PPX Mining Restructures Promissory Note

NEWS RELEASE TSX.V PPX; BVL PPX

PPX MINING RESTRUCTURES PROMISSORY NOTE

Toronto – January 18, 2023 – PPX Mining Corp. (the “ Company ” or “ PPX ”) announces that it has

entered into an agreement (the “ Debt Settlement ”) with an arm’s length creditor, as a former emplo yee of

the Company (the “ Creditor ”) to restructure a US$621,128.51 promissory note d ue on March 31, 2023,

that accrues interest at an annual rate of 10%, according to the following terms:

• the Company will pay to the Creditor US$125,000 in cash (the “ First Cash Payment ”) and issue to

the Creditor 7,306,425 common shares of the Company (each, a “ Debt Share ”), at a deemed issue

price of US$0.02 (C$0.0273) per Debt Share, within three business days following the date the

Company has obtained all necessary regulatory appro vals. 5,124,525 Debt Shares (US$102,490.51)

represents a severance payment and 2,181,900 Debt S hares (US$43,638.00) represents a share for

debt settlement. In the event the Company has not o btained all regulatory approvals by February 28,

2023, the First Cash Payment will be due on that date and the Company will have until May 31, 2023

to obtain such regulatory approvals, otherwise, the Debt Share issuance totaling US$146,128.51 will

be payable in cash on or before December 31, 2023;

• on or before May 31, 2023, the Company will pay the Creditor US$125,000 in cash;

• on or before May 31, 2024, the Company will pay the Creditor US$175,000 in cash;

• on or before May 31, 2025, the Company will pay the Creditor US$50,000 in cash; and

• the Creditor agreed to void all interest accrued under the promissory note and terminate the promissory

note.

The issuance of the Debt Shares is subject to the a pproval of the TSX Venture Exchange (the “ Exchange ”).

The Debt Shares to be issued will be subject to a hold period expiring on the date that is four months and one

day after the date of issuance, in accordance with applicable securities laws and the policies of the Exchange.

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 flagship gold and silver project, is located in the prolific

Northern Peru gold belt in eastern La Libertad Department.

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) accepts respo nsibility 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 the completion of the Debt Settlement. Forward-

looking statements are statements that relate to fu ture events. In this context, forward-looking state ments 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 mater ially from those stated or implied in forward-looki ng statements due to many various factors.

Such uncertainties and risks include, among others, delays in obtaining or inability to obtain required regulatory approvals in connection with the

Debt Settlement. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company

cannot guarantee 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.