Mr. Ernest Mast reports

PPX MINING INITIATES OPERATING PERMIT PROCESS FOR IGOR PROCESSING PLANT

PPX Mining Corp. has formally initiated the regulatory permitting process to obtain authorization to commence operations at its Igor processing plant, located in the La Libertad region of Peru. This important milestone follows substantial progress in the construction of the company's 350-tonne-per-day flotation and carbon-in-leach (CIL) processing facility, and marks a significant step in the transition from plant construction toward commissioning and eventual commercial operations. As part of this process, PPX has requested the formal inspection and verification of completed plant components by the regional mining authorities and has submitted a separate application for the water use licence required to support processing activities. The advancement of these regulatory procedures represents a key development in PPX's strategy to establish an integrated mining and processing operation at its Igor project, providing the company with greater control over mineral processing, improved operational flexibility, and the potential to capture additional value from its gold and silver production, subject to obtaining the necessary regulatory approvals.

Initiation of operating permit process

On Oct. 19, 2026, PPX submitted a formal request to the Regional Management of Energy, Mines and Hydrocarbons of La Libertad (Gerencia Regional de Energia, Minas e Hidrocarburos) for an inspection to verify the completion of construction of key components of the Igor processing plant.

The request covers six major components of the processing facility, including:

• Flotation and leaching processing facilities, excluding the desorption and smelting circuits;
• Freshwater and process water storage tanks;
• Reagent storage facilities;
• Tailings storage facility;
• Chemical and metallurgical laboratory;
• Power generation facilities.

The submission formally initiates the regulatory process required to obtain authorization to operate the processing plant. This process includes physical inspections, technical reviews, and verification of engineering and safety documentation associated with the completion of construction.

Water infrastructure and water use permit

In parallel with the plant operating permit process, PPX has notified the Chicama Local Water Authority (Autoridad Local del Agua -- ALA Chicama) of the completion of civil construction works associated with the plant's water pumping infrastructure, including pumping stations and the water transmission pipeline.

On Oct. 23, 2026, the company submitted a water use licence application to the Huarmey-Chicama Administrative Water Authority (Autoridad Administrativa del Agua Huarmey-Chicama).

The Igor processing plant is designed to recycle the majority of the water required, resulting in a minimal intake of fresh water. This will be achieved with the use of geotubes a passive in situ filtration technology being adopted at many sites around the world.

Next steps

PPX will continue coordinating with the relevant regional mining and water authorities to facilitate the required inspections, technical reviews and regulatory approvals. The majority of the plant equipment has been energized and has been operated individually.

The company will provide further updates as the permitting process progresses and additional milestones are achieved.

Ernest Mast, president and chief executive officer of PPX Mining, commented: "The initiation of the operating and water use permitting processes represent an important milestone for PPX as we advance toward bringing our Igor processing plant into operation. The completion of the plant construction components and the water pumping infrastructure resulting in the submission of the required documentation reflect the considerable progress our team has made in developing this strategic asset."

"Our objective remains to establish an integrated mining and processing operation at Igor, allowing PPX to capture additional value from its mineral production while strengthening our operational flexibility. We look forward to collaborating closely with the relevant authorities to complete the remaining regulatory requirements and advance the project toward production."

About PPX Mining Corp.

PPX Mining is a Canadian exploration and development company focused on its Igor gold and silver project in northern Peru. The company is advancing underground mining operations, exploration activities and the development of its processing facilities, with the objective of establishing a vertically integrated precious metals operation.

We seek Safe Harbor.