PPX Mining Announces 2022 Production from Callanquitas
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX MINING ANNOUNCES 2022 PRODUCTION FROM CALLANQUITAS
Toronto – February 27, 2023 – PPX Mining Corp. (the “ Company ” or “ PPX ”) is pleased to announces
the 2022 production results of its Callanquitas Uni t, currently operated by Proyectos La Patagonia S.A.C .
(“PLP”), as follows:
Calendar
Quarter
Tons
Production
Gold Ounces
Produced
Silver Ounces
Produced
*Gold Eq. Ounces
Produced
Q1-22 11,160.59 3,293.60 38,676.20 3,788.93
Q2-22 10,445.04 3,023.15 33,927.81 3,433.74
Q3-22 10,394.1 3,094.89 45,234.51 3,599.73
Q4-22 12,232.46 3,599.47 51,754.81 4,229.17
Total 2022 44,232.20 13,010.64 169,593.33 15,051.57
Grade of Callanquitas
During 2022, Callanquitas produced ore with gold an d silver content never seen before, exceeding our
expectations. Gold grades improved by 2 g/t, while silver grades doubled compared to 2021.
Given the record grades experienced in 2022 and in conjunction with diamond drilling from underground
mine, carried out by PLP, management expects this trend to continue for the current year.
Calendar
Years
Average Au
Grade g/t
Average Ag
Grade g/t
2021 9.99 117.86
2022 11.98 244.71
Production of Callanquitas
In 2022, Callanquitas produced its highest production of gold equivalent ounces since the start of exploitation
in 2016, being 15,051.57 Oz Au Eq. This increase wa s possible due to the high silver grades, achieving an
increase of 94,579 ounces over 2021:
Calendar
Years
Tons
Production
Gold Ounces
Produced
Silver Ounces
Produced
*Gold Eq.
Ounces Produced
2021 52,718.63 13,320.13 75,014.27 14,341.43
2022 44,232.20 13,010.64 169,593.33 15,051.57
* Gold Eq.: Oz Au produced + oz Ag produced x (average cost per ounce of Ag for the year / average cost per ounce of Au for the year)
This production represented proceeds to the Company in the order of PEN (1) 24.25 million (CAD$ 8.24 (2)
million), from which the Company has already collec ted PEN 10.39 million (CAD$ 3.52 (2) million), in
addition to PEN 11.78 million (CAD$ 4.00 (2) million) collected during 2022 from production rel ated to the
previous calendar year. The Company expects to con tinue receiving proceeds from the Callanquitas
operation.
(1) PEN, Peruvian Nuevo Sol (local currency).
(2) Foreign Exchange PEN:CAD$ 0.3396 (2022 average).
John Thomas, Chief Executive Officer comments “In 2022, the Callanquitas operating unit delivered
excellent results despite its current high-cost str ucture and political challenges in Peru. New Manage ment
is fully committed to optimize the existing operati on, develop Portachuelos and materially improve its
working capital”.
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.
All scientific and technical information in this pr ess release has been reviewed and approved by John
Thomas, P. Eng., who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
John Thomas
Chief Executive Officer
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 or man agement estimates. Forward-looking statements are
statements that relate to future events. In this co ntext, forward-looking statements often address exp ected
future business and financial performance and often contain words such as “anticipate,” “believe,” “pl an,”
“estimate,” “expect,” and “intend,”, statements tha t an action or event “may,” “might,” “could,” “shou ld,”
or “will” be taken or occur, or other 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 materially from those stated
or implied in forward-looking statements due to many various factors. Such uncertainties and risks include,
among others, delays in obtaining or inability to o btain required regulatory approvals in connection w ith
this transaction. Although the Company believes tha t the expectations reflected in the forward-looking
statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the
forward-looking statements will be achieved or occu r. The timing of events and circumstances and actua l
results could differ materially from those projecte d in the forward-looking statements. Accordingly, o ne
should 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, whe ther as a result of new information, future events or
otherwise, unless required by law.