Mr. Brian Imrie reports

PPX SIGNS BINDING LETTER OF INTENT WITH GLENCORE FOR STRATEGIC INVESTMENT, OFFTAKE AND TECHNICAL COLLABORATION

After the close of markets on Oct. 3, 2025, PPX Mining Corp. executed a binding letter of intent with Glencore Peru SAC (collectively with Glencore AG) to advance PPX's Igor project in La Libertad, Peru, through a strategic equity investment, a life-of-mine precious-metal concentrate offtake and technical collaboration.

Under the terms of the LOI, Glencore (or an affiliate thereof) will subscribe for 83,786,784 units of PPX or such number of units equal to 9.99 per cent of PPX's issued and outstanding common shares (on an undiluted and postclosing basis) at a price of 23.7 cents per unit (which is the Canadian-dollar equivalent of 17.0 U.S. cents using the Bank of Canada exchange rate on the last reported date prior to the execution of the LOI, being Oct. 2, 2025, of 1.3963). This share price represents a premium of 15.4 per cent to the 30-day volume-weighted average price for PPX's common shares for the period ended Oct. 3, 2025.

Each unit will consist of one common share and one common share purchase warrant. Each warrant shall be exercisable at any time and will entitle the holder thereof to purchase one common share at an exercise price of 28.9 cents per share for a period of 36 months following closing. The securities issued under the private placement offering will have a hold period of four months and one day from the date of issuance.

Up to 25 per cent of the proceeds from the investment will be allocated to plant construction, commissioning and start-up working capital, while the rest will support exploration, permitting, environmental programs, community relations and development of the Igor sulphide areas.

Pursuant to the LOI and concurrent with the closing of the subscription, the company and Glencore will enter into an investor rights agreement. The IRA will grant Glencore customary investor rights, including, among other things, the right to appoint one member to PPX's board of directors as long as it maintains at least a 9.99-per-cent ownership stake in the company, subject to customary protections for the investor with respect to maintaining its ownership interest.

As part of the LOI and concurrent with the closing of the subscription, Glencore Peru will also secure long-term offtake rights for precious-metal concentrates produced from the Igor project. The offtake will be structured to cover 100 per cent of production for the life of mine, ensuring that all concentrates derived from PPX's concessions will be sold to Glencore under agreed commercial principles. This will provide PPX with a guaranteed sales channel and access to Glencore's global marketing network, while offering Glencore consistent supply from a high-quality Peruvian project. The framework will also include provisions for advance payments, competitive settlement terms and flexibility in pricing mechanisms, which will be detailed in the definitive agreements. Dore produced from the Igor project will be excluded from the offtake.

In addition to the financial and commercial aspects, the LOI contemplates technical collaboration through Glencore technology, encompassing tailings retreatment optimization at PPX's carbon-in-leach and flotation plant currently under construction at the Igor project, as well as technical co-operation aimed at operational and recovery enhancements.

The LOI is binding and sets the basis for the parties to execute definitive agreements. The transaction is subject to customary conditions for a deal of this nature, including agreement of final definitive documentation, completion of due diligence, and receipt of all compliance, corporate and regulatory approvals, including the conditional listing approval of the common shares and warrant shares on the TSX Venture Exchange.

Brian Imrie, executive chairman of PPX Mining, commented: "Signing this binding LOI with Glencore is a significant milestone for PPX. The combination of strategic equity, a life-of-mine offtake framework and access to Glencore technology provides a strong platform to advance Igor responsibly and efficiently while aligning our financing and commercialization pathways."

Gonzalo Cabello, Glencore AG, commented, "Through our investment, offtake partnership and technical expertise, we look forward to working with PPX to unlock the full potential of the 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 Peruvian gold belt in eastern La Libertad department. PPX is focused on disciplined growth, responsible development, and long-term value creation for shareholders and local stakeholders.

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