PPX Mining Provides Update on Start-up of the Process Plant

• PPX Mining Corp. announced a delay in the start-up of its Igor Project process plant due to the formation of a working group with the Municipality of Huaranchal and local community representatives.
• The working group aims to address stakeholder questions regarding technical and operational matters, specifically clarifying the geotube-based tailings management system.
• Ore from the Callanquitas Mine will continue to be processed at third-party facilities during this delay period.
• Operating performance is expected to remain consistent with recent quarters despite the plant start-up delay.
• Exploration plans for 2026 are not anticipated to change, maintaining focus on expanding oxide resources and advancing sulphide delineation.

• The news represents a negative operational update regarding the timeline for full integration of the processing plant, which was previously expected to lower costs significantly by eliminating third-party processing fees.
• However, the company maintains positive cash flow through existing Callanquitas operations processed externally, mitigating immediate financial distress.
• The delay introduces uncertainty into cost reduction projections and potential revenue growth from higher throughput once the plant is operational.
• Given the strong Q1 2026 profitability (CAD$8.9M NPI), this setback does not threaten solvency but impacts valuation multiples tied to production capacity expansion.

• Company: PPX Mining Corp., focused on gold and silver exploration and production in Peru.
• Flagship Project: Igor Project (Callanquitas Mine) located in La Libertad, Peru.
• Current Status: Operating underground mine at Callanquitas with third-party processing; constructing an integrated Carbon-in-Leach (CIL) and flotation plant for future internal processing.
• Production: Generating consistent Net Profit Interest (NPI), with Q1 2026 reporting CAD$8.9M NPI.