Mr. John Thomas reports

PPX DRILLING OF CALLANQUITAS WEST CONFIRMS THE CONTINUITY OF THE MINERALIZED BRECCIA

In January, 2024, the first six diamond drill holes directed at PPX Mining Corp.'s Callanquitas West were completed, totalling 515.6 metres from an underground drilling chamber. Partial results for the first two holes, CA-23-01 and CA-23-04, were reported in the press release dated Jan. 10, 2024, which included 2.55 metres with grades of 8.14 g/t gold (Au) and 88 g/t silver (Ag) and 1.15 metres grading 8.74 g/t Au and 58 g/t Ag, respectively.

This release covers results from the last five drill holes, including the completion of hole CA-23-04. Hole CA-23-02 intercepted Callanquitas West with 1.8 metres at a grade of 2.24 g/t Au and 24.7 g/t Ag; hole CA-23-03 intercepted the tension structure with 1.85 at 3.29 g/t Au and 55.6 g/t Ag. Results from hole CA-23-04 were partially reported in the Jan. 10 press release and have now been completed, with 5.9 metres and grades of 4.57 g/t Au and 94.5 g/t Ag; hole CA-05-23 intercepted Callanquitas West with 2.1 metres at 2.8 g/t Au and 41.1 g/t Ag; and hole CA-24-06 intercepted Callanquitas West with 1.55 metres grading 2.5 g/t Au and 68 g/t Ag. All drill holes started from the same underground drilling chamber.

The attached table shows the generalized sections of the last five drillings with details of orientation and negative dip.

All drill holes intercepted the Callanquitas West structure and are located in the northern area of the historic drilling, carried out in 2017. The location of these new intercepts is located more than 50 metres north of the drill hole CA-12-67 and 50 metres below the drill hole CA -17-91.

The interceptions of the six drill holes confirmed the continuity of Callanquitas West and its tension structure, in addition to the mineralization with significant grades of gold and silver. These grades seen in the table demonstrate that mineralization extends and continues in this area.

Callanquitas West consists of several hydrothermal brecciation events and faults that were mineralized at different stages, cutting quartz sandstones, siltstones and dacites. The hydrothermal alteration is predominantly sericite -- quartz in these rocks. The mineralization is drilled by six drill holes (CA-23-01 to 06) and the mineralization is with iron oxides (FeOx). This FeOx is located in the matrix of this hydrothermal breccia and is replaced by more than 20 per cent of goethite and limonite and in addition some sections are completely replaced by FeOx and few sections with a fault breccia.

PPX, in co-ordination with PLP, carried out the current drilling program, targeting the Callanquitas West breccia and adjacent host rock.

In the longitudinal section, you can see that the mineralization north of Callanquitas West is open along strike (north) and depth. The six drill holes demonstrate continuity and will assist in planning future drilling in this area.

John Thomas, chief executive officer of PPX Mining, commented: "The drilling program carried out provides good information to continue drilling at Callanquitas West, showing the continuity of the mineralized breccia.

"The company is designing a second phase of drilling at Callanquitas for the first quarter of 2024, with the objective of defining the definitive geometry of the gold and silver mineralization."

Core sampling and QA/QC (quality assurance/quality control) protocols: PPX geologists collect core diamond drill core samples immediately following geological and geotechnical logging. Samples are collected based on natural fractures and their geological characteristics based on their individual runs. Samples are separated by obvious geological boundaries such as rock types, mineralization styles and hydrothermal alteration associations. Samples are collected by cutting the core in half, using a diamond saw. The second half is retained for future review analysis, future studies and reference. Samples are sealed, labelled and stored in a secure area before shipment to SGS laboratories in Trujillo-Lima, Peru. Gold and silver analyzes are performed using a fire assay method with CN solution.

About PPX Mining Corp.

PPX Mining is a Canadian exploration and development company with assets in northern Peru. The company's 100-per-cent-owned Igor gold and silver project is located in the prolific northern Peruvian gold belt in the department of La Libertad. PPX is pursuing a two-pronged strategy to further develop and explore Project Igor. The Callanquitas structure is open along strike and at depth. Parallel structures have not yet been explored. The new discoveries in Portachuelos in 2018, as well as the exploration targets in Domo and Tesoros, show that the Igor project is becoming a district-scale project with multiple deposits and mineralized zones. Evaluating mineral development alternatives in parallel with exploration drilling will provide dual catalysts for growth and increased shareholder value.

We seek Safe Harbor.