PPX drills 0.7 m of 18.91 g/t Au at Callanquitas West

Mr. John Thomas reports PPX OBTAINS WIDE THICKNESSES EXPLORATION RESULTS IN CALLANQUITAS BRECCIAS WITH UP TO 18.91 G/T AU AND 1420.0 G/T AG PPX Mining Corp. is continuing its 4,300-metre (m) diamond drilling program in co-ordination with Proyectos La Patagonia S.A.C. (PLP), a partner company. This program is being conducted underground, within two drilling chambers. The first drilling chamber, No. 5, is designed to test the Callanquitas West breccia with drill hole CA-25-17. The second drilling chamber, No. 4 (historical DDH CA-24-07), is aimed at testing Callanquitas East and the sulphide veins/breccias with three drill holes: CA-25-18, CA-25-19 and CA-25-20. Drill hole CA-25-20 has returned partial results, with assays from the final 60 m still pending. Drill hole CA-25-20 has identified three mineralized zones. The most significant includes an interval of 3.55 grams per tonne (g/t) gold (Au) and 205.5 g/t silver (Ag) over 4.2 m, including 5.16 g/t Au and 306.0 g/t Ag over 2.0 m. Additional assay results from the last section of this hole are pending. Drill hole CA-25-19 also intersected three mineralized zones, with the best interval returning 3.18 g/t Au and 257.7 g/t Ag over 11.1 m, including 5.62 g/t Au and 428.0 g/t Ag over 5.2 m. Drill hole CA-25-18 intercepted a mineralized section grading 1.53 g/t Au and 86.3 g/t Ag over 0.4 m. At Callanquitas West, drill hole CA-25-17 intersected mineralization grading 5.00 g/t Au and 142.0 g/t Ag over 0.70 m (see table 1). Drill hole CA-25-20 is located in the mixed-sulphide zone, CA-25-19 in the oxide-mixed-sulphide zone, CA-25-18 in the oxide zone and CA-25-17 in the oxide zone. See intersections of the mineralized zones summarized in table 1. The drill hole CA-25-17 intercepted the Callanquitas West structure, located in the northern area of the historical drilling, and carried out in 2017 and 2024. The intercept of CA-25-17 is located 100 m below the drill hole CA-25-11 and 100 m south of CA-25-13. The intercept from drill hole CA-25-17 confirmed the continuity of the Callanquitas West breccia, grading 5.00 g/t Au and 142.0 g/t Ag over 0.7 m. The drill hole CA-25-17 confirms the significant mineralization in this northern area at 3,100 m above sea level, demonstrating approximately 300 m of mineralization trending from the surface. Callanquitas West consists of several hydrothermal breccia events and faults that were mineralized at different periods, and includes quartz arenites, siltstones, sandstones and dacites. The hydrothermal alteration is predominantly sericite-quartz in these rocks. The mineralization, drilled by the drill hole CA-25-17, is within mineralized Fe (iron) oxides. These iron oxides are located in the matrix of the hydrothermal breccia and replaced by more than 10 per cent goethite and limonite. In addition, some of the sections are totally replaced by iron oxides. The mineralization in CA-25-17 continues at depth about 100 m down from the drill hole CA-25-11 and 100 m to the south of CA-25-13. Holes CA-25-18, CA-25-19 and CA-25-20 were drilled from the chamber No. 4, located at an elevation of 2,960 m above sea level, and intercepted the Callanquitas East structure and tensional veins with sulphide and mixed minerals. The intercepts of the three drill holes are located near the drill hole CA-24-07. The drill hole CA-25-18 is located 15 m from CA-24-07, and intercepted 0.54 g/t Au and 83.2 g/t Ag over 2.5 m on the Callanquitas East breccia zone, predominantly iron oxides. No sulphides were intercepted. The drill hole CA-25-19 intercepted three mineralized sections, the Callanquitas East breccia zone and two tensional sections. The grades are 3.18 g/t Au and 257.7 g/t Ag over 11.1 m, including 8.32 g/t Au and 566.2 g/t Ag over 2.5 m (mixed zone), 1.94 g/t Au and 121.8 g/t Ag over 3.8 m, including 4.31 g/t Au and 290.0 g/t Ag over 1.3 m (mixed zone), and 3.87 g/t Au and 3.9 g/t Ag over 1.7 m (oxide zone). The drill hole CA-25-20 intercepted three mineralized zones; the assay results from the first two mineralized zones are reported and the third mineralized zone at depth has missing assay results (sulphide zone). The grades are 1.95 g/t Au and 239.2 g/t Ag over 8.6 m, including 5.16 g/t Au and 306.0 g/t Ag over two m (mixed zone), and 1.00 g/t Au and 103.5 g/t Ag over 9.20 m, including 2.56 g/t Au and 207.0 g/t Ag over 1.1 m (sulphide zone). All the diamond drill holes are drilled in HQ3 (63.5 millimetres (mm)), drilled in the underground mine. The mineralization intercepted by these three drill holes (CA-25-18, CA-25-19 and CA-25-20) is the Callanquitas East breccia and the hydrothermal tensional veins. Callanquitas East consists of several hydrothermal breccia events and faults that were mineralized at different stages, and composed of quartz arenites, siltstones, sandstones and dacites. The hydrothermal alteration is predominantly sericite-quartz in these rocks with fine pyrite, and crystallized mineralization is matrix-filled and fracture-filled, and limonite and goethite are lacking. PPX, in co-ordination with PLP, agreed to sample the mineralized structure in these drill holes, sampling the tensional breccia/vein and the Callanquitas breccia structure, as well as its adjacent host rock. The sampling was prioritized for these four drill holes. Sampling and all results from drill holes CA-25-17, CA-25-18 and CA-25-19 are complete and presented in this news release. However, the drill hole CA-25-20 is partially received and the results from the final 60 m are pending. The samples are being processed at the SGS Peru laboratory. John Thomas, chief executive officer of PPX Mining, commented: "Deep drilling from chamber 4 reveals several mineralized structures with very wide thicknesses and significant Au and Ag grades. The presence of mixed mineralization zones brings us closer to pure sulphides. Hole CA-25-19 is an example of very thick, high-grade holes. These holes will help us define the orientation of the new drilling, and, in turn, define the potential in the Callanquitas breccia and tensional sulphide veins located in this area. The company is still seeking to replicate the results of hole CA-24-07 to determine grade continuity in this area." Core sampling and QA/QC (quality assurance/quality control) protocols PPX geologists collect diamond drill core samples of HQ3 (63.5mm) at the start of the drill holes to depths of 200 m to 250 m and when drilling is difficult change to NQ3 (45 mm). The geologists collect diamond drill core samples immediately following geological and geotechnical logging. Samples are collected based on natural fractures and their geological characteristics based on their individual runs. Samples are separated by obvious geological boundaries, such as rock types, mineralization styles and hydrothermal alterations. Samples are collected by cutting the core in half, using a diamond saw. The second half is retained for future review analysis, future studies and reference. Samples are sealed, labelled and stored in a secure area before shipment to SGS laboratories in Trujillo-Lima, Peru. Gold analyses are performed using a fire assay and atomic adsorption/gravimetry, and silver ICP-multiacid (inductively coupled plasma). Blanks, standards and duplicate are inserted approximately every five samples; duplicate fire assay tests approximately every 30 samples and is sent to a second laboratory for reanalysis. About PPX Mining Corp. PPX is a Canadian exploration and development company with assets in northern Peru. The company's 100-per-cent-owned Igor gold and silver project is located in the prolific northern Peruvian gold belt in the department of La Libertad. PPX is pursuing a two-pronged strategy to further develop and explore project Igor. The Callanquitas structure is open along strike and at depth. Parallel structures have not yet been explored. The new discoveries in Portachuelos in 2018, as well as the exploration targets in Domo and Tesoros, show that the Igor project is becoming a district-scale project with multiple deposits and mineralized zones. Evaluating mineral development alternatives in parallel with exploration drilling will provide dual catalysts for growth and increased shareholder value. All scientific and technical information contained in this news release has been reviewed and approved by Eddy Canova, PGeo, external consulting geologist of PPX Mining, who is a qualified person within the meaning of National Instrument 43-101. We seek Safe Harbor.