PPX Mining Announces Second Debenture Conversion By RIVI

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

TORONTO, ON / ACCESS Newswire / June 17, 2025 / PPX Mining Corp. ("PPX" or the "Company") is pleased to announce that RIVI Opportunity Fund LP ("RIVI") has opted to convert additional US$250,000 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 6.25 million common shares of the Company being issued to RIVI. On April 23, 2024 RIVI converted US$500,000, obtaining at that time 12.5 million shares. As at to date, RIVI has converted 18.75 million common shares of the Company.

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, the Company issued to RIVI a 5.00% secured convertible debenture for an aggregate principal amount of US$5.40 million, to package past liabilities. The convert has a 36-month maturity with one bullet payment at the end of the term.

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.

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.

On March 6, 2025, the Company negotiated with RIVI the deferment of the maturity date from February 21 2026 to December 31, 2026 as a preventive measure to avoid having the maturity of this liability during plant commissioning.

Following the conversion, the outstanding principal balance of the convertible debenture is reduced to US$3.65 million.

Brian Imrie, Executive Chairman of PPX commented, "we are pleased by RIVI's decision to partially convert again this debenture. We appreciate RIVI's partnership, support and its commitment to PPX's long-term goal".

John Menzies, Managing Partner of RIVI Capital commented "as a long-term financial partner and member of the Board of PPX, RIVI's enthusiasm for the progress being made at PPX, both financially and fundamentally, continues to grow. The opportunity to increase our investment in PPX via an additional conversion was an obvious decision. In considering the upside potential of the PPX assets, RIVI is elated and humbled to be part of the journey as a key stakeholder."