05.2015
Warrants Expiry Price CAD raised
2.007.150 15/07/02 $0,16 $321.144,00
1.934.615 16/12/11 $0,10 $155.000,00
1.714.500 16-12-19 $0,18 $308.610,00
455.000 17-02-06 $0,18 $81.900,00
3.000.772 17-04-07 $0,12 $360.092,64
724.731 17-04-22 $0,12 $86.967,72
2.746.468 17-08-18 $0,20 $549.293,60
12.583.236 $1.863.007,96
Resources Limited
Appendix: Turkey – A Great Place to be
Pro-business and Pro-mine development • 16th largest economy in the world
• Great infrastructure
• High voltage electricity lines near all Pasinex properties
Up to 30,000 mining licenses available in the next few years • Licenses relinquished by small private Turkish parties - they cant afford to explore
• Available for auction or staking or private deals
Excellent geology, very under explored • Resources of precious and base metals plus chromite, boron, iron ore and coal
Large new mine developments • Includes Eldorado Gold’s Kisladag, Efemcukuru, Koza Gold’s Ovacik & First Quantum’s
Cayeli Bakir mines
Very favorable Capex and Opex cost base (vs Canada, Australia)
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Resources Limited
Appendix: Horzum JV Infrastructure
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Appendix Horzum Template for Next Deposit
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Estimated Historical Production up to 4Mt @ 30% Zn 2/3 Oxide, 1/3 Sulphide Ores
Resources Limited
Appendix Golcuk Project - “Main Zone” Drilling
Best Pasinex Drill Hole 2.97% Cu in 9.7m (January 2013)
• Historic and Pasinex drilling in the Golcuk Main zone
• ‘Manto’ style mineralization
• Mineralization (Cu as chalcoite / bornite with Ag) trends NE
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