PPX Mining Corp. announced an updated Mineral Resource Estimate for the Callanquitas gold-silver deposit and a geological potential study on the Company's wholly-owned IGOR project, located in northwestern Peru, approximately 150 kilometers northeast of the city of Trujillo in the Huaranchal district of the La Libertad Region. The NI 43-101 technical document shall be available within the regulatory filing timeframe and was carried out by the following independent consultants: Mining Plus Peru S.A.C., engineering firm responsible for the Callanquitas deposit resource estimate update and Geologica Groupe-Conseil Inc., responsible for the geological review, analysis and data compilation to determine the potential of the Igor Project.

Highlights: Measured & Indicated ("M&I") Resources as oxides: 81,090 Au ounces and 2.9 million Ag ounces. M&I Resources as oxides: 100,290 AuEq ounces at 4.70 g/t AuEq. Inferred Resources as sulfides: 34,450 AuEq ounces at 4.63 g/t AuEq.

Potential for additional resources in Callanquitas East as it remains completely open at depth and along strike to the north and south. The potential of Callanquitas West, which runs close to and parallel to the eastern zone and mirrors Callanquitas East, must be explored. Minimum exploration has been conducted in this zone.

The presence of sulfide ore along strike to the south of the present workings has largely been ignored in favor of oxide ore and additional exploration has the potential to define sulfide structures, known from limited production to carry elevated silver grades. There is a high potential to increase resources in the areas of Portachuelos, Domo, and Tesoros The extension of Portachuelos, Domo and Tesoros zones is significant, each being 1.2 to 2 km in length with mineralized structures showing widths from 2 to 5 meters. The Mineral Resources Estimate for the Callanquitas Deposit was prepared by Ms. María Muñoz, full-time employee of Mining Plus Peru S.A.C. The Mineral Resources within the Callanquitas gold-silver deposit are deemed potentially suitable for underground mining.

These estimates are derived from drill holes and channel samples spanning the years 2006 to 2018, as documented in the 2018: "Technical Report and Pre-Feasibility Study for The Callanquitas Gold-Silver Deposit, Igor Project, La Libertad Region, Peru". Additionally, the data set includes 7 drill holes and 57 channels from 2019, along with 210 channels from 2023; the latest is in the deepest part to evaluate the expansion of resources at depth. Post-2018, mining activities in the deposit have enhanced the geological understanding, leading to a new geological interpretation.

Furthermore, the estimated resources have been adjusted to account for updated economic parameters, ensuring compliance with the "reasonable prospects for eventual economic extraction requirement". These different aspects have generated a material change in resources, mainly due to mining production which has generated a reduction in resources compared to those reported in 2018. The Mineral Resource is reported inside underground optimized shapes with a reasonable cut-off grade of 2.00 g/t gold equivalent, based on a gold price of USD 1,800/oz and silver price of USD 20/oz, mining costs and metallurgical recovery from the current mining activities.

The Mineral Resource Estimate (MRE), with an effective date of 30 September 2023, has been reported in accordance with the Canadian National Instrument 43-101 (NI 43-101) Standards for Disclosure for Mineral Projects. The estimation process followed the "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" prepared by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM, 2019). Callanquitas comprises three structures, namely Callanquitas West and Callanquitas East, along with a minor structure named Callanquitas Sigmoid, the latest one is a smaller sigmoid of Callanquitas East.

The determination of estimated domains involves a combination of these structures with their associated grade shell. The length sample exhibits variability, although composite lengths of 0.5 m were specifically chosen, representing a multiple of prevalent or dominant raw sampling intervals. Grade capping has been selectively applied to composited grade intervals within each estimation domain.

The estimation methodologies for gold and silver grades predominantly employ Ordinary Kriging (OK) across most domains. However, Inverse Distance Square (ID2) was utilized for estimating Callanquitas Sigmoid due to the limited dataset available. To validate the results, bias checks were conducted using nearest neighbor (NN) estimation.

As of September 30, 2023, the MRE includes Measured, Indicated, and Inferred Resources; as Measured and Indicated resources in Oxides, there are around 663,700 tonnes with a gold equivalent grade of 4.70 g/t, with a metal content of 100,290 ounces of gold equivalent, and as Inferred in oxides there are around 528,500 tonnes with a gold equivalent grade of 4.40 g/t, with a metal content of 74,760 ounces of gold equivalent. Sulfides have been classified as inferred because their information is limited. Mining Plus highlights that the initial Metallurgical tests carried out in-house have demonstrated high recoveries; however, for these resources, the recovery has been considered similar to that of oxides.

There are 231,400 tonnes estimated with a gold equivalent grade of 4.63 g/t, with a metal content of 34,450 ounces of gold equivalent. The updated Mineral Resource Estimate includes drill and channel data as of August 2023. It includes an additional data set of 7 drill holes and 57 channels from 2019, along with 210 channels from 2023 made after the previous Mineral Resource dated December 3, 2018.

All data information and underground mapping were used to generate a new geological interpretation and domains, resulting in a better understanding and confidence in the resource estimate. The updated mineral resource estimate includes only the Callanquitas deposit. The gold/silver mineralization of Mina Callanquitas corresponds to an intermediate sulfidation system hosted in the magmatic-hydrothermal breccia units that break the Goyllarisquizga sediments.

Mineralization in sediments occurs as the filling of secondary fractures due to the low permeability of the rocks. There is an intrusive that also cuts through the sediments where mineralization is medium to low grade. Callanquitas East structure has a strike of 5° to 10° NE and Callanquitas West has a strike of 340° NE, in both cases the dip is around 87°E with variable thickness, ranging from 0.30 cm to 6.0 m. Sigmoid structure is part of the Callanquitas East structures and is located at the top with sigmoidal behavior.