PPX Mining Announces Second Debenture Conversion BY Rivi
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX MINING ANNOUNCES SECOND DEBENTURE CONVERSION BY RIVI
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Toronto – June 17, 2025 – PPX Mining Corp. (“PPX” o r the “Company”) is pleased to announce that
RIVI Opportunity Fund LP (“RIVI”) has opted to conv ert additional US$250,000 principal amount of its
current 5.00% secured convertible debenture of the Company, issued in connection with a restructuring of the
Company’s gold and silver purchase agreement with R IVI, as described below. The partial conversion wil l
result in the issuance of 6.25 million common shares of the Company being issued to RIVI. On April 23, 2024
RIVI converted US$500,000, obtaining at that time 1 2.5 million shares. As at to date, RIVI has conver ted
18.75 million common shares of the Company.
As announced by the Company on February 21, 2023, R IVI and the Company entered into an amended and
restated gold and silver purchase agreement which r estructured the Company’s streaming and payment
obligations. As part of that restructuring, the Company issued to RIVI a 5.00% secured convertible debenture
for an aggregate principal amount of US$5.40 million, to package past liabilities. The convert has a 36-month
maturity with one bullet payment at the end of the term.
On May 16, 2023 the TSX Venture Exchange approved t he transaction. During the same year, the Company
pre-paid US$1 million of the principal amount.
As part of the terms, RIVI can convert totally or p artially this facility at US$0.04 per share, subjec t to a
restriction if any conversion would result in RIVI having beneficial ownership of, or control or direction over,
directly or indirectly 20% or more of the Company’s outstanding shares, without TSX Venture Exchange
approval.
On March 6, 2025, the Company negotiated with RIVI the deferment of the maturity date from February 21
2026 to December 31, 2026 as a preventive measure to avoid having the maturity of this liability during plant
commissioning.
Following the conversion, the outstanding principal balance of the convertible debenture is reduced to
US$3.65 million.
Brian Imrie, Executive Chairman of PPX commented, “we are pleased by RIVI’s decision to partially convert
again this debenture. We appreciate RIVI’s partnership, support and its commitment to PPX’s long-term goal”.
John Menzies, Managing Partner of RIVI Capital comm ented “as a long-term financial partner and member
of the Board of PPX, RIVI’s enthusiasm for the prog ress being made at PPX, both financially and
fundamentally, continues to grow. The opportunity t o increase our investment in PPX via an additional
conversion was an obvious decision. In considering the upside potential of the PPX assets, RIVI is elated and
humbled to be part of the journey as a key stakeholder.”
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:
Brian Imrie
Executive Chairman
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.