Mr. Ernest Mast reports

PPX MINING PROVIDES OPERATIONAL AND CORPORATE UPDATE

PPX Mining Corp. has provided an operational and corporate update highlighting successive record monthly net profit interest (NPI) results in November and December, 2025, at its Callanquitas mine, as well as a leadership transition at the board level.

Operational update

Following the previously reported record performance in October, 2025, PPX continued to deliver strong operational results at the Callanquitas mine, operated by its mining partner, Proyectos La Patagonia SAC. In November, 2025, PPX earned NPI of 7.2 million Peruvian sol ($2.9-million), exceeding the October monthly record. Performance improved further in December, 2025, with PPX earning NPI of 8.7 million Peruvian sol ($3.5-million), representing the highest monthly NPI achieved by the company to date.

As a result of this sustained operational strength, total NPI earned by PPX during the 2025 calendar year amounted to 38.1 million Peruvian sol ($15.3-million), marking a record annual result and underscoring the strong cash-generating capacity of the company's flagship Igor project.

For the full 2025 calendar year, the Callanquitas operation generated total revenues of 129.5 million Peruvian sol ($52.4-million), with a gross profit of 66.8 million Peruvian sol ($26.9-million). Pretax earnings for the year totalled 62.2 million Peruvian sol ($25.1-million), reflecting consistent operational execution and favourable mining conditions throughout the year.

Ernest Mast, president and chief executive officer of PPX Mining, commented:

"The record NPI results achieved in November and December, following an already strong October, demonstrate the strength and scalability of the Igor project and the consistency of our operating partner at Callanquitas. Delivering $15-million in NPI during 2025 is a significant milestone for PPX and validates our strategy of building a high-margin, cash-generating operation. With strong operating momentum, continued progress on our processing plant and high-grade drill targets, we are entering 2026 in a very solid financial and operational position."

On the development front, PPX continues advancing construction of its carbon-in-leach (CIL) and flotation processing plant, with several key components now in final installation stages. Once commissioned, the plant is expected to materially reduce mining, transportation and processing costs, while enabling higher throughput, improved metallurgical recoveries and enhanced operational efficiency, supporting the next phase of growth at the Igor project.

Corporate update

The company also announces that Brian Imrie will step down from his executive role as executive chairman and will continue as chairman of the board of PPX Mining, effective immediately. This transition reflects the company's evolution into a cash-generating producer and aligns with best practices in corporate governance.

Mr. Imrie has played a pivotal role in guiding PPX through a period of significant transformation, including strengthening the company's balance sheet, advancing construction of key infrastructure, and positioning PPX for sustained operational and financial growth. The board of directors thanks Mr. Imrie for his leadership and continuing commitment to PPX as chairman.

We seek Safe Harbor.