PPX Mining Files Q2 2023 Financial Statements Showing in Full the Impact of its Financial Restructuring

TORONTO, ON / ACCESSWIRE / May 30, 2023 / PPX Mining Corp. (the "Company" or "PPX") is pleased to announce that it has filed its March 31 2023 (Fiscal Q2 2023) Financial Statements and MDA, showing in full the impact of its financial restructuring led by the new management of the Company, being the most important highlights the following:

• Cash and receivables C$7.6 million, versus C$2.7 million on September 30, 2022 (Fiscal year-end 2022 audited financial statements).
• C$15.6 million increase in working capital on the first six month of fiscal 2023; or C$4.3 million working capital versus -C$11.3 million on September 30, 2022.
• US$5.4 million Gold and Silver Purchase Agreement restructuring with RIVI Opportunity Fund LP ("RIVI"). Under the new agreement and among other important changes, the Company entirely satisfied its outstanding debt with RIVI by the issuance of a secured convertible debenture to RIVI. The convertible debenture will mature on the third anniversary of the date of issue and bears interest at a rate of 5% per annum, payable semi-annually. RIVI may convert all or any part of the principal amount outstanding into common shares in the capital of PPX at a conversion price of US$0.04 per share, subject to regulatory conversion restrictions. See February 21 and May 17, 2023 press releases.
• A Convertible note and several promissory notes outstanding for a total of US$2.2 million were settled and converted into common shares in the capital of PPX at a 36.5% premium. See November 8, 2022 press release.
• Settled US$1 million obligation with former employees and a former director of the Company.
• Settled and closed the acquisition of a key block of surface rights totalizing 399 hectares covering the principal area of the Igor Project, transaction that was outstanding for several years due to certain challenges. See March 15, 2023 press release.

Brian Imrie, Executive Chairman, commented, "new management at PPX has been able to successfully deliver a comprehensive financial restructuring of the Company. This filing marks an inflection point for us and constitutes the basis for our growth plans".

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 Northern Peru gold belt in eastern La Libertad Department.

On behalf of the Board of Directors
Brian Imrie
Executive Chairman

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