PPX Mining Corp. Secures US$1.8 Million in Initial Construction Loan Tranche

PPX Mining Corp. announced the successful closure of the first tranche of a construction facility loan provided by a major shareholder, securing US$1,800,000. This follows the final construction permit received on September 19, 2024, for a 350 tpd CIL and Flotation plant at the Igor Project, La Libertad, Peru.

The US$6M loan will be distributed in four tranches. It carries an annual interest rate of 11.75%, with a 1.5 year grace period, followed by a 3-year principal amortization period. No penalties will apply for total or partial prepayments. A 3% finder's fee in shares of PPX will be paid, subject to TSXV approval.

The loan is considered a related party transaction. PPX secured exemption from minority shareholder approval under MI 61-101, confirming the loan terms are commercially reasonable. The board approved the loan unanimously.

Brian Imrie, Chairman, expressed gratitude for the support, stating an agreement with a construction company is imminent.