Mr. Brian Imrie reports

PPX MINING FILES Q2 2023 FINANCIAL STATEMENTS SHOWING IN FULL THE IMPACT OF ITS FINANCIAL RESTRUCTURING

PPX Mining Corp. has filed its March 31, 2023 (fiscal Q2 2023), financial statements and MD&A (management's discussion and analysis), showing in full the impact of its financial restructuring led by the new management of the company, with the most important highlights being the following:

• Cash and receivables at $7.6-million, versus $2.7-million on Sept. 30, 2022 (fiscal year-end 2022 audited financial statements).
• $15.6-million increase in working capital on the first six months of fiscal 2023, or $4.3-million working capital versus negative $11.3-million on Sept. 30, 2022.
• $5.4-million (U.S.) gold and silver purchase agreement restructuring with RIVI Opportunity Fund LP (RIVI). Under the new agreement, and among other important changes, the company entirely satisfied its outstanding debt with RIVI by the issuance of a secured convertible debenture to RIVI. The convertible debenture will mature on the third anniversary of the date of issue and bears interest at a rate of 5 per cent per annum, payable semi-annually. RIVI may convert all or any part of the principal amount outstanding into common shares in the capital of PPX at a conversion price of four U.S. cents per share, subject to regulatory conversion restrictions. See the Feb. 21 and May 17, 2023, press releases.
• A convertible note and several promissory notes outstanding for a total of $2.2-million (U.S.) were settled and converted into common shares in the capital of PPX at a 36.5-per-cent premium. See the Nov. 8, 2022, press release.
• Settled $1-million (U.S.) obligation with former employees and a former director of the company.
• Settled and closed the acquisition of a key block of surface rights, totalling 399 hectares, covering the principal area of the Igor project, a transaction that was outstanding for several years due to certain challenges. See the March 15, 2023, press release.

Brian Imrie, executive chairman, commented: "New management at PPX has been able to successfully deliver a comprehensive financial restructuring of the company. This filing marks an inflection point for us and constitutes the basis for our growth plans."

About PPX Mining Corp.

PPX Mining is a Canadian-based mining company with assets in northern Peru. Igor, the company's 100-per-cent-owned flagship gold and silver project, is located in the prolific northern Peru gold belt in eastern La Libertad department.

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