PPX Mining Corp Subscribes $2.5 Million Silver Royalty LOI with Silver Crown Royalties

PPX Mining Corp, based in Toronto, ON, has entered into a letter of intent (LOI) for a silver royalty with Silver Crown Royalties Inc. (SCR) worth US$ 2.5 million. This move is aimed at completing project financing for PPX's upcoming 350 tpd CIL and flotation plant, which will be processing oxide and sulfide ore from its high-grade Callanquitas Mine, located in La Libertad, Peru. The financing terms include a 15% silver royalty at the Igor 4 mining concession, expiring after the delivery of 250,000 ounces of silver or five years, with a minimum annual delivery starting in June 2025.

Executive Chairman Brian Imrie expressed his pleasure in securing this funding alongside the previously obtained US$6M facility, marking a pivotal step for PPX towards realizing the Igor Project's potential. The agreement, still pending due diligence, is expected to be finalized by June 2024. SCR is described as a revenue-generating silver-only royalty company, pioneering in maximizing shareholder returns through strategic silver by-product credits.