PPX Mining Corp.

Notable vs. Peers

• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · PPX's own project page confirms 'a permit to build a dedicated [Igor] plant near the [Callanquitas] mine has been obtained, together with financing' -- press coverage independently reported a final construction permit for a 350 tpd CIL/Flotation plant received on/around Sept 19, 2024, but that specific primary release could not be independently re-confirmed this research pass (source aggregators returned 403). Recorded reached-but-undated against the verified company source rather than asserting an unverified exact day. · Source
2. Construction decision (FID)

   Reached — date not disclosed · PPX's project page states the Igor plant permit was obtained 'together with financing' -- press coverage independently reported PPX closing the first tranche of a construction financing facility (~US$1.8M, the sole condition precedent to a US$6M construction loan) around September 2024, shortly before the April 2025 construction kickoff. That specific primary release could not be independently re-confirmed this pass (source aggregator returned 403); recorded reached-but-undated against the verified company source. · Source
3. Construction start

   Apr 2025 · Construction kickoff and site meeting for the new dedicated Igor processing plant, per PPX's own operations-page timeline (earthmoving completed Apr 21, 2025; equipment shipped from China Apr 26, 2025; ball mill foundations nearing completion Jul 16, 2025). · Source
4. First pour / production

   Reached — date not disclosed · Mining commenced at the Callanquitas Mine in 2021; ore has since been mined and shipped for toll processing at third-party facilities under a Net Profit Interest arrangement (244,000+ tonnes at 8.8 g/t Au / 144 g/t Ag processed 2021-2025). This is the real evidence behind PPX's stage=PRODUCTION -- distinct from PPX's own new Igor plant (construction kickoff Apr 13, 2025, above), which per the company's May 11, 2026 and Jul 6, 2026 releases remains under construction/delayed start-up and has never itself produced; Callanquitas ore is explicitly still processed at third-party facilities as of Jul 2026. Recorded reached-but-undated to 2021 (exact day not confirmed from available sourcing) as the real first-production evidence for the mine. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached (real, sustained, revenue-generating production for years, generating tens of millions in annual revenue), but explicit research confirms PPX has never declared commercial production at Mina Callanquitas (Igor Project, La Libertad, Peru), a 75% JV with Proyectos La Patagonia S.A.C. -- the mine operates on a small-scale/artisanal-adjacent basis without a formal declared threshold, structurally similar to Dynacor/DNG above. The new Igor processing plant (Glencore Peru holds a life-of-mine offtake for its output) is still under construction, not yet commissioned, and is not the basis for this write. Left null with this structural context noted. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.