Canadian junior PPX Mining has announced a non-brokered private placement aimed at raising up to C$1.495 million (approximately US$1.1 million) to advance exploration at its flagship Callanquitas Mine in La Libertad, northern Peru. The financing involves the issuance of up to 13 million units at C$0.115 per share, with each unit consisting of one common share and one warrant exercisable at C$0.14 over a 24-month period.
The company stated that proceeds will be allocated primarily to ongoing exploration programs at Callanquitas as well as general working capital. The placement is expected to close on September 30, 2025, subject to regulatory approvals from the TSX Venture Exchange and applicable Canadian securities laws. All securities issued, including warrants and underlying shares, will be subject to a four-month hold period. The structure also leaves room for potential adjustments in size, depending on market conditions and exchange approval.
The financing round for Callanquitas illustrates how junior miners are navigating capital markets to sustain exploration momentum in Peru. By structuring the deal with warrants and flexible terms, PPX is offering investors upside while securing funds for its flagship project. Such mechanisms highlight the role of smaller firms in advancing new resources, even as they depend on regulatory approvals and market confidence to carry projects forward.