PPX Mining Corp. Secures New Agreement and Resolves Legal Disputes with PLP

PPX Mining Corp. announced a new agreement with Proyectos La Patagonia S.A.C. (PLP) to operate the Callanquitas Mine in Peru until 2034. The agreement consists of two phases, with Phase 1 regulating operations before the plant becomes fully operational and Phase 2 once it is fully operational. The net profit interest in Phase 1 gives 75% to PPX and 25% to PLP, improving to 80% for PPX in Phase 2.

This agreement marks the settlement of past legal issues between PPX and PLP. PPX will lead mineral commercialization once operations fully commence. A payment schedule for a 2023 outstanding net profit interest is in place, secured by a promissory note.

John Thomas, CEO, emphasized the constructive relationship with PLP as the company prepares for renewed efforts in exploration and mining activities at Callanquitas.