PPX Mining Receives Remaining US$637,000 Payment From SCR Under Silver Royalty Agreement

The most recent news release, dated 2025-10-16, states that PPX Mining Corp. has received the remaining US$637,000 payment from Silver Crown Royalties Inc. (SCR) under their Silver Royalty Agreement. This payment represents the remainder of the second and final tranche initially outlined in the December 13, 2024, agreement and subsequently amended on July 31, 2025. The proceeds will support the ongoing construction of the carbon-in-leach (CIL) and flotation plant at the Company's Igor project in La Libertad, Peru. As a result of this final payment, the royalty percentage for silver production from the Igor 4 mining concession has increased by 3.9% to a final total of 15%, and the total aggregate payable ounces of silver increased by 58,500 to a final total of 225,000 ounces. To date, 2247 ounces of silver equivalent have been paid. The CEO, John Thomas, commented that this final payment is a milestone, strengthens the balance sheet, and confirms commitment to advancing the Igor project towards near-term production.

This news is a routine positive development that signals the successful completion of a previously announced financing arrangement. The US$637,000 cash infusion is a direct positive for PPX Mining's balance sheet and provides capital for the ongoing construction of the Igor processing plant. This payment was previously deferred and restructured (as per the August 1, 2025, news), with the remaining amount due by December 31, 2025. Receiving it on October 16, 2025, is slightly ahead of the deferred schedule, which is a positive aspect.

However, the completion of this payment also triggers the full 15% silver royalty and the aggregate 225,000 payable ounces, which was an expected term of the agreement upon full payment. While increasing the royalty burden, this was a known condition to secure critical project funding.

Coming shortly after the binding Letter of Intent with Glencore (announced October 6, 2025), which involves a significant strategic equity investment, a life-of-mine offtake agreement, and technical collaboration, this Silver Crown payment, while beneficial, is not as materially impactful. The Glencore deal is a transformative "game changer" for PPX, validating its project and significantly de-risking its future. The Silver Crown payment is a supplementary piece of the broader financing puzzle that reinforces the company's capital position for plant completion, but does not fundamentally alter the company's long-term outlook in the way the Glencore partnership does. It's in line with previous expectations, with a minor improvement in timing.

PPX Mining Corp. (TSX.V:PPX, BVL:PPX) is a Canadian mining company focused on advancing its Igor gold and silver project in La Libertad, Peru. The Company's primary asset is the Igor project, which hosts the Callanquitas gold-silver deposit. The flagship initiative is the development and construction of a 350-tonne-per-day (tpd) carbon-in-leach (CIL) and flotation plant at the Igor project. This plant is designed to process both oxidized and sulphide gold-silver bearing ore from the Callanquitas mine, with an estimated completion date of December 2025 and commissioning expected by year-end 2025. Currently, PPX operates the Callanquitas mine through a mining assignment agreement with Proyectos La Patagonia SAC (PLP), which processes high-grade material through third-party facilities, generating Net Profit Interest (NPI) income for PPX. The new plant aims to significantly reduce mining, transportation, and processing costs, enhancing profitability and expanding production capacity.