PPX Mining Appoints Ernest Mast as President and CEO and Announces Stock Option Grants
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX MINING APPOINTS ERNEST MAST AS PRESIDENT AND CEO AND
ANNOUNCES STOCK OPTION GRANTS
Toronto – December 22, 2025 – PPX Mining Corp. (TSXV: PPX; BVL: PPX; “ PPX ” or the “ Company ”)
is pleased to announce the appointment of Mr. Ernes t Mast as President and Chief Executive Officer,
effective Monday January 12, 2026. In addition, the Company announces the granting of stock options to
certain key management members of its Peruvian subsidiaries.
Mr. Mast is a senior mining executive with over 35 years of experience throughout the Americas, with
extensive expertise in precious, base, and critical metals. He has previously served as President and Chief
Executive Officer or Managing Director of Cygnus Me tals, Doré Copper Mining, Primero Mining, and
Minera Panama, a subsidiary of Inmet Mining. Mr. Ma st led the successful public listing of Doré Copper
Mining and its subsequent combination with Cygnus Metals, creating a dual-listed precious, base, and critical
metals company. Earlier in his career, he spent more than 20 years with Noranda, Falconbridge, and Xstrata,
holding operational, technical and executive roles at multiple mines and metallurgical plants across t he
Americas. Mr. Mast currently serves on several mini ng company boards, is fluent in Spanish and French,
and holds Bachelor’s and Master’s degrees in Metall urgical Engineering from McGill University, as well as
Executive MBA degrees from Henley Management School (U.K.) and the Pontificia Universidad Católica
de Chile. As President and Chief Executive Officer, Mr. Mast will lead PPX into its next phase of
development following Glencore’s strategic acquisition of a 9.9% equity interest in the Company, positioning
PPX for growth supported by the funding received th rough this transaction and the advancement of the
Company toward the commencement of commercial production during 2026.
As at the same effective date, the Company also announces that Mr. John Thomas, who has served as Interim
Chief Executive Officer of PPX since the third quarter of 2022, will transition into the role of Chief Operating
Officer and will continue in this position through the completion and commissioning of the Company’s
Callanquitas processing plant. Mr. Thomas has playe d a critical leadership role during a pivotal phase of
PPX’s development, providing steady executive overs ight, operational discipline, and hands-on leadersh ip
in Peru. His deep understanding of the Company’s as sets, construction strategy, and operating partners has
been instrumental in advancing plant development and maintaining operational momentum. In his new role
as Chief Operating Officer, Mr. Thomas will focus o n execution, construction readiness, and operationa l
ramp-up, ensuring the plant is delivered safely, on schedule, and to the high technical standards required for
long-term success.
Brian Imrie, Executive Chairman of PPX, commented: “On behalf of the Board, I would like to sincerely
thank John Thomas for his exceptional leadership an d commitment during his tenure as Interim Chief
Executive Officer. John guided PPX through a critical period of transition, reinforced operational discipline,
and played a central role in advancing plant constr uction and positioning the Company for production. We
are grateful for his continued leadership, now as C hief Operating Officer, where his deep operational
expertise and execution focus will remain invaluable.
We are also delighted to welcome Ernest Mast as Pre sident and Chief Executive Officer. Ernie brings a
combination of operational excellence, capital markets experience, and international leadership that is ideally
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suited to PPX at this stage of its evolution. With Glencore now as a strategic shareholder and construction
well advanced, Ernie’s leadership will be instrumental as we advance toward commissioning and commercial
production.”
The Company also announces that it has granted an a ggregate of 3,450,000 stock options of the Company
(the “Stock Options”) to certain key management mem bers of the Company’s Peruvian subsidiaries. Each
Stock Option vests immediately and entitles the hol der to acquire one common share of the Company at a n
exercise price of CAD$0.295 per share, exercisable until December 22, 2035.
The Stock Options were granted pursuant to the Comp any’s rolling 10% equity incentive plan, which was
approved by the shareholders of the Company at its annual and special meeting held on December 18, 2025.
The Company believes that these grants align the in terests of management with those of shareholders an d
support the continued advancement of PPX’s operational and growth objectives.
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
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policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.