PPX Signs Binding Letter of Intent with Glencore for Strategic Investment, Offtake and Technical Collaboration

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TORONTO, ON / ACCESS Newswire / 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 October 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 technical collaboration.

Under the terms of the LOI, Glencore (or an affiliate thereof) will subscribe for 83,786,784units 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 prior to the execution of the LOI, being October 2, 2025, of 1.3963). This share price represents a premium of 15.4% to the 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 securities 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 exploration, permitting, environmental programs, community 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 protections for the Investor with respect to maintaining its ownership interest.