PPX Mining: Rivi Opportunity Fund converts additional debentures

PPX Mining Announces Additional Convertible Debenture Conversion by Rivi Opportunity Fund

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

TORONTO, ON / ACCESS Newswire / June 15, 2026 / PPX Mining Corp. ("PPX" or the "Company") is pleased to announce that RIVI Opportunity Fund LP ("RIVI") has elected to convert an additional US$1,216,648.68 principal amount of its outstanding secured convertible debenture of the Company. The conversion will result in the issuance of approximately 30.42 million common shares of PPX to RIVI.

As announced on February 21, 2023, PPX and RIVI entered into an amended and restated gold and silver purchase agreement that restructured the Company's streaming and payment obligations. The transaction received approval from the TSX Venture Exchange on May 16, 2023. Under the terms of the debenture, RIVI may convert all or a portion of the outstanding principal at a conversion price of US$0.04 per share, subject to a limitation that prevents any conversion that would result in RIVI beneficially owning or controlling 20% or more of PPX's outstanding common shares without prior approval of the TSX Venture Exchange. As part of that restructuring, PPX issued a 5.00% secured convertible debenture to RIVI in the principal amount of US$5.40 million, consolidating certain legacy obligations into a single instrument. During the same year, the Company also voluntarily prepaid US$1.0 million of principal under the debenture.

On March 6, 2025, PPX and RIVI agreed to extend the maturity date of the debenture from February 21, 2026 to December 31, 2026, providing additional financial flexibility and aligning the remaining obligation with the Company's development plans.

The current transaction represents RIVI's third exercise of its conversion rights under the debenture. RIVI previously converted US$500,000 of principal on April 23, 2024 and a further US$250,000 on June 17, 2025, resulting in the issuance of an aggregate 18.75 million common shares of PPX. Following completion of this transaction, RIVI will have converted a total of approximately US$1.97 million of principal into approximately 49.17 million common shares of the Company. On a post-transaction basis, RIVI will hold approximately 5.46% of PPX's issued and outstanding common shares on a non-diluted basis.

As a result of this conversion, the outstanding principal balance of the debenture has been reduced to approximately US$2.43 million, representing a reduction of nearly 55% from the original principal amount through a combination of conversions and principal repayments.

Ernest Mast, President and CEO, commented: "We are very pleased to see RIVI once again demonstrate its confidence in PPX through this additional conversion. Since the restructuring of our obligations in 2023, the Company has made significant progress across all areas of the business, including strengthening our balance sheet, advancing construction of our processing plant, growing operational cash flow and continuing to unlock value at the Igor Project. This conversion further reduces our debt obligations and reflects the confidence that our long-term partners have in the future of PPX."

John Menzies, Managing Partner of RIVI Capital, commented: "RIVI has been a long-term financial partner of PPX for many years, and we have had the opportunity to witness firsthand the tremendous progress the Company has made since the restructuring transaction in 2023. The PPX management team has consistently delivered on its objectives, strengthening the Company's financial position, advancing the development of its assets and creating meaningful value for shareholders. Our decision to further convert debt into equity reflects our confidence in the Company's strategy, our trust in the leadership team and our commitment to PPX as a long-term partner. We are excited about the opportunities ahead and look forward to continuing to support the Company's growth and success."

About PPX Mining Corp:

PPX Mining Corp. (TSX.V:PPX.V)(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.

On behalf of the board of directors of the Company:

Ernest Mast
President & CEO
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737

Neither 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.

The securities mentioned in this press release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful.

Cautionary Statement:

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 future financing and plans and / or management estimates. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business plans 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 any required regulatory approvals, if applicable. 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.

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