PPX Mining Provides Operational Update
NEWS RELEASE
PPX MINING PROVIDES OPERATIONAL UPDATE
Toronto – May 5, 2026 – PPX Mining Corp. (TSX.V PPX ; BVL PPX) (the “Company” or
“PPX”) is pleased to announce strong unaudited operational results for the calendar quarter ended
March 31, 2026, from its Callanquitas Mine operatio n at the Igor Project in La Libertad, Peru.
These results were achieved despite challenging operating conditions during the quarter, including
heavy rainfall in the region and transportation res trictions caused by elevated water levels in the
Chicama River, which impacted bridge access to the site.
During the first calendar quarter of 2026, PPX cont inued to deliver strong financial performance
at Callanquitas, building on the record results achieved during the fourth quarter of 2025. For the
three months ended March 31, 2026, the Callanquitas operation generated total revenues of PEN
61.8 million (CAD$ 23.5 (1) million), with gross profit of PEN 43.8 million (CAD$ 16.7 (1) million),
representing a gross margin of approximately 71%.
Pre-tax earnings for the quarter totaled PEN 42.8 m illion (CAD$ 16.3 (1) million), reflecting
continued high-margin performance and disciplined cost control at the operation. Net income for
the quarter amounted to PEN 31.1 million (CAD$ 11.8(1) million).
PPX’s 75% net profit interest (“NPI”) for the quarter amounted to PEN 23.3 million (CAD$ 8.9 (1)
million). These results represent a strong start to the 2026 calendar year and further demonstrate
the cash-generating capacity of the Igor Project.
Ernest Mast, President and CEO of PPX Mining Corp., commented: “The first quarter results
demonstrate that PPX has carried its strong 2025 op erating momentum into 2026. Generating
CAD$ 8.9 million in NPI in the first three months o f the year is an important result for the
Company and reinforces the strength of the Callanqu itas operation. These results provide PPX
with a solid financial foundation and positions the Company to advance its strategic priorities,
while delivering continued value to shareholders.”
On the development front, PPX is preparing to initi ate its 2026 exploration program (see press
release dated April 28, 2026), with a dual focus on expanding its oxide resource base while also
advancing the delineation of sulphide resources. Th e sulphide exploration component is fully
funded through the Company’s strategic partnership with Glencore, underscoring continued
support for the advancement of PPX’s longer-term resource growth strategy.
(1) Average exchange rate 1 CAD = 2.63 PEN
On behalf of the Board of Directors
Ernest Mast
President and Chief Executive Officer
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) accept s responsibility 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 test results, future plans or management
estimates. Forward-looking statements are statements that relate to future events. In this context,
forward-looking statements often address expected future business and financial performance and
often contain words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,”,
statements that an action or event “may,” “might,” “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 man y various factors. Such uncertainties and
risks include, among others, delays in obtaining or inability to obtain required regulatory
approvals in connection with this transaction. Alth ough the Company believes that the
expectations reflected in the forward-looking state ments are reasonable, the Company cannot
guarantee that the events and circumstances reflect ed in the forward-looking statements will be
achieved or occur. The timing of events and circums tances and actual results could differ
materially from those projected in the forward-look ing 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 publicly revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by law.