PPX Mining Appoints Ernest Mast as President and CEO and Announces Stock Option Grants

Executive Summary

• Ernest Mast appointed President and Chief Executive Officer effective 12 Jan 2026, bringing 35 years of senior mining experience.
• Interim CEO John Thomas transitions to Chief Operating Officer, continuing oversight of the Callanquitas processing plant construction and commissioning.
• The Company granted 3,450,000 stock options (CAD $0.295 exercise price, exercisable through 22 Dec 2035) to key management of its Peruvian subsidiaries under a rolling 10% equity incentive plan.

Key Details

• CEO Appointment: Ernest Mast will assume the President & CEO role on 12 Jan 2026; his background includes leadership at Cygnus Metals, Doré Copper Mining, Primero Mining, and Minera Panama.
• COO Transition: John Thomas moves from Interim CEO (since Q3 2022) to Chief Operating Officer, focusing on execution, construction readiness, and ramp‑up of the Callanquitas processing plant.
• Strategic Context: Appointment follows Glencore’s strategic acquisition of a 9.9% equity interest in PPX, providing additional funding for advancing toward commercial production in 2026.
• Stock Option Grant: 3,450,000 options issued to key Peruvian subsidiary managers; each option allows purchase of one common share at CAD $0.295, vesting immediately, exercisable until 22 Dec 2035.
• Equity Incentive Plan: Grants made under the Company’s rolling 10% equity incentive plan approved by shareholders on 18 Dec 2025.

Notable Quotes

“We are delighted to welcome Ernest Mast as President and Chief Executive Officer… With Glencore now as a strategic shareholder and construction well advanced, Ernie's leadership will be instrumental as we advance toward commissioning and commercial production.” – Brian Imrie, Executive Chairman