PPX Mining Corp. announced that in January 2024, the first six diamond drill holes directed at Callanquitas West were completed, totaling 515.6 meters from an underground drilling chamber. Partial results for the first two holes, CA-23-01 and CA-23- 04, were reported in the press release dated January 10, 2024, which included 2.55 meters with grades of 8.14 g/t Au and 88 g/t Ag and 1.15 meters grading 8.74 g/t Au and 58 g/t Ag, respectively.

This release covers results from the last five drill holes, including the completion of hole CA-23-04. Hole CA- 23-02 intercepted Callanquitas West with 1.8 meters at a grade of 2.24 g/t Au and 24.7 g/t Ag; hole CA-23- 03 intercepted the tension structure with 1.85 at 3.29 g/t Au and 55.6 g/t Ag. Results from hole CA-23-04 were partially reported in the January 10.

press release and have now been completed, with 5.9 meters and grades of 4.57 g/t Au and 94.5 g/t Ag; hole CA-05-23 intercepted Callanquitas West with 2.1 meters at 2.8 g/t Au and 41.1 g/t Ag; and hole CA-24-06 intercepted Callanquitas West with 1.55 meters grading 2.5 g/t Au and 68 g/t Ag. All drill holes started from the same underground drilling chamber. All drill holes intercepted the Callanquitas West structure and are located in the northern area of the historic drilling, carried out in 2017.

The location of these new intercepts is located more than 50 meters north of the drill hole CA-12-67 and 50 meters below the drill hole CA -17-91. The interceptions of the six drill holes confirmed the continuity of Callanquitas West and its tension structure, in addition to the mineralization with significant grades of gold and silver. These grades seen in the Table above demonstrate that mineralization extends and continues in this area.

Callanquitas West consists of several hydrothermal brecciation events and faults that were mineralized at different stages, cutting quartz sandstones, siltstones and dacites. The hydrothermal alteration is predominantly sericite ­ quartz in these rocks. The mineralization is drilled by six drillholes (CA-23-01 to 06) and the mineralization is with Fe oxides (FeOx).

This FeOx is located in the matrix of this hydrothermal breccia and is replaced by more than 20% of goethite and limonite and in addition some sections are completely replaced by FeOx and few sections with a fault breccia. PPX, in coordination with PLP, carried out the current drilling program, targeting the Callanquitas West breccia and adjacent host rock. In the longitudinal section the company can see that the mineralization north of Callanquitas West is open along strike (north) and depth.

The six drill holes demonstrate continuity and will assist in planning future drilling in this area.