PPX Subscribes MOU With CVC for Energy Supply

TORONTO, ON / ACCESSWIRE / July 22, 2024 / PPX Mining Corp. (the "Company" or "PPX", including its Peruvian subsidiaries) is pleased to announce that is has subscribed a Memorandum of Understanding with Consorcio Eléctrico de Villacurí S.A.C. ("CVC") in respect to a strategic collaboration to supply electricity at the CIL and flotation plant that the Company intends to build (the "Processing Plant"). The Processing Plant will initially process oxide and sulphide ore from its Callanquitas Mine, located in La Libertad, Peru.

As part of the understanding, CVC will invest an amount equal to the cost of capital required to supply energy at the Processing Plant and will lead the execution of the electrical interconnection project (the "Project").

In consideration for CVC´s commitment, both parties will subscribe an energy supply contract that will enhance production capabilities of the Processing Plant.

CVC's proposal was selected after analyzing others, including gas and diesel alternatives. The proposal not only optimizes the processing operation, but also constitutes an efficiency and sustainability milestone for the region. In addition, it reduces the pre-production capital cost to build the Processing Plant.

The Project will be evaluated during the following months with the objective to subscribe a final agreement between the parties.

CVC is a well-known firm in Peru, focused in the energy sector and committed to innovation and sustainable development.

John Thomas, CEO commented "we are very pleased to subscribe this MOU with CVC. This Project will materially reduce our pre-production capex by increasing marginally our opex per tonne. It will also enhance our processing capabilities using a responsible and sustainable source of energy".

About PPX Mining Corp:

PPX Mining Corp. (TSX.V:PPX.V)(BVL:PPX) is a Canadian-based mining company with assets in northern Peru. Igor, the Company's 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department.

On behalf of the Board of Directors
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737

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Cautionary Statement:

This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") as such terms are defined by applicable securities laws, including, but not limited to statements regarding test results, future plans or management estimates. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business plans and financial performance and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend,", statements that an action or event "may," "might," "could," "should," "would" or "will" be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, and the Company's actual results could differ materially from those stated or implied in forward-looking statements due to many various factors. Such uncertainties and risks include, among others, delays in obtaining or inability to obtain any required regulatory approvals, if applicable. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward- looking statements. All forward-looking statements contained in this press release are made as of today's date, and the Company undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

SOURCE: PPX Mining Corp.