PPX Mining Announces Additional Convertible Debenture Conversion BY Rivi Opportunity Fund
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX MINING ANNOUNCES ADDITIONAL CONVERTIBLE DEBENTURE
CONVERSION BY RIVI OPPORTUNITY FUND
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Toronto – June 15, 2026 – PPX Mining Corp. (“PPX” o r the “Company”) is pleased to announce that
RIVI Opportunity Fund LP ("RIVI") has elected to convert an additional US$1,216,648.68 principal amount
of its outstanding secured convertible debenture of the Company. The conversion will result in the iss uance
of approximately 30.42 million common shares of PPX to RIVI.
As announced on February 21, 2023, PPX and RIVI ent ered into an amended and restated gold and silver
purchase agreement that restructured the Company's streaming and payment obligations. The transaction
received approval from the TSX Venture Exchange on May 16, 2023. Under the terms of the debenture, RIVI
may convert all or a portion of the outstanding pri ncipal at a conversion price of US$0.04 per share, subject
to a limitation that prevents any conversion that would result in RIVI beneficially owning or controlling 20%
or more of PPX's outstanding common shares without prior approval of the TSX Venture Exchange. As part
of that restructuring, PPX issued a 5.00% secured c onvertible debenture to RIVI in the principal amoun t of
US$5.40 million, consolidating certain legacy obligations into a single instrument. During the same year, the
Company also voluntarily prepaid US$1.0 million of principal under the debenture.
On March 6, 2025, PPX and RIVI agreed to extend the maturity date of the debenture from February 21, 2026
to December 31, 2026, providing additional financia l flexibility and aligning the remaining obligation with
the Company's development plans.
The current transaction represents RIVI's third exe rcise of its conversion rights under the debenture. RIVI
previously converted US$500,000 of principal on April 23, 2024 and a further US$250,000 on June 17, 2025,
resulting in the issuance of an aggregate 18.75 million common shares of PPX. Following completion of this
transaction, RIVI will have converted a total of ap proximately US$1.97 million of principal into
approximately 49.17 million common shares of the Co mpany. On a post-transaction basis, RIVI will hold
approximately 5.46% of PPX's issued and outstanding common shares on a non-diluted basis.
As a result of this conversion, the outstanding pri ncipal balance of the debenture has been reduced to
approximately US$2.43 million, representing a reduc tion of nearly 55% from the original principal amou nt
through a combination of conversions and principal repayments.
Ernest Mast, President and CEO, commented: "We are very pleased to see RIVI once again demonstrate its
confidence in PPX through this additional conversion. Since the restructuring of our obligations in 20 23, the
Company has made significant progress across all areas of the business, including strengthening our balance
sheet, advancing construction of our processing plant, growing operational cash flow and continuing to unlock
value at the Igor Project. This conversion further reduces our debt obligations and reflects the confidence that
our long-term partners have in the future of PPX."
John Menzies, Managing Partner of RIVI Capital, commented: "RIVI has been a long-term financial partner
of PPX for many years, and we have had the opportun ity to witness firsthand the tremendous progress th e
Company has made since the restructuring transactio n in 2023. The PPX management team has consistently
delivered on its objectives, strengthening the Company's financial position, advancing the development of its
assets and creating meaningful value for shareholders. Our decision to further convert debt into equity reflects
our confidence in the Company's strategy, our trust in the leadership team and our commitment to PPX a s a
long-term partner. We are excited about the opportunities ahead and look forward to continuing to support the
Company's growth and success."
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 of the Company:
Ernest Mast
President & CEO
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities mentioned in this press release have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Secur ities Act”) or any U.S. state securities laws, and may not
be offered or sold in the United States or to, or f or the account or benefit of, United States persons absent
registration or an applicable exemption from the re gistration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. This press r elease does not constitute an offer to sell or the solicitation
of an offer to buy securities in the United States or any other jurisdiction in which such offer, soli citation or
sale would be unlawful.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively,
“forward-looking statements”) as such terms are def ined by applicable securities laws, including, but not
limited to statements regarding future financing an d plans and / or management estimates. Forward-look ing
statements are statements that relate to future events. In this context, forward-looking statements often address
expected future business plans and financial perfor mance and often contain words such as “anticipate,”
“believe,” “plan,” “estimate,” “expect,” and “inten d,”, statements that an action or event “may,” “mig ht,”
“could,” “should,” 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. Suc h
uncertainties and risks include, among others, delays in obtaining or inability to obtain any required regulatory
approvals, if applicable. Although the Company believes that the expectations reflected in the forward-looking
statements are reasonable, the Company cannot guara ntee 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, whether as a result of new information, future events or otherw ise,
unless required by law.