PPX Signs Binding Letter of Intent with Glencore FOR Strategic Investment, Offtake and Technical Collaboration
NEWS RELEASE; TSX.V PPX; BVL PPX
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
PPX SIGNS BINDING LETTER OF INTENT WITH GLENCORE FOR STRATEGIC INVESTMENT,
OFFTAKE AND TECHNICAL COLLABORATION
Toronto – October 6, 2025 – PPX Mining Corp. (TSXV: PPX; BVL: PPX; “ PPX ” or the “ Company ”) is pleased to
announce that, after the close of markets on Octobe r 3, 2025, it executed a binding Letter of Intent ( “ LOI ”) with
Glencore Peru S.A.C. (collectively with Glencore AG , “ Glencore ”), to advance PPX’s Igor Project in La Libertad,
Peru through a strategic equity investment, a life- of-mine precious-metals concentrate offtake, and te chnical
collaboration.
Under the terms of the LOI, Glencore (or an affiliate thereof) will subscribe for 83,786,784 units of PPX (“ Units ”) or
such number of Units equal to 9.99% of PPX’s issued and outstanding common shares (on an undiluted and post-
closing basis) at a price of C$0.237 per Unit (which is the Canadian dollar equivalent of US$0.170 using the Bank of
Canada exchange rate on the last reported date prio r to the execution of the LOI, being October 2, 202 5, of 1.3963).
This share price represents a premium of 15.4% to t he 30-day volume weighted average price (VWAP) for PPX’s
common shares (“ Common Shares ”) for the period ended October 3, 2025.
Each Unit will consist of one Common Share and one Common Share purchase warrant (a “ Warrant ”). Each Warrant
shall be exercisable at any time, and will entitle the holder thereof to purchase one Common Share (a “ Warrant
Share ”) at an exercise price of C$0.289 per share for a period of 36-months following closing. The securiti es issued
under the private placement offering will have a hold period of four months and one day from the date of issuance.
Up to 25% of the proceeds from the investment will be allocated to plant construction, commissioning, and start-up
working capital, while the remainder will support e xploration, permitting, environmental programs, com munity
relations, and development of the Igor sulfide areas.
Pursuant to the LOI and concurrent with the closing of the subscription, the Company and Glencore will enter into an
investor rights agreement (the “ IRA ”). The IRA will grant Glencore customary investor rights, including among other
things, the right to appoint one member to PPX’s Board of Directors as long as it maintains at least a 9.99% ownership
stake in the Company, subject to customary protecti ons for the Investor with respect to maintaining it s ownership
interest.
As part of the LOI and concurrent with the closing of the subscription, Glencore Peru S.A.C. will also secure long-
term offtake rights for precious-metals concentrates produced from the Igor Project. The offtake will be structured to
cover 100% of production for the life of mine, ensuring that all concentrates derived from PPX’s conce ssions will be
sold to Glencore under agreed commercial principles . This will provide PPX with a guaranteed sales cha nnel and
access to Glencore’s global marketing network, while offering Glencore consistent supply from a high-quality Peruvian
project. The framework will also include provisions for advance payments, competitive settlement terms , and
flexibility in pricing mechanisms, which will be de tailed in the definitive agreements. Dore produced from the Igor
Project will be excluded from the offtake.
In addition to the financial and commercial aspects , the LOI contemplates technical collaboration thro ugh Glencore
Technology, encompassing tailings retreatment optim ization at PPX’s CIL and flotation plant currently under
construction at the Igor Project, as well as technical cooperation aimed at operational and recovery enhancements.
The LOI is binding and sets the basis for the parti es to execute definitive agreements. The transactio n is subject to
customary conditions for a deal of this nature, inc luding agreement of final definitive documentation, completion of
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due diligence and receipt of all compliance, corpor ate and regulatory approvals, including the conditi onal listing
approval of the Common Shares and Warrant Shares on the TSX Venture Exchange.
Brian Imrie, Executive Chairman of PPX Mining, commented, "Signing this binding LOI with Glencore is a significant
milestone for PPX. The combination of strategic equ ity, a life-of-mine offtake framework, and access t o Glencore
Technology provides a strong platform to advance Ig or responsibly and efficiently while aligning our f inancing and
commercialization pathways."
Gonzalo Cabello, Glencore AG, commented, "Through our investment, offtake partnership and technical expertise, we
look forward to working with PPX to unlock the full potential of the project."
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Cana dian-based mining company with assets in northern P eru.
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 focused on disciplined growth, responsible development, and long-term value
creation for shareholders and local stakeholders
On behalf of the board of directors of the Company:
Brian Imrie
Executive Chaiman
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 poli cies of
the TSX Venture Exchange) accepts 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 securiti es laws, including, but not limited to statements
regarding the transactions contemplated by the binding LOI, the expected benefits to be derived by PPX thereby, the
expected use of proceeds, and the conditions to com pleting such transactions (including without limitation receipt of
required regulatory approvals and completion of satisfactory diligence investigations). 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 contai n words such as “anticipate,” “believe,” “plan,” “e stimate,”
“expect,” and “intend,”, statements that an action or event “may,” “might,” “could,” “should,” or “wil l” 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 contro l, and the
Company’s actual results could differ materially fr om those stated or implied in forward-looking state ments due to
many various factors. Such uncertainties and risks include, among others, delays in obtaining or inabi lity to obtain
required regulatory approvals; delays or inability to finalize definitive documentation to implement t he transactions
contemplated in the LOI; the risks that conditions to completion of the transactions contemplated in the LOI may not
be satisfied or waived; the risk that the anticipat ed benefits of the transactions contemplated by the LOI may not be
realized to the extent expected (or at all); fundin g risks; risks relating to the state of the equity financing markets in
Canada and other jurisdictions; volatility and sens itivity to market prices; volatility and sensitivit y to capital market
fluctuations; general risks inherent to mining oper ations at the Igor Project and construction activit ies as the same
relate to PPX’s CIL and flotation plant; and fluctu ations in metal prices. Although the Company believ es that the
expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events
and circumstances reflected or implied in the forwa rd-looking statements will be achieved or occur. Th e timing of
events and circumstances and actual results could d iffer materially from those projected in the forwar d-looking
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statements. Accordingly, one should not place undue reliance on forward-looking statements. All forwar d-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 state ments, whether as a result of new information, futu re events or
otherwise, unless required by law.