PPX Mining Reports Second Consecutive Monthly Historical Record of Net Profit Interest Earned at Callanquitas Mine
PPX’s record NPI momentum is offset by plant delays and a working capital deficit that weigh on near-term catalysts.
PPX Mining Corp. reported a second consecutive monthly record Net Profit Interest (NPI) of PEN 14.67 million for May 2026 at its Callanquitas Mine. Year-to-date NPI for 2026 reached PEN 50.56 million, already surpassing the full-year 2025 total of PEN 47.69 million. The trailing twelve-month NPI hit a historical high of PEN 91.41 million.
Average gold grade from the underground Callanquitas East vein was approximately 8.72 g/t Au. February and March production was temporarily constrained by rainy season shipment restrictions, but operations resumed at full speed in April and May. Management announced the commencement of its largest-ever exploration campaign and noted ongoing construction of the new processing plant.
PPX Mining Corp. (PPX) reported strong operational results, characterized by an accelerating non-patentable inventory (NPI) trajectory and elevated grades. Despite this performance, the company’s stock has declined approximately 50% from its October 2025 peak of ~$0.48 to its current level of ~$0.20. This price action suggests the market has already priced in the operational strength and is discounting the company due to liquidity and execution risks.
The recent news did not address the material going concern warning or the ~15 million CAD working capital deficiency flagged in the latest Management’s Discussion and Analysis (MD&A). Given the prior market reaction and the absence of new catalysts beyond operational continuity, the market impact is expected to be limited.
PPX Mining Corp. operates the Igor Project in La Libertad, Peru, centered on the Callanquitas underground mine. The company is transitioning from a third-party processing model to a fully integrated producer with a new 350 tpd CIL and flotation plant under construction.
Key assets include the Callanquitas East/West/South veins, the Portachuelos project, and exploration targets Domo & Tesoros. The project benefits from a strategic partnership with Glencore, which holds a 9.9% stake, provides a life-of-mine offtake agreement, and engages in technical collaboration, alongside a finalized silver royalty with Silver Crown Royalties.
Leadership transitioned to Ernest Mast as CEO and John Thomas as COO in early 2026, focusing on plant commissioning and resource expansion.