Updated Resource For Callanquitas Gold-Silver Deposit And Geological Potential Of Igor Project

TORONTO - PPX Mining Corp. reported on the updated Mineral Resource Estimate for the Callanquitas gold-silver deposit and a geological potential study on the IGOR project, located in northwestern Perú, approximately 150 kilometers northeast of the city of Trujillo in the Huaranchal district of the La Libertad Region. The NI 43-101 technical document shall be available within the regulatory filing timeframe.

Highlights: 1) Measured & Indicated ("M&I") Resources as oxides: 81,090 Au ounces and 2.9 million Ag ounces. 2) M&I Resources as oxides: 100,290 AuEq ounces at 4.70 g/t AuEq. 3) Inferred Resources as sulfides: 34,450 AuEq ounces at 4.63 g/t AuEq. 4) Potential for additional resources in Callanquitas East as it remains completely open at depth and along strike to the north and south. 5) The potential of Callanquitas West, which runs close to and parallel to the eastern zone and mirrors Callanquitas East, must be explored. Minimum exploration has been conducted in this zone. 6) The presence of sulfide ore along strike to the south of the present workings has largely been ignored in favor of oxide ore and additional exploration has the potential to define sulfide structures, known from limited production to carry elevated silver grades. 7) There is a high potential to increase resources in the areas of Portachuelos, Domo, and Tesoros. 8) The extension of Portachuelos, Domo and Tesoros zones is significant, each being 1.2 to 2 km in length with mineralized structures showing widths from 2 to 5 meters.

John Thomas, CEO, said, "I am pleased to announce that resources from a section of the Callanquitas veins/breccias remain, allowing PPX to continue operations and to expedite the plant construction (for oxide and sulphide ore), while continuing to expand resources with diamond drilling campaigns from the subsurface and surface of the East and West Callanquitas veins/breccias, targeting the open areas along strike and at depth. Currently, the company, in coordination with its mining partner PLP, is conducting a drilling campaign from the subsurface, and we are excited that Canadian geology consultants are demonstrating the potential of the other mineralized zones of the Igor project, such as Portachuelos, Domo and Tesoros, with clear evidence of high gold and silver grades, offering an excellent opportunity to increase the company's resources."