PPX Mining Announces TSX Venture Exchange Approval and Effectiveness of the Restructuring of Its GOLD and Silver Purchase Agreement with Rivi Opportunity Fund LP

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NEWS RELEASE; TSX.V PPX; BVL PPX

PPX MINING ANNOUNCES TSX VENTURE EXCHANGE

APPROVAL AND EFFECTIVENESS OF THE

RESTRUCTURING OF ITS GOLD AND SILVER PURCHASE

AGREEMENT WITH RIVI OPPORTUNITY FUND LP

Toronto – May 17, 2023 – PPX Mining Corp. (the “ Company ” or “ PPX ”) is pleased to announce

that, further to its news release issued on February 21, 2023, it has received the final approval of the

TSX Venture Exchange (the “ TSXV ”) in respect of the amended and restated gold and silver

purchase agreement (the “ Amended and Restated GPA ”) with RIVI Opportunity Fund LP

(“ RIVI ”), whereby the Company and RIVI have agreed to restructure the Company’s streaming and

payment obligations under the original gold and silver purchase agreement dated October 10, 2016

between the Company and RIVI, as amended (the “ Original GPA ”). The amendments made in the

Amended and Restated GPA were subject to the receip t of the approval of the TSXV, which has

now been obtained.

The TSXV approval was also made in respect of the issuance by the Company to RIVI of a secured

convertible debenture in the principal amount of US $5,399,946 (the “ Convertible Debenture ”).

The Convertible Debenture will mature on the third anniversary of the date of issue and bears

interest at a rate of 5% per annum, payable semi-an nually. RIVI may convert all or any part of the

principal amount outstanding into common shares in the capital of the Company (the “ Shares ”), at

a conversion price of US$0.04 per Share (subject to adjustment), subject to a restriction on any

conversion which would result in RIVI owning, on a post-conversion basis, more than 19.9% of the

outstanding Shares without the approval of the TSXV . The obligations under the Convertible

Debenture will be secured by the same security pack age granted under the Original GPA (which

continue under the Amended and Restated GPA).

For further details regarding the amendments made t o the Original GPA that are incorporated into

the Amended and Restated GPA (including with respec t to removal of default net smelter returns

royalties and a restructuring of the delivery oblig ations under the stream to align with the

Company’s circumstances), please refer to the Compa ny’s news release issued on February 21,

2023.

About PPX Mining Corp:

PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Cana dian-based mining company with assets

in northern Peru. Igor, the Company’s 100%-owned fl agship gold and silver project, is located in

the prolific Northern Peru gold belt in eastern La Libertad Department.

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On behalf of the Board of Directors

Brian Imrie

Executive 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) accept s responsibility for the adequacy or

accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information:

This press release contains forward-looking informa tion and forward-looking statements

(collectively, “ forward-looking statements ”) as such terms are defined by applicable securiti es

laws, including, but not limited to statements rega rding the expected benefits of the Amended and

Restated GPA to the Company and its business. Forward-looking statements are statements that

relate to future events. In this context, forward-l ooking statements often address expected future

business and financial performance and often contain words such as “anticipate,” “believe,” “plan,”

“estimate,” “expect,” and “intend,”, statements tha t an action or event “may,” “might,” “could,”

“should,” or “will” be taken or occur, or other sim ilar 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 cont rol, and the Company’s actual results could

differ materially from those stated or implied in f orward-looking statements due to many various

factors. Although the Company believes that the exp ectations 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 occur. The timing of events and

circumstances and actual results could differ materially from those projected in the forward-looking

statements. Accordingly, one 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 publi cly revise any forward-looking statements,

whether as a result of new information, future events or otherwise, unless required by law.