PPX Mining Intersects High-Grade at Callanquitas Sulfide Zone with up to 49.52 g/t Gold, 11,597 g/t Silver and 11.1% Copper

On October 21, 2025, PPX Mining announced high-grade drill results from four holes in the Callanquitas sulfide zone at its Igor Project in Peru. Key intersections included: - CA-25-24: 26.9 meters grading 2.91 g/t gold in the Tension I vein (Sulfide). - CA-25-23: 11.35 meters grading 2.85 g/t gold in the Callanquitas Este (Oxide) zone. The release also highlighted exceptionally high-grade intercepts of up to 49.52 g/t gold, 11,597 g/t silver, and 11.1% copper within the sulfide zones. The CEO stated that these results confirm the continuity of the structure, the consistency of high-grade mineralization, and validate the high-grade nature of the deposit.

This news is Material - Positive. While excellent drill results are always positive, the context and timing of this release amplify its importance significantly.

Just two weeks prior, on October 6, 2025, PPX announced a transformative binding letter of intent (LOI) with mining major Glencore. The Glencore deal includes a strategic C$19.8M equity investment for a 9.99% stake, a life-of-mine offtake agreement for 100% of the precious-metals concentrates (i.e., the sulphide material), and technical collaboration. This was a "Game Changer" announcement that fundamentally de-risked the project's financing and commercialization path.

These new drill results directly validate the asset quality that attracted Glencore. The outstanding high-grade gold, and particularly the very high-grade silver and copper credits, confirm the economic potential of the sulphide mineralization which is the specific product Glencore has agreed to purchase. This provides strong geological confirmation for the investment and offtake partnership, reducing the risk that the sulphide zone would underperform expectations.

Before the Glencore deal, PPX was a company with a distressed balance sheet, funding plant construction through a patchwork of high-cost debt, royalty sales, and dilutive equity placements at low prices. The Glencore LOI provided a critical lifeline and a massive vote of confidence. These follow-up drill results solidify that confidence and demonstrate that the underlying asset has the potential to be a robust, high-grade mine. The market can now look at the sulphide potential with much greater certainty.

PPX Mining Corp. is a Canadian mining company focused on the exploration and development of its flagship Igor Project in La Libertad, Peru. The key asset is the Callanquitas mine, which hosts gold and silver mineralization in both oxide and sulphide forms.

Historically, the company has relied on a mining partner, Proyectos La Patagonia SAC (PLP), to mine the deposit and process the ore at third-party facilities, with PPX receiving a Net Profit Interest (NPI). The company's primary strategic objective is the construction of its own 350-tonne-per-day Carbon-in-Leach (CIL) and flotation plant. This plant is expected to be completed by the end of 2025 and will allow PPX to process its own ore, significantly reduce operating costs, increase its share of profits, and process both oxide and sulphide material.