Mr. Brian Imrie reports

PPX SUBSCRIBES BINDING COMMITMENT FOR US$ 6 MILLION DEBT FACILITY

Yesterday, the board of directors of PPX Mining Corp. passed a resolution authorizing management to subscribe to a binding term sheet for a $6-million (U.S.) debt facility received on Sept. 15, 2023, from a shareholder and control person of the company, as defined in the policies of the exchange, to finance most of the capital cost of the CIL (carbon-in-leach) and flotation plant that the company intends to build to process the oxides and sulphides currently mined from its high-grade Callanquitas mine, located in La Libertad, Peru.

The key terms of this financing are as follows:

• $6-million (U.S.) total debt facility to be disbursed in four tranches.
• 11.75-per-cent annual interest rate.
• 1.5-year grace period, paying only interest, to cover the construction and commissioning periods.
• Three-year principal amortization period, following the grace period.
• The facility will be administered through a trust structure that will guarantee the repayment of the loan obligations. In addition, other trusts will be established to ensure the construction financing flow, and to protect the surface rights and shares of the Peruvian subsidiary holding the construction and processing permits.
• Total and partial prepayments are authorized with no penalties.
• Certain conditions precedent are applicable to this transaction, including TSX Venture Exchange approval.
• A 3-per-cent finder's fee payable in shares of PPX Mining is applicable to this transaction.

Brian Imrie, executive chairman, commented: "We are delighted to subscribe to this binding commitment with our major shareholder. This funding will allow us to start building the planned processing plant as soon as the amendment of our current construction permit is received which, in addition to the exceptional terms of the financing, it provides a strong vote of confidence in the company's Igor project."

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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