Latest news with #PPXMiningCorp
Yahoo
01-08-2025
- Business
- Yahoo
PPX Mining Corp. Amends Second Tranche Payment Terms of Silver Royalty Agreement With Silver Crown Royalties Inc.
TORONTO, ON / / August 1, 2025 / PPX Mining Corp. (TSXV:PPX.V)(BVL:PPX)(the "Company" or "PPX") has, together with Silver Crown Royalties Inc. (CBOE:SCRI)(OTCQX:SLCRF)(FRA:QS0) ("SCR"), yesterday amended certain terms of the silver royalty agreement between the Company and SCR originally dated December 13, 2024 (the "Silver Royalty Agreement" and the amendment thereto referred to as the "Amendment"). The second tranche price of the Silver Royalty Agreement in the amount of US$1,470,000, originally payable by SCR to PPX on or before August 6, 2025, has been amended in order to split the payment obligation in two and extend the time by which the total amount of US$1,470,000 must be paid. In connection with these amendments, a total of US$833,000 of the second tranche payment has been paid by SCR to PPX, and the remaining US$637,000 will be payable on or before December 31, 2025. Proceeds will be used by PPX to support its ongoing construction of the CIL and flotation plant at the Company's Igor project, located in La Libertad, Peru (the "Beneficiation Plant"). In connection with the split of the second tranche payment obligations and the partial payment made by SCR, the royalty percentage and total payable ounces to which SCR is entitled under the Silver Royalty Agreement have been increased pro rata by the amount paid (relative to the total amount payable), by 5.1% (to a total of 11.1%), and 76,500 ounces of silver (to an aggregate total of 166,500 ounces of silver), respectively. Upon payment by SCR to PPX of the remainder of the second tranche price (being US$637,000), the royalty percentage and total payable ounces will increase by an additional 3.9% (to a total of 15%) and 58,500 ounces of silver (to an aggregate total of 225,000 ounces of silver) respectively, as originally contemplated in the Silver Royalty Agreement. In consideration of the splitting and extension of the second tranche payment, the parties also amended the Silver Royalty Agreement to extend the date by which the minimum silver royalty that SCR is entitled to receive under the Silver Royalty Agreement will commence, from the original date of October 1, 2025, to March 31, 2026 (subject to earlier commencement upon startup of metallurgical operations at the Beneficiation Plant). Further details regarding the Silver Royalty Agreement can be found in the Company's press releases dated December 16, 2024 and February 6, 2025 announcing closing of the First Tranche. A copy of the Royalty Agreement is available, and a copy of the Royalty Amendment will shortly be available, on the Company's SEDAR+ profile at About PPX Mining Corp:PPX Mining Corp. 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 DirectorsJohn ThomasChief Executive Officer82 Richmond Street EastToronto, Ontario M5C 1P1Canada416-361-0737 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. Cautionary Statement Regarding Forward-Looking Statements: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 expected closing of the second portion of the second tranche payment, expected use of proceeds to support the Company's construction activities, and future plans. 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," "would" 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 closing the second portion of the second tranche payment when anticipated, or at all, as well as risks inherent to production and the Company's construction activities. 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. View the original press release on ACCESS Newswire
Associated Press
04-06-2025
- Business
- Associated Press
PPX Closes Third Tranche of Construction Facility and Provides Construction Update
TORONTO, ON / ACCESS Newswire / June 4, 2025 / PPX Mining Corp. (the 'Company' or 'PPX', including its Peruvian subsidiaries) is pleased to announce that yesterday it closed the third tranche of the construction facility provided by its major shareholder, receiving US$1,800,000. The creditor of the Loan is a control person of the Company. Accordingly, the Loan constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101"). The Company is exempt from the requirement to obtain minority shareholder approval in connection with the Loan in reliance on the exemption contained in section 5.7(1)(f) of MI 61-101, as the Company has determined that the Loan contains reasonable commercial terms that are not less advantageous to the Company than if the Loan was obtained from an arm's length party, and the Loan is not convertible or repayable as to principal or interest, directly or indirectly, in equity or voting securities of the Company or its subsidiaries. The formal valuation requirements are not applicable to the Loan pursuant to section 5.4(1) of MI 61-101. The board of directors of the Company approved the Loan and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto. Construction Update The Company is also pleased to inform that major equipment ordered to Xinhai Mineral Processing PLC arrived this week to the Port of Callao. This includes all crushing units (jaw and cone crusher, vibrating screen and conveyors), two complete ball mills with liners and motors, six flotation cells, three thickeners and a filter press for flotation concentrate, as well as various pumps and other small components. Customs clearance is expected to be completed in the coming days. Following inspection, the majority of the equipment will be transported to the construction site, with select components undergoing precision measurement in Lima to facilitate local manufacturing of maintenance parts. Following the end of the raining season, the EPC contractor is currently focused on civil works to soon received the equipment on site. As previously disclosed, PPX is constructing a 350 tonnes-per-day (tpd) Carbon-in-Leach (CIL) and flotation plant at the Igor Project. The plant is designed to process gold and silver-bearing ore from the Callanquitas Mine. Construction is being carried out by a third-party contractor and remains on schedule for completion by December 2025. Pictures of construction activities, equipment and a 3D video of the plant can be seen at the following link: About PPX Mining Corp: PPX Mining Corp. (TSXV: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 John Thomas, 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. 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 plans on the Igor Project, statements regarding the terms and completion of the remaining tranches of the Loan and entering into an agreement regarding plant construction. 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,' 'would' 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; actual development plans and costs differing materially from the Company's estimates; and compliance with complex regulations associated with mining activities. 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. press release
Associated Press
29-01-2025
- Business
- Associated Press
PPX Mining Announces Filing of Fiscal 2024 Audited Financial Statements and MDA
TORONTO, ON / ACCESS Newswire / January 29, 2025 / PPX Mining Corp. is pleased to announce that yesterday it filed at SEDAR+ its Annual Audited Financial Statements for the fiscal year ending on September 30, 2024 and MDA. This information is available at 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. John Thomas Chief Executive Officer 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. 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 test results, future plans or management estimates. 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 and or funding, as 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.
