PPX Mining Corp. Announces Reinstatement of Trading on the TSX-V, Corporate Update and Strategic Alternatives Review

VANCOUVER, Feb. 10, 2022 - PPX Mining Corp. (the "Company" or "PPX") is pleased to announce that the TSX Venture Exchange (the "Exchange") has approved the application for reinstatement of trading of the Company's common shares (the "Shares"). The Exchange suspended trading in the Shares because of the dual cease trade order (the "CTO") issued by the British Columbia Securities Commission and the Ontario Securities Commission on February 3, 2021 for the delay in the filing of the Company's audited annual consolidated financial statements, management's discussion and analysis and associated officer certificates for the Company's financial year ended September 30, 2020. The CTO was revoked on February 8, 2022 (see the Company's news release issued on February 9, 2022).

The Shares will reinstate trading on the Exchange at the opening of trading February 11, 2022.

In connection with the reinstatement of trading, PPX is pleased to provide a Corporate Update and Strategic Alternatives Review. Immediate short and medium-term goals for PPX are focused on the following:

• Increase Mine Production: As reported in the Company's recent audited Annual Financial Statements for 2021, Mina Callanquitas is generating significant cashflow for the Company. Increasing mine production, coupled with sourcing high-quality toll mill capacity, can provide immediate relief to our balance sheet. The Company's mining partner, Proyectos La Patagonia S.A.C., has the human resources and mining equipment required to expand mine production; therefore, sourcing additional toll milling capacity is the focus.
• Resume Exploration at Igor: For the past two years, the combined effects of the global pandemic and limited deployable capital, have forced the Company to curtail exploration activities at Igor. With increased cashflow from gold and silver production at Mina Callanquitas, PPX is undertaking a comprehensive review of exploration objectives including underground drilling at Mina Callanquitas, surface drilling between Mina Callanquitas and the Portachuelos target area, surface and possibly underground exploration at Portachuelos. These targets will be prioritized, provisional budgets evaluated, and permitting timelines established. Much has been learned geologically during the years of mining operations at Callanquitas and the application of this knowledge to a new exploration program has become an important objective for the Company.

Based on a directive from the PPX Board of Directors, the Company has been in discussions with external advisors seeking input as the Board considers several value accretive Strategic Alternatives for the Company. These Alternatives include, but are not limited to: 1) Potential business combinations with other groups in the mining sector that would allow PPX to jumpstart its growth (i.e. merger and acquisition opportunities), 2) Equity or other forms of investment in PPX that would allow the Company to grow organically by completing its processing plant at Igor and, in parallel, expand mine production at Mina Callanquitas, and 3) Restructuring of existing debt and financial obligations to provide balance sheet relief to the benefit of all stakeholders. Any of the above Alternatives are actionable, separately or in parallel, providing outcomes that are value accretive to the Company. The Company is also engaged in direct discussions with key shareholder groups in order to identify additional opportunities to advance the Igor Project.

Brian J. Maher, President and CEO of PPX commented: "After the challenges of the past two years, the Company is now positioned for a reset, with our management's focus on successfully growing the Company, organically from within, and assisted by the external catalysts that a new business plan can provide".

About PPX Mining Corp:

PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, 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. PPX is operating the Callanquitas Mine ("Mina Callanquitas") exploiting high grade, underground-minable oxidized gold and silver ore. Based on the Company's Pre-Feasibility Study ("PFS"), PPX expects the Callanquitas Mine to produce up to 26,000 AuEq* ounces per year over a seven-year mine life at cash cost of less than US$610/AuEq* ounce (the Igor PFS is available on the Company's website and SEDAR). While PPX has not declared commercial production at Mina Callanquitas, increasing metal prices and mine productivity, coupled with superior toll milling contracts, have all contributed to the increasing revenue derived from operations at Mina Callanquitas. It should be noted that the decision to commence mining operations at Mina Callanquitas is based solely on the PFS referenced above, not a feasibility study. As such, there is an increased uncertainty as to the specific economic outcome of the project and a similar increase in the technical risk of failure associated with a production decision based solely on the PFS.

Through Fiscal Q3 2021, Mina Callanquitas has produced over 133,000 tonnes of ore grading 9.40 gpt gold and 79.1 gpt silver resulting in the production of 30,857 ounces of gold from the Measured and Indicated Resource at Mina Callanquitas which is a portion of the project's Mineral Reserves as defined in the Igor PFS. The mine currently produces at a rate of approximately 140 tonnes/day with ore being processed at nearby toll milling facilities.

*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.

All scientific and technical information in this press release has been reviewed and approved by Quentin Browne M.Sc., a Certified Professional Geologist and a member of the American Institute of Professional Geologists, and is a Qualified Person as the term is defined in NI 43-101. Mr. Browne is an independent consultant of PPX Mining Corp.

On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Phone: 1-530-913-4728
Email: brian.maher@ppxmining.com
Website: www.ppxmining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

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 the resumption of trading on the Exchange; increasing mine production; sourcing high-quality toll mill capacity; resuming exploration at Igor; permitting timelines; proposed production at the Callanquitas Mine; potential business combinations; equity or other forms of investment in PPX; completion of the processing plant at Igor; and restructuring of existing debt and financial obligations. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business 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," 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 required regulatory approvals in connection with the resumption of trading on the Exchange; risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; industrial accidents; failure of processing and mining equipment to perform as expected; the interpretation of drill results and the uncertainty of estimates and projections in relation to production, costs and expenses; changes in project parameters as plans continue to be refined; and the uncertainty surrounding the ability of PPX to obtain all permits, consents or authorizations required for its operations and activities); the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company, including the ability of the Company to fund the drilling campaign at the Igor concession; the impact of the COVID-19 pandemic on the business and operations of the Company; and the state of financial markets.

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.