PPX Closes First Tranche of Construction Facility
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX CLOSES FIRST TRANCHE OF CONSTRUCTION FACILITY
Toronto – September 25, 2024 – PPX Mining Corp. (the “ Company ” or “ PPX ”, including its Peruvian
subsidiaries) is pleased to announce that it closed the first tranche of the construction facility (th e “ Loan ”)
provided by its major shareholder and received gross proceeds of US$1,800,000.
On September 19, 2024, PPX received its final const ruction permit to start building a 350 tpd CIL and
Flotation plant at the Igor Project, La Libertad, Peru. The plant will process the oxide and sulphide materials
mined from the Callanquitas Mine. This permit was t he only pending condition precedent to access the
US$6,000,000 Loan arranged for construction purpose s, as announced by the Company in its press release
dated January 2, 2024.
The key terms of this Loan are as follows:
• US$6,000,000 total debt facility to be disbursed in 4 tranches.
• 11.75% annual interest rate.
• 1.5 years grace period, paying only interest, to cover the construction and commissioning periods.
• 3 years principal amortization period, following the grace period.
• The facility will be administered through a trust s tructure that will guarantee the repayment of the
loan obligations. In addition, other trusts will be established to ensure the construction funding flow
and to protect the surface rights and shares of the Peruvian subsidiary holding the construction and
processing permits.
• Total and partial prepayments are authorized with no penalties.
• A 3% finder’s fee in shares of PPX is payable to an arm’s length finder, as compensation for
facilitating the Loan. The common shares issuable to the finder will be subject to a four-month hold
period from the date of issuance in accordance with applicable Canadian securities laws. The Loan
and the finder’s fee remain subject to the final approval of the TSXV.
Brian Imrie, Chairman commented “We are grateful to receive the first tranche of the construction faci lity
arranged with our major shareholder, a clear suppor ter of the project, who granted this facility at at tractive
terms to the Company. Management expects to finaliz e in the following days an agreement with the
construction company that will assist PPX with plant construction.”
The creditor of the Loan is a control person of the Company. Accordingly, the Loan constitutes a relat ed
party transaction pursuant to Multilateral Instrume nt 61-101 – Protection of Minority Security Holders in
Special Transactions (“ MI 61-101 ”). The Company is exempt from the requirement to o btain minority
shareholder approval in connection with the Loan in reliance on the exemption contained in section 5.7(1)(f)
of MI 61-101, as the Company has determined that the Loan contains reasonable commercial terms that are
not less advantageous to the Company than if the Lo an was obtained from an arm’s length party, and the
Loan is not convertible or repayable as to principa l or interest, directly or indirectly, in equity or voting
securities of the Company or its subsidiaries. The formal valuation requirements are not applicable to the
Loan pursuant to section 5.4(1) of MI 61-101. The board of directors of the Company approved the Loan and
no materially contrary view or abstention was expressed or made by any director of the Company in relation
thereto.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Canadian-based mining company with assets in northern
Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Nort hern
Peru gold belt in eastern La Libertad Department.
On behalf of the Board of Directors
Brian Imrie
Chairman
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively,
“ forward-looking statements ”) as such terms are defined by applicable securities laws, including, but not
limited to statements regarding future plans on the Igor Project , statements regarding the terms and
completion of the remaining tranches of the Loan an d entering into an agreement regarding plant
construction . Forward-looking statements are statements that rela te to future events. In this context,
forward-looking statements often address expected f uture business plans and financial performance and
often contain words such as “anticipate,” “believe, ” “plan,” “estimate,” “expect,” and “intend,”, stat ements
that an action or event “may,” “might,” “could,” “s hould,” “would” or “will” be taken or occur, or oth er
similar expressions. Forward-looking statements are subject to a number of known and unknown risks and
uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, and
the Company’s actual results could differ materiall y from those stated or implied in forward-looking
statements due to many various factors. Such uncert ainties and risks include, among others, delays in
obtaining or inability to obtain required regulatory approvals; actual development plans and costs differing
materially from the Company’s estimates; and compliance with complex regulations associated with mining
activities. Although the Company believes that the expectations reflected in the forward-looking statements
are reasonable, the Company cannot guarantee that t he events and circumstances reflected in the forward-
looking statements will be achieved or occur. The t iming of events and circumstances and actual result s
could differ materially from those projected in the forward-looking statements. Accordingly, one shoul d
not place undue reliance on forward- looking statements. All forward-looking statements contained in this
press release are made as of today’s date, and the Company undertakes no obligation to update or publicly
revise any forward-looking statements, whether as a result of new information, future events or otherwise,
unless required by law.