PPX Mining Announces US$500,000 Partial Conversion of Debenture From Rivi Opportunity Fund LP

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

TORONTO, ON / ACCESSWIRE / April 23, 2024 / PPX Mining Corp. ("PPX" or the "Company") is pleased to announce that RIVI Opportunity Fund LP ("RIVI") has opted to convert US$500,000 principal amount of its current 5.00% secured convertible debenture of the Company, issued in connection with a restructuring of the Company's gold and silver purchase agreement with RIVI, as described below. The partial conversion will result in the issuance of 12.5 million common shares of the Company being issued to RIVI.

As announced by the Company on February 21, 2023, RIVI and the Company entered into an amended and restated gold and silver purchase agreement which restructured the Company's streaming and payment obligations. As part of that restructuring, which was led by PPX's new management, the Company issued to RIVI a 5.00% secured convertible debenture for an aggregate principal amount of US$5.4 million, to package past liabilities.

On May 16, 2023 the TSX Venture Exchange approved the transaction. During the same year, the Company pre-paid US$1 million of the principal amount. The convert has a 36 month maturity with one bullet payment at the end of the term and accrues interest at 5% annually. As part of the terms, RIVI can convert totally or partially this facility at US$0.04 per share, subject to a restriction if any conversion would result in RIVI having beneficial ownership of, or control or direction over, directly or indirectly 20% or more of the Company's outstanding shares, without TSX Venture Exchange approval. Following the conversion, the outstanding principal balance of the convertible debenture is reduced to US$3,899,946.

Brian Imrie, Executive Chairman of PPX commented, "we are delighted by RIVI's decision to partially convert this debenture. For us, their decision is a clear vote of confidence in PPX and a further improvement to our balance sheet".

About PPX Mining Corp:
PPX Mining Corp. (TSXV: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 Northern Peru gold belt in eastern La Libertad Department.

On behalf of the board of directors of the Company:

Brian Imrie
Executive Chairman
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737

Neither 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.