PPX Mining to Modify Contractual Relationship with Current MINE Partner of Callanquitas MINE
NEWS RELEASE TSX.V PPX; BVL PPX
PPX MINING TO MODIFY CONTRACTUAL RELATIONSHIP WITH
CURRENT MINE PARTNER OF CALLANQUITAS MINE
Toronto – July 27, 2023 – PPX Mining Corp. (the “ Company ” or “ PPX ”) is pleased to announce that
yesterday it has signed a term sheet with its curre nt mining partner, Proyectos La Patagonia (“ PLP ”), to
modify their contractual relationship, which includ es the term extension of the mining operation in th e
Callanquitas Mine.
PLP has been operating through an Assignment Contra ct with one of the Company’s subsidiaries in Peru
since 2014. Even though at this time this new unde rstanding is only indicative, the parties have agre ed to
move straight to definitive agreement based on the new agreed terms, but subject to final approval of their
respective boards to make this transaction binding.
Key terms of this understanding are as follow:
• Extension of the mine assignment until December 31, 2030.
• PPX, at best effort basis, shall build a processing plant to treat the ore at Callanquitas Mine.
• All previous contracts, addendums and understanding s are cancelled and replaced with a new
partnership agreement.
• The legal proceedings between PLP and a subsidiary of PPX will be discontinued.
• The parties shall split the after-tax net profit interest of the operation as follows:
a) 70% to a Peruvian subsidiary of PPX / 30% to PLP, while the plant is not built.
b) 75% to a Peruvian subsidiary of PPX / 25% to PLP, o nce PPX’s processing plant starts
operation.
• The agreement can be terminated by PPX with cause a nd without cause. A termination fee of
US$2,500,000 shall be paid to PLP if PPX decides at any moment to terminate the contractual
relationship without cause.
• Open book policy for information and records applicable to both parties.
• A high-level technical committee conformed by the CEOs of each party shall be formed. This body
will be the entity in charge of taking critical technical, budgeting and social decisions.
John Thomas, CEO commented “we are pleased to reach a new understanding with our mining partner, PLP,
that resets our relationship, puts behind previous challenges among the parties, and sets the basis for PPX’s
long-term corporate objectives.”
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 future plans, finan ces and agreements. Forward-looking statements are
statements that relate to future events. In this co ntext, forward-looking statements often address exp ected
future business and financial performance and often contain words such as “anticipate,” “believe,” “pl an,”
“estimate,” “expect,” and “intend,”, statements tha t an action or event “may,” “might,” “could,” “shou ld,”
“shall” or “will” be taken or occur, or other simil ar 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. Such uncertainties and ri sks
include, among others, delays or inability to execu te/obtain the final understandings, agreements or
financing for its plans. Although the Company belie ves that the expectations reflected in the forward-
looking statements are reasonable, the Company cann ot 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 mater ially 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 publicly revise any forw ard-looking statements, whether as a result of new
information, future events or otherwise, unless required by law.