PPX Signs New Mining Assignment Agreement and Settles Past Legal Claims with Plp
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX SIGNS NEW MINING ASSIGNMENT AGREEMENT AND SETTLES
PAST LEGAL CLAIMS WITH PLP
Toronto – December 11, 2024 – PPX Mining Corp. (the “ Company ” or “ PPX ”, including its Peruvian
subsidiaries) is pleased to announce that on December 10, 2024 it signed a new assignment agreement with
Proyectos La Patagonia S.A.C. (“PLP”) until 2034 (t he “Agreement”) to operate the Callanquitas Mine in La
Libertad, Peru. In addition, the Company settled all past legal claims with PLP, resetting completely its long-
term working relationship.
New Mining Assignment Agreement:
• Structured through two contracts, one that regulates the business relationship among the parties before
the processing plant becomes operational (“Phase 1 Contract”) and a second contract, once the plant
is fully operational (“Phase 2 Contract”).
• Phase 1 Contract automatically expires once PPX not ifies PLP that its new plant is operational and
fully permitted.
• The Net Profit Interest (“NPI”), as defined in the Agreement, is split 75% to PPX and 25% to PLP in
Phase 1 Contract; while 80% to PPX and 20% to PLP i n Phase 2 Contract. In both cases, an
improvement to PPX from the initial agreement that contemplated 70% to PPX and 30% to PLP.
• The new term has been set until the end of 2034, with specific early termination clauses, in the event
the parties decide to terminate the agreement with or without cause.
• The Agreement contemplates an open book policy in respect to production and accounting records.
• A Steering Committee (“CTAN”) composed by senior ma nagement representatives of each party was
created. The CTAN will mainly coordinate budgeting , exploration, mining, processing and social
aspects of the operation.
• Once Phase 2 Contract is in place, PPX will takeover the commercialization of the minerals produced
in the Callanquitas Mine.
• The Agreement controls the mechanics for exploration expenses, capital cost and corporate expenses.
Also, it provides guidance on how to liquidate asse ts in a termination event and at expiration of the
Agreement.
• Finally, the Agreement also covers the social and environmental responsibility of each party.
Settlement of Past Legal Claims:
• Both parties agreed to terminate past legal claims in respect to certain unfulfilled obligations.
• As part of the settlement, certain business understandings have been incorporated in the New Mining
Assignment Agreement, being the most important the changes in the NPI distribution, the takeover of
the mineral commercialization by PPX when the plant is operational and the repayment to PPX of an
outstanding 2023 NPI of S/.3,667,910.61, according to a payment schedule that is subject to a 0.6%
monthly interest rate, guaranteed by a blank promissory note (pagaré).
John Thomas, CEO commented “we are pleased to forma lize through the New Mining Assignment and the
settlement of past legal claims the reset of the constructive working relationship we currently have with PLP.
This is an effort from both parties to make this business relationship to work, to resume exploration activities
and to begin a new chapter in the exploitation of the Callanquitas Mine”.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, 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 Nort hern
Peru gold belt in eastern La Libertad Department.
On behalf of the Board of Directors
John Thomas
Chief Executive Officer
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 test results, futur e plans or management estimates. Forward-looking
statements are statements that relate to future eve nts. In this context, forward-looking statements of ten
address expected future business plans and financia l performance and often contain words such as
“anticipate,” “believe,” “plan,” “estimate,” “expec t,” and “intend,”, statements that an action or eve nt
“may,” “might,” “could,” “should,” “would” 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 o r implied in forward-looking statements due to many
various factors. Such uncertainties and risks include, among others, delays in obtaining or inability to obtain
any required regulatory approvals, if applicable. A lthough the Company believes that the expectations
reflected in the forward-looking statements are rea sonable, the Company cannot guarantee that the even ts
and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of
events and circumstances and actual results could d iffer materially from those projected in the forwar d-
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 Compan y
undertakes no obligation to update or publicly revi se any forward-looking statements, whether as a res ult
of new information, future events or otherwise, unless required by law.