PPX Produces 13,888 Ounces Gold, 43,176 Ounces Silver, Generating Cdn$2.64M in Revenue During the Twelve Months of Fiscal 2021
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Produces 13,888 Ounces Gold, 43,176 Ounces Silver, Generating
Cdn$2.64M in Revenue During the Twelve Months of Fiscal 2021
Vancouver, British Columbia – February 14, 2022 – PPX Mining Corp. (the "Company" or “PPX”)
is pleased to announce that during the twelve months of Fiscal 2021 (October 1 2020 – September 30
2021) 13,888 ounces of gold and 43,176 ounces of silver were produced from ore mined at Mina
Callanquitas generating Cdn$2,641,326 in Net Profit Interest Income. Ore production sold from Mina
Callanquitas totalled 53,824 tonnes grading 9.75 gpt gold during the twelve-month period. During Fiscal
Q4 2021 (July – September 2021) mine production totalled 14,060.78 tonnes grading 10.5 gpt gold and
106 gpt silver, the highest production rate (~153 tonnes/day) achieved to date at Mina Callanquitas.
Details are set out in the table below:
Period Net Profit Interest
Income (Cdn$)1
Ounces Au
Produced2
Ounces Ag
Produced2,3
Tonnes
Mined
Average
Au Grade
(gpt)
Average
Ag Grade
(gpt)4
Fiscal Q1 2021 483,460 3,799.7 0 10,065 9.43 -
Fiscal Q2 2021 88,105 2,853.5 0 10,304 9.88 -
Fiscal Q3 2021 1,484,864 3,640.5 19,490 12,339 11.01 96.84
Fiscal Q4 2021 584,897 3,593.8 23,686 14,061 10.53 105.96
TOTALS: $2,641,326 13,887.5 43,176 46,769 10.28 NA
* Notes:
1. Net Profit Interest Income for each Quarter can be found in each respective Quarter’s Financial Statement as file on
SEDAR and available on the Company’s website.
2. Ounces produced is based on the number of ounces reported recovered by the toll mill operator s. The timing of
reporting production from milling is offset from mine production due to transport, mill scheduling and
invoicing/reporting of production from the toll mill operators.
3. In Fiscal Q3, 2021, a new toll mill and toll milling contract allowed for the Company to record silver production for
the first time, therefore prior Quarter silver production is not reported.
4. As mentioned above in Note Three, a new toll mill and toll milling contract allowed for the Company to record
silver production and grade for the first time, therefore prior Quarter silver grade is not reported.
PPX has not declared commercial production at Mina Callanquitas. Nonetheless, increasing metal prices
and mine productivity, coupled with superior toll milling contract s, have all contributed to the increasing
revenue derived from operations at Mina Callanquitas. Through Fiscal Q4 2021, Mina Callanquitas has
produced over 147,061 tonnes of ore grading 9.51 gpt gold and 81.7 gpt silver resulting in production of
34,451 ounces of gold from the Measured and Indicated Resource at Mina Callanquitas which is a portion
of the project’s Mineral Reserves as defined in the Igor Pre -Feasibility Study (“PFS”), available on the
Company’s website and SEDAR. It should be noted that th e decision to commence mining operations at
Mina Callanquitas is based solely on the PFS referenced above, not a feasibility study. As such, there is an
increased uncertainty as to the specific economic outcome of the project and a similar increase in the
technical risk of failure associated with a production decision based solely on the PFS.
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Brian J. Maher, President and CEO of PPX Mining Corp. commented: “As has been the case around the
globe, PPX has faced multiple challenges d uring the past two years . The global p andemic, its impact on
mine operations, supply chains, a refocus on community health, coupled with highly volatile metal prices,
conspired to create cashflow issues for the Company. However, as can been seen in the results reported
today, PPX is rebounding strongly: Mine production is steadily increasing, Net Profit Interest Income from
operations is growing, and this is helping the Company head toward a sound financial footing. The results
demonstrate that as PPX moves toward its fully permitted operating rate of 350 tonnes/day, potential future
revenue streams can be transformative.”
Coronavirus/COVID-19 Information:
Currently, all PPX and Sienna Minerals S.A.C. employees are working from home in accordance with their
individual government recommendations and mandates. This status will continue for the foreseeable future,
again under the guidance of respective local authorities. Additionally, all employees of Sienna are fully
vaccinated which has allowed the Company to restart its community programs in Callanquitas and interact
more directly with community members.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, 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 Northern Peru gold belt in eastern La Libertad Department. PPX is operating the Callanquitas
Mine (“Mina Callanquitas”) exploiting high grade, underground -minable oxidized gold and silver ore .
Based on the Company’s Pre-Feasibility Study (“PFS”), PPX expects the Callanquitas Mine to produce up
to 26,000 AuEq* ounces per year over a seven -year mine life at cash cost of less than US$610/AuEq *
ounce (the Igor PFS is available on the Company’s website and SEDAR) . While PPX has not declared
commercial production at Mina Callanquitas, increasing metal prices and mine productivity, coupled with
superior toll milling contracts, have all contributed to the increasing revenue derived from operations at
Mina Callanquitas. It should be noted that the decision to commence mining operations at Mina
Callanquitas is based solely on the PFS referenced above, not a feasibility study. As such, there is an
increased uncertainty as to the specific economic outcome of the project and a similar increase in the
technical risk of failure associated with a production decision based solely on the PFS.
Through Fiscal Q4 2021, Mina Callanquitas has produced 147,061 tonnes of ore grading 9.51 gpt gold and
81.7 gpt silver resulting in the production of 34,451 ounces of gold from the Measured and Indicated
Resource at Mina Callanquitas which is a portion of the project’s Mineral Reserves as defined in the Igor
PFS. The mine currently produces at a rate of approximately 140 tonnes/day with ore being processed at
nearby toll milling facilities.
*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.
All scientific and technical information in this press release has been reviewed and approved by Quentin
Browne M.Sc., a Certified Professional Geologist and a member of the American Institute of Professional
Geologists, and is a Qualified Person as the term is defined in NI 43-101. Mr. Browne is an independent
consultant of PPX Mining Corp.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
Page 3
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Phone: 1-530-913-4728
Email: [email protected]
Website: www.ppxmining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This press release contains forward -looking information and forward -looking statements (collectively, “ forward-looking
statements”) as such terms are defined by applicable securities laws, including, but not limited to statements regarding increasing
mine production and net profit interest income; permitting timelines; and proposed production at the Callanquitas Mine. 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 many various factors. Such uncertainties and risk s include,
among others, risks associated with the mining industry (including operational risks in exploration development and production;
delays or changes in plans with respect to exploration or development projects or capital expenditures; industrial accidents; failure
of processing and mining equipment to perform as expected; the interpretation of drill results and the uncertainty of estimates and
projections in relation to production, costs and expenses; changes in project parameters as plans continue to be refined; and the
uncertainty surrounding the ability of PPX to obtain all permits, consents or authorizations required for its operations and activities);
the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company,
including the ability of the Company to fund the drilling campaign at the Igor concession; the impact of the COVID-19 pandemic
on the business and operations of the Company; and the state of financial markets.
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 an d 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 publicly revise
any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.