PPX Intercepts High-Grade Gold, Silver, and Copper at Callanquitas, Including 20.04 g/t Au over 0.85 m and 2251 g/t Ag With 3.0% Cu over 0.90 m

PPX Mining Corp. (PPX) has released the initial results from its 2026 underground diamond drilling program at the Callanquitas Mine in Peru. The program focused on the Tension vein and the Callanquitas East zone, utilizing underground drill chamber 4. The company reported data from three holes: CA-26-31, CA-26-32, and CA-26-33. While CA-26-33 contains partial results, the final 74 meters are pending.

Key reported intercepts include:

• CA-26-31 Tension vein sulfide: 3.20 m at 2.21 g/t Au, 693.7 g/t Ag, 1.01% Cu from 56.70 m, including 0.90 m at 5.84 g/t Au, 2251.0 g/t Ag, 3.01% Cu.
• CA-26-31 new oxide zone: 1.50 m at 5.28 g/t Au, 10.4 g/t Ag from 111.9 m.
• CA-26-31 Callanquitas East oxide: 6.15 m at 1.50 g/t Au, 12.6 g/t Ag from 222.60 m, including 0.60 m at 4.31 g/t Au.
• CA-26-32 Tension vein sulfide: 16.75 m at 1.21 g/t Au, 101.6 g/t Ag, 0.14% Cu from 82.40 m, including 0.80 m at 6.92 g/t Au, 654.0 g/t Ag, 1.69% Cu.
• CA-26-32 Callanquitas East oxide: 7.10 m at 0.99 g/t Au, 2.5 g/t Ag from 213.20 m, including 1.00 m at 2.88 g/t Au.
• CA-26-33 Tension vein sulfide: 10.60 m at 3.26 g/t Au, 132.6 g/t Ag, 0.04% Cu from 151.00 m, including 0.85 m at 20.04 g/t Au, 240.0 g/t Ag, 0.27% Cu.

PPX Mining Corp. (PPX) is a small producer with an operating Callanquitas mine, a 75% non-controlling interest (NPI), and a market capitalization of roughly C$234 million. The company is currently constructing a 350 tpd carbon-in-leach (CIL) and flotation plant, with Glencore holding a 9.9% strategic stake.

The latest drill results confirm mineral continuity and a modest extension of the Callanquitas East oxide zone to depth. While these findings are supportive of a future resource update, they do not materially change the existing reserve resources, mine life, or plant economics. For a producer at this stage, near-mine drill results generally do not re-rate the equity unless they trigger such material changes.

The market previously saw higher-grade results from the Tension vein in 2024-2025. The stock has since round-tripped from roughly C$0.48 to C$0.17 and back to C$0.26, meaning the prior bonanza is not currently embedded as a high bar. This release is not a disappointment against current expectations, but it is also not a new discovery.

The expected share price impact is likely modest and short-lived, with no expectation of a 15%+ move from this release alone.

PPX Mining Corp. is a Canadian-listed precious metals producer and explorer that owns the 100%-held Igor Project in the La Libertad region of northern Peru. Its operating asset is the Callanquitas underground Au-Ag mine, from which the company receives 75% of gross profit via a Net Profit Interest.

A 350 tpd carbon-in-leach and flotation plant is currently under construction to replace third-party processing, a move intended to improve recoveries and reduce costs. Exploration activities span Callanquitas East, Callanquitas West, Portachuelos, Domo, and Tesoros.

The current NI 43-101 resource covers Callanquitas West only, listing the following measured and indicated resources:

• 663,700 t at 3.80 g/t Au, 137 g/t Ag, and 4.70 g/t AuEq

And the following inferred resources:

• 759,000 t at 3.72 g/t Au, 103 g/t Ag, and 2.79 g/t Au
• 278 g/t Ag split between oxide and sulfide

Glencore holds 9.9% of common shares and retains life-of-mine concentrate offtake rights.